"This markes the fourth straight year of futility for the fund industry. Last year 75% of funds trailed the S&P . . . In 1995, the S&P beat 85% of funds, after topping 78% in 1994. In only three of the past 15 years - 1991, 1992, and 1993 - have more than half of all funds surpassed the S&P."
Andrew Barry in "Fund Managers Get Rich, but Not Their Customers" from Barron's (12/29/97) "the behavior of weather bears strong analogy to the behavior of stock markets; both exhibit elements of short-term randomness, long-term stability, and extreme sensitivity to initial conditions."
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