Hedge Funds

Michael Zenga from Danvers, Massachusetts. That's a town whose banned Mr. Buffett sent to the Rose Bowl parade last year so you're a very popular guy in my town. In the years from 1956 through 69 you achieved the best results of your career quantitatively. 29% annually against only 7% for the Dow. Your approach then was different than now. You look for lots of undervalued stocks with less attention to competitive advantage or favorable economics and sold them rather quickly. But if I were working with a small amount of money the universe would be huge compared to the universe of possible ideas I work with now.