Housel: Widespread Mutual Fund Underperformance Is Natural and Statistically Expected
Morgan Housel · Morgan Housel: Wealth is What You Have Minus What You Want · Jan 20, 2026 · at 22:05
Author Morgan Housel discusses market dynamics with Shane Parrish, comparing active investing to making the NBA and arguing that beating the market must inherently be rare.
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“It's the same in investing. Like, there should not be a world in which every ambitious stock picker can beat the market. Of course, whenever you hear the statistics about 95% of mutual funds underperform their benchmark, I'm like, yeah, what would you expect?”
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