Berkowitz, Heebner and Miller in tight battle — for last place
When you are a traditional buy and hold, style box based, mutual fund manager there will be times when your style is in favor and you look like a genius and there will be times when it is out of favor and you look stupid. There will also be times when your market/economy calls are right and times when they are wrong. The key to making money in the market is not trying to call what way the economy is going or find a manager with a good long term track record. The key is to stay in harmony with the market trends and avoid the large long term loss, simple as that.