SAP A.G. Message Board - Msg: 5703341

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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: mauser96 who wrote (2494)	9/9/1998 1:53:00 PM
From: MulhollandDrive	Read Replies (1) of 3424

Hi Lucius, Enjoying the OT discussion on mutual funds. I've been having this same discussion with others and one thing that is becoming more evident is the point you make about the fund managers becoming "closet indexers". I wonder at what point the consensus thinking of the fund managers will be that unless and until they are ready to take some real risk and begin "spreading the wealth around" that they risk doing potentially devastating damage to the overall market. How many times will it have to occur that whenever there is a "nifty fifty" correction to be followed by fund inflows right back into those same stocks to the near exclusion of the small and mid caps? I'm not sure what the answer is, as you say, the size of the funds dictate that liquidity be a paramount concern, but if they're all playing the same game to the extent that valuations on these stocks scare new money away and at the same time the new money refuses to enter the broader market, well, I think you get the picture. bp

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