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Anyone who's tried day trading can tell you about the frayed nerves and upset stomach that come with following stocks by the hour. But try following their tiny movements day in and day out for a year, with $2 billion hanging on your decisions, and you'll have an idea of what it's like to manage a mutual fund. In mid-1998, reporter Molly Baker tagged along with Jerry Frey, manager of Delaware Investments' top-performing growth funds, and recorded his thoughts, actions, and conversations as he and his team tried to beat out 860 other funds for first place. What emerges is a portrait of a man with intestinal fortitude, a knack for numbers, and an uncanny understanding of market psychology. When a junior manager prepares to sell a rising stock at $30, Frey tells him to lower his target to $29 5/8; there may be a hundred other fund managers thinking, "I'll sell when it hits $30," but there may not be a hundred buyers willing to pay $30. "I've told you not to think in round numbers," Frey cautions.

As the year goes on, Frey's overall ranking rises and falls with the volatile tech sector, and with it his moods. But, ultimately, it's not competing funds that pose the greatest challenge to Frey and his team--it's a record bull market. Index funds were the biggest success story of the 1990s, riding the market's momentum instead of betting on individual stocks. Frey watches helplessly as the value of his handpicked portfolio shrinks, then grows, then shrinks again, while the overall market continues to climb. Personal investors wondering how the pros handle the market--both professionally and emotionally--should find High-Flying Adventures in the Stock Market an illuminating read, one that brings the mystery of big-money investing down to earth. --Demian McLean ... Read more

Reviews (11)

Run with the Bulls While Watching the Paint Dry!
Author Molly Baker follows a top-performing mutual team around for a year, and shows you how they did it during the final six months. She gives you diary-like details as the time unfolds. That's the book.

The essence of their edge is that they bought Internet IPOs and stocks much more aggressively than other, similar funds at a time when the Internet was a red-hot investment area. That's the "run with the bulls" part of the story. That's a reference by me to the concept that when the market is hot, you should get into the hottest part of the market (better known as momentum investing). If you take a more conservative approach, you don't make the big bucks. A major part of the year's big gains versus other funds comes in the last few minutes of the last trading day of 1998 as AOL surges following its addition to the S&P 500 Index. But how the team does it is very repetitive and boring, even though they go through a gut-wrenching drop as Russian bond failures collapse the stock market and Long Term Capital has to be rescued by the Fed. That's the "watching the paint dry" part of the story.

This is a very challenging book to review accurately. The book has many fine qualities. Its best feature is that Molly Baker is terrific for finding everyday analogies for explaining basic stock market concepts. The priciness of P/E ratios is compared to women's shoes at different price levels, for example. So, if you know nothing about stocks, this book is actually a better source of explanations through analogies than any other book about investing I have ever read. However, if you know about stocks, her analogies just waste time and bulk up the book.

The day-to-day activities of the investment managers are about as interesting as watching someone do their laundry. They pretty much do the same things, over . . . and over . . . and over.

Rather than a diary-type recitation of many days, this would have been much more interesting if grouped into subject matters. That would have missed the "excitement" of the gains and losses during the year, but I doubt if too many people really care how a bunch of rich investment managers handle the stress of whether they get their three million plus for the year. I never found myself rooting for or against them.

Unless you really want to know a lot about how mutual fund managers manage your money, you will probably not find this book very interesting. And naturally, your own managers probably do it differently.

My firm does interviews with such institutional money managers every day, and we find that these people have many interesting ideas and insights. Somehow, very few of those ideas and insights made it into this book. That's a missed opportunity, for which I graded the book down one star.

On the other hand, if you know nothing about the market, and want to find out how a group of winners did it one time, you will probably love this book. For you, it is a five star book!

A library book at best...
I found this book in an airport bookstore and hoped it would make for an entertaining flight home... bad move.This book has all the elements for a truly fun read but as previous reviewers have stated is simply lacking in the execution.As a market watcher for 15 years I assumed that following a fund manager around during one of the most fascinating years in market history would translate well.But the book gives virtually no information about how industry professionals viewed these events, or even a nugget or two of new information or perception. Instead we hear streams of one-sided phone conversations and crib notes of market banter that are unintelligible even if you fully understand the jargon.If you are looking for an entertaining book about the stock market, look elsewhere.If you are considering a career in money management and want to understand the day to day drudgery, this may be useful.

