Client Letter – Q2 2007
It’s easy to see what long-term stock market investors earn—just look at the averages, right? Maybe not, according to some new research by Ilia Dichev at the University of Michigan. From Jan. 1926 through this past April the Standard & Poor’s 500 Index grew at an annualized pace of 10.45%. But Dichev’s research on investor cash flows into and out […]
