Bear Stearns' Crash Shocks Equity Manager

In a recent letter to institutional consultants, investment firm Barrow, Hanley, Mewhinney & Strauss addressed why their clients' portfolios owned stock in Bear Stearns.  Their comments typify the reaction of most managers that held the stock and describe the valuation metrics that they were considering at the time of the demise.

The text of the letter is available by clicking here.