File:Impact-of-costs-active.jpg
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Investing is a sum-zero game: the dollar-weighted performance of all investors is equal to the performance of the market (hypothetical bell curve on the right). After costs, the curve is shifted to the left: few high-cost active investors beat the index every year. Low-cost index funds and ETFs have returns close to that of the index, outperforming most active investors. Figure inspired by several Vanguard publications (no specific source).
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| Date/Time | Thumbnail | Dimensions | User | Comment | |
|---|---|---|---|---|---|
| current | 22:06, 30 December 2015 | | 2,031 × 1,133 (418 KB) | Quebec (talk | contribs) |
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