Are They All Crooked?

THE ANSWER IS NO, but the mutual-funds scandal is about to get worse. Here's how to safeguard your investments

Steven Romick is one of the good guys. He runs a small mutual fund in Los Angeles, FPA Crescent, that prides itself on investing for the long haul. He keeps most of his own money in the Crescent fund, hasn't taken any out since he bought his house seven years ago and turns away would-be market timers at the door. There's no ethical cloud hanging over Romick's fund, but he suspects some people are too scared of funds like his to give it a try. He shakes his head with a disgusted sigh. "Individual investors are starting to feel like the...

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