Abstract
Although the quality of professional security analysis and portfolio management varies widely, the ultimate shareholder or beneficiary in whose behalf professional portfolio managers buy and sell pension fund, mutual fund and endowment fund assets has no way of assuring himself that trading and policy decisions are really competent. He may be hurt, rather than helped, by these decisions. Brokers, to be sure, are required to demonstrate simple qualifications, including successful negotiation of a written exam. But other sources of investment advice are virtually unregulated.
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