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Technology Stocks : Semi Equipment Analysis

SOXX 296.74

+1.8%

Nov 28 4:00 PM EST

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To: Cary Salsberg who wrote (7341)	11/29/2002 12:39:43 PM
From: Sam Citron	Read Replies (2) of 95487

The "SCE universe" is so highly volatile and the business so cyclical, that "value added" from "active management" is a given. Believe it or not, this is not true. Most SCE investors will actually underperform the SCE index. A twenty year old article by Charlies D. Ellis entitled "The Loser's Game" explains why. I don't know anyone who is interested in comparing "my" active management to a hindsight determination of maximum efficiency. First, a passive market cap weighted index is not a "hindsight determination of maximum efficiency" but a simple benchmark against which to measure value-added by active investment management. Second, you, yourself, should be interested in such an exercise, unless you are seeking purely psychic gratification. How do you keep score?

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