Mutual fund investors are facing losses out of proportion to those in the stock market. John Waggoner writes in USA Today (see article) that many funds neither eased losses as the market fell nor rebounded smartly with the recovery. The average large-cap fund lost 17.9 percent in 2001 compared to an 11.9 percent loss in the S&P 500. Waggoner warns that "another downturn could devastate the investor confidence that funds have worked for three decades to restore."  

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