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For posttax returns, long-tenure managers
outperform short-tenure managers by 0.14 percentage point a year, on average.
Why does this reversal happen? The answer is that short-tenure managers are trading much more often than long-tenure managers. For investors, more trading means a much larger tax bill at the end of the day.
102564541 : 很長
Winner01 :![微笑 [微笑]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36)
Winner01 : 喜歡
Koolgal : 長期任期將獲勝
ornegu : 向上
MoMa Doge : 喜歡
Dartist : 哇
roem muhammad : super long![100 💯](https://static.moomoo.com/nnq/emoji/static/image/img-apple-64/1f4af.png)
![money_mouth_face 🤑](https://static.moomoo.com/nnq/emoji/static/image/img-apple-64/1f911.png)
Tuyea : 時間是勝利因素
Happybee7158 : 短期應該是好的。
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