Word: survivorship
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Dates: during 2000-2009
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...have experienced a merger, you need to take a close look at what's being done with your money. In some cases, merging is a way for fund companies to make poor-performing funds disappear. It creates what Vanguard founder Jack Bogle, a critic of the practice, calls "survivorship bias": lousy funds are killed so that a fund company's average rate of return rises. Survivorship bias may not have been the goal but was certainly the result in July when Columbia Management Group's Galaxy II Utility fund, with a three-year return of 3.7%, was merged into...