Regulatory Blindness
I am all for free markets—but free markets that are ‘fair’ to investors. A mutual fund (MF) manager must be nursing losses on many scrips. He does not complain. He subscribes to initial public offerings (IPOs) as an informed investor (of course, commercial considerations in the real-world force him to buy some things that he knows are absurd). He does not go screaming to the regulator....
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