When ‘Average’ is OK

In Garrison Keilor’s mythical town of Lake Wobegon, Minnesota, ‘all the children are above average’. And that’s where we’d all like our superannuation fund returns to be – above average. And that’s what the Productivity Commission is trying to achieve, by suggesting that all default schemes should be chosen from one of the ‘top 10’ or ‘best in show’ funds and underperforming funds should be closed. It sounds great! Where’s the flaw?Read More »