Moreover, Roseen raises the possibility that mutual fund investors could be hit with a "double whammy" in 2008, as they were in 2000.

FORBES: Markets Down, Taxes Up

In particular, the successful example of Swiss Life, which has seen its shares more than double since it fully demutualised last July, is giving some German mutual insurers food for thought.

ECONOMIST: Demutualisation in Germany

Fund managers like Hugh Simon at the Dreyfus Greater China mutual fund (DPCAX) stays clear of the internet stocks, many like Baidu (BIDU) trading at valuations double that of Google (GOOG).

FORBES: Are the China Haters Right?