Burton Malkiel wrote:
> Ibbotson Associates data suggest that, over the long haul, the markets
> have an average annual rate of return of something like 9½% since 1926.
> But average investors don't make anything like 9½%, because they tend to
> get in at the top and out at the bottom.

Surely, the average market participant would have averaged exactly 9½%
per annum.

Martin