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Not all black boxes survive a crash


One of the simpler lessons of the recent stock market and credit bubbles is this: if you don’t want to be ripped off by a dubious but doubtless plausible fund manager, manage your money yourself.

At the opposite end of the spectrum to this sane approach—to self-manage—is what is called black-box investing. This is where you delegate all decisions over your money to an individual or a computer program. Not only are you in the dark about the strategy that this individual or algorithm…

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