"On the face of it, the [standard 1, 5, and 10-year reporting format] appears to reflect a diverse data set (by using reporting periods with different durations). In reality, though, it produces a phenomenon known as the 'Snapshot-in-Time Anomaly.' ... A graph of rolling 5-year annualized performance returns offers a significant advantage for long-term investors, especially those who contribute regularly to their portfolios ... A fiduciary who only looks at the most recent reporting period stands to make an unfortunate -- and potentially damaging -- investment decision."

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