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Mutuals Can Make You A Millionaire.(THE SMART INVESTOR)(24 ESSENTIAL LESSONS)
Investor's Business Daily's founder and chairman, Bill O'Neil, has a distinctly different outlook on mutual funds compared to his views on individual stocks.
Q: What do you think of mutual funds?
O'Neil: Mutual funds are the best investment medium ever produced for many individual investors. They are easy to use and widely accessible for individual sale, as well as through corporate and government retirement programs.
One reason for their popularity is their relatively low cost. By pooling the assets of many people, funds achieve economies of scale that cut their cost of investing while generating substantial long-term returns for their investors.
A diversified U.S. stock fund is always the first-class way to go, in my view. I don't want bond funds, income funds, balanced funds, industry funds or foreign funds. You simply can't know all you need to know about all different types of funds.
Also, because a majority of the real growth occurs in the companies traded on the U.S. exchanges, why not concentrate on funds that invest in companies you know about and are familiar with? Funds, I believe, are better, safer and more liquid investments, in most instances, than private business ventures, loans, art, coins, savings and loan accounts, trust deeds or real estate.
Q: Which type of fund do you prefer?
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