In 'Awaken the Giant Within,' Tony Robbins offers a comprehensive program for self-mastery, helping readers to discover their true purpose, take control of their lives, and harness the forces that shape their destiny. The book emphasizes the importance of understanding and changing one's belief system, values, and daily habits. It introduces concepts such as Neuro Associative Conditioning (NAC) and the three decisions that control one's destiny: what to focus on, what things mean, and what actions to take. Robbins provides step-by-step exercises and a seven-day challenge to reshape various aspects of life, including emotional, physical, relationship, and financial destinies. The book stresses that everything we do is driven by the need to avoid pain or gain pleasure and teaches how to use these forces to achieve personal goals and transform one's life.
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 '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.
This book provides an authoritative account of a century of investment returns in sixteen countries, including the U.S., U.K., Japan, France, Germany, and others. The authors present a clear and consistent analysis of total returns, including reinvested income, and address issues such as survivorship bias and the long-term equity risk premium. The book is essential reading for investment professionals, financial economists, and investors, offering insights into the broader tendencies of equity markets over the long term.
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].
Today’s guest is Barry Ritholtz, CIO of Ritholtz Wealth Management, which manages over $5.7 billion for 3,900 families. His latest book, ‘How Not to Invest,’ offers a blueprint to help you make better decisions and achieve financial success.
In today’s episode, Barry & I discuss the pitfalls of relying on experts for investment advice, the dangers of panic selling, the allure of following investment gurus, and the value of meaningful experiences over material possessions.
(0:00) Starts
(1:34) Introduction of Barry Ritholtz
(3:37) Barry's experience hosting Masters in Business
(8:17) The danger of trusting experts
(22:14) The importance of fiduciary advice
(27:30) Mental accounting and regret minimization
(33:36) Overconfidence, risk, and uncertainty
(44:50) Navigating market crises
(51:15) The future of Ritholtz Wealth Management
(57:24) Barry's take on AI
(1:03:27) Barry'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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The Meb Faber Show - Better Investing 
