Unsung Hero

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Robert Barker, The Unsung Hero of Fund Investors, Business Week (Nov. 27, 2000)

Abstract: After a two-hour, intense discussion with Mercer Bullard at National Airport, Bob Barker complained of a crushing headache, but he left convinced that "if you own a mutual fund, you will likely end up in [Bullard's] debt." Barker surveyed Fund Democracy's activities over the last 11 months, and discussed various opinions about Fund Democracy's role. Bullard's former boss, for example, described him as "a tenacious, pig-headed person --and that's a compliment."

Bullard's critics chose to remain anonymous. One unnamed lawyer said that the Investment Company Institute, the trade group representing fund management companies, considered Bullard "a speck," and that the ICI "tends to view the SEC as their private jurisdiction." Barker speculated that the industry plans to wait out Bullard in the hope that his resources will run out. "My bet: Mercer Bullard will keep causing them headaches far more wicked than the crusher he put on me, says Barker"

Barker also conducted a Q&A with Bullard, which you can access free of charge at Business Week's website. In the Q&A, Bullard cited as his primary goal changing the legal standard that applies to fund directors. He would require that fund fees be reasonable, a legal standard shot down by the industry 30 years ago.