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Technology Stocks : SAP A.G.
SAP 254.41+1.1%3:59 PM EST
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To: mauser96 who wrote (2494)9/9/1998 1:36:00 PM
From: Sam Citron  Read Replies (1) of 3424
 
OTOT...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.

I completely agree. I meant to say that the Nifty Fifty craze is a late bull cycle phenomenon, not indexing, which is becoming to institutions what mutual funds have become to individuals, namely a way of achieving safety and diversification (in theory, at least <g>).
Indexing will become more and more critical for large and small investors alike. Beating the index will always prove to be a losers game for the majority of investors who are foolish enough to try. So why bother? Of course, people will still pay huge premiums for Buffet to manage their money because he beats the S&P year in and year out, but that is rare performance and it don't come cheap.<g>

Sam
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