Book Description

A brilliant investor, a born raconteur and an overall smart-ass, Andy Kessler pulls back the curtain on the world of hedge funds and shows how the guys who run big money think, talk and act.

Following on the success of Wall Street Meat, his self-published book on the lives of Wall Street stock analysts, Andy Kessler recounts his years as an extraordinarily successful hedge fund manager. To run a successful hedge fund you must have an investing edge -- that special insight that allows you to reap greater returns for your clients and yourself.

A quick study, Kessler gets an education in investing from some fascinating and quirky personalities. Eventually he works out his own insight into the world economy, a powerful lens that reveals to him hidden value in seemingly negative trends. Focussing on margin surplus, Kessler comes to see that current American economy, at the apex of the information revolution, is not so different from the British economy at the height of the industrial revolution. Drawing out the parallels he develops a powerful investing tool which he shares with readers. Contrarian and confident, Kessler made a fortune applying his ideas to his hedge fund. Which only proves that they may not be as crazy as they sound.

... Read more

Book Description

Independent professional guidance on selecting the best mutual funds for your portfolio

Morningstar Funds 500 provides readers with one-page research reports on 500 of today’s most notable mutual funds. This comprehensive resource includes exclusive Morningstar tools–such as star ratings, category ratings, and Morningstar Style Boxes–to quickly show how well each mutual fund has balanced risk and return as well as its historical investment record. Investors can then easily compare mutual funds and spot winners within peer groups. ... Read more

Book Description

A BusinessWeek and Wall Street Journal Business Bestseller

Praise for Morningstar^® Guide to Mutual Funds

"The Morningstar^® Guide to Mutual Funds helps cut through the fog with a solid volume of constructive advice."
–John C. Bogle, founder and former CEO, The Vanguard Group

"This book is the culmination of nearly two decades of research, analysis, and good old commonsense wisdom."
–Tyler Mathisen, financial journalist, CNBC

"A generation of investors who took the stock market for granted now know how important it is to understand–and control–their own investments. The Morningstar^® Guide should be their most important resource."
–Terry Savage, Chicago Sun-Times financial columnist and author of The Savage Truth on Money ... Read more

Reviews (11)

Good Comprehensive Guide
Has your portfolio taken a butt-kicking lately?

Obviously, it's a fact that millions of Americans currently own and will continue to purchase mutual funds. Today many are realizing they didn't monitor, change, or properly allocate some of their funds. Obviously, many will depend on them in the future. 401Ks
are also mutual funds, as well as the traditional and Roth IRA, the 403b among others. Since so many are participating and people will continue to pour billions of dollars into them, the beginning individual mutual fund holder should have this book.

It will primarily benefit those who are new to mutual funds or those who want to increase their general knowledge. Simple, precise explanations. Explanations on proper and true diversification, rates and risk of return, asset allocation, and appropriate risk based upon one's attitude, age, and stomach. It tells one how to look at how a particular fund operates and what it's invested in. Terms such as diversification, dollar-cost averaging, and the fact that past performance is no guarantee of future results are usually known to those who've followed mutual funds already. It is good to understand and calculate the true "cost" of a fund. Declining backend loaded funds are o.k. in solid performing funds that an individual will hold for a period of 5 yeas or more. But does one know if they are gong to be in a fund for five years? When a new fun manager takes over the operations and asset allocation of a fund, it is important to note how and where there may be changes. Know the difference between a micro, small, medium, and large cap index fund. How is a cap defined? Know the difference between a balance, value, international, emerging market, index, and global fund. Global fund? That means most of the investment allocation is overseas right? Nope. Often, most of the fund's holdings are in domestic (American) companies which means the global fund may have the same holdings as your U.S. blue chip, or more domestically oriented funds. Owning more mutual funds, and even funds in different families, means the more diversification correct? No. One can achieve the same diversification with 7 funds as 17. Even moreso. In addition to this book check out Bob Brinker on the radio.

Good mutual fund book for beginners
That is THE book I am looking for!!! It is very easy to read and follow for beginners like me. It provides an overall review about the whole industry, major players, popular funds, and basic strategies. It emphasizes a lot on the importance of diversifying the portofolio and how to do that. The book serves well to prevent beginners from making BIG investment mistakes.
Of course, it is a MORNINGSTAR book. It is all about Morningstar methods and tools. And I discovered that most of advanced tools recommended by authors are NOT free.

Good discussion of Mutual Fund investing from the experts
Morningstar is the recognized name in evaluating mutual funds. This book shares some of their insight. The advice is fairly straightforward and not earth-shaking: set your goals, pick an assett allocation in line with your goals and risk tolerance, diversify. From there they go into picking funds addressing such things as evaluating fund manager, looking at costs, judging past performance etc. I found the book helpful, but I am more philosophically aligned with the advice in Bogle's book (Common Sense on Mutual Funds : New Imperatives for the Intelligent Investor by John C. Bogle) that emphasizes index funds. I thinking chasing hot funds can almost be as bad as chasing hot stocks. Finally, the book deals strictly with mutual funds. Probably need a second reference to fully deal with you investment life (insurance, etc).

Seriously misleading
Morningstar has tremendous market power and reputation, and this book builds off that. But academic work, often published on the Internet and summarized at sites like ABetterWayToInvest, show that Morningstar ratings have no predictive value whatsoever. Doesn't that undermine this sort of book?

Very helpful
I find investing with confidence to be a fairly overwhelming task and have found this book to be very helpful. It explains the concepts in a straightforward way and summarizes the main points of each chapter with bullet points at the end of the chapter. If you are already a whiz in this subject, you may not find the book helpful, but if you want an orientation to how mutual funds work and want to feel more empowered in your investing decisions, this book can help. ... Read more

Book Description

NATIONAL BESTSELLER!

"Cogent, honest, and hard-hitting–a must read for every investor." –Warren E. Buffett

Praise for Common Sense on Mutual Funds

"Invoking both Thomas Paine and Benjamin Graham, Jack Bogle outlines a supremely logical plan not only to better investors’ returns, but to improve the whole fund industry. This isn’t just the best book yet by Bogle, it may well be the best book ever on mutual funds." –DON PHILLIPS, President & CEO, Morningstar, Inc.

