The Compound Show with Downtown Josh Brown

By Josh Brown

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Downtown Josh Brown brings you the latest in finance and investing.



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Episode Date
Investor's Guide To The Election (Linette Lopez and Bill Sweet), Snowflake Hot Take, Shorting Nikola (Michael Batnick)
1:35:51

This week Josh talks to Business Insider columnist Linette Lopez about what happens to the stock market if Trump loses and doesn't leave. And is Joe Biden so terrible for investors? Tax expert and Ritholtz Wealth CFO Bill Sweet weighs in. Plus, Josh's take on the explosive Snowflake IPO and a round of What Are Your Thoughts with Michael Batnick.


The Compound Show goes up every Friday morning, subscribe wherever you get your favorite podcasts! Leave us a rating and review, it goes a long way!



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Sep 18, 2020
Why Markets Crash In The Fall, The Luck Of Bill Gates (w/ Morgan Housel), Why We Don't Set Goals For Our Advisors
1:07:53

This week on The Compound Show - why investors and market watchers are captivated by the months of September and October. Plus, Josh talks with Morgan Housel about the stupendous luck of Bill Gates, the piracy of Cornelius Vanderbilt and what we need to know about the Psychology of Money. Morgan's new book is now available wherever fine books are sold (or downloaded). Plus, the message Josh gave his firm's employees on the eve of their seventh anniversary, and why there are no goals set for financial advisors who work there.

Leave us a rating and review, they really go a long way!



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Sep 11, 2020
The Biggest Threat to Apple, Amazon, Microsoft, Facebook and Alphabet with Byrne Hobart (The Diff)
47:46

Josh's guest on the podcast this week is Byrne Hobart (author of The Diff substack letter, slink below) who has just completed a comprehensive series of thought experiments on each of the largest technology stocks. After a conversation with Andrew Walker (Yet Another Value Blogger), Byrne set off to answer the question What could disrupt Amazon, Apple, Microsoft, Google or Facebook enough to knock them off their pedestals? It is historically unlikely that the five largest stocks of 2020 will remain the five largest in ten years' time. So which is most vulnerable? And why? Join Josh and Byrne as they explore the threats to these gigantic companies (and their stock prices).

 

Make sure to check out Byrne's writing and research at The Diff!

https://diff.substack.com/


Subscribe to The Compound Show podcast and be sure to leave a rating and review - they mean a lot!



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Sep 04, 2020
Six Lessons from Pandemic Summer, Josh's Vaccine Trade, What Are Your Thoughts with Michael Batnick
59:19
Josh spoke at the Riskalyze Fearless Week virtual conference and relayed the six biggest lessons he learned during Pandemic Summer. Some are business lessons and some are personal - but for Josh, business has always been personal. Plus, Michael Batnick returns for an all new edition of What Are Your Thoughts - Josh put a trade on he wants to be talked out of, Apple has added almost three quarters of a trillion dollars in market cap over 56 trading sessions, how to survive an investment idea you're too early to, why market crashes, recessions and recoveries speeding up makes sense and a lot more! Leave us a rating and review, they go a long way!

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Aug 27, 2020
When Berkshire Invests In Your Company, James Altucher Is A Genius, STORE Capital CEO Chris Volk
46:40

What does it feel like when Warren Buffett's Berkshire Hathaway makes an investment in your company? STORE Capital President and CEO Christoper Volk joins Josh to explain, plus insights on what's happening on Main Street USA with business owners, services business, restaurants and stores.


Plus! New York City may be down, but it's not out! It's never out. Josh's take on the James Altucher post that went viral this week.


Leave us a rating + review! They go a long way, we appreciate it!



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Aug 21, 2020
The Roaring 2020's with Dr. Ed Yardeni, Tesla stock split, Follow the Robinhood Money
59:04

As World War I came to an end, the Spanish Flu pandemic of 1918 raced around the globe, infecting as many as 500 million people and killing an estimated 50 million. Shortly after it ran its course, the United States experienced one of the biggest booms in history, the Roaring 20’s. Could it happen again? Another boom decade fueled by high productivity and an onslaught of technological innovation?


Dr. Ed Yardeni is the President of Yardeni Research, Inc. He’s served as a chief strategist on Wall Street as well as an economist at both the New York Fed and the Treasury. He’s been writing about the parallels and contrasts between the 1920’s and the 2020’s and I’ve asked to come on and talk to us about it.


Plus, Michael Batnick returns to play What Are Your Thoughts - all of the biggest topics of this week in money and investing. Visit thereformedbroker.com for full show notes, slinks and resources!




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Aug 14, 2020
Warren Buffett doesn't care about stock splits, should you? Peter Boockvar on inflation and the bull market in gold
1:00:25
This week Josh does a deep dive into stock splits and talks with Peter Boockvar, editor of BoockReport.com and CIO of Bleakley Advisory, about the economy, stagflation, and the bull market in gold. Leave us a rating and review if you like the show, it helps a lot!

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Aug 07, 2020
How to invest in TikTok, the opportunity in Chinese tech stocks, What Are Your Thoughts with Michael Batnick, the best 90 days ever for diversified investors
1:16:20

This week Josh talks with Brendan Ahern, Chief Investment Officer of KraneShares, to find out how US investors can get involved with TikTok, the hottest social network on earth. They discuss the opportunity in Chinese internet stocks, the massive size and scale of Ant Financial, which will be coming public soon, and how US investors can stay updated on all of the biggest developments in China. You can subscribe to Brendan's daily morning note at ChinaLastNight.com to get up to speed.


Michael Batnick joins for a new edition of What Are Your Thoughts to tackle the best 90 day period for diversified investors ever, the biggest earnings day of the year, the rally in gold and Bitcoin, when plumbers have stock tips and more!


Leave us a rating and review if you like the show, it helps a lot!



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Jul 31, 2020
Yes it's a Bubble, DraftKings, Nikola, Bill Ackman, SPACs, Tesla's Index Run with Larry McDonald
49:30

On the newest episode of the Compound Show, join Downtown Josh Brown for a discussion about the bubble in belief. The rise of "Special Purpose Acquisition Corp 2.0" involves the backdoor IPOs of DraftKings, Nikola, Utz Potato Chips, the Golden Nugget Online, Virgin Galactic and many other well known companies. Pershing Square's Bill Ackman just launched the largest SPAC ever this week. What does it mean? What does it signify about the current market environment? Plus, a conversation with Larry McDonald (A Colossal Failure of Common Sense) about whether or not the S&P 500 index committee can keep ignoring Tesla, now that it's reported four straight quarters of GAAP profits and its market cap is larger than almost all the other holdings. 


Leave us a rating and review and we'll love you forever! It helps a lot!



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Jul 24, 2020
The Beginning of Universal Basic Income, What Are Your Thoughts with Michael Batnick
47:27

On this week's episode of The Compound Show, Josh discusses the Covid-19 economy and why Universal Basic Income (UBI) might be the inevitable and necessary solution. Next, Michael Batnick joins Josh for an all new round of What Are Your Thoughts. They discuss gold vs the S&P, Elon Musk vs Warren Buffett, and much more!


Subscribe to the podcast and be sure to leave us a rating and review on iTunes, Spotify, or Google. Ratings help a lot! Thanks!



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Jul 17, 2020
Chinese stocks soar, the New Nifty Fifty, how Acorns taught 7 million people to save and invest
1:04:45

On this episode of The Compound Show, Josh discusses this summer's huge rally in Chinese stocks, and the implications for investors when Europe and Asia seem to have done a better job addressing the pandemic. Vitaliy Katsenelson joins to talk about the problem with paying any price for growth stocks. Noah Kerner, the founder and CEO of Acorns joins Josh for a discussion about how he's taught 7 million people how easy it is to start investing at any age, with any dollar amount.


Subscribe to the podcast and make sure to leave us a rating and review on iTunes, Spotify or Google. Ratings help a lot! Thank you!



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Jul 10, 2020
Long warehouses, short office buildings, What Are Your Thoughts with Michael Batnick, Hot Dogs and Jetskis
40:08

On this episode of The Compound Show, Josh talks about the 4.8 million jobs added back in June, the wild dispersion within the Real Estate sector of the stock market, warehouses vs office buildings, and some plans for July 4th weekend. Michael Batnick joins for another round of What Are Your Thoughts to answer the question "Why would anyone invest right now?"


Subscribe to the podcast and make sure to leave us a rating and review on iTunes, Spotify or Google. Ratings help a lot! Thank you!



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Jul 03, 2020
The Giant Five, Undropping the Bomb, Interview with the Founder of Public
45:43
In the first half of this week's episode, Josh discusses the coronavirus resurgence, 5 stocks that now make up 22% of the S&P 500, the precedent set by the Federal Reserve's pandemic response, and the growing interest in ESG investing. In the second half of the show, Josh talks with Jannick Malling, co-Founder and co-CEO of Public, about the measures his social investing app has taken to protect and educate young investors.

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Jun 26, 2020
One Fifth of Investors Sold All Their Stocks: What Are Your Thoughts?
29:41

On the new edition of What Are Your Thoughts with Michael Batnick and Josh Brown: 

- Bubble behavior in a market crisis is nothing new or unusual. 

- Fidelity says 18% of investors sold out of all their stocks during the last few months, and a third of investors over 65 years old! 

- With the Fed buying the investment grade bonds of Apple and Microsoft, do its critics have a point? 

- What did we learn from this crisis? 

- Eating at restaurants again - weird but satisfying. 

- Does Michael watch movies just to torture himself? Plus, why Josh likes westerns. 

- Apple's App Store facilitated over half a trillion dollars in commerce last year! 



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Jun 19, 2020
A Degenerate Gambler Walks Into a Stock Exchange and Ten Rules for Retirement Investing
42:17

A Degenerate Gambler Walks Into a Stock Exchange... What Are Your Thoughts?

