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There was an academic paper (authors Ibbotson and Sinquefield,
maybe?) written on the mutual-fund industry that takes the same
view. If you take any "excess" (greater than buy-and-hold) profits
generated by mutual funds and subtract from them the cost of doing
all the research and the costs of acting on that research (trading),
there aren't any "excess" profits.
S.
--- In equismetastock@xxxxxxxxxxxxxxx, "metastkuser"
<andysmith_999@xxxx> wrote:
> I can't recall exactly who (either LeBeau or Tharp) but one of them
> commented that long term, most system's profits are not much greater
> than their transaction costs.
>
> I found this to be hard to believe. At first I thought it might be
the
> case for small accounts. But even for the small accounts, I don't
> believe this -- especially with brokerages like Interactive Brokers
> ($1 minimum commissions).....
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