Run with the Bulls While Watching the Paint Dry!
Author Molly Baker follows a top-performing mutual team around for a year, and shows you how they did it during the final six months.She gives youdiary-like details as the time unfolds.That's the book.

The essenceof their edge is that they bought Internet IPOs and stocks much moreaggressively than other, similar funds at a time when the Internet was ared-hot investment area.That's the "run with the bulls" part ofthe story.That's a reference by me to the concept that when the market ishot, you should get into the hottest part of the market (better known asmomentum investing).If you take a more conservative approach, you don'tmake the big bucks.A major part of the year's big gains versus otherfunds comes in the last few minutes of the last trading day of 1998 as AOLsurges following its addition to the S&P 500 Index.But how the teamdoes it is very repetitive and boring, even though they go through agut-wrenching drop as Russian bond failures collapse the stock market andLong Term Capital has to be rescued by the Fed.That's the "watchingthe paint dry" part of the story.

This is a very challenging bookto review accurately.The book has many fine qualities.Its best featureis that Molly Baker is terrific for finding everyday analogies forexplaining basic stock market concepts.The priciness of P/E ratios iscompared to women's shoes at different price levels, for example.So, ifyou know nothing about stocks, this book is actually a better source ofexplanations through analogies than any other book about investing I haveever read.However, if you know about stocks, her analogies just wastetime and bulk up the book.

The day-to-day activities of the investmentmanagers are about as interesting as watching someone do their laundry. They pretty much do the same things, over . . . and over . . . and over.

Rather than a diary-type recitation of many days, this would have beenmuch more interesting if grouped into subject matters.That would havemissed the "excitement" of the gains and losses during the year,but I doubt if too many people really care how a bunch of rich investmentmanagers handle the stress of whether they get their three million plus forthe year.I never found myself rooting for or against them.

Unless youreally want to know a lot about how mutual fund managers manage your money,you will probably not find this book very interesting.And naturally, yourown managers probably do it differently.

My firm does interviews withsuch institutional money managers every day, and we find that these peoplehave many interesting ideas and insights.Somehow, very few of those ideasand insights made it into this book.That's a missed opportunity, forwhich I graded the book down one star.

On the other hand, if you knownothing about the market, and want to find out how a group of winners didit one time, you will probably love this book.For you, it is a five starbook!

No adventures here, only snoozes.........
I really wanted to love this book and have been trying to figure out why I didn't; why I wanted to fling it into a pit of fire. Content-wise it told me all about Jerry to the nth degree. In a trite, trivial voice!Oh, itcould have been a contender. It could have been wonderful because thefollow-a-manager-for-a-year angle is cool. But the problem is Ms. Bakerdoesn't know how to tell an exciting story, a story with moments anddialogue and emotion. Instead, she transcribes facts!The pacing isturtle-slow, and the writer tries far too hard to be clever by sayingthings with icky cliches and similies. I wanted to take a pen and edit. I'msorry to sound harsh that's not my intention because I really think it'snot all the author's fault. The editors were asleep. Needs more white spaceand more pronouns instead of "Jerry this" and "Jerrythat." Nothing fresh, not even a bit twisted. Sigh. What was it aboutagain?

Utterly without context or insights
The idea for this book is intriguing: follow a mutual fund manager aroundevery day for a year and see what he does.The book takes place during one of the most volatile and hair-raising periods in recent stock markethistory (1998).

Unfortunately, the author of this book seems to haveturned on her tape recorder and left the room for the year, returning onlyto transcribe her notes.The events in the text unfold utterly bereft ofany real context.There is little sense of time or place and often nounderstanding of why decisions are made.Astonishingly, during a periodknown as the "Asian meltdown" the word "Asian" ismentioned only in connection with a restaurant!The writing is wooden andfull of hollow metaphors.There's no research, no insight, and no reasonto read this book.

