Capital Allocators – Inside the Institutional Investment Industry Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06)
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May 9, 2017 
Josh Brown, CEO of Ritholz Wealth Management, shares his journey from a start in the wrong lessons of a brokerage to the reformed broker. He discusses the three worst lessons learned in the investment industry and the power of compounding. They also touch on investment committee decision-making and the importance of staying true to the investment model. Reflecting on past regrets, they discuss the significance of reading social cues and impactful words.
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Josh Brown's Career Journey
- Josh Brown's career began in transactional brokerage, where he learned about investor behavior.
- He transitioned to wealth management after realizing the flaws in the transactional model.
Selling Past Performance
- The easiest thing to sell is what has just worked because buyers chase past performance.
- This applies to various strategies and products, driven by sales incentives.
Limits of Regulation
- Regulation is important but can't eliminate fear and greed in investing.
- People will always find ways to circumvent rules for personal gain.