每年,海外研究机构DALBAR都会发布一期《投资者行为定量分析》。每年的研究都无一例外地指向一个结论—个人基金投资者最大的敌人就是他们自己。该报告统计了投资者从股票基金、债券基金、资产配置基金上获得的实际收益,结果发现,过去20年来,美国S&P500股票指数年化收益率为7.81%,而个人基金投资者在股票基金上的年化收益仅为3.49%,比S&P500股票指数收益每年落后4.3%。如果仅看2011年,情况更加糟糕:个人基金投资者在股票 Each year, overseas research institute DALBAR will issue a “quantitative analysis of investor behavior.” Each year’s research, without exception, points to the conclusion that the biggest enemy of individual fund investors is themselves. The report, which calculates the actual returns investors receive from stock funds, bond funds and asset allocation funds, found that the annualized yield on the S & P500 stock index in the United States over the past two decades was 7.81% while individual fund investors were on stock funds Of the annualized return of only 3.49%, than the S & P500 stock index earnings 4.3% behind each year. If you look at just 2011, the situation is even worse: individual fund investors in stocks