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The Grand Illusion

The Grand Illusion

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 Chapter Five The Grand Illusion - Surprise! The Returns Reported by Mutual Funds Aren’t Actually Earned by Mutual Fund Investors. IT IS GRATIFYING THAT industry insiders such as the In- vestment Company Institute’s (ICI’s) chairman Jon Fossel, Fidelity’s Peter Lynch, Mad Money’s James Cramer, and AQR’s Clifford Asness agree with me about the inevitable inadequacy of returns earned by the typical equity mutual fund relative to the returns available simply by owning the stock market through an index fund based on the S&P 500.
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