Investors are not loyal when it comes to their mutual funds, according to Forbes. They'll abandon a poor performer in favor of the newcomer with impressive credentials. But based on research from Yale University Professor Owen Lamont and the University of Chicago's Andrea Frazzini, it is likely that a new fund's positive returns may go South after six months.

This is a complete turnaround by academics and investors alike, who have previously suggested that latching on to new winners was the way to go. Two studies by the Journal of Finance in the late 1990s, for example, found the mutual funds that brought in new money resulted in better short-term returns.

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