The behavior gap is a term made popular by financial planner Karl Richards to show that poor investment behavior means that investors typically underperform the market. In equity mutual funds, investors make 5% lower returns every year switching constantly eats away the returns. Financial advisors keep churning their clients' portfolios because they want to justify the fees they earn. And DIY investors suffer the same fate. Our inability to keep still has hurt us but we don't blame ourselves. We find something else to pin the blame on maybe the fund manager themselves.