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a lot of asset management firms missed out on Enron's by irishrock
carnage
what's interesting about portfolio management and passive investing is that it isn't always what you own that can hurt you (vis a vis the index) it's what you don't own.
I remember sitting through a PM's presentation where Enron surfaced. The look on his face was horrific and sad. He starts muttering, "Enron was the worst part about my career. I was vindicated but the 18 months where it was running hot while I couldn't figure out why was horrible. My boss literally came into my office weekly and asked why I didn't own it."
I know there are many "index hugger" managers who may "hate JNJ, but I own it". If JNJ is, let's say 2.5% of the index, they may dislike the stock but allocate 1.5% of the fund to JNJ just because they are so benchmark aware.