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Strategies & Market Trends : Roger's 1997 Short Picks
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To: Graeme Smith who wrote (6044)10/23/1997 2:34:00 PM
From: Bearded One  Read Replies (2) of 9285
 
I agree. Where I disagree is the behavior of portfolio managers. I think that 80% of the new one's don't even understand what you're saying, don't really know how to sell a stock, and have a strong vested interest in keeping as much money in equities as possible.

Let me give you an analogy--- I worked with some commodities traders in the 80's. Ever so often there would be a superstar, someone who made tons of money for the firm and got a nice multi-million dollar bonus for doing so. The ones who lost money got fired, but got hired somewhere else pretty quickly. What was the result? Everyone went for the big win, gambling as much as possible since the upside was so much better than the downside.

These portfolio managers get big bonuses for super performance. They dont have to give any of the money back if they do crappy. They don't get much if their funds are in bonds. Hence they are going to push stocks. Screw the customer.
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