For years investors have been taught to look into the composition of a mutual funds. In other words the "experts" want you to take the time to analyze the stocks within the mutual fund portfolio, categorize them by industry group and try to understand the objective of the fund manager. This is nonsense.

When I go the track I look to see what the horse has been doing for the last several races. I don't give a hoot what he had for breakfast. All I want to know is has he been fast? Is there a good chance he will finish in the money in the next race? I only want to know how he has been performing.

Most mutual fund managers, except those who follow index funds, are always trading. You have no idea that what is in the portfolio today was there yesterday or will be tomorrow. Some fund managers trade more than others, but you can prove this to yourself by looking at the fund prospectus at the beginning of the year and one of the updates that funds publish quarterly. Many of the stocks will still be there, however, you don't know if the percentage holdings are the same.

By the way, don't bother reading a mutual fund prospectus. They are worthless when it comes to making money. Consider that most of the information in it is about a year old by the time you read it. Think about this seriously for a minute. Is there anything you can find out in the document that will show up in your bottom line? I'll wait while you think. OK? There really wasn't anything was there? All prospectuses are basically worthless.

But you say the SEC (Securities and Exchange Commission) in Washington approved this. No, they did NOT. They don't approve of anything; they just read it to be sure it meets the regulatory requirements for disclosure. There is almost no difference between