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To: Kenny who wrote (14517)	1/28/1999 7:49:00 PM
From: mauser96	Respond to of 93625

OTOT..Right.I suspect most big mutual funds today are closet indexers. This isn't accidental in most cases. The penalty to the managers for getting far behind the averages is more than their reward for getting ahead. A big factor in under performance is that the massive positions they must take to be meaningful to the portfolio drives prices up when they buy and down when they sell. None of these factors are likely to change so performance will continue to lag. What astonishes me is the big salaries these managers get considering their ability to deliver above median performance is less than a computer buying the S&P 500. Somehow it all reminds me of the emperor and the non existent clothing. good investing