In the 1980s and 1990s, managers of stock mutual funds ruled the investment world and received a lot of attention from the media. Star fund managers were almost household names. That’s not the case now. According to this article, the top stock pickers are unknowns who receive no attention despite great records.
The changing fortunes of Miller’s former fund are mirrored across the industry. Since the market bottomed in 2009, investors have pulled $231 billion from funds run by stock pickers, according to data compiled by Morningstar. Bond funds, including ETFs, have hauled in more than $1.2 trillion.
Bond managers Gundlach and Gross are regulars in print and on television, opining on a range of economic and market topics. Billionaire activists Icahn and Ackman have held a high-octane debate in the financial media over the past two years on the merits of nutrition products seller Herbalife Ltd.
“The bond guys tend to talk about macro issues, which are of interest to a broader audience,” said Gundlach, the co-founder of DoubleLine Capital. “How many times can you hear a stock manager say he likes Apple?”