The attitude of the SEC and the industry is that more extensive disclosure "would only confuse people, " says Russel Kinnel , director of fund analysis at fund tracker Morningstar .

FORBES: Magazine Article

Survivorship bias is most likely to pump up trailing returns "in the smaller, quirkier, more volatile categories, " where a lot of funds "wash out, " says Russel Kinnel, director of mutual-fund research at Morningstar.

WSJ: Survivorship Bias: Effect on Fund Performance Data