11.   Burt Greenwald, a consultant to the fund industry, has a slightly different explanation.

12.   But some longtime watchers of the fund industry nevertheless expressed surprise at the decision.

13.   But they have not ceased to criticize the fund industry.

14.   By sticking to a few companies he knows well, Hagstrom expects to avoid what he calls mediocre performance in most of the fund industry.

15.   Consensus ruled, but acted glacially while the fund industry raced forward.

16.   Devastating as the conclusions may be for the fund industry, they contain a silver lining for the rest of us.

17.   For the fund industry, Moon said, the growth of on-line fund investing will result in clear-cut losers as well as winners.

18.   For the mutual fund industry, the withdrawals ended an extended streak during which the fund industry had expanded enormously.

19.   He expects it to put pressure on the fund industry to reduce its fees.

20.   Hostile takeovers are all but impossible in the fund industry.