On an all-new What Are Your Thoughts - Michael Batnick and Downtown Josh Brown discuss the biggest topics in finance this week, including:


- What should we make of massive one-day rallies in the stock market? 

- What if the stock market is doing a better job of tracking the real economy than we think? 

- Which is more dangerous for a degenerate gambler - legal sports betting or discovering the stock market? 

- How will restaurants and bars conform to the new health challenge and make a comeback? 

- What's one thing you've changed your mind about since the crisis began? 

- How come people seem to begin investing as bulls and then get bearish when they're older? 


Ten Rules for Retirement Investing

Josh here - my colleague Anthony Isola put together this list of ten rules for retirement. Tony spends a lot of his time giving advice to people who aren't typically savvy about investing or finance in general. Many of his clients are teachers but these rules are truly universal.



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May 22, 2020
Why Value Investing Will Never Die
17:31

Josh Brown and Michael Batnick discuss the recent rash of commentary about the "Death of Value Investing," a discipline that has already died a thousand deaths before and yet is continually resurrected. Michael points out that growth investing is currently on a 30-year win streak versus value investing, while the distance between cheap stocks and expensive stocks has never been more stretched. Josh's take is that the idea of buying an asset for less than it's worth is immortal, but the inputs we base these decisions on might need to change. Perhaps it's not a problem with the concept, but with the measurements. 


You can find more of Michael's thoughts and charts on the topic at his post below: https://theirrelevantinvestor.com/2020/05/12/the-case-against-value-investing/ 


You can find Josh's written rant on value investing here: https://thereformedbroker.com/2020/05/12/value-investing-is-immortal/



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May 14, 2020
Unlimited Economic Stimulus and the Yield Curve Indicator
50:08

Unlimited Economic Stimulus: What Are Your Thoughts?

Join Michael Batnick and Downtown Josh Brown for another all-new edition of What Are Your Thoughts? as they discuss: 

- US stocks just had their best monthly performance in 30 years 

- what was the catalyst? 

- Has Warren Buffett's magic touch faded away? Why Berkshire's annual shareholder "meeting" was so underwhelming. 

- Josh got the antibody test. Why wouldn't everyone? Maybe because it doesn't mean anything. 

- Is there any limit to how much money the Fed and Treasury can throw at the economy? Do we have any choice? 

- Michael Jordan talked about the downside of fame in this week's 'The Last Dance' - the press tears our idols down on Wall Street too. 


The Yield Curve Indicator is UNDEFEATED

Josh here - Okay, so now we're officially in recession. What happens next? How long will this go on for? 


Last fall we had Professor Campbell Harvey, partner and senior advisor to Research Affiliates, on The Compound to discuss the inverted yield curve, an economic indicator he had discovered in the 1980's. Cam explained that this indicator - when Treasury interest rates on shorter-term bonds rise above those being paid on longer-dated bonds - has been successful at predicting recessions 7 out of 7 times with zero false signals along the way. This recession means it's now 8 for 8! 


Join us for a discussion about the way the signal should be thought about now with the Fed's overnight rate back at zero. We also discuss whether or not the economy is bottoming, what has to happen for the recession to end, and why this environment is like nothing we've ever seen before in history.



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May 08, 2020
How Amazon, Target and Walmart are Crushing It Right Now and How Millennials Are Buying Houses
36:12


Episode starts with Josh asing his friend Jeff Macke to pop on and tell us about what's happening with America's largest retailers, and how the coronavirus ended up being both a challenge and an opportunity for them. Jeff is an expert in all things big box retailing and ecommerce, He's also hilarious and one of the nicest guys I know. Hope you enjoy and learn some stuff from this!


Later, Michael Batnick talks with Logan Mohtashami, columnist for HousingWire, about where the housing market was prior to COVID-19, how quickly the market reacted, and what it will look like when the economy reopens.



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May 01, 2020
Josh Brown, Michael Batnick, Cullen Roche
38:09

Why Credit Card Losses Could Explode: What Are Your Thoughts?


On an all new What Are Your Thoughts, Josh Brown and Michael Batnick tackle all the biggest topics of the moment.


In this edition:

* Five US stocks are now bigger than the entire developed world's stock markets combined, how can this be?

* What are the investor takeaways from the massive crash in oil prices?

* Did an oil ETF popular with retail traders contribute to negative oil prices this week?

* Are people more comfortable about ordering in food as a break from cooking at home now?

* How long would you stay in your home, no matter what the government says?

* Watching old NBA games

* Reactions to ESPN's The Last Dance



What Does The Fed Actually Do?


Michael Batnick talks with Cullen Roche about what the federal reserve actually does, what their critics get right, and how their actions today compare with what they did during the Great Financial Crisis.


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Apr 22, 2020
Heroes of the New Bear Market: What Are Your Thoughts?
24:59

On an all new What Are Your Thoughts - Michael Batnick and Downtown Josh Brown discuss:


* Are there any Crisis Stars being created on Wall Street during this bear market?

* Human behavior in a bear market has not changed much

* Why this won't be the next Great Depression

* Michael thinks he's one of those "business call from a Peloton" guys

* Why America needs Major League Baseball to come back

* ETF trading volume is not indicative of the "death of passive"


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Apr 08, 2020
The Only Black Swans with William Bernstein
31:39
On this week's episode, Ben sits down with investor, author, and market historian William Bernstein to put the current crash into perspective with history's worst crises.
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Apr 06, 2020
Making Investment Decisions in a Crisis
13:00

Josh here - I asked my colleague Blair duQuesnay about what's happening on our investment committee these days and what the decision making process is like given recent circumstances. We also talk about what it's like to live and work in New Orleans these days, a city that has joined New York on the list of US epicenters for COVID-19 cases. Blair is a Certified Financial Planner (CFP) working with clients of the firm and a Chartered Financial Analyst (CFA) who serves with four other members of Ritholtz Wealth on the Investment Committee.


You can check out Blair's blog at https://blairbellecurve.com/ and reach out to her here: https://ritholtzwealth.com/contact/request-more-info/


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Apr 01, 2020
The Fastest Bear Market of All Time
21:41

On an all new What Are Your Thoughts - Michael Batnick and Josh Brown discuss the biggest topics of the moment. Including:


* Do investors care at all about the details of Congressional stimulus plans?

* Mark Cuban just said what everyone's thinking.

* What do you with a Black Swan fund now that it's already Swanned?

* The biggest single day of retail investor stock selling.

* The fastest 30% bear market in history - just 22 days!

* Will Work From Home become the new normal?

* Did the stock market bottom?


...and much more! Let us know what your thoughts!


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Mar 25, 2020
We are not going to participate in this recession
7:49
I made a decision. We are not going to participate in this recession. There's too much work to be done. Bank of America Merrill Lynch anticipates something like 3.5 million American jobs lost by the end of the 2nd quarter and a doubling of the unemployment rate. We have no control over that. We only have control over our response to it.
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Mar 20, 2020
Live from the Compound (from Long Island)
21:31

Michael Batnick and Downtown Josh Brown discuss all of the recent market volatility from the COVID-19 situation, including some takes on stock buybacks, what 13Fs might look like, the 10 stocks that have raised their dividends for 50 years straight, the overall damage so far and why we need to be bullish on treatments, and save the enthusiasm for vaccines for a later time.


We love all of our viewers and subscribers and are thinking of you as we have this discussion. Stay strong, we WILL return.


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Mar 18, 2020
Michael Sonnenshein: Inside the World's Largest Bitcoin Fund
33:40

First up, Michael Sonnenshein, Managing Director of Grayscale Investments, stopped by The Compound to discuss bitcoin with Josh and Michael. Grayscale runs the largest bitcoin fund in the world, with nearly $3 billion in AUM. What does the future of bitcoin look like?


And then on today's episode of What Are Your Thoughts, Michael Batnick and Josh Brown get into all the hottest topics in investing and finance.

  • Josh's apology for rooting for corrections
  • Has the market bottomed or do we need a retest of the low?
  • Would rather know about a market bottom or a market top in advance?
  • Josh is reading about viruses and outbreaks around the clock, what's the point?
  • Zoom Media became a hot stock because of teleconferencing, and then traders bought the wrong ticker too - on purpose?
  • Why do people share their transactions on Venmo?
  • Every analyst now gets a base case, bull case and bear case - whatever happened to making a call and standing by it?
  • The Fed dropped a surprise interest cut of 50 basis points during our show - Michael and Josh react in real time.


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http://liftoffinvest.com


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

https://thereformedbroker.com/terms-a...

Mar 04, 2020
Dan McMurtrie and Rich Greenfield
45:10

First up, Dan McMurtrie. He and his partners founded Tyro Partners, a New York City-based hedge fund, at a time when hedge fund closings are much more common than emerging fund launches. Dan lists some of the most important things he's figured out on his journey. He also talks about how one of the most under-appreciated sources of alpha is being nice to people.


Later on we bring in Rich Greenfield, one of the most widely followed and respected analysts in the technology, media and telecom (TMT) space on Wall Street. Michael Batnick and Josh Brown got a chance to talk to him about the launch of Disney+, the rise of over-the-top streaming apps like Netflix, why Roku is such a hot stock and what we can expect for the next generation of video launches. One thing Rich is certain of is that while there may be winners among streaming services, traditional broadcast TV is sure to be the biggest loser.


You can follow Dan's renowned Twitter feed / alter-ego Super Mugatu here:

https://twitter.com/supermugatu


Tyro Partners homepage here:

https://www.tyropartners.com/


You can follow Rich Bernstein's ongoing commentary via his Twitter account:

https://twitter.com/RichLightShed


...and check out his excellent blog here:

https://lightshedtmt.com/



Be sure to subscribe to our channel so you never miss an update:

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Beginning Investors, check out Liftoff:

http://liftoffinvest.com


Follow us on Twitter:

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Follow us on Facebook:

https://www.facebook.com/ritholtzwealth/


Talk with us about your portfolio or financial plan here:

http://ritholtzwealth.com/


Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

https://thereformedbroker.com/terms-a...

