Survivorship bias led economists to incorrectly believe that the average mutual fund outperformed the market until an academic study in the 1990s (circa 1991 or 1996) revealed that once failed funds were included in analysis, most managers substantially underperformed after fees.

factualpending

Speaker

Barry Ritholtz

Evidence Quote

once you back this out not only are these guys underperforming net of fees many of them are substantially underperforming

Source

Why Money Isn't What You Think: Barry Ritholtz on the Meaning of Money and How NOT to Invest ItExcess Returns
Created: 8/11/2026, 5:35:27 AM

My Notes

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