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This year was a tough year for active managers. Apple, Berkshire Hathaway, Johnson & Johnson, Microsoft, and Intel together accounted for 20% of the market gains. And only 30% of S&P 1500 stocks performed better than the index. So many stocks did worse than average, making stock picking particularly important. Joshua Brown writes about this and other observations of this past year in Fortune.
It was the best of times, it was the worst of times…
Courtesy of Joshua M Brown, The Reformed Broker
My final post of the year for Fortune Magazine was just published…
As we get closer to relegating 2014 to the history books, your local stock market guru most likely couldn’t be happier to see those books slammed shut.
It’s been one of the worst years for investment decision-making on record, almost across the board. No strategy worked consistently, save for the type of shareholder activism that only a handful of Wall Street’s billionaire titans are able to engage in.
For almost everyone else, it was a year of frustration against a backdrop of better-than-average returns for the most popular index in the land.
With a bit of help from Charles Dickens, let’s take a look back at the year in which almost nothing worked…
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