And so, he did extensive research including the research from Dalbar, taking a look
at the
inflows and outflows of equity
mutual funds of the average individual investor.
And of course, when markets are
at their peak, as we see today, we're seeing more and more
inflows of equity type
mutual funds, and when markets go down, then we see a lot of outflows of equity type
mutual funds, so we're doing the exact opposite of what we should be doing because of the emotion that's involved with our money.