Today’s guest is Richard Bernstein, Chief Investment Officer of Richard Bernstein Advisors, which he founded in 2009. He was previously the Chief Investment Strategist at Merrill Lynch.

In today’s episode, Richard argues that the market is defined by rampant speculation and extreme narrowness. He explains why he’s bullish on both dividend-paying and international stocks and believes crypto is the first global investment bubble. To close, he warns that corporate credit is priced for perfection, inflation risks aren’t gone, and diversification is the best defense in a bubble-prone market.

(0:00) Starts

(1:20) Richard on market narrowness & speculation

(6:21) The Earnings Expectations Life Cycle

(12:33) Non-US stocks are undervalued

(18:38) Small cap trends and long-term investment themes

(24:14) American Industrialization Renaissance

(27:10) Corporate credit risk

(33:42) Is the Fed independent?

(36:38) Is crypto the first global investment bubble?

(41:11) The importance of financial history

(46:07) Richard's most memorable investment

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

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