Sticking up for the good old-fashioned managed fund

Given the challenge of writing something insightful (and interesting) about investment, it is tempting to wax lyrical about the big issues of the day: the withdrawal of quantitative easing (QE) in the United States, sovereign debt crises and Chinese growth. However, it is perhaps more honest, if somewhat uncomfortable, to admit we have no great insights to offer on any of these. We do not believe that we can second guess central bank policies or that we can, with any certainty, predict the direction of the next macroeconomic data release. What we do believe in, however, is the value t...