A look back at the growth of the mutual fund history over the past 20 years should give a firm lesson to those who claim it can't possibly grow much bigger, according to Bloomberg columnist Chet Currier.

In the early 1990s, U.S. funds investing mostly in stock, bond and money markets passed a milestone when their assets hit $1 trillion--10 times what they had been a decade before. By the middle of this decade, U.S. funds held more than $9 trillion, according to the Investment Company Institute.

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