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Strategies & Market Trends : Van Wagoner Funds

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To: Michael Burry who wrote (19)	2/8/1997 3:19:00 PM
From: William Caldwell	of 76

Your comment shows very little understanding about the underlying portfolios of the Van Wagoner Funds. The fact that they have been underperforming during a good market for large cap stocks, semi- conductors, and the technology names should at least raise some questions in your mind that could warrant further investigation. Does this divergence in the performance of the Van Wagoner funds signal an opportunity or is it just another sad story? Be careful that, in looking at recent returns as an indicator of future results, you aren't being blinded to the real opportunities that are sometimes presented. William

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