Having just read Chapter 5, "Chasing Performance," of David Swensen's excellent new book "Unconventional Success," I had to laugh when I read the article, ""Timing off when picking firms," by Vince Calio on page 30 of the Oct. 3 Pensions & Investments.
Mr. Swensen points out the folly of individual investors in picking mutual funds just after they have had strong performance, or selling after weak.
The study referenced by Mr. Calio shows us that even pros — company pension managers — make the same mistakes with the same discouraging results. As the past chair of a quite successful pension fund committee, my mirth was somewhat rueful.
George W. Mead
Chairman, Treasurer and CFO
Mead Witter Foundation
Wisconsin Rapids, Wis.
Editor's note: Mr. Mead is a former chairman and CEO of Consolidated Papers Inc., now part of Stora Enso Oyj.