Hot Tip From Liberty Acorn Skipper Wanger: Real Growth Takes Time

The way to differentiate is by having the newest and fanciest slots, and International Game Technologies has them. The company isn't going to get a lot of new competition, either -- it's very hard to get a license for a new line of slot machines. IGT is in a very privileged position; the company gets 60% to 80% of the orders of a cool business.

Of course, this is a nice sin stock. Gambling is one of the few vices that is highly profitable in a legal and investible way. Cigarettes has gotten difficult, the whisky business isn't that good. Most of the other not legal. Well, gluttony is still available (laughs).

Do you have any gluttony plays? I didn't see any among your top-25 holdings.

Well, we own Cheesecake Factory(CAKE Quote) and Weight Watchers(WTW Quote) -- so we're playing both sides. Both companies are solid and growing.

We were trying to decide how to name this theme in a way. I call it the Seat-Belt Extender theme -- they have those on airplanes now, for heavier people. I always seem to get seated in between two people who need them.

7. Subprime auto lender Americredit has been a big holding in the Acorn fund, and it's been the fund's worst performer this past year. Do you feel comfortable holding the stock?

Well, I wouldn't use the word comfortable. Americredit(ACF Quote) is down 74% this year. We've traded this stock up and down a bit during the past year.

First of all, we think that it's going to survive. There are some parties who suggest people should be worrying about that. We think they will show a lower growth rate from what they have done in the past, but it will still be a good stock over the long haul.

They have had to adjust their balance sheet recently, which happens. Financial-services firms tend to run out of balance sheet.

It would've been nice if we'd sold more a year ago. But it's only 2% of the portfolio at the most. We're not betting the farm on it, but it's an important position and we're following it closely. [Liberty Acorn has 335 stocks in the fund, at last count, according to Lionshares.com.]