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October 13, 1997
The industry as a whole, given its massive size, is truly in a straitjacket. The cheetah has become the pachyderm. Any chance that mutual funds as a group could outpace a suitably weighted market index (including large and small stocks alike) is, simply put, "gone with the wind."
     John Bogle in The Vanguard Group's Nothing Fails Like Sucess (10/3/97)

If this were a baseball game, the score would be big stocks 14, small stocks 2. In the last inning the Smalls outscore the Bigs 1 to 0, but so what? Small-stock moves are the stock market's equivalent of Elvis sightings--often proclaimed but never delivered.
     Laszlo Birinyi Jr. in "A cigar is a cigar" from Forbes (10/20/97)

"we're absolutely sure that a fair proportion of mutual-fund managers are closet tarot-card investors and that maybe two-thirds of the major wire houses have their own psychics. If nothing else, that explains why so many asset-allocation recommendations and stock picks defy rational analysis."
     Alan Abelson in "Paradigm Lost?" from Barron's (10/13/97)

Mr. Stock is buying bonds.

Ralph Greggs of New England Funds on reports that Warren Buffett recently bought $2 billion of zero coupon bonds. Source: InvestmentNews (10/6/97)

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