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.

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,

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

If someone has the guts to stick it out (in a loser fund), you shouldn't punish them. You should take care of your shareholders. That way you're practicing what you're preaching.