And the time comes when you have to put that aside a little bit and make things work. Survivor bias really is a gross distortion of the industry's record. And while we're talking about it, let's think about small-cap funds as a group. I'm afraid it's a tribute to the marketing side, which we don't need any more, which we have far, far too much of. It's a sacrifice of management principles to marketing principles.
Bond funds are honestly an outrage.
Cash flows into funds have been tapering off. That would take some doing. And the chink in the armor is that the mutual funds simply haven't captured a fair share of the market's return. The best place to start looking into this is money-market funds, because there's no ability to add value. And it's a very, very tough job.