This blog reported a cumulative return of 194% for buying and holding SPY since January 1993: http://www.bespokeinvest.com/thinkbig/2011/1/26/who-needs-the-trading-day.html The same blog also reported that the return of a long-only strategy, buy the close - sell the open was 385%. But this blog claims their numbers are wrong and that buy and hold return is actually 307% (!) and the long-only buy the close-sell the open return is 193% if commissions are factored in: http://www.priceactionlab.com/Blog/2011/02/who-needs-the-trading-day/ Can anyone check the numbers? If the b&h return was that high (307%), I have been a total moron trading all these years. That is about 17% a year.