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The view of investor as customer also receives some weight from the fact that investors can redeem their mutual fund shares at net asset value at any time. This feature makes investing in a mutual fund unlike owning stock in a traditional company or a closed-end investment company, where the price at which an investor can liquidate reflects the market’s perception of the firm’s management. In that case, when management is revealed to have taken a “bad” action, current investors are damaged because they can resell their shares only at a much lower price. In contrast, when open-end mutual fund advisers are found, or even perceived, to be “in the wrong,” each investor can make his or her own choice about whether managers should continue to provide ser- vices, and there is no further damage. The ability to liquidate shares at net asset value also effectively eliminates any need for mutual fund investors to initiate or even participate in proxy fights to oust directors or oppose fund mergers, and, indeed, they very infrequently do so. The ability to move money around is an investor’s greatest protection and pri- mary source of power in prompting the market to provide the services he or she desires (a subject discussed in a later section).