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Barry Ritholtz Profile picture
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5 Jul, 5 tweets, 2 min read
There are no shortcuts, secrets or get rich quick schemes that work, WITH ONE EXCEPTION:

My 3-day workshop where I reveal the secrets the ultra-rich have shared with me. You cannot afford to miss this all for the low, low price of $4,995.

Sign up here.
thesecretstofabulouswealth.com
If thats too pricey, then read today's Bloomberg column with my 10 Rules of Money

bloomberg.com/opinion/articl…
And if THAT'S too expensive, well, here is the free summary + list

Bad decisions and poor behavior are the primary reasons why many fail to meet their financial goals.

ritholtz.com/2021/07/bbrg-t… ImageImage
Last, here is the complete column:

ritholtz.com/2021/07/top-10…
And if you don't want to read, you can sit back and listen to it!

ritholtz.com/2021/07/top-10…

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More from @ritholtz

Barry Ritholtz Profile picture
25 Jun
Why Does Anyone Care What Lawrence Summers Thinks? dlvr.it/S2S980
My complaints about the former Treasury Secretary (in decreasing order of importance):

1. Commodities Futures Modernization Act of 2000
2. Repeal of Glass Steagall in 1999
3. Harvard Endowment
I don't really care about his time as Chief Economist at the World Bank, or how he handled the Winklevoss twins vs Zuckerberg / Facebook.

My beef is his poor decision-making on broad public policy issues resulting in immense negative consequences for society.
Read 15 tweets
Barry Ritholtz Profile picture
22 Jun
0 for 14.

That is the track record the "Inflationistas" have amassed in predicting Inflation, Deflation, Disinflation - really ANY "Flation - so far in the 21st century.

0 for 14

My advice: Pour yourself a tall glass of STFU + go find another expertise to pretend to have...
How can any economist have missed 3 decades of deflation?

Automation, global labor arbitrage, digitalization + outsourcing/offshoring all have worked to drive global prices lower.

Missing this and/or ignoring it explains that awful inflation-predicting track record
Hence, why my preferred framework is:

"Deflation, punctuated with spasms of inflation"

Read 13 tweets
Barry Ritholtz Profile picture
21 Jun
“Narrative fallacies” present risks for investors.

When we believe a compelling story that turns out to be untrue, we can end up holding assets worth far less than the story suggested.

ritholtz.com/2021/06/what-i…
I referenced some of the ideas in this last week, but I want to address a few that I did not get to then

Start with the biggest issue:

Investing is hard enough without laboring under false beliefs about markets, stocks, assets & trading.

I am partial to @RayDalio's edict: "Embrace reality & deal with it"

Read 11 tweets
Barry Ritholtz Profile picture
19 Jun
Found it!
Of course, we should always question authority and keep them honest.

But do not conflate this with those who blindly believe what's in their Facebook feed, mostly engage in confirmation bias + refuse to follow basic principles of logic, reason, and science.
There are better ways to make decisions about an inherently unknown + unknowable future with imperfect knowledge under challenging circumstances.

Use a good process to make the best probabilistic choices you can.

It's much better than believing bullshit...
Read 7 tweets
Barry Ritholtz Profile picture
18 Jun
David Brooks has an interesting discussion today about the resurgence in the US economy -- an American Renaissance. He also discusses Germany + Japan.

While I agree with his take, there are some stunning omissions.

nytimes.com/2021/06/17/opi…
"West Germany and Japan endured widespread devastation during World War II, yet in the years after the war both countries experienced miraculous economic growth"

US shipped 1/6 of our food supply to Europe + Japan.
Can you discuss post-war era NOT discuss the MARSHALL PLAN?
Foreign aid to Western Europe from the United States was $13 billion (or $114 billion in 2020 dollars)

Another $5.9 billion went to Asian countries, almost half of which went to Japan ($2.44 billion), South Korea ($894 million)
Read 16 tweets
Barry Ritholtz Profile picture
16 Jun
"The entire concept behind “bashing forecasters” isn’t simply to suggest one forecast is more valuable than another, but rather, to point out the futility of using forecasts as a basis for making investment decisions."

ritholtz.com/2015/02/no-eve…
Example: This was June 2020.

"The probability is 100% that the markets for 13 of the world’s largest GDP ranked countries, including the US, reached their post-crash highs from Friday June 5, 2020 to Monday June 8, 2020."

realinvestmentadvice.com/markowski-why-…
I don't want to bash any specific analyst or trader; there are always 100s of examples of this.

Look at financial publication in December + January - they are filled with predictions, the vast majority of which - mostly extrapolation or wild ass guesses - end up being wrong
Read 4 tweets

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