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Forget the 1990s

Traders Magazine, September 2002

Kathryn M. Welling

Ralph Wanger, the pater familias of the Acorn family of funds - which he sold pretty much at the top of the bull market to Columbia Management Group, a subsidiary of FleetBoston Financial, but still guides as president and CIO of its Liberty Wanger Asset Management unit - was in a jocular mood when I called. Asked for his interpretation of the market's erratic pulse as the late summer rally smacked into early fall's hard realities, Ralph's response was rapid-fire, his tongue, firmly in cheek. "I have very different and complex theories about the market. Granted, some of your other sources have had similar ideas-but not nearly as cogent or well thought out." I let that pass, because I couldn't get a word in edgewise, as Ralph continued: "Item the first: Markets come in two major flavors -

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