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Empire of the Fund: The Way We Save Now, by William A. Birdthistle
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Empire of the Fund is an exposé and examination of the way we save now. With the rise of the 401(k) and demise of the pension, the United States has embarked upon the richest and riskiest experiment in our financial history. Over the next twenty years, nearly eighty million baby boomers will retire at a pace of ten thousand per day. The hypothesis of our experiment is that millions of ordinary, untrained, busy citizens can successfully manage trillions of dollars in a financial system dominated by wealthy, skilled, and powerful financial institutions, many of which have a record of treating individual investors shabbily.
The key tools in our 401(k) plans and individual retirement accounts are mutual funds, which have ballooned to hold more than $16 trillion. But these funds pose dangers to our savings in three ways: through structural vulnerabilities that give money managers the incentive to focus on marketing over investing; through the very human challenges of managing our savings decades into the future; and through the peril of financial professionals behaving badly, to our economic harm.
Though Americans often hear of the importance of low fees in fund investing, few are aware of the astonishing panoply of ways that some financial advisers have illegally diverted money out of mutual funds: from abetting hedge funds to trade after the legal deadline, to inflating the assets on which they are paid a percentage, to paying kickbacks for brokers to sell their funds. This book will forewarn and forearm Americans by illustrating the structural flaws, perverse incentives, and litany of scandals that have bedeviled mutual funds.
And by setting forth a pair of policy solutions to improve Americans' financial literacy and bargaining power, it will also attempt to safeguard our individual financial destinies and our nation's fiscal strength.
- Sales Rank: #6995 in Books
- Published on: 2016-06-29
- Original language: English
- Number of items: 1
- Dimensions: 6.40" h x .90" w x 9.20" l, .0 pounds
- Binding: Hardcover
- 264 pages
Review
"Birdthistle writes for two audiences in this engaging, well-written volume. The majority of the text focuses on the nuts and bolts of mutual funds. By clearly explaining the incentive structure facing mutual fund advisers, especially the incentives that work against individual investors, he gives readers information they can use to better ensure their retirement savings are more secure. The most robust form of regulation is self-regulation, and having more individual investors on the lookout for conflicts of interest and malfeasance will lead to benefits for all. The second audience is policy makers, as Birdthistle concludes with several recommendations for mutual fund regulation. His goal is to improve the current state of affairs to ensure that massive bailouts of retirees are not necessary in the future. Summing Up: Highly recommended. General readers, lower- and upper-division undergraduates." -J. C. Hall, West Virginia University
"The mutual fund industry has been the prime beneficiary of the radical change in our nation's retirement system during the past quarter century. But funds are afflicted by diseases and disorders, by faults and foibles, brilliantly catalogued in Empire of the Fund. No investor can afford to ignore the message of this book: educate yourself and gain financial literacy." - John C. Bogle, Founder of the Vanguard Group
"Empire of the Fund is a clear-eyed look at the problems and scandals that have beset the mutual fund industry-the very industry Americans trust to ensure our financial futures. And Birdthistle has a plan for reforming how we save." -Bethany McLean, Author of The Smartest Guys in the Room and All the Devils Are Here
"Empire of the Fund is interesting, understandable to the non-professional, and delightful reading. The discussion is laced with humor, anecdotes derived from court cases, and lessons that become obvious. If anyone had doubts that investments can be explained accurately in a non-simplistic way, this book has dispelled these doubts." -Tamar Frankel, Professor of Law, Boston University School of Law
"William Birdthistle is not only one of the leading experts on mutual funds-he is also a superb writer. His sharp wit and science-driven wisdom glide elegantly across the page as he teaches investors how to make sense of America's most common-and most baffling-investment vehicles." -John Morley, Associate Professor of Law, Yale Law School
"It's hard to believe the phrases 'entertainingly written' and 'mutual funds' go in the same sentence, but William Birdthistle manages this feat in Empire of the Fund. An urgent must read for anyone interested in retirement policy, investment history and how it all went wrong for so many Americans." -Helaine Olen, The Bills, Slate, and Spread the Wealth, Inc.
"In Empire of the Fund, Birdthistle colorfully traces the history of problems with mutual funds, and he explains the potential benefits and drawbacks of alternatives. His recommendations for strengthening mutual funds are provocative and tightly argued, and include both financial licensing requirements and more rigorous enforcement. This book is a must-read for anyone who wants to understand the dangers-and potential benefits-in this important part of the financial markets." - Frank Partnoy, George E. Barrett Professor of Law and Finance, University of San Diego
"Empire of the Fund provides an engaging, thorough review of the mysterious multi-trillion dollar mutual fund industry. Leading investment law expert, Birdthistle diagnoses what's ailing our funds and how we can heal them. This book provides a necessary first step to improve financial literacy so investors have the knowledge and tools to secure better options for their retirement savings." - Jennifer Taub, Vermont Law School, author of Other People's Houses
About the Author
William Birdthistle is a Professor of Law at Chicago-Kent College of Law, where he specializes in investment funds and corporate law. Previously, he served as a law clerk to the Honorable Diarmuid F. O'Scannlain of the U.S. Court of Appeals for the Ninth Circuit and practiced law at Ropes & Gray LLP. Birdthistle was born in Cork, Ireland and raised in Libya and Malaysia. He came the United States to attend Duke University and Harvard Law School, where he served as managing editor of the Harvard Law Review. Birdthistle lives in Chicago with his wife and children.
Most helpful customer reviews
1 of 1 people found the following review helpful.
User Friendly Guide to the Investment Fund Industry
By Amazon Customer
Birdthistle offers an easy-to-read guide to the investment fund industry and the way we save now. The title is very fitting. It is a refreshing look into the investment industry and written for the average individual. We all need to focus on retiring and this book is almost a step-by-step map to help you avoid the pitfalls of obscurity in the financial world. If you want to save for your retirement, then this is a good book to read to help you better navigate the landscape. Sobering read and great information, highly recommend.
7 of 7 people found the following review helpful.
In the vein of "The Big Short, " "More ...
By Amazon Customer
In the vein of "The Big Short," "More Money Than God," and "Flash Boys," William Birdthistle's "Empire of the Fund" is a must have for anyone intrigued by high stakes financial problems. Similar to the aforementioned titles, "Empire of the Fund" peppers the reader with delightful and punchy anecdotes about the finance industry. However, "Empire of the Fund" is not exclusively anecdotal. "Empire of the Fund" has a unique balance of storytelling and technical depth. Where other titles fail to make the technical finance palatable, or, leave the reader with unanswered questions, "Empire of the Fund" sufficiently explains investment funds in a satisfying way. "Empire of the Fund" is a well timed and elegant exposition of funds, sure to resolve the financial confusion of Andy Haldane and common citizen alike.
6 of 6 people found the following review helpful.
Easily one of the most informative books I have ever ...
By Amazon Customer
Easily one of the most informative books I have ever read in the field of finance. Before reading this book I knew next to nothing about the mutual fund industry. And it was not until after I finished the book that I realized how dire our financial situation truly is. Birdthistle tackles the issue head on and addresses everything that is wrong with the way Americans save now. The best thing about this book is that its intended audience is every working American; no financial prowess needed.
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