If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.

If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.

The fund scandals shined the spotlight on the fact that mutual fund managers were putting their interests ahead of the fund shareholders who trusted them, which had much more substantial consequences in the form of excessive fees and the promotion - as the market moved into the stratosphere - of technology funds and new economy funds which were soon to collapse.

Managed funds are astonishingly tax-inefficient.

Capitalism is not a Ponzi scheme. Capitalism is a scheme of free markets.

The transfer of Wall Street from private ownership to public ownership has been a big step backward.

Hint: money flows into most funds after good performance, and goes out when bad performance follows.