"We analyze the common stock investment performance of 166 investment clubs using account data from a large discount brokerage firm from February 1991 through January 1997. The average club tilts its common stock investment toward high-beta, small, growth stocks, and turns over 65 percent of its portfolio annually. The average club lagged the performance of a broad-based market index by over three percent per year..."
Investment Club Performance Financial Analysts’ Journal - January/February 2000
Source: http://ssrn.com/abstract=219188
