The Mutual Fund Business (2nd Edition)

Rating:
Summary: Excellent Introductory Textbook
Review: Bob Pozen's book is a carefully written introduction to the mutual fund industry. The book is particularly helpful in understanding the institutional aspect of the industry. The cases are an invaluable source for in-class discussion.

Rating:
Summary: Like watching paint dry
Review: Pozen is the man ... Bob revived Fidelity from its post-Peter Lynch slump and bridged the gap between Ned and Abbey; really admirable.

And Fidelity, of course, is the company ... the genius creation of a single man that changed the course of financial history and helped the United States achieve worldwide financial dominance.

... but, I am very sorry to report, this is not the book.

I have lived in this industry for my whole career; I am passionately interested in the whole field, so I come to this book with great anticipation; unrequited.

It will sit, unread, on your shelf because it is, simply, dull.

Rating:
Summary: Pozen's 2nd edition (blue cover) is best mutual fund book
Review: The great thing about Pozen's book is that it clarifies a lot of difficult subjects in the mutual fund area. The book is comprehensive but it is especially good on thoroughly demystifying:
(1) The different channels of distribution of mutual funds (direct, captured brokerage, independent brokerage, investment advisors, 401-k, etc.)
(2) The different service providers for each mutual fund (investment advisor, transfer agent, underwriter, distributors, accountant, etc.)
(3) The different types of mutual funds (investment styles, classes A, B, C, R, I,etc., fee structures -- 12b-1, fund end, back end, etc.)
(4) The structure and operation of mutual fund complexes
(5) The structure of the whole industry (incentives of different players, valuation of mutual fund complexes, etc.)
(6) Regulation and taxation.

These subjects are opaque to even long term observers of the mutual fund industry. But Pozen is uniquely positioned to write a clarifying book like this because he is a Phd in Economics, a career finance industry lawyer and the ex-head of Fidelity.

Pozen's book is the best so far on mutual funds. Its only close rival is Lee Gremillion's excellent book 'A Purely American Invention', but read Pozen's book first. Pozen's writing is clear, thought provoking and covers all facets of mutual funds as products and as an industry.

I am a Finance Professor at Dartmouth College and I teach and research mutual funds. I unreservedly commend this second edition of Pozen's book to anyone who wants a deep understanding of the mutual fund industry.

Rating:
Summary: Pozen's 2nd edition (blue cover) is best mutual fund book
Review: The great thing about Pozen's book is that it clarifies a lot of difficult subjects in the mutual fund area. The book is comprehensive but it is especially good on thoroughly demystifying:
(1) The different channels of distribution of mutual funds (direct, captured brokerage, independent brokerage, investment advisors, 401-k, etc.)
(2) The different service providers for each mutual fund (investment advisor, transfer agent, underwriter, distributors, accountant, etc.)
(3) The different types of mutual funds (investment styles, classes A, B, C, R, I,etc., fee structures -- 12b-1, fund end, back end, etc.)
(4) The structure and operation of mutual fund complexes
(5) The structure of the whole industry (incentives of different players, valuation of mutual fund complexes, etc.)
(6) Regulation and taxation.

These subjects are opaque to even long term observers of the mutual fund industry. But Pozen is uniquely positioned to write a clarifying book like this because he is a Phd in Economics, a career finance industry lawyer and the ex-head of Fidelity.

Pozen's book is the best so far on mutual funds. Its only close rival is Lee Gremillion's excellent book 'A Purely American Invention', but read Pozen's book first. Pozen's writing is clear, thought provoking and covers all facets of mutual funds as products and as an industry.

I am a Finance Professor at Dartmouth College and I teach and research mutual funds. I unreservedly commend this second edition of Pozen's book to anyone who wants a deep understanding of the mutual fund industry.

Rating:
Summary: The Mutual Fund Business
Review: This book is carefully written by the former vice chairman of Fidelity Investments who had responsibility for $1 trillion in assets and now serves as the Lecturer at Harvard University, Kennedy School. With useful case study at the end of each chapter, this book covers all aspects of mutual fund business in terms of portfolio management, brokerage transactions, and its financial dynamics etc. both in the domestic and international contexts, featuring the trend in the past as well as near term future. I strongly recommend this book for everyone who seeks not only mutual fund business but also i-banking and other financial sector.

Rating:
Summary: An authoritative and complete text on mutual funds
Review: This version of The Mutual Fund Business is excellent. It not only gives a complete and thorough overview of the business as a whole, but also provides detailed case studies and quantitative exercises to supplement each chapter. Whether looking at the business from the viewpoint of regulation or investment, there is ample information providing a detailed look at both aspects. I especially liked the detail discussing the measurement of fund performance through the analysis of peer groups and indexes. The introductory chapters are excellent for a general overview and the later chapters touch on every aspect of the business, including servicing of shareholders and advertising. The discussion of retirment accounts and the mutual fund business is very interesting and is up to date with the new legislation being passed. The readings and "callout boxes" in each chapter are a great asset in supplementing the information provided in the chapters. ...