Chapter 13. The Watchdogs Are Cocker Spaniels, Not Dobermans[1]

Who would you rather be, a shareholder of Alliance Quasar Fund, or a director of the Alliance funds, based on the information in the next paragraph? If you have trouble answering this question after reading the following, finance might not be your strong suit!

As a shareholder of Alliance Quasar Fund, from 1997 through 2001 you would have earned 0.17 percent per year—that's 17 hundredths of one percent a year on average, far below the return on Treasury bills. For this you would have paid an annual expense ratio of 1.67 percent, compared to an average expense ratio for other funds of this type of 1.42 percent.

Alternatively, as one of the six independent directors of the 38 Alliance ...

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