In today's WSJ FundTrack
, mutual fund managers offer Daisy Maxey some words of wisdom formed following the stock market crash of 1987. Some lessons highlighted are: "value of independent judgment, the difficulty of predicting stock-market disasters, the need for contingency plans, the importance of educating investors and the fallacy of financial silver bullets." Brian Posner, chief executive and co-chief investment officer at ClearBridge Advisors, part of Legg Mason, warned that some strategies once seen as a way protect investors from loss, turned out to only have exacerbated the losses.
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