“Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing ever happened.”
Sir Winston Churchill
If you read a lot of newspaper or academic comment, you will find that plenty has been written about the high costs of investing in funds. Much has also been written about the ‘shocking’ fact that too many funds underperform the markets as represented by the FTSE All Share Index. It would be easy for the casual observer to think from reading this kind of comment that investing in funds was a waste of time.
I like to see the mediocre challenged, but my problem with studies claiming to show that picking the best funds is virtually ...