Part I - Anatomy of a Fund
1. Purpose
2. Structure
3. Economics
Part II - Diseases & Disorders
4. Fees
5. Soft Dollars
6. Fair Valuation
7. Late Trading
8. Market Timing
9. Selective Disclosure
Part III - Alternative Remedies
10. Retirement Accounts
11. Target Date Funds
12. Exchange-Traded Funds & Alts
13. Money Market Funds
Part IV - Cures
14. A Healthier Use of Mutual Funds
William Birdthistle is a Professor of Law at Chicago-Kent College
of Law, where he specializes in investment funds and corporate law.
Previously, he served as a law clerk to the Honorable Diarmuid F.
O'Scannlain of the U.S. Court of Appeals for the Ninth Circuit and
practiced law at Ropes & Gray LLP. Birdthistle was born in Cork,
Ireland and raised in Libya and Malaysia. He came the United States
to attend Duke University and Harvard Law School, where he
served as managing editor of the Harvard Law Review. Birdthistle
lives in Chicago with his wife and children.
"...a cautionary tale about the dangers of misaligned incentives
and how the ordinary investor can navigate around them. It thus
makes for both required and entertaining reading for the
practitioner, the policymaker, and the regulator."
-- Financial Analysts Journal
"A lively new book critical of our flawed system of saving"
-- New York Times
"Investors who bear the responsibility of building their own
pension pot need to understand the huge impact that charges can
have. Reading Mr. Birdthistle's book would be a very good place to
start."
-- The Economist
"A sort of "buyer beware" manual for your nest egg"
-- Time, Money
"Birdthistle does a masterful job of explaining mutual funds"
-- Washington Post
"Birdthistle writes for two audiences in this engaging,
well-written volume. The majority of the text focuses on the nuts
and bolts of mutual funds. By clearly explaining the incentive
structure facing mutual fund advisers, especially the incentives
that work against individual investors, he gives readers
information they can use to better ensure their retirement savings
are more secure. The second audience is policy makers, as
Birdthistle concludes with
several recommendations for mutual fund regulation. His goal is to
improve the current state of affairs to ensure that massive
bailouts of retirees are not necessary in the future."
-- Choice
"The mutual fund industry has been the prime beneficiary of the
radical change in our nation's retirement system during the past
quarter century. But funds are afflicted by diseases and disorders,
by faults and foibles, brilliantly catalogued in Empire of the
Fund. No investor can afford to ignore the message of this book:
educate yourself and gain financial literacy."
-- John C. Bogle, Founder of the Vanguard Group
"Empire of the Fund is a clear-eyed look at the problems and
scandals that have beset the mutual fund industry-the very industry
Americans trust to ensure our financial futures. And Birdthistle
has a plan for reforming how we save."
-- Bethany McLean, author of The Smartest Guys in the Room and All
the Devils Are Here
"Empire of the Fund is interesting, understandable to the
non-professional, and delightful reading. The discussion is laced
with humor, anecdotes derived from court cases, and lessons that
become obvious. If anyone had doubts that investments can be
explained accurately in a non-simplistic way, this book has
dispelled these doubts."
--Tamar Frankel, Professor of Law, Boston University School of
Law
"William Birdthistle is not only one of the leading experts on
mutual funds-he is also a superb writer. His sharp wit and
science-driven wisdom glide elegantly across the page as he teaches
investors how to make sense of America's most common-and most
baffling-investment vehicles."
-- John Morley, Associate Professor of Law, Yale Law School
"It's hard to believe the phrases 'entertainingly written' and
'mutual funds' go in the same sentence, but William Birdthistle
manages this feat in Empire of the Fund. An urgent must read for
anyone interested in retirement policy, investment history and how
it all went wrong for so many Americans."
-- Helaine Olen, author of Pound Foolish and The Index Card
"In Empire of the Fund, Birdthistle colorfully traces the history
of problems with mutual funds, and he explains the potential
benefits and drawbacks of alternatives. His recommendations for
strengthening mutual funds are provocative and tightly argued, and
include both financial licensing requirements and more rigorous
enforcement. This book is a must-read for anyone who wants to
understand the dangers-and potential benefits-in this important
part of
the financial markets."
-- Frank Partnoy, George E. Barrett Professor of Law and Finance,
University of San Diego
"Empire of the Fund provides an engaging, thorough review of the
mysterious multi-trillion dollar mutual fund industry. Leading
investment law expert, Birdthistle diagnoses what's ailing our
funds and how we can heal them. This book provides a necessary
first step to improve financial literacy so investors have the
knowledge and tools to secure better options for their retirement
savings."
-- Jennifer Taub, Vermont Law School and author of Other People's
Houses
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