He doesn’t say all economies should get 12%

but that you should do research on mutual funds with long track records. Well, at some point 40 years ago doesn’t matter. What you really need to do is compare a fund to the S&P 500 or other index and see if it did better or worse. Then again, we don’t know what the future holds, so really, to me, do index funds since they are cheap. That way you keep your expenses down. Dave never really talks about the expense ratio of a mutual fund.