What the book does accomplish (and this is by no meansintentional) is to portray how generally useless fund managers are since80% of the time they can't beat the market indexes.The book thus makes agreat case to invent in index funds, such as those offered by Vanguard,which simply buy the whole index and don't bother churning stocks, spendingmoney on reports, and paying people like the ones described in this turgid,lifeless book. ... Read more

Book Description

This digital document is an article from Research, published by Adams Business Media on October 1, 2004. The length of the article is 2781 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Investment tool: is the ETF poised to become the mutual fund of the 21st Century?(exchange traded fund)
Author: David Drucker
Publication: Research (Magazine/Journal)
Date: October 1, 2004
Publisher: Adams Business Media
Volume: 27Issue: 10Page: NA

Distributed by Thompson Gale ... Read more

Book Description

Managing Collective Investment Funds is designed as a practical introduction to collective investment funds and their management, drawing on the experience of the authors in both developed and emerging markets. It identifies best practice internationally, and also highlights the challenges of regulating and operating collective investment funds in new and emerging markets and explores how these can be met.

Written for practitioners and regulators new to the collective investment funds business, it explores every aspect of a fund's structure and operation: from how it is valued and priced through to the importance of its regulatory, fiscal and accounting regimes and the effect these can have on market development.

Managing Collective Investment Funds

• Provides a comprehensive overview of the collective investment fund operations
• Examines the key factors in building a successful investment fund business
• Will be beneficial to managerial level entrants in the investment fund business, its associated service providers: lawyers, accountants, administrators, custodians and trustees.

Book Description

Reviews (14)

ADVICE THAT'S WORTH A MILLION $
In some ways, it is unfortunate that a book like Millionaire is necessary. However, the personal savings rate in this country is so low (at some times even negative) that in aggregate our country faces a staggering financial crisis as the aging population nears retirement. Complex investment strategies are not what most people need. It's a simple, low-cost, sound, systematic, long-term plan for dealing with the high cost of retirement. This is what Millionaire is all about.

"Millionaire" is right on the money
Finally, I've found an investment book that speaks to me. It's easy to understand, simple to follow, and it's even got a sense of humor. I highly recommend this book to anyone who's ever wanted to learn the secret to making a fortune in the investment world without having to invest a fortune in the first place -- and without having to wade through a mass of incomprehensible financial gobbledygook.

Easy to read and informative
This is a short and simple guide to investing. It's easy to read, easy to understand and provides a straightforward plan for accruing wealth.

Lessons I wish my parents had taught me
What a wonderfully written book on how to succeed in accumulating wealth. Extremely well written. Sound advice. Excellent ideas that make perfect sense. My only regret is that this book wasn't written 30 years ago! Should be read by everyone from 25-to-60 who hasn't given serious thought to investing for retirement or for their future. My compliments to the authors.

Chicken Soup for Dummies
Was there an editor's strike in New York and nobody told us? If you're one of those people who finds the "Dummies" series of books too complex and technical, then this is the tome for you! 160 pages of homespun homily about the authors, their family and friends, lots (WAY lots!) of success/failure stories. I was midway through this (thankfully) short book before the authors approached anything of substance as far as how to set out a savings plan. But then, there's nothing here you've not read before (save money, do it now, don't give up.) Venita VanCaspel did a much better job of making invesment planning more user-friendly than this facile, rambling collection of stories of the writers' buds. Instead of an investment guide, this reads more like a gift book from a shopping mall card store. What would have made this a GREAT book? As Sargeant Joe Friday was so fond of saying: "Just the facts, ma'am." But then it would have been a "pamphlet" rather than a "book." ... Read more

Reviews (5)

This book offers perspective
This book shows a breadth of knowledge and depth of investigation that is rarely offered to the investing public. The fact that the book ends with a chapter on Further Reading indicates that the author respects the intelligence of his readers and is interested in what he is writing. A book of this quality shows by example how much junk is out there, yet the author is modest and always seeks to help the reader, not exhort. I read it after the onset of the two year bear market and in some ways, not all of the predictions have been met yet, making this book still worth your reading. The persistent heavy volume of trading in the QQQs and the recent snap back rally (5/2002)suggest that the public is seeking further punishment and the crisis is not yet matured. I hope the author rewrites it with the current changes in the market in mind: iShares, ETFs, gold and the rediscovery of the emerging market (only a rediscovery to the amnesiac). His style is intelligent and refreshing. You'll need to read it carefully, since some ideas only appear fully developed in a single passage. I couldn't put it down.

