Meaning: This quote by Ron Chernow encapsulates a common perception about mutual fund investors and their behavior. Chernow suggests that those who invest in mutual funds do so because they want someone else to manage their investments for them. However, the ability to move their money around various mutual funds with just a phone call gives them a sense of control and power, akin to that of a tycoon.

Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are managed by professional fund managers who make investment decisions on behalf of the investors. This aligns with Chernow's observation that mutual fund investors want someone else to do the thinking for them. By investing in mutual funds, individuals delegate the task of researching, analyzing, and managing investments to the fund managers, believing that their expertise will yield favorable returns.

The convenience and accessibility of mutual funds are highlighted in Chernow's statement. The ability to move money around different mutual funds with a simple phone call implies a level of control and flexibility for the investors. This ease of fund transfer allows them to react quickly to market conditions or investment opportunities without having to navigate complex financial transactions. It also provides a sense of empowerment, as investors can make strategic decisions about their investments without having to actively manage the underlying assets.

Chernow's reference to feeling like tycoons when moving money within a family of mutual funds reflects the psychological aspect of investing. The perception of being able to exert influence and make significant financial decisions can be empowering and gratifying for investors. While they may not be directly managing the investments, the ability to allocate funds within different mutual funds gives them a sense of participation and control over their financial destinies.

It's important to note that Chernow's quote touches on the behavioral aspects of investing, shedding light on the motivations and attitudes of mutual fund investors. The desire for a hands-off approach to investment management, coupled with the ability to make quick changes within the fund family, illustrates the delicate balance between delegating investment decisions and maintaining a sense of influence and control.

In conclusion, Ron Chernow's quote provides insight into the mindset of mutual fund investors. It highlights the desire for professional management while acknowledging the appeal of having the ability to move funds within a family of mutual funds. This perspective underscores the nuanced dynamics of investor behavior and the interplay between delegation and control in the realm of mutual fund investing.