Even so, the funds are very risky because their managers can invest almost any way they want.

This would let managers invest in less-liquid securities like thinly traded companies.

The managers are unconstrained and can invest across all market sectors.

With a ceiling on spending, the wise general manager invests in character, Levy said.

American managers, unlike their Japanese counterparts, rarely invest when the payoff is distant.

For the first time in 1993, the managers of stock mutual funds are investing more money than the public is providing.

As the money poured in from investors, those managers invested all of it and a little more.

The figure fell to as little as 3.9 percent in 1972, leaving many managers heavily invested just before the severe bear market of 1973-74.

The manager invests the rest in other stocks - or to double up on a few from the index.

Financial advisers are increasingly concerned about how managers are investing their money.