The Rise of Mutual Funds: An Insider's View

In 1940 few Americans had heard of mutual funds. Today U.S. mutual funds are the largest financial industry in the world, with over 88 million shareholders and over $11 trillion in assets. The Rise of Mutual Funds describes the developments that have produced mutual funds' long history of success. Among these developments are:

* formation of the first mutual funds in the roaring 20s
* how the 1929 stock market crash, a disaster for most financial institutions, spurred the …