I'm referring to research done at Vanguard and other places saying that active management of bond mutual funds does not add value (references available on request; I'd have to dig it up). You'd think that it would since it should be possible to do research to predict which bonds are likelier to default than the market thinks. But most bond mutual funds make the wrong interest rate bets time and time again.Given that the Vanguard bond indezes aren't completely indexes, and that their bond indexes have consistently beat the index would tend to argue that active management can make a small difference.
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