Numerous studies show that the returns that investors have achieved over time are much lower than the returns of the markets they are invested in. This holds true in all countries, and over many decades. A recent report in the USA revealed that since the 1974 establishment of the personal Retirement Annuity (called a 401k account), the US stock market has grown at over 11% per annum. Over this same period, the average investor earned less than 4% per annum.