After years of expecting a little something extra around the holidays, most people in the fund world are getting nothing extra for Christmas this year. That said, it’s my job to fill some of those holiday stockings. The 13th annual Lump of Coal Awards go to: Bruce Bent, co-founder of the first money-market fund and chairman of the Reserve Funds, forgetting that talk is cheap

Investors don’t know where to turn in the current market craziness, so they are turning to what they know. That may make them slightly more comfortable, but might not help them ride the storm out. The issue at the center of the market’s problems starts with risk, namely the lousy credit risks that individuals and lenders took on mortgage deals that common sense suggested might not have been the best idea.

Back-to-school time is about preparing for the year ahead and getting ready for the next challenge. It's the same in mutual funds. Going back to school on a fund means re-examining the fund without the recent market numbers in hand. Instead, you are getting schooled on your reasons for buying a fund in the first place, and seeing what has changed since the fund was first put in the portfolio.