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Article Excerpt
The financial world has been reeling recently from one scandalous situation to another--Enron, WorldCom, HealthSouth, you name it. Investors, faced with questionable financial statements and falling markets, ran from individual stocks and headed to mutual funds, looking for safe havens. Their logic was one of safety in numbers.
With a mutual fund, you get instant diversification. Each fund owns many securities, be it bonds, stocks, etc. One may be a lemon, but there may be protection by owning a big basket of investments. Besides, mutual funds are supposed to give you access to expert stock and bond pickers. They are supposed to make it easier to be "in the market." Also, most company retirement plans are made up of sets of mutual funds. With more than 10,000 to choose from, this looked like a good deal.
Can't stand the heat in the kitchen? Let the mutual fund managers do the cooking.
And cook they did!
Just when it looked like it was safe to venture back in, the famous Eliot Spitzer, New York's zealous attorney general,...
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