Clarification on Portfolio Strategies

Yesterday in my summation of a presentation at the Manager Search Conference at NYSSA. I wrote that a portfolio should hold two main strategies: style-based and flexible. I should clarify these two terms. Style-based means choosing a manager that is constrained in a specific market cap or region. Some examples would be managers in small cap value stocks, emerging markets debt or Japanese stocks. A flexible strategy would allow the manager to invest in the best opportunities that they can find. The more famous managers would be George Soros, Paul Tudor Jones and Ken Heebner.