Ashes To Ashes, Funds To FundsJeffrey M. Laderman
The Oppenheimer Ninety-Ten Fund holds a special place in the annals of mutual-fund investing. It delivered a spectacular 93.5% total return in 1987, the year of the crash. Milton Berg, then the portfolio manager, made the call of a lifetime. He was bearish on stocks prior to Bloody Monday and had invested his shareholders' money in put options that soared in price as the stock market plummeted.
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