While Robert Kiyosaki (of Rich Dad, Poor Dad fame) has railed against mutual funds for years (while simultaneously suggesting multilevel marketing schemes), it appears that he may have been right: rich people really don't seem to like mutual funds. According to a study discussed in the Wall Street Journal (registration required) few wealthy investors are satisfied with the performance of their mutual funds. With good reason: over the long-term, passively managed index funds outperform most mutual funds.
One of the few fund companies that earned high marks from high net-worth investors is Vanguard Group, which was among the first companies to offer mutual funds. Vanguard still offers some of the lowest cost index funds around and, if you only choose one fund company for your retirement planning, Vanguard may be the way to go. Congratulations Vanguard, and keep up the good work.
On a side note, Vanguard founder John Bogle has written some amazing books about business and investing: Common Sense on Mutual Funds and The Battle for the Soul of Capitalism belong on the bookshelf of every serious investor. If Common Sense seems too intimidating, pick up his new Little Book of Common-Sense Investing instead. While it really is a little book, it has everything you need to know to beat the vast majority of professional money managers.
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