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Strategies & Market Trends : PBHG Funds

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To: Michael W. Brom who wrote (127)	2/25/1997 3:29:00 PM
From: William Caldwell	of 268

Michael, One of the final checks that I perform on a fund before it is bought is cash flow. I will not buy a fund that has a stagnant cash flow. There are ALWAYS good buys out there, which a mutual fund manager should have the ability to take advantage of, as long as he isn't limited to a stock market sector or a company's market capitalization. If you agree with that statement, the key question then becomes "Will the PBHG investment discipline continue to identify the best and brightest companies?" Of course, the answer to that question remains to be seen but, for what it's worth, I have a great deal of confidence that it will. I believe that everyone would be better off spending less time worrying about the stock market's sentiment and its short-term direction and, instead concentrating on the one thing that we know will provide superior returns over the longer term - ownership of the best companies that our money can buy. As far as cash flow outrunning their ability to manage it, PBHG has been very responsible in closing funds before that situation can arise. William

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