Laura Lallos: Another company that is under a cloud of uncertainty right now would be Nokia, and I think if there's one thing that might distinguish Dodge & Cox from a number of large-cap funds out there, it's that you own Nokia, not something like Apple, for example. Can you talk about the opportunities there? Diana Strandberg: Well, what we think about when we look at any investment, Nokia would be no exception, is we want to compare valuation and we want to look at that in the context of fundamentals. And when we think about fundamentals, meaning how the business is operating, the management, the competitive dynamics, the financial situation at the company, we want to think about an array of possible outcomes looking out three to five years, from what can go wrong to what can go right, and then relating that to what are we paying today. So, when we look at a company like Nokia, we think about ... it's a wide range of outcomes, to be fair. We think about a very low valuation, and we look at a variety of metrics: How much are we paying for their R&D effort? How much are we paying in relation to the cash flow they are generating? Future earnings potential, or lack of, depending on your point of view about the company? And we think about the various parts of the company, the value of the patent portfolio and other assets that the company owns. So, a very low valuation today, reflecting extreme skepticism that the company will successfully transition to a new operating system using the Windows platform, the Microsoft Windows platform. Read or hear more: http://www.morningstar.fi/fi/news/articles/106311/Suuromistaja-uskoo-Nokian-selvi%C3%A4v%C3%A4n.aspx http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=NOK&selected=NOK Last sale $3.15 ....
