It's made it more difficult for some of the Japanese transplant companies here to get timely equipment. We're getting a lot more opportunity to work with Japanese transplants this year.

For all investors who wrote checks to Uncle Sam, they could think about investing differently for their taxable accounts.

A lot of the companies bring their equipment from Japan.

As investors have gotten their 1099s and have seen large distributions every year, it's evolved that people are really starting to care about it now.

In the context of an IRA or 401(k), there should be managers who do better than tax-efficient funds. When it comes to taxable accounts, I think it's relatively rare to find a manager with a high turnover approach that does better than one with a tax-managed approach.

A large holding in the fund would be a company, for example, like Fannie Mae or AOL, ... A stock that I have currently been adding to is Omnicom Group.