The SEC is clearly staking out some valuable turf in terms of requiring that fund companies give truly accurate representations of their funds in ads.

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.

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.

If it's a good fund it's still worthwhile. Hopefully, it's [a] long-term [account] and you're not saving to buy a car with it.

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,