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The Madoff fraud and hedge fund collapses provide two excellent illustrations of the primary advantage of mutual funds. They provide an investment vehicle with a simple set of default rules that minimize the likelihood of disappearing assets and complete failures (although some of Bill Miller's funds have lost more than 60% of their value). Board oversight is certainly one of those rules, and an independent chair can only strengthen such oversight, so in this sense Madoff and hedge funds have bolstered the case for an independent chair. Unfortunately, they haven't put an end to that argument
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