I think it's gone much too far. Most of them are not worth the powder to blow them to hell.

Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors.

The miracle of compounding returns has been overwhelmed by the tyranny of compounding costs.

But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH: The stock market itself is a demanding taskmaster. It sets a high hurdle that few investors can leap.

The stock market is a giant distraction to the business of investing.

I believe that the mutual fund industry's biggest shortcoming is too much focus on the momentary price of a stock - an illusion - and too little focus on the intrinsic value of the corporation - the ultimate reality. I'm comforted by the fact that Warren Buffett feels the same way.

I believe - deeply and profoundly - that speculation is a loser's game.