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A Purely American Invention: The U.S. Open-End Mutual Fund Industry Paperback – November 27, 2000

ISBN-13: 978-0970584502 ISBN-10: 0970584504

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Product Details

  • Paperback: 365 pages
  • Publisher: Natl Investment Co Service Co (November 27, 2000)
  • Language: English
  • ISBN-10: 0970584504
  • ISBN-13: 978-0970584502
  • Product Dimensions: 8.9 x 7.5 x 0.9 inches
  • Shipping Weight: 1.4 pounds
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Best Sellers Rank: #1,726,561 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Lee Gremillion is a partner with PricwaterhouseCoopers LLP, where he leads the Investment Management and Securities Operations consulting group in the Midwest. His practice focuses on operations and systems within investment industry organizations such as mutual funds, insurance companies, investment managers, pension administrators, and banks. He earned a doctoral degree from the Harvard Business School, and has been a professor of Management Information Systems at Indiana University and Boston University. Prior to joining PricewaterhouseCoopers, he worked for IBM and The Colonial Group. Dr. Gremillion has been an active member of NICSA for almost ten years.

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Most Helpful Customer Reviews

18 of 19 people found the following review helpful By A Customer on December 27, 2000
Format: Paperback
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.
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5 of 6 people found the following review helpful By A Customer on December 14, 2000
Format: Paperback
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!
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4 of 5 people found the following review helpful By April Lawhon on December 18, 2000
Format: Paperback
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.
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2 of 3 people found the following review helpful By A Customer on September 19, 2003
Format: Paperback
Must reading to learn the ins and outs of the industry .
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1 of 2 people found the following review helpful By April Lawhon on December 16, 2000
Format: Paperback
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.
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