2018 Quarter 2 Review: Relative Strength Series
When you look at a fund’s returns, the numbers assume that investors bought it at the beginning of a period and held it until the end. That’s
usually not the case. Investors, often driven by emotions, tend to make unsound investment decisions, such as pulling out of a fund when it
struggles. Dollar-weighted (or investor) returns reflect that movement, and can teach a valuable lesson: Being out of the market, or in the
wrong areas of the market, can be the enemy of long-term wealth creation.
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