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← Evidence Against Tactical Allocation
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Question
What did the DALBAR annual studies consistently find about the average equity fund investor?
1
The average investor outperforms the average equity fund by selecting funds with better track records.
2
The performance gap is explained entirely by management fees rather than investor behaviour.
3
The average investor earns approximately the same as the average equity fund due to efficient markets.
4
The average investor earns approximately 2–3% per year less than the average equity fund they hold, due to poorly timed entries and exits.
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