{"id":360895,"date":"2026-08-01T00:33:36","date_gmt":"2026-08-01T00:33:36","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/it-may-not-be-always-about-best-returns-but-getting-poor-outcomes-investment-moats\/"},"modified":"2026-08-01T00:33:36","modified_gmt":"2026-08-01T00:33:36","slug":"it-may-not-be-always-about-best-returns-but-getting-poor-outcomes-investment-moats","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=360895","title":{"rendered":"It May not be always about Best Returns but Getting Poor Outcomes \u2013 Investment Moats"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\">\n                <\/aside>\n<p>            <!-- Share buttons by mashshare.net - Version: 4.0.47--><\/p>\n<p>I would sometimes feel that how you understand something, makes you appreciate results differently. <\/p>\n<p>I felt my best grade that I ever gotten in school was the B that I got for my physics during A levels.<\/p>\n<p>This is because even entering the exam hall of the A level exam, I put my chances of passing at 10%. When I left the exam hall, the chances were lifted to 20%.<\/p>\n<p>That is how fxxked up physics was for me. <\/p>\n<p>I can tell you, even getting a D or a C is a win for me. <\/p>\n<p>I won\u2019t understand how it feels when you only get a B and could not get an A if A was so common for your personal capacity, and all your friends got it. <\/p>\n<p>There might be more than one tale to a story or that\u2026 you will gain a couple of different realizations if you understand the story better and you might look at things differently.<\/p>\n<p>And so I felt the same when I look at these investment stuff. <\/p>\n<p>I seen some comments made about some local ETF\u2019s performance. I own the ETF. It\u2019s a small part of Crystalys.  My vested interest and bias is not a lot. <\/p>\n<p>But man\u2026 I think some individual stock investors really cannot frame a fund (not just an ETF) as a mirror of what they are doing. <\/p>\n<p>I don\u2019t want to elaborate on that ETF.<\/p>\n<p>Yesterday night, I thought about the ticker RSP which is the <strong>Invesco S&amp;P 500 Equal Weight ETF<\/strong>. It\u2019s a US-incorporated ETF that is incorporated in April 2003, so it went through the GFC, European crisis, Covid and all the struggles that you can think of. 23 years of history. RSP tracks the S&amp;P 500 Equal Weight Index.<\/p>\n<p>Here is how the total returns, including dividends look like:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21.png\" data-slb-active=\"1\" data-slb-asset=\"914064034\" data-slb-internal=\"0\" data-slb-group=\"24547\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"728\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-1024x728.png\" alt=\"\" class=\"wp-image-24548\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-1024x728.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-300x213.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-768x546.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-2048x1456.png 2048w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-960x683.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-1080x768.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-1200x853.png 1200w\" sizes=\"(max-width: 760px) calc(100vw - 24px), 720px\"\/><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"728\" alt=\"\" class=\"wp-image-24548 eager-load\" sizes=\"(max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21.png\" id=\"mv-trellis-img-1\" loading=\"eager\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-1024x728.png\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-1024x728.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-300x213.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-768x546.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-2048x1456.png 2048w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-960x683.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-1080x768.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_07-57-21-1200x853.png 1200w\" data-svg=\"1\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>The cumulative returns is about 1100%. That is 11% p.a. It is not an index return but the return of an actual ETF that people can invest in. <\/p>\n<p>I think every one would kind of think that if you invested 23 years and can get 11% p.a. or 1000%, it\u2019s very good. <\/p>\n<p>But some fxxks will ask: \u201cBut how does that compare to the cap-weighted S&amp;P 500 Index performance?\u201d<\/p>\n<p>Well I guess folks always will end up comparing the performance and some cannot \u201clet this slide\u201d until they see the performance against something like an SPY, which also has similarly long history.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38.png\" data-slb-active=\"1\" data-slb-asset=\"2034022472\" data-slb-internal=\"0\" data-slb-group=\"24547\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"728\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-1024x728.png\" alt=\"\" class=\"wp-image-24550\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-1024x728.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-300x213.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-768x546.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-2048x1456.png 2048w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-960x683.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-1080x768.