Terry Smith's Fundsmith beat the market for a decade, then trailed four straight years. £3.31bn fled in 2024. Most investors lost money vs a tracker. Why? Timing. They bought high after stellar returns, sold low during underperformance. Jack Bogle's iron law: money arrives after gains, leaves during losses. Even star managers can't beat that.
Trump trades—betting on presidential policies — seem obvious. Reality? Investors who bet against Trump taking action earned S&P 500 returns. Believers lost 20%.
Robin Powell
Oct 2412 min read
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