This thread was started 2 years ago, received its first response 1 year ago, and fund managers are being insulted this year.
I agree with MasterTrader007. Even the salaried managers have a large variable portion in the salaries which is tied to the performance of the funds. So it's not as simple as them playing with your money. And these are mentioned in the fund report card as fixed expenses at 1% or 2% etc.
If a busy person wants to invest via a fund and ends up paying 2%, it is money well spent. If you are as good as a fund manager and can spend that much time trading, you will get a 2% bonus
PS: I am not a fund manager