Excellent, hard-hitting, thought-provoking, wake-up call
I can't understand why this book is listed out of print. Why aren't more people demanding this book? Maybe there aren't enough investors yet who are worried about the safety of their money.

Just recently (Sept 99) a few money market funds ran into a bit of trouble - exactly the kind of trouble described in this book. Are you still assuming that your money market fund is safe and that a fixed NAV of $1 will be maintained?

The book definitely opened up my eyes to other alternatives for places to put money. Because of this book I've rediscovered alternatives like Treasury Bills and savings bonds.

However I did question the author's suggestions for a self-directed portfolio containing municipal bonds and widely held stocks. After the Orange County, California fiasco I would not consider municipal bonds. And I would question the idea of holding the same widely-held stocks that the institutional investors hold.

THIS STOCK MARKET BUBBLE WILL SOON BURST!
This is a book that should be read by anyone that considers themselves to be PRUDENT investors. When people say they are LONG-TERM investors, do they really know what they are saying? What do they mean? Do they realize that a dollar invested today may be worth 1.25 in 6 months -(due to the mania of this market) - but only worth 50 cents in 5 or 10 years? It could likely be worse than that. These mutual funds are being run by young hot shots that have no concept of doing anything but putting "money to work" (buying) due to the massive influx of money pouring in over the years. All reasonable valuation models have been trashed and "investors" have become extremely complacent because it's been so easy to "make" money. Sorry, it's not that easy or realistic! The selling will soon come in waves. Be wise and prepare youself for what will go down in history as the worst bear market ever, followed by a worldwide depression. Best of luck to all! P.S. I also recommend a book called "THE WARNING" by Joseph Granville and "THE GREAT CRASH of 1929" by John Galbraith. The parallels between then and now are too striking to ignore. So don't be one of the mindless herd.................

History's lessons are often learned the hard way...
Just as speculators were lured into joint stock companies centuries ago (e.g., Tulipomania, South Sea Bubble), and investors of all kinds were seduced by unrealistic promises of stock pools and investment trusts of the 1920s and the "Go-Go Mutual Fund Mania" of the 1960s, so too are today's savers-turned-speculators being led down a path toward financial tragedy by the "New Era", "buy-and-hold" mania that has gripped the public's imagination for the past seven years. Christensen warns investors of the pitfalls and potential disaster that awaits anyone who thinks that mutual funds are a good way to diversify against risk. Mutual funds use derivatives, borrow from one another, engage in margin speculation, and are increasingly less shareholder friendly as massive inflows of money from uninformed savers breed arrogance and abandonment of risk aversion by mostly inexperienced, starry-eyed portfolio managers under 35 years of age. When the public discovers stocks and other financial assets, the risk becomes extreme and the party is almost over. Don't be one of those caught blaming the portfolio manager, the government, or Wall Street, when the blood starts flowing and you lose your life savings in a matter of a year or two.

Well researched, historical perspective, and scary
The book presents a very thorough analysis of the stock, bond, and mutual funds market mania. Historical precedents are sagaciously compared to current trends. Though written in '93, perhaps 5 years too early, the arguments are reasonable and terrifying. Don't panic, but do reduce your risks. Read the book, and buy your own stocks and bonds. Don't give your money to possibly unscrupulous and likely risky funds. Summary: the more people and more money in the markets, the more likely a crisis. Funds are no longer as careful or as closely regulated as they were, and fund managers are too desparate to find new places to spread their money. ... Read more

Book Description

CliffsNotes: Investing in Mutual Funds is the perfect tool for anyone interested in learning more about mutual funds. With the explosion of the mutual fund phenomenon, more and more people are discovering this investment option. This book will guide the reader through the maze of the financial world.

Cliffs Notes: Investing in Mutual Funds provides expert advice on deciphering prospectuses, reading performance histories, and more. Learn about online and Internet investing options plus software and other computer tools. Features checklists and worksheets to help determine the best type of fund for your needs.

