Russ Kinnel Quotes

"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."

"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."

"[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."

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

"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."

"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."

"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."

"We were also impressed by what Dodge & Cox Income didn't own, ... The fund is overweight in corporate bonds relative to its benchmark. In 2002, that meant trouble because investors ran from corporate bonds for fear they would get caught holding the next Enron. This fund not only avoided disasters, but it also found enough winners to return nearly 11 percent in 2002. Just as impressive, the fund's returns for the trailing five and 10-year periods rank in the top 10 percent of its category."

"We were also impressed by what Dodge & Cox Income didn't own. The fund is overweight in corporate bonds relative to its benchmark. In 2002, that meant trouble because investors ran from corporate bonds for fear they would get caught holding the next Enron. This fund not only avoided disasters, but it also found enough winners to return nearly 11 percent in 2002. Just as impressive, the fund's returns for the trailing five and 10-year periods rank in the top 10 percent of its category."

"Many investors probably don't realize how much of a difference there is in research at different shops. It's an under-appreciated part of the business, but it's the heart and soul of it."

"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."

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

"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,"

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

"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."

"You're getting better service,"

"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."