"Business may be booming but, unfortunately, past performance is indeed not necessarily indicative of future returns. While we do see abundant opportunity both now and in the years to come, the investment funds industry has entered a new environment and success will require more than simply recycling game plans of the past. We discussed this new environment in the Household Balance Sheet Report that we published last year. Now, this issue of Insight presents our updated forecasts re-based to include the actual data from 2003. Although last year’s big jump in industry assets points to the pitfalls of short-term forecasting, the long-term focus of our HBS forecasts means that key themes identified there and discussed in detail in this issue of Insight remain firmly in place. Our analysis also makes use of some additional detail gathered on the managed asset programs side. This new data has also enabled us to provide a more comprehensive view of how funds are being used in this arena."