We only know that the Jays got him and we did not. Everything else is speculation, excuses and BS, none of which mean anything to me. I was council to the ERISA Committee responsible for overseeing a large pension plan. We got quarterly reports from the investment managers. The investment managers performing in the top quartile, just told us that. Those in the bottom two quartiles had such hard luck stories -- no one expected this sector to tank or that sector to tank, or the fed raised interest rates, or the bonds were downgraded etc. etc. They were given a three year period to prove themselves and then as fiduciaries the committee had to tell them to stuff all of their hard luck stories and move on. Sorry, but to me all that matters is performance. Process matters, but we wouldn't even bother to review their process if their performance was rock bottom. We reviewed the process of the successful investment managers to see if their good performance would be sustainable as opposed to getting lucky throwing darts at a dart board. That's where I come from-- if your performance stinks, I am not interested in your excuses. If your performance is good, I still may find things wrong with your operation. That is how a fiduciary behaves.