"Average" isn't so hot at the race track given those steep track takes. "Average" is pretty decent for stocks, something like 6 percent above the inflation rate. For a buy-and -hold investor, commissions and taxes are small.
"Fortune's Formula". Part Three, Arbitrage, This Is Not the Time To Buy Stocks, p. 134. Book by William Poundstone, 2005.
![Average isn't so hot at the race track given those steep track takes. Average is pretty decent for stocks, something like 6 percent above the inflation rate. For a buy-and -hold investor, commissions and taxes are small.](http://cdn.myquotes.org/images/william-poundstone/average-isnt-so-hot-at-the-race-track-given-those-steep-track-takes-average-is-pretty-decent-for-stocks-something.jpg)