"Buffett cannot teach you or me how to become a Warren Buffett. Bogle’s reasoned precepts can enable a few million of us savers to become in twenty years the envy of our suburban neighbors—while at the same time we have slept well in these eventful times."–PAUL A. SAMUELSON, Massachusetts Institute of Technology Department of Economics

"After a lifetime of picking stocks, I have to admit that Bogle’s arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle’s wisdom and his commonsense way of explaining things make this book indispensable reading for anyone trying to figure out how to invest in this crazy stock market."–JAMES J. CRAMER, Money Manager and Senior Columnist for TheStreet.com

"Written in his characteristic forthright and visionary style, Bogle penetrates the myths and jargon to shed a powerful light on the central issues that confront every investor, no matter what their level of experience or sophistication." –MARTIN L. LEIBOWITZ, Vice Chairman and Chief Investment Officer, TIAA-CREF

"Jack Bogle is one of the great pioneer/visionaries of the investment business. In this book, he shares his knowledge, experience, and judgment to enable us to become better investors. The final philosophical chapters provide insights that may help some of us become better people." –BYRON R. WIEN, Chief U.S. Investment Strategist Morgan Stanley Dean Witter ... Read more

Reviews (47)

Superb, even if a bit Repetitive
Despite the prosaic title of the book, and the conservative investment philosophy of its author, "Common Sense on Mutual Funds" has a revolutionary aim. Vanguard founder John Bogle believes the mutual fund industry must make major changes in order to faithfully serve its customers and, by explaining his investment philosophy, he shows both why radical change is necessary for the industry and helps to precipitate it by encouraging individual investors to follow his investment advice.

Bogle thinks too many mutual fund investors are being scammed by professional managers of funds who reward their companies instead of their investors' portfolios. High fees, outrageous expenses, rapid turnover, unneeded "products", marketing costs -- all are used by countless mutual fund companies to inflate their bottom lines to the detriment of their investors' needs.

Several reviewers here have noted that Bogle repeats several key points throughout the book, especially the importance of keeping costs as low as possible. This is true. But important lessons need to be stressed, especially with so much evidence that the average investor still doesn't understand them. Perhaps Bogle feels it's a lesson that can't be said enough. After all, why would you pay more for less, unless you simply don't understand what is being done to you?

This book was somewhat prescient. Published near the end of the long bull market of the 1980 and 90s, "Common Sense on Mutual Funds" called out -- in its own quiet and understated way -- for reform of the mutual fund industry before it became fashionable to do so. While Bogle's book doesn't have an angry tone, its recommendations are essentially more radical than anything now being considered by New York's attorney general in his drive to reform the industry.

Bogle Is Dead Wrong!
John Bogle is a nice guy, but he is dead wrong about the stock market and about active management of mutual funds. His thesis: All performance regresses to the mean, therefore you cannot beat the market over time. Better to buy the market via index funds, do so at lowest cost, and hold for the long term. That approach guarantees slightly better than average performance. Much better approach: rank order all no-load mutual funds by alpha, and select a diversified portfolio of those at the top according to your asset allocation profile. Monitor alphas over time. Periodically rebalance, but especially replace any mutual fund when its alpha falls below 0 with one that has a positive alpha. You will end up with a dollar balance far above that following Bogel's advice. I am surprised that Don Phillips, head of Morningstar,Inc. does not know this.

Index funds are still managed! C'mon Bogle.
In waging his crusade against actively managed funds, Bogle loses sight of the fact that even index funds are managed nonetheless. Take the popular Vanguard 500 Index Fund, which is indexed to S&P 500. He still cannot dodge the question: Who decides which stock gets listed or delisted? It's S&P itself, which manages the index. But why does he suppose that S&P is always a better managing institution than the best mutual fund companies that actively manage their funds?

Arguably, most fund managers can't outperform the indexes, but that does NOT mean that no managers actively managing their funds ever outperform the indexes. If you have to put money in the market, why not go for the best? And sure, managers can blow up too, but you can still diversify amongst the best managed funds.

As to costs, sure, index funds have small expenses compared to actively managed funds, but index funds have a serious drawback--usually a lot more volatility that makes owning them riskier. Investing is not just about keeping expenses to a minimum--important as it is. Neither is it merely about performance. It's also about controlling risks and preserving capital. I for one wouldn't want to own a fund--even for the long term and however cheap--if it's up 40% one year, down 30% the next, and then up %25% still the next and so on. I'm willing to pay more knowing that my capital would be preserved even in a down market. No index funds can be compared to the safety and nonvolatile nature of such funds as SGENX, OAKBX, MERFX and MVALX, which have very low betas.

Bogle's indexing approach is for me a sure path to mediocrity. If you have to put money in the market, why not go for the best funds with a long-term market-beating track record and consistent returns? To reduce management-related risks, why not also diversify amongst the best managed funds?

That said, I don't mean to say that you should not own index funds at all.

Brokers Hate This Guy - He Deserves 6 Stars
If we were not a democracy someone would lock this guy up. He has spilled all the beans on the fake financial advisors and financial and insurance sales people that want to sell you the grotesque front end loaded mutual funds and those annuities that make piles of money for everyone except for the investor. Bogle founded one of the biggest mutual fund groups in America - the Vanguard Group - and he is a burr under the saddle of many financial people. His advice saves you money at the expense of the broker.

The bitter truth is that over the long haul only 10% of mutual funds outperform the conservative S&P 500 index. So why pay some company a front end load fund of 5-7% to under-perform the S&P 500 plus an annual fee of 1.5% when you can buy S&P index shares or Vanguard mutual funds that have no load fees, and have very low annual expenses - often less than 0.5% per annum. You end up giving away a chuck of your money if you do not follow his sound advice.

Bogle of course does not want to stop there. He wants to reign in all those CEO perks and huge bonuses and use the leverage of the mutual fund shareholders. All great stuff,

This is a case where Amazon.com should have a special 6 star category.

