A reflex more than anything else

To be honest, I didn't even read this story in the Wall Street Journal before deciding to make it the subject of a post. With glasses like the ones worn by Mr. Langerman and the well worn phrase "Easy Money" in the title, how could I go wrong?

Managers Bemoan Loss of Easy Money
Mutual-fund managers, especially those with a value-stock approach, said tighter credit has had such an effect on the market that it has changed the way they look at stocks.

The issue, said managers, is that so much cheap money headed to private-equity firms in recent years that it allowed the firms to buy up companies if a stock's price fell too low. The demise of that system has removed a floor in stock prices, said managers, adding a layer of uncertainty.
...
Fund managers said that while they didn't rely on what is known as the "private-equity put" in their strategies, the presence of private equity factored into their thinking.

"It was an analysis that a lot of value players used," said Peter Langerman, chief executive of Mutual Series, a group of value funds offered through Franklin Templeton Investments.

But as easy money has dried up, private-equity firms have been far less active.

While "dried up" easy money is, undoubtedly, a welcome development in this world, perhaps it would be best to read the article next time before making any rash decisions about its suitability for this blog. Then again, the idea that value fund managers would be unduly affected by such a development is kind of interesting.