Commentary: Wanted: Shareholder Rights For Mutual Funds

It's not easy finding fault with mutual funds. The dozen I own have spared me countless hours on the telephone with brokers. Funds also strengthen society by giving more Americans--some 63 million, at last count--equity in the economy. Perhaps most impressive, in recent decades the fund industry has suffered only the occasional scandal even as assets mushroomed. Holdings have quadrupled since 1990, to $4 trillion.

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