If you have any questions about 'modern portfolio theory' get your hands on Bernstein's book(Four Pillars of Investing) and read it cover to cover.I thought it should be repeated. This is really where you need to go for some great quotes from Bernstein. It's all there and he specifically goes into the problems of the industry. I believe it's in chapter 9 or 10 if I remember correctly.why do you go to a walmart/sam's club/costco?To buy in bulk. Why do you buy in bulk? To get a better deal. Yet the mutual fund industry, despite enormous dollars flooding their gates (i.e. bulk) they increase their costs?!?Why is it that Vanguard is one of the only fund companies (TIAA-CREF sees it too I believe.) that sees this and has slowly decreased its fees over the years. The Vanguard 500 started at .36% and is now .18%!!! Most all other fund company's fees slowly creep up because they need to pay that years hottest fund manager or increase their own profits.The book talks about being a marketing firm or investing firm and has a great questionnaire that will add some flavor to your report I think.Best of luck!
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