There’s no doubt that the 400 richest Americans are coming off a very good 12 months — but over the last decade, they would have done even better had they invested in a broad-market index fund.
This provides a powerful investment lesson to the rest of us. Contrary to the belief that the ultrawealthy have some unique investment skills that enable them to regularly beat the stock market, even they, on average, don’t beat the stock market.
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