The evidence indicates that trying to time the market doesn't work. We've done studies looking at the flow of funds vs. performance, and invariably people buy at a peak and don't buy when (a fund) is low.

If the advice is worth it, you're willing to pay the load. If it's not worth it, then the load is too high.

There is a place for both competitive and so-called negotiated deals.

I really can't think of anybody who over the length of time that the Steadman funds have been around ... approaches their (poor) record.