Original: Times of London , '' Global stock market losses total $ 21 trillion '' Morningstar , Inc. found that SMAs outperformed mutual funds in 25 of 36 stock and bond market categories for not only 2008 , but also 2006 and 2007 .
Simplified: Morningstar said that SMAs outperformed mutual funds in 25 of 36 stock and bond market categories that year .