Q: What's your average turnover on stocks?
A: Our turnover is very low -- we typically don't turn over more than 10% a year, and our holding period is about five years. This makes it a very tax-efficient fund. We don't believe in buying and selling companies based on next quarter's earnings. Our outlook and horizon are well beyond the average Street outlook, looking 5 to 10 years out. When we buy a stock, we're looking at it from the same point a businessman would, and unless there are any major surprises, we're going to hold it for a long period of time.