The Fund Industry: How Your Money Is Managed
"The authors have done a fabulous job in explaining all aspects of mutual funds in a cohesive, reader-friendly work. With over 90 million investors entrusting over $11 trillion to mutual funds and assuming more responsibility for their retirement, this book is quite timely. It should be required reading for all investors."
--Andrew J. Donohue, former Director, Division of Investment Management, U.S. Securities and Exchange Commission
"This book will greatly enhance your understanding of the fund industry. It describes how money is managed, how portfolios are constructed, and how valuations are established; it provides tools to help you research and compare funds, looking at their performance, risk and expenses, and it discusses the growing importance of funds around the globe. It's rare to find so much useful information in a single book."
--Mohamed A. El-Erian, CEO and co-CIO of PIMCO; author of When Markets Collide
"Don't sit back and assume that someone else is managing your money properly. Take the time to learn about money managers' incentives and the structures within which they operate--and use this to guide your thinking about whom you should trust and on what basis. I only wish we had such transparent and honest operating instructions for the rest of the financial system."
--Simon Johnson, coauthor of 13 Bankers; Professor, MIT Sloan School of Management
"This is a great book--written with informed knowledge and insight, but also with grace and style. It is a must-read for anyone interested in the fund industry in Asia, Europe, and the United States."
--Lord Myners, Former UK Treasury Minister
"Just as veteran stock fund managers prize their tattered copies of Ben Graham and David Dodd's Security Analysis, coming generations of fund industry leaders will cling to this essential text. There's no other book that gives readers such a thorough overview of how the fund industry operates, its evolution, its regulation, and what makes it tick."
--From the Foreword by Don Phillips, Managing Director, Morningstar, Inc.