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-1200x853.png 1200w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img decoding=\"async\" width=\"1024\" height=\"728\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-1024x728.png\" alt=\"\" class=\"wp-image-24550 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-1024x728.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-300x213.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-768x546.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-2048x1456.png 2048w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-960x683.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-1080x768.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38-1200x853.png 1200w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_08-33-38.png\" id=\"mv-trellis-img-2\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>What you will see is the cap-weighted SPY lags the RSP for 20 years before finally overtaking. <\/p>\n<p>But like my physics grade, what other potential side plots were there?<\/p>\n<p>Investors sometimes got to recognize HOW and WHAT the strategy invest in. <\/p>\n<p>RSP equal weights the 500 largest companies in the US. Technically, RSP owns 505 securities.<\/p>\n<p>If you take 100% divide by 505 what would be the allocation of one company <strong><span style=\"text-decoration: underline;\">0.198%<\/span><\/strong>.<\/p>\n<p>Let me just show you the top 50 holdings of these 505:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2.png\" data-slb-active=\"1\" data-slb-asset=\"1633492756\" data-slb-internal=\"0\" data-slb-group=\"24547\"><img loading=\"lazy\" decoding=\"async\" width=\"551\" height=\"1024\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2-551x1024.png\" alt=\"\" class=\"wp-image-24549\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2-551x1024.png 551w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2-161x300.png 161w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2-516x960.png 516w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2.png 552w\" sizes=\"auto, (max-width: 551px) 100vw, 551px\"\/><img decoding=\"async\" width=\"551\" height=\"1024\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2-551x1024.png\" alt=\"\" class=\"wp-image-24549 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2-551x1024.png 551w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2-161x300.png 161w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2-516x960.png 516w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2.png 552w\" sizes=\"auto, (max-width: 551px) 100vw, 551px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-RSP-2.png\" id=\"mv-trellis-img-3\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>If you see that they are greater than 0.198%, it means these are the companies that did well. <\/p>\n<p>You would recognize many names. <\/p>\n<p>I just want you to appreciate just how fxxking small each of them are. If you see PYPL, this has been not doing well. Brown and Brown was also not doing well. Global Payments also not doing well. <\/p>\n<p>If you add how small each of these holdings are\u2026 with a 22\/23 years of 1000% returns, does that rewire what you think drives returns?<\/p>\n<p>I think many would be so surprised over this.<\/p>\n<p>The very common narratives are:<\/p>\n<ol class=\"wp-block-list\">\n<li>I invest in the S&amp;P 500 because the largest companies drives the return.<\/li>\n<li>I invest in the S&amp;P 500 for the growth. <\/li>\n<li>You must be very choosy what you invest in. Can only invest in \u2018good stocks\u2019<\/li>\n<li>We need to invest in the hyperscalers in more significant allocation.<\/li>\n<\/ol>\n<p>RSP is interesting because you know in history this bloody thing did better than the S&amp;P 500 for the longest time and you have <strong><span style=\"text-decoration: underline;\">no idea exactly what drives that 1000% returns<\/span><\/strong>.<\/p>\n<p>And that makes people feel so vulnerable because we all want to be certain what drives the returns.<\/p>\n<p>Perhaps the magic is\u2026 <\/p>\n<ol class=\"wp-block-list\">\n<li>in the diversification, <\/li>\n<li>the factor that US has just done well<\/li>\n<li>the returns of companies that did well are harvest when the index is rebalanced back to 0.198% <\/li>\n<li>and the earnings per share of many companies grow over time<\/li>\n<\/ol>\n<p>Even if RSP didn\u2019t do as well as the cap-weighted S&amp;P 500, the idea that you can get 5-10% p.a. over the long term in a weird diversified strategy, not beholden to a selected group of important stocks is just so unique. <\/p>\n<p>Now what is currently one of the most concentrated indexes?<\/p>\n<p>The STI Index. <\/p>\n<p>Our 3 banks is 56% of the index. But it has not always been that way. <\/p>\n<p>I put our STI ETF\u2019s USD performance next to RSP since 2008:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41.png\" data-slb-active=\"1\" data-slb-asset=\"1959155635\" data-slb-internal=\"0\" data-slb-group=\"24547\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-1024x682.png\" alt=\"\" class=\"wp-image-24552\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-1024x682.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-300x200.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-768x511.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-960x639.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-1080x719.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-1200x799.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41.png 1440w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-1024x682.png\" alt=\"\" class=\"wp-image-24552 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-1024x682.