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My guest today is Barry Ritholtz. As the founder & CIO of Ritholtz Wealth Management Barry manages assets of over $5B. He is also a famous author and commentator, fondly known as the 'Prickly Prophet of Wall Street' for his contrarian views. In this conversation, Barry shares the origin story and the ideas behind his latest book, "How Not to Invest." We also talk about how he’s remained a force in the industry while calling out powerful people, advice for curating the right information diet, and some of his biggest misses. Please enjoy this conversation with Barry Ritholtz.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Introduction: Why Write a Book on How Not to Invest?
(00:00:46) The Genesis of the Book: From Old Notes to New Ideas
(00:01:23) Debunking Financial Myths: The Core Concept
(00:02:01) The Writing Process: From Mind Maps to Manuscripts
(00:03:20) The Influence of Morgan Housel and the Final Push
(00:04:42) The Importance of Keeping Track: A Modern Phenomenon
(00:05:15) Early Career Lessons and Organizational Skills
(00:06:15) The Evolution of Financial Commentary
(00:07:24) The Impact of Bailout Nation and Market Predictions
(00:12:12) Debating Financial Titans: Respectful Disagreements
(00:16:25) Changing Perspectives: High-Frequency Trading and Hedge Funds
(00:23:17) The Halo Effect and Epistemic Trespass
(00:30:44) Billionaire Advice: Why It Doesn't Apply to You
(00:33:34) The Intersection of Media and Investing
(00:34:09) Handling Media Questions on Market Predictions
(00:35:06) Unpredictable Events and Market Reactions
(00:36:47) The Influence of Information and Propaganda
(00:38:19) Decision Making and Epistemology in Investing
(00:39:25) Curating a News Diet for Investors
(00:47:36) Behavioral Insights and Market Patterns
(00:49:43) Personal Investment Regrets and Lessons
(00:54:07) Technological Advancements in Investing
(00:59:07) Balancing Risk and Reward in Investments
(01:02:57) Concluding Thoughts and Future Plans
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My guest today for the second time is Mark Dow. Mark is one of my favourite thinkers on Macro, and his experience at the IMF, the US Treasury, and Wall Street gives him a truly unique perspective for the current moment. As we went through one of the biggest market and policy upheavals of my career, I reached out to Mark to help us make sense of this situation. We recorded this episode on Thursday, the 10th of April, and talked about the general principle behind tariffs, the global trading system, the goals of President Trump, and the market reaction. Please enjoy this conversation with Mark Dow.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
-----
Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Invest Like the Best
(00:00:07) Understanding Tariffs: Historical Context and Rationale
(00:01:05) China's Role in Global Trade
(00:01:54) Impact of Automation on Jobs
(00:03:07) Trump's Trade Policies and Their Implications
(00:04:20) Challenges with Current Tariff Approaches
(00:05:37) Global Trade Imbalances and Misconceptions
(00:06:07) Market Reactions and Economic Consequences
(00:21:35) Political Shifts and Economic Policies
(00:25:56) Trump's Economic Policies and Wage Stagnation
(00:26:42) Tariffs and Their Impact on Small Businesses
(00:27:20) Market Reactions and Economic Surprises
(00:28:41) Equity and Credit Market Dynamics
(00:30:59) China's Strategic Moves and Market Implications
(00:33:49) The Fed's Role in Economic Stability
(00:39:00) Global Trade Relations and Soft Power
(00:49:08) Negotiating with Trump: Strategies and Challenges
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