I'm not here to make a case one way or the other, but I would point out the graph at the top of the page numbered 775.
Most of the reported difference in net performance is due to the impact of commissions and spreads: As trading goes up, gross return was not impacted, but net return was.
Retail investors in 2000 were getting fleeced. (And if you think that's bad, take a look at commissions in 1980.)
Most of the reported difference in net performance is due to the impact of commissions and spreads: As trading goes up, gross return was not impacted, but net return was.
Retail investors in 2000 were getting fleeced. (And if you think that's bad, take a look at commissions in 1980.)