By Jon S. Strebler
Back in the mid-1970s when I started in the investments business, the brokerage firms encouraged their people to sell mutual funds. A few of us hotshots scoffed at that idea, thinking we could do better than the funds which, after all, basically rode stocks up and then rode them down again. You see, the period from 1967 until the early-1980s was essentially a sideways, going nowhere stock market, and mutual funds had become widely panned; we wanted nothing to do with them. But by investing with the trend, we could be in stocks when they were bullish, and on the sidelines when they were bearish.