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Strategies & Market Trends : PBHG Funds
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To: Bill Murray who wrote (133)2/28/1997 4:16:00 PM
From: Tom Simpson   of 268
 
1. Its a strong trend. Berger sold out. 20th Century sold out. Price (Mutual) sold out. Etc. Underneath is the notion that one must have one of any product type the customer might want. "United Asset Management" precisely defines how the business is seen from there.
2. To the extent that it changes the way specific products I've purchased are managed, I don't like it one bit. On that, the jury is still out. I would not want to see a change in the specific investment disciplines associated with the specific funds I've purchased. It is less a fiduciary obligation than an implicit contractural obligation stemming from the prospectus and marketing literature. The only "new" funds I've purchased are PBTCX and PBHEX, (after I went thru the list of stocks they held). To the extent that I commit money
to small cap value disciplines I look to Heartland...it will take at least 3 years before I would even look at PBGH for that.
3. The current PBGxx slide really began at the end of May 96 and it reflects the Agg Gth segment of stocks in general. E.G. Take a look at 20th Century Vista. PBGH has been one of the poorer performers of a poorly performing group focused on these companies. Excesses are being exposed...witness Centenial, Mercury Finance, etc. Times are tough.
4. We do have choices. Vanguard will manage one's assets for much smaller fees.
5. Could be that this 20-25% slide will cause a rush to exit and self-correct the "inordinate" asset growth. Then we can resume our prior 25-30% annual return levels.
6. There is more to "long term" than lip service.

Best Regards.....Tom
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