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Strategies & Market Trends : Van Wagoner Funds
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To: johnny weissman who wrote (34)2/28/1997 7:30:00 PM
From: Benjamin W. Palmer   of 76
 
Today's NY Times has a full-length feature on the front page of the business section about GVW. It's called "How Losing Looks Like Winning." The basic idea is that only a few shareholders, those who bought the new funds upon their inception, made any $ at all last year. The author, with good reasoning, suggests that dollar-weighted returns, as opposed to charting NAV, would provide a more accurate measure of what people relly make when a fund gets hot and then attracts a lot of money. The fund industry would, of course, be reluctant to adopt such a measure of performance for all funds. There is a conflict of interest between the shareholders and the managers (who are paid by the assets they attract).

Best to you,
Ben
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