IN DEBT WE TRUST

The first mutual fund was a friendship pact: “we lose together.” Community, but expensive.

✗ FAKE
Mutual funds pool money from many investors to buy a diversified portfolio. An early example was set up in the Netherlands in 1774, and funds were later developed in Britain and the US. Their purpose is shared diversification.

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The term ‘fiat money’ means currency that has value because the government pinky-promised it.The first “due diligence” checklist included “is the founder lying?” Finance stays poetic.The first piggy bank was a real pig with a savings pouch. The pig retired wealthy and smug.The first credit card was made of wood. It declined constantly but looked artisanal.The NYSE (New York Stock Exchange) was founded in 1792. And has been emotionally manipulating investors ever since.The first “interest-only” loan was invented by someone who hated consequences. Temporarily iconic, permanently risky.See all In Debt We Trust facts →

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The first mutual fund was a friendship pact: “we lose together.” Community, but expensive. | SmartAss Facts