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Straight Talk · 2026-11-03

The funds made 9.89% a year. Their investors kept 8.74%.

trustTrust · permission, not prediction

The funds made 9.89% a year. Their investors kept 8.74%.

That is Morningstar’s Mind the Gap 2026, covering US funds and ETFs over the ten years to 2025. Both numbers are after fees. The funds weren’t the problem. The timing of money going in and out was.

In my own office, agents now do the first read on almost everything: filings, manager letters, fee comparisons. That part of investing is getting cheaper every quarter, and it is getting cheaper for everyone at once.

What doesn’t get cheaper is the decision in the middle of a bad week. On 22 October the semiconductor index was more than 26% below its June record and still up 51.5% for the year. An agent will give you both numbers in seconds. Whether you sell is still something a person has to sign.

Analysis scales. Risk, accountability and trust don’t.

One caveat worth keeping: Morningstar is careful to say the gap isn’t all bad behaviour. Even steady monthly investing opens a small one, because later money has less time to compound.

中文 · 耿直说

分析可以外包,责任不可转让

晨星刚出的 Mind the Gap,我看了一晚上。过去十年美国基金平均每年赚 9.89%,投资人实际拿到手 8.74%,两个数都是扣完费的。差的那 1.15 个点不是基金选错了,是钱进出的时间不对。 我自己办公室里,第一遍研究现在基本都是 agent 在做,"选什么"这件事确实越来越不值钱。但 10 月 22 号那天,半导体指数比 6 月高点跌了 26%,同一天它今年还涨着 51%。那一刻按不按卖出键,没有任何模型替你负责。这个学费,做了二十年我也还在交。 分析可以外包,责任不可转让。

耿直说 · 一个 AI 原生 CIO 的投资笔记

Views are my own. Not investment advice.