Feb 24, 2020
Josh Wants a Stock Market Correction: What Are Your Thoughts?
15:32
Apple warns of Coronavirus slowdown - Financial advisors never actually retire in real life - Is February too early to be citing year-to-date performance? - Reactions to the NBA’s All Star Break - How many bagels is too many? - Josh is rooting for stocks to go flat-on-year - Cruises - what’s the deal with that? Why do people like them?
Feb 19, 2020
Lessons from Tesla Short Squeeze: What Are Your Thoughts? (with Josh and Michael)
14:55

In this edition of What Are Your Thoughts, Michael Batnick and Josh Brown discuss:


* YouTube revenue growth is on fire, but who gets the money?

* Netflix vs Cable Subs - crossover imminent!

* The short squeeze in Tesla stock is probably the largest in the history of the stock market.

* The stock market is recovering from its worst week in a while

* What should investors make of the Coronavirus that seems to be roiling cross-border trade with China and the rest of the world?

* Amazon earnings

* Michael and Josh on the Super Bowl, did the right team win?


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

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Feb 04, 2020
Is now a good time to buy stocks? (with Michael and Nick Maggiulli)
6:13

Michael Batnick sits down with Data Scientist Nick Maggiulli to talk about one of the most commonly asked questions in the world of money, “When is the best time to invest?” The answer will definitely surprise you, check it out.


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

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Feb 03, 2020
How To Avoid Financial Fraud (with Barry, Michael, and Ben)
11:08

Barry and Michael sit down with Ben to discuss financial fraud and his new book "Don't Fall For It: A Short History of Financial Scams."


Pick up a copy of Ben's book:

https://www.amazon.com/Dont-Fall-Short-History-Financial/dp/1119605164


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

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Jan 31, 2020
What Long-Term Investors Can Learn From Traders (with Josh and Scott Redler)
7:46

Josh recently met up with Scott Redler at the New York Stock Exchange to discuss moving averages, and trading vs investing. Scott is the Chief Strategic Officer at T3 Live.


Check out Scott's new book "The Ultimate Guide to Moving Averages:"

https://www.t3live.com/blog/scott-redler-free-ebook/


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

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Jan 28, 2020
The Next Trillion Dollar Stocks: What Are Your Thoughts? (with Josh and Michael)
14:09

In this edition of What Are Your Thoughts, Michael Batnick and Josh Brown discuss:


* Gold vs Bitcoin, let the trolling begin!

* Google joins the Trillion Dollar Club, who's next?

* Can Bill Simmons sell The Ringer podcast network for $200 million?

* Actively managed US stock mutual funds had a great year in 2019, but most still couldn't catch the S&P 500. So what?

* Will direct indexing disrupt the ETF business?

* Warren Buffett's preferred metric to gauge how expensive the stock market is.


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

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Jan 21, 2020
The Dow Jones Smashes One Record After Another (with Josh and Michael)
7:30

Josh here - Michael Batnick and I discuss the recent milestones for the Dow Jones Industrial Average and the incredibly slow grind that's gotten us here. According to the Wall Street Journal "hasn’t moved 1% or more in either direction since mid-October, its sixth-longest streak since the end of 1969 and third-longest since the end of 1995."


We ran the numbers and looked at the absolute change in daily stocks prices. It turns out that on a rolling 30-day basis, stocks have almost never been this calm.


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

https://thereformedbroker.com/terms-and-conditions/

Jan 16, 2020
What happens to the stock market during a time of war? (with Josh and Ben)
9:21

The recent flare-up in the Middle East has investors asking questions about what might happen to their portfolios if a war breaks out. While every scenario is different and the variables change, there are some important things to understand about how wars have historically affected the Dow Jones Industrial Average.


Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management. This past week, he took a look at how US stocks have acted during WWI, WWII, the Korean War, Vietnam, the Gulf War, etc. Ben shares his findings in a new article at Fortune Magazine and in this video with Josh Brown.


Read Ben's full article here:

https://fortune.com/2020/01/03/iran-us-conflict-stock-market-oil-prices/


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

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Jan 08, 2020
Adam Sandler’s Personal Finance: What Are Your Thoughts (with Josh and Michael)
19:05

On a new edition of What Are Your Thoughts, Josh Brown and Michael Batnick discuss the hottest topics in finance and investing: 


* Is there any such thing as the optimal time to rebalance your portfolio? 


* Is Instagram ad targeting weirding you out or doing you a favor?


* Vanguard started the year off slashing commissions on options trades and mutual funds.


* The median IPO has underperformed the stock market by 20 percentage points this decade!


* Josh says 'Uncut Gems' starring Adam Sandler is actually a personal finance movie.


* What was the biggest surprise of 2019? 


* Bill Ackman delivered a 58% comeback performance in 2019, how'd he do it? 


Let us know what your thoughts are on these topics, we love your feedback and comments! Happy New Year! 


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Jan 07, 2020
How Things Go Viral (with Barry, Michael, and Derek Thompson)
12:52

Derek Thompson stops by The Compound to discuss how and why things go viral with Barry and Michael. Derek is a staff writer at The Atlantic and author of “Hit Makers.”


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Jan 03, 2020
The Purpose of Money (with Barry and Jonathan Clements)
8:03

Barry Ritholtz sits down with author and former WSJ journalist, Jonathan Clements to discuss how money is similar to health, smart ways to spend it, and how our thoughts about money change over the course of a lifetime.


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Dec 23, 2019
It Was Hard to Lose Money This Year: What Are Your Thoughts? (with Josh and Michael)
12:54

Downtown Josh Brown and Michael Batnick go head-to-head for a brand new What Are Your Thoughts!


In the final episode of 2019, Josh and Michael cover:


* It was almost impossible to lose money this year

* Does the success of DoubleLine over the last decade prove that building an active management company is still possible?

* The five best performing stocks in the S&P 500 this year were AMD, Lam Research, KLA-Tencor, Chipotle and....Target?

* Why does Michael get bullied online more than Josh?

* 2020 analyst forecasts

* Josh's anti-coffee rant was trash

* Apple is the most emblematic stock of 2019


Let us know your thoughts on these topics! We love to hear from you.


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Dec 17, 2019
The Trick That Allows You To Spend Money Without Feeling Guilty (with Michael and Nick Maggiulli)
6:08

Nick Maggiulli is the data scientist at Ritholtz Wealth Management and author of the Of Dollars and Data blog. He tells Michael Batnick about a simple trick he uses to avoid feeling guilty while spending money.


Michael talks about how he funds his Liftoff account at the same time as he makes a large purchase. You can have a Liftoff account too, follow the link below - there's no minimum to get started!

http://liftoffinvest.com


Read "How to Spend Money" by Nick here:

https://ofdollarsanddata.com/how-to-spend-money/


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Dec 11, 2019
The Real Lives of Financial Advisors (with Josh, Michael, and Nina O'Neal)
15:40

Nina O'Neal stops by The Compound to discuss the work-life balancing act of a financial advisor. Nina is a Partner and Investment Advisor at Archer Investment Management in Raleigh, NC.


Follow Nina and the Female Advisor Network on Twitter:

https://twitter.com/noneal510

https://twitter.com/female_advisors


Read Nina's blog:

https://www.ninaoneal.com/


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Dec 09, 2019
The ETF Graveyard: What Are Your Thoughts? (with Josh and Michael)
12:18

On this edition of What Are Your Thoughts, Michael Batnick and Josh Brown of Ritholtz Wealth Management discuss:


-1,000 zombie ETFs have been put of their misery this year

-How many minutes early for a meeting is too early?

-Would you invest directly into a college student's future success?

-Stocks are up over 20% this year, what's the simple reason?

-The 60/40 delivered its best annual performance since 1998

-Private equity firms have three quarters of a trillion in cash to deploy


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Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:

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Dec 04, 2019
The Stock Market Doesn't Care How Hard You Try (with Barry, Michael, and Morgan Housel)
19:37

The incredibly bright and insightful Morgan Housel of the Collaborative Fund drops by the Compound to discuss some of the biggest mistakes and misconceptions that plague investors year after year - and what can be done about them.


Morgan talks with Michael Batnick and Barry Ritholtz about:


* how there is no such thing as an optimized portfolio


* why recent trends are more instructive about the near term future, but long term trends are the ally of most investors


* the fact that investing is one of the only endeavors in which the application of more effort doesn't equate to better results


* the hindsight bias that all of us fall victim to


* the reality behind some of the most famous investor track records


* the inconsistency you are required to put up with in the pursuit of long term outperformance


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Dec 03, 2019
What Happened to Hedge Funds? (with Michael and Ted Seides)
21:01

Ted Seides stopped by the Compound to talk with Michael Batnick about the struggles the hedge fund industry has faced over the last decade, and what might happen to stem the tide.


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Nov 27, 2019
What the Schwab - TD Ameritrade Merger Means for Financial Advisors (with Josh and Michael)
12:45

Charles Schwab is merging with one of its largest competitors, TD Ameritrade in a $26 billion all-stock deal that should close in the second half of 2020. Michael Batnick and Downtown Josh Brown of Ritholtz Wealth Management discuss what this will mean for the thousands of financial advisors who use one or both of these custodian brokers for their clients' assets. 


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Nov 26, 2019
Why Technical Trading Signals Stopped Working (with Barry and John Roque)
9:02

John Roque joins Barry Ritholtz at The Compound to explain why technical trading signals stopped working and how he has adapted his trading style to the new landscape.


Follow John Roque on Twitter:

https://twitter.com/WolfeDailyHowl


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Nov 19, 2019
Burn It All Down (with Josh, Michael, and Ben Hunt)
22:01

Ben Hunt joins Michael Batnick and Downtown Josh Brown at The Compound to explain what he's so angry about - he sees wealth inequality as being driven by hijacked narratives about capitalism, stock buybacks, central banks and the managerial overclass orchestrating it all.