Jack in Toronto

Other books to consider
Bogle's book is a classic. It eloquently discusses mutual fund fundamentals and makes a strong argument for indexing. If this topic is important to you, try also "The Great Mutual Fund Trap", "The Intelligent Asset Allocator" (emphasis on asset allocation and indexing), and the free material at ABetterWayToInvest and ETFResources. ... Read more

Amazon.com

If you've been burned on Wall Street (and who hasn't?) but still need a practical place to park your savings (who doesn't?), Gregory Baer and Gary Gensler have your number. While somewhat mistitled because it decries "active investing" in individual stocks as well as in mutual funds, The Great Mutual Fund Trap is nonetheless a clearly and even entertainingly written argument in favor of the alternative: investing broadly in stocks that mirror the performance of the overall market. During their years in private investment and with the U.S. Treasury and Federal Reserve, Baer and Gensler have come to believe the high fees and high risks that go with always trying to beat the market make "active investing"--be it constantly fiddling with your own portfolio or relying on professionals to do so for you--a no-win proposition. Instead, they say, you can actually improve returns by shifting to "passive investments" that offer lower costs and greater tax efficiency. After explaining why they feel as they do, the authors thoroughly describe the appropriate vehicles--index mutual funds, exchange-traded index funds, and several other products--in a way that makes these staid options seem almost exciting and gives interested readers all the tools they need to utilize them. --Howard Rothman ... Read more

Reviews (22)

Great Advice
I was really concerned about the huge losses I have seen in my kids' college funds and my retirement funds. I have everything in stock -- I figured I am young enough to wait things out. I also think I know a good stock when I see one. Boy, did I learn alot from this book, and I am SO glad I bought it. It is easy to read and understand, and is quite funny too. I knew I needed to spread my eggs into more baskets, but this book showed me where I should move my money, that picking individual stocks is very risky, and how to avoid huge investment fees. The examples (such as why fund managers are like bookies) really help you visualize how much money you are throwing away, and are quite amusing!

Did all your homework, and your bubble still burst?
I read the articles on investing in the major news and business magazines. I watched the financial shows on TV. I read the past performance of stocks and mutual funds before I invested. I read the prospectuses before I bought. I believed in my inteligent ability to follow advice and make money.

I failed to even retain the value of my initial investments.

All the TV and magazine blabbermouths are back at it. 'Buy this, buy that, buy the other.' But until I read this book, I didn't know what to do. Baer and Gensler explain what happened to my money. They use studies and statistics to back their advice on passive investing. They explain why mutual funds won't make me more money than the index funds. They even explain how to move my funds into passive investments while being careful of tax losses.

I recommend reading this book and following it's advice.

Good job revealing internals of mutual funds industry
It's a very well written book. The main purpose of this book is to show that mutual funds industry overall does not provide a good choices for regular individual investors and the book covers this topics exceptionally. It really reveals the real intentions of the industry and shows that this is the only way this indstry can work. The book advocates passive investment and especially index funds and exchange traded funds (ETF). While there were already quite a few good, if controversial, books about efficient market theory ('You can't beat the market'), such as famous 'Random walk On Wall Street', this book brings more details about today market environment and explains what choices passive investor has. My only complain is that sometimes I feel some kind of zealotry in authors considerations. Even for somebody that believes in efficient market theory some of the statements in this books could seem very questionable. Stock mutual funds takes majority of books space but the moment authors venture to the other territory (and they do try to cover practically all kinds of investments) their arguments often seem too absolute. Still, this is the book every investor in mutual funds must read (and it will probably convince you to make some changes in your investment strategy - it did this for me)

Great Book - I Loved It, Wall Street Must Hate It
For the ordinary Joe like me, investing is, and should be, so simple, boring even. Yet there is so much clutter out there - books, strategies, seminars, tapes, and various other nonsense - all of it ultimately designed to turn a buck for someone other than you. If folks read and employ what this book preaches, they'll come out way ahead in time and money, and a huge industry incessantly feeding off these folks will bite the dust.

Not bad but nothing special
There is really nothing new in this book that has not been beat to death elsewhere and the reader will probably find William Bernstein's books more rewarding. For those who buy this book however you will not go too far wrong. ... Read more

Book Description

Pozen, a leading industry expert, offers a structured presentation of mutual funds for upper-level undergraduates and MBA students. The Mutual Fund Business, 2/e, covers the key principles of mutual fund investment theory through straightforward writing supported by selected articles and case studies.This text provides a comprehensive, firsthand look at the investment strategies supporting a $4 trillion industry undergoing significant growth in the U.S.

Reviews (14)

The Mutual Fund Business
This book is carefully written by the former vice chairman of Fidelity Investments who had responsibility for $1 trillion in assets and now serves as the Lecturer at Harvard University, Kennedy School. With useful case study at the end of each chapter, this book covers all aspects of mutual fund business in terms of portfolio management, brokerage transactions, and its financial dynamics etc. both in the domestic and international contexts, featuring the trend in the past as well as near term future. I strongly recommend this book for everyone who seeks not only mutual fund business but also i-banking and other financial sector.

Pozen's 2nd edition (blue cover) is best mutual fund book
The great thing about Pozen's book is that it clarifies a lot of difficult subjects in the mutual fund area. The book is comprehensive but it is especially good on thoroughly demystifying:
(1) The different channels of distribution of mutual funds (direct, captured brokerage, independent brokerage, investment advisors, 401-k, etc.)
(2) The different service providers for each mutual fund (investment advisor, transfer agent, underwriter, distributors, accountant, etc.)
(3) The different types of mutual funds (investment styles, classes A, B, C, R, I,etc., fee structures -- 12b-1, fund end, back end, etc.)
(4) The structure and operation of mutual fund complexes
(5) The structure of the whole industry (incentives of different players, valuation of mutual fund complexes, etc.)
(6) Regulation and taxation.

These subjects are opaque to even long term observers of the mutual fund industry. But Pozen is uniquely positioned to write a clarifying book like this because he is a Phd in Economics, a career finance industry lawyer and the ex-head of Fidelity.

Pozen's book is the best so far on mutual funds. Its only close rival is Lee Gremillion's excellent book 'A Purely American Invention', but read Pozen's book first. Pozen's writing is clear, thought provoking and covers all facets of mutual funds as products and as an industry.

I am a Finance Professor at Dartmouth College and I teach and research mutual funds. I unreservedly commend this second edition of Pozen's book to anyone who wants a deep understanding of the mutual fund industry.

Excellent Introductory Textbook
Bob Pozen's book is a carefully written introduction to the mutual fund industry. The book is particularly helpful in understanding the institutional aspect of the industry. The cases are an invaluable source for in-class discussion.

Like watching paint dry
Pozen is the man ... Bob revived Fidelity from its post-Peter Lynch slump and bridged the gap between Ned and Abbey; really admirable.

And Fidelity, of course, is the company ... the genius creation of a single man that changed the course of financial history and helped the United States achieve worldwide financial dominance.

... but, I am very sorry to report, this is not the book.

I have lived in this industry for my whole career; I am passionately interested in the whole field, so I come to this book with great anticipation; unrequited.

