I listened to Marriott tell us how global companies were representing very good value over the next 10 years. They said that these large companies are economies within themselves, with no geographic boundaries. This makes sense. Many clients often worry that they’re invested too heavily in the US dollar, or in a certain country. This is not the case when investing in global companies. Marriott’s comment explains this. A large company such as Unilever or Nestle or General Electric or Johnson & Johnson, is an enterprise completely unrestrained by a geographical border, being able to operate and make profits in many different countries, whatever the currency of trade. They are economies within themselves as they are financially independent, holding large amounts of cash on their balance sheets, retrenching staff when they need to get leaner or entering other markets when they see opportunity. This view that they gave was refreshing and helps to understand the clean running and independence of such companies.