because I think I've heard you say that you own a small percentage of US-based companies or you aim to own a small percentage. Do I have that right? No, we don't aim to own any percentage in any country. We just try to look around the world and see what's cheap. And 20% of the names around the world are in the US, but the US is 70% of the index. We were 20%. So in a long-only fund, we're roughly 20% in the US in our hedge fund because we can also short securities on a net basis. We're single digit. And that's pretty unusual. However, when I joined Sir John in the late 1980s, I ran the Templeton Foreign Fund. It was a fund that invested outside the US. And at one point in time, the EFIT index, which is the index of non-US stocks, was 70% Japan. And I went to zero and people thought, wow, that's incredibly risky. You're being compared to an index that's 70% Japan, a year zero. And my response was, wow, you're taking an enormous amount of risk. You're investing half of your portfolio in a (35/57)
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