This value equity mutual fund PM is beating Warren Buffett over the long haul.

Jeff Sommer of the New York Times profiles Robert Olstein and his Olstein All Cap Value Fund [profile], which has returned an average of 10.7 percent annually since inception 18 years ago. Shares in Buffett's Berkshire Hathaway averaged 10.3 percent over the same time frame, and the S&P 500 average 8.3 percent.

The Times offers Olstein a forum for verbally countering pervasive arguments for indexing:

"That's mediocrity," the active PM tells the national newspaper. "It's saying a guy like me can't beat the market — that he shouldn't even bother trying. That's wrong! It really ticks me off." 

Edited by: Neil Anderson, Managing Editor


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