The Invisible Chasm

One difference between Morningstar’s results reporting (1-, 3, 5 and 10 year) and ours (up cycle, down cycle, full market cycles plus standard periods) is that theirs contains an invisible chasm. That chasm exists for funds that were around during the 2007-09 market crisis but that do not have a 10 year track record yet. […]

The Eternal Losers List

The current full market cycle began in October 2007 as domestic markets peaked just ahead of the worst financial meltdown since the Great Depression. Domestic markets hit bottom in early March, 2009, and have rebounded sharply since then.   Mostly. Vanguard’s Total Stock Market Index took 52 months to recover from the crisis; that is, […]

Becoming Surprisingly Successful: Notes To The Mutual Fund Community (Part One)

Fund managers are seen, dear friends, as “the walking dead.”   CBS News declared you “a losing bet.” TheStreet.com declared that you’re dead. Joseph Duran asked, curiously, “are you a dinosaur?” Schwab declared that “a great question!” Ric Edelman, a major financial advisor, both widely quoted and widely respected, declares, “The retail mutual fund industry […]