Over the next two days, Morgan Stanley and the other underwriters called their top institutional clients, including mutual-fund giants Fidelity and Capital Research and Management, saying their analysts had lowered Facebook's earnings and revenue estimates, according to people familiar with the matter.

WSJ: Morgan Stanley Was 'Driver' on Facebook's Wild IPO Ride

He is also the director of research at hedge fund Oak Hill REIT Management.

FORBES: Magazine Article

Traditional mutual fund research has focused on past performance and low management costs.

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Last year, Wisdom Tree saw a 42 percent increase in new money flows as a percent of assets under management, greater than any other fund company, according to Morgan Stanley Research.

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Lynch eventually took over as director of research for the small investment mutual fund company and in 1977 took over portfolio management of Fidelity's Magellan mutual fund.

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The fund managers rely on research, market forecasting, and the experience and expertise of their portfolio management team.

FORBES: Index Fund Returns Get Better with Age

Drawing on Warren Buffett's observation that it cannot be a coincidence that a group of investors taught by Benjamin Graham can make above average returns, Mr Mallaby presents original research on the performance of a group of fund managers who worked with Julian Robertson at Tiger Management, and similarly reveals superior returns.

ECONOMIST: Learning and learning