To skeptical Wall Streeters, the impressive growth achieved by mutual funds during the postwar era was always flawed by the fact that in the Great Bull Market of the 1950s it supposedly took real talent to lose money. Not until this year's seven-month market drop, climaxed by the Blue Monday crash, did the fund managers really get a chance to demonstrate how well they could perform in a shift from a major bull market to a major bear market.
How did the funds fare? In general, just soso. Taken as a whole, the...
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