What are the pros and cons of investing directly in individual stocks or bonds versus investing indirectly through a mutual fund?

2) What is the difference between alpha and beta risk? Which one can be reduced through diversification?

3) What factors drove the growth of the fund industry from the mid-1980s until the financial crisis of 2008?

4) What were the characteristics of the average investor in mutual funds around 2009?

5) What is the difference between the SEC and FINRA as regulators? Why do we give regulatory power to FINRA and not the ICI?

6) Why do you think the mutual fund industry has experienced a decline in front-end sales loads since the introduction of 12b-1 fees? Do you believe that most sales of equity and bond funds will be in the direct marketing channel without loads or 12b-l fees, or in the intermediary channel with loads and/or 12b-l fees?