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Snapshot · PBD Podcast
House Passes Housing Bill, Daily Wire $2B IPO, Knicks Trash Can Lady Fired | PBD Podcast #823
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Jun 24, 2026
Where this was said
Long-Term Investing, Index Funds, and the Art of Not Panicking
At 41:03 · chapter starts 38:30
Tom Ellsworth presents a key statistic from his Numbers Scream segment: 72% of professional fund managers fail to beat passive index funds over five years. [1] — Tom Ellsworth "72% of fund managers can't beat index: Tom Ellsworth cited data showing 72% of professional fund managers cannot outperform QQQ or SPY (ind…" 38:30 He recommends QQQ and SPY as benchmarks, noting that the top 28% of managers who do beat indexes are inaccessible to most investors because they require billion-dollar minimums. Patrick Bet-David adds a real-world cautionary tale: a wealthy friend in his 60s panicked during COVID's market crash, sold everything at the bottom, and lost millions — despite Patrick warning him that 9 out of 10 historical pandemics saw market recoveries within six months. The discussion ties back to the millionaire study's core lesson: wealth is built by avoiding catastrophic impulsive decisions and letting compounding work over time.
72% of fund managers can't beat index
Tom Ellsworth cited data showing 72% of professional fund managers cannot outperform QQQ or SPY (index funds) over a 5-year period.
California's 5% Wealth Tax: The Math That Kills It
Billionaires don't sit on cash — Tom Ellsworth says a typical billionaire holds under $50M liquid on a $1B net worth. To pay the 5% wealth tax, they must sell $100M in assets, then pay 16% state and 23% federal capital gains on those sales. The real effective rate is 10%+, and the panel predicts 50 of California's 250 billionaires will leave the state.
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