It will sit, unread, on your shelf because it is, simply, dull.

An authoritative and complete text on mutual funds
Robert Pozen provides a thorough analysis of all aspects of how mutual funds operate. This book is relevant to people regardless of their financial sophistication, providing both the basics and the details. The text covers trading, asset management, marketing as well as providing useful case studies to apply concepts. Overall, an excellent resource. ... Read more

Book Description

Uneasy Chaperone is a readable new guide for mutual fund directors (sometimes called trustees), their counsel, advisors and support staff. It is a practical, down to earth guide which helps directors’ understand the intricacies of their job. Uneasy Chaperone serves as an informative text for all who work in, and study about, the U.S. mutual fund industry.The text is written for laymen, not lawyers, and describes the fine balance between safeguarding the investors’ interest and helping the industry to grow.

Mutual fund shareholders will also be interested to learn about the added safeguard for their investments represented by their fund’s independent directors. The Chairman of the U.S. Securities and Exchange Commission has called independent directors “The Fund Investors’ Watchdog”. This book explains what that means and how the directors accomplish their mission

The US mutual fund industry is the envy of financial planners all over the world. Many of these will benefit from learning about the important role of US mutual fund directors in the success of the industry. ... Read more

Amazon.com

Although sometimes derided as "plain vanilla" investments when more exotic financial flavors are the rage, mutual funds designed to mirror precisely the performance of a particular index like the Standard & Poor's 500--called, appropriately enough, index mutual funds--have performed solidly if not spectacularly ever since they were first made available to the public in 1976. In Earn More, Sleep Better: Investing with Index Funds, however, advertising executive Richard E. Evans and Princeton economics professor Burton G. Malkiel argue that these vehicles actually outperform most actively managed funds over time and should therefore be strongly considered by anyone who seeks investments with a simple foundation, low operating costs, and a profitable track record. "It is certainly true that the index-fund investor gives up the chance of boasting to one's golfing partners about the fantastic gains made by picking stock-market winners," they write. "But experience conclusively shows that index-fund buyers obtain results exceeding those of the typical fund managers." The book is divided into two parts: it first compares index and managed funds and discusses development of a relevant financial plan; its second explains how to create and monitor just such a portfolio in order to meet one's individual needs optimally. --Howard Rothman ... Read more

Reviews (5)

Best Book I Have Read on the Advantages of Index Funds
What is an index mutual fund? It is simply any mutual fund that simply mimics a stock index (such as the Standard & Poor's 500, the Mid Cap 400, or an international index). Many people equate these funds with the Vanguard Index 500 Fund, which John Bogle popularized, but many others offer the Standard & Poor's 500 as an index fund . . . and there are many other indexes you can buy mutual funds for. If you want to know more about this subject, this book has excellent explanations in chapter 14.

Let me begin by saying that this book has many flaws. An outstanding book on how to be a very successful index fund investor has yet to be written. But this book goes much further in that direction than any other book I have read on the subject. If you also read Stocks for the Long Run and Common Sense on Mutual Funds, I think these will clear up the missing elements in this book. Some embarrassing typos still remain, but they are annoying rather than fatal.

The book has two parts. The first part compares indexed mutual funds to nonindexed (or actively managed) mutual funds. The second part looks at 5 steps to creating greater wealth using indexed mutual funds.

The arguments in part one basically document that indexed mutual fund returns after taxes and after expenses have been higher than almost all managed (nonindexed) mutual funds over long time period. The reasons mostly relate to higher expenses due to management fees, marketing costs, and commissions caused by more turnover of stocks for the managed funds, disadvantages of a large portfolio for buying and selling, and inefficient tax effects of high turnover in taxable accounts. The authors also look at the effects of perfect information, and how much return you get for how much risk. These arguments are well done and accurate. Two elements that were new in this book included looking at the arguments that Peter Lynch and other active managers have made against indexed mutual funds, and looking at risk versus reward.

The five step process in the second part of the book is:

(1) Get a personal financial plan (with goals stated in dollar terms)

(2) Get a personal investment plan (a strategy to meet your goals)

(3) Invest with a diversified portfolio of index funds, tailored to fit your needs

(4) Get maximum benefits from the tax laws to delay and reduce taxes

(5) Buy and hold your portfolio, after starting as soon as possible.

Each of these points is somewhat detailed with descriptions of various ways to go about it, alternative sources of advice and information, and ways to make contacts with the advice and information. More could have been done on the first category, but the latter two were well done. The reasons for these factors are better explained in most cases in Stocks for the Long Run than here.

I particularly liked the advice to create a worldwide portfolio of indexed funds. Most books on indexing miss that point. The argument is flawed here, however, in only looking backward at what would have worked best in the past. If the rest of the world continues to grow its economies faster than the United States, the best returns will probably be from being overweighted into international indexed funds to reflect the future balance of market values rather than the current one.

The main weakness of the second part is that it lacks much quantification. But if you read the Bogle and Siegel books that I suggested above, those will more than fill in the gaps for you.

You should also be aware that recent evidence suggests that Malkiel's insistence on totally efficient equity markets is coming more and more into question. Our own research at Mitchell and Company supports the growing skepticism. However, active managers have been slow to adapt to the new information about where the markets are inefficient. Eventually, new indexed products should develop to take advantage of these inefficiencies. The main weakness seems to be a preference for basing indices on the financial data that active managers prefer. That's simply our old friend the disbelief stall in action. If the measures that active managers use do not beat the averages, why should indices based on those same measures be the best way to construct an index?

Like all books on index-based investing, this one is long on the arithmetic and short on the psychology needed to be successful. Most people know how to make more money than they do in stock market investing, but do the wrong thing anyway. Until someone makes a more psychologically appealing case for indexed mutual funds, most people will continue to favor the lower-performing nonindexed funds.

Convincing that the index funds are the best way to invest..
I certainly want my dollars invested to yield ME the most. The authors clearly show that managed funds do not put the investor first nor do they match or beat the index funds.

One word why most financial advisors and mutual fund company advertising do not trumpet index funds - greed - from the the money they skim off the top of your investment dollars in the managed funds.

A great book--the best I've read on this subject!
Here is a book on investing that is clear, practical and downright interesting. I've always been afraid of the market, but here, at last, is a book in simple English that makes things understandable. And it's not just information. It really is a guide for an investment strategy that has proven itself not just in this bull market but over the long haul.

