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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: jon zachary who wrote (5262)	5/7/1999 3:55:00 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 28311

jon... I want to make a few comments regarding bears on CNBC. This is not a reflection in any way on Fleckelstein, who seems to be acting on his convictions, etc. but just a general comment. These private account managers ("hedge fund" managers) are the most highly compensated people in the markets I think... and thats why Vinik et al go into that business. There are millions of hedge funds and since the managers are compensated as a % return in the fund, they want to attract wealthy clients, and they need to differentiate themselves from all the other funds in some way. My guess is a bear fund is probably popular as an investment as some very wealthy person's hedge against his other bull funds... say a 70/30 mix or something. So, some investment manager might decide to start a contrarian (bear) fund specifically to target this market, because there are fewer bear funds out there. The point is just because someone runs a bear fund does not mean they don't believe in the bull market or don't have any long investments. It just means they are addressing a specific market etc. with their fund. If I had 50 million I would probably put 5 - 10 million in a bear fund, why not? They still go up, not as fast as the other funds but Fleckelstein is still getting around 30%/year or something, I read that on his bio, and that way you are protected if some unforseen crash hits. Thats what happened in 1990 when Iraq went into Kuwait, it came out of the blue, you never know when a bear market is going to come along.

To: jon zachary who wrote (5262)	5/8/1999 12:30:00 AM
From: B. A. Marlow	Read Replies (1) \| Respond to of 28311

Fleck's an asset, jon. While many of us would agree with Bill that techs and Nets are overvalued by traditional measures, we tend to say they're gonna stay overvalued, while he doesn't. So far, we're generally right. Thus, Fleck's choosing his shorts very carefully. In any event, Fleck's a keen and prudent observer of the investment scene and a voice of reason, and that's a pretty good basis from which to serve as a GNET director. In fact, that'll be his job. Another thing that's great about him is that he's accessible. Along with Russ H., Bill's available to anyone on SI. You want to argue with either of them? Just post right here. Try that with AOL's directors... BAM