# Episode 410: The State of Investing in 2026

Page: https://stenobird.com/podcast/the-rational-reminder-podcast-743537/economist-the-state-of-investing-in-2026
Text version: https://stenobird.com/podcast/the-rational-reminder-podcast-743537/economist-the-state-of-investing-in-2026.md
Podcast: [The Rational Reminder Podcast](https://stenobird.com/podcast/the-rational-reminder-podcast-743537)
Published: 2026-05-21T09:30:00+00:00
Episode link: https://rationalreminder.libsyn.com/economist-the-state-of-investing-in-2026
Audio file: https://dts.podtrac.com/redirect.mp3/traffic.libsyn.com/secure/rationalreminder/RR_-_EP.410_-_AUDIO_V1.mp3?dest-id=763774
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JSON: https://stenobird.com/v1/public/podcasts/the-rational-reminder-podcast-743537/episodes/economist-the-state-of-investing-in-2026
Duration seconds: 3490

## Resource

In this episode, we are joined by Shelly Antoniewicz, Chief Economist at the Investment Company Institute (ICI), for a data-rich exploration of the modern fund industry. Shelly walks us through the staggering scale of global regulated funds, how ETFs and mutual funds shape capital allocation, and why the rise of indexing may not be as disruptive as critics fear. We discuss the growth of ETFs versus mutual funds, increasing concentration among large fund sponsors, and how financial advisors are reshaping portfolios around low-cost investment products. Shelly also explains why fund fees keep falling, how 401(k) plans have democratized investing for middle-class households, and why investor choice remains central to healthy capital markets. Along the way, we unpack active ETFs, intraday liquidity, interval funds, private credit exposure, and the evolving role of retail investors in financial markets. Key Points From This Episode: (0:00:00) Introducing Shelly Antoniewicz and the role of the Investment Company Institute. (0:01:14) The Investment Company Fact Book and why it has become a foundational resource for fund industry data. (0:03:31) Regulated funds globally now account for roughly $88 trillion in assets. (0:04:47) The U.S. market contains nearly 17,000 investment companies across mutual funds, ETFs, and related structures. (0:05:40) U.S. equity funds alone hold roughly $27 trillion in assets. (0:06:52) More than half of mutual fund and ETF assets are now in index strategies. (0:07:40) Why index funds still represent only a minority share of the overall U.S. stock market. (0:09:48) What academic research says about indexing's impact on price discovery and market efficiency. (0:13:10) There are nearly 770 fund sponsors in the U.S., though industry concentration conti…

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## Transcript

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