Perhaps you smoke cigarettes.

If so, you’re aware of the risks.

But what if smokers also grew nostril hair (five inches a year) and it was impossible to cut?

After four or five years, it would be down to their waists. Fortunately for smokers, this doesn’t happen.

The risks of smoking are all well known.

But the same can’t be said for investing in actively managed mutual funds.

They carry two well-known risks.

The third, and arguably most harmful, isn’t well known.

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