Stock baskets, or groupings of stocks picked by individual investors, have been long derided as competitors to the mutual fund industry. Jim O'Shaughnessy, who headed the now-defunct Netfolio, is rethinking that idea.

Despite the fact that the division of his company that offered such products shut down earlier this month, O'Shaughnessy says stock baskets can not only coexist peacefully with mutual funds, but will become known as providers of vital technology platforms that will enhance the industry.

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