Our turnover is usually in the low teens last year it was 8 percent, versus an average for small-cap value funds followed by Morningstar of around 70 percent. This is driven by the belief that if you’ve truly done your upfront research well, you should have the patience and courage to let ideas work. I don’t believe you can explain 70 percent turnover or more without assuming people are buying many things they don’t really know and dumping them when they get a negative surprise. We’re not immune to missing things, but its rare that unexpected risks come up so quickly that we reverse course before the thesis has had a chance to play out. This obviously only works if you pay the right price going in, to the point where the downside is truly low.