# kaal:claim:2811729-034

**Claim.** A retail investor's experience investing in traditional mutual funds is likely to be a poor indicator of whether that investor will understand the risks of investing in an unconstrained mutual fund.

**Type.** failure  **Support.** evidenced

**Holds when.**

- retail investors extrapolating from prior traditional mutual fund experience

**Source quote.**

> Accordingly, retail investors' experience investing in "traditional" mutual funds is likely to be a poor indicator of whether a retail investor will understand the risks associated with investing in a UMF.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), V. Policy Implications, page 51

**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.** False transfer of prior fund experience  (family: investor-protection-gap)

**Topics.** risk-and-incentives

**Keywords.** investor-experience, investor-protection, risk-comprehension, retail-investors

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.