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← Recency Bias and Performance Chasing
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Question
What does DALBAR's research consistently find about the average equity investor's returns?
1
The average investor earns the same as funds before costs, but underperforms after fees
2
The average investor matches fund returns because of low-cost index products
3
The average investor earns 1.5–2% per year less than the average equity fund due to mistimed inflows and outflows
4
The average investor outperforms equity funds by carefully timing entries and exits
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