The subprime mortgage of America caused the global financial crisis. Most invest bankers and brokers were hurt deeply by the financial crisis. Due to the collapse of the financial system, the value of the investor¡¦s assets reduced rapidly. Those investors who invest in the mutual funds are exposed to the high risk. The mutual fund investors become the victims of the herding behavior. People invest in the hot investment market like Brazil, China, Russia etc.. The undue sales of the variable universal life (VUL) and the structure notes have destroyed the faith relationship between the investors and the financial consultants. However, the financial consultants did not show up the investment risk entirely in the process of sales. Therefore the investors neglected the risk which they could bear. For this reason, the risk of their investment behavior also exceeded the limit. Consequently, we discuss the change of the investors¡¦ investment behavior and risk preference of the mutual fund investors.