Agree - one thing that I did learn from this episode is to listen to what John Bogle says. Basically, most of the mutual funds out there, closed or open ended don't beat the index's that they are compared to in their specific group.
Only ETF's and Vanguard index funds for me.
It's one thing to lose your rear-end in the market, but paying high fees to lousy "managers" is just putting salt in your wound to boot.
Vanguard has been closing some of its hedge funds and combining others. Everyone is panicing. Redemption redemption. Where are you going to put your money at? A porky CD or into gold. Gold is down 30% from its high. At least AWP and AOD pays a dividend.