the amount of names that I have that have lots of downside. In this business, as you know, if you're right two thirds of the time, that's a phenomenal batting average. But you don't have to be right two thirds of the time if you limit your downside. Once again, if you really do your work and you're going to be wrong on the downside two thirds of the time, when you pick an upside, you're going to make mistakes or something's going to happen that you don't anticipate. Same thing on the downside. We're constantly trying to adjust our upside and downside. To me, it gives a framework for how much potential reward and risk I'm taking and how aggressive I need to be. If I've got tons of names all over the world and I can put together a portfolio with 50% upside and 10% downside, that's a great ratio. If you get to a point in the United States where you have very frothy markets and it's difficult to find a portfolio that has that type of ratio, most of the names in the US are more up 50 down (22/57)
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