By Louis Lowenstein
In response to state of the art examine by way of prime company critic Louis Lowenstein, The Investor’s quandary: How Mutual money Are Betraying Your belief and What to Do approximately It finds how hugely overpaid fund sponsors relatively function and walks you thru the conflicts of curiosity chanced on through the undefined. web page through web page, you’ll observe the true difficulties in the global of mutual cash and easy methods to triumph over them via a value-oriented method of this marketplace.
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Extra resources for The Investor's Dilemma: How Mutual Funds Are Betraying Your Trust And What To Do About It
It would, of course, have been difficult to sell senior securities in a fund where the common holders could liquidate their holdings at any time. In July 1924, when MIT published its first report, its portfolio consisted of industry leaders—companies that paid steady dividends, including 10 railroads, a handful of utilities, and even a few shares of General Motors. 12 Given its broadly based portfolio, the fund had roughly matched the S&P 500, which suited the public just fine. So popular was MIT that by 1949 it had become the largest owner of common stocks in the country.
Are they simply better diversified than the rest of us? It may not sound particularly brilliant, but there is little, if any, dissent from the proposition that, at the end of the day, the most efficient investment portfolio is fully diversified. And that’s not just among economists; on Wall Street, too, we would be at pains to find an adviser who did not insist on it. 9 A younger generation of economists has carefully scrutinized the various psychological and sociological biases that distort how investors make their decisions.
P. Morgan & Company, they were met with incredulity. indd 14 1/29/08 12:53:33 PM Mutual Funds: A Painful Birth 15 stockholders could liquidate anytime they chose! 21 State Street was managed more aggressively than MIT, and for the first 15 years or so it showed better results. ”22 In 1982, however, one year after MIT was sold, the State Street Research & Management Company, joining the trend, was sold to Metropolitan Life. 23 But the end was nigh; values fell sharply in the dotcom crash, and assets under management fell by 60 percent.