Marketing is not good fund management

As the Japan market comes bouncing back it looks at first sight like a triumph of fund positioning by a range of investment houses. They have identified the 'New Japan' stocks among the smaller companies, they have picked the switch from a manufacturing to knowledge based economy and cannot point to rising foreign and domestic investment in the stock market. The investment house marketeers and salesmen will be calling around, if they haven't already, highlighting both this triumph of fund management and the underlying dynamism of the new Japanese market. All well and good but it is worth po...