you take a look at apple some say it was a pretty boring quarter what do you say thats exactly right the running water it was i wasnt expecting any fireworks anyway but its certainly a metaphor station by being boring not expecting much from them this particular quarter they they do have a you know im targeting a good year for them next year but this year its a little ho hum so far but you know it aint looking so bad that some bright spots india for instance i mean its record sales and china it got to the to the positive i mean when you take a look at whats happening in terms of trends does it suggest better days ahead for apple oh absolutely you know we hold a fairly large position in apple and we intend to hold that i think the long term prospects for apple are solid this quarter is not good its not particularly meaningful in terms of for example what the new products are going to bring next next year what the revolution is going to bring to them and so on so i think they stand to benefit from all of this you know their consumer facing company with a lot of innovation if you also look besides the metrics that you mentioned if you look at the r  d spending went up quite a bit as well so thats very encouraging that that means that they really have their eye on the ball and theyre willing to spend the money to make sure they stay in front of the game there because as soon as much cash as such a small country in the bank that is quite extraordinary and you know they could employ that any time now tell me you know how is it standing out and you know you look in the texas tech space youve got to be involved with those big names otherwise youre probably abrogating your responsibilities tell me you know where else are you looking now you see perhaps a little bit of a perhaps a longer gut check for these companies is but the valuations are soared and the share prices have as well what are you doing well that gut check is a healthy thing to grab you know i highly recommend that everybody have that kind of an episode at least once a day theres nothing wrong with that but we got to keep the future in perspective you know what we what the market is pricing in thats essentially growth maybe one or two years ahead and by the time that it comes to fruition you know then theres not going to be as much headroom as there is now so i expect apple and amazon as well to continue to grow healthy growth these big giant companies are big for a reason because they execute well and in quarters like this one for apple which is a bit on the ho hum side you know its not bad mostly weak because of hardware sales but if you look at the services they delivered it was strong there so if you think about the hardware segment and the services segment being on two different cycles you know then you can see the one is faster than the other one the services is a little slower in the iphone cycle you know they work at different frequencies basically so its a its a matter of being patient there first im going to talk about you know your strategy because i mean youre involved with these big names i mean its a no brainer as i said before but your strategy is proprietary its trademarked its called quant active and im just reading this out it seeks to unite distinctive strengths of quantitative and traditional portfolio managers with managers combining quantitative discipline with active insights to manage risk and enhance stock selection its not what everybody does though surely any plans you know everybody has a screen and everybody has discretion because if they have experience right what we have is a framework right you always do exactly the same thing and weve been doing it for 12 years probably a little more than that but you know we start up with like one screen looking for quantitative momentum and both earnings and revenue acceleration so we look at the top line and the bottom line and then after that we marry that with an independent orthogonal score that we call the basically amentum score so we want to make sure that we get paid for the risk that we take so at any point in time were always risk managed looking at our standard deviations relative to market making sure we have a good mix of holdings and there are certainly room for the apples and the amazons and maybe some other nontraditional companies for example rcl and wynn resorts and so on so at some point these are accelerating companies as well so that allows for a lot of flexibility for us francisco if you dont yet have exposure to apple and amazon and youre looking to get in whens the good time right now absolutely yes im not im not the one thats trying to time the market you know i dont you know one of my colleagues says you know the hall of fame for market timers the market timers is empty so you know i wouldnt recommend anybody to try to change the market just look at have a longer term horizon and be patient you know theres a lot to talk about i mean you take a look at us for instance when do you see ai making a big impact on the company probably maybe like maybe like a three year horizon two and a half or something of that nature there will be other companies that youre going to see the benefits come in a little quicker adobe is in that group for example because they have products that are increased that are directly tied to productivity and make it maybe microsoft the way i think they set the bar pretty kind of low for themselves i think they can come up with great products and really fire the market for software first weve had several guests suggesting that you know what were seeing with the frenzy its reminiscent of what happened in 2000 and the well the internet bubble is as people call it gives you a sense of how it differs if you do think it differs oh it differs quite a bit first of all this is about productivity as opposed to imagining earnings that are or not that were not quite there you know whats sock puppets and things of that nature so yes its a real deal you know we got the first taste of that richard and in a couple of months they got 100 million subscribers or more and right now im not sure what the number is but its through the roof so this is just the beginning and youre going to see basically gains in productivity across entire across the entire enterprise not just about writing a letter or anything like that youre going to see better inventory control management a lot more refined supply change administration and you know targeting consumers with advertising and buying libraries of intelligent libraries kind of sort of equivalent to buying to hiring a new employee with new smarts and plug it into your own engine and see what it does for you and so on so i see a bright future for ai and and its just not the hype its not its real its going to translate into bottom line gains for