This performance isnt offset by superior transaction costs: The purchases and sales of high-IQ investors are executed by better prices and by better time than low-IQ investors trades. High-IQ investors supply picks and execution skills outcome taking part in a 2.2 percent for each day smooth out relating the portfolio returns of high- and low-IQ investors. This 2.2 percent lay out ignores differences concerning advertise timing arising from emotive hard cash into and not worth it of the advertise. The distribute jumps to 4.

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