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Pastimes : Ask Mohan about the Market
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To: edward miller who wrote (13725)2/1/1998 10:12:00 PM
From: Investor2  Read Replies (1) of 18056
 
RE: "Don't agree."

What don't you agree about? Surely you can not disagree that, over the long term, index funds have outperformed a large majority of actively managed mutual funds. If that is your disagreement, I suggest you study historical fund returns.

RE: "If a fund manager is any good he will move to other stocks before the worst hits - that is the risk: IF HE IS ANY GOOD."

In theory, that is correct. However, in practice, the majority of managers are not able to beat the S&P by more than the fund's expenses. So, if you define being "ANY GOOD" as beating the market, the majority of fund managers are not "ANY GOOD."

Also, many actively managed stock funds are chartered to (not surprisingly) hold stocks. Often, the fund manager is pressured to stay in the market by the fund objective.

Best wishes,

I2
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