{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/investor-experience",
 "identifier": "kaal:entity:investor-experience",
 "name": "Investor experience",
 "termCode": "investor-experience",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "sha256": "be59fae565cf15da0437b4cf81fda4467cc669ec3c768c4e7998ed0bbdbcb034",
 "additionalProperty": [
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   "name": "status",
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   "value": 2
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   "name": "year_span",
   "value": [
    "2016",
    "2020"
   ]
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-034",
   "identifier": "kaal:claim:2811729-034",
   "text": "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.",
   "abstract": "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.",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "retail investors extrapolating from prior traditional mutual fund experience"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3606663-016",
   "identifier": "kaal:claim:3606663-016",
   "text": "Immature markets such as the market for digital assets in 2020 often cannot attract the institutional investors and venture capitalists who have sufficient operating experience in that market, which is a self reinforcing constraint on market development.",
   "abstract": "Immature markets, such as the market for digital assets in 2020 often cannot attract institutional investors and venture capitalists that have sufficient operating experience in that market.",
   "citation": "Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663",
   "datePublished": "2020",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "immature or nascent asset markets",
    "digital asset market as of 2020"
   ],
   "source_pdf_sha256": "d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'investor-experience'. Derived node: a roster, not an adjudicated definition."
}