How Important Is Investor Behavior to Long Term Returns?

The Wilshire 5000 is something like 3400 stocks. It got up to 7000, believe it or not. Well, we were cranking out a lot of new companies before we realized that pets.com wasn't a sustainable business. I also had an idea that growth might do better than value for the young people investing on a dollar averaging basis wouldn't be that much riskier. So I divided the S&P into two. As soon as the S&p did that, I started a growth index fund half of the S-P and a value index fund, the other half. The money poured into growth when growth was doing well. At the wrong time. Out of growth and