To begin our discussion of mutual funds, we will briefly cover the fundamental investment concepts you will need to know to better understand mutual funds and to give you a foundation with which to make better decisions about your total investment portfolio. In the Chapters that follow, we will engage in more detailed discussions of what you need to build a successful mutual fund portfolio. In this Chapter, we will briefly the following topics:
· Stocks
· Bonds
· Money markets
· Mutual funds
· Risk versus return
· Basic economics
· Investment returns
· Evaluating your portfolio
For our investment philosophy we are mainly concerned with mutual funds. As we will describe later in Chapter 3, there are many advantages to owning a mutual fund portfolio. Nonetheless, it is imperative to have a thorough understanding of the other types of investment. This is important for two reasons:
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