Morningstar has released new information that over half of mutual fund managers have no money in their own funds. No skin in the game. There is no reason that over half the managers of mutual funds have no investment in their funds except-they are not good investments! I believe we could eliminate a lot more than half of the funds that exist without harming anyone except financial services companies. One of the reasons they are not good investments is Morningstar itself. The style boxes they pioneered (e.g. small cap value funds are one of the 9 equity boxes)are good for Morningstar. They get to rate thousands of funds as a result of their complicity in “filling the style boxes.”  It is also good for financial services companies, who got to roll out scores of funds to fit each of the style boxes. On the other hand, investors have a more simple need- managers who compound their money. A few good managers who are unconstrained, given a mandate to make money and mitigate risk are what investors need. Thousands of style box funds, mostly managed by people with no skin in the game and no mandate to manages investor’s risk instead of their own,……..well,…………what you see is what you get. And, in this case, it ain’t pretty.