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Barry Ritholtz is the founder and Chief Investment Officer of Ritholtz Wealth Management, overseeing billions in client assets and helping investors avoid costly mistakes while building lasting wealth. He’s the acclaimed author of “How Not to Invest,” sharing hard-won lessons from decades in the trenches. Barry is also the creator and host of Bloomberg Radio’s “Masters in Business,” one of the most influential business podcasts in the world, where he interviews top minds in investing and economics. Today, we’re thrilled to welcome his unique perspective to the conversation.

3:00 - Barry's unconventional approach to budgeting: "my attitude was, gee, if you want to do this, that and the other, you want to have the freedom...then you better make some more money"

5:30 - The Instagram culture problem: Only seeing assets, not liabilities. Story about Instagram influencer working all day on vacation selfies

8:00 - Why successful people buy new cars and lattes if they can afford them - safety features matter more than saving pennies

11:00 - Kawhi Leonard's $103 million contract vs 25-year-old car example illustrates financial recklessness of extreme cheapness

14:00 - Money as tool vs wealth distinction: Dollar's job is medium of exchange, not century-long store of value

17:00 - Two WWI soldiers story: $1,000 buried vs invested becomes $40 vs $32 million after 100 years

20:00 - Why US geographic advantages created investment success: two oceans, natural resources, innovation hubs

24:00 - Politics and investing make terrible bedfellows - both Democrats and Republicans miss gains when their party loses

28:00 - Compounding interruption is what matters, not who's in White House

32:00 - Why experts can't predict: Beatles, blockbusters, Tom Brady all missed by professionals who knew the industries

38:00 - Stock market vs economy during pandemic: market cap weighted toward tech giants, not local businesses

42:00 - Belfer family trifecta: lost $2 billion in Enron, Madoff, FTX - lessons about single stock risk and staying wealthy

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Barry Ritholtz: How Not to Invest — Why Billionaires Driving Old Cars Are Financially Reckless & More

Talking Billions with Bogumil Baranowski