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 1997 through 2016 returned 7.68%.
However, the average stock investor only made 4.79%.
Why? Because investors lack knowledge and self-control.
In the chart below hypothetical Dalbar Study Results for 20 years 1997-2016 for a $100,000 investment are shown.