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When Ads Say Skill, Think Luck—Report

Mutual funds may need to come with a blunt warning label just like on a pack of Lucky Strikes.

In their quest to recruit Main Street investors seeking above-market returns, fund companies have long relied on newspaper and magazine ads to showcase portfolio managers’ best work. Difficult as that task seemed a year or two ago, the recent bull market has given these firms new opportunities to brag. Read the full story »