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Empire of the Fund: The Way We Save Now
Ebook Download Empire of the Fund: The Way We Save Now
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Review
"...a cautionary tale about the dangers of misaligned incentives and how the ordinary investor can navigate around them. It thus makes for both required and entertaining reading for the practitioner, the policymaker, and the regulator." -- Financial Analysts Journal "A lively new book critical of our flawed system of saving" -- New York Times "Investors who bear the responsibility of building their own pension pot need to understand the huge impact that charges can have. Reading Mr. Birdthistle's book would be a very good place to start." -- The Economist "A sort of "buyer beware" manual for your nest egg" -- Time, Money"Birdthistle does a masterful job of explaining mutual funds" -- Washington Post"Birdthistle writes for two audiences in this engaging, well-written volume. The majority of the text focuses on the nuts and bolts of mutual funds. By clearly explaining the incentive structure facing mutual fund advisers, especially the incentives that work against individual investors, he gives readers information they can use to better ensure their retirement savings are more secure. The second audience is policy makers, as Birdthistle concludes with several recommendations for mutual fund regulation. His goal is to improve the current state of affairs to ensure that massive bailouts of retirees are not necessary in the future." -- Choice"The mutual fund industry has been the prime beneficiary of the radical change in our nation's retirement system during the past quarter century. But funds are afflicted by diseases and disorders, by faults and foibles, brilliantly catalogued in Empire of the Fund. No investor can afford to ignore the message of this book: educate yourself and gain financial literacy." -- John C. Bogle, Founder of the Vanguard Group"Empire of the Fund is a clear-eyed look at the problems and scandals that have beset the mutual fund industry-the very industry Americans trust to ensure our financial futures. And Birdthistle has a plan for reforming how we save." -- Bethany McLean, author of The Smartest Guys in the Room and All the Devils Are Here"Empire of the Fund is interesting, understandable to the non-professional, and delightful reading. The discussion is laced with humor, anecdotes derived from court cases, and lessons that become obvious. If anyone had doubts that investments can be explained accurately in a non-simplistic way, this book has dispelled these doubts." --Tamar Frankel, Professor of Law, Boston University School of Law"William Birdthistle is not only one of the leading experts on mutual funds-he is also a superb writer. His sharp wit and science-driven wisdom glide elegantly across the page as he teaches investors how to make sense of America's most common-and most baffling-investment vehicles." -- John Morley, Associate Professor of Law, Yale Law School "It's hard to believe the phrases 'entertainingly written' and 'mutual funds' go in the same sentence, but William Birdthistle manages this feat in Empire of the Fund. An urgent must read for anyone interested in retirement policy, investment history and how it all went wrong for so many Americans." -- Helaine Olen, author of Pound Foolish and The Index Card"In Empire of the Fund, Birdthistle colorfully traces the history of problems with mutual funds, and he explains the potential benefits and drawbacks of alternatives. His recommendations for strengthening mutual funds are provocative and tightly argued, and include both financial licensing requirements and more rigorous enforcement. This book is a must-read for anyone who wants to understand the dangers-and potential benefits-in this important part of the financial markets." -- Frank Partnoy, George E. Barrett Professor of Law and Finance, University of San Diego"Empire of the Fund provides an engaging, thorough review of the mysterious multi-trillion dollar mutual fund industry. Leading investment law expert, Birdthistle diagnoses what's ailing our funds and how we can heal them. This book provides a necessary first step to improve financial literacy so investors have the knowledge and tools to secure better options for their retirement savings." -- Jennifer Taub, Vermont Law School and author of Other People's Houses
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About the Author
William Birdthistle is a Professor of Law at Chicago-Kent College of Law, where he specializes in investment funds and corporate law. Previously, he served as a law clerk to the Honorable Diarmuid F. O'Scannlain of the U.S. Court of Appeals for the Ninth Circuit and practiced law at Ropes & Gray LLP. Birdthistle was born in Cork, Ireland and raised in Libya and Malaysia. He came the United States to attend Duke University and Harvard Law School, where he served as managing editor of the Harvard Law Review. Birdthistle lives in Chicago with his wife and children.
