The story is similar with its top bond fund, the Virtus Multi-Sector Short Term Bond Fund, run by Virtus-owned money manager Newfleet Asset Management.

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Mr Summers wants the Fund to focus on short-term crisis management, and to avoid being a low-cost source of money for countries with ready access to private capital.

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Pushed by a desire for short-term feedback, the difficulty of analyzing long term success and the structure of the money management industry, investors give more credence to short term results and information, leading them to overlook real long-term value.

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