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Biotech / Medical : AXYS Pharmaceuticals Inc.
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To: LLCF who wrote (289)7/1/1999 7:52:00 AM
From: Dr. John M. de Castro  Read Replies (1) of 455
 
DAK, thanks for the explanation. I have to admit that I was not aware of this. I was just jumping on what I saw as a rediculous bargain.

I heard Bogen, the founder of Vanguard talk once. He bragged about the fact that the Vanguard index funds have such a low expense ratio. He claimed it was because their fund managers were expert in execution. At the time I was puzzled by this comment because index funds appear on the surface to be no brainers that take no talent whatsoever to manage. Seeing this mindless dumping of AXPH, though, provides a clear view of what he was talking about. You can even manage to waste money managing an index fund if you do it badly. Yesterdays AXPH action is a case in point.

But, I have to thank whoever it was for the opportunity.

Do you know if this reallignment of the index occurs on a quarterly basis? yearly? monthly?

John de C
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