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Product details
Hardcover: 264 pages
Publisher: Oxford University Press; 1 edition (June 29, 2016)
Language: English
ISBN-10: 9780199398560
ISBN-13: 978-0199398560
ASIN: 0199398569
Product Dimensions:
9.2 x 0.9 x 6.4 inches
Shipping Weight: 1 pounds (View shipping rates and policies)
Average Customer Review:
4.6 out of 5 stars
42 customer reviews
Amazon Best Sellers Rank:
#666,456 in Books (See Top 100 in Books)
Birdthistle’s captivating book would be of interest to anyone concerned about their financial security in retirement. Grabbing your attention from the onset, his introductory message is that socioeconomic development has reached the point where “we†are increasingly more responsible for our financial lives; governments and company employers will do less for you. This fact is reflected in the demises of pension plans and the exponential expansion of mutual funds retirement accounts (401 & IRAs); the vehicle used by the vast majority of people savings for the future. Birdthistle dissects the mutual fund retirement account to provide insight into the extra-ordinary yields for the advisors ($100 billion/year). Clearly, the investor must be aware of the hidden fees, all of which come from the investors profits and provide little if any benefit. If you think your funds are “managedâ€, think again. The inverse relationship between management fees and performance is an important wake up call. The annual profits of the advisor have widely surpassed the performance of the average mutual fund investor! The discussions on the legislative safeguards which have developed for the investor are particularly interesting and underscore the absolute necessity for federal oversight of the mutual fund industry. Birdthistle describes the differences between classes of funds and other investment packages such as money market accounts and exchange traded funds, then provides sound guidance to the investor in choosing between them. His clever use of metaphors makes the reading more enjoyable and understandable. The information is framed against the 2008 collapse of the financial market and as such, serves as a sober reminder of the perils facing all retirees and retirement account investors and the critical role of our government to protect us. The motive of administrators and advisors (despite the fiduciary responsibility of the latter) is to profit using our hard earned money. “Americans …need…more transparency from financial firms…and stronger enforcement…of the regulations that govern them. If Americans turn out to be inexpert at saving…great swaths… could become destitute in their most vulnerable years.†Talk about a wakeup call! Mr. Birdthistle, I thank you for your contribution and hope you do profit from your book! I vote to introduce the book in high schools and introductory college economic classes.
The book was well written and had an interesting, somewhat dry sense of humor. It clearly and logically presented issues related to how investors can lose their financial resources both directly and indirectly. What I found missing, however, was any assessment with regards to the severity of the problem, i.e., he provides anecdotal information but does not give the reader any quantitative assessment as to how prevalent a problem may be. If the problem is 1 in 50,000 that's a risk but not necessarily a high, relative risk; if the problem is 1 in every 3 mutual funds....it's a much higher risk. Such information would have been useful to further help put the issues in better perspective. His recommendations appeared to be an add-on to the rest of a well thought out and presented book. Specially appreciated having the references.
Birdthistle is a bit of a disappointment. I expected more from an academic and a lawyer in the field. It's rather half baked anecdotes and incomplete thoughts. For example, the "history" begins - and ends - in the Netherlands in the 1600's with no mention of the 40 Act or any 19th or 20th century events. The book seems to have been written hurriedly, as a thin attempt to scare you out of traditional funds into his investment ideas. He could have done a far better job of convincing me if he'd written a decently thought out book.
This is the best book I have yet to find that explains the organizational structure of mutual funds. It is easy to understand, yet comprehensive and advanced enough folks with an advanced finance degree such as myself. If you want to understand the very complex structure of mutual fund families I highly recommend this book. It is better than any textbook on the market.
Going through this book was a real pleasure. It is easy to understand and the chapters are not too long, and not going too deep in details, but covering enough substance for any beginner to get an introductory level of how the mutual funds, hedge funds, pensions funds, 401(k) and other "saving instruments" work in the US. If you want to take your time and look more deeply for the concept, some research might help you to get the points you really want to focus on, but you with this book you will get a knowledge that will allow you to shine in any private event, while exposing what you learn in it.I totally recommend
This was a very easy to read book on a subject not easily explained. I purchased it because I was concerned my 401(k) investment wasn't going to fulfill my needs. I am approached by investment managers eager to get compensation for changing my investment decisions. Turns out I am right, my account isn't pulling its weight . It also turns out, I can now invest more wisely myself after reading this book. You should read before deciding to take someone else's advice.
Birdthistle offers an easy-to-read guide to the investment fund industry and the way we save now. The title is very fitting. It is a refreshing look into the investment industry and written for the average individual. We all need to focus on retiring and this book is almost a step-by-step map to help you avoid the pitfalls of obscurity in the financial world. If you want to save for your retirement, then this is a good book to read to help you better navigate the landscape. Sobering read and great information, highly recommend.
This book provided an in depth look into the mutual fund industry, specifically the lesser known, and not easily pulled out of a prospectus aspects. I thought I had a general sense of the inter workings of mutual fund advisors, but have certainly learned a great deal through reading this book. Not a basic personal finance book in any sense, but relative ease of read for those not financially savvy.
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