Author: Donald J. Christensen
Series: The Secrets of the Great Investors Series
Narrator: Louis Rukeyser
Unabridged: 2 hr 49 min
Format: Digital Audiobook
Publisher: Blackstone Audiobooks
Published: 02/10/2006
Genre: Business & Economics
Money managers have served pharaohs, kings, emperors, popes, and merchant traders and now are available to average investors. One of the most significant modern developments in money management was the creation of the Prudent Man Rule in 1830, setting a standard that managers must conduct themselves honestly and discreetly and carefully. A major distinction between types of money managers is between the passthrough intermediary, who bears no risk on the clients behalf, vs. the risktaking intermediary, who guarantees certain results and pays the consequences for nonperformance. Among the important money management concepts discussed in this overview are Market Portfolio Theory; beta measurements of volatility; Capital Asset Pricing Model; Random Walk / Efficient Market Theory; and passive management / index investing. Also discussed is how to select a money manager, including a selfassessment of risk tolerance and an emphasis on clear communication. Mutual funds were born in America in 1924, with the incorporation of the Massachusetts Investors Trust. Combining the features of professional management and portfolio diversification, mutual funds grew in popularity among small investors looking for convenient access to different investment markets. In the 1970s, the advent of the noload mutual fund changed things forever. By 1990, there was more money in mutual funds than in savings institutions; by 1996, there were more mutual funds than stocks on the New York Stock Exchange. Great mutual fund pioneers have included T. Rowe Price, John Templeton, John Neff, Peter Lynch, and Howard Stein.
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