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Notes
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- 2.
During the 16 years since 2000, the year-end close of the US S&P 500 was below its prior year value at the end of six years: 2000, 2001, 2002, 2008, 2011, and 2015.
- 3.
These groups may provide soft commissions through equipment such as information terminals and risk management systems, free research materials, or kickbacks in exchange for business. By one estimate, the resulting costs annually exceed one per cent of funds under management (Steil 2004).
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Coleman, L. (2016). The Mutual Fund Industry: Structure and Conduct. In: Applied Investment Theory. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-43976-1_7
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