Abstract
Mutual fund expenses are much too high, which reflects the lack of pricing competition. It can be concluded from this that fund independent directors are not performing their fiduciary responsibility as defined under The Investment Act of 1940. This article provides an analysis for assessing the reasonableness of a mutual fund9s total expense ratio. It concludes that disclosure of brokerage commissions and implicit trading costs remains effectively hidden and completely hidden, respectively, from fund shareholders. This must change and this study provides an approach for doing so. <b>TOPICS:</b>Mutual funds/passive investing/indexing, manager selection
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