Most active managers are investing in what they think is a sure thing rather than their best speculative ideas. Nobody is out there trying to be a hero right now.

Generally you go with a manager who has a meaningful track record somewhere. It doesn't guarantee this is a smart or good manager, but at least it said I've got a few years and I can learn a lot from that.

Fidelity bases its IPO allocation policy entirely on asset size and that's the way it should be,

Fidelity bases its IPO allocation policy entirely on asset size and that's the way it should be.

Last year people got panicky about corporate debt because of Enron and WorldCom. The spread (between government and corporate bonds) got too big and the market reversed.

It's a good strategy, a good manager, just not a very appealing wrapper.