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Comparing returns over ONLY 3 years as the basis of an investment decision is not meaningful... IMHO.

Well, then what is one to do when 3 years is all you have? Look at the prospectus, which is basically a sales pitch?

The fact is, I do not think I have ever held anything for 3 years. There have usually been sell points much sooner, either because of general market timing or because something begins to look bad.

Personally, I think if a money manager cannot prove himself in 3 years, there is no reason to use him.
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