"[John Authers of the Financial Times reports that everyone] 'can agree that there is no case for closet indexing -- the practice of running an "active" fund, charging active management fees but, in practice, offering an investment that merely hugs the index.' ... [T]he fact that billions in fees are doled out annually to funds that hug an index and underperform low cost index funds is nothing short of scandalous. It's a testament to the failure to of our society to educate people on how to properly invest their money and make sure they're not being robbed blind by funds gorging on them with slick marketing presentations and television ads."

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