Speculating with Pension Money
It's hard to justify the appearance of Internet shares in mutual funds offered explicitly to people who were saving for retirement. Yet as the bubble grew, this became common. In the limited group of mutual funds offered by fund companies to annuity buyers there appeared growth funds, technology funds, and small cap funds, which were loaded with dot-com and telecom stocks. In fact, some of the funds offered to purchasers of annuities were among the most heavily loaded with dot-coms and telecoms of all mutual funds.
When a fund is purchased in a 401(k) account, the choice of funds available to the employee is actually the responsibility of the employer. The actual distribution of investment among the allowed funds ...
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