Investors are calling for an inquiry into mutual fund fees, but the Supreme Court is reminding them that it isn't beholden to public opinion. The mutual fund industry is being accused of charging "excessive" fees, which could be particularly harsh on individual investors who use these tools as their primary way to access the market. Currently, the mutual fund industry has more than $10 trillion in assets under management, some of it through retirement and 529 college savings plans.

The Court doesn't seem inclined to step into the fray, saying that regulatory agencies are better equipped to address the situation. Chief Justice John Roberts, for example, said during arguments that "It makes a lot more sense to have the SEC regulate rates than to have courts do it, doesn't it?"

We've watched stock market numbers bounce around for two years. Unemployment stats have served as unpleasant reminders that, for some, leading indicators haven't translated to reality. We look for so many ways to understand the brutal economic environment with which we've had to contend, and all the choices can make your head spin. So, let's make it simple. Here are eight ways to tack a label onto the financial world in which we live.

1. Lost market value
Total stock market losses from October 2007's top to March 2009's bottom: $11.2 trillion
Total gains in the stock market since the bottom: $4.6 trillion
Lost ground: $6.6 trillion

2. Bad days
Percentage of the 10 worst days in history for the Dow Jones Industrial Average that happened in 2008, by point drops: 60%
Percentage of the 10 worst days in history for the DJIA that happened in 2008, by percentage drops: 30%

3. Mutual funds
Value of mutual fund assets at the end of 2007: $6.5 trillion
... and a year later: $3.7 million
Lost value: $2.8 trillion

But, it got a little better at the end of August 2009: $4.5 trillion (value of assets)

Welcome to Way Off Wall Street, a column dedicated to providing Main Street opinions on topics of interest to investors. Each installment highlights the views of Americans who are far removed from the canyons of Wall Street -- and who often see things more clearly as a result.

After reading nearly 400 publicly posted reader comments regarding the Bernard Madoff Ponzi scandal, I believe that I may have a good feel for the grass roots mood on the subject. In a nutshell, the average American internet crawler is thoroughly disgusted with our financial system and its regulatory agencies. They are fed up, strung out and unequivocally irate. As for Bernard Madoff himself, the overwhelming assertion is that he should be strung up immediately. That sentiment is not meant in a figurative sense either. People want Bernard Madoff publicly hanged, and they want it done with much fanfare in a place such as New York City's Central Park. Yes, this sounds rather coarse. Perhaps it's even uncivilized, but as the internet is my witness, this is what people are saying.

Very few of the comments I have read indicate a feeling that Madoff's investors simply got what they deserved. I did, however, read many statements regarding the fact that high level greed obviously forced many large eggs into one very questionable basket. I myself have not much pity for those investors who lost "everything" to Madoff's twisted dealings. It is my opinion that if investors don't have the sense to diversify, and thereby somewhat protect themselves, they are not very deserving of much wealth. Even my own paltry savings reside in no less than five separate accounts, however paltry.

When the entire mutual fund industry is up in arms about a new form of ETF, should investors take note? You bet they should.

There's an interesting article over on SeekingAlpha by HardAssetsInvestor. The article focuses on the Exchange Traded Note product, something I've written about previously. The ETN is similar to an ETF in that it's a fund that trades like a stock. Unlike ETFs though, the ETN is not backed by the underlying assets. Rather, it's a zero-coupon note (essentially, a bond) that's backed by its underwriters. So, it throws an added layer of default risk into the whole investment game.

Where things get even more interesting is the tax treatment of the ETN product. Says HardAssetInvestor's Brad Zigler, "No tax consequence befalls the noteholder until the security is liquidated or matures. Taxes during the holding period? Zip. Nada. Bupkis. That beats the heck out of the tax treatment of mutual funds, too, which distribute income and capital gains." Unlike ETFs investing in commodities which are treated with a complicated tax structure on the futures the funds invest in, ETNs don't pass these taxes through to investors.

MarketWatch was running a interview today with Will Nasgovitz, co-manager of the Heartland Select Value Fund (NASDAQ: HRSVX). The $332 billion fund has absolutely trounced the S&P 500 (AMEX: SPY) since 2000. Even with an extremely rocky 2007, the fund is up over 100% since 2000, where the S&P is actually (ugh) in the red for the same time period.

The secret sauce?

MarketWatch quotes manager Nasgovitz as saying that the team running Select Value has a background covering small- and micro-cap stocks, which don't get as much analyst research coverage, that they apply when delving into larger companies.

What's Nasgovitz buying of late?

Today's Wall Street Journal reports that The Securities and Exchange Commission (SEC) voted unanimously to consider changes to help investors compare choices in the nearly $12 trillion mutual-fund industry through use of summary information. Here's a link to the actual press release from the SEC itself.

Though not a binding vote (passage of the changes would require a second SEC vote), the proposed changes sound like a relatively good thing for investors. Investors looking at mutual fund investments would have more "plain-English" sales and disclosure literature to access. In addition to a full-blown prospectus that each mutual fund publishes, a greater use would be made of summary information through a variety of channels, including greater use of the Internet.

