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Non-Tech : The Woodshed -- Ignore unavailable to you. Want to Upgrade?

To: Louis V. Lambrecht who wrote (37050)	1/20/2006 6:30:30 AM
From: TheSlowLane	Read Replies (1) \| Respond to of 60929

Louis, This move by Hermes does not sound like a scramble. They took years to prepare for it. Is Hermes not only the first U.K. pension fund to get in to commodities but also the last? Did they buy in at the top of the market? What are the phases of a bull market and where are we now? These are crucial questions to get right. Otherwise, one might end up performing like a hedge fund manager. With no other U.K. pension fund in commodities, the BT Pension Scheme trustees were naturally cautious, Walsh said. "The move into commodities has been a long time coming," Walsh said, adding that it took "some years" for consultants to get up to speed on the sector and provide the necessary mandate.