Each evening, at 6 p.m., Roy Weitz arrives home from work as a financial advisor for a family foundation, to his quiet, Tarzana, Calif. neighborhood. He reads the L.A. Times and popular investing magazines, eats dinner with his wife and then, at 9 p.m., ascends to a tiny, upstairs office where he quietly wages his war on the mutual fund industry.

For nearly five years, Weitz, now 49, has made a hobby of being the editor, publisher and only reporter at FundAlarm.com, a website he founded and devoted to providing investors with information about mutual funds. But unlike many other fund industry websites, the commentary on FundAlarm is often spiked with cynicism, rumor and punchy criticism of advisers and their products. And so, Weitz has developed a reputation in the industry for causing trouble.

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