That all pleasure is good and all pain bad in itself is an eternally true ethical principle. The common claim that some pleasure is not good, or some pain not bad, is mistaken. Strict particularism (ethical decisions must be made case by case; there are no sound universal normative principles) and relativism (all good and bad are relative to society) are among the ethical theories we may refute through an appeal to pleasure and pain. Daniel Dennett, Philippa Foot, R M (...) Hare, Gilbert Harman, Immanuel Kant, J. L. Mackie, and Jean-Paul Sartre are among the many philosophers addressed. (shrink)

Against Hume and Epicurus I argue that our selection of pleasure, pain and other objects as our ultimate ends is guided by reason. There are two parts to the explanation of our attraction to pleasure, our aversion to pain, and our consequent preference of pleasure to pain: 1. Pleasure presents us with reason to seek it, pain presents us reason to avoid it, and 2. Being intelligent, human beings (and to a degree, many animals) are disposed to be guided by (...) reason, and hence by what there is reason to choose, seek, and prefer, when they act. (shrink)

By what types of properties do we specify twinges, toothaches, and other kinds of mental states? Wittgenstein considers two methods. Procedure one, direct, private acquaintance: A person connects a word to the sensation it specifies through noticing what that sensation is like in his own experience. Procedure two, outward signs: A person pins his use of a word to outward, pre-verbal signs of the sensation. I identify and explain a third procedure and show we in fact specify many kinds of (...) mental states in this way. (shrink)

That pain and suffering are unwanted is no truism. Like the sadist, the masochist wants pain. Like sadism, masochism entails an irrational, abnormal attitude toward pain. I explain this abnormality.

“Happiness” is an evaluative, not a value-neutral psychological, concept.

Functionalists think an event's causes and effects, its 'causal role', determines whether it is a mental state and, if so, which kind. Functionalists see this causal role principle as supporting their orthodox materialism, their commitment to the neuroscientist's ontology. I examine and refute the functionalist's causal principle and the orthodox materialism that attends that principle.

People see five kinds of views in epistemology and ontology as hinging on there being words a person can learn only by private ostensive definitions, through direct acquaintance with his own sensations: skepticism about other minds, 2. skepticism about an external world, 3. foundationalism, 4. dualism, and 5. phenomenalism. People think Wittgenstein refuted these views by showing, they believe, no word is learnable only by private ostensive definition. I defend these five views from Wittgenstein’s attack.

Pleasure is one of the strongest candidates for an occurrence that might be good, in some respect, unconditionally. Malicious pleasure is one of the most often cited alleged counter-examples to pleasure’s being an unconditional good. Correctly evaluating malicious pleasure is more complex than people realize. I defend pleasure’s unconditionally good status from critics of malicious pleasure.

Explaining the "intentional object" some people assign pleasure, I argue that a person is pleased about something when his thoughts about that thing cause him to feel pleasure. Bernard Williams, Gilbert Ryle, and Irving Thalberg, who reject this analysis, are discussed. Being pleased (or distressed) about something is a compound of pleasure (pain) and some thought or belief. Pleasure in itself does not have an "intentional object".

Orthodox neural materialists think mental states are neural events or orthodox material properties of neutral events. Orthodox material properties are defining properties of the “physical”. A “defining property” of the physical is a type of property that provides a necessary condition for something’s being correctly termed “physical”. In this paper I give an argument against orthodox neural materialism. If successful, the argument would show at least some properties of some mental states are not orthodox material properties of neural events. Opposing (...) philosophical orthodoxy, I show there are no posteriori identities -- identities that cannot be known of a priori. (shrink)

How do the young learn names for feelings? After criticizing Wittgensteinian explanations, I formulate and defend an explanation very different from Wittgensteinians embrace.

Reason guides pleasure-seeking animals in leading them to prefer pleasure to pain.

