Jerry, since early in 2007 I've felt the mkts in general were overpriced and I began then to reduce my equity holdings. As a active fund investor I look at my investments quite differently than you as a passive investor. I rely on the fund managers to make moves in my best interest as a shareholder. I also am very willing to additionally make adjustments that I feel are in my best interest as an investor; and that may well be allocating more money to cash. Call it timing or what ever, I rally don't care, Jerry. To some timing is a bad word, but others see it as an opportunity to move 'some monies' in or out of the mkts. I took advantage of the yields in the MM when I moved a portion of my account out of equities and have since taken $$$ from the MM and moved into select stocks that offer value and dividends(GE as an example). My core fund holding(OAKBX) remains at the same level, but several funds were reduced over the past several Qs.

I have never seen the advantage of investing in a core holding like the Total Stock Mkt Index when I can hold well managed managed funds. And no, Jerry, I don't know how they will do in the future any more than you know how your investments will do!

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