• Filled with information and expert tips and hints on how to navigate the world of mutual funds.
• Discover the different types of funds, how to read a prospectus and more!
• Features advice on which fund is best for your financial needs.
• About 66 million Americans in 37 percent of the country's households have money in mutual funds. (Dallas Morning News, March 30, 1999)

Book Description

Written by a veteran financial planner, this guide uniquely covers the statistical and non-statistical issues involved in selecting and managing a balanced portfolio of mutual funds. It explains investment policy development techniques, explores all asset classes of mutual funds, and covers the critical issues of style analysis, data interpretation and style management. ... Read more

Reviews (1)

Excellent Book For Beginners And Gurus
Managing a Portfolio of Mutual Funds is a well written, entertaining, book that will help anyone better understand money management using Mutual Funds. The book starts with an excellent section on goals and planning, in which Rutherford makes a compelling argument about why this is a critical step towards effective financial management and explains how to best complete and document the plan. He follows this with a discussion of Asset Class Portfolio Design, which is the foundation for the rest of the book. Once this introductory material is finished, Rutherford discusses various investment strategies and how to implement and monitor each of them, starting from the more basic ideas of Passive Investing and Index Funds and moving to the more complex areas of Active Investing and Manager Style Analysis. Although the amount of detail gets a bit thin once he begins the chapter on Passive Investing and the book never regains the tight, lucid arguments and explanations of the first sections, it's a first-rate book on investing with Mutual Funds and should be read by every serious investor AND portfolio manager. ... Read more

Book Description

This book describes the many benefits of index mutual funds. Yetit also provides a framework for understanding why indexing should bethe investment strategy for any investor today. This includes anexplanation of why Morningstar, Value Line, stockbrokers, investmentgurus, the financial media and others so often fail investors. The bookalso explores the role of index funds in the context of assetallocation and portfolio diversification. ... Read more

Reviews (4)

Why Index Funds Are For You
Simon clearly presents all the evidence as to why passive investing, also known as indexing, represents the best method for any investor to succeed in the market. He goes further by showing how investing in a portfolio of index funds allows the average investor to achieve both less risk and and an expectation of higher returns. Thus the investor is in tune with the precepts of Modern Portfolio Theory.

The proof is here - trying to beat the market is a loser's game. It's way against the odds and neither individual investors nor profesionals have deomonstrated any ability to beat the market on a consistent basis. Indexing provides market returns with lower costs, lower taxes, and less stress.

An Excellent Manual for the Intelligent Investor
I have spent the last three months researching index funds for purposes of writing a professional paper, and this book is by far the best source of information on the topic that I have found. But it's more than that. In making the case for index funds, Mr. Simon provides a succinct, yet intelligible, description of modern portfolio theory and its place in the world of finance.

If you are interested in subjects like portfolio theory, decision-making under conditions of uncertainty, the efficient market hypotheses, game theory, the Third Restatement of Trusts and zero sum games, and just the mention of people as diverse as Peter L. Bernstein, John C. Bogle, Warren Buffett, Alfred Cowles, III, Eugene Fama, Mario Gabelli, Elaine Gazarelli, Edward C. Halbach, Jr., Roger Ibbotson, Peter Lynch, Burton G. Malkiel, Harry Markowitz, John Neff, William F. Sharpe, and Rex Sinquefield causes you to hyperventilate, then this book is for you.

Don't let the tacky cover put you off (It would be more appropriate for "How I Went From Nothing to Being a Billionaire in Three Weeks.") This is a well-written and useful book.

In-depth coverage of Index Mutual Funds
Scott Simon's book thoroughly reviews the many advantages of index funds, and the disadvantages of actively managed mutual funds. Many of the standard arguments are presented--the cost advantage of index funds, the difficulty in picking a superior actively managed mutual fund in advance, etc. But, the author has managed to add a few wrinkles here and there. Did you know that investing in index funds can reduce your stress? Well, according to this book that is one of the more important advantages.

The book is well documented (as you would expect from a former tax lawyer). Of note is a chapter devoted to the "nuts and bolts" of index funds which gives thorough details about the operations of index mutual funds. The appendix also contains good descriptions of the major indexes.

