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Returns

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Fund Investors’ Returns Fall Short of the Market

Fund Investors’ Returns Fall Short of the Market.png

Expected Five-Year Excess Returns (Conditional on Current Valuations)

Expected Five-Year Excess Returns (Conditional on Current Valuations).png

The Style Premium Is Cyclical Since 1970

The Style Premium Is Cyclical Since 1970.png

Full Sample Factor Returns

Full Sample Factor Returns.png

Recent Factor Returns

Recent Factor Returns.png

Investors Outcome Is Ubiquitously Poor

Investors Outcome Is Ubiquitously Poor.png

Active Outperformance

Active Outperformance.png

Cumulative Excess Return Before/After Index Launch

Cumulative Excess Return Before-After Index Launch.png

Mean Reversion Is Unreliably Reliable Since 1998

Mean Reversion Is Unreliably Reliable Since 1998.png

Active Management : Excess Returns Are Difficult to Achieve Since 2006

Active Management - Excess Returns Are Difficult to Achieve Since 2006.png

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