Many other investors also lost patience, yanking billions of dollars out of the funds. The fallout was huge. Sanborn, once considered one of the fund industry's top value managers, lost his job. Schafer's once-stellar reputation was sullied. Dreman tired of preaching about the dangers of speculating on stocks.
People get bored hearing the same old warnings over and over.
Stocks once considered boring were white-hot in 2000. While shares of real companies with real earnings are starting to move higher, battered tech stocks have more room to fall, value managers warn. Growth mutual funds, he says, still own way too much tech and could run into trouble if spooked shareholders start redeeming shares. The smart money, he adds, has been selling into most rallies. We put a man on the moon.