How Not to Invest — with Barry Ritholtz
Barry Ritholtz, the co-founder, chairman, and chief investment officer of Ritholtz Wealth Management and the host of the Masters in Business podcast, joins Scott to discuss his new book, How Not to Invest: The Ideas, Numbers, and Behaviors that Destroy Wealth and How to Avoid Them.
They unpack why diversification is both boring and sexy, whether the U.S. market is overvalued, and if the alternative investment industry is one of the biggest grifts in economic history.
Follow Barry, @Ritholtz.
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Team Ritholtz - The Wu Tang Clan of Finance - [Invest Like the Best, EP.52]
My guests this week don't need to be introduced. In celebration of the one year anniversary of invest like the best, I asked Josh Brown, Mike Batnick, and Barry Ritholtz to join me for a hour, during which I spent more time laughing than asking questions.
I chose this team because they are the pioneers of mold breaking honesty and personality in our industry. They all figured out that just being themselves yields incredible results. This is a strategy that everyone should try, but very few do. Honesty and transparency require vulnerability, which is hard for most of us. I still struggle with it. But the evidence is in. The Ritholtz team has grown as fast as almost any RIA. Listen to this and tell me you wouldn't want to spend your career working with people this friendly, funny and open. Hell, I want to give them some money just so I have an excuse to drop by more often.
Thanks to everyone who has listened in the past year. We are past 1.25mm listens, and growing fast. You own this thing as much as I do, because the size helps me penetrate deeper and get the best people, which begets more listeners. This podcast is one hell of a discovery machine, and the first year was our warm up. We have a ton of new angles, formats, and events coming in year two. Stay tuned. But first, time to laugh in celebration of year one. Please enjoy my conversation with team Ritholtz
For comprehensive show notes on this episode go to http://investorfieldguide.com/ritholtz
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
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Links Referenced
Barry @ritholtz on twitter
a16z Podcast
Scott Galloway and Aswath Damodaran on Bitcoin vs Gold
Latest 'These Are the Goods' post
Show Notes
2:35 – (First question) – What stock best represents you
5:09 – How was this team assembled at Ritholtz
8:50 – Why larger asset management firms are slow to pivot on new technology
10:00 – The humor of Barry @ritholtz on twitter
11:48 – What technology channels are working best
13:08 – What would happen in a Ritholtz stock picking contest
15:19 – How do you keep investors from wanting to move money into or out of buzzworthy trades
20:23 – Pricing out the news and the value premium
23:41 – Why people want complexity and activity in their portfolios
29:51 – People always want to be a part of the next frontier, example bitcoin
31:08 – a16z Podcast
33:13 – Exploring research in action and living the investments
39:35 – Biggest argument against bitcoin could be the underlying utility and what will make it successful
45:13 – The Hindenburg Omen
46:34 - Scott Galloway and Aswath Damodaran on Bitcoin vs Gold
47:38 – How the relationship with clients has evolved
49:50 – Mike’s new book project that he is working on
51:41 – Why the Mark Twain chapter is the most interesting in his book thus far
53:32 – How a business should balance sales and marketing
58:09 – Who would they draft to the Ritholtz team
58:22 – Latest These Are the Goods post
1:05:18 – Kindest thing anyone has done
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag