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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: SE who wrote (6651)10/17/1998 10:05:00 PM
From: Patrick Slevin  Read Replies (1) of 44573
 
So the Pack has not left me with a bet for this weekend. After losing to the Lions I was ready to play them but with the weekend off I guess I have to take the Chargers. Watching this Yankee game has me ambivalent about sports, anyway.

I think Funds do what they do based on their charter. Brandywine got hummed because what's his name reacted to the Asian Problem but failed to trade the Market. That is to say, he was right to be cautious but wrong to be absolute in his caution.

Besides, he was was running a stock fund, not a Certificate of Deposit Fund. He definitely stepped over the line. If you have allocated 35% of your money to Stock and put a portion of that into funds and one fund manager goes to 80% cash; well, anyone can do that---what's he getting paid for? Plus, it fouls up your allocation strategy.

But generally speaking, I think each fund is more or less restricted by charter as to what they can do....so some can offset by selling futures against cash for example....some have to be 95% plus invested and so on. Depends on the charter of the Fund. The guy from Brandywine is reputed to be defending himself by saying he only had one bad year..."so what?".

But it's wrong, unless he's chartered to be able to go to 80% cash when he wishes. After all, if I think my money is in stock I may be playing off my other investments into other instruments as a hedge against that. To find out that Brandywine put my money into cash would imply to me that investing in a fund is a waste of time----for the larger investor, anyway. All in all, the guy was just speculating. One does not hire a Fund Manager to do that.
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