Putting things in perspective

How much investors lost, over the last ten years, by attempting market timing, rather than “buy and hold”: $1 trillion

How much investors lost, over the last ten years, from high mutual fund fees: $20 billion

How much investors lost, over the last ten years, from crooked trades: $10 million

All of the estimates are from the December 22 Forbes, p.84. The last number seems far too low to me, but the point remains: investors are their own worst enemy, they inflict far more damage on themselves than they ever lose through outright fraud.