Archchancellor

Sequoia Fund Reopens After 26 Years: A Look Inside

It's hardly breaking news that fund managers want more money managed at one time so that their paychecks are larger. That does not mean that they don't care about the fund's performance or that they do not see opportunity in the market. Funds only stay large if people keep their money in them and they maintain or appreciate capital value. Bad fund performance is bad for short-term manager paychecks and long-term fund asset value.

Furthermore, mutual funds are not universally "the worst possible investments out there" - it's simply a bet that an investment professional can get a return ~1% higher than you could on your own (that 1% representing the management fee). Maybe they can, maybe they can't, but it certainly has some merit and may be worthwhile in certain cases. I can think of far worse investments.

@archman82011: Tone back the cynicism and take a more measured approach.