How Not to Invest With Barry Ritholtz

In this episode of Trillions, hosts Joel Weber and Eric Balchunas interview Barry Ritholtz, co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, about his new book, "How Not to Invest." Ritholtz shares insights and "hot takes" from the book, including the idea that "nobody knows anything" about predicting market outcomes, the irrelevance of much of financial media, and the importance of acknowledging uncertainty. They discuss denominator blindness, the role of emotion in investing, and the misleading claim that the dollar has lost 96% of its purchasing power. Ritholtz advocates for a core investment strategy centered on index funds, with additional investments as "ornaments," and emphasizes the importance of understanding what motivates those offering financial advice. The conversation touches on political bias in investing and the tendency of investors to underperform their own investments by buying high and selling low.