I contend that every sector of the investment industry operates to maximize its profit at the expense of the investor. The mutual fund industry, operates primarily as a device to systematically skim a portion of a fund's assets, irrespective of performance. They are mostly an exercise in pure marketing.

As a last resort, many persons turn to a financial advisor. The competent advisors are rarely available to persons with investment assets less than several million dollars. The restâ;;the vast majorityâ;;in the milking business. This explains why so many portfolios contain badly performing stocks, lackluster funds, high-priced annuities, and other debris. You're better off at a casino.

You must direct your own investment program. Thoroughly investigate whatever fields you choose to pursue. Accept advice only from persons who do not profit.

Posted by Al Jacobs author of Nobody's Fool: A Skeptic's Guide to Prosperity. www.onthemoneytrail.com.