Or the costs of trying to outsmart the market

(2009 - 2018)

The quest for uncorrelated returns can be an expensive pursuit, especially in terms of opportunity cost.

"Data gathered from 802 U.S. colleges and universities for the 2018 NACUBO-TIAA Study of Endowments® (NTSE) show that participating institutions’ endowments returned an average of 8.2 percent (net of fees) for the 2018 fiscal year (July 1, 2017 – June 30, 2018) compared with 12.2 percent for FY17."

1920 - 2017

"All of the wealth creation can be attributed to the thousand top-performing stocks, while the remaining 96 percent of stocks collectively matched one-month T-bills."

1950 - 2016