This is a company a lot of people might think may have difficulty going forward. You would think faxes are obsolete, but the process is becoming more efficient as we've moved to taking them to online from paper.

DETERIORATING ASSET. The difficulty grows mightily as you layer transaction on top of transaction.

They were having some difficulty getting this deal done because the company is very highly leveraged. It's a very risky deal, and if it weren't for the superstar management team, no one would pay attention to it.

Energy infrastructure is something that's been neglected the past 10 to 15 years, so there's a tremendous amount of catch-up in the industry to get the expansion back up.

A lot of the distinctions that are taken as conventional wisdom, or even gospel, don't necessarily make a lot of sense to us. For example, growth stocks can be undervalued, and value stocks can be overvalued.

We don't really see any merit to limiting our investment universe, so we'll hold large-caps and small-caps, as well as domestic and international stocks.