Mutual Funds on a Roll?

Reports that although the performance of mutual fund portfolios has improved over the last three years, these bullish-looking returns may mask a bear market. Reference to the fact that U.S. stock funds have gained an average 17.79% a year, according to research firm Morningstar Inc.; Suggestion from one financial analyst that it may make more sense to look at multiple time periods in order to gain a better perspective about the performance of a fund; Reference to five-year returns, which still reflect the beating that stock funds took in the bear market of 2000 to 2002.