Follow Ben on Twitter:

https://twitter.com/EpsilonTheory


Stay up to date on Ben's thoughts:

https://www.epsilontheory.com


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Nov 16, 2019
Exposing The Big Lie About Stock Buybacks (with Michael, Barry, and Ed Yardeni)
15:03

Ed Yardeni, of Yardeni Research, joins Michael Batnick and Barry Ritholtz at The Compound to explain why we're looking at the wrong data all wrong, what the real data is, and what it means for the current narrative surrounding share buybacks.


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Nov 15, 2019
JP Morgan Destroys the Bears: What Are Your Thoughts? (with Josh and Michael)
13:30

Welcome to the latest edition of What Are Your Thoughts - Michael Batnick and Downtown Josh Brown break down the biggest topics of the moment. On this episode: 


* JP Morgan calls out permabears.


* Should investors be concerned about the national debt?


* Does Google want to be a bank?


* Selling performance vs selling opinions.


* Stock-based compensation.


* Opinion vs price.


* Disney +, first impressions.


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Nov 14, 2019
The Four Most Important Market Indicators (with Josh and Tom Lee)
19:45

Josh here - I really enjoyed talking with former JPMorgan strategist and the founder of Fundstrat Research about how he uses the evidence to understand what's happening in the markets. 


Tom cites four indicators he uses to explain current trends and think about where markets and the economy might be headed. Among them, credit spreads, demographics and volatility. 


Tom also talks about his bullish stance and why he isn't terribly worried about the yield curve inversion we saw this summer. 


You can learn more about Tom's work at the site: 

https://fsinsight.com/


Follow Tom Lee on Twitter here:

https://twitter.com/fundstrat


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Nov 13, 2019
Secrets of the Greatest Hedge Fund of All Time (with Josh, Michael, and Greg Zuckerman)
17:35

Josh here - we had Greg Zuckerman of the Wall Street Journal up at the Compound to talk about his new book, The Man Who Solved the Market - the first ever deep dive into Jim Simons and his legendary firm Renaissance Technology. Renaissance has pulled over $100 billion in trading profits out of the markets since its founding decades ago, in a highly secretive approach that combines mathematical equations with cutting edge technology. 


Zuckerman conducted over 400 interviews with current and former employees of the firm and even spent a few days with Simons himself - despite the fact that he didn't want this story told or the book written. 


You can get The Man Who Solved the Market here: 

https://amzn.to/2WM6BAY


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Nov 09, 2019
Year End Rallies (with Josh and Tony Dwyer)
17:34

The S&P 500 came into October this year up double digits. It has done so on 42 occasions since 1926. That’s almost 50% of the time. 


Of those 42 times, in 35 cases the market went up through the end of the year. That’s an 85% success rate, about as one-sided as market statistics can get. 


On only 7 occasions did it fall in the fourth quarter. 


BUT....


The 3 worst Q4 losses ever all occurred with the market up double digits - these worst Q4 drops ever were 1929, 1987 and last year


-28%, -23% and -14%


So most of the time when stocks are already up they continue to go up. but sometimes they also get crushed.


The average gain is 4.5% (even including the losses). this is also the 24th time the S&P has been up 20% or more through 3 quarters of the year.


We talked with famed Wall Street strategist Tony Dwyer about the tendency for markets that have a good three quarters to finish strong, and why this year looks like it should fall in line with the historical data. 


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Nov 08, 2019
Private Markets Look Like The Dumb Money Now: What Are Your Thoughts? (with Josh and Michael)
14:15

Welcome to the latest edition of What Are Your Thoughts - Michael Batnick and Downtown Josh Brown break down the biggest topics of the moment. On this episode: 


* Private markets used to be thought of as "the smart money" while public markets were for retail shleps - but this time around, it's the public investors who are calling bullsh*t on the VCs, private equity firms and insiders. 


* It's not just value investing that's out of favor - value commentary from the likes of Howard Marks seems to be on the wane as well. 


* Is the breakout for international stocks finally going to happen? 


* The big brokers' announcements about commission-free trading seems to left out the mutual fund wrapper in the cold. Is this just another nail in the coffin? 


* Has inflation finally bottomed? A big anecdotal sign has come our way...


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Oct 23, 2019
Everything's Free: The Impact of Zero-fee Trading (with Barry and Dave Nadig)
13:04

Dave Nadig, managing director of ETF.com, stops by The Compound to discuss how fee-free trading is changing the investment landscape with Ritholtz Wealth Management Chairman and CIO, Barry Ritholtz.


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Oct 14, 2019
Banks Can't Forecast Interest Rates Either (with Josh and Michael)
13:17

Welcome to the latest edition of What Are Your Thoughts - Michael Batnick and Downtown Josh Brown break down the biggest topics of the moment. On this episode:


* Get your story straight - are there too many IPOs coming out this year or not enough? 2019 is on pace to see the most capital raised by initial public offerings in a year since 2000, and possibly even break the record. The number of companies coming public is on pace to match or exceed prior records as well. So this is....good news?


* Twitter's new app update has a "trailer" feature, previewing the next people who are about to show up on your timeline. Was this a solution in search of a problem? Does anyone actually need this?


* The bond market has delivered big gains for investors this year. One year ago, the CEO of JPMorgan was concerned that 10-year treasury yields could soar to 5%. Today they're half that level and have gone in the exact opposite direction. And now he's talking about preparing the bank for zero percent interest rates. If Jamie Dimon doesn't know where yields are headed, why would any investor or financial advisor think their forecast would be better?


* There are four NFL teams with 0-4 records, the Bengals, Redskins, Dolphins and Jets. Season over? Any point to keep watching?


* Josh has a mea culpa. Amazon Prime does have some shows worth watching. In particular, 'The Boys' was a great first season. Michael recommends 'Catastrophe' next. Let us know below what else Josh should be watching on there.


* So it looks as though we're getting another rate cut this month. Does this qualify as a "rate cut cycle"? Will a rate cut even help at this point? Are insurance cuts worth doing with unemployment at all time lows and the stock market at all time highs?


* What is to become of your local sporting goods store? Will any survive besides Dick's?


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Oct 09, 2019
The Yield Curve Indicator (with Josh, Michael, and Campbell Harvey)
24:41

Campbell Harvey is a Professor at Duke University and a partner as Research Affiliates. He sat down with Michael Batnick and Josh Brown of Ritholtz Wealth Management to discuss the meaning of the inverted yield curve indicator, which he discovered in 1986 while working on a dissertation.


Campbell cites the fact that 7 out of the last 7 recessions had been presaged by a yield curve inversion - which is what happens when it longer term bond yields fall below shorter term bond yields in the Treasury market. He believes that this phenomenon occurs when the market participants begin to grow more pessimistic about the economic outlook. The behavior of executives, lenders, borrowers and investors can change enough during these times to actually become a self-fulfilling prophecy - producing a negative feedback loop that drives a weakening economy into a full-blown recession.


Recessions are a normal part of the business cycle, although they can be painful to live and invest through. They can also vary greatly be degree. Campbell fields questions from Michael and Josh about all of the ways in which this time might be different. He acknowledges that it is always possible that the yield curve indicator might stop working as a recession signal, but he believes that because it hasn't yet, this might be a good time for people and corporations to rethink the risks they're taking.


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Oct 07, 2019
What Does Commission-Free Trading Mean For You? (with Josh)
5:56

Josh here -


Charles Schwab announced that starting October 7th all commissions on stocks, ETFs and options would go down to zero. The march toward commission-free trading has been happening in slow motion for decades, ever since the 1970's.


My take on it is this - it's terrific news for investors, as it lowers the cost of being an investor and gaining access to markets. But is it a "game changer"? I don't think so. It's also important to note the link between market valuations and the ease of access. On a secular basis, US stocks have been valued higher as the average fund fee, commission fee and other costs have fallen. Trading volumes have soared and more participants than ever are using the public markets to build wealth. This is not a coincidence.


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Oct 02, 2019
The Difference Between Sports Betting & Trading (with Josh, Michael and Patrick Keane)
22:48

Patrick Keane, CEO of The Action Network, joins Josh Brown and Michael Batnick at The Compound to discuss the future of sports betting and how it compares to trading.


Patrick believes that prop betting will explode in popularity as sports venues warm to the additional revenue it can bring. He sees app-based betting coming to a state near you and many stock market traders becoming attracted to sports bets as the terminology becomes more widely understood.



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#Stocks #StockMarket #MakeMoney #Wealth #HowToInvest #Investing #Money #Trading #RetirementInvesting #FinancialAdvice #InvestmentAdvisor #FinancialAdvice #PersonalFinance #betting morning #trading #gambling #fantasysports

Sep 30, 2019
How Will Impeachment Affect the Stock Market (with Josh, Michael and Eddy Elfenbein)
21:23

House Majority Leader Nancy Pelosi announced the beginning of formal impeachment proceedings of President Trump. As investors, it's important to remember that we don't have a lot of history to go by in terms of what impeachment might mean for the stock market and the economy. But there are some important takeaways from past impeachments of Richard Nixon and Bill Clinton.


Crossing Wall Street's Eddy Elfenbein stopped by to talk about what the impeachment announcement actually means for investors in stocks and bonds. Eddy is a market historian, prolific blogger and an equity fund manager based in Washington, D.C..


You can check out his site here:

http://www.crossingwallstreet.com/


And follow him on Twitter, where he is both hilarious and insightful on a daily basis:

https://twitter.com/EddyElfenbein


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#Stocks #StockMarket #MakeMoney #Wealth #HowToInvest #Investing #Money #Trading #RetirementInvesting #FinancialAdvice #InvestmentAdvisor #FinancialAdvice #PersonalFinance

Sep 27, 2019
This investment strategy beats dollar cost averaging (with Josh and Nick)
11:40

Josh Brown and Nick Maggiulli, of Ritholtz Wealth Management, discuss data on investing a lump sum vs dollar-cost averaging, and the results might surprise you.


