A Warning to the Advisory Profession: DALBAR’s Math is Wrong
Boston-based DALBAR has published updates of its “Quantitative Analysis of Investor Behavior” study annually since 1994. The study is meant to educate investors about how the returns they earn generally lag behind the returns for market indices widely reported in the media.
Pfau, Wade D. PhD, "A Warning to the Advisory Profession: DALBAR’s Math is Wrong" (2017). Faculty Publications. 735.