The Great Divide in metaphysical debates about laws of nature is between Humeans, who think that laws merely describe the distribution of matter, and non-Humeans, who think that laws govern it. The metaphysics can place demands on the proper formulations of physical theories. It is sometimes assumed that the governing view requires a fundamental / intrinsic direction of time: to govern, laws must be dynamical, producing later states of the world from earlier ones, in accord with the fundamental direction of (...) time in the universe. In this paper, we propose a minimal primitivism about laws of nature (MinP) according to which there is no such requirement. On our view, laws govern by constraining the physical possibilities. Our view captures the essence of the governing view without taking on extraneous commitments about the direction of time or dynamic production. Moreover, as a version of primitivism, our view requires no reduction / analysis of laws in terms of universals, powers, or dispositions. Our view accommodates several potential candidates for fundamental laws, including the principle of least action, the Past Hypothesis, the Einstein equation of general relativity, and even controversial examples found in the Wheeler-Feynman theory of electrodynamics and retrocausal theories of quantum mechanics. By understanding governing as constraining, non-Humeans who accept MinP have the same freedom to contemplate a wide variety of candidate fundamental laws as Humeans do. (shrink)

Formal models of appearance and reality have proved fruitful for investigating structural properties of perceptual knowledge. This paper applies the same approach to epistemic justification. Our central goal is to give a simple account of The Preface, in which justified belief fails to agglomerate. Following recent work by a number of authors, we understand knowledge in terms of normality. An agent knows p iff p is true throughout all relevant normal worlds. To model The Preface, we appeal to the normality (...) of error. Sometimes, it is more normal for reality and appearance to diverge than to match. We show that this simple idea has dramatic consequences for the theory of knowledge and justification. Among other things, we argue that a proper treatment of The Preface requires a departure from the internalist idea that epistemic justification supervenes on the appearances and the widespread idea that one knows most when free from error. (shrink)

What is it to believe something might be the case? We develop a puzzle that creates difficulties for standard answers to this question. We go on to propose our own solution, which integrates a Bayesian approach to belief with a dynamic semantics for epistemic modals. After showing how our account solves the puzzle, we explore a surprising consequence: virtually all of our beliefs about what might be the case provide counterexamples to the view that rational belief is closed under logical (...) implication. (shrink)

Philosophy and Phenomenological Research, EarlyView.

Schlenker (Semant Pragmat 2(3):1–78, 2009; Philos Stud 151(1):115–142, 2010a; Mind 119(474):377–391, 2010b) provides an algorithm for deriving the presupposition projection properties of an expression from that expression’s classical semantics. In this paper, we consider the predictions of Schlenker’s algorithm as applied to attitude verbs. More specifically, we compare Schlenker’s theory with a prominent view which maintains that attitudes exhibit belief projection, so that presupposition triggers in their scope imply that the attitude holder believes the presupposition (Karttunen in Theor Linguist 34(1):181, (...) 1974; Heim in J Semant 9(3):183–221, 1992; Sudo in The art and craft of semantics: a festschrift for Irene Heim, MIT Press, 2014). We show that Schlenker’s theory does not predict belief projection, and discuss several consequences of this result. (shrink)

We often claim to know what might be—or probably is—the case. Modal knowledge along these lines creates a puzzle for information-sensitive semantics for epistemic modals. This paper develops a solution. We start with the idea that knowledge requires safe belief: a belief amounts to knowledge only if it could not easily have been held falsely. We then develop an interpretation of the modal operator in safety that allows it to non-trivially embed information-sensitive contents. The resulting theory avoids various paradoxes that (...) arise from other accounts of modal knowledge. It also delivers plausible predictions about modal Gettier cases. (shrink)

This paper develops a question-sensitive theory of intention. We show that this theory explains some puzzling closure properties of intention. In particular, it can be used to explain why one is rationally required to intend the means to one’s ends, even though one is not rationally required to intend all the foreseen consequences of one’s intended actions. It also explains why rational intention is not always closed under logical implication, and why one can only intend outcomes that one believes to (...) be under one’s control. (shrink)

There is a large literature exploring how accuracy constrains rational degrees of belief. This paper turns to the unexplored question of how accuracy constrains knowledge. We begin by introducing a simple hypothesis: increases in the accuracy of an agent’s evidence never lead to decreases in what the agent knows. We explore various precise formulations of this principle, consider arguments in its favour, and explain how it interacts with different conceptions of evidence and accuracy. As we show, the principle has some (...) noteworthy consequences for the wider theory of knowledge. First, it implies that an agent cannot be justified in believing a set of mutually inconsistent claims. Second, it implies the existence of a kind of epistemic blindspot: it is not possible to know that one’s evidence is misleading. (shrink)

