But the fund's long-term record is not as strong; it rose just 3.7 percent a year, on average, in the last five years.

But these are not the only explanations offered by funds with disappointing long-term records.

A far more intelligent bet is on advisers with the best long-term records.

It is not surprising that four of the five will disappear into funds with better long-term records.

But the long-term record of most hedge funds is not at all impressive.

Internet revolution or not, the key to picking an adviser is a good long-term record.

But exercise equipment is so new that few long-term records exist.

And fund managers with excellent long-term records sometimes have bad years.

"But it's very difficult to beat the long-term historical record of stocks."

It also has a good long-term record but alone does not make for a diversified portfolio.