What is the point of bad management? Bad management can lead to low morale and poor results. Anyone who has worked in a poorly run company knows this firsthand. The bottom line is that mutual funds with unhappy employees are more likely to have poor investment results. This is the result a thorough and in-depth analysis. They looked at 437 mutual fund companies that managed a total 3,266 funds. What was their method of measuring employee satisfaction? Glassdoor.com is a website that allows employees to share their experiences with job seekers. They also looked at the employee reviews. Are the funds performing better because employees are happier? Or are the funds performing better because employees are happier? Saffi says he and Ohneberg cannot be certain, but they did a clever test in order to find out. They examined mutual funds that had been taken over by more profitable companies. What was the result? It is a remarkable research study. It's also intuitive. We owe Tolstoy an apology. He once said that "every unhappy family" is a metaphor for unhappy families. Unhappy organizations share many similarities including 'busywork', bad processes, and bosses who are incredibly cunning morons. Employees work harder but get less. It is not clear why these organizations continue to exist. Management consultants are my personal fault. (I was one.) Gallup has found that 66% of workers are unhappy at work, and 17% are disengaged from their jobs. The survey was conducted in 96 countries by Gallup. The U.S. and Canada found that 50% of respondents felt 'a lot' stress at work, while 41% reported feeling worried. And the U.S. topped all other regions. Only 14% of European workers feel engaged at work. Saffi and Ohneberg don't know which mutual fund companies have the most happy employees. It might be worthwhile to check the Glassdoor employee ratings before you invest in mutual funds.