Read Nick's post for the data and charts:


https://ofdollarsanddata.com/the-cost-of-waiting/


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#Stocks #StockMarket #MakeMoney #Wealth #HowToInvest #Investing #Money #Trading #RetirementInvesting #FinancialAdvice #InvestmentAdvisor #FinancialAdvice #PersonalFinance

Sep 25, 2019
What Are Your Thoughts: Is anyone really "middle class" anymore? (with Josh and Michael)
14:20

On a new edition of What Are Your Thoughts?, Michael Batnick and Josh Brown discuss:


* The Repo Rate mini-panic


* Are we ready for the Daniel Jones Era?


* Does it really take $350,000 a year to live in cities?


* Standup comics up in arms over political correctness and "cancel culture"


* People got excited about value stocks recently. Again.


* More terrible sports takes from Josh


* Do you need a car to live in New York City?


and lots more.


As always, we love your feedback, so let us know What Are Your Thoughts on these topics!


Be sure to subscribe to our YoiuTube channel for the video version:

https://www.youtube.com/thecompoundrw...


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#Stocks #StockMarket #MakeMoney #Wealth #HowToInvest #Investing #Money #Trading #RetirementInvesting #FinancialAdvice #InvestmentAdvisor #FinancialAdvice #PersonalFinance

Sep 19, 2019
Josh Brown and Joe Duran: On Financial Advice, Living Well and Building a Billion Dollar Business
20:34

Josh here - it was my honor and pleasure to interview Joe Duran, founder of United Capital, on stage earlier this week at the inaugural Wealth/Stack Conference in Scottsdale, Arizona.


Joe made headlines earlier this year when he sold the firm to Goldman Sachs - a deal that was the largest Goldman has done in 20 years.


Joe and I spoke about the need to advise clients on different aspects of their lives, beyond just what's happening in their portfolios. We also talked about what motivated him to make a deal and what types of capabilities he'll have now as a part of one of the largest financial services giants in the world.


Joe also relayed plenty of advice for young advisors who are just beginning their careers , and what he would love to go back and tell his younger self about having patience.


Joe arrived in America with just $200 in his pocket from Zimbabwe, earned an MBA and then sold two companies to Fortune 500 acquirers. His story is hugely inspirational, you can read more about him here:


https://www.unitedcp.com/meet-joe-duran/joe-s-story



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Sep 16, 2019
You are going to be a part of the future - Josh's remarks to the advisor community live from Wealth/Stack
9:03

Ritholtz Wealth Management CEO, Josh Brown, welcomes attendees to the inaugural Wealth/Stack conference in Scottsdale, Arizona.


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Sep 11, 2019
The Benefits of a Regular Paycheck (Tadas with @FerventFinance)
9:33
“I have something to admit – I enjoy receiving a paycheck twice every month. Some people are willing to give up the sure thing to pursue a passion project, launch their own business, or take a year off to travel the world. While I’m envious of those with such conviction, I just can’t pull the trigger.”


Kevin (@ferventfinance) blogs at Fervent Finance and is the co-host of the Reversion to the Mean podcast with Justin Castelli. Tadas got Kevin on the phone Skype to talk about a recent post of his entitled “It’s Okay to Like Your Paycheck.” While the media is focused on Instagram influencers, FIRE advocates and startup CEOs, there is a whole world of people out there doing the do. Kevin talks about how a “regular job” has a host of benefits that go beyond a regular paycheck.


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Aug 20, 2019
Building Personal Equity (Tadas with Dasarte Yarnway)
9:49
“Because of the complexity of these compensation structures, I find that most people love the idea of having equity but do not understand it. With companies paying up to 50% of their employees total compensation package in equity, it’s important to understand what exactly is at stake when you decide to accept that job offer for “the next big thing.”


Dasarte Yarnway (@dasarteyarnway) is the founder of Berknell Financial group which is a fee-only financial planning firm headquartered in San Francisco. Dasarte is also the host of The Young Money Podcast. Tadas got Dasarte on the phone to talk about his newly published book Pay Me in Equity. In some industries, equity compensation is an important part of your pay package, so understanding the details is crucial. Beyond the financial aspects, ownership is an important concept that applies in different areas of our lives.


Where to find Dasarte's work:


Pay Me in Equity: A Millennial Guide to Understanding Equity Compensation


The Young Money Podcast


Young Money: 4 Proven Actions to Design Your Wealth While You Still Can

 

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Aug 08, 2019
Balancing Today and Tomorrow (Tadas with Jeremy Walter)
9:35
“A right balance is somewhere in between – enjoying Today while planning for Tomorrow. And there’s no magical, universal formula, spreadsheet, or ratio to figure this out. It’s entirely subjective to each person and family.”


Jeremy Walter (@jeremywalter) is the founder of Fident Financial, LLC and logs at Calibrating Capital:. Tadas got Jeremy on the phone to talk about a recent post of his entitled “Today vs. Tomorrowland” where he writes about the challenges of balancing our need to live in the moment while planning for our uncertain future.


You can read more at Andrew’s blog Calibrating Capital:


https://calibratingcapital.com/today-vs-tomorrowland/

https://calibratingcapital.com/living-in-today-a-case-study/


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Aug 02, 2019
What Are Your Thoughts 7/31 (Josh and Michael)
18:43

Josh Brown here - Michael Batnick and I return with an all new What Are Your Thoughts!


Today's topics:


* What technologies that we use now that will soon be obsolete?


* Why bother worrying about manufacturing data when consumer data is what drives the economy?


* 75 million Amazon customers are watching shows on Prime Video - what the hell are they watching?


* Where does Once Upon a Time in Hollywood rank in the Tarantino pantheon?


* Is Chipotle the greatest consumer turnaround story of our time? What lessons can investors take from its comeback?


* Why is the Federal Reserve cutting interest rates for the first time in almost 4,000 days?


* Esports - how can we make money from this?


* Was the Wall Street Journal too harsh on the CFP Board?


As always, we love your feedback and ideas, so let us know what you think about these topics below!


Check out the corresponding video on our YouTube Channel: https://www.youtube.com/watch?v=6Co78bh5ANg&t=316s


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Jul 31, 2019
Everyone Deserves Good Financial Advice. Everyone. (Josh and Michael with Jon Stein and Dan Egan)
17:22

Once upon a time, quality financial advice was only available for millionaires and the sophisticated investors who had the expertise to find the right advisors and understand exactly what they were getting. 


Non-millionaires and younger investors were ignored by traditional Wall Street brokerage firms, left to fend for themselves or, worse, to be preyed upon by unscrupulous brokers and insurance salesmen with skewed incentives.  


But times have changed, thanks to an innovative wave of new advisory firms, new services from large institutions and disruptive technology. Now, quality investment advice is available to everyone. 


Automated asset management services and robo-advisors unleashed a storm of creativity and progress, and now human advisors are adopting these technologies to incorporate into their practices, serving a new customer that they otherwise would not have been able to reach and help. 


We built Liftoff as a way to serve young investors and those who do not meet the minimum asset levels of traditional wealth management firms. Rather than send our fans and friends away to figure things out for themselves, we wanted to be able to help them ourselves, which led to years of development and evolution. 


Liftoff is a collaboration between Ritholtz Wealth Management and Betterment, combining what we believe is best in class asset allocation technology with the human touch of certified financial planners and advisors. 


We'd love for you to try us out and see what it's all about!


You can learn more at https://liftoffinvest.com/ right now!


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Jul 18, 2019
This isn't a financial business.
5:52

This isn't a financial business. It's a communications business. The sooner people get this through their heads, the better equipped they'll be to serve clients. In an all-hands meeting, Josh discusses the primacy of empathy and caring over everything else.


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Jul 16, 2019
The 7 Deadly Sins of Investing
17:04

FAQ: What are the seven deadly sins of investing? Many of the questions we get from investors revolve around one of these seven mistakes that, if left unchecked, could doom a long-term investing portfolio or retirement plan.


Lust!

Gluttony!

Envy!

Pride!

Wrath!

Greed!

Sloth!


Michael Batnick, Ben Carlson and Downtown Josh Brown weigh in on each of these sins and why they can be so destructive to investors who aren't aware of them.


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Jul 10, 2019
The Student Debt "Crisis" (Tadas with Andrew Thrasher)
10:15

“Student debt has negatively impacted many American’s lives, but it’s not a crisis that I believe warrants an expansion of the government balance sheet to the tune of multiple trillions of dollars. Like anytime the government puts their thumb on the proverbial scale, actions have repercussions and should be carefully weighted ahead of time.”


Andrew Thrasher (@andrewthrasher) blogs at Thrasher Analytics is an active participant on Financial Twitter. Tadas got Andrew on the phone to talk about a recent post of his entitled “Student Loans Are Not a National Crisis” where he writes about the many issues surrounding recent talk about modifying or outright cancelling student loan debt in America.


You can read more at Anrew’s blog Thrasher Analytics: http://www.athrasher.com/student-loans-are-not-a-national-crisis/


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Jul 09, 2019
Investing as a Hobby (Tadas with David Schawel)
9:52

“Where investing as a hobby might be sensible is with a small amount of your assets that you can afford to lose, and that you can handle psychologically. Being under the illusion that diving into investing in a meaningful way will result in above average performance is dangerous and likely to end poorly based on historical studies.” 


David Schawel (@davidschawel) is the CIO of Family Management Corporation and is a veteran observer of the financial markets. Tadas got David on the phone to talk about a recent post of his entitled “Investing as a Hobby” where he writes about what a hobby is and why investing is likely not a worthwhile hobby for most. 


