Morgan Housel

That's probably about where it'll be, historically has been the case, that I will outperform 97% of people who tried to beat the market.

Maybe it's even more.

Maybe after tax, it's 99%.

The idea that being in the top 3% or the top 1% is not good enough,

is insane to me.

That in any other endeavor, if it could say, hey, if you do nothing with no effort, you'll end up in the top 3%, the idea that I would say not good enough, I need to devote my life into getting into the top 2% has never appealed to me.

If that appeals to you, more power to you.

And I think a lot of people love the intellectual stimulation of picking stocks.

And following markets.

I follow markets every day.

I have been – I followed the stock market every day for 22 years because I think it's a fascinating window into the world.

But never would I say like I need to devote myself to predicting where this is going to go next so that instead of being in the top 3%, I can maybe be in the top 2%.

In the last five years, every book check that I've gotten, 40% to taxes the rest of stocks.

Just simple.

Just brainless.

No, and I wouldn't defend that and say that that's historically the best thing to do.

I think that probably is the case.

But again, even if someone smarter than me could say, oh, you should do it this way.

You should use this distribution strategy.

You should trickle in and whatnot.