Stuart O'Gorman, co-manager of the Henderson Global Technology fund, on why he has always been a big fan of Apple and whether he will participate in the Facebook IPO.
What is the strategy behind the fund? We determine tech valuations on two factors. Firstly, we ask if the technology is actually any good - does it solve a problem for customers? While this is a very important point to us, I think a lot of people spend too much time focussing on it and overlook the second, equally important point: barriers to entry. If you can find a business with strong barriers to entry and products people want, the margin it can make is frightening. Look at Apple, for example, and the amount of money it makes with every iPhone it sells. Too many people overpay for h...
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