      It is not to say that fund managers cannot hold large cash positionsand time their entry and exit points in the market in the specific issuesthat they have a propensity to trade. However, fund managers are gradedagainst baselines, such as the S&P 500 index or against of other fundmanagers. Given that most fund managers have the majority of the fund'scapital invested in the market, and given the fact that the job of a fundmanager is high paying, these types don't stray too far from the rest ofthe herd. If a fund manager is average, he still keeps his job. If a fundmanager is above average, he still keeps his job. If a fund manager isbelow average or makes a catastrophic mistake, he does not keep his job.This mindset translates into a propensity for most fund managers to "staythe course" and not do something that will cost them the Porsche and housein the Hamptons.