Cautiously cautious

If cautious funds are supposed to be risk adverse, why are so many posting negative returns, asks OBSR's Richard Romer-Lee

I do not know about you, but I am sometimes puzzled by the meaning of the word Cautious. According to the Ninth Edition of the Concise Oxford English Dictionary, it means "careful, prudent; attentive to safety". According to people in most walks of life, it means risk averse, or put another way, fear of danger or losing something. How is it then, approximately a year after the de-leveraging process began, the credit crunch manifested itself and investors' mindsets turned from greed to fear, that the group of funds our industry labels 'cautious managed' have lost investors on average a l...