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The biggest value destroyers in the fund industry illustrate that there’s no guarantee of success, even during a generally favorable market environment. Many of them also provide a valuable case study in how not to invest. (As Charlie Munger was fond of saying: “Invert, always invert.”) Investors have been far better served by the plain-vanilla fund categories that dominated the winners list, such as large-cap blend, allocation—50% to 70% equity, and foreign large blend. They’ve also generally fared well by sticking with the industry’s biggest and most established fund families. Volatile and speculative categories—as well as unproven fund shops that attract a lot of short-term hype—on the other hand, are best avoided.