I had Dell for four and a half years, and its sales are still phenomenal, but their operating margins started to contract, so I sold it in early 1999. There's nothing wrong with Dell! It's a fine company. It's just the business risk they took.
We call it the zigzag theory. You want to find something that zigs and something that zags and blend them together to get a better combined performance.
We test everything on a one- and a three-year cycle. And you want to stress-test a model, and the three-year test usually does that because you have a growth and value bias. You have different interest rate environments.
After the Versailles treaty, the U.S. could have chosen to become a global economic loan shark, but we didn't, and let a lot of the tab slide. So not all lending and borrowing is bad.
I still love the semiconductor industry.
If you go back to 2001, the market had two violent short covering rallies then, although I know the market didn't officially get going until March 2003.
