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Strategies & Market Trends : Van Wagoner Funds

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To: Benjamin W. Palmer who wrote (55)	4/12/1997 7:14:00 PM
From: Brian Channon	of 76

I don't agree with your premise that adding funds is an indication in and of itself that Van Waggoner is over-reaching. For the most part I see the additional funds as a marketing gimmick, like when a company like Proctor & Gamble fills the supermarket shelves with different brands of laundry detergent that have the same ingredients but different packaging. An example in the mutual fund industry is Mutual Series, owned until its recent sale to Franklin Resources by Michael Price. Michael Price still manages their funds including Mutual Discovery, Qualified, Beacon, Shares, etc. Take a look at the portfolios of those funds and you will find 80-90% overlap. The investment style is identical. So while I too am concerned by the disappointing performance turned in by my Van Waggoner and PBHG funds, I don't believe it can be blamed on overreaching. If, anything, their results provide additional support regarding the efficiency of the market and the corresponding inability of a fund to beat the market year after year. Yet we all try to look at past performance as a guide to selecting the funds that will beat the market consistently in the future. I am not sure it is possible.

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