I agreed with the definition of innovation stated in the blog.

However, I disagreed about Morningstar reports relating to how the average investor fared in a fund over a period of time. I can most likely revised their conclusion if I’m given compete different or the same data set used in their analysis. The fault lies in when (or at what time) returns where aggregated in their analysis.

Finally, I think ETF should be considered as an innovation. This blog did not mentioned a DO IT YOURSELF (DIY) INVESTOR. I love the flexibility to hold and trade a piece of the market directly from my brokerage account. Besides trading fees, management / advisor fees are a lot smaller than a target income fund. Also, we assume most investor want a diversified portfolio all the time. I prefer time diversification for my portfolio.