Rating: 
Summary: Escape High Broker Fees, Low Returns!
Review: An eye-opening critique of the mutual fund industry's grip on the average American's investments. If we knew in the late 1990's what Mr. Baer and Mr. Gensler reveal in this book, most of us would have been far better insulated from the stock market meltdown that has battered so many portfolios. This book will appeal to anyone regardless of his or her level of interest in the stock market. It wades through all the Wall Streetspeak and misleading advertising that is meant to fool and dazzle us. A must read for anyone who wants to escape the world of high broker fees and commissions and low returns.
Rating: 
Summary: Informative and Interesting
Review: An informative book presented in a very interesting, narrative, humoros, easy reading style. The main "pitfalls" associated with mutual funds, right from selecting it based on Morningstar ratings (even they admit their reliance on past performance than future potential - as the authors put it that is somethhing anyone can predict it with as much sophistication as tossing a coin). Though the book is interestingly presented, some of the main points in the books seems like a recurring theme...need for indexing, diversification, picking no-load funds, look at expense ratios, etc. Some of the studies mentioned are worthwhile. However, another book, ""Take on the Street: What..." By Levitt also presents almost identical themes for the mutual fund sections. The authors make their points in a very humoros manner (poor CNBC - most of the jokes are on its expense). A good book for anyone who has invested or plan to invest. Reading this book or the one by Levitt is an absolute must. Reading both will reinforce the good points!
Rating:
Summary: If only I had read it earlier!
Review: Even the Managing Director of Morningstar thinks this is a must read book. The "Trap" illuminated how much of my returns have been lost in fees and taxes AND how this really adds up over time. It also explains why it is pointless to try to beat the market through churning a portfolio. Further it shows that the lists of the best performing mutual funds are grossly distorted and a poor way to go about picking the best funds. I learned a great deal about investing from this book and highly recommend it!
Rating:
Summary: Great Book - I Loved It, Wall Street Must Hate It
Review: For the ordinary Joe like me, investing is, and should be, so simple, boring even. Yet there is so much clutter out there - books, strategies, seminars, tapes, and various other nonsense - all of it ultimately designed to turn a buck for someone other than you. If folks read and employ what this book preaches, they'll come out way ahead in time and money, and a huge industry incessantly feeding off these folks will bite the dust.
Rating:
Summary: Did all your homework, and your bubble still burst?
Review: I read the articles on investing in the major news and business magazines. I watched the financial shows on TV. I read the past performance of stocks and mutual funds before I invested. I read the prospectuses before I bought. I believed in my inteligent ability to follow advice and make money. I failed to even retain the value of my initial investments. All the TV and magazine blabbermouths are back at it. 'Buy this, buy that, buy the other.' But until I read this book, I didn't know what to do. Baer and Gensler explain what happened to my money. They use studies and statistics to back their advice on passive investing. They explain why mutual funds won't make me more money than the index funds. They even explain how to move my funds into passive investments while being careful of tax losses. I recommend reading this book and following it's advice.
Rating:
Summary: Great Advice
Review: I was really concerned about the huge losses I have seen in my kids' college funds and my retirement funds. I have everything in stock -- I figured I am young enough to wait things out. I also think I know a good stock when I see one. Boy, did I learn alot from this book, and I am SO glad I bought it. It is easy to read and understand, and is quite funny too. I knew I needed to spread my eggs into more baskets, but this book showed me where I should move my money, that picking individual stocks is very risky, and how to avoid huge investment fees. The examples (such as why fund managers are like bookies) really help you visualize how much money you are throwing away, and are quite amusing!
Rating:
Summary: Good job revealing internals of mutual funds industry
Review: It's a very well written book. The main purpose of this book is to show that mutual funds industry overall does not provide a good choices for regular individual investors and the book covers this topics exceptionally. It really reveals the real intentions of the industry and shows that this is the only way this indstry can work. The book advocates passive investment and especially index funds and exchange traded funds (ETF). While there were already quite a few good, if controversial, books about efficient market theory ('You can't beat the market'), such as famous 'Random walk On Wall Street', this book brings more details about today market environment and explains what choices passive investor has. My only complain is that sometimes I feel some kind of zealotry in authors considerations. Even for somebody that believes in efficient market theory some of the statements in this books could seem very questionable. Stock mutual funds takes majority of books space but the moment authors venture to the other territory (and they do try to cover practically all kinds of investments) their arguments often seem too absolute. Still, this is the book every investor in mutual funds must read (and it will probably convince you to make some changes in your investment strategy - it did this for me)
Rating:
Summary: Read It and Don't Weep
Review: The Great Mutual Fund Trap explains how you avoid wasting remarkable amounts of time and money in a futile search for the mutual fund or money manger that is going to beat the market. It does the job in clear English but without oversimplifying. The chapters explaining efficient markets and capital asset pricing models are especially good at showing the relevance of these arcane theories to the average investor. This book should also be recommended reading for anyone who serves on the board of a non-profit institution with an endowment.
Rating:
Summary: Read It and Don't Weep
Review: The Great Mutual Fund Trap explains how you avoid wasting remarkable amounts of time and money in a futile search for the mutual fund or money manger that is going to beat the market. It does the job in clear English but without oversimplifying. The chapters explaining efficient markets and capital asset pricing models are especially good at showing the relevance of these arcane theories to the average investor. This book should also be recommended reading for anyone who serves on the board of a non-profit institution with an endowment.
Rating: 
Summary: Not bad but nothing special
Review: There is really nothing new in this book that has not been beat to death elsewhere and the reader will probably find William Bernstein's books more rewarding. For those who buy this book however you will not go too far wrong.
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