September 2012: Do Track Records Lie?
Every decade or so, it seems there is a new investment theme that is promoted as the greatest, “must have” idea in one’s portfolio. Research will have “shown” that had you invested this way over some prior period, your results would have vastly outpaced a simple patient buy and hold strategy that captures the returns of the capital markets. It’s all about one of two opposing emotions, Fear and Greed, and the new offer will either bestow superior returns or “would have” avoided whatever nasty downturn recently occurred. We have been around long enough to see some trends appear and we now...
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