What Worked for Fund Investors? Pinching Pennies and Letting Winners Run [Morningstar] – “Not only did cheaper funds outperform, on average, the sort from low-cost to high-cost followed an almost perfect stair-step pattern. That pattern held when I measured stock and bond funds separately. (I excluded allocation funds because I don’t have access to a historical expense ratio series that’s inclusive of acquired fund fees.) Moreover, the cheapest funds subsequently outperformed the priciest funds, on average, in every single year that spanned the study.”
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