Kenneth Gan

THE WRITER IS A CANDIDATE IN THE CFA PROGRAMME AND HAS PASSED THE LEVEL I EXAM. HE IS PART OF THE INVESTMENT SOLUTIONS TEAM AT PHILLIPCAPITAL

While the theoretical S&P 500 grew US$1 into US$333 between 1926 and 1986, a realistic mutual fund return for that same period would have been only US$137.
INSIGHTS FROM CFA SOCIETY SINGAPORE

Your portfolio isn’t a century-old magical compounding machine

The lived experience of real-world investors is a gauntlet of taxes, fees and the need to spend money