(MONEY Magazine) – A few managers with exceptional records did not qualify for the 50, either because they cost more than most or have an unpredictable investment style. These two undeniably talented ones were our closest calls:

Ken Heebner, CGM Focus Heebner is legendary for his eclectic strategy—he trades furiously among stocks and sectors. At times, he also shorts stocks. For example, in 2000 and 2001, Heebner bet against technology companies, which helped the fund deliver huge double-digit returns. Problem is, if Heebner's big bets go wrong—as they sometimes do—this fund could tank. For most investors, this should be a small holding at most.

Bill Miller, Legg Mason Value Miller was neck and neck with the S&P 500 in mid-December; if he turns out to have beaten the index for 2004, that's a 14-year streak. Amazing, even if his luck stops at 13. But you need to look ahead, not behind, and you can't count on continued market-beating returns. Miller runs a concentrated portfolio, and that's risky. And the fund's hefty 1.7% operating expenses will make it even harder for Miller to stay ahead. —P.W.