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William Goetzmann and Nadav Peles measured the recollections of investors. They asked investors whether the return on their mutual fund investments during the previous year

William Goetzmann and Nadav Peles measured the recollections of investors. They asked investors whether the return on their mutual fund investments during the previous year beat the market. They found that investors overestimated their actual return and overestimated their return relative to a benchmark.
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