Chris,A good fund manager is going to keep adequate cash reseves in the account for several reasons. One is to pay investors for shares redeemed and another is to take advantage of buying opportunities. I know of several funds that have 9 to 20 percent returns for 2000 yr end. Each of these funds held large cash posistion to avoid being forced to buy at the March peak and to avoid be forced to sell because of scared shareholders.If a person has the time, disciple and think they can to better consistently than the fund manager then they should consider investing into individual stocks. And maybe getting a job with one of the Mutual Fund companies as a fund manager.Michael
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