Whos Smarter: Vanguard or Fidelity Investors?
I find Morningstar Investor Returns data fascinating. Recently, I looked at the gap between total returns and investor returns across the Morningstar Style Box and found that it had widened significantly. While looking at those figures, I wondered how they worked out on a fund company level. By asset weighting investor returns on a fund company level, I could find out whose shareholders fared better. Or, put another way, whose shareholders are smarter?