Smart, easy to use information about investing in funds.
I came to this book for two good reasons. Now I come back to it regularly and I recommend it to others like me. I am an old pro in the advertising business but an amateur investor. My kids are out of school, business is thriving. I have some money to invest and no special feel for the market. This 270-page guide showed me how easy it is to build an investment program that could outperform most conventional "actively managed" mutual funds--and do it at lower risk. It is written in a conversational style, and intended for a wide range of people, from those who know little about investing to active investors.

The book has two parts. The first, documents the advantages of index mutual funds and explains why they will outperform conventional funds.

Part 2 explains "The 5 Giant Steps to Wealth." Here the reader is taken through a series of simple steps that can lead to a superior investment program. Topics include financial and investment planning, blending stocks and bonds, taxes, and timing. I learned the best way to build a diversified portfolio of index funds, balanced to fit my needs.

Evans explains that managers of conventional funds start out with too many strikes against them--invasive sales charges, higher costs, higher taxes, generally higher risk, and other factors. Most basic of all, he said, is human nature: "Whenever the manager of a conventional fund selects a particular stock to buy or sell, he or she is prediciting the future. Human beings do not have that ability. The times when it seems to work are largely a matter of luck--association, not causation."

I was first drawn to this book because I recognized one of its author. I hadn't spoken with Dick Evans in 15 years, he was my boss when I first broke into advertising. He taught me how to write simply, directly and humanly for some very persnickety corporate clients. Dick taught me how to make people want to read. So I picked the book off the shelf. But I bought this book because in it I found someone who would give me some markers, a simple way to make sense, and ultimately a profit out of the tumultuous and unpredictable stock market.

Dick writes like he talks and he's a compelling speaker. He frames his arguments in concise dramatic vignettes, tells you what you're going to learn, pokes and prods you into understanding, then sums it up before moving on. You travel on step at a time. You end up covering a lot of ground standing at some inescapable conclusions and some very simple how-to directions. This is the first investors guide I ever read all the way through. I did what it said. I sleep better. I wrote Dick a note of thanks. Now I can do back to being an advertising man. Read it and reap.

Blurbs from John Bogle & Beth Kobliner can`t save this book.
To begin with this reviewer owns index funds and most of them are Vanguard Index Funds. I have no problem with index investing but I do have a problem with this book. To begin with, guys, it`s Jason Zwieg at Money Magazine whom you quote not Jason Sweig.I know it`s a little bit picky but, hey, I put down some serious bucks for the book. Part one you proved your point. Index Funds beat most managed funds. Part two doesn`t do it. What I got was some hazy facts and figures and Burton Malkiel`s portfolio for a 30, 48 and 65 year old person. Should we be impressed? I mean he is the famous author of the book " A Random Walk Down Wall Street". Does he tell us how he thinks those portfolios did in the past---Not to my recollection. Does he tell us how he thinks they will do in the years to come? I don`t think so. And why only three different age groups---Is there something mysterious about the age 48 why not 50. Hey, how about Grandma and Grandpa age 75. Maybe we should write off 80 as you have been around too long. Richard Evans mentions 5 year rolling returns does he show me any--No---My point here is part two should be loaded with facts and figures not points on 401k plans, social security, and should I get an investment advisor. Those subjects are all fine but remeber this book is about index funds. I wonder if John Bogle really read this book. Beth kobliner author of "Get a Finacial Life" gave this book a blurb also---Sorry Beth I have life and this book needs help. ... Read more

Reviews (1)

Pretty Good Book.
This is an excellent book for anyone taking the series 7 exam. However, it doesn't have enough quizzes and tests to prepare you for the exam. The material in the book is enough to pass the exam. Every registered rep should (and probably does) have this book in their arsenal. A Definate buy! ... Read more

Book Description

Praise for the exchange-traded funds manual

"Exchange-traded funds are the hottest finance innovation of the past decade. Gary Gastineau, who played a critical role in their development, demystifies the working of these instruments, lucidly describes their advantages and disadvantages, and guides investors on their use. This gem of a book will be the ETF bible for years to come."
–Burton Malkiel, Chemical Bank Chairman’s Professor of Economics, Princeton University

"This is the first comprehensive book on exchange-traded funds.The author displays an institutional and practical knowledge of exchange-traded funds that makes this book necessary reading for not only the knowledgeable investor but for the professional researcher seeking to understand these relatively new investment vehicles."
–Martin J. Gruber, Nomura Professor of Finance
Stern School of Business, New York University

"Gary Gastineau is a national treasure. Exchange-traded funds are the wave of the future, and Gary has been instrumental in their development from day one. His knowledge is encyclopedic, and his style and subtle humor make it all accessible to the reader."
–Wayne H. Wagner, Chairman, Plexus Group, Inc.

"In Gary Gastineau’s brilliant work in illuminating the reader on exchange-traded funds, he provides rich insights into the process and methodology of adding value and cites a convergence of market forces that creates a compelling story for the use of ETFs for those who choose to add value."
–Stephen C. Winks, Publisher, Senior Consultant

"The introduction of exchange-traded funds was one of the success stories of

Wall Street in the 1990s. Gary Gastineau was a key contributor to this success, and his book is an important benchmark on both the current status of this important new category and the vast potential of its next-generation products."
–Salvatore Sodano, Chairman and Chief Executive Officer
American Stock Exchange ... Read more

Reviews (2)

Good practical reference work
Gary Gastineau, a managing director at Nuveen Investments and the author of The Options Manual (1988), has written the most detailed account available in print of open-ended exchange-traded funds: how they work, what are their distinctive characteristics, who trades them (largely, specialists, market makers, and hedge funds), who owns them (largely, brokerage firms clearing and carrying the ETF shares for specialists, market makers, or hedge funds), and what are their advantages and disadvantages over other sorts of investment for various investors.

This is no gripping page-turner, in the league of Jack Schwager's "Wizards" series. But it doesn't need to be. Mr. Gastineau's manual is directed chiefly at investment advisers and financial planners as a reference volume, and it serves that purpose quite well. Advisers and planners, and of course their clients, face a bewildering variety of issues pertaining to these relatively new vehicles-issues of tax efficiency, risk management, trading costs and spreads, etc. In many offices, this book will be a welcome aid in sorting out all of that.

A brilliant, comprehensive and readable compendium on ETFs
Exchange Traded Funds are simply the biggest development for the average retail investor in the past decade. No more need to pay huge fees for opaque mutual funds/unit trusts. Just go to an exchange, buy the fund and hey presto you can track indices and have total price transparency for as long as the exchange is open.

