According to the Gartman Letter:
"Massachusetts Pension Reserves Investment Management Board very prominently "fired" five long only money managers this week, many of which are virtual legends in the money management business.
We strongly suggest that long-only equity managers read, and re-read and re-read again Mr. Travaglini's comment for we fear that this is the death knell for the long-only stock fund manager. His/her age has passed. The era of money paying managers to be long of the equity market only, and to recompense them and to applaud them for relative performance is dying. Money, in the future, will pay only for performance beyond a very small fixed fee, and it will be quite happy to pay well for excess performance. At the same time, it will be swift in culling those managers who do not perform positively."