A Compelling Study of Index Funds, A Must-Read for Investors
This book is an excellent and comprehensive study of index mutual funds. By discussing the theories behind index funds, Mr. Simon makes a compelling case as to why they are a superior investment vehicle for most, if not all, investors. In short, decreased costs and decreased risk will create, in the long run, a higher return for invetors. Specifically, Mr. Simon states that index funds will outperform conventional methods of investment (stock picking and convemtional mutual funds) due to decreased management costs and taxes. Active management strategies (again, stock picking and convemtional mutual funds) churn a lot of fees and create many taxable events. Index funds, however, mirror the market -- no such acitve stock picking is necessary. Instead of employing expensive stock pickers and research teams to choose stocks, index funds use mathematical formulas to mirror the index. Instead of constantly buying and selling stock (and creating taxable events), index funds buy and hold. Therefore, there is an inherent cost advanatage in index funds. This cost advantage is especially significant when compounded over the long term. Also, because an index fund is more diversified that a typical portfolio or fund, the risk is lessened, thereby increasing overall performance. The book cites numerous studies and invokes Nobel laureates to support this diversification theory. A stock picker may have some big winners, but on average his losers will make him underperfrom the index, especially when the increased costs and taxes are taken into account. The book documents how some of the greatest investment success stories in recent years inevitably, over the long run, "regress to the mean" (i.e., fall back to the average). The logical and restrained message of this book sets it apart from many other investment books. These books promise results based on investment strategies that are risky or difficult at best and foolish at worst. Mr. Simon's stategies are simple, solid, and proven. In fact, the book cites numerous examples of major pension funds and companies now utilizing index funds. The book also displays a healthy skepticism for the traditional investment information delivery system, and shows why it is not in the best interest of the investment community to promote index funds. Compared to other books and articles on the market, this book is an extremely comprehensive, even scholarly, treatment of index funds. This book should be read by all would-be investors -- before putting any money into the stock market. ... Read more

Book Description

Written by nationally recognized fund expert Kirk Kazanjian, this comprehensive and accessible guide has been pointing investors in the right direction for over four years.

The 2004 edition has been thoroughly revised for the year ahead, providing clear, practical advice on finding the right funds, choosing the best discount broker, and building a solid portfolio. The book also features updated performance data for more than 10,000 funds, compiled by the Value Line Mutual Fund Survey. Timely, targeted, and boasting a proven track record, Mutual Fund Investor’s Guide 2004 is an invaluable tool for investors of every income and experience level. ... Read more

Reviews (1)

Best Guide to Funds
This is by far the best mutual fund investment guide on the market today. It's packed with timely information on choosing funds, and includes complete profiles on 100 of the year's top stock and bond funds, based on various rankings. The book is well-written and easy to read, even for absolute beginners. I highly recommend it. ... Read more

Reviews (1)

Fast Read Investing is a Fast Learning Experience
I found this book to be extremely helpful in explaining (in simple easy-to-understand terms) the basics of stocks, mutual funds and bonds. To get someone up to speed quickly this is the book for you! A lot of valuable information is packed into this inexpensive little book. ... Read more

Book Description

A NEW WAY TO BUY MUTUAL FUNDS

This indispensable strategy guide will show you how to start picking the mutual funds that are right for your specific needs, now. It provides basic, well-grounded fundamentals on selection and management. It enumerates the critical importance of asset allocation and risk management, the importance of minimized costs and taxes, and even the psychological hurdles that can undo the soundest of investment plans. Whether you’re actively trading or interested in simply building a secure portfolio that can run on autopilot, J.K. Lasser’s Pick Winning Mutual Funds will guide you toward achieving your financial goals.

Critical coverage will help you:

• Take control of your investments by making the laws of probability work for you
• Stop making the average investor’s mistakes by picking funds that will increase your returns
• Decide when to use index or actively managed funds
• Add new funds to your portfolio to outperform funds with long track records
• Profit from the huge increase in services and the information that technology provides

Reviews (3)

Plan your investments wisely
JK Lasser's Guide To Mutual Fund Investing is a "must have" for anyone like me who is trying to decide how to invest their 401k/403b. It explains"new" funds, convertible and REIT funds, and the difference between index funds and managed funds and when to use them. This book will help you avoid some of the mistakes that trip up the average investor. Before I read this, I didn't realize how badly the average investor does.  

This book helps take the mystery out of mutual fund investing. In my case, (investing for retirement), I'm trying to create a portfolio that is balanced, diversified, and smart. This book has given me the tools I need to make the right choices. The book is well written and the topics it covers are clearly presented. It was an enjoyable read (surprising!). I HIGHLY recommend this book.