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-300x200.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-768x511.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-960x639.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-1080x719.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41-1200x799.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41.png 1440w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-19-41.png\" id=\"mv-trellis-img-4\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>I know STI ETF should have performance since 2003, but just so that a lot of the data starts in 2008. And you can see the performance lags. Using the RSP takes away all the bullshit stuff of great hyperscalers. <\/p>\n<p>I think in a way, the STI was usually rather driven by the top 10 companies. <\/p>\n<p>This chart is actually a contrast between very diversified, versus rather concentrated. <\/p>\n<p>There are a lot of small shit that did well over time, whose returns are harvested. This actually did better than a concentrated Singapore index. <\/p>\n<p>We can show in two time frames, before 2018:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03.png\" data-slb-active=\"1\" data-slb-asset=\"1458385175\" data-slb-internal=\"0\" data-slb-group=\"24547\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-1024x682.png\" alt=\"\" class=\"wp-image-24553\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-1024x682.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-300x200.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-768x511.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-960x639.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-1080x719.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-1200x799.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03.png 1440w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-1024x682.png\" alt=\"\" class=\"wp-image-24553 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-1024x682.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-300x200.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-768x511.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-960x639.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-1080x719.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03-1200x799.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03.png 1440w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-26-03.png\" id=\"mv-trellis-img-5\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p> And after 2018:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09.png\" data-slb-active=\"1\" data-slb-asset=\"935961343\" data-slb-internal=\"0\" data-slb-group=\"24547\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-1024x682.png\" alt=\"\" class=\"wp-image-24555\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-1024x682.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-300x200.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-768x511.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-960x639.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-1080x719.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-1200x799.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09.png 1440w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-1024x682.png\" alt=\"\" class=\"wp-image-24555 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-1024x682.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-300x200.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-768x511.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-960x639.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-1080x719.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09-1200x799.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09.png 1440w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/RSP_2026-07-30_09-27-09.png\" id=\"mv-trellis-img-6\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>You can see the tremendous catch up in the last 4 years. <\/p>\n<p>As people are celebrating the great performance of the last 4 years, I wonder if that concentration makes investors feel vulnerable.<\/p>\n<p>For 15 years it has not worked that well, relative to a weird, very diversified, non-cap weighted US index. Then for 4 years it worked tremendously well.<\/p>\n<p>What happens in the next 30 years?<\/p>\n<p>I think investors need to consider the significant revaluation that took place in the past 2 years and if someone expect the same trajectory in performance over the next 30 years, I think they may potentially be in for disappointment. <\/p>\n<p>Concentration has its advantages if they work out but those who suffered may know that sometimes this is survivorship bias in play. <\/p>\n<p>More so, I think many cannot imagine how you could do decently well investing in a non-concentrated portfolio, and to an even greater extend a very diversified one. <\/p>\n<p>They may also <span style=\"text-decoration: underline;\">expect <\/span>a very diversified portfolio to be<span style=\"text-decoration: underline;\"> doing very badly <\/span>but in reality it is doing <span style=\"text-decoration: underline;\">pretty much the same<\/span> as a more concentrated one. <\/p>\n<p>It makes you wonder how important is choosing the \u201cright\u201d companies.