The Good News Is You Can Build Your Own Fund

Most people secretly believe they can do things just as well as the pros do. That's why high-end products fly off the shelves at Home Depot and the baseball diamonds are full every year at Major League Baseball's dream weeks.

Welcome to the Wall Street equivalent for the do-it-yourselfer: the folio mutual fund. Meet your portfolio manager: you.

Folios, or do-it-yourself mutual funds, are attracting a huge following among individual investors. They are even cheaper than an online broker and offer the ability to control the fund's tax efficiency as well as the opportunity to build a basket of securities for far less than it would cost to go out and buy individual stocks. ...