Pick Winning Mutual Funds
Great investment guide and resource book--well written and very understandable. I wish I had a resource like this 25 years ago. Read this book to understand the reasoning behind indexing, why your portfolio should be balanced in the ways described, and to learn about the new fund effect as an effective way to maximize investment gains. Also learn about convertibles, REITs and other interesting and little understood investment topics.

Pick Winning Mutual Funds
....As a thirty five year professional in the investment industry, I found this book, Pick Winning Mutual Funds, written by the same authors who wrote Winning with Index Funds, a very valuable book for anyone, like a seasoned professional such as myself, to a first time investor.I wish a book like this had been available when I started in the investment business in 1964. These two authors broke new ground again.This is the first book that acually explaines how one can go about finding the right funds that fit their protfolio.It also shows how to stop paying high up front sale charges and excessive annual fees. The well researched book is full of information I've never come across before--like how to reduce risk and where to get good on-line information about funds. And, one of the most important things I learned was when to use index funds(and which ones) and when to use managed funds. It's a great book for someone who is trying to figure out which mutual fund in which to invest... ...........I strongly recommed it..!!!

Rich Ames ... Read more

Book Description

Investing through mutual funds offers many investing advantages for novices and experts alike. But there are also aspects that, if misunderstood, can whittle away at your earnings. In Mutual Fund Investing, the information you need is organized into short, clear explanations to help you make sense of a world that was once simple but has grown increasingly complex. This book explains the most important concepts, breaks them down into manageable parts, and provides the insights and tools to use your money to its fullest potential while managing the risks. Smart tips help you avoid pitfalls and take advantage of the opportunities. Increased interest in do-it-yourself money management is a defining trend of our modern world, and the DK Essential Finance series provides the perfect personal finance library to help take advantage of this phenomenon. These outstanding guides provide a practical and impartial resource to guide you through important financial decisions. Useful questionnaires pinpoint one's financial status while easy-to-use charts and graphs help track cash flow, cut through the complexities of financial lingo, and gain the confidence needed to build real financial security. Readers can learn to invest online, live debt free, plan for retirement, or pay for a child's education. ... Read more

Reviews (1)

What is a Mutual Fund?
Mutual Fund Investing can be used to your advantage. Here you will find quick tips that will provide insights into how you can spot opportunities and protect yourself from risks. Charts and flow diagrams provide quick insights. Buying, selling, net asset value, stocks, bonds, fees, risks and rewards are all considered.

So, what makes various mutual funds different?: How does a mutual fund work?

Whether you are just starting out or want to know more about evaluating a mutual fund, you will find this to be a quick reference. Since there are over 10,000 mutual funds managing over seven trillion dollars in investments for over two hundred million accounts, understanding them will take you a long way on the road to your own success.

Learn more about Money Market Funds, Stock Funds, Bond Funds, Balanced Funds, Tax-Related Funds, Index Funds, Foreign funds and other types and soon you will view the financial news with a more informed outlook.

If you enjoy reading this book, you might want to look up other books in this series. Online Investing, Investing in High Tech, and Investing Basics are other helpful books in the Essential Finance series. ... Read more

Reviews (1)

a few thoughts
NOTE:the editorial reviews by the library journal and book list, above, don't apply to this book - wrong book, they're for another book, ie they're in the wrong place.

Ok, on to the "Winning in Mutual Funds" by Jay Schabacker.

- Half of the book is out of date.It has data on Funds at the time it was written.

- The other half is just outstanding, and makes the book a worthwile read.

- It includes a 'market riskometer' (my term) which is very fine indeed.As close to a the nutshell as you can get and still be eminently usuable.Makes the book worthwile all by itself.

- Also includes a cogent explanation of the business cycle, which again, makes the book a worthwile buy all on it's on own.I've never seen the business cycle explained in such an easily acquirable way.Not only that, but for the budding market timer it is the bee's knees or the cat's meow, if you prefer.Puts you on top of the macro economic picture in a couple of hours of reading.

- Both the cycle and and the riskometer can be used to time the market, by themselves or in combo.Again, great stuff.

