My experience has shown that undisciplined investments with no set strategy will not do as well as it should. It’s a case of market timing with adverse odds.
You know an adviser has no clue about strategy when he tells a mutual fund investor not to buy a fund that clings to a particular “style” of investment, such as small cap or large cap. But to instead choose what is right for the times.
That advice will let you know the adviser has no specific strategy. The adviser is willing to change strategy to suit whatever style may be popular at the time. (See the Earl J Weinreb NewsHole® comments.)
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