And The Winners Are...

Julian A. Lerner launched the Charter Fund in 1968 with a dream that it would one day have a $25 million portfolio. But the fund nearly folded during the 1970 bear market, and for many years, a strong record didn't prevent investors from pulling more money out than they put in. Even at the end of the roaring '80s, Lerner's fund remained a pip-squeak in a world of giants, with only $77 million under management.

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