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To: Tom M who wrote (108954)	6/15/2001 10:26:32 AM
From: Earlie	Respond to of 436258

Tom: Yes, they get paid for their fudiciary efforts ....... and they are sure taking a stick in the eye on Nortel. Most pension funds (and many mutual funds) have been forced to "closet index" over the last few years. The reason is that with the markets so outlandishly valued, if they had been absent the big run-ups, they would have looked dumb and been fired. My pitch to them was that they ought to learn to dump one or more of the "near term imploders" from their portfolios before they explode, as doing so would make them look great on a comparative basis (all their confreres being equally "closet indexed"). Being absent just one of these bombs when they stop ticking and blow up makes a big difference, especially if it is a heavyweight. Best, Earlie