Owen Smith knows that breaking up is hard to do.
But it’s time to dump his financial advisor. I’ll call him Peter. Three years ago, Peter said he could build a portfolio of actively managed mutual funds that would beat their benchmark indexes.
It’s a silly claim to make.
Finding funds that have done well in the past is easy. It’s like looking up which golfers have won the last ten U.S. Opens. To pick future winners, you need a working crystal ball. But Peter could do it. At least, that’s what he said.
In his valiant quest, he stuffed Owen’s portfolio with yesterday’s winners.
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