I championed ETFs in my book "Capital Market Revolution" and I am delighted to see that ETF pioneer Gary Gastineau has produced a terrific, comprehensive book on every aspect of Exchange Traded Funds.

If you have any questions about ETFs, they will be answered by this book...

Patrick L Young
author "Capital Market Revolution"
CEO, erivatives.com ... Read more

Book Description

ALL ABOUT . . . SERIES

All About
INDEX FUNDS

Index mutual funds routinely outperform 80 percent of managed funds, and more investors than ever are embracing index funds to eliminate the anxiety and expense of trying to "beat the market." All About Index Funds covers aspects including key benefits of index fund investing, how to create a custom index fund that suits specific investing needs, effective portfolio techniques and model portfolios, and more.

Reviews (5)

One Stop Investing Guide
This book is a very appropriate mix of theory and technical application. There are too many books that focus on one to the exclusion of the other. There were sound principles that every investor should be familiar with (whether or not you agree) and there are some very helpful practical advice on implementing the theories.
I think Passive, index fund investing is the ONLY way to properly invest. For those seeking more drama, I recommend dedicating no more than 10% of your portfolio to stock picking and timing or just send your money to me. In the end it will be the same result.
This book gives a great overview for a very serious approach to investing in Mutual Funds. I refer to it all the time. For the price of the book, I recommend it.

Indexing Handbook
The basic idea of an index mutual fund is that it mimics the long term returns of the market. It does so with less risk, more simply, with lower costs, and greater consistency than the much greater number of actively managed (and widely promoted) funds available to investors. Tracking the markets rather than attempting to outperform them may seem, in Ferri's words, like "watching grass grow", but consistency over a long period means superior returns and eliminates the black hole of underperformance. Recent books by Larry E. Swedroe, William Bernstein, Charles D. Ellis, and others make more detailed cases for using the index fund strategy, but ALL ABOUT INDEX FUNDS provides needed nitty-gritty information about the rationale and composition of many indexes from which to develop an appropriate investment strategy. The extraordinary growth of exchange traded funds (ETF) that track market, country, and sector indexes have introduced both flexibility and confusion to the choices that are available. Ferri does a good job of identifying the major index providers, what their indexes represent, the funds that track their movement, and the potential overlap and inefficiencies that result from mixing index providers. A student of modern portfolio theory (MPT), Ferri is an advocate of diversifying investments across several asset classes that respond a little differently at different times to reduce volatility and improve overall returns. It follows that the most important allocation decision is the percentage mix of stocks and bonds. In Chapter 15, "Designing Your Index Fund Portfolio", these allocation issues are tackled in some detail. Suffice to say a typical Ferri index portfolio may consist of some percentage of US stocks, foreign stocks, US bonds, and Real Estate Investment Trusts. This book is not long enough to adequately cover all the topics Ferri addresses, but it is an excellent starting point.

Something old, something new
Many of the details about indexing investments have been around for quite some time. This book is intended to be a primer on the subject, however there are numerous updates as well as individual insights that make this book worthwhile.

Lots of info.
Loaded with more information than you ever wanted to know about Index Funds and the somewhat new ETFs. Well written and with a better editor than the last time around, this book is a must read for those who desire to know all there is to know about funds and which firms to invest with, (hint, Vanguard).

Excellent Primer on Index Funds
This...McGraw-Hill paperback will provide readers with a terrific return on their investment. Author Richard Ferri provides detailed information on all aspects of index funds as well as how to put together a rationale portfolio of index funds depending on your risk parameters.

This well organized easy to read 275-page book contains 16 chapters on everything you wanted to know about index funds, including:
- Different types of funds and their composition
All about exchange traded funds (ETFs), their features and advantages
Sector index funds, REIT index funds, Merrill Lynch HOLDRS
Global and international index funds
Bond index funds
Enhanced, leveraged and inverse index funds
Tax-advantaged index funds
- Indexes as benchmarks
- Advantages of index funds over standard mutual funds
- Comparison of index funds to actively managed funds for 5,10 and 20-year periods

Then Ferri details how to create your own customized index fund portfolio using an Internet server. He covers what you should realistically expect to earn from your portfolio based upon historical returns since 1950. Next, he reviews the critical subject of asset allocation and the necessity of having a diversified index portfolio that should be rebalanced each year.

Ferri provided guidance on defining your financial goals. He covers determining your future financial needs, developing your current earnings and earnings power, assigning asset allocation parameters, and then stress testing your bond and stock asset allocation. He provides a 5-step method to help determine your asset allocation (setting goals; making an inflation adjustment; determining a savings plan and required return; deciding on asset allocation; and assessing risk).

One chapter pinpoints how to design your index portfolio. He mentions that taxable and non-taxable portfolios should be managed differently. Ferri recommends a simple portfolio for a taxable account. He advises that more complex strategies be used in non-taxable accounts. Ferri illustrates a three-index portfolio and a high-income portfolio using REITs and High-Yield bonds.

The appendix contains a list of 28 low-cost index fund families with phone numbers, 14 useful investment advice and index fund websites, and 12 books about index funds. There is also a 9-page glossary and an 8-page index.

Overall, this book covers all the bases on index fund investing in an easy-to-read style. I highly recommend this book to investors who need to know about these very useful funds. ... Read more

Reviews (5)

Every Investor Should Read This Book
Like every book by Nick Murray, this book is excellent. As a financial advisor, this is one book that I would certainly give to every one of my clients and recommend to anyone else, but not for the reasons given in the previous review.

Statistics show the the average mutual fund investor consistently underperforms the mutual funds that he or she owns. Why? Because they sell AFTER the fund has dropped 10% and buy back in AFTER the fund has risen 10%. After five years, the fund has delivered 10% average annual returns, yet the investor has achieved only 5-7% average annual returns (or worse). Murray correctly believes that the secret to long-term investment success lies in the investor's behavior, not in his ability to pick the best stocks or mutual funds. In this, and every other book by Nick Murray, he teaches investors how to fight their emotions and look beyond short-term performance to become better long-term investors. He preaches about the wisdom of dollar cost averaging and about buying stocks when they are "on sale."

Murray also supports his bias toward equities with a clear, concise explanation of the "real" risks that every investor faces. Every investor will get something out of this book.

