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Burden of Proof on Tactical Investing

To be a viable alternative to buy-and-hold, tactical funds, like the failed market-timing funds before them, must do more than claim, "It's different this time."

Jason Stipp: I'm Jason Stipp for Morningstar. On the heels of Lehman's collapse five years ago, buy-and-hold investing took a hit along with investors' portfolios, while tactical investing or market-timing strategies came to the forefront.

Here to talk about how those strategies have played out is Morningstar's vice president of research, John Rekenthaler.