Gosling's Grouse: What is the 'risk' of risk-rated solutions?

Investment Week used to be full of adverts with lots of 1,1,2,1,1, showing first- and second-quartile performance for funds. Granted they were not interesting to look at, or read, but you knew what you were getting. And then the regulators decided they were not very fair and in danger of being misleading and that was the end of that. As with all adverts, reading the small print, which puts the performance figures into context, was not something many people do, so perhaps caveat emptor - buyer beware - might have been more useful than any performance figures. Fundhouse reveals fund ...