Over the last six years, roaring bears and raging bulls both have had their turns to be right about financial markets.
But investing success in the next market phase could be far more about pinpointing individual opportunities than riding a wave.
This is when it should pay for a money manager to have maximum flexibility: the option to go almost anywhere with investors' dollars in search of decent returns. That could include stocks, bonds, real estate or commodities, for example. Flexibility also can mean the option to just sit and wait for better prospects.
Wealthy investors have long had access to hedge funds and other money managers who offer the nimble, go-anywhere...