Fund Closings Indicate Van Wagoner Has Learned From Mistakes

The sound associated with Garrett Van Wagoner's mutual funds lately has been a persistent sizzle. But today, it is a sharp thwack!, as Van Wagoner slams the doors on his (VWEGX Quote)Emerging Growth and (VWMCX Quote)Micro-Cap funds.

The two funds, both of which boast triple-digit returns this year, close to new investors at the end of business Monday.

The closings should prevent a recurrence of the thud investors heard in 1997, when the cash-saturated funds exhibited all the grace of a midair goose collision before plummeting back to earth. ...