You can read more at David’s blog: https://medium.com/@DavidSchawel/investing-as-a-hobby-8d048d5d98bd


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Jul 05, 2019
On Authenticity (with Josh)
9:50
There are two types of authenticity and both are important to clients and potential clients of any business. Josh breaks it down, Live from the Compound
Jul 05, 2019
Don't Let Your New SUV Blow a Hole In Your Budget (Ben with Tadas)
9:57

“As with most things in life you are in charge of your own stuff. If you want to drive a new luxury vehicle, more power to you. Just realize that there are financial (and environmental) trade-offs involved. But don’t be under the illusion that anyone really cares what car you are driving.” 


Ben Carlson recently got Tadas Viskanta, Director of Investor Education at Ritholtz Wealth Management, on the phone Skype to talk about a recent post of his entitled “Why Your Luxury Car is Unlikely to Materially Boost Your Happiness” where he writes about the high financial costs of driving a new, luxury vehicle. 


You can read more at Tadas' blog: https://abnormalreturns.com/2019/06/25/luxury-car-unlikely-happiness-boost/


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Jul 02, 2019
Monday Morning Meeting 6/24
13:00

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Jul 01, 2019
Aiming For A Benchmark (Tadas with Robert Seawright)
9:24
“The moral of this story is obvious. We all do better when we have something to aim at. That’s why proper benchmarking is so important. In the investment world, it means a standard or measure that can be used to analyze the allocation, risk, and return of a given portfolio.”


Robert Seawright (@rpseawright) who blogs at Above the Market is a long-established figure in the investment blogosphere. Tadas got Bob on the phone to talk about a recent post of his entitled “How’s Your Aim?” where he writes about the importance of having well-structured benchmarks against which we can measure our investment performance.


You can read more at Bob’s blog Above the Market: https://rpseawright.wordpress.com/2019/06/18/hows-your-aim/


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Jun 27, 2019
The Most Disruptive Man in Wealth Management (Josh with Shirl Penney)
15:01

Who is the most disruptive person in wealth management? It's not a robo founder. Or an index ETF CEO. Or a blogger.


In fact, it is Shirl Penney, the founder of Dynasty Financial Partners, whose platform for breakaway brokers who want to become independent advisors and own their own firms has now amassed almost $40 billion in client assets over the last ten years.


Shirl has changed the way wirehouse brokers and other captive financial advisors at large firms have looked at independence. He's built a machine that began under the radar but is now on the verge of pushing the incumbents into allowing a degree of entrepreneurial freedom that would have previously been unthinkable.


Josh and Shirl first met during the Investment News 40 Under 40 Summit the year they both made the list.


Check out this video to learn about the biggest trends in the wealth management and financial advisor business, and how Shirl is upending some of the most bedrock conventions within the industry by working harder and smarter than his competitors.


You can learn more about Dynasty's solutions for breakaway brokers who want to become advisors and launch their own firms here:


https://dynastyfinancialpartners.com/


Shirl will be giving a keynote address to the advisors in attendance at this September's inaugural Wealth/Stack conference in Scottsdale, Arizona. Details here:


https://finance.knect365.com/wealth-s...


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Jun 24, 2019
"I did everything I was supposed to do" (with Josh and Michael)
11:49

Josh Brown and Michael Batnick discuss the recent post "I did everything I was supposed to do", which is the story of a man whose spent his whole career working for asset management firms and now finds himself on the wrong side of the active vs passive debate. There are real world consequences of the massive outflows of cash coming from actively managed mutual funds. This was Josh's attempt to look at the issue from the other side.


The post spread around the financial web like wildfire. You can read the whole thing here:

https://thereformedbroker.com/2019/06/16/i-did-everything-i-was-supposed-to-do/


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Jun 20, 2019
Josh Monday Meeting 7/15
5:52

This is not a business of numbers. It uses finance, but it is not even a business about finance. This business is a business of communication. Of relationships. Of empathy. Josh discusses the topic at an all-hands Monday meeting at Ritholtz Wealth Management.


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Jun 15, 2019
What if the cost of capital never rises again? (Josh with Ben)
15:43

Josh's new post is about a world in which the cost of money remains cheap to free, and all of the potential disruption that would entail. Josh looks at this issue through the prism of a decade's worth of massive outperformance for growth stocks vs value stocks.


Ben Carlson (A Wealth Of Common Sense) brings up some interesting points about what this would mean for savers and investors and portfolio construction in general.


You can read the post, When Everything That Counts Can't Be Counted here:

https://thereformedbroker.com/2019/06/13/when-everything-that-counts-cant-be-counted/


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Jun 14, 2019
How the Financial Advice Industry is Changing (Tadas with Cullen Roche)
9:57

“This is going to be life and death for many advisors. Legacy firms with massive overhead and fixed high fee AUM structures will struggle to compete with the coming change in fee structures. Firms that are able to move to a leaner and more tech based platform will outperform as they make up for lost revenue with fatter margins.”


Cullen Roche who blogs at Pragmatic Capitalism has been a mainstay of the financial blogsophere for over ten years now. Tadas got Cullen on the phone to talk about a recent post of his entitled “How the Fee Structure of Financial Advisory Will Change in the Future” where he talks about the significant changes facing the wealth management industry..


You can read more about Cullen’s at his blog Pragmatic Capitalism:

https://www.pragcap.com/how-will-the-fee-structure-of-financial-advisory-change-in-the-future/


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Jun 10, 2019
The New Way To Invest In Emerging Markets (with Josh and Perth Tolle)
13:13

Josh here - my friend Perth Tolle has been hustling and grinding harder than almost anyone I know on The Street these past few years - first, with the launch of her proprietary Life + Liberty Indexes and now with the first ETF based on her ideas. 


Perth believes, as I do, that countries with a strong rule of law and respect for both civil and human rights will make for better long term investments than countries that are lacking in these areas. 


The long term performance of the US, UK and Australian stock markets prove this. Where there is fairness and happiness, there is money to be made. Where there is repression and corruption, there is money to be lost. 


Perth's ETF is an index fund holding emerging markets stocks but it weights the portfolio based on her quantitative ranking of each EM country, rather than based on the companies' market capitalization, as most index funds are currently invested. 


Before taking any investment action or trading any fund, everyone should read the prospectus and understand the potential risks. You can find the relevant disclosures and details here:

https://etfsite.alphaarchitect.com/frdm/


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Jun 07, 2019
The Algebra of Happiness (Barry with Scott Galloway)
19:20

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Josh here - I absolutely love this discussion between my partner Barry Ritholtz and the one and only Professor Scott Galloway about being happy and learning to live with yourself, in good times and bad. Scott's new book, The Algebra of Happiness, is both highly personal and instantly relatable to everyone. 


Scott has become one of the most sought after speakers on technology, marketing, trends and innovation. This is a great introduction to the way he thinks, how he teaches his students at NYU and why he writes. You're going to love it! 


Read Scott's book: 

https://amzn.to/2WjCZOL


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Jun 06, 2019
Why Diversification Works in Life and Market (Tadas with Dr. Brett)
9:57

“How balanced is your life portfolio? If one area of your life were to not work out, how vulnerable would you be? When is the last time you rebalanced your life's portfolio? When have you last expanded your life portfolio?”


Dr. Brett Steenbarger is a trained psychologist, trading coach, author and blogger at TraderFeed. Tadas got Dr. Brett on the phone to talk about a recent post of his entitled “Why Diversification Works in Life and Markets” where he discusses the importance of having a diversified life portfolio to offset some of life’s inevitable ups and downs.


You can read more about Dr. Brett at his blog TraderFeed and Forbes:

https://www.forbes.com/sites/brettsteenbarger/2019/05/27/why-diversification-works-in-life-and-markets/


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Jun 05, 2019
True Wealth is "Funded Contentment" (with Blair and Brian Portnoy)
10:42


Blair duQuesnay catches up with Brian Portnoy to discuss some of the biggest challenges in defining wealth, finding happiness in our success and being aware of the fact that we seem to always want more.


Talk to Blair here:

https://ritholtzwealth.com/team/blair-duquesnay/


Brian Portnoy, Ph.D., CFA, is an expert at simplifying the complex world of money. In his two books, The Investor's Paradox and The Geometry of Wealth, he tackles the challenges of not only making better investment decisions but also how money figures in to a joyful life. Here's Blair's conversation with Brian about The Geometry of Wealth, whether money buys happiness, what makes people truly content, gratitude, and financial planning and goals.


Timestamps:

1:15 Being wealthy isn't the same as being rich

1:28 "I think of wealth as the ability to underwrite a meaningful life" (AKA funded contentment) - Brian

1:54 Blair on meeting goals - what she tells clients

2:20: "It's not about making more - it's about focusing on the goals" - Blair

2.35 Beating the market has become a cultural phenomenon, but it's irrelevant to meeting your goals

2:53 Hedonic adaptation: wherever you get, you then want more

3:20 Should I take my two-year old to Paris?

3:35: Two kinds of happiness: experienced happiness (in the moment) and reflective happiness (memory - "the step-back")

4:50 Distinction between pleasurable life and meaningful life

5:15 Blair's pro tip for Paris travel: how to skip to the front of the line at the Mona Lisa

5:40 What has Brian learned about gratitude?

6:15 Just saying "thank you" makes us feel better psychologically and physically

7:00 Does money not buy any level of happiness?

7:45 A higher salary doesn't make a big difference for gaining more experienced happiness (your day-to-day)

7:55 Going from $100k to $1M to $10M doesn't alter your emotional set point

8:30 The Geometry of Wealth - how do you afford a life that will make you happy?

9:00 You need to calibrate purpose and priorities - you need a plan (where financial advisors come in)


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May 31, 2019
The Secret to Your Survival on Wall Street (with Jeff Saut)
8:51

Barry Ritholtz and Downtown Josh Brown welcome storied Wall Street veteran Jeff Saut, formerly of Raymond James, to The Compound.


