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

A year and a half ago I realized that it wouldn't happen in the next few years. I sold the fund. It had decent returns, but it was time to move on.

If you are going to go with one family, you should go with one that has a lot of depth.

Over the long haul, it's almost certain that these will be a losing bet.

With real estate funds, you'd be better off buying them after a bad year.

If you don't own it and it goes up, you look like a loser.

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

It's a healthy sign of the industry. You see the average investor is being treated well by the industry.

If someone has the guts to stick it out (in a loser fund), you shouldn't punish them. You should take care of your shareholders. That way you're practicing what you're preaching.