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Politics : Ask Michael Burke

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To: Nadine Carroll who wrote (33222)	10/2/1998 12:49:00 PM
From: Knighty Tin	Read Replies (1) of 132070

Nadine, You are missing the denominator effect. What happens is that the decline of 40% is now from 7600, not 9300. Since I think fair value is near 4600 on the Dow, that would be another 32% or so from 9300, but nearly 40% from 7600. We portfolio managers get pretty good at this lying with statistics stuff. I always flim-flammed the numbers to help my marketing people. The #s were all honest and true, they simply did not include all the truth. <G> That's why so many hedge fund buyers are happy to see their funds up 100% one year and down only 50% the next. <G> MB

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