This paper develops an information-sensitive theory of the semantics and probability of conditionals and statements involving epistemic modals. The theory validates a number of principles linking probability and modality, including the principle that the probability of a conditional If A, then C equals the probability of C, updated with A. The theory avoids so-called triviality results, which are standardly taken to show that principles of this sort cannot be validated. To achieve this, we deny that rational agents update their credences (...) via conditionalization. We offer a new rule of update, Hyperconditionalization, which agrees with Conditionalization whenever nonmodal statements are at stake but differs for modal and conditional sentences. (shrink)

Under what conditions would an artificially intelligent system have wellbeing? Despite its obvious bearing on the ethics of human interactions with artificial systems, this question has received little attention. Because all major theories of wellbeing hold that an individual’s welfare level is partially determined by their mental life, we begin by considering whether artificial systems have mental states. We show that a wide range of theories of mental states, when combined with leading theories of wellbeing, predict that certain existing artificial (...) systems have wellbeing. While we do not claim to demonstrate conclusively that AI systems have wellbeing, we argue that our metaphysical and moral uncertainty about AI wellbeing requires us dramatically to reassess our relationship with the intelligent systems we create. (shrink)

Heidegger argues that modern technology is quantifiably different from all earlier periods because of a shift in ethos from in situ craftwork to globalised production and storage at the behest of consumerism. He argues that this shift in technology has fundamentally shaped our epistemology, and it is almost impossible to comprehend anything outside the technological enframing of knowledge. The exception is when something breaks down, and the fault ‘shows up’ in fresh ways. Stiegler has several important addendums to Heidegger’s thesis. (...) Firstly, that Heidegger fails to fully appreciate the early Greek myth of Prometheus, and the technological depth that fire offers all human societies. Secondly, the fall, or failure, which is doubled in the myth of Prometheus, and shows up in epistemology accordingly. Thirdly the acceleration of technology since the onset of Information Technology, and the way this is disorientating our Being. I argue the fall in both Heidegger and early Stiegler has encaptured their imagination. In later work, Stiegler argues that acceleration is fused with algorithmic pretensions, that are distorting and undermining the creative political imaginary, and making it difficult to revalue the values that underpin the nihilist Anthropocene. The overcoming of the Anthropocene engages politics, economics, power, physics, and ecology. (shrink)

Recent advances in natural language processing have given rise to a new kind of AI architecture: the language agent. By repeatedly calling an LLM to perform a variety of cognitive tasks, language agents are able to function autonomously to pursue goals specified in natural language and stored in a human-readable format. Because of their architecture, language agents exhibit behavior that is predictable according to the laws of folk psychology: they function as though they have desires and beliefs, and then make (...) and update plans to pursue their desires given their beliefs. We argue that the rise of language agents significantly reduces the probability of an existential catastrophe due to loss of control over an AGI. This is because the probability of such an existential catastrophe is proportional to the difficulty of aligning AGI systems, and language agents significantly reduce that difficulty. In particular, language agents help to resolve three important issues related to aligning AIs: reward misspecification, goal misgeneralization, and uninterpretability. (shrink)

Understanding climate change is becoming an urgent requirement for those in education. The normative values of education have long been closely aligned with the global, modernised world. The industrial model has underpinned the hidden and overt curriculum. Increasingly though, a new eco-centric orientation to economics, technology, and social organisation is beginning to shape up the post-carbon world. Unless education is up to date with the issues of climate change, the estate of education will be unable to meet its task of (...) knowledge transfer. This paper covers the basic science and ethical policy debates, and begins to outline the questions that will necessarily entangle education as we orientate ourselves to the new world that is upon us. (shrink)

This paper explores the principle that knowledge is fragile, in that whenever S knows that S doesn’t know that S knows that p, S thereby fails to know p. Fragility is motivated by the infelicity of dubious assertions, utterances which assert p while acknowledging higher-order ignorance whether p. Fragility is interestingly weaker than KK, the principle that if S knows p, then S knows that S knows p. Existing theories of knowledge which deny KK by accepting a Margin for Error (...) principle can be conservatively extended with Fragility. (shrink)

Recent research has identified a tension between the Safety principle that knowledge is belief without risk of error, and the Closure principle that knowledge is preserved by competent deduction. Timothy Williamson reconciles Safety and Closure by proposing that when an agent deduces a conclusion from some premises, the agent’s method for believing the conclusion includes their method for believing each premise. We argue that this theory is untenable because it implies problematically easy epistemic access to one’s methods. Several possible solutions (...) are explored and rejected. (shrink)

