![]() As Claude Erb, a former fixed-income and commodities manager at mutual-fund firm TCW Group, put it to me in an email: “The people who can truly stomach the volatility of a 100% stock portfolio are either catatonic or dead. In fact, an index fund may well be an inappropriate standard against which to judge these newsletters, since few investors are actually willing to stick with an index fund through a bear market. ![]() It’s only when these managers’ returns are analyzed in light of their reduced risk that their value is appreciated. But that may not be a reason to shun them. With that said, I should note that while the Honor Roll newsletters have outperformed the typical service not on the Honor Roll, they on average have not outperformed a broad stock-market index fund.
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