"But that doesn't change the fact that most experts agree with bernardo."
kirk responded:
<<Really? Please give a list. John Bogle admits he invests some of his money in managed funds. Rande Spiegelman invests a good deal of his money in managed funds AND he made quite a bit of money from some of the stocks in my newsletter...>>
--Obviously, I can't give you a list without doing a LOT of research, but I daresay almost all of the authors on brinker's recommended reading list say that stock-picking is a loser's game. Bogle is a bad example by you. I know he invests some of his money in managed funds, but he is the all-time champion of index investing. Rande I do not consider an expert.
Personally, I use my own judgement. I do not own a single index fund. I enjoy trying to pick good funds, and I have done quite well at it. Also, I have serious doubts that timing can succeed in the long run, but I believe there is a time and place for everything, and I believe 1999-2000 (at the peak of an unprecedented bull market) was the correct time to try market timing.
Anyone who did not expect a big bear to follow such a huge run-up was not living in the real world. And there were a LOT of those people.
"--Again, I never owned that fund. But I DO own several funds whose managers have beaten the indexes over long periods of time."
kirk asked:
<<OK... was it Bill Miller's fund?>>
--No. I never bought that fund because of the high expense ratio.
<<FWIW, I mostly bought FLPSX back in 1998 to diversify. I had a load of large and small cap tech and wanted someone who was good, but not in technology. That fund had a near zero tech weighting if I recall.>>
--Right. I personally would never have bought that fund. But I admit your reason for buying it made a lot of sense.
And you definitely made a good decision! That guy is amazing!
"--I don't hate you. Why would I hate you?"
kirk said:
<<I can't say why, but you sure go out of your way to believe the worst and attribute things to me I never said such as the lie shres posted that you went along with.>>
--Well, I have to admit that I am ready to believe the worst of you. After all, you do stifle dissent on your board by kicking people off who disagree, and you also chase them away with insults and harassment ala bbaddict.
In my book, you are no better than brinker. But as you know, I certainly don't hate him.
Believe me, if brinker was here debating with us as you are, I would be giving him a hard time too.
The difference between me and stockalot/honey/kirk et al. is that I would criticize him fairly instead of exaggerating all his faults out of all proportion to reality.
I will make a better effort to do the same with you from now on.
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