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One More Reason to Choose Index Funds

8:09 PM  Pisstol Aer   Labels: , ,
"Mutual fund managers would seem to possess myriad advantages over the average individual investor: a business degree, a deep understanding of corporate finance, and years of experience.
But you wouldn’t know it based on how their personal portfolios fare.
A new study of mutual fund managers in Sweden found that that they “do not exhibit superior security-picking ability” when managing their personal portfolios, compared with similarly situated private citizens who also invest for themselves.
Using detailed tax and investment information contained in Swedish government data bases, researchers from the University of Notre Dame and Michigan State University were able to link individual fund managers to their personal equity portfolios and returns, which were then compared with the returns of non-experts with similar socioeconomic characteristics, such as education and age.
Based on the risk-adjusted returns for each group, the researchers found that the fund managers’ personal equity portfolios – individual company stocks and also the stock mutual funds they hold – performed no better than the private investors’ equity portfolios."
Thanks to the Squared Away Blog: http://squaredawayblog.bc.edu/squared-away/investment-managers-are-human-too/
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One More Reason to Choose Index Funds
One More Reason to Choose Index Funds
Reviewed by Pisstol Aer
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