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Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments by Joshua M. Brown

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9Unity Creates Strength

As we have previously discussed in Chapter 2, war bonds were the gateway drug that got everyday Americans in the investing mode, a minor tremor that gave rise to a few score brokerage firms in the early part of the twentieth century. The earthquake would eventually come along in the form of the mutual fund, America’s most dominant investing instrument to this day.

The basic mutual fund structure has evolved over time; in its most primitive form, it resembled its slightly deformed cousin, the closed-end fund. The first recorded instance of an investment fund that opened up to attract the public involved a Dutch merchant named Adriaan van Ketwich in 1774. He called his fund Eendragt Maakt Magt, meaning “Unity Creates Strength.” ...

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