Paper gains or no gains at all... between commissions, taxes, and market timing, the average market gain is only 4.3%/year. Take any information on gains with a grain of salt.
In reality, because investors pumped $1.1 trillion into Nasdaq stock offerings between 1998 and 2000 - just before the worst crash in modern history - the typical dollar invested in the Nasdaq earned only 4.3 percent a year, less than half the historical return.
Source: How to lose $9 trillion in a bull market - Nov. 29, 2007
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