The Importance of Diversification in Corporate America

Mark Hay: I am very interested in your policies on diversification and also how you concentrate your investments. There's been years where you had a lot of stocks in your marketable securities portfolio. And there was one year where you only had three in 1987. Given the number of stocks that you have in the portfolio now, what does that imply about your view of the market? We like people that have batted 350 or 360 in terms of predicting that they're going to bat over 300 in the future.