Stock Market Averages. I'm interested in what the average INDIVIDUAL
investors and PROFESSIONAL MONEY MANAGER do over time in the stock
market. Not the market averages.
I recall a study which compared professional managers
to throwing darts.
If I dig that out - would that be acceptable aqnswer?
P.S. Darts won. That was before .com bust.
I was hoping for something a little more statistically sound than that.
Something like this?
This light article from The Fools quotes a study done at UC
Davis:
http://www.fool.com/EveningNews/foth/1998/foth981020.htm
That quoted article is gone, but leads to following papers by prof
Odean
http://faculty.haas.berkeley.edu/odean/Current Research.htm
which contrasts behavior of individual vs. professional investors.
Here are data on performance of individuals
The Common Stock Investment Performance of Individual Investors
http://faculty.haas.berkeley.edu/odean/papers/returns/returns.html
Evaluation of advice given by professionals
objective newsletter-tracking methodology, overseen by the same
advisory board of finance professors,
statisticians, accountants, and independent money managers.
http://cbs.marketwatch.com/commerce/hfdProduct.asp?siteid=mktw&dist=hfdgoogle&pname=hfd
Performance history of professionally managed funds
(membership fee)
http://www.morningstar.com/
search terms
performance stocks return
Hulbert , statistics comparison, individual
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Individual Investors & Prof. Money Managers - Averages Over Time