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Ira-
Excellent point that most overlook. Huge room for conflict of interest
decisions if manager is paid on incentive fee too. If it's not HIS money
the
manager is more often than not; apt to err on the side of not being as
conservative as he should; like overstaying a trade and watching a winner
turn
into a loser. He makes back his losses--even if he's trading his own
money--
very quickly from the no risk management fees.
chas
====
----- Original Message -----
From: ira <irat@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, June 28, 2002 11:20 AM
Subject: Re: [RT] Bill Gross, bond king was on CNBC last nite..
> But it wasn't his money. He still gets his salary, participation bonus
and
> the fund still gets its fee. Ain't it grand when you don't really have to
> pay for your mistakes.
> ----- Original Message -----
> From: "M. Simms" <prosys@xxxxxxxxxxxxxxxx>
> To: "RealtradersList" <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, June 28, 2002 8:29 AM
> Subject: [RT] Bill Gross, bond king was on CNBC last nite..
>
>
> > said he recently lost $250 million in Sprint Communications bonds.....
> >
> > just wanted to make everyone feel better...
> > even the best traders can take some big "hits".
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