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Trading Is Hazardous to Your Wealth:
The Common Stock Investment Performance
of Individual Investors
BRAD M. BARBER and TERRANCE ODEAN*
ABSTRACT
Individual investors who hold common stocks directly pay a tremendous performance
penalty for active trading. Of 66,465 households with accounts at a large
discount broker during 1991 to 1996, those that trade most earn an annual return
of 11.4 percent, while the market returns 17.9 percent. The average household
earns an annual return of 16.4 percent, tilts its common stock investment toward
high-beta, small, value stocks, and turns over 75 percent of its portfolio annually.
Overconfidence can explain high trading levels and the resulting poor performance
of individual investors. Our central message is that trading is hazardous to your
wealth.
The investor’s chief problem—and even his worst
enemy—is likely to be himself.
Benjamin Graham