Shame On Me

This morning I was listening to a radio program on mutual funds where the commentators were presenting their list of “worst mutual funds to own.” One fund they discussed had been in the bottom 5% of all the funds in their style category for the past five years and the fund still had $1.5 billion dollars of investors’ money. The implication of this statement is that nobody should have any money invested in such a poorly performing fund. They then asked “Who is to blame?” First of all, they sai...