SAP A.G. Message Board - Msg: 5702844

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Technology Stocks : SAP A.G.

SAP 251.75

-0.1%

Nov 10 3:59 PM EST

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To: Sam Citron who wrote (2492)	9/9/1998 1:09:00 PM
From: mauser96	Read Replies (2) of 3424

OTOT...Sam... Very lucid well thought out post. I think professional MM trying to move billions of dollars are unlikely to beat the averages because of limitations on their ability to react to the market, and because their own buying or selling is enough to change the prices. I know if I managed a $10 billion fund,I would closet index 90% of the fund, and maybe play with 10%. Today smaller investors may actually have an edge, and there are probably quite a few SI contributors that consistently beat the S&P 500. While I can't really disagree with anything in the post, I do think that the stock market is progressively becoming more institutionalized, and that this in turn is a valid reason to expect large caps to do better.Therefore it may be more than a late bull market phenomenon. In the 1970's there was much more direct individual holding of stocks. Today the public hires managers to do it. Just look at the list of mutual funds in the WSJ. Unbelievable. In any case the small caps are dead in the water until after tax loss selling.

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