My friend Nir Kaissar put this up at Bloomberg Gadfly and it’s really a trip.
Investors, in the aggregate, fail to capture the returns that their own investments offer, largely because of behavior. But they’ve still managed to do better than the pros, again – in the aggregate – since the 2008 crash.
Look at this:
The average investor has failed to capture the market’s return since 2008 but still managed to beat hedge funds
What!
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