And we don’t own just Apple. We own a “bucket” of Apples—companies that gush cash with huge returns on capital and nice market niches. Qualcomm [QCOM] is another. People worry about the semiconductor market for handsets slowing. OK, growth isn’t what it once was, but it has huge market share, dominates a section of its industry, and has moves it can make through current technology or acquisitions: Smartcars and a lot of other things can use its technology.

CVS is another big position (ed. in that small fund)—again, gushing cash, but people worry about a new president, new health-care rules, and integrating some acquisitions. We think these are short-term concerns. The big problem with most active managers is they avoid companies where clarity over a year or two is a little opaque.