The View From The Bottom Of The PondPerceptions often differ depending on your vantage point. When we watch a duck in water, it typically appears to be gently gliding along, barely making a ripple on the surface. But that calm, serene assessment would change greatly if you were lying on your back on the bottom of the pond. In that case, you would see the rapid, almost frantic pace of webbed feet churning beneath the reflective water's surface. Simply put, there's a lot going on under there that most of us don't see from our perspective.Asset class investing isn't much different. Some view this type of investing as akin to watching paint dry. No excitement. No trading. Occasional rebalancing. Where is the dramatic, frenetic pace that many expect, especially after watching talking heads advising buys, sells, holds, run for your lives, etc.? Actually, there is indeed a lot going on, even when you own a seemingly inert asset class mutual fund. As an example, let's take ...