John Rekenthaler, research director of Morningstar of Chicago, has been an observer and occasional critic of mutual fund industry practices in his online columns for the fund tracking firm at Morningstar.com. Rekenthaler, who will speak on investment advice at the Investment Company Institute's general membership meeting this week in Washington, D.C., discussed fund industry issues with Mutual Fund Market News reporter Mike Garrity. An edited account follows.

MFMN: Do you think funds are becoming passe?

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