Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Pancho Villa who wrote (4879)	3/13/1998 7:13:00 AM
From: Marconi	Read Replies (1) of 18691

Hello Mr. Villa: I thought French and Fama at the U of Chicago a number of years ago--perhaps 10, found that beta was an artifact of the traditional way of selecting companies to obtain beta statistics--generally starting by breaking the randomly selected firms into groupings according to sizes. Beta is so popularly used though, that anyone not using it had better understand and be able to explain well the reasons why not. The concept is appealing. but for fund managers, it is no way to run a fund. I do not use beta's to much of an extent in my judgment. They might count as 10% impact on a decision. I think looking at charts to relate them to events and how people seem to be behaving--the prevailing economics of the situation (people behavior = economics) mean much more, as well as some idea of the merits of the business entity relative to competitors and alternatives, or emerging developments in some cases. Best regards, mdr

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