Day-Trading Funds

Not yet, but it's inevitable. Here's how to survive an increasingly complex stock-fund world

The investment world has been turned upside down: Merrill Lynch, bastion of full-service, full-fee brokerage, is getting into the discount game; Charles Schwab, the original no-frills discounter, now charges some of the highest commissions online and offers a full menu of advice. Meanwhile, major exchanges are moving toward evening hours so day traders have more time to lose their money. This special market for insomniacs will eventually go 24 hours, all but ending the family meal and any shot at a good night's sleep.

Yet such developments are nothing compared with what's taking shape in the mutual-fund industry. Coming your way:...

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