Over the past two decades, investors have paid less and less to own shares of mutual funds. That's because investors demand low-cost funds, and because the fund industry is one characterized by competition, innovation, and economies of scale.

These favorable trends on fees, however, don't stop some pundits from taking shots at the fund industry. "Fund fees are outrageously high," writes commentator John Wasik in a recent Forbes.com blog post criticizing the "$27 trillion U.S. mutual fund colossus."

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