The first four months of 2006 must now appear like a dream
to U.S. equity managers as they begin the long, slow climb back
to relevance. After sizable losses in May and June, the
Absolute Return U.S. Equity Index gained a median 0.60% in July
(5.65% YTD), in lockstep with the S&P 500's monthly gain of
0.62% (3.34% YTD)....