Oftentimes that is a formula for decay, but Pannell has been able to make that work.

213

Our overall assessment has been that in general these have not been particularly attractive investments.

149

They take the growth at a reasonable price approach and buy things that are undervalued, not companies that are going down the toilet.

98

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.

95

It's tough to say where Spitzer's authority begins and ends.

80