Preface
Many individuals own mutual funds today. Indeed, the mutual fund industry, which reached $7 trillion in assets by 2000, comprises the bulk of many investors' financial assets, whether for retirement or taxable savings purposes. To a large extent, mutual funds are the investment vehicle for the majority of households in the United States.
Mutual funds have served investors well, and their rapid growth reflects their popularity. They might continue to be as popular as ever in the future, but the situation appears to be changing. The change to date has gone almost unnoticed, and the impact is as yet small. Like a snowball rolling downhill, however, this change appears to be gaining in both speed and strength.
The simple truth is there are two ...
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