A day in the life of a mutual fund manager

Ghriskey, left, manages eight mutual funds worth $4 billion

March 8, 2000
Web posted at: 10:09 p.m. EST (0309 GMT)

New York (CNN) -- The rise and fall of the stock market in recent weeks has kept mutual fund manager Tim Ghriskey on his toes.

He manages eight Dreyfus mutual funds worth $4 billion -- money his 5,000 clients hope to use for vital expenditures such as college tuition, purchasing a house or retirement.

As a senior portfolio manager, Ghriskey has been directly affected by the recent volatility of the stock market.

On Tuesday, the Dow Jones industrial average dropped to its lowest level in nearly a year. The index of 30 blue-chip stocks fell 374 points, or 3.68 percent, to close at 9,796.03. The Dow index fell a combined 570 points for Monday and Tuesday, wiping out all of last week's gains.

The slide pushed the Dow to its lowest level since March 31, 1999, when the index ended at 9,786.16.

	VIDEO
CNN's Deborah Feyerick spends the day with a mutual fund manager to see what happens when the market drops. Windows Media 28K 80K

But Ghriskey says he is not worried.

"If the market is down a lot, or the market is up a lot, it doesn't really affect us that much."

'I am the shepherd of these people's money'

An increasing number of investors in the stock market have become very aggressive, emboldened by the lengthy period of U.S. economic prosperity and growth in the Dow. A mutual fund manager, however, has a cautious approach, Ghriskey says.

"I am the shepherd of these people's money," he says, when talking about his clients' investments. " I watch it, defend it, and try to grow it judiciously."

Ghriskey's daily routine is marked by deadlines.

By 8 a.m., he is at his Manhattan office, considering his clients' portfolios over an oatmeal breakfast.

At 9 a.m., Ghriskey meets with his firm's financial analysts, mulling over the fate of the market that is about to open in half an hour. Financial analysts "... give us not only information, but opinions on stocks," Ghriskey says. "Should we be buying, should we be selling, and why?"

At 9:30 a.m., a bell sounds and the New York Stock Exchange erupts into a mayhem of buying and selling. Stock prices are falling, with exception of high-tech and biotech companies. Ghriskey watches, conferring with financial analysts throughout the day.

"At the first sign of trouble, we want to exit out of these stocks," he says.

Ghriskey alternates between trading and holding stocks. Like other investors, he is looking for the next hot sell or great buy.

"Towards the end of the day it can get a little frantic as you try to get trades before the closing bell," he says.

Correspondent Deborah Feyerick contributed to this report

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