Quote:
Originally Posted by Slava
... the industry as a whole has been pathetically 'managed' if that's the right word for it. ...
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Pathetically managed, undeservingly compensated, unaccountable and, most of all, without any proven knowledge of how to make clients' portfolios grow consistently. Which was a major reason for me switching to self-managing all of my own portfolio.
I've had some money invested for 15 years in three diversified funds with Philips Hager & North, arguably one of the best managed mutual fund companies in Canada. In 2008, the annualized return of my portfolio with them was just over 1%. My own self-directed portfolio was several times better over the same period. This was a big moment for me, when I realized that they don't really know much more than an average interested and disciplined investor.