Sales Material
Nick Murray is the financial service industry's God. His book, The Excellent Investment Advisor is on every successful financial advisor's shelf. (...) Most people who buy this book are financial advisors who then give it to their clients, particularly the ones who are beginning to notice that the best that their advisor can do for them is match the market's return, and will thus underperform the market by however much he charges in fees. The marketing technique of Murray is to shift the client's attention off of performance and smother the client with confidence in the trust of their relationship. This book was written toward that end. If you read this sales pitch from the industry's God, then I suggest that you also read the advice of the industry's Devil: Jack Bogle, the founder of Vanguard Group, particularly his latest - Common Sense on Mutual Funds. Go to the index and make sure that you read what he writes on "wrap accounts"

Must read for clients of financial advisors!!!
This book, simply and conveniently, describes necessary investor behavior to accumulate wealth. This is a great book for financial advisors to send their clients and prospects to easily explain the "trick" to wealth accumulation and preservation. Some of the concepts and charts clearly illustrate what most of us try, sometimes in vain, to educate our clients about. Excellent tool for financial advisors. I highly recommend this!!!

Excellent Investment Book
Nick Murray does a great job of explaining the concept of investing in mutual funds to creatate wealth. This book is simple and easy to read, a great book for a beginner. The internet has made investing very complex, Nick Murray has made the process simple.

Simple Plan, Great Advice
As the name implies, creating wealth truly is simple, and inevitable, if you stick with a plan. This book gives novice investors a guideline for how to get started and to create a plan for creating wealth that you can't outlive and still leave some money to your heirs. I have read several of Nick Murray's books, but this one is the first intended for the general investing public. As usual, as only he can, Nick takes a rather complex subject, and simplifies it so that the average investor, or beginning investor, can understand. If you are looking for the "hot" fund or for a get rich quick scheme, this book is not for you. However, if you are interested in putting together a plan to create the wealth that you desire, I think this book is for you. An easy to read handbook for disciplined investors. ... Read more

Book Description

Bogle on Mutual Funds is a straightforward assessment of the industry written for the investor who wants a true and unflinching portrayal. Bogle not only explains the basic principles of canny mutual fund investing, but Bogle on Mutual Funds also explores its subtle nuances and exposes the hype and fads that often lure investors into making unwise decisions. This conscientious guide offers strategies for developing a diversified portfolio that will weather the markets short-term variations. Bogle warns the reader of the major pitfalls common to mutual fund investing. Ideal for investors at every level of expertise, Bogle on Mutual Funds shows how to: Design a portfolio of funds to meet your current financial objectives; Recognize excessive fees, minimize taxes, evaluate investment risk, and spot false advertising claims; Balance risk and return through asset allocation strategy and tactics, astute fund selection, and effective use of index funds; Understand the important role of cost, the third leg (along with risk and return) of the eternal triangleof investing; Interpret the data found in such sources as syndicated newspapers, Morningstar Mutual Funds, and other mutual fund guides, and use that information to make better investment decisions. ... Read more

Reviews (26)

A Must-Read for Mutual Fund Investors!
Mr. Bogle's years of experience, outlook on investing and emphasis on how the Mutual Fund industry has forgotten it's purpose proved extremely insightful. His genuine concern for the individual investor is clearly evidident, especially with regard to the impact Fund Cost's and Fee's have on actual (after-tax) returns. He re-emphasises over and over throughout the book how the Mutual Fund industry has become more of a marketing process, with the winners being the fund managers and the losers being the individual investors. Money spent on advertising and marketing, which has proven to provide no increase on returns, is money lost by investors with no tangible value. His ability to clearly convey the proven concept of how Index Funds, with minimal fund turn-over, low cost management fee's and an objective of meeting as opposed to beating the market has made me a true believer in Indexing.
I would sincerly like to thank Mr. Bogle for committing himself and his life to investing excellence, he is truly the "VanGuard" for the individual investor!

A Wealth of Information
For almost a decade now, this has been my bible on mutual funds. Using a straightforward and candid approach, Vanguard founder John Bogle explains every aspect of mutual funds and the industry behind them. Never does Bogle exaggerate information or mislead the reader as many other financial "guru's" do to sell their books. He is a true consumer advocate and his goal is clearly to educate.

Covered is everything from stocks, bonds, money market funds, indexing, asset allocation, expense ratio's and the risks inherent not only in investing but in not investing (e.g. the erosion of the dollar vs. inflation in "safe" investments). Bogle utilizes numerous graphs and statistical data throughout the book to help make his point and to allow the reader increased comprehension.

It is important to note that this book was published in the early 1990's. Since then capital gains tax laws have changed and the Roth IRA was yet to be created. For more up-to-date information I would recommend reading Bogle's newer book, Common Sense on Mutual Funds. Nevertheless, Bogle On Mutal Funds is a great place to start educating yourself to become more financially savvy. This book has been invaluable to me and I believe it is key to my investing success. I find myself often referring to it, expecially now in these turbulent market times just to hear Mr. Bogle remind me to, "stay the course" and I will be rewarded. No wonder so many admirers refer to the beloved Mr. Bogle as, "Saint Jack."

A must-read book for speculators and traders
This "Definitive Book on Mutual Funds" demonstrates effectively with facts and statistics that common stocks are hugely superior to long-term bonds and cash reserves. (I personally think income-producing real estate is superior to common stocks, but there are no national statistics to prove that.)

How should we invest in common stocks? Mr. Bogle has the answer for most of us, it is indexed mutual funds (S&P 500, Russell 2000, etc.). This book should be reread if you start getting impatient and begin to feel that your stock-picking ability is superior to the stock market indices.

How readers will feel about Mr. Bogle's book, say, 10 to 20 years from now, depends upon what happens to the stock market in the future. If the stock market has a disastrous crash (index funds do not provide immunity from crashes) along the way, and 15 years from now it is, say, at 10,000, people will say, "Boy, was I stupid to believe Mr. Bogle, and put so much into the stock market."

The bottom line advice of this excellent book is that the stock market is a good bet, so obviously if the market does not cooperate, the credibility of this scholarly work will suffer. 20/20 hindsight will condemn even the best books. I am betting all my stock market investments, mostly indexed mutual funds (most of my money, however, is in real estate), that there won't be a disaster and the market will be significantly higher. The history that Mr. Bogle provides in this book shows that this is a reasonable bet.

First & Final mutual fund book
My first and final book on mutual funds. I've read several others, but keep returning to this one. The end of chapter summaries are invaluable. It is a tougher read than most and Mutual Funds for Dummies ins easier and in the same vein.

