Investment Relativism: Why Fund Returns Lie to You (Chapter 11)
Book: Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition by John C. Bogle ISBN: 978-0-470-59748-4
Bogle calls this chapter “Happiness or Misery?” and borrows from Charles Dickens to make his point. Specifically, he pulls out Mr. Micawber’s famous formula from David Copperfield. Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.