A Bad year for Investment Managers

It must have been a bad year for investment managers.  On December 16, 2002, Morningstar announced its nominees for Manager of the Year honors.  Surprisingly, of the four nominees that ran diversified stock portfolios, all lost money this year (through December 20th, source: Bloomberg .com), and one even lost money over the past three years.  Perhaps Morningstar’s criteria were other than performance.   Perhaps I should become a fund manager.  My investment strategies that Adapt to Changing MarketsÒ attracted enough attention that last summer I did receive an offer to manage a mutual fund. Couldn’t do it while I hold a securities license, although I would have loved to.  But you can know that Hepburn Capital Management ranks up there with the leaders in the industry.