WASHINGTON--The
At times humorous, due to off-the-mark and off-the- cuff remarks--as well as eye-opening--the Investment Company Institute's 20-minute "Shareholders First" videotape is a distillation of 26 hours of one-on-one interviews with a cross-section of 25 investors in
These investors' holdings ranged from $20,000 held by a flight attendant, to a 20-something's $350,000 inheritance, to a $500,000 portfolio a middle-aged consultant had built. The only stipulation was that they had made a mutual fund purchase within the past 12 months.
Complete with close-ups, soundtrack and visual treatments resembling a stock exchange ticker, the professional-grade film was introduced by ICI President Paul Schott-Stevens and other executives here early Tuesday afternoon as a key centerpiece of this year's annual convention.
"The tapes are qualitative in nature, showing patterns and attitudes," said Warren Cornier, president,
"I haven't heard anything bad about them [mutual funds]," said the flight attendant. Juxtaposed right after that comment, which brought roars of laughter from the crowd of 1,500 attendees, a warehousing manager with $120,000 in mutual funds confided he was relieved that some fund executives were going to jail.
"The scandal outed bad actions," he said. Commenting on this was a panel of three executives from the industry, including: Charles E. Haldeman, Jr., president and CEO,