Quotable

Does anyone read the mutual fund stories in the WSJ? Of course not. You are too busy running to yet another story about some egomaniacal activist hedgefund manager acquiring exactly 1.042% of some ridiculous foreign company probably run by foreign gangsters that makes some hot sauce the gangsters like in that foreign country, whatever country that might be. Nonetheless, the most recent "what are they buying now, those who pretty much only buy?" report contained some real gems for the Quotable Manager Prizes. Consider this a snack before the heavy stuff.

"A lot of investors have been wanting safety -- call it the flight to quality or liquidity -- but when you can go counter to that, you have opportunities," says Edward Perks, manager of the $60 billion Franklin Income Fund. "Investment-grade mortgages have gotten sucked down with sub-prime," he says. "We think the market is treating it in too broad a brush."

$60 billion under management needs a new investment phrasebook, hopefully in time for that call from GM at the NYT.