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To: Paul Senior who wrote (66478)	10/7/2008 6:27:04 PM
From: Jurgis Bekepuris	Respond to of 118717

I have wondered how these value fund managers did this great buying when I know they must have had to keep or make a big cash component for the redemptions that had to be occurring. IMHO, most of them were simply shifting from something else in their portfolio. Then they could claim that they bought XYZ near the bottom, but you never learned about ZYX that they sold. And I am not trying to bad mouth them - this is what I am doing currently, this is what you are doing and from what I saw in reports this year Whitman, Ariel Fund, Dodge and Cox and others like them are doing. It's just that NOW in wide-market panic it is much harder than in selective sector-based downturns. Still they may have positions in something like JPM that are essentially flat or WMT that is up quite a bit (wow I missed that one).