So, which money managers do you keep? You don't want to get rid of a mutual fund if the manager is about to come roaring back to glory. On the other hand, if this year's performance reflects a fundamental problem that may linger for years, it's not too late to bail—even now.

In a moment, we'll talk about how you can distinguish between a star batter in a slump and a worn-out jersey who should retire gracefully. First, though, a piece of good news.

Some fund managers have come surprisingly well through this trial by fire. Yes, they're still down for the year. But they've proved much more nimble than their peers at sidestepping Wall Street's pitfalls in 2008. (See also: "Mutual Funds Do's & Don'ts.")

These are the players with the best chance to rise to the top of the charts in the next bull market. Place your money with them.

A Top Mutual Fund That Makes the Grade

Here's a mutual fund that I'm confident will serve you well in the months and years ahead:

Oakmark Equity & Income (OAKBX, 800/625-6275; $1,000 ). (See also: "The Path to Profitable Investing.")

Stocks got you scared stiff?

Clyde McGregor, another old hand (1995), knows just the right tonic for frayed nerves: a carefully calibrated mix of stocks and bonds. After trumping his fellow "blend fund" managers for seven of the past eight years, McGregor is turning in what may be his most brilliant performance ever in 2008. Granted, OAKBX was off 4.9% as of September 30.

But that's a spectacular 1,045 basis points ahead of the competition. This guy wins my vote as portfolio manager of the decade. May he live to be 120—and never retire! Fee-free through all leading discount brokers.

In the November issue of Profitable Investing, I name three more mutual funds that I'm urging my subscribers to invest in over the next three to four months. (I'm up 512% in one of them.) Just like OAKBX, all three impose no sales charge if you buy directly from the fund. Get their names immediately online when you join Profitable Investing risk-free today. To learn more about this special offer, click here now.

Mismanaged Funds to Sell

Some funds, sad to say, aren't worth keeping. It's not simply a matter of poor performance or high expenses. You should also sell a fund if…