When I was first starting out in the business, you could be more or less fully invested all the time. If there was a downturn in the industrial sector, you could sell the utilities you owned that were doing well to buy the beaten-down industrials. In today's market, everything goes up and down at the [...]

Our sweet spot tends to be in small and mid-size companies that often aren't particularly well followed by Wall Street. It would be illogical for us to know or uncover something about Procter & Gamble or Texas Instruments before 100 smart analysts did. I'd add that as brokerage firms have gone out of business or [...]