Indeed, there are good reasons for some investors to buy funds through financial advisers.

This is an insurance policy that buys funds which are invested on the stock market.

"If you want to buy funds from four or five fund companies, by far the best thing to do is to go to the supermarkets."

So investors who bought mutual funds in April are probably ahead.

But many people just started buying funds in the last five years, a particularly buoyant market period.

"This is not the time to be buying funds that you never heard of," he said.

It is already more economical to buy existing funds than create new ones.

I'm buying just general mutual funds, which is what I think all individuals should do.

"I buy stocks and mutual funds with the long term in mind," he said.

But serious bears, it seems, do not buy mutual funds.