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To: Gottfried who wrote (6564)	12/11/1997 2:45:00 PM
From: Rational	Respond to of 9124

GM: I meant WS fund managers are IDIOTS, making consistently less than the S&P 500, on average as shown in a lot of research. But, MMs are smart crooks. I agree with you that intelligence is not enough. Superior intelligence with doggedness always wins, though. Many humans are intelligent but only a few are as dogged as Soros. The MMs smart/crooks pander to the impatient/pakic-stricken (many intelligent) investors. I wanted to make the distinction between the IDIOTIC fund managers (who on average lose as compared to the buy-and-hold strategy in the market) and the MMs (the smart/crooks). The time elapsed to make this distinction in my previous post. Sankar