It's almost year end, and the big dogs of the managed mutual fund industry have quite a quandary on their hands.
They stayed out of the fall rally, hoarding cash, and subsequently made no money, while the market surged ahead.
Their problem: Well, they now either have to make up all of that in the next two weeks, or be prepared to explain to their many clients why their investments did not keep up with the market, and in fact, performed well below it.
