RE: RE: RE: RE: RE: RE: Anonymous selling in Dec..No I don't subscribe to the philosophy of protecting gains in order to look good vs. the index. Managers hate doing that crap. They only do it because retail investors and advisors are hyper-focused on returns relative to the index. The massive funds have no choice, but to continue on with closet-indexing. It is the smaller, more nimble fund companies that have the advantage now. The big fund companies know this and are creating new funds that adopt an index agnostic approach. The example I gave earlier of Steadyhand is exactly what is going on. Why would the ex-head of PH&N not just clone what he did at PH&N with a new company? The answer is obvious...it doesn't work.