# kaal:claim:2811729-030

**Claim.** It is questionable whether retail investors typically have the experience or training to fully appreciate the risks disclosed in unconstrained mutual fund prospectuses.

**Type.** failure  **Support.** argued

**Holds when.**

- average retail investors reading unconstrained fund prospectuses

**Source quote.**

> First, it is questionable whether retail investors typically have the experience or training to fully appreciate the risks disclosed in UMF prospectuses.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), V. Policy Implications, page 48

**Cite as.** Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

**Verify.** sha256 of source PDF `0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Anderson%20-%202016%20-%20Unconstrained%20Mutual%20Funds%20and%20Retail%20Investor%20Protection.pdf

**Failure mode.** Comprehension gap  (family: disclosure-ineffectiveness)

**Topics.** disclosure, securities-law

**Keywords.** investor-comprehension, disclosure, retail-investors, prospectus

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