scared, he has not been scared, talk about the ones you really have in here and you have names like heineken, experience, s&p, a lot here, carnival cruise based in part on u.k. and considered a foreign name. how do you pick a stock in which to invest? you are careful when you do this. >> what we are looking to do is to find long-term secular growth opportunities, the ones that are not so macroeconomics we've driven. we sort of like to call ourselves microeconomists and there are still pockets of growth. data is a great example, the company mentioned is part of the growth in the management of data scores. liz: you like the data and the clout and the u.s. company doing beautifully, telecom, luxury, what names in the luxury, that is my exact criteria? >> you and i could start a company that made high-quality handbags, but we would never replicate what goes into these brand names. i am thinking brands that have that's -- things that are irreplaceable and impossible to replicate. liz: michael corps is taking the long, slightly lower when it comes to luxury the price points are expensive. it can b