- Portfolio allocation:There are a couple of questionaires which, should you take them, will allow you to construct your portfolio allocation.Again, great stuff.Easier on the eye, and more comprehensive than, say MorningStar, etc, or similiar online venues.Although one will need to use something of the sort to pick individual funds, since as i mentioned previously, the individual fund data is out of date.

Overall, this is a book for those that might find asset allocation attractive, a proven concept as it's been found to be more than 60% of gains as opposed to stock picking which tends to be around 20% of gains.You'll find the book interesting if you believe in market timing, a concept that has not been proven but on the face of it seems eminently sensible.You'll find the book interesting if you want to invest when risk is lowest and be less invested when risk may be highest,oddly enough a contrarian concept.Here I don't know what the consensus is, but being less invested when the risk is highest will limit downside, on the other hand it can definitely limit upside should a bull occur and one is partially on the sidelines.

Read the book, well worth time and treasure.I recommend it.There are hundres of books you can skip, but read this one and you'll be one step ahead. ... Read more

Book Description

This book is designed specifically to teach you the secrets of mutual fund investing.It includes the basics of wealth creation, along with an extensive analysis of how to manage risk and market cycles, and how to pick only the best funds. ... Read more

Reviews (1)

Best book of its kind
I read this book some years ago on the recommendation of some online friends. I must say if you are a mutual fund investor and want to get better at it, this is a great book to learn from. Some of the benchmarks are dated but the general ideas are not. Additionally, the section on appropriate investment selections based on economic cycles is itself worth the purchase of the book.

Happy investing. ... Read more

Book Description

THE ASTUTE INVESTOR Building Wealth with No-Load MutualFunds

Most of us are too busy to sit and watch stock prices go upand down.Unfortunately, that also means that many of us don't havemuch confidence when it comes to putting our hard-earned cash to workfor us.Everyone wants to build wealth.But how can you do itsafely?

Now investors at all levels of expertise have alogic-based, easy-to-follow system for establishing and achieving theirfinancial goals.Specifically, The Astute Investor shows anyone how tobuild wealth using no-load mutual funds (professionally managed fundsthat do not carry a sales charge).The book provides a guide toinitially choosing high-quality funds and making periodic adjustmentsto a portfolio to assure that goals are reached.Readers learnto:

** analyze their present financial situations and set up plansthat provide funding for future needs, like buying a home, collegeexpenses, and retirement **allocate their assets wisely amongequities, fixed income securities, and cash reserves **use threesimple tools that provide all the research needed **select a smallnumber of funds to achieve diversification, a tolerable level of risk,and good return on investment **minimize their income tax anddetermine how much to invest each monthFor everyone who wants asecure, sensible approach to investing, this book is the bestinvestment of all.

C. TODD CONOVER (Los Altos, CA) was Comptrollerof the Currency during the Reagan administration.He is president ofThe Vantage Company, which helps clients in the financial servicesindustry with strategy, marketing, and profit improvement.Previously,he worked with Edgar, Dunn & Company (where he was a founding partner),McKinsey & Company, and KPMG Peat Marwick (where he was nationaldirector of bank consulting). ... Read more

Reviews (4)

Excellent for do-it-yourself investors!
I read a lot of books and articles on personal finance and investing - this book is one of the best I have read and acted on....the author really motivates you to plan your portfolio...and he sure has a lucid way to make it look easy. If you're committed to getting a sense of your financial life and want to build a comprehensive investment portfolio, get this book!

VWS review of Conover's Astute Investing
This book provides the most systematic approach to investing I havc encountered. Its step-by-step approach walks one through the process from establishment of investment objectives through examination of investment alternatives and the selection of funds based on meaningful criteria. Very well presented, and most certainly highly recommended!

This is a user-friendly comprehensive book for investors
I thought I knew how to select a mutual fund and to diversify my portfolio before I read this book. Now I have adjustments to make. Conover gives valuable tables of criteria for bonds and funds, which I copied for personal use, and he offers his own slightly-outdated top picks. This is a must read for unsure investors with any investing horizon!

An excellent step-by-step guide to investing
A terrific book for anyone trying to gain a better understanding of investments and how to prepare for the major financial events in life. Conover combines common sense with specific advice about which mutual funds to buy and how to create a personalized financial game plan. Very readable and concise. ... Read more