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New research suggests that mutual fund managers are best evaluated by looking at the company they keep. Suppose an individual chooses a mutual fund manager with a stellar three-year history and invests all his retirement money with that manager," says Lubos P?stor, an assistant professor at the University of Chicago Graduate School of Business. It's not clear that the manager will perform well in the future, and the investor may lose a large sum of money. Figuring out which managers perform well is really a $4 trillion question that the investment community wants to understand.
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