If you’ve ever been at a blackjack table, you know that it’s nice to win $100, but it really sucks to lose it. Investors are no different than gamblers in that they ascribe different values to an equivalent gain or loss. The bad news is that we’re all pre-programmed with loss aversion. The good news…
April 2019
Animal Spirits: Money Makes Money
Mention Animal Spirits to receive 20% off (*New YCharts users only) Stories Discussed Dividends don’t matter as much as they used to The phony retirement crisis The real retirement crisis The bull market will last forever Short backtests. Especially long/short ones. Amazon air pods The day the dinosaurs died Everyone thinks they need twice as much money…
We’re Hiring!
Ritholtz Wealth Management is a registered investment advisor headquartered in New York City with advisors and clients across the country. The firm launched in 2013 and in just over five years amassed more than $1 billion in client assets under management, working with over 700 families. RWM will be hiring an assistant trader to work…
Smart People Saying Smart Things
I’m not really into motivational quotes, but I am all about smart people saying smart things. Below are a few I’ve compiled over the years. “History never tells us what would have happened, only what did happen.” -H.W. Baird, The Age of Gold “We must be careful in praising or condemning because the future may…
The Well Being of U.S. Households
The Board of Governors of the Federal Reserve System publishes an annual report on the well being of U.S. households. I pulled some of the most important charts. The typical amount of education debt in 2017 was between $20,000 and $25,000, putting monthly payments between $200 and $300 per month. If you’re making $50,000, this…
These Are the Goods
Articles The most important lesson I have ever learned By Nick Maggiulli Volatility is almost always a fee, not a fine By Morgan Housel A blogger is only as good as their audience By Ben Carlson Zero is a psychological barrier, not a real one By Jeff Sommer Of the 268 ETFs begun in 2018,…
How to Get What You Want
Last week I was on a panel in front of a room full of college students. A few of them have since reached out to me asking for tips on how to get into the financial industry. Unfortunately, I’m not the best person to give this sort of advice because I experienced a lot of…
Animal Spirits: Netflix for Financial Planning
On today’s Animal Spirits we discuss: Teaching kids basic financial advice Financial literacy is an epic fail Netflix for financial planning There are a lot of rich people A hot take on Lyft Research affiliates symposium Listen here Recommendations Spending Time: The Most Valuable Resource New Ideas From Dead CEOs Tweets mentioned Poll: In exchange…
How to Be Wrong and Think You’re Right
Albert Edwards is famous in the financial world for being negative, to put it mildly, on anything and everything related to the future prospects of the world. By his own admission, he’s been bearish for 23 years. Edwards recently shared the following chart which he claims vindicates his bearish take on global stocks even as…
How is the Market Doing?
How is the market doing? This question is answered every day by countless media outlets: “In financial markets, the Dow gained 65 points today while the S&P 500 rose 0.13% and the NASDAQ tacked on 0.25%.” This generic language has accompanied each of the 302 trading days since January 17, 2018. Since that time, these…
