A quick question: has anyone seen any studies from universities or similar that compare, say, a 10 year average return from a group of non-institutional fundamentals investors versus the same data for people who trade on trends?
I've read a lot of stuff from the value investment camp that claims that over the long term, most average trend/chart investors end up mitigating their good years with bad ones. It seems an easy claim to make. I'm wondering if any studies have been done among non-institutional investors that seems to bear our or disprove those claims?
My main problem is that everything I read on both sides of the fence seems to make sense. I know I'll develop my own approach as I get more experienced, but I'm wondering if there are any objective measures to help guide me?