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In 1980 the US public invested $100 billion into [link widoczny dla zalogowanych] the 500 mutualfunds that existed at that time. By 1993 the public put $1.6trillion into the more than 3,800 mutual funds that existed inthat year; [link widoczny dla zalogowanych] talk about growth! By the end of February 2003, atthe bottom of the bear market there were 8,200 mutual funds andthe public had pumped in $6.3 trillion dollars. Wow! That is alot of money. What is [link widoczny dla zalogowanych] important to note is that at least 40% ofmutual fund money comes in from 401(k) retirement accounts.Today these mutual funds own about 20% of all publicly tradedshares of stock. Mutual funds act like a herd of cows buying andselling the same stocks at the same time. This increases thewild price [link widoczny dla zalogowanych] volatility swings in [link widoczny dla zalogowanych] the stock market.
These funds are also sold and managed on pure hype, short termtrading, and with key information withheld from the public. Allof these factors I teach finance students and investors toavoid! The industry confuses investors by focusing on pastperformance, which should not be a factor to consider. Manymutual funds are able [link widoczny dla zalogowanych] to cheat the public with excessive feesbecause investors don't understand how these big costs destroytheir [link widoczny dla zalogowanych] profit. Mutual funds have no interest in educatinginvestors because it is easier to hoodwink the ignorant!
Don't put your trust in mutual funds unless they are fullyindexed. Indexing means that the mutual fund [link widoczny dla zalogowanych] simply uses acomputer to buy and sell stocks in the [link widoczny dla zalogowanych] mutual fund portfolio soas to mimic the composition of a major stock market index likethe S&P 500. This means that there is no fund manager suckingout needless fees. A good example is the first fully indexedmutual fund called the Vanguard 500 (VFINX) which is also nowthe largest of its kind.
Mr. [link widoczny dla zalogowanych] Levitt grew very angry when he tried to decipher howparticular mutual [link widoczny dla zalogowanych] funds divvied up their cash into specificstocks. He couldn't make heads or tells from the fancy brochuresof the mutual funds called prospectuses. He had been a majorplayer in the stock brokerages for over 25 years at that pointand knew that if he couldn't understand the mutual fund'sprospectus then he knew public investors couldn't either; it hadto be a big scam to suck money out of the public.
Let's go into the details of why non-indexed mutual funds aresuch a bad deal. When Arthur Levitt became the head of theSecurity Exchange Commission in 1993 he had to sell off all ofhis individual stocks so that people would not claim that he wasdoing any dirty inside dealing. [link widoczny dla zalogowanych] He decided to put the cash fromselling off his stock portfolio into mutual funds.
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