"The manager doesn't choose his staff in most organizations," Phillips said.

The five managers can choose any fund open to new investors.

The managers chose the first option because it was less costly.

The manager chose the development plan and turned her performance around.

And each manager chooses from a list of about 1,500 items at any one time.

Family or managers chosen by the Murphys from 1905 through 1985.

Still, the managers have chosen many winners over the last three years.

"There are things the manager can explore and choose from, particularly with the number of games coming up."

So the manager or 'customer' may choose not to buy on this occasion.

The managers choose how to buy those stocks and what to sell to raise cash.