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Bene ts of Active Funds I believe actively managed funds offer some signi cant bene ts. It s not just that you can get the chance to beat the market. It s that you can also pick funds that might beat or match the market while incurring less risk than you d face in an index fund. In fact, some active funds don t even try to beat an index like the S&P 500. They simply try to earn returns that are better than cash, but with less risk than one would experience investing in the overall market. A couple of examples of potentially lower-risk funds (based on statistical measures tracked by Morningstar) are the Dela eld fund and the American Funds Capital Income Builder. Capital Income Builder relies on a combination of stocks, bonds, and cash that lowers risk and keeps the standard deviation below that of the S&P 500. The Dela eld fund focuses on nding values among various types of company stocks, and is willing to put a chunk of money into cash (of course, you need to remember that past performance doesn t guarantee future results). Cash and bonds are investments that the S&P index funds can t frolic in they re fully invested in stocks. Table 4.4 shows how the returns on these funds compare with the broader market: not as good in the good years, but a lot better in the bad years.



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There is a need for collaboration, but an employer employee relationship must be avoided Too often and too readily psychology drifts into an employee role to law Psychology should not limit itself to lawyers agendas, needs or perspectives The law, for example, may be that when assessing an adult s capacity to make a legal decision, no account is to be taken of the complexity of the manner in which the issues are posed Perhaps the lawyers responsible for creating the test were ignorant of the psychology on the topic; see the reports of the Law Commission for England and Wales on the capacity of people with a mental disorder to make a legal decision (Law Commission, 1995, and earlier reports cited therein) However, once proposals are adopted into law they create a reality But that does not make the law good, wise, sensible, informed or just .





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These authors appreciate that the relationship between law and psychology is a challenging one, and largely for the reasons laid out above The practising lawyer desires a rm answer or prediction to a particular question about human behaviour that he or she is dealing with currently: the practising experimental psychologist stresses the impossibility and, more importantly, the inappropriateness of making statements of such speci city The science of psychology cannot offer ready made answers for the legal system, except on the rarest of occasions Rather, it is a perpetual cycle of law adopting or adapting to psychological methods and, as will be argued below, more.

o 4.

All children deserve the opportunity to achieve their full potential. They should be able to:

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In one sense we have to accept the reality of the status quo In another sense we are duty bound to rebel, to protest, to complain that the law is not as good, wise, sensible, informed or as just as it could be Behavioural scientists, as practitioners, could nd that they are expected to apply psychologically misinformed laws and procedures Lawyers are, in one sense, right to ask expert witnesses inappropriate questions They may be trying to convince a court about a legal test or distinction which is based upon poor psychology It may be an inappropriate dichotomy Is this defendant dangerous or not; it is a simple question They may ask the expert to draw conclusions about a speci c individual when the witness can only draw inferences from the behaviour of a research group of people with some similar features.

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