And Now, a Word From the Hottest Fund This Quarter...

People love a horse race. And at the end of every quarter, the financial sections of newspapers write extensive stories on the best stock and bond funds for the last three months.

This, as we all know -- in our heart of hearts -- is a dumb way to look at investing. A three-month return doesn't tell you anything about a manager's stock-picking skills; hot performance is fleeting; a sector that's up a lot is very often expensive; and luck does apply to investing.

One way to deal with the flurry of senseless quarter-end fund reviews is to throw them on the barbeque. ...