It was a tough quarter, but a lot of funds are still up for the year. A little sobriety never hurts.

For the most part, I think it's a good thing. I think funds should report every month. Some fund companies haven't taken advantage of technology to report information.

This is a consolidation period in the industry, both in terms of staffing and the number of funds. We've seen a lot of fund mergers recently and some layoffs,

Merrill's record looks better than it is when you consider the bad funds they've merged away. They swept quite a bit under the rug.

If this trend continues throughout the remainder of the fourth quarter 2005 and into next year, it would signify a solid victory in the music industry's efforts against illegal music file sharing in the U.S..

The SEC has a fairly ambitious agenda. It seems like they have taken on a more shareholder-friendly view.