He tends to own more foreign stocks than his competitors. That may be part of the explanation behind the above-average performance.

It's a sad fact, but mutual-fund investors really get a raw deal when it comes to taxes.

It's to promote the beauty and power of math. It is beautiful and powerful and how it shouldn't be a scary thing.

I don't think the conflicts completely disappear but the transaction certainly helps alleviate some of that.

I'm very glad to see it close. We've been cautioning investors not to expect as much from it because its asset base has significantly limited its flexibility. At a certain level, it's going to lose its ability to distinguish itself from an index fund.

If a manager's being inundated with cash, it can make his job difficult. This is an attempt to let things cool off. Once they do, I'd look for this one to reopen.