Scott Cooley Fund Quotations

I think we saw a taste of what could happen in July, when a brief and moderate correction caused this fund to lose nearly 7 percent, about twice the loss suffered from the average conservatively managed large-cap fund.

I think there is an increasing recognition at Fidelity that fund size can really harm performance. If they are too big it can be pretty tough to reposition a portfolio. That is something Fidelity didn't acknowledge a few years ago.

To the extent that fund companies had operations in the World Trade Center, they typically have backup files, so there shouldn't be any problems. Beyond that, the question is what happened to key investment personnel, and the initial response seems to be good. Oppenheimer Funds had offices in that building, and most of their personnel seems to be accounted for. And all personnel from Salomon Smith Barney was evacuated from 7 World Trade Center before it collapsed.

A lot of the pressure has been brought on managers by the fund companies themselves. They create unrealistic expectations.

You can't really say it (fee cuts) are happening across the industry. People shouldn't be lulled into thinking expenses are necessarily falling at their fund family.