Pooled investment fund are funds from many individual investors that are aggregated for the purposes of investment, as in the case of a mutual or pension fund. Investors in pooled fund investments benefit from economies of scale, which allow for lower trading costs per dollar of investment, diversification and professional money management. Along with the added costs involved in the form of management fees, the main detractor of pooled fund investments is that capital gains are spread evenly among all investors sometimes at the expense of new shareholders. Groups of investors can take advantage of opportunities typically available to only large investors. In addition, investors save on transaction costs and further diversify their portfolios. However, the individual investor has less control over the group’s investment decisions than he would making the decisions alone. In addition, each investor has different goals, risk levels and exit strategies. Therefore, not all group decisions are best for each individual in the group. Also, the group must reach a consensus before deciding what to purchase. When the market is volatile, taking the time and effort to reach an agreement can take away opportunities for quick profits or reducing potential losses.