Berkshire Hathaway is the investment company chaired and run by Warren Buffet. In 2002, Berkshire Hathaway's annual report, penned by Mr. Buffet had this to say about the mutual fund industry, "For the most part, a monkey will type out a Shakespeare play before an ‘independent' mutual-fund director will suggest that his fund look at other managers, even if the incumbent manager has persistently delivered substandard performance.”

Each year, he said, “the directors of fund A select manager A, fund B directors select manager B, etc, in a zombie-like process that makes a mockery of stewardship.” In negotiating management fees for funds, he added, mutual-fund directors have also failed miserably."