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Certainly, some of the smaller outfits will make it--there's always room for niche players, as the rise in focused Internet funds proves--but it is likely that the business will never again have the same kind of lock on the retail investor. Jokes veteran portfolio manager Martin Whitman of the Third Avenue Value Fund: "You haven't seen a more speculative, irrational market in years. The inmates are running the asylum." The industry just hopes that, sooner or later, it can get them back in line.
--With reporting by Dan Cray/Los Angeles