Article: What The Sec Really Thinks About Mutual Funds!
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What The Sec Really Thinks About Mutual Funds!
Let?s go into the details of why non-indexed mutual funds are such a bad deal. When Arthur Levitt became the head of the Security Exchange Commission in 1993 he had to sell off all of his individual stocks so that people would not claim that he was doing any dirty inside dealing. He decided to put the cash from selling off his stock portfolio into mutual funds.
Mr. Levitt grew very angry when he tried to decipher how particular mutual funds divvied up their cash into specific stocks. He couldn?t make heads or tells from the fancy brochures of the mutual funds called prospectuses. He had been a major player in the stock brokerages for over 25 years at that point and knew that if he couldn?t understand the mutual fund?s prospectus then he knew public investors couldn?t either;...
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