<\/p>\n<p>RSP is not the outlier here. <\/p>\n<p>I have attached a few equal-weight MSCI factsheets here:<\/p>\n<ol class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.msci.com\/documents\/10199\/255599\/msci-ac-asia-ex-japan-equal-weighted-index-net.pdf\" data-type=\"link\" data-id=\"https:\/\/www.msci.com\/documents\/10199\/255599\/msci-ac-asia-ex-japan-equal-weighted-index-net.pdf\">MSCI Asia ex Japan Equal Weighted<\/a><\/li>\n<li><a href=\"https:\/\/www.msci.com\/documents\/10199\/26f988d4-f7b7-4536-85b6-493bf970dc5f\" data-type=\"link\" data-id=\"https:\/\/www.msci.com\/documents\/10199\/26f988d4-f7b7-4536-85b6-493bf970dc5f\">MSCI Europe Equal Weighted (EUR)<\/a><\/li>\n<li><a href=\"https:\/\/www.msci.com\/documents\/10199\/255599\/msci-acwi-equal-weighted-index.pdf\" data-type=\"link\" data-id=\"https:\/\/www.msci.com\/documents\/10199\/255599\/msci-acwi-equal-weighted-index.pdf\">MSCI ACWI Equal Weighted<\/a><\/li>\n<li><a href=\"https:\/\/www.msci.com\/documents\/10199\/255599\/msci-world-mid-cap-equal-weighted-index-usd-net.pdf\" data-type=\"link\" data-id=\"https:\/\/www.msci.com\/documents\/10199\/255599\/msci-world-mid-cap-equal-weighted-index-usd-net.pdf\">MSCI World Mid Cap Equal Weighted<\/a><\/li>\n<\/ol>\n<p>I think sometimes its good to just take a look at just how small each of them are. Try to recognize any of the holdings. Then look at the year by year performance. Then also the long term performance. <\/p>\n<p>Consider if returns are decent even if you have no idea what a fund owns at any point in history. <\/p>\n<p>You may realize it may not be so scary investing in a bunch of equity securities you don\u2019t know.<\/p>\n<div class=\"abh_box abh_box_down abh_box_business\">\n<div class=\"abh_tab_content\">\n<section class=\"vcard author abh_about_tab abh_tab\" itemscope=\"\" itemprop=\"author\" itemtype=\"https:\/\/schema.org\/Person\" style=\"display:block\">\n<div class=\"abh_image\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/ImageObject\"><a href=\"https:\/\/investmentmoats.com\" class=\"url\" target=\"_blank\" title=\"Kyith\" rel=\"nofollow\"> <img loading=\"lazy\" decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo\" height=\"250\" width=\"250\"\/><img decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo lazyload\" height=\"250\" width=\"250\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a> <\/div>\n<div class=\"abh_text\">\n<div class=\"description note abh_description\" itemprop=\"description\">\n<p>Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.<\/p>\n<p>Readers also follow Kyith to learn how to plan well for Financial Security and Financial Independence.<\/p>\n<p>Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory Firm Providend. All opinions on Investment Moats are his own and does not represent the views of Providend.<\/p>\n<p>You can view <a href=\"https:\/\/investmentmoats.com\/StockPortfolioTracker\/stockportfolioinvestmenttracker.php\"><b>Kyith&#8217;s current portfolio here<\/b><\/a>, which uses his <a href=\"https:\/\/investmentmoats.com\/stock-market-commentary\/portfolio-management\/introducing-our-free-stock-portfolio-tracker-spreadsheet\/\"><b>Free Google Stock Portfolio Tracker<\/b><\/a>. <\/p>\n<p>His investment broker of choice is <a href=\"https:\/\/www.interactivebrokers.com.sg\/mkt\/?src=imoats3\"><b>Interactive Brokers<\/b><\/a>, which allows him to invest in securities from different exchanges all over the world, at very low commission rates, without custodian fees, near spot currency rates.<\/p>\n<p>You can read more <a href=\"https:\/\/investmentmoats.com\/about\/\">about Kyith here<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"abh_posts_tab abh_tab\">\n<div class=\"abh_image\"><a href=\"https:\/\/investmentmoats.com\" class=\"url\" target=\"_blank\" title=\"Kyith\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo\" height=\"250\" width=\"250\"\/><img decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo lazyload\" height=\"250\" width=\"250\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a><\/div>\n<\/section>\n<\/div><\/div>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\">\n                <\/aside>\n<p>            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\t\t\t<\/div>\n<p><script>(function(d, s, id) {\n  var js, fjs = d.getElementsByTagName(s)[0];\n  if (d.getElementById(id)) return;\n  js = d.createElement(s); js.id = id;\n  js.src = \\\"\/\/connect.facebook.net\/en_US\/all.js#xfbml=1&amp;appId=138893592824587\\\";\n  fjs.parentNode.insertBefore(js, fjs);\n}(document, \\'script\\', \\'facebook-jssdk\\'));<\/script><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I would sometimes feel that how you understand something, makes you appreciate results differently. I felt my best grade that I ever gotten in school was the B that I got for my physics during A levels. This is because even entering the exam hall of the A level exam, I put my chances of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":360896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[10910,37679,22744,5596,10970],"dealstore":[],"offerexpiration":[],"class_list":["post-360895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-investment","tag-moats","tag-outcomes","tag-poor","tag-returns"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>It May not be always about Best Returns but Getting Poor Outcomes \u2013 Investment Moats - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=360895\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It May not be always about Best Returns but Getting Poor Outcomes \u2013 Investment Moats - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"I would sometimes feel that how you understand something, makes you appreciate results differently. 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