Back in March, we posted a brief overview of Dalbar's most recent edition of its "Quantitative Analysis of Investor Behavior," an authoritative study of the perennial gaps between market returns and fund returns on the one one hand, and fund returns and investor returns on the other. Summary: The numbers get uglier with each step away from market returns--and (stock) market returns haven't been especially thrilling in the first place!
Via Mebane Faber, we found Dalbar's fuller treatment of its 2009 report (which is through year-end 2008). This is good, important stuff. Take a look.
