A new paper gives strong indication that on average, individual investors are really poor investors. I mean, really bad. Enough that by the end of the day, they’d be better off sitting in cash than trading on their own. It treats them to the sort of analysis which we usually subject mutual fund managers to, and finds that they’re no better, i.e. worst than a passive strategy. Continue reading Want to increase returns by 8.5%? Close your online trading account.