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To: waverider who wrote (103432)	8/30/2001 11:11:51 AM
From: Jordan Levitt	Respond to of 152472

<<Being skeptical of course, if it was so clear how come some "many fund managers (in tech anyway) have seen their funds drop 50%+. Aren't they big money? Shouldn't they have known?">> Often, they did, and pulled their personal money out of their own funds. The funds themselves often have investment policies or charters that mandate maximum cash levels, that hamstring them in a "bubble" environment. Joe6pack (as MM would say) tends to get a little peaved at paying the fees in mutual funds when the manager holds high cash levels. Funds make money when dollars are left in the fund, they do not get paid to make big timing moves. That is more the domain of the "traders" and the hedge fund crowd.