# Zurich Axioms



## Curvy (5 Aug 2003)

I spent the weekend reading a book called The Zurich Axioms by Max Gunther. (Well, not the whole weekend, I also watched the entire Family Guy season 3 box set) While the book made several really good points, he does seem to go against the Buy/Hold strategy and he's adamantly against the diversification theory. This flies in he face of a lot of investment advice. Any opinions?


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## Amellion (6 Aug 2003)

*turnover*

Came across an interesting piece of analysis from CSFB today which screened US General Equity Funds that had beaten the S&P over 1992-'02. These had outperformed the index by 4% p.a. and one of the characteristics they tended to share was (on average) much lower turnover 
- 28% compared to 110% for all equity mutual funds.

The other finding of interest was that they tended to have a greater concentration of holdings - the top ten on average represented 37% compared to 24& for the S&P ,and 28% for the broader fund universe.

One other peculiar finding was that the majority of these high-performers were not managed from New York or Boston,the major East Coast centres.


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## rainyday (6 Aug 2003)

*Re: turnover*

What does Family Guy say about 'Buy & Hold'?


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