An "All-Cap, All-Core" Strategy

Q: How about biotech?

A: I think biotech has had a great run over the last couple of years. Companies such as Genentech (DNA ) have done very well, and investors have made a lot of money in this area. Our view in biotech is to stay with the winners and those who have very strong balance sheets. And while we reaped some good rewards from our investments in Genentech, we think that the biotech area in general is pretty fairly valued. Our investments in the health-care area are focused more toward Big Pharma, which we think is pretty cheap, and medical-product companies.

Tim Cook's Reboot
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