He was raring to go, ... He said he was ready to go out there and start being a firebrand again.

For the most part, I think it's a good thing. I think funds should report every month. Some fund companies haven't taken advantage of technology to report information.

The SEC has a fairly ambitious agenda. It seems like they have taken on a more shareholder-friendly view.

If someone has the guts to stick it out (in a loser fund), you shouldn't punish them. You should take care of your shareholders. That way you're practicing what you're preaching.

The SEC is clearly staking out some valuable turf in terms of requiring that fund companies give truly accurate representations of their funds in ads.

Merrill's record looks better than it is when you consider the bad funds they've merged away. They swept quite a bit under the rug.