Compare and contrast two types of investments and analyze expected returns and the associated consequences relative to global markets performances. Be sure to consider the associated risks at various business cycles (recession, recovery, etc.).

Explain the rationale behind the surge of mutual funds (open-end and closed-end and load and no-load funds) as investment alternatives compared to stocks and equities. In your discussion, reference the recent recession, or bear market of 2008–2009, market recovery through 2011, and the boom market or recent year and put them in historical context in relation to investments or portfolio management.