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To: Giordano Bruno who wrote (1856)	6/29/1998 11:46:00 PM
From: Rex Dwyer	Respond to of 3818

Window dressing: At the end of a Quarter, especially at the half year and year-end quarters, fund must report their holdings. They don't want to be embarrassed and have to answer questions about loser stocks, so they are known to dump losers and scoop up stocks that have done well. In essence, they are dressing up their portfolio. I think that many money managers know this happens and are playing this effect. As a result, stocks that have performed poorly this quarter are scooped up right before the end of the Q. I tend to do this and I call it window undressing. I don't care what my portfolio looks like at the end of the Q so I take advantage of low prices. I made up the window undressing term... Rex