Often overlooked is the cost of behavioural biases and irrationality that the vast majority of investors suffer from through time. Investing is not an easy game and we can all be sorely tempted to act on our biases, even though the overwhelming evidence suggests otherwise. A nice example from the 2020 COVID crash and the (gargantuan!) $1.6T AUM Vanguard Total Sock Market Index Fund (VTSMX) is provided.
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