Are There Too Many Mutual Funds?

How fund proliferation can hurt investors.

Why small-cap funds have been shining
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[See: Mutual Fund Score Card: How 6 Famous Stock Pickers Stack Up.]

In other words, while proliferation can be good, what we've been experiencing looks more like excess proliferation. "It remains to be seen whether this quantum increase in investment options – ranging from the simple and prudent to the complex and absurd – will serve the interest of fund investors," Bogle said during his presentation. "I have my doubts, and so far the facts seem to back me up."