The Importance of Belief

I don't view that as a metric that gives you much real help in making an investment decision. You tend to really, really love your companies and you end up loving them more when they get cheaper. And I remember having conversations with our research team about why is it that a company like Apple wasn't getting included in our screens as a value investment. It was sort of discarded primarily because on a price basis just how they measured it versus the relative value investments that we held in our portfolio, it was too expensive.