The Grand Illusion
Update: 2025-05-02
Description
Chapter Five
The Grand Illusion
-
Surprise! The Returns Reported
by Mutual Funds Aren’t Actually
Earned by Mutual Fund Investors.
IT IS GRATIFYING THAT industry insiders such as the In-
vestment Company Institute’s (ICI’s) chairman Jon Fossel,
Fidelity’s Peter Lynch, Mad Money’s James Cramer, and
AQR’s Clifford Asness agree with me about the inevitable
inadequacy of returns earned by the typical equity mutual
fund relative to the returns available simply by owning the
stock market through an index fund based on the S&P 500.
The Grand Illusion
-
Surprise! The Returns Reported
by Mutual Funds Aren’t Actually
Earned by Mutual Fund Investors.
IT IS GRATIFYING THAT industry insiders such as the In-
vestment Company Institute’s (ICI’s) chairman Jon Fossel,
Fidelity’s Peter Lynch, Mad Money’s James Cramer, and
AQR’s Clifford Asness agree with me about the inevitable
inadequacy of returns earned by the typical equity mutual
fund relative to the returns available simply by owning the
stock market through an index fund based on the S&P 500.
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