Many defend the thesis that when someone knows p, they couldn’t easily have been wrong about p. But the notion of easy possibility in play is relatively undertheorized. One structural idea in the literature, the principle of Counterfactual Closure (CC), connects easy possibility with counterfactuals: if it easily could have happened that p, and if p were the case, then q would be the case, it follows that it easily could have happened that q. We first argue that while CC (...) is false, there is a true restriction of it to cases involving counterfactual dependence on a coin flip. The failure of CC falsifies a model where the easy possibilities are counterfactually similar to actuality. Next, we show that extant normality models, where the easy possibilities are the sufficiently normal ones, are incompatible with the restricted CC thesis involving coin flips. Next, we develop a new kind of normality theory that can accommodate the restricted version of CC. This new theory introduces a principle of Counterfactual Contamination, which says roughly that any world is fairly abnormal if at that world very abnormal events counterfactually depend on a coin flip. Finally, we explain why coin flips and other related events have a special status. A central take home lesson is that the correct principle in the vicinity of Safety is importantly normality-theoretic rather than (as it is usually conceived) similarity-theoretic. (shrink)

This paper models knowledge in cases where an agent has multiple experiences over time. Using this model, we introduce a series of observations that undermine the pretheoretic idea that the evidential significance of experience depends on the extent to which that experience matches the world. On the basis of these observations, we model knowledge in terms of what is likely given the agent’s experience. An agent knows p when p is implied by her epistemic possibilities. A world is epistemically possible (...) when its probability given the agent’s experiences is not significantly lower than the probability of the actual world given that experience. (shrink)

This paper develops a semantic solution to the puzzle of Free Choice permission. The paper begins with a battery of impossibility results showing that Free Choice is in tension with a variety of classical principles, including Disjunction Introduction and the Law of Excluded Middle. Most interestingly, Free Choice appears incompatible with a principle concerning the behavior of Free Choice under negation, Double Prohibition, which says that Mary can’t have soup or salad implies Mary can’t have soup and Mary can’t have (...) salad. Alonso-Ovalle 2006 and others have appealed to Double Prohibition to motivate pragmatic accounts of Free Choice. Aher 2012, Aloni 2018, and others have developed semantic accounts of Free Choice that also explain Double Prohibition. -/- This paper offers a new semantic analysis of Free Choice designed to handle the full range of impossibility results involved in Free Choice. The paper develops the hypothesis that Free Choice is a homogeneity effect. The claim possibly A or B is defined only when A and B are homogenous with respect to their modal status, either both possible or both impossible. Paired with a notion of entailment that is sensitive to definedness conditions, this theory validates Free Choice while retaining a wide variety of classical principles except for the transitivity of entailment. The homogeneity hypothesis is implemented in two different ways, homogeneous alternative semantics and homogeneous dynamic semantics, with interestingly different consequences. (shrink)

Triviality results threaten plausible principles governing our credence in epistemic modal claims. This paper develops a new account of modal credence which avoids triviality. On the resulting theory, probabilities are assigned not to sets of worlds, but rather to sets of information state-world pairs. The theory avoids triviality by giving up the principle that rational credence is closed under conditionalization. A rational agent can become irrational by conditionalizing on new evidence. In place of conditionalization, the paper develops a new account (...) of updating: conditionalization with normalization. (shrink)

In recent years, a number of theorists have claimed that beliefs about probability are transparent. To believe probably p is simply to have a high credence that p. In this paper, I prove a variety of triviality results for theses like the above. I show that such claims are inconsistent with the thesis that probabilistic modal sentences have propositions or sets of worlds as their meaning. Then I consider the extent to which a dynamic semantics for probabilistic modals can capture (...) theses connecting belief, certainty, credence, and probability. I show that although a dynamic semantics for probabilistic modals does allow one to validate such theses, it can only do so at a cost. I prove that such theses can only be valid if probabilistic modals do not satisfy the axioms of the probability calculus. (shrink)

According to one tradition, uttering an indicative conditional involves performing a special sort of speech act: a conditional assertion. We introduce a formal framework that models this speech act. Using this framework, we show that any theory of conditional assertion validates several inferences in the logic of conditionals, including the False Antecedent inference. Next, we determine the space of truth-conditional semantics for conditionals consistent with conditional assertion. The truth value of any such conditional is settled whenever the antecedent is false, (...) and whenever the antecedent is true and the consequent is false. Then, we consider the space of dynamic meanings consistent with the theory of conditional assertion. We develop a new family of dynamic conditional-assertion operators that combine a traditional test operator with an update operation. (shrink)

