No. of Recommendations: 0
"So mutual fund families should be like Lake Wobegon, where all of the funds are above average?"

Yes, well managed mutual funds can quite easily execute their unachieving funds.

Every fund manager will sometimes make the wrong choices and end up with an underperforming year. But I don't think he can get away with underperforming again and again. I'd say that manager is an underacheiver and should be replaced.

When you buy a mutual fund, you are paying top dollar for top performance. Underachievers need not apply.
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