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Monthly Growth Of Wealth 1926 - 2017

The Capital Markets Have Rewarded Long-Term Investors with ‘Real’ Growth

Capital Markets Work Most look to the financial markets as their main investment avenue—and the good news is that the capital markets have rewarded long-term investors. The markets represent capitalism at work in the economy—and historically, free markets have provided a long-term return that has offset inflation. This is documented in the growth of wealth […]

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Few Equity Funds Have Survived and Outperformed As of December 2018

Do Winners Keep Winning?

The Search For Stock Fund Winners The size of the mutual fund landscape masks the fact that many funds disappear each year, often as a result of poor investment performance. Investors may be surprised by how many mutual funds become obsolete over time. Funds tend to disappear quietly, and underperforming funds—especially those that do not

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This market is an effective information processing machine. Millions of participants buy and sell securities in the world markets every day, and the realtime information they bring helps set prices.

Markets Efficiently Integrate the Combined Knowledge of All Market Participants

Stock Price Reflects All Knowledge As we can see from the table above, an extraordinary amount of trades are made in the world markets on a daily basis. Active fund managers and the investment media would have us believe that, of those 98.6 million trades, they can exploit the market through a bit of information

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US Market Intra-Year Gains and Declines VS Calendar Year Returns

Recent Market Volatility

After a period of relative calm in the markets, in recent days the increase in volatility in the stock market has resulted in renewed anxiety for many investors. From February 1–5, the US market (as measured by the Russell 3000 Index) fell almost 6%, resulting in many investors wondering what the future holds and if they should

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