Later that morning, Linden’s secretary finalized plans for him to attend an upcoming breakfast meeting hosted by executives of Times Mirror Co. owner of The Times. The stock is one of Perennial’s larger holdings.

Linden said he places a great value on visiting the companies in which he invests. It gives him a chance to study the managements of these firms and how they’re responding to current business challenges. He seeks to build a relationship of trust. If you go to the company, meet the people running it, walk through the plants and then the stock does something strange, that shakes your confidence. Linden spends at least a day or two each month on the road.

He also receives various visitors at his own office—not just corporate executives but also brokers, analysts and others, including clients of Angeles’ private money-management services. He keeps a business suit in his closet—just in case.

On this day, Linden didn’t have any such meetings. He didn’t get dressed up, and he ate lunch at his desk. After the market closed (the Dow finished down 32 points), the portfolio manager spent the rest of the afternoon studying companies, reading more business publications, annual reports and the like.

Linden usually leaves work between 4 and 7 p.m. He often takes home whatever he hasn’t finished examining at the office. This job can be done just about anywhere, at any time, he said. Sometimes I can work more effectively at home.

Without a doubt, job flexibility ranks pretty high on Linden’s priority list. He likes to manage money at his own pace, not the market’s.

For a surfer, I don’t have the ideal employment—the ideal is to have no employment at all, he joked. But this is better than most.

HOW MUTUAL FUNDS PERFORMED

Average total return, including dividends, in percent for periods ended Thursday, July 12

TOP 10

Fund Type Notes 12 mos. Yr. to date Week CGM Capital Development G NL +23.67% +22.75% +5.82% Schield: S L * +39.20* +5.78 Progress. Environmental Steadman Oceanographic G NL +7.65 +6.84 +5.76 Twentieth Century: CA NL +15.43 +16.53 +5.52 Ultra Investors Phoenix: Stock Fund Series CA L +15.92 +7.46 +5.31 Fidelity Select Energy Service NR LL,R +41.32 +16.10 +5.22 ABT Investment: CA L +20.70 +10.83 +5.19 Emerging Growth Steadman Investment G NL +0.70 +7.52 +5.15 AMEV Growth Fund CA L +24.07 +12.34 +5.13 AMEV Special Fund: Stock CA NL +25.07 +14.00 +5.10

* Fund established Feb. 5, 1990

BOTTOM 10

Fund Type Notes 12 mos. Yr. to date Week Strategic Gold/Minerals AU L -10.72% +1.86% -3.77% Strategic Investments AU L -17.89 -40.37 -2.99 Schield Portfolio: High Yield FI LL -11.41 -3.30 -2.01 Benham Target: Series 2020 FI NL * -9.17 -1.98 Strategic Silver S L +18.98 +2.23 -1.72 SLM Telecom. Income Fund S L,R +5.43 -10.65 -1.51 Sherman, Dean Fund CA NL -1.18 -13.99 -1.42 Wasatch Income Fund FI NL +6.21 +2.91 -1.35 Benham Target: Series 2010 FI NL -1.19 -6.14 -1.33 First Australia: WI LL * +6.96 -1.28 Aust. $ Liquidity

* Fund not in existence for period covered

TYPE: AU = gold, B = balanced, CA = capital appreciation, CV = convertible securities, EI = equity income, EU = European regional, FI = fixed income, FS = financial securities, FX = flexible portfolio, G = growth, GI = growth and income, GL = global-international and U.S. stocks, GX = global flexible portfolio, H = health/biotechnology, I = income, IF = international, MI = mixed income, NR = natural resources, OI = option income, PC = Pacific regional, RE = real estate, S = specialty/misc. SG = small company, TK = science and technology, UT = utility, WI = world income.

NOTES: NL means no sales charge, LL means sales charge of 4 1/2% or less; L means sales charge of greater than 4 1/2%; R means redemption fee may apply.

Source: Lipper Analytical Services