Contextology is the science of the dynamics of the conversational context. Contextology formulates laws governing how the shared information states of interlocutors evolve in response to assertion. More precisely, the contextologist attempts to construct a function which, when provided with just a conversation’s pre-update context and the content of an assertion, delivers that conversation’s post-update context. Most contextologists have assumed that the function governing the evolution of the context is simple: the post-update context is just the pre-update context intersected with (...) the content of the assertion. We argue that this assumption is wrong: not only is it false, it is also incoherent given standard contextological assumptions. Moreover, it is impossible in principle to revise it to correctly describe the dynamics of context. We conclude that there can be no science of Contextology. The laws governing the evolution of the context in response to assertion must make essential reference to the private information states of interlocutors. (shrink)

A mental state is luminous if, whenever an agent is in that state, they are in a position to know that they are. Following Timothy Williamson’s Knowledge and Its Limits, a wave of recent work has explored whether there are any non-trivial luminous mental states. A version of Williamson’s anti-luminosity appeals to a safety- theoretic principle connecting knowledge and confidence: if an agent knows p, then p is true in any nearby scenario where she has a similar level of confidence (...) in p. However, the relevant notion of confidence is relatively underexplored. This paper develops a precise theory of confidence: an agent’s degree of confidence in p is the objective chance they will rely on p in practical reasoning. This theory of confidence is then used to critically evaluate the anti-luminosity argument, leading to the surprising conclusion that although there are strong reasons for thinking that luminosity does not obtain, they are quite different from those the existing literature has considered. In particular, we show that once the notion of confidence is properly understood, the failure of luminosity follows from the assumption that knowledge requires high confidence, and does not require any kind of safety principle as a premise. (shrink)

You omega know something when you know it, and know that you know it, and know that you know that you know it, and so on. This paper first argues that omega knowledge matters, in the sense that it is required for rational assertion, action, inquiry, and belief. The paper argues that existing accounts of omega knowledge face major challenges. One account is skeptical, claiming that we have no omega knowledge of any ordinary claims about the world. Another account embraces (...) the KK thesis, and identifies knowledge with omega knowledge. This position faces counterexamples, and struggles to make sense of inexact knowledge. The paper then develops a new account of knowledge, by proposing the principle of Reflective Luminosity: if you know that you know something, then you omega know it. I argue that Reflective Luminosity allows for omega knowledge while avoiding the problems for KK. (shrink)

outrageous remarks about contradictions. Perhaps the most striking remark he makes is that they are not false. This claim first appears in his early notebooks (Wittgenstein 1960, p.108). In the Tractatus, Wittgenstein argued that contradictions (like tautologies) are not statements (Sätze) and hence are not false (or true). This is a consequence of his theory that genuine statements are pictures.

In ‘Sly Pete’ or ‘standoff’ cases, reasonable speakers accept incompatible conditionals, and communicate them successfully to a trusting hearer. This paper uses the framework of dynamic semantics to offer a new model of the conversational dynamics at play in standoffs, and to articulate several puzzles posed by such cases. The paper resolves these puzzles by embracing a dynamic semantics for conditionals, according to which indicative conditionals require that their antecedents are possible in their local context, and update this body of (...) information by eliminating the possibilities where the antecedent is true and the consequent is false. In this way, the dynamic analysis draws on insights from the material conditional and contextualist analyses, while explaining how standoffs are genuine disagreements. (shrink)

Levi ben Gerson was a medieval astronomer who responded in an unusual way to the Ptolemaic tradition. He significantly modified Ptolemy’s lunar and planetary theories, in part by appealing to physical reasoning. Moreover, he depended on his own observations, with instruments he invented, rather than on observations he found in literary sources. As a result of his close attention to the variation in apparent planetary sizes, a subject entirely absent from the Almagest, he discovered a new phenomenon of Mars and (...) noticed a serious flaw in Ptolemy’s treatment of the Moon. (shrink)

