Most investors have heard “time in the market beats timing the market.” It sounds like a slogan. Nick Maggiulli stress-tested it in a way that matters for people who try to hoard cash and “buy the dip.” His result is uncomfortable for dip hunters: Maggiulli sets up two strategies that invest for 40 years. Despite

There are two performance numbers investors keep running into. One is the time weighted return, often written as TWRR. The other is the money weighted return, usually shown as MWRR or XIRR. Both sound technical. Both appear in portfolio reports, factsheets, and finance blogs. The problem is that most explanations are written for exams rather