No matter how poorly foreign funds have fared versus U.S. funds in recent years, remember that the situation was reversed at the beginning of the decade: At that time, recent history showed that foreign stocks had outpaced U.S. stocks throughout most of the 1980s. Absolutely nobody knows when the referee will fire the gun to signal a resurgence in overseas stocks, or when value funds will begin doing better than growth funds, or when the long-dreaded bear market will finally arrive.
Manuel Schiffres in "Best Funds for your Goals" from Kiplinger's (3/98) To paraphrase a remark of a wealthy Texan, Clint Murchison, money is like manure: when you stack it up in concentrated piles, it stinks; when you spread it out widely over fields, it makes things grow.
Burton G. Malkiel and J. P. Mei in Global Bargain Hunting
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