One reason the funds haven’t served the interest of their investors is that the managers don’t "eat their own cooking."
Thankfully, 90% of new investor money heading into mutual funds is going into the four- and five-star funds (Morningstar). And not all funds are bad – some small and mid-sized fund companies have rewarded investors consistently by outperforming the markets.
Read the disclosure, as Tom Lydon is a board member of Rydex Funds and U.S. Global.