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The 4/97 edition of TASC has an article "The Essence of Market Profits" by Victor
Sperandeo, which references a study by Brinson and Associates (?) that came up with
91.5% of the return as of function of the trend in the asset class, and individual stock
selection accounting for only 4.6% of the return - the rest of the % is misc. factors.
In any event, a rising tide lifts all boats. I guess you could really blow it up and tie
your boat to the dock with a short rope and it would sink during a rising tide. I wonder
what that would do to a satellite dish mounted to the boat?
Matt
bradmatt@xxxxxxxxx
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