Waiting for the housing recovery is like waiting for paint to dry. It’ll happen, but not any time soon. The best we can say is that the market appears to be stabilizing, although it’s a stability at a greatly diminished level from the glory days, a.k.a., the years before 2007.

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Morningstar yesterday advised that “deciding whether to buy or keep a fund that was once a top performer can be tricky.” In fact, that’s understating the challenge if you consider that managing a portfolio of active managers requires two skills: predicting when market-beating returns are likely to prevail and deciding when the bloom has fallen from the rose.

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