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

To: voodooist who wrote (41407)	12/29/1998 10:50:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 132070

>>>>>Now let me ask you a really dumb question<<<<< Hey, Fred, I thought I had a monopoly on the dumb questions.<g>

To: voodooist who wrote (41407)	12/29/1998 11:33:00 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

Fred, First, let me answer the question you didn't ask. Adding overpriced stocks to your portfolio for window dressing in no way improves a fund manager's performance. In fact, since turnover is a key factor in judging some managers (I never was judged on it, praise the lord and pass the ammunition, as I had over 900% turnover a year in my funds <G>) window dressing might even cause them to get lower bonuses. The specialist is an employee of the specialist firm. He is also judged on how much money he makes or loses his firm. He usually carries a long position in the stocks at his station, though they sometimes carry short positions. It behooves him to get a good markup on New Year's Eve. Ney's book is the best on the subject and he greatly exaggerates. MB