Mutual fund investors thrive on disloyalty. If they invest in a fund that regularly posts crummy returns, they dump the loser and turn to a hot new fund with an impressive record. Now new research argues this fickleness can cost you. The jazzy new performer, it turns out, doesn't stay that way—and may have just six months of good returns left. So says Yale professor Owen Lamont, who studied this issue with the University of Chicago's Andrea Frazzini. This is a startlingly contrarian take. Academics and investors alike have long believed that glomming on to new winners made sense. In the late 1990s two studies in the prestigious Journal of Finance found that mutual funds that had attracted new money went on to post better short-term returns.
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机译：共同基金投资者因不忠诚而兴旺发达。如果他们投资定期回报丰厚的基金，就会抛弃失败者，而转向业绩斐然的新基金。现在，新的研究表明，这种多变的行为会使您付出代价。事实证明，这位新秀爵士乐的演奏家并不会保持这种状态-可能只剩下六个月的丰厚回报。耶鲁大学教授欧文·拉蒙特（Owen Lamont）说，他曾在芝加哥大学的安德里亚·弗拉齐尼（Andrea Frazzini）研究过这个问题。这是一个令人吃惊的逆势行动。学者和投资者长期以来一直认为，凝视新的赢家是有道理的。在1990年代后期，著名的《金融杂志》（Journal of Finance）进行了两项研究，发现吸引了新资金的共同基金继续获得更好的短期收益。
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