Chart o’ the Day: When People Beat Pros

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