A Fund Manager's Worst Nightmare (at The Wall Street Journal Online)

Stuck With Financial Stocks, Handlers Can Only Wince; 'I Have No Choice' PLAINSBORO, N.J. -- It wasn't pretty. Financials, as usual, were taking a dive. And at BlackRock Global Financial Services mutual fund, that meant another stressful day. Jack Silady's lament on today's stock market: 'It's a financial, so people just sell it.' Fund manager Jack Silady showed up for work Monday to watch holdings like American International Group Inc., Lehman Brothers Holdings Inc. and Fannie Mae sink some more. On the trading floor, a segment called "More Pain For Financials?" flashed on the television. "It's not a fun time," said the bespectacled Mr. Silady, 59 years old, who has managed the roughly $400 million in the fund and other offshore money for almost two years. "Everyone wants to own oil and commodities and everything else, and... [read full story]