Well-read in investment literature, Dr. Curran examines the consequences of mutual fund industry fees on investors and the tactics that some fund companies have used to push their products on the gullible. Dr. Curran's bold prescription is probably not enough to help investors outperform their markets. His belief that a fund with a fine record in the past can repeat its performance is without statistical foundation. Some of the largest funds in Canada were stars forty years ago with investment strategies that exploited lack of information about large cap stocks.
Markets are now more efficient and large caps are well understood and continuously analyzed.
Managers change over decades. In investing, fresh ideas do earn a premium. Dr. Curran gives insufficient to the value of new ideas and little weight to tax efficiency. Still, Second Opinion offers valuable comment on investment markets and a prescription that many investors should be able to use to improve their performance.