CHICAGO - Christine Benz, a senior mutual fund analyst with Morningstar, summed up the change in the fund industry since last year's Morningstar Conference nicely when she noted that value funds and the Chicago Cubs, perennial losers just a year ago, are hot once again.

Indeed, the buzz around this year's conference focused on both value and bond funds. "We've been called dinosaurs," said David Dreman, founder and chairman of Dreman Value Management LLC, discussing his disciplined approach to picking stocks of companies with low price/earnings ratios and a general wariness of tech and internet stocks. "You get Jim Cramer after you, but if you stick to discipline, it works."

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