Oakley (NYSE: OO) volatility and volume elevated prior to anticipated LUX deal. Luxottica Group SpA (NYSE: LUX), the world's largest manufacturer of eyewear, agreed to buy OO for $2.03 billion. I reported uncharacteristic OO activity on 5/31/07 and 6/6/07. OO option volume was heavy on 6/20/07. OO July option implied volatility of 43 was above its 26-week average of 35 according to Track Data, suggesting larger price fluctuations.

Morningstar (NASDAQ: MORN) option implied volatility Stable. MORN, a provider of independent investment research, closed at $47.57. MORN's 2007 Morningstar Investment Conference will feature leading mutual fund managers and industry leaders-discussing current topics and industry issues beginning June 27th in Chicago. MORN over all option implied volatility of 30 is near its 26-week average according to Track Data, suggesting standard deviation price risks.

Daily Option Update is provided by Stock Options Specialist Paul Foster of theflyonthewall.com.

There's nothing like a quiet Thanksgiving Day to do some investment planning. Lots of cooking and cleaning and tense family conversations to avoid. Better to lock yourself in your home office and do some tinkering with your portfolio.

Or maybe not. For many, inertia often proves in hindsight to be the smartest investment move.

Really! Think about it -- how many times have you sold out of a stock at the bottom, only to watch it recover the next year? I've owned USG Corp. (NYSE: USG) and International Business Machines Corp. (NYSE: IBM) for decades and I know of what I speak (er, write).

So before you start trading this holiday, take care to avoid these six stupid year-end investing moves:

1. Selling a great stock too early just to take some profits that you will soon blow on holiday spending. Check out the three-year chart for Apple Computer, Inc. (NASDAQ:AAPL) for some discouragement. The stock has had the steepest of slides, but imagine if you'd held on for the past five years?

2. Holding onto a terrible stock because you hope it will come back and forgoing the opportunity to take a tax loss. If you are going to make an investing move for tax reasons, 'tis the season to sell losers. Look over your portfolio for real dogs. Try to be as dispassionate as possible. If you have a sizable loss and don't see a catalyst in the next few months that could drive the stock higher, sell now and reap the tax benefit. You can always buy it back -- but be sure to wait at least 30 days so you don't run afoul of the "wash sale" rule.

Google has close to $10 billion in cash. Even though it is significantly upping its capital investments (such as in data centers), the company is likely to post $1 billion in free cash flow this year.

However, Google is now confronting an obscure Securities and Exchange Commission (SEC) rule; that is, if securities make up more than 40% of assets, then a company must essentially become a mutual fund. This would be a headache (for example, a mutual fund cannot issue stock options). Consequently, Google's high-paid lawyers are trying to find creative ways of obtaining an exemption. In fact, years ago, Microsoft and Yahoo! were able to get exemptions.

But the $10 billion cash hoard raises some interesting issues. First of all, Google is getting low returns on the $10 billion – which have been roughly 4% this year.

I met recently in New York with the managers of the Quaker Capital Opportunity Fund (QUKTX). The large-cap fund hasn't hit it out of the park the past few years -- its returns are flat so far in 2006 and the fund slightly underperformed the S&P 500 in 2004 and 2005, gaining 16.3% and 9.2% respectively, according to Morningstar.

But fund managers Michael Barron and Charlie Knott have had the fund positioned defensively, given their concerns about the slowing economy and rising interest rates.

I asked them which stocks they like the best right now and was impressed with their picks. The list is made up of solid companies in the food, beverage, consumer staples and drug sectors. A couple are foreign-based firms, which could help cushion them from U.S. turmoil. If, like Barron and Knott, you want to stay in the market but your main goal is preserving your capital, these are six stocks to consider:

PepsiCo Inc. (NYSE: PEP). Recent earnings news has been good and the stock has climbed from $58 to $63.50 in the past three months.

Colgate-Palmolive (NYSE: CL). The stock is up nicely this year, but fell a couple of dollars recently as second-quarter earnings dropped from a year ago due to restructuring charges. Sounds like a near-term opportunity.

Staples Inc. (NASDAQ: SPLS). This stock hit hard times in May, but analysts are positive on it.

Diageo PLC ADS (NYSE: DEO). This liquor maker has done decently all year, but had a nice pop in just the past week.

Sanofi-Aventis ADS (NYSE: SNY). This large drug company has been very volatile this year (this is the riskiest of the bunch, I'd say). But its treatment to battle obesity has huge promise. It reports earnings on Aug. 2 and analysts expect it to earn 78 cents a share.

Cephalon Inc. (NASDAQ: CEPH). Another biotech, this one has drugs for sleep disorders, cancer and pain. It's down year-to-date, but up nicely since late June.

Amey Stone is a senior editor at AOL Money & Finance and longtime financial writer in New York .