{"slug":"the-8-4-3-rule-mutual-funds","qid":"stake_path","label":"An illustrative $10,000 SPY stake from year end 2005, marked at each year end","post_title":"The 8-4-3 Rule for Mutual Funds, Explained","post_url":"/blog/the-8-4-3-rule-mutual-funds#q-stake_path","columns":["year","multiple_of_start","stake_value_usd"],"rows":[{"year":2005,"multiple_of_start":1,"stake_value_usd":10000},{"year":2006,"multiple_of_start":1.14,"stake_value_usd":11359},{"year":2007,"multiple_of_start":1.18,"stake_value_usd":11755},{"year":2008,"multiple_of_start":0.72,"stake_value_usd":7247},{"year":2009,"multiple_of_start":0.89,"stake_value_usd":8947},{"year":2010,"multiple_of_start":1.01,"stake_value_usd":10100},{"year":2011,"multiple_of_start":1.01,"stake_value_usd":10083},{"year":2012,"multiple_of_start":1.14,"stake_value_usd":11437},{"year":2013,"multiple_of_start":1.48,"stake_value_usd":14816},{"year":2014,"multiple_of_start":1.65,"stake_value_usd":16500},{"year":2015,"multiple_of_start":1.64,"stake_value_usd":16372},{"year":2016,"multiple_of_start":1.79,"stake_value_usd":17947},{"year":2017,"multiple_of_start":2.14,"stake_value_usd":21426},{"year":2018,"multiple_of_start":2.01,"stake_value_usd":20080},{"year":2019,"multiple_of_start":2.58,"stake_value_usd":25842},{"year":2020,"multiple_of_start":3,"stake_value_usd":30014},{"year":2021,"multiple_of_start":3.81,"stake_value_usd":38125},{"year":2022,"multiple_of_start":3.07,"stake_value_usd":30703},{"year":2023,"multiple_of_start":3.82,"stake_value_usd":38162},{"year":2024,"multiple_of_start":4.7,"stake_value_usd":47046},{"year":2025,"multiple_of_start":5.47,"stake_value_usd":54740}],"shape":"ranking","sql":"WITH ye AS (\n    SELECT toYear(toTimeZone(window_start, 'America/New_York')) AS year,\n           argMax(close, window_start) AS px\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'SPY'\n      AND toDate(toTimeZone(window_start, 'America/New_York')) BETWEEN toDate('2005-12-01') AND toDate('2025-12-31')\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959\n    GROUP BY year\n),\nbase AS (\n    SELECT px FROM ye WHERE year = 2005\n)\nSELECT a.year AS year,\n       round(a.px / (SELECT px FROM base), 2) AS multiple_of_start,\n       round(10000 * a.px / (SELECT px FROM base), 0) AS stake_value_usd\nFROM ye AS a\nWHERE a.year >= 2005\nORDER BY year","computed_at":"2026-07-31T08:37:53.849967+00:00","elapsed":0.002427715}