Sometimes they make these recommendations based on Morningstar's much hyped "star" ratings. They may also rely on the past performance of the fund or the fund manager.

It's all an elaborate con.

One study showed that 5-star Morningstar rated funds actually underperformed the mutual fund averages in ensuing years.

The media reinforces the ability of "experts" to pick superior funds. Forbes has an annual "Honor Roll' of mutual funds which...