Open-Ended Mutual Fund (Part 1)

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Open-Ended Mutual Fund (Part 1)발음듣기

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Let's say Pete over here thinks he is a pretty good investor.발음듣기

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So what he does is- or he has an idea that says: "Look, I'm going to create a corporation, and I'm going to get a bunch of people to contribute money to that corporation and then I'll manage that money.발음듣기

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And then maybe I'll take a little fee for myself so that I can, maybe, hire some annalists or get some computers, or get some office space."발음듣기

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So what he does is he sets up a corporation.발음듣기

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Let's say he sets up a corporation right over here, and let's say the first way he sets up the corporation is that it has 4 shares.발음듣기

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And I'm making the number really small just to make the drawing and the math easy.발음듣기

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This wouldn't be realistic, normally it would be something in the 100s or 1000s of shares or maybe even more than that.발음듣기

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But let's say that it has 4 shares, and all of the shares are owned by Pete, initially.발음듣기

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Just to simplify the explanation.발음듣기

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And he puts in $400 into this corporation.발음듣기

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So another way to think about it, in exchange of him putting $400 into this corporation, he gets 4 shares, or each share is worth $100.발음듣기

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Each of these shares, right over here.발음듣기

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So what he does is he registers this corporation, and I'm talking about a US-specific case but there are similar types of organizations in other countries.발음듣기

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He registers this organization right over here with the US SEC Security and Exchange Commission, and he also registers himself with the SEC or even better, he registers a management company that he runs with the SEC.발음듣기

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So let's call it Pete Inc.발음듣기

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It's a corporation he starts off that he also registers with the SEC.발음듣기

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And when he registers with the SEC he tells them "Look. This company over here, we're going to issue more shares, for more people to contribute money.발음듣기

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And I'm going to manage this money right over here, and I'm just going to take a percentage of the total assets under management"발음듣기

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Sometimes you'll just see AUM used, that just means Assets Under Management.발음듣기

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That will go to Pete Inc. every year, for figuring out the best place to invest this money.발음듣기

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And it's usually on the order of 1%, sometimes a little bit less, sometimes a little bit more.발음듣기

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So 1%/year.발음듣기

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Right now with only $400 under management, it would only be about $4/year.발음듣기

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But since he registered with the SEC, he can call himself a mutual fund, and he can solicit funds from the public.발음듣기

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So it is a mutual fund, he has jumped through all the hoops that the SEC sets up for him, so he can market himself as some type of great fund manager,발음듣기

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We don't know if that's true or not, and he can also solicit funds from the public.발음듣기

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So from the public.발음듣기

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And we're going to see in future videos there are other funds, especially hedge funds, that one, they can't market, and they can't take funds from the public.발음듣기

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Those can only take funds from certain types of sophisticated investors. and what happens in Pete's fund, and this is going to be an open ended mutual fund that we're showing here, and most mutual funds are like that.발음듣기

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Let's say Sal comes along, he likes Pete's marketing materials, and says "Hey! I want Pete to manage my money, too"발음듣기

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So Sal goes and gives $100, and says "Pete, give me a share"발음듣기

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So Pete creates another share right over here, he gives it to Sal, That's me, so I get one share, and in exchange I gave $100 to the fund.발음듣기

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So now the fund has $500.발음듣기

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So this is another $100 right over here.발음듣기

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And now Pete's annual fee is going to be 1% of this whole thing, or $5/year.발음듣기

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And if this whole thing grows, let's say this whole thing doubles, From $500, let's say it goes to $1000, then that $1000 is now essentially split among these 5 shares now.발음듣기

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So all of the people will essentially have their money doubled minus whatever Pete's expenses are. in the next few videos I'll go over a little bit more of the mechanics of an open ended mutual fund.발음듣기

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