• Investment fees cause many people to underperform in the market.
  • The return to the investor is the market return minus the fees paid.
  • The market is a zero-sum game, with outperformers balanced by underperformers.
  • Investors trying to beat the market often pay higher fees and transaction costs.
  • Due to fees, the majority of investors who try to outperform end up underperforming.
  • Investors with low fees can outperform those with higher fees.

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