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Bill Ackman Thinks Diversification is for the Lazy
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Dalbar Study Shows Investors Sabotage Themselves
Another Dalbar study of investor behavior indicates the average investor makes decisions detrimental to their financial well-being. Over the 20 year period ending December 31, 2009, the average equity investor earned 3.17 percent per year, while the S&P 500 index returned 8.2 percent annually. These miserable results are attributable to investors buying stocks during manias and selling them during panics.
SMA Comment: Below average investors are balanced out by above average ones. Only through a disciplined approach can investors be consistently above average.
Source: N. Y. Times
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