Hi Kemble! I thought you would get a kick out of this. I hope you can follow my cut and paste job, from 2 articles. :) Leigh
Thursday May 18, 2000 (08:00 am ET)
It Pays to Be Choosy
By Jane Sandiford, S&P FundAdvisor
NEW YORK, May 18 (Standard & Poor's) - Glen Bickerstaff of TCW Galileo Select Equity Fund (TGCEX) tries to find the strongest companies in growing sectors, and then hangs on to them. Dell Computer, for example, is a long-term holding that now makes up 7% of the portfolio.
Fund Facts: TCW Galileo Select Equity Fund (TGCEX)
The fund carries an S&P Three-Year Overall Rank of 5 Stars (5=highest, 1=lowest).
Standard & Poor's recently had a chance to ask Bickerstaff about his investing strategies and the stocks he likes now.
BICKERSTAFF: We try to find the best roughly 30 companies and own them for the long term. Turnover is about 25% a year. I view risk as the chance we'll have a negative outcome, and the chance of that is best controlled by owning assets that over the long term shouldn't have negative outcomes because their business models are so powerful.
S&P: You have a large position in Dell (DELL).
BICKERSTAFF: Right now it's 7.3% of the portfolio. I've owned it for over five years, I still believe it's one of the best businesses in America. In fact, I think a lot of companies are trying to replicate what Dell's created in this direct distribution channel. They have taken a lot of market share in desktops and in portable PCs. Now, as they move up toward servers and even storage products, I think they will continue to take dramatic market share with their really substantial cost structure advantages and distribution skills.
S&P: Do you own any direct competitors of Dell?
BICKERSTAFF: No. In general, we typically pick what we think is the best company and not own several in one industry.
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