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To: Aaron Cooperband who wrote (91255)10/29/1999 1:49:00 AM
From: Paul Engel  Respond to of 186894
 
Aaron - Re: "Vanguard may be breaking this unpleasant chain of events by beginning to quote after-tax returns on their funds. This would then be compared to the after-tax return of an appropriate index to see how well the portfolio manager is doing. If this catches on, look for fund managers' short term trading to fall dramatically."

Good - that reduces the reported numbers to REAL USEABLE DOLLARS that get "returned" to their clients instead of TAXABLE dollars that their clients then have to turn over to the State and Federal governments.

Paul