Normal Investors, Then and Now
نویسنده
چکیده
normal today. The 1960 volume of the Financial Analysts Journal contains a pair of remarkable articles. In the first, “The Case for an Unmanaged Investment Company,” Edward Renshaw and Paul Feldstein compared the returns of mutual funds to those of the DJIA and found that only 11 of 89 diversified common stock and balanced funds had returns higher than those of the DJIA. This and similar evidence led them to propose the creation of what we know today as an index fund:
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