Well, most of the money that I look after, I manage myself. I believe that we don’t know the future; I may have my views about investments and someone else may have a different view, a different skill set, or a different niche of expertise.
For example, I don’t know anything about biology. I also don’t understand social media. But there is probably someone out there who is specialized in those sectors, and I would allocate some money to that person. Or for instance, I’m familiar with Russia because my partners and I founded one of the first Russia funds, Firebird, in 1993.
But I’m not an expert on each Russian company today. So for investing in Eastern Europe and in Russia, or even in Asia, I would give my money to somebody else. I don’t have the time to visit every company. I know lots of families that own businesses and so forth, but I’m interested to see what other fund managers are doing.
So if I know a fund manager that is specialized in Asian shares and is value-oriented, I may give him some money. So I allocate some money to different managers.