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Strategies & Market Trends : PBHG Funds

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To: William Caldwell who wrote (149)	3/5/1997 1:39:00 AM
From: Tom Simpson	of 268

Well William....we get a pretty good measure of how well they do to their discipline by charting daily navs....and Schwab puts out performance reports on practically all funds monthly (for free). To guage how well they will work in the future would require insight into decisions not yet made in future markets. Herds are less formed than led. Warren Buffett is a herd leader, whether he likes it or not. Jeff Vinik has become another one. The Vinik phenomena is not something I like to see spreading. You'll find some examples of it over on the HTCH thread and a couple of others in the hard disk food chain. Everyone trying to guess why he bought, or sold, and what it portends for the stock just because he bought or sold it. Of course Mr. Vinik would seem to have raised to an art form the fake move. That sets the herd going in one direction while you step step out clear into another. Jim Brown made lots of yards with that move and left many a linebacker looking silly in the process. I've hired Pilgrim, Baxter, etc. to apply their investment skills to some of my money....not to lead the herd or teach trading techniques. Best Regards.....Tom

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