MarkeWatch's Chuck Jaffe wrote a column about the best news for individual investors that very few people care about: Mutual fund fees are at their lowest level in 25 years. Jaffe also sums up some more great news that shows that the financial press is actually accomplishing something: "...one thing that's clear from the expense numbers is that investors are getting it. They understand that low costs lead to better returns, and are investing that way."

In 2006, the average investor paid 1.07% in fees and expenses on a stock fund, according to the Investment Company Institute. People finally are getting it: Some studies even show that individual investors are paying more attention to expenses than past performance: Hallelujah!

As you probably know, I'm a huge fan of low-cost index funds and I think that most investors can put together their own diversified portfolios with little time or effort -- without hiring a financial advisor! Last week, I wrote about Ben Stein's advice for putting together a great portfolio, and it's worth putting up again (from an interview with Fortune):

What I generally recommend for the noncash portion of your portfolio - and this has been unbelievably successful - is a mix of various index funds and exchange-traded funds [ETFs], with roughly 25 percent in an S&P 500 index fund from Vanguard or Fidelity; 25 percent in a Vanguard or Fidelity total stock market fund; 25 percent in EFA, which is an ETF for developed overseas markets; 15 percent in EEM, an emerging-markets ETF; 5 percent in ICF, the ETF for real estate investment trusts; and 5 percent in XLE, which would be your energy fund.

While far too many investors are still paying way more in fees than they should be, this latest news is cause for celebration: People are finally getting it! Mutual funds are one of the few areas of life where you really don't get what you pay for!