Markman Takes Aim At Conventional Advice - Manager Blasts Tendency To Overdiversify Fund Portfolios.

Byline: Adam Shell, Investor's Daily

Investor's Business Daily Here's a tip from money manager Robert Markman: If you want to achieve better long-term returns investing in mutual funds, the typical advice of fund experts and financial planners. Why? Most experts will tell you to spread your dollars among multiple asset classes, Markman says. Indeed, they'll tout the benefits of foreign diversification. Or explain why you must own small-cap stocks. Or sell you on the long-term potential of value-style funds. There's just one problem. That strategy, Markman says, results in poor results. "The conventional wisdom in the fund world may be conventional, but it's not wisdom," wrote Markman in his new book, "Hazardous to your Wealth: Extraordinary Popular Delusions and the Madness of Mutual …