Jeff talks about how he uses both fundamentals and technical analysis in his investment selection process, and why he doesn't pay as much attention to the economy as he does to earnings and investment ideas from trusted sources. Jeff spent the last 21 years as a chief strategist for Raymond James and has now gone independent, with both asset management and a new research product coming soon.


In this conversation, he relays the number one lesson he's learned in almost fifty years in the investment business - the secret to longevity on Wall Street.


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May 30, 2019
What Is Your "Investing Bible"? (Tadas with Phil Huber)
9:38

“Prior to reading Expected Returns, I had a very narrow view of asset allocation and portfolio construction. Like most investors, I viewed diversification through the singular lens of asset classes, i.e. stocks vs. bonds. Through the effective use of two visual aids, this book turned that notion on its head.”


Phil Huber is an enthusiastic participant in the financial blogsphere and the CIO of Huber Financial Advisors. Tadas got Phil on the phone to talk about a recent post of his entitled “My Investing Bible” where he discusses how the book, Expected Returns by Antti Ilmanen changed how he thought about investing.


You can read more about Phil at his blog bps and pieces:

https://bpsandpieces.com/2019/05/20/my-investing-bible/


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May 29, 2019
Target smokes its quarterly earnings, now what? (with Josh and Jeff Macke
8:41

Josh is joined by Jeff Macke to discuss the latest quarterly earnings reports from Target, Walmart, Nordstrom and more!


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May 22, 2019
The Only Two Scarce Resources Left on Wall Street
10:22

There are only two commodities left worth anything in the money management business. In an all hands meeting at Ritholtz Wealth, CEO Josh Brown explains...


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May 21, 2019
Will Amazon Dethrone Google's Ad Business (with Josh and Greg March)
7:53

Josh Brown talks with Greg March, founder of Noble People, a media agency based in New York City, about whether or not Amazon's advertising business can supplant Google's search hegemony any time soon.


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May 20, 2019
Why the price of Bitcoin just doubled (with Josh and Tyrone Ross)
9:23

Josh here - I asked my friend Tyrone Ross of Noble Bridge Wealth Management about the recent rally in Bitcoin, which has doubled since the beginning of the year and shocked the markets. What's behind the recent move? Who's doing all the buying? What major catalysts on the horizon?


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May 15, 2019
The Book That Changed My Life (with Michael and Josh)
8:35

osh here - on the 20th anniversary of Simple Wealth, Inevitable Wealth, I discuss why it's the book that changed the entire trajectory of my career and laid the groundwork for my investing philosophy.


Many books and authors have been influential and important to my understanding about how the market works. Simple Wealth, however, was the first book that made me want to dedicate my life to helping others invest and make sure they don't fall prey to all the wrong information and advice they're being assaulted with on a regular basis.


Nick Murray has taught thousands of financial advisors about the inherent dignity of our careers and the absolutely necessity of our work for the improvement of society. Building, managing and living with a portfolio's ups and downs can be simple, but that doesn't mean it's going to be easy. Our job, according to Nick, is to continuously remind people why they must bear risk and endure a lifetime's worth of volatility if they're going to truly succeed in the markets and in life.


Michael makes a point about finding the right book at the right time in our lives, and for me, finding Nick's writing ten years ago was exactly what I needed.


Other books mentioned include Jack Schwager's Market Wizards and Ben Graham's The Intelligent Investor.


Nick's book is only available at http://nickmurray.com/


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May 14, 2019
The Hype Behind Portfolio Rebalancing (Tadas with Peter Lazaroff)
9:52

“Rebalancing is getting a little overrated. It is nowhere near as impactful on returns as human and digital advisors advertise. I also feel like human advisors probably rebalance more than is truly necessary.”


Peter Lazaroff who is the co-CIO of Plancorp and BrightPlan. Peter blogs at PeterLazaroff.com and most importantly for the purposes of this discussion is the author of the recently published book Making Money Simple: The Complete Guide to Getting Your Financial House in Order and Keeping It That Way Forever.


We recently published a two-part Q&A with Peter on Abnormal Returns: part one and part two.


You can read more about Peter at his blog: https://peterlazaroff.com/blog


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May 13, 2019
Are Tech Stocks Unstoppable? (with Ben, Josh and Michael)
8:27
May 08, 2019
Investment Nostalgia (Tadas with Justin Mallory)
9:58

“Many of us look back nostalgically on our childhood memories when life was simpler and allow the feeling of familiarity to warm our souls. That’s ok. But, save your memory of investment traditions for small loses where lessons were learned, stay educated about the changing landscape, and participate in the positive evolution of the industry.”


Justin Mallory has a deep interest and background in financial planning and blogs at The Real Wealth Farmer. Tadas got Justin on Skype to talk about a recent post of his entitled “Investing Stranger Things” where he talks about how time, luck and nostalgia affects how we invest.


You can read more about Justin’s take on how nostalgia affects our investments at his blog The Real Wealth Farmer:

https://therealwealthfarmer.com/2019/04/29/investing-stranger-things/


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May 03, 2019
Jeff Macke on the History and Future of Target (with Josh)
9:38

Josh here - my friend Jeff Macke is an investor and an expert in the retailing giants Amazon, Target, Walmart and Sears. Jeff's dad ran Target for Dayton-Hudson in the 1970's and he knows more on this topic than anyone I can think of.


Today in 1962, Target was born in Minneapolis, Minnesota. Jeff and I look back at what made the 2,000-store chain great and what the future brings as the retail giants take the fight back to Jeff Bezos.


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May 01, 2019
Barry Ritholtz on the Psychology of Stock Market Corrections
7:13

Barry Ritholtz wonders why everyone is still so surprised every time the stock market has a correction.


The psychology surrounding stock-market declines and recoveries is fascinating. Anytime markets retreat even a little bit, the noise surrounding the event begins to swell. Given how frequently markets jink and turn, you might expect people would be used to the occasional plunge by now.


Full transcript of Barry's rap on the subject available here:


https://ritholtz.com/2019/04/corrections-declines/


You can read more about Brendan’s take on behavioral coaching at his blog Your Brain on Stocks:

https://yourbrainonstocks.com/i-need-behavioral-coaching-said-no-one-ever/


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Apr 29, 2019
Talking Behavioral Coaching (Tadas with Brendan Mullooly)
9:24

“But I want to dispel an implicit myth about behavioral coaching: it is not predicated upon its recipient being crazy, stupid, or reckless. Nor is it predicated upon its purveyor being a genius, stoic, or super-human. It is predicated upon both parties being human.”


Brendan Mullooly, who blogs at Your Brain on Stocks, is an investment advisor based in New Jersey for Mullooly Asset Management. Tadas got Brendan on the phone to talk about a recent post of his entitled “I Need Behavioral Coaching, Said No One, Ever” where he talks about the value of behavioral coaching and why we all need it..


You can read more about Brendan’s take on behavioral coaching at his blog Your Brain on Stocks:

https://yourbrainonstocks.com/i-need-behavioral-coaching-said-no-one-ever/


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Apr 26, 2019
An Investment Tool Advisors Love (with Josh, Michael and YCharts CEO Sean Brown)
10:41

Sean Brown is the CEO of YCharts, one of the hottest investment research platforms on the web. Michael Batnick and Ben Carlson use YCharts for research projects all the time, whether they're answering a client question, creating a blog post or seeking to prove or disprove an idea about markets, the economy, investing or portfolio construction.


Sean came by to discuss the various ways investors and financial advisors use YCharts for their daily work and research. Sean is surprised by how little time financial advisors seem to spend on their investment management-related efforts relative to things like prospecting, relationship building, etc. According to this survey of investors posted by Michael Kitces, advisors are spending an average of 10% of their time on investment management, which Sean believes is a big disconnect considering how important results are to the end client.


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Apr 24, 2019
Teaching Financial Literacy to High Schoolers (Tadas with Tony Isola)
9:42

“Personal finance can’t be taught in one day or period. It’s a lifetime journey. A full week, though not long enough, gives kids a fighting chance and sparks their interest for further independent study.”


Tony Isola an investment advisor representative at Ritholtz Wealth Management, who blogs at A Teachable Moment recently about his experience teaching a personal finance mini-course to high schoolers over the course of a week. Tadas Viskanta got him on the phone to talk about what he taught the kids and asks why we, as a society, don’t demand our kids be financially literate..


You can read more about Tony’s experience at his blog, A Teachable Moment.

https://tonyisola.com/2019/04/what-happened-when-we-spent-a-week-teaching-h-s-kids-about-money/


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Apr 22, 2019
Planning to Be Single (Tadas with Douglas Boneparth)
9:42

“But the truth is, singles should be planning “for one,” because they need to plan, period. When people don’t take ownership of needing to reach financial independence on their own, they are more likely to put off their goals entirely. ”


Douglas Boneparth is the President of Bone Fide Wealth in New York City. Tadas Viskanta got Douglas on the phone to talk about a recent post of his entitled “Planning to be Single” where he talks about the similarities (and differences) in financial planning for singles vs. couples.


You can read more about Douglas’ take at his blog Bone Fide Wealth: https://bonefidewealth.com/blog/planning-to-be-single/


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Apr 19, 2019
The Retirement Crisis: Real or Phony? (with Michael and Josh)
9:17

Two dueling versions of the looming retirement crisis that affects millennials, Gen Xers and Boomers in various ways. Mary Childs wrote that the shortfall is actually worse than we all think. For example:


The average saver puts 6.8% of their annual income into their workplace retirement plan...


Boomers are saving 8.5% of their annual income, while Gen X workers save 7.4%. Millennials are saving just 5.7% because many of them are more focused on paying down debt, starting a family and buying their first home. Okay, so far this makes sense.


But according to the article, "Two-thirds still factor in income from Social Security, in addition to what they’re saving for retirement personally, the survey found. But 42% don’t even believe those benefits will be available to them when the time comes. What’s worse, 27% of American workers have already borrowed against their workplace retirement plan, and 27% have accepted penalties to pull money out."


