Every style of mutual fund offers something a bit different. But their explanations are often lacking and confusing.

Enter Josh Brown, aka The Reformed Broker, with his mutual fund brochure decoder. In it Brown makes a less-than-serious effort to translate some of the jargon mutual fund clients are confronted by.

More often then not, a typical actively managed mutual fund will do worse than a generic index fund, which cheaply replicates the performance of a major benchmark like the S&P 500.