Dalbar Study

The Dalbar Study measures the results of the market annually with the average results that individual investors have obtained.

The S & P 500 index annually from 1996 through 2015 returned 8.19%.
However, the average stock investor only made 4.67%.
Why? Because investors lack knowledge and self-control.
In the chart below hypothetical Dalbar Study Results for 20 years 1996-2015 for a $100,000 investment are shown.