1. What features of mutual funds and the investment environment have led to mutual funds' rapid growth in the last two decades?
2. What is meant by liquidity intermediation?h
3. Considering the discussion of market efficiency from Chapter 6, discuss whether you should be willing to pay high fees to mutual fund investment managers.
4. Distinguish between an open- and closed-end mutual fund.
5. Discuss why a mutual fund family may find it beneficial to offer 50 or 60 different stock mutual funds.