And perhaps the Schwarzman scholarship program will take more than one would-be hedge fund manager or investment banker or real estate impresario and, by showing them a different view of the world, lead them down another path entirely.

FORBES: The New Colossus of Rhodes

While there are actively managed ETFs and bond-fund manager Pacific Investment Management, or Pimco, already has plowed the ground in bonds active competition means the ETF landscape is starting to look more like the rest of the fund world.

WSJ: Fund Track: Fund Companies Jump Into ETFs

The federal securities laws are premised upon the notion that the investing public should be provided with full disclosure regarding a manager or fund prior to making an investment decision.

FORBES: Mutual Fund Personal Trading Illegalities: Letter to Barry Barbash, Director of Division of Investment Management, Securities and Exchange Commission (July 1, 1998)