Mutual Funds

I have sat across from countless individuals who state their goal with a mix of desire and doubt: “I want to be a millionaire in ten years.” It’s an ambitious target, but one that is mathematically achievable for a significant number of people. It is not, however, achieved by luck or by finding a mythical […]

In the world of investing, few philosophies are as time-tested yet perpetually challenged as value investing. The core principle—buying assets for less than their intrinsic worth—is simple in theory but painstakingly difficult in practice. When an investor considers a fund like the hypothetical “Becker Capital Mutual Fund,” they are likely evaluating not just a portfolio

In the complex tapestry of the global economy, few sectors are as fundamental, volatile, and politically charged as energy. It powers our homes, fuels our transportation, and is inextricably linked to geopolitical stability. When investors consider an energy mutual fund—let’s use the hypothetical “BEBs Energy Fund” as our case study—they are often drawn by the

Introduction In my practice, I am often asked to analyze specific asset management firms, not just generic products. Investors want to know if a firm’s philosophy and process are aligned with their goals. Beaumont Capital Management (BCM) presents a fascinating case study. They are not a traditional stock-picking shop; they are a quantitative, rules-based investment

The phrase “beating the street” is one of the most seductive in all of finance. It conjures images of brilliant portfolio managers consistently outsmarting the collective wisdom of the market to deliver superior returns. For decades, actively managed mutual funds have sold this dream to investors, myself included early in my career. But after years

Introduction In my career analyzing investment performance, I have observed a pervasive and costly misconception: the belief that beating a “representative mutual fund” is a primary measure of success. This fund is often a broad category average or a commonly held option in a 401(k) plan. The pursuit of this goal leads investors down a

Introduction In my career, I have analyzed thousands of mutual funds and the portfolios of the investors who hold them. A universal truth emerges: the majority of actively managed mutual funds fail to beat their benchmark indices over the long term after accounting for fees. This isn’t a controversial opinion; it’s a well-documented fact supported

In the annals of modern finance, few names evoke as visceral a reaction as Bear Stearns. Its catastrophic failure in March 2008 was not merely the collapse of an investment bank; it was a tremor that presaged the earthquake that would become the Global Financial Crisis. When clients ask me about Bear Stearns mutual funds,

In my career, I have advised clients through multiple market cycles, and the most fraught conversations often revolve around the desire to “profit from the crash.” When markets turn south, fear and opportunity intertwine, leading many to seek out the most direct tools for betting against the market: bear, short, and inverse funds. These instruments

In my practice, I often encounter a fascinating contradiction. Investors understand that technology stocks are typically the hardest hit in a bear market. Their high valuations are built on expectations of distant future earnings, which are aggressively discounted when economic outlooks dim. Yet, these same investors are irresistibly drawn to the sector, knowing it has