Animal Spirits Podcast

Talk Your Book: How Not To Invest Like Buffett

10 snips
Apr 19, 2025
Barry Ritholtz, Co-founder of Ritholtz Wealth Management and author of How Not To Invest, shares insights on navigating the complexities of investing with transparency and humility. He emphasizes the impact of behavioral biases and the dangers of letting political sentiments dictate investment choices. Alex Morris, founder of The Science of Hitting Investment Research and author of Buffett and Munger Unscripted, adds his take on historical investment strategies and the relevance of lessons learned from past crises. Together, they discuss the importance of informed decision-making in a noisy market.
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ANECDOTE

Barry's Early Cisco Warning

  • Barry Ritholtz shared his Cisco magazine cover story, where he warned about Cisco's decline in 2000 but nobody paid attention then.
  • This story illustrates the difficulty and long timeline for investors to be recognized and heard in the market.
INSIGHT

Avoid Errors Over Tactics

  • Financial education often has a short half-life and fails behavioral challenges.
  • Avoiding common unforced investment errors yields better outcomes than mastering tactics.
ADVICE

Time Your News Consumption

  • Avoid consuming news early in the day to keep risk tolerance stable.
  • Save market news for later when its impact on decisions is less emotionally charged.
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