Salient to Investors:

Richard Bernstein at Richard Bernstein Advisors found:

  • Over the period from December 31, 1993 to December 31,  2013, the average mutual fund investor underperformed every asset class and category, including cash, except Asian emerging market and Japanese equities.
  • The average investor would have improved performance by simply buying and holding any asset class other than Asian emerging market or Japanese equities.
  • Investors consistently bought overvalued assets and sold undervalued assets.
  • In periods of chaos, investors ran away.

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