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A mutual fund is a professionally managed that pools money from many investors to purchase These investors may be retail or institutional in nature. Mutual funds have advantages and disadvantages compared to direct investing in individual securities. The primary advantages of mutual funds are that they provide economies of scale, a higher level of diversification, they provide liquidity, and they are managed by professional investors. On the negative side, investors in a mutual fund must pay various It remains unclear whether mutual fund management can reliably produce an increase in investment returns exceeding these fees and expenses.
Mutual funds were introduced to the United States in the 1890s. Early U.S. funds were generally closed-end funds with a fixed number of shares that often traded at prices above the portfolio The first open-end mutual fund with redeemable shares was established on March 21, 1924 as the Massachusetts Investors Trust. (It is still in existence today and is now managed
the taxable income is passed through to the investors in the fund. Funds are required by the IRS to diversify their investments, limit ownership of voting securities, distribute most of their income (dividends, interest, and capital gains net of losses) to their investors annually, and earn most of the income by investing in securities and currencies
The characterization of a fund's income is unchanged when it is paid to shareholders. For example, when a mutual fund distributes dividend income to its shareholders, fund investors will report the distribution as dividend income on their tax return.
Reasoning, like habit or intuition, is one of the ways by which thinking comes from one idea to a related idea. For example, reasoning is the means by which rational individuals understand sensory information from their environments, or conceptualize abstract dichotomies such as , or ideas regarding notions of Reasoning, as a part of executive decision making, is also closely identified with the ability to self-consciously change, in terms of , and therefore with the capacity for
In contrast to the use of "reason" as an is a consideration given which either explains or justifies events, phenomena, or Reasons justify decisions, reasons support explanations of natural phenomena; reasons can be given to explain the actions (conduct) of individuals
Using reason, or reasoning, can also be described more plainly as providing good, or the best, reasons. For example, when evaluating a moral decision, "morality is, at the very least, the effort to guide one's conduct by reason--that is, doing what there are the best reasons for doing--while giving equal [and impartial] weight to the interests of all those affected by what one does."
have attempted to study and explain , e.g. which cognitive and neural processes are engaged, and how cultural factors affect the inferences that people draw. The field of studies how reasoning may or may not be modeled computationally. considers the question of whether animals other than humans can reason.
The terms "logic" or "logical" are sometimes used as if they were identical with the term "reason" or with the concept of being "rational", or sometimes logic is seen as the most pure or the defining form of reason. For example in modern is assumed to equate to logically choice.
Reason and logic can however be thought of as distinct, although logic is one important aspect of reason. Author , characterizes the distinction in this way. Logic is done inside a system while reason is done outside the system by such methods as skipping steps, working backward, drawing diagrams, looking at examples, or seeing what happens if you change the rules of the system.
Reason is a type of and the word "" involves the attempt to describe rules or norms by which reasoning operates, so that orderly reasoning can be taught. The oldest surviving writing to explicitly consider the rules by which reason operates are the works of the especially Prior Analysis and Posterior Analysis.Although the Ancient Gre
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