For years, people have gathered in quiet, suburban living rooms to pick stocks and discuss matters impacting markets. They are known as investment clubs, and the communities of investors sometimes manage sound returns based on the notion that many heads are better than one.

Now, a Knoxville, Tenn., executive and his partner are capitalizing on that idea, seeking to unite via the Web a huge team of individual investors who, through a daily vote, will manage and choose investments for their own mutual fund.

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