MUTUAL FUND MAVERICK DAN CALABRIA AUTHORS "MUTUAL FUNDS TODAY: WHO'S WATCHING YOUR MONEY?" A Guide for the Investor and A Wake Up Call for Mutual Fund Directors. The author is a proponent of mutual funds but is both concerned for investors whose knowledge of funds is frequently minimal, and concerned with the practices of fund directors, who are supposed to represent the shareholders' best interests. After a 42 year career in the fund industry he is no longer affiliated with any fund company, and no longer constrained from expressing his long held "maverick" views. The book is directed at two different types of reader. For the 94 million mutual fund shareholders who need to understand their investments better, he explains: • What is a mutual fund? How does it work? • Who should invest in mutual funds? • How do you pick a fund or review one you currently own? In clear, concise terms, he explains the different kinds of funds, how to evaluate performance results and offers a glossary of key mutual fund terms. In the second part of the book, the author addresses the conflicts of interest and areas of mismanagement he sees in the way mutual fund directors work. For example, investors pay many expenses that don't benefit them, like 12b-1 fees for marketing the funds to new investors. Mr. Calabria is also critical of independent directors, some of whom he feels are overpaid and are more focused on protecting the interests of the advisors, instead of the shareholders. He recommends a required Continuing Education Program designed for sitting directors to learn/understand their responsibilities and obligations to the fund shareholders they are paid to serve. He also feels strongly that directors should not be allowed to set their own compensation without shareholder approval, and should stand for election every year at an annual shareholder meeting - a practice that has all but disappeared in this "enlightened" age.
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2 of 3 people found the following review helpful:
5.0 out of 5 stars
Finally, a mutual fund book that helps investors,
By
This review is from: Mutual Funds Today- Who's Watching YOUR Money? (Paperback)
Mr. Dan Calabria gives investors or new investors an expert insider's look at what is happening in the mutual fund industry. Mr. Calabria makes it clear that investing with mutual funds can be an intelligent choice, but the investor must be aware of costs and performance. He takes you on his personal journey of over 40 years of experience in different aspects of the industry including marketing, management, director and CEO of one of the largest mutual funds in the world.
The guide helps current investors and would be investors understand the decisions that must be made to appropriately select a mutual fund to meet personal objectives. The historic references illustrate that there are those that manage mutual fund do have the vision and expertise to make excellent long term investment selections. The patient investor who selected well-seasoned mutual funds has been rewarded handsomely over the years. He points out there are too many funds and the investors have quite a challenge to wade through the inventory to find the best for meeting their objectives. Part II takes you through the process of selection and understanding what is being offered by the mutual fund companies. He provides the names, phone numbers and websites of the larger mutual funds. Mr. Calabria holds no punches in defining the role of annuities and the high fees some funds charge their shareholders. An important message addresses the role of lawyers and Fund Directors exposing their fees and obligations. It is a wakeup call to the public and the industry because there are abuses taking place that need to be rectified. For the investor and those that provide mutual funds to the public, Mutual Funds Today is a must read. SHA
1 of 2 people found the following review helpful:
5.0 out of 5 stars
Mutual Funds Today hits the nail on the head,
By The Fund Guy (Denver, CO) - See all my reviews
This review is from: Mutual Funds Today- Who's Watching YOUR Money? (Paperback)
"Mutual Funds Today...Who's Watching Your Money" is a must read for fund investors and anyone looking to build an investment portfolio. The book breaks down the complexity of mutual funds in an easy-to-read manner that should help even the most knowledgeable investor. The book further provides practical time-tested financial advice with a convincing discussion of the potential dangers of annuities. I also liked the section on fund pioneers Leon Levy, John Templeton, and John C. Bogle, and can certainly see how their investment principles are as true today as they were in the past.
The second part of the book is a timely assessment of the current state of the fund industry, and offers reasonable suggestions that should be addressed by industry leaders and trade organizations. It is important to note that the author has over 40 years industry experience, and his book taps into this experience as to what has worked well and what needs to change. In particular, Mr. Calabria discusses potential abuses in 12b-1 distribution fees, thoughts on fund governance, including plans for improving oversight by fund directors, and the "ancient" practice of loading up shareholders with paper in the delivery of annual reports. The bottom line is that each of the book's recommendations is beneficial to fund shareholders, and could very well initiate common sense reform.
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