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To: kvkkc1 who wrote (56766)	1/17/2002 12:12:35 PM
From: Stock Farmer	Respond to of 77400

It's hard to draw conclusions though, gotta admit. Sure, take 160 coins, flip them five times in a row and 5 will be able to claim bragging rights to be more "heads up" than all the others. Not that coins are particularly prone to that kind of behavior. Unlike fund managers. On the other hand it's hard to peg the poor guy who's in charge of the gold-mining-stock fund. Although his right-n-years in a row clock should have started ticking in 2000. Perhaps we can criticize their skill in picking job assignments. Also as GV noted there may be a selection bias at work here to hire the good ones away to work behind the scenes for real money. I would suggest skill is measured in playing the hand that's dealt rather than being dealt winning (or losing) hands. Yes? I think it's hard to look at broad-brush IBD stats and draw an inference. One way or another. Although they can be quite useful for supporting preconceptions. Me, I'm personally biased that most mutual fund managers aren't worth what it would cost me to hire them, at least to me. Although in diversification I found it was easier to find a specialist in a sector who would be better than me than it was trying to learn about whole new sectors. John