While New York State Attorney General Eliot Spitzer’s complaint against Canary Capital Partners states that market timing and late trading can cost investors as much as $4 billion a year, another report puts it in terms that may hit home a little harder for many investors. Timing can sap a fund’s returns by as much as 2% a year, according to The Wall Street Journal.

"It’s like having guests crash a party. There is less food to go around for everyone else," Jason Greene, an associate professor of finance at Georgia State University’s Robinson College of Business, told The Journal.

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