Market Wizards is a must-read for traders and financiers, offering a deep dive into the strategies and mental attitudes of the world's most successful traders. The book includes interviews with traders such as Bruce Kovner, Richard Dennis, Paul Tudor Jones, and others, revealing their approaches to trading and the factors that contribute to their success. It covers a wide range of markets, including treasuries, futures, commodities, and more, and highlights the importance of solid methodology and proper mental attitude in trading[2][4][5].
The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money[1][3][5].
In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge[2][3][4].
In 'Dow 36,000', James K. Glassman and Kevin A. Hassett present a provocative argument that stock prices are undervalued and could double, triple, or even quadruple in the near future. They contend that investors have been valuing stocks incorrectly, using outdated methods such as the price/earnings ratio. The authors propose a new model for valuing stocks based on their potential to generate cash for investors. They also provide practical advice on investing strategies, emphasizing the importance of a long-term, disciplined approach and diversification. The book predicts that the Dow Jones Industrial Average could reach 36,000, although they acknowledge this could take about five years to achieve[3][4][5].
In 'How Not to Invest', Barry Ritholtz focuses on the pitfalls of investing by highlighting bad outcomes in finance and other fields. The book distills Ritholtz's investing philosophy, gathered from three decades of his writings, into practical advice on avoiding typical investment mistakes. It emphasizes the importance of managing risk, being unemotional, and learning from historical examples of poor investment decisions.
In this book, Daniel Kahneman takes readers on a tour of the mind, explaining how the two systems of thought shape our judgments and decisions. System 1 is fast, automatic, and emotional, while System 2 is slower, effortful, and logical. Kahneman discusses the impact of cognitive biases, the difficulties of predicting future happiness, and the effects of overconfidence on corporate strategies. He offers practical insights into how to guard against mental glitches and how to benefit from slow thinking in both personal and business life. The book also explores the distinction between the 'experiencing self' and the 'remembering self' and their roles in our perception of happiness.
Ever wondered how the top financial minds avoid disaster while the rest of us are busy panic-Googling “best investments 2024”? Today, Joe welcomes Barry Ritholtz of Ritholtz Wealth Management down to Mom’s basement for a conversation that flips typical investment advice on its head. It’s not about what to do—it’s about what not to do if you want to grow your money without losing your sanity.
Barry shares battle-tested insights from his years in the trenches, covering everything from behavioral finance to market psychology and how to avoid falling for trends that make great headlines but terrible portfolios.
Also in this episode:
- Subscription hacks you didn’t know you needed (and yes, even that one you've been ignoring since 2021).
- How market history can be your secret weapon—if you actually pay attention to it.
- Tech innovations in finance and why Barry says they're both exciting and a little terrifying.
- Productivity gains, AI, and whether the future is a robot that trades ETFs for you while you nap.
- A peek into Barry’s latest book and the big idea that might shift how you think about investing.
- Doug creates yet another national holiday—because what the world needs now is Bow Chicka Wow Wow Day.
-
Stacker mailbag time! We’re diving into job loss strategies, building bulletproof emergency funds, and yes, getting into the weeds with buffer ETFs.
- The never-ending showdown: remote work vs. office life—where do Stackers land?
And of course, Doug’s trivia will challenge your financial knowledge and possibly your respect for faux holidays.
Whether you’re a seasoned investor or just now figuring out what a 401(k) actually does, this episode brings the insight, laughs, and community you’ve come to expect from the basement.
🎧 Tune in and stack smarter—with fewer missteps and a whole lot more fun.
FULL SHOW NOTES: https://stackingbenjamins.com/getting-your-investments-right-with-barry-ritholtz-1661
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201
Enjoy!
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The Stacking Benjamins Show 
