There are no buzzer beaters in the mutual fund industry. Theoretically, a trade completed at 3:59:59 may be considered a last-second shot, but it lacks the emotion and drama of, say, North Carolina State's last-second dunk to nip Houston in the 1983 national championship contest.

But Morningstar analyst Kunal Kapoor contends that when it comes to picking funds and picking teams in an office pool, the similarities are striking. Kapoor, who admits to still being bitter about having picked long-gone favorites Gonzaga and Stanford to go to the final four, says watching the tournament has taught him some unforgettable lessons.

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