Respect Your Elders -- They Make Better Fund Skippers

Perhaps a little desperate for a silver lining amid the storm clouds blanketing the stock market, Morningstar gave the 8,169 domestic stock funds it tracks the once-over and found evidence of what most investors should already know: Experience matters.

Domestic stock funds run by managers (or management teams) who have been at their fund's helm for more than 20 years have lost far less than the average U.S. equity fund.

And yes, the corollary also is true: Domestic stock pickers with fewer years under their belts performed worse than average.

"In general, you'd expect people who have 'been there, done that' to be able to handle the rough times of a bear market better than their less experienced counterparts," says Morningstar fund analyst Dan Culloton, who conducted the survey. ...