For much of the past few years, top fund manager Donald Yacktman has said high quality stocks had been trading at exceptional discounts to lower quality plays. But in an interview with WealthTrack’s Consuelo Mack, Yacktman says the spreads between high and low quality equities has narrowed dramatically. Yacktman, who focuses on high quality stocks, thus has a higher than average cash position of about 20% (he usually has between zero and 30% of his portfolio in cash). He’s still finding attractive stocks, however, including Coca-Cola, Procter & Gamble, and several “old tech” names. Yacktman also talks about his broader approach, explaining why he favors a relatively focused portfolio, when he decides to sell a stock, and how he uses price to control risk.