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To: LK2 who wrote (2824)	3/14/1998 6:58:00 AM
From: Pierre-X	Respond to of 9256

Interesting material. Lots of good points in there. The average individual investor faces a real conundrum. Not enough time or wherewithal to pick stocks, but these days picking a fund is just as much of an undertaking. I guess index funds are the way to go. I may have just not seen it, but I think he missed one of the BIG reasons why mutual funds underperform -- the incentive structure. Fund managers don't directly benefit from the performance of their own animal, so apparently they don't go out and pound the pavements quite so hard. The Peter Lynches seem to be the exception and not the rule, which I suppose explains partly why he did so well for so long. God bless, PX P.S. I sure hope my writing isn't as dry as his. <g> I bogged down about 1/3 through. He took four paragraphs basically to say newsletters and funds have underperformed the indices. Come on. Later on he takes a dozen paragraphs to say that small caps are better investments.