From the Archives: The Style Police Were Right
Those stock funds that moved less, profited more.
This column was originally published on April Fools' Day, 2016. But it was written in earnest.
The 1990s were the decade of the "style police." Armed with the new tool of Morningstar Style Boxes, investment professionals surveilled equity funds to guard against "style drift." Funds that moved from grid to grid were liable to be swapped out of client portfolios, replaced by steadier rivals. Literally and metaphorically, Rudy G. presided over Wall Street. Law and order was in order.