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Apr 18, 2019
What does it mean to be elite? (with Josh)
8:56

Josh shouts out some of the elite-level activities taking place with Ritholtz Wealth, including some praise for trading, admin and the young financial advisors who are making their mark on the firm and its clientele.


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Apr 16, 2019
Overcoming a Reluctance to Spend in Retirement (with Tadas and Ashby Daniels)
9:09

"Retirement should be one of the most fun times of your life. But, generally, that’s only possible if you’re comfortable spending your life savings."


Ashby Daniels, a retirement planner at Shorebridge Wealth Management, who blogs at Retirement Field Guide did a post about why it can be really difficult for retirees to change gears from saving for retirement to spending in retirement. Tadas Viskanta got him on the phone to talk about why this is the case and what planners and retirees can do to make the transition a little easier.


You can read more about Ashby’s take on spending in retirement at his blog, Retirement Field Guide

 

https://retirementfieldguide.com/spending-in-retirement/


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Apr 15, 2019
Every Financial Advice Firm Will Have a Chief Behavioral Officer (with Blair and Daniel Crosby)
9:27

Ritholtz Wealth Management's Blair duQuesnay caught up with Brinker Capital's Daniel Crosby to talk about how central behavioral investing has become to the financial advice proposition. It sits at the center of the value-add that advisors are bringing to the table in the modern era.


Will every financial firm someday have a CBO - Chief Behavioral Officer?


Read Blair each week at her blog, The Belle Curve!

http://blairbellecurve.com/


Follow Daniel Crosby on Twitter:

https://twitter.com/danielcrosby


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Apr 12, 2019
Financial Advice Using Technical Analysis
9:34

Today at the Compound - an all new episode of Talk Your Book with Downtown Josh Brown and Barry Ritholtz talking to Andrew Thrasher, a technical analyst and portfolio manager at a large Midwestern RIA called the Financial Enhancement Group. 


Andrew's work look at the structural behavior of prices and volatility in the stock and bond market. In this discussion, Josh and Barry quiz him on the way his firm explains their investment philosophy to clients, the difficulty of marrying technical analysis with fundamental analysis and tons of other stuff. 


You can find more of Andrew's writing here:

http://www.athrasher.com/ 


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Apr 11, 2019
The Return of Rick Ferri (with Barry Ritholtz)
8:49

Rick Ferri is one of the most important figures in the indexing movement, having began blogging extensively on the topic of low cost investment and financial advice before the post-crisis revolution drove trillions of dollars into Vanguard and BlackRock.


Rick is back with a new business model and a forthcoming book, The Education of an Index Investor. Barry Ritholtz and Rick discuss what he's up to now.


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Apr 10, 2019
Emergency Broadcast: Chicken & Waffles (aka How Could Life Be Better?)
6:40

Josh Brown reminds the staff at Ritholtz Wealth Management to look up at the scoreboard in the sky every once in awhile, and to ask ourselves "How could life be better?"


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Apr 09, 2019
The thing about historical data (with Tadas and Ben Carlson)
8:02

"As market participants we all want more data, but once you understand where some of the data comes from you have to take it with a big grain of salt."


Stock market data today is abundant and mostly free. However data purporting to go back decade, if not centuries, has a lot of issues with. Ben Carlson, institutional asset management chief at Ritholtz Wealth Management does as much research as anybody using historical data. So he has a unique perspective on what weight we should put on historical data hen making investment decisions today.


You can read more about Ben's take on using long term data at his blog, A Wealth Of Common Sense:

https://awealthofcommonsense.com/2019/03/real-estate-vs-the-stock-market/


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Apr 08, 2019
Permabears are Ridiculous People (with Josh and Michael)
6:25

This week, one of the most well known permabears came out and took a victory lap despite the fact his commentary has been negative about stocks forever. 


But it's a trick... 


People can pick different indexes, use price versus total return data, cherry pick from among their own statements and do all sorts of other jiujitsu to hide their bad calls. Investors would do better to ignore all of it, but this is hard - so being armed with this knowledge is the next best thing. 


Read Michael Batnick's explanation here: 

https://theirrelevantinvestor.com/2019/04/02/how-to-be-wrong-and-think-youre-right/


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Apr 06, 2019
Best Ideas portfolio (with Josh and Michael)
7:15

In a recent study, Vanguard took a look at the last 30 years worth of data for the Russell 3000 index, which represents the total stock market. They found something remarkable - over the last 30 years, 47% of stocks were unprofitable investments and almost 30% lost more than half their value. They also found, and this is the big one, that 7% of stocks had cumulative returns over 1,000%.


But imagine how hard it would have been to identify that winning 7% and concentrate only on those holdings in advance? In his recent post, Michael Batnick takes Vanguard's data and looks at the long-term risk of trying to only hold a small amount of stocks, even if you have the conviction that they are the right stocks. Diversification has a much better track record than randomized collections of larger positions. 


What are the ramifications of this for portfolio construction? How about investment advice? Michael and Downtown Josh Brown sort it all out in a brand new Live from the Compound.


Read Michael's post here and see the charts for yourself: 

https://theirrelevantinvestor.com/2019/03/25/how-concentration-affects-portfolio-performance/


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Apr 05, 2019
Your House versus the Stock Market with Josh and Ben Carlson
8:03

"Home ownership is often called both the American Dream and the biggest investment of your life. It’s debatable whether a house is truly an investment or not, especially when we’re talking about your primary residence."


Ben Carlson, institutional asset management chief at Ritholtz Wealth Management did a post about why comparing the price appreciation in housing with the stock market is not a great idea. Downtown Josh Brown gets him on the phone to explain exactly why investors and home owners should keep their feelings about their primary residence away from their asset allocation decisions.


You can read more about Ben's take on real estate vs the stock market at his blog, A Wealth Of Common Sense:

https://awealthofcommonsense.com/2019/03/real-estate-vs-the-stock-market/


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http://ritholtzwealth.com/


Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer if you seriously need this spelled out for you. 

https://thereformedbroker.com/terms-and-conditions/



Apr 03, 2019
Overcoming Biases with Josh and Drew Dickson
9:53

Josh's guest today is portfolio manager Drew Dickson, who manages a concentrated portfolio of favorite stocks for Albert Bridge Capital. In a recent blog post, Drew explains the four "tools" he uses to overcome the biases that can cloud an investor's judgement and threaten a portfolio manager's ability to look at holdings objectively.


Josh talks to Drew briefly about these ideas in today's The Compound mini podcast.


You can read Drew's post here:


https://www.albertbridgecapital.com/drew-views/2019/3/26/dampa-debiasing-and-alpha


And be sure to enable our skill on Amazon - "Alexa, play the Compound show!"


https://www.amazon.com/Ritholtz-Wealth-Management-LLC-Compound/dp/B07P777QBZ

Apr 01, 2019
An Economist Walks Into a Brothel (with Josh and Allison Schrager)
12:53

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Josh here - I had so much fun hanging out with my friend Allison Schrager this week on the eve of her gigantic book launch for An Economist Walks Into a Brothel. Allison spent time with big wave surfers, Nevada prostitutes, Hollywood film producers, paparazzi cameramen, horse breeders, magicians and other real world practitioners to discover the way they handle risk.


It's one of the most fascinating books I've ever read and Allison has the perfect combination of writing chops and mental horsepower to pull the whole thing off. Learning about the difference between insurance and hedging, for example, in a really fun format, will definitely pay off. There are lessons about ecosystems with a delicate trust factor, the dangers of overconfidence, the limitation of data analysis and so much more.


Get Allison Schrager's new book, An Economist Walks Into a Brothel, right here:

https://amzn.to/2HXaQob


Follow her on Twitter and ask a question!

https://twitter.com/AllisonSchrager


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Mar 29, 2019
What will Warren Buffett do next (with Michael and Josh)
5:37

Bloomberg reporter Tara LaChapelle asks whether or not Warren Buffett will complete one last "elephant-sized" deal before calling it a career. He's 88 years old, so the clock is ticking.


Join Michael Batnick and Downtown Josh Brown as they discuss the possibilities and a recent history of Buffett's acquisitions. Please jump in with your comments too, we'd love to hear what you think!


You can read the full article here:

https://www.bloomberg.com/opinion/articles/2019-03-25/warren-buffett-s-next-berkshire-hathaway-deal-will-be-crucial


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Mar 27, 2019
Emergency Broadcast - Josh's announcement
10:30

Josh makes a big announcement to the staff of Ritholtz Wealth Management.


https://ritholtzwealth.com/

Mar 25, 2019
Selling Big Winners (with Josh, Michael and Blair)
8:08

There you are, sitting on a massive gain in a big winning stock. And now it's become a large portion of your portfolio and your net worth increasingly depends upon that stock staying up. Now what?


Diversification will rarely look as attractive in hindsight versus the huge gains that are possible from a big winning stock. And regret minimization is one of the most important strategies in finance given how our behavior affects our long term returns. 


In this episode of Live from the Compound, Certified Financial Planner Blair duQuesnay joins Michael Batnick and Josh Brown to discuss regret minimization techniques and how to rationalize selling a big winner. 


You can talk to Blair duQuesnay about your own portfolio and financial plan here:

https://ritholtzwealth.com/team/blair-duquesnay/

Mar 17, 2019
Tadas Viskanta and Josh Brown on Voice and Mini-pods
5:17
Tadas Viskanta and Josh Brown discuss the future of communications within the investment business, and how the home speaker phenomenon is sure to change the game as it proliferates. If investors are using the voice-enabled internet more and more, it stands to reason that their financial advisors and asset managers will want a way to communicate with them there.
Feb 19, 2019
Ben Carlson on the Dreaded Earnings Recession
5:09
Ben Carlson and Josh Brown discuss the earnings recession.
Feb 19, 2019