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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (41060)	12/28/1998 10:19:00 AM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

Coby, Even if it is new, that doesn't change the fact it makes no sense. Yes, many folks want to know what their funds are holding, but buying what was hot yesterday does not change your performance from last year. Momentum buyers rule the investment world, so they do buy what went up yesterday all the time, not just at year or quarter end. Then, when it goes down next year or quarter, they buy what went up that they should have bought before it went up. <G> Mutual funds are only one big institutional player, with hedge funds, pension funds, insurance companies, banks, etc. There is really little way to know by the size of the block what type of co. is doing the trade. When I first started investing in the mid-1960s, every time a big block was traded, folks would say it was Gerry Tsai at Fidelity Capital. Tsai had a big fund and he had a lot of turnover. But he didn't make one percent of the trades for which he got credit. BTW, he was later my bosses boss at American Capital, but that was after he blew up his own fund co. and then blew up and insurance co. MB