kaal:claim:2811729-031

The broad investment authority of unconstrained mutual fund managers exposes retail investors to fluid trading and investing patterns that the average retail investor is unlikely to sufficiently appreciate, regardless of the nature and quantum of disclosure, so additional disclosure cannot close the gap.

This broad investment authority exposes retail UMF investors to fluid trading and investing patterns and behaviors that the "average" retail investor is unlikely to sufficiently appreciate, regardless of the nature and quantum of disclosure to the investor regarding the fund's trading and holdings.

Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016), V. Policy Implications, p. 50
https://ssrn.com/abstract=2811729 · source PDF

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

• retail investors in funds whose managers hold broad go anywhere authority

failuresupport: arguedfailure: Disclosure saturation does not produce understandingfamily: disclosure-ineffectivenessdisclosure

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