18, 2016 Jacob F. Karb Jr. of the Town of Boston, who served 26 years in the U.S. military, died Thursday in Buffalo General Hospital after a long illness. like thisHe was 87. Born in Buffalo, he was a graduate of Springville Griffith Institute who went on the serve in the Navy just after World War II, from August 1946 to July 1950. As a Radarman 2nd Class, he served aboard the USS Fresno, a cruiser, as well as the destroyer, USS Ernest G. Small, during which he traveled all over the world, north and south of the equator. After his service in the Navy, Mr. Karb joined the Air Force and was stationed at Polk Air Force Base, Fayetteville, N.C. He attained the rank of master sergeant in the Air Force and eventually served as a member of the Air Force Reserve.
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As performance was unraveling, investors held on to Millers fund too long. The problem with star managers is that expectations typically call for superior performance; with an index fund, an investor simply hopes to capture the markets movement over time. Thats how a manager like Miller can have stretches of superior performance but long-term results that ultimately arent much better than their benchmark, if they top it at all. Calendar years arent as meaningful as they seem. Investors measure plenty of things based on the calendar, but they would be better off watching the trends than checking in annually for a snapshot. Had Millers fund been evaluated on fiscal years ending June 30, for example, the 15-year streak never would have happened and investors might not have been lulled into thinking their manager was invincible. Blue lobsters exist, but you wouldnt want to make them your primary food source. Star managers are not mythical creatures, but theyre just extremely rare, kind of like the sapphire blue lobsters that occasionally show up and make news when they are caught in the waters of the Atlantic. If you tried to make a steady diet of them, youd go hungry.
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