Russ,

Actually, there is a tendency for a real good year in a mutual fund to be followed by a good year. An example might be the Russell 2000 which had a nice year last year after a blowout year the year before.

I don't know about a real bad year to be followed by a good year, though it might not be as bad. The Russell 2000 had several poor years in a row recently (before 2003).

brucedoe