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Politics : Ask Michael Burke

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To: BGR who wrote (79842)	4/18/2000 4:04:00 PM
From: Freedom Fighter	Read Replies (1) of 132070

BGR, >>Warren may be a lucky three-sigma case as well. Quite likely, in fact, given his recent record.<< The number of years of overall out-performance and it's sheer magnitude makes it unlikely. I regard the recent under-performance as totally meaningless for multiple reasons. One is that every value guy has occasional years of under-performance. One year is like a few flips of a coin in an investment lifetime. He's had bad years before. Two is that his sheer size is limiting his ability to demonstrate his superiority to the same degree. That's an issue that's outside of his skill level. He can only make meaningful investments in a much small circle of stocks than exists in the overall universe of stocks. Give him a million dollar portfolio and he'd be kicking butt by a huge margin again in short order. It's much tougher to outperform with 35 billion in bonds to allocate. >>if you are convinced that you are w/o a skill which some others posses and luck has nothing to do with their performance, your choice, really.<< Absolutely. I wasn't complaining. I was commenting on the 90/10 strategy and its usefulness to some of the rest of us. Wayne

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