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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (83872)	5/1/2007 4:56:50 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 206334

It's hard to put skill to work if you must buy stocks you don't want to buy, but must because of the funds objectives. well, there are plenty of studies that say hedge funds are bad investors as well, and they can invest in anything. but obviously mutual funds have the most accessible and transparent results. it strikes me as moving the goal posts to say investor skill exists, but then excuse its nonexistence among the most transparent investors (mutual funds) because mutual funds have charters. and, in any case, the skill of those funds in Bernstein's study was simply based on each fund's own benchmark. iow, a particular Aggressive Growth fund does not exhibit skill compared to the average return of aggressive growth funds. so even competing against each other (all having similar charters, for each category), these investors show no skill.