Sound advice on mutual funds
I read this book when it first came out ten years ago at the beginning of the bull market. At the time the book had mixed reviews. One of Bogle's warning, and probably the best advice, is to watch out for funds that charge high fees and to study all the fees charged in all funds. I remember one reviewer feeling that Bogle was overreacting to the fees that funds charged and that fund managers are really on our side. Fast-forward to today, we have the mutual fund scandal and we learn that mutual fund managers aren't really working on our best interests. Though reading this book can't help you spot all the bad apples ( the Janus family has alot of no-load funds and it was implicated in the scandal) it can help you be aware and thus be more weary. In a nutshell, this book is comprehensive,honest and prescient. John Bogle is the conscience of the mutual fund industry. ... Read more

Amazon.com

The world of mutual funds can be bewildering, but finding one's way in it has become a little easier in the past few years, with the arrival of books such as Mutual Funds for Dummies . Yet even this Dummies guide, weighing in at 406 pages, can be a little intimidating. Someone should write a smaller book, readable in an hour or so, with just the basic information on how mutual funds work and how to identify and evaluate the appropriate ones.

Which is exactly what Jason Kelly has done. The Neatest Little Guide to Mutual Fund Investing is admirably brief at 131 pages. It could be used as a textbook example of how to render a complex subject in the simplest and clearest way possible. Yet nothing essential has been left out, and even experienced fund investors could benefit from this quick read. How many investors fully grasp, for example, the various measurements of a fund's riskiness? Kelly explains what to make of a fund's alpha, beta, and standard deviation, and he does it in a way that anyone can understand and use. --Barry Mitzman ... Read more

Reviews (4)

Simple and yet comprehensive
I have been reading quite a few introductory books in Mutual Fund Investing, and I found this book gave the most comprehensive coverage with minimum reading. Besides, it also gave a lot of good tips and useful references (books, magazines and web sites). If you want to get a good overview on mutual fund investment, then this book is certainly a good start.

Gotta read this one!
this book has to be the simplest and easiest to read investing book ever written. Because of its brevity and straightforward manner, it can be read by any neophyte investor in a short period of time. GOOD LUCK!

This book deserves not 5 but 6 stars
Reading this book is the easiest and most time-saving way to learn about mutual funds. If you want a quick introduction to mutual funds which is funny and to the point this book is definitely for you.

It is informative, concise, and motivating.
I had read many investment books prior to Mr. Kelly's and only gained a modicum of diverse knowledge regarding the structure and function of mutual funds. Because of his suggestions, I literally fired my broker--I know as much as the broker does regarding betas, alphas, deviations, etc. Indeed, a scary feeling. For those whose broker is making the profits, I highly recommend this book ... Read more

Book Description

A Purely American Invention: The U.S. Open-End Mutual Fund Industry targets the needs of three audiences.First, it seeks to help mutual fund industry employees who wish to gain an understanding of both the breadth of fund operations and the context in which they are performed.Many industry members know only a limited subset of mutual fund functions- because they are new to the industry, or because their experience has been limited to a narrow functional area.

Business students studying the mutual fund industry form the second target audience.The mutual fund industry has grown in size andimportance to a point where mutual fund operations are taught as a subject in both undergratduate and MBA curricula.This book serves as a text book for such courses, laying out for students what fund companies do, what their management functions and issues are, and how they evolved to their present form.

Finally, this book is for the general reader, perhaps him- or herself a mutual fund investor, who seeks to understand more about the industry.Many individuals, when face with an unfamiliar phenomenon, naturally ask the question, "How does this thing work?"This book is intended for those whose curiosity prompts them to ask this question about mutual funds and the U.S. open-end fund industry. ... Read more

Reviews (5)

Excellent overview of the mutual fund operations
Must reading to learn the ins and outs of the industry .

An A to Z look at the mutual fund industry
Ever since I began work in the mutual fund industry six years ago, I've looked for books that would increase my understanding of the industry. Many books tell you how to invest in mutual funds and a couple attempt to describe (but in my view unsuccessfully) how the industry works. This week I found and read Gremillion's book on mutual funds. And I was amazed. It's all there. History of the industry, the laws that affect it, how funds are manufactured and distributed, e-business and a lot more. I really enjoyed reading the author's impartial discussion of industry issues like the debate over fees and expenses, active vs. passive management, and the state of the market.

Gremillion's clear and concise writing makes his book an interesting and easy read. Too bad it wasn't available when I was in college.

Well written, even-handed, and packed with information
This book is written in a clear, non-academic, and easy-to-follow style. And even though he generally speaks well of the industry, the author does not sugar-coat it. A number of illustrative anecdotes (the book is full of these) describe less than exemplary behavior, such as how one Minneapolis money manager ran his funds into the ground speculating on interest rate movements.

The book is full of data as well. For example, the author doesn't just tell about how much a few star portfolio managers get in compensation. When he discusses what investment managers get paid, he includes the results from an industry survey that show averages and ranges for a variety of positions. John Bogle appropriately calls the book "authoritative" in his foreword.

Well written, even-handed, and packed with information
The back cover of this book has a brief biography of the author, and it seems that the book benefits from his diverse background. His time as a professor shows in his insistence on backing up all his assertions with hard data. His current job as a consulting partner is reflected in the clear, non-academic, and easy-to-follow style and organization of the book. And even though he generally speaks well of the industry, this is no hagiography. A number of illustrative anecdotes (the book is full of these) describe less than exemplary behavior, such as how one Minneapolis money manager ran his funds into the ground speculating on interest rate movements. Anyone interested in learning more about U.S. mutual funds should read this book.

A Must-Read for any Mutual Fund Investor!
A thoughtful, well-written, unbiased examination of the mutual fund industry, from an insider's perspective. This book is a good investment for anyone with any connection to mutual funds - from studying or working in the industry to being a mutual fund investor. You'll learn more than the industry itself wants you to know about how funds are managed and administered. Mr. Gremillion keeps a potentially dry subject entertaining with interviews and anecdotes, and his "plain-English" writing style makes the book very easy to read - no technical knowledge required! ... Read more

Book Description

In this smart and sensible guide, financial planner and broker Julie Stav explains how to use mutual funds and other longterm investment plans to fund one's future. Tailored to meet individual needs, her advice shows the Spanish-speaking community how to set financial goals-whether they are to retire with financial security, send the kids to college, or purchase a new home-and achieve them, step by step. ... Read more