Russ Kinnel Quotes

"Sometimes we've seen managers fairly divorced from the process. Maybe they don't pay those fees or worry about tax consequences. But if they have a lot of money in the fund, you can bet they do."

"People see triple-digit returns and their eyes light up. It's easier to be rational when you're comparing 10 percent and 12 percent returns."

"Their performance has been gangbusters. They've won with this strategy. It's really paid off."

"They're selling a little, but their technology weightings are still way ahead of where they were six or nine months ago."

"There are different styles and risk controls you see across the board at fund families,"

"There are some positives to multi-management; one is you get diversification of strategies and investments. What you're doing is diversifying at another meaningful level that you'd have to pick separate funds to do."

"[The performance picture is muddied, however, because many troubled Merrill funds have been merged with others or liquidated.] Merrill's record looks better than it is when you consider the bad funds they've merged away, ... They swept quite a bit under the rug."

"If you're choosing between supermarkets, look for what services you want, what reports you want, whether you want retirement tools, or detailed reports on taxes. The point of a supermarket is convenience. If it's not convenient, then it defeats the purpose."

"Fund companies tend to put the service costs into the basic expense ratio even if you're not getting a lot of the services. As they try to become all things to all people, it may drive up the cost for people who don't want the extra services."

"[Analysts see the fund as a gimmick trying to attract investors.] The entertainment, the gimmick, doesn't really have anything to do with investing, ... They brought chat boards to life in a mutual fund."

"Buying on performance would have been disastrous this year."

"When you have all the funds in one family, maybe sharing the same analysts' research, various biases work into a portfolio,"

"Japan stock funds and precious metals funds were dogs for the whole decade. Virtually all domestic stock categories lost money. It was a tough quarter."

"He'll still have a big impact and a lot of influence, ... Brennan is not the outspoken zealot that Jack Bogle is. People want Jack to stay at Vanguard because he calls it like he sees it."

"With the bull market in its 17th year, this isn't a bad time to start thinking about risk."

"Communications and technology have been locked arm in arm lately. The line between communications funds and tech funds is being blurred."

"They're selling a little, but their technology weightings are still way ahead of where they were six or nine months ago,"

"You're getting better service,"

"Like baseball managers, there's almost too much credit given to a fund manager when (a fund) does well, and too little when it does poorly. It's very healthy to look beyond a star manager."

"Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor."