What is mutual fund in USA? how does it work for investment?

similar to stock or something but i dont think it is traded in stock exchange.

A mutual fund is a pool of money that is used to buy stocks-- a large number of investors come together, combine their cash and then have someone invest it. This allows individual investors to easily allow someone else to manage their money, or to diversify more effectively than they could by investing directly.

Most funds can be bought through the company that manages the fund (for example Vanguard, T Rowe Price, Scudder, etc)

A subset of mutual funds, called exchange traded funds, trade on the stock market like stocks, and which can be purchased through any brokerage account.

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