More fundamentally mutual funds are a poor choice for almost everyone in this day and age, primarily because the unmentioned costs can not be justified due to the availability of far more efficient vehicles with which to accomplish similar goals. Substantially better performance is virtually guaranteed once the ±2% tax known as an MER disappears. Mr. Pape's fondness for this dated approach probably stems from the series of annual books he once published on mutual fund performance in the days before ETFs and robo-advisers. He, along with the fund sponsors and managers, made out like bandits. Investors, not so much.