They sell you two things, for which they charge you too much. And they raise your taxes to boot. For doing all that, mutual funds deserve to be the next big casualty of the Web. First, the funds sell you information. Actively managed funds sell what you hope is a smarter portfolio. But most of that information is worthless. Index funds, which sell you a carefully crafted statistical profile instead, routinely outperform most of the others. The Web can only widen that gap. What your active-fund manager knows about Bill Gates or Alan Greenspan grows less valuable every day, because the Web makes it so easy and cheap for all other investors to know it too, and just as fast.
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