other lics, page-38

Over the past five years the total returns for STW (Index fund for the XJO) year by year were in percent:

-1.9, 20.7, 26.1, 23.5, 28.8.

Total returns for ARG over the past five years, year by year were in percent:

9.6, 8.2, 19.8, 32.7, 19.1

Cumulative returns for each stock using $1000 base for the five years were:

1. STW - $2416.457899
2. ARG - $2068.312254

So, ARG by concentrating in the "right stocks" would have returned an investor $345 less on his $1000 than the same money invested in STW.

Believe Warren Buffett - invest in an index fund.

Cheers
Red