The average mutual fund holding period for equity or fixed income is only about three years. It's too short.

All equity categories, correctly calculated, create near-identical lifelong returns. They just get there via wildly differing paths.

Problems of 35 years cannot be resolved in a short period of time.

I'm sometimes accused of being hostile to mutual funds. That's not fair, really. There is a place for them. Still, I am hostile to one thing, which is trying to use funds to time your way in and out of the market. That's a recipe for very bad results.

mutual fund tax trap.

Most investors give too much credence to the theory that prices are rational; they presume that a market collapse must have been justified by serious economic trouble.