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The behaviour gap
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Investors earn less than the very funds they hold, often one to two points a year. Where that gap comes from, and the only defence that works.
In this lesson
- What investor-return studies find, and why the gap is about timing, not funds
- What 1.5 points a year cost on €100,000 over 25 years
- Why 2008 and 2009 decided more than a decade of fees, and what a written rule changes
Apply it
Write down your worst investing decision. What did you feel the moment before you made it?