That's why Kunal Kapoor, Morningstar's director of fund analysis, feels fund managers are looking forward to 2004 with "a mix of caution and enthusiasm." As for the market getting too exuberant, he feels fund managers aren't likely to repeat the mistakes of the go-go 1990s. "Value managers are getting wary, and even growth managers are to some extent," he says. "I'd be very surprised if they allowed their portfolios to get as concentrated as they were in the 1990s."

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