Ian Lance

But you don't get bargains unless you buy things that have some sort of controversy around them.

That's the reason that it works.

Yeah, that's correct.

I think the top 10 is around 50% of the portfolio.

Yeah.

We do, although actually you might be surprised to find that actually sometimes we put 3% or so into the portfolio.

But I think the important thing is letting it run.

So basically not being too quick to take your profits on things.

I mean, I keep going back to the banks.

The banks would be a fantastic example of that.

you would have had lots of opportunities to have sold banks as they went up.

And by and large, we just kind of let them run, let them run.

And of course, then they end up becoming a sort of 5%, 6% type position.

Unfortunately, buying value traps is almost an occupational hazard.

If you spend your entire time saying, I'm going to avoid companies that I think might be a value trap, then you are going to miss the ones that actually aren't, the ones which actually, it turns out that the market has just overreacted in the downturn in earnings.

But by and large, we do stay away from companies with too much debt.

And I think that's, you know, myself and Nick have been running for 30 years.

When we look back at the things that have gone the worst for us, often it's just companies with weak balance sheets because when things went down, they didn't have the ability to basically stay the course.

So you've got to buy something with a decent balance sheet.

And then we do try to buy things where we think,