Look for consistency in mutual funds. As redemption requests mount and conditions deteriorate, some value funds shift managerial styles in an attempt to make up lost ground. Not only does this suggest that these funds never had a strategy to start with, but it also suggests a lack of discipline, which is exactly what we don't want. Studies show that value funds, in particular, tend to rebound more sharply than other investment choices because they're often chock full of quality stocks trading at deep - but temporary - discounts.

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