I read the Fourth Quarter 2002 issue of Market Currents and had a chuckle. They tried to focus on the positive and put a pleasant
spin on things, but one look at the numbers and you know it's an understatement when they say "[t]he past three years have been difficult" for stock investors.
Average annual returns for the past five years are now negative for most Stock Indexes. When you consider the number of folks who rushed
into the stock market in 1998, 1999, and 2000, there obviously has to be a lot of pain and anger out there. Are these new investors going to stay the course? If history is any guide,
of course they won't. Most people are hard-wired to buy high and sell low, that's just the way it is.
Annual Outflows from Equity Mutual Funds,
Measured as a Percentage of Average Annual Total Net Assets
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