[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Barry Ritholtz is the founder and Chief Investment Officer of Ritholtz Wealth Management, overseeing billions in client assets and helping investors avoid costly mistakes while building lasting wealth. He’s the acclaimed author of “How Not to Invest,” sharing hard-won lessons from decades in the trenches. Barry is also the creator and host of Bloomberg Radio’s “Masters in Business,” one of the most influential business podcasts in the world, where he interviews top minds in investing and economics. Today, we’re thrilled to welcome his unique perspective to the conversation.
3:00 - Barry's unconventional approach to budgeting: "my attitude was, gee, if you want to do this, that and the other, you want to have the freedom...then you better make some more money"
5:30 - The Instagram culture problem: Only seeing assets, not liabilities. Story about Instagram influencer working all day on vacation selfies
8:00 - Why successful people buy new cars and lattes if they can afford them - safety features matter more than saving pennies
11:00 - Kawhi Leonard's $103 million contract vs 25-year-old car example illustrates financial recklessness of extreme cheapness
14:00 - Money as tool vs wealth distinction: Dollar's job is medium of exchange, not century-long store of value
17:00 - Two WWI soldiers story: $1,000 buried vs invested becomes $40 vs $32 million after 100 years
20:00 - Why US geographic advantages created investment success: two oceans, natural resources, innovation hubs
24:00 - Politics and investing make terrible bedfellows - both Democrats and Republicans miss gains when their party loses
28:00 - Compounding interruption is what matters, not who's in White House
32:00 - Why experts can't predict: Beatles, blockbusters, Tom Brady all missed by professionals who knew the industries
38:00 - Stock market vs economy during pandemic: market cap weighted toward tech giants, not local businesses
42:00 - Belfer family trifecta: lost $2 billion in Enron, Madoff, FTX - lessons about single stock risk and staying wealthy
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
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