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(For the record, other stocks Turner likes include hip apparel firms Coach Industries Inc., Under Armour Inc., and tech firm F 5 Networks Inc. He isn't a fan of Comcast Corp. because of what he calls increased competition from the likes of AT&T Inc. and Verizon Communications Inc.)
PhillyInc: Are there any advantages to being located in the Delaware Valley, which isn't well-known as a hub of investing?
Turner: "Obviously New York is much, much bigger. I don't know if Boston has much going over us. We have Vanguard. They have Fidelity. Is there an advantage (here)? I think so. ... A lot of our employees live within five to 10 miles of the office. … There is less competition from people trying to convince our employees that they should go elsewhere."Q: What's your investing approach?
A: "If a company is going to miss their earnings, you have got to get out of their way. (I believe in) letting the winners run. Google is up about, probably, 450 to 500 percent. Can it go up another 500?"Q: What do the continual gains of the Dow and S&P 500 say about the overall state of the economy?
A: "It doesn't influence how we buy or sell stocks. They are going particularly well from a global perspective. This is a global boon. You have China growing GDP at 10 percent. India is growing. The market rally has climbed that war of worry. Obviously it was vastly overvalued in mid-2000. It's nicely undervalued now."Q: Even Google and Apple (which Turner owns)?
A: "Google is very reasonably priced to its growth rate. We bought it at the offering price. We were very adamant. … When we first bought Apple, it was a one-product story. .. (The new iPhone) will get tremendous traction."Q: Why are you so optimistic?
A: "Technology has underperformed the market for six out of the past seven years. This spending on technology is projected to grow two-to-three times the economy overall."