Virtues are standardly characterized as stable dispositions. A stable disposition implies that the virtuous actor must be disposed to act well in any domain required of them. For example, a politician is not virtuous if s/he is friendly in debate with an opponent, but hostile at home with a partner or children. Some recent virtue theoretic accounts focus on specific domains in which virtues can be exercised. I call these domain-variant accounts of virtue. This paper examines two such accounts: Randall (...) Curren and Charles Dorn’s (2018) discussion of virtue in the civic sphere, and Michael Brady’s (2018) account of virtues of vulnerability. I argue that being consistent with the standard characterization of virtue requires generalizing beyond a domain. I suggest four actions the authors could take to preserve their accounts while remaining consistent with the standard characterization. I also discuss how virtue education could be enhanced by domain-variant accounts. (shrink)

This essay explores the philosophical significance of Anthony Burgess’s 1960s novel "A Clockwork Orange." Specific themes in this novel are developed through character and situation, in a way which takes cognisance of important problems in the history of philosophy. The essay looks at two particular themes in this context. The first relates to the epistemological question of the distinction between truth and illusion. The novel thematizes the demarcation between truth and illusion, or truth and appearance, and raises the issue of (...) whether we can have a knowledge or epistemological foundation for such a distinction. Second, the novel addresses a question at the heart of ethics, that is, the issue of whether there is a clear distinction between good and evil. Moreover, it develops this question in relation to the further issue of the explanation for the seeming attractiveness of evil, if good is an acknowledged superior value. In the novel these questions are addressed especially through the main character of Alex, whose incarceration and rehabilitation treatment by psychiatry comes centre stage. Additionally, the text itself is adapted for film by Stanley Kubrick in 1971 and the essay explores how Kubrick’s interpretation of the original novel is distinct from that of Burgess (this difference being added to by the medium of film). Kubrick’s different interpretation nonetheless builds on the original novel and thus brings new insights in terms of the reading of the primary themes, while also complexifying the hermeneutics. (shrink)

You omega know p when you possess every iteration of knowledge of p. This book argues that omega knowledge plays a central role in philosophy. In particular, the book argues that omega knowledge is necessary for permissible assertion, action, inquiry, and belief. Although omega knowledge plays this important role, existing theories of omega knowledge are unsatisfying. One theory, KK, identifies knowledge with omega knowledge. This theory struggles to accommodate cases of inexact knowledge. The other main theory is skeptical, claiming that (...) we do not omega know any ordinary claims about the world. This book develops and critically compares three new theories of omega knowledge. (shrink)

This paper explores relationships between environment and education after the Covid-19 pandemic through the lens of philosophy of education in a new key developed by Michael Peters and the Philosophy of Education Society of Australasia. The paper is collectively written by 15 authors who responded to the question: Who remembers Greta Thunberg? Their answers are classified into four main themes and corresponding sections. The first section, ‘As we bake the earth, let's try and bake it from scratch’, gathers wider philosophical (...) considerations about the intersection between environment, education, and the pandemic. The second section, ‘Bump in the road or a catalyst for structural change?’, looks more closely into issues pertaining to education. The third section, ‘If you choose to fail us, we will never forgive you’, focuses to Greta Thunberg’s messages and their responses. The last section, ‘Towards a new normal’, explores future scenarios and develops recommendations for critical emancipatory action. The concluding part brings these insights together, showing that resulting synergy between the answers offers much more then the sum of articles’ parts. With its ethos of collectivity, interconnectedness, and solidarity, philosophy of education in a new key is a crucial tool for development of post-pandemic education. (shrink)

Canguilhem is known to have regretted, with some pathos, that Life no longer serves as an orienting question in our scientific activity. He also frequently insisted on a kind of uniqueness of organisms and/or living bodies – their inherent normativity, their value-production and overall their inherent difference from mere machines. In addition, Canguilhem acknowledged a major debt to the German neurologist-theoretician Kurt Goldstein, author most famously of The Structure of the Organism in 1934; along with Merleau-Ponty, Canguilhem was the (...) main figure who introduced the work of Goldstein and his ‘phenomenology of embodiment’ into France. In this paper I inquire if we should view Canguilhem and Goldstein as ‘biochauvinists’, that is, as thinkers who consider that there is something inherently unique about biological entities as such, and if so, of what sort. (shrink)

Mutual funds are common investments because they provide a cost-effective and effective means to vary your investments (or possess an assortment of securities -- stocks, bonds, etc.) without having to make a huge starting investment.