The Great 401(k) Hoax, Continued

By William Wolman

STARTLING MESSAGE. The best evidence on this has been provided by Gregory Baer and Gary Gensler. Those experts compared the performance of diversified mutual funds with the performance of index funds. Their conclusion: In general, managed fund returns were lower than those of index funds.

They say the difference could be explained by the cost of the investment advice. This comparison, of course, applies to diversified funds and is no argument against dive

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