Stunted Growth: Scottish Mortgage vs ARK
Many Happy Returns
The Difference Between a Closed and an Open-Ended Fund
Michael Wolraich: What is the difference between a closed and an open-ended fund? He says when money flows out of a fund, then units of the fund are destroyed. When that happens, the fund manager has to sell stuff in order to pay people as they leave. Woodford had bought lots of small, illiquid private companies; he couldn't sell them fast enough. And it's always a painful thing, because the investors are the ones who pay the price.
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