He came in to clean things up and we have found him to be a pretty straight shooter. |
It's tough to say where Spitzer's authority begins and ends. |
Oftentimes that is a formula for decay, but Pannell has been able to make that work. |
Our overall assessment has been that in general these have not been particularly attractive investments. |
They take the growth at a reasonable price approach and buy things that are undervalued, not companies that are going down the toilet. |
We are seeing a lot of managers, especially those for whom valuation is really important . . . build up cash stakes that are higher than historical averages. It's something we are seeing some very good managers do right now. |