This recent Wall Street Journal article points out that of the 2,301 stock funds (those with over $ 100 million in assets) just 3% have positive returns (source: Morningstar) over the past two years.
Seems reasonable to look at 2008 and 2009 (at least) to gauge the performance of money managers.
Many lost 40-60% in 2008. Some of the coverage of 2009 mutual fund performance has ignored what happened the year before.
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