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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: reaper who wrote (178333)7/9/2002 12:23:53 PM
From: Knighty Tin  Read Replies (1) of 436258
 
reap, the first thing they teach you at portfolio manager school is a set of weasel words for when you screw up. Prominent among these, if you are a mutual fund manager, is that "hedge funds are increasing the risk." If you are a hedge fund manager, it is "same-think mutual funds are manipulating the markets because of their size."

I don't see what hedge funds had to do with Gross buying Worldcom debt.

True, they pick on the weak. But Gross controls more money than they do. Why doesn't he "short bust" them?

I prefer managers who simply say "I screwed up last quarter and I plan to do better in the future." It's tough to do, and you lose customers at first, but I think it builds longer term credibility.

Now I'm trying to think of an investment manager who admits when the lousy quarter was caused by his mistakes. <g>
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