The Big Picture

FEBRUARY 12, 2024

 The transcript from this week’s, MiB: David Einhorn, Greenlight Capital , is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts , Spotify , YouTube , and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ This is Masters in business with Barry Ritholtz on Bloomberg Radio.

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FEBRUARY 7, 2024

 At the Money: Stock Picking vs. Value Investing with Jeremy Schwartz, Wisdom Tree. (February 7, 2024) How much you pay for stocks really matters. Should value investing be part of that strategy? To find out more, I speak with Jeremy Schwartz, Global Chief Investment Officer of WisdomTree, leading the firm’s investment strategy team in the construction of equity Indexes, quantitative active strategies and multi-asset Model Portfolios.

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JANUARY 28, 2024

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • How Walmart’s Financial Services Became a Fraud Magnet : Scammers have duped consumers out of more than $1 billion by exploiting Walmart’s lax security. The company has resisted taking responsibility while breaking promises to regulators and skimping on training. ( ProPublica ) • $40 billion worth of crypto crime enabled by stablecoins since 2022 : Stablecoins like Tether also used for scams and sanctions

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JANUARY 19, 2024

 This week, we speak with Shomik Dutta , founder and managing partner at Overture , a venture capital firm focused on climate tech and sustainability startups. He is also co-founder and General Partner of Higher Ground Labs. He previously worked on both Obama presidential campaigns and served as a Special Assistant to the White House Counsel. Dutta discusses why Climate Investing is a for-profit opportunity, and not as it is so often portrayed as “Woke Investing.” The 2023 COP resu

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JANUARY 19, 2024

My end-of-week morning train WFH reads: • Americans are actually pretty happy with their finances : By the numbers: 63% of Americans rate their current financial situation as being “good,” including 19% of us who say it’s “very good.” Neither number is particularly low: They’re both entirely in line with the average result the past 20 times Harris Poll has asked this question. ( Axios ) • Japan’s Market Roars Back to Life—With Old-Timers Leading the Way : Afte

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The Big Picture

JANUARY 14, 2024

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • What We Lost When Twitter Became X As a former Twitter employee, I watched Elon Musk undermine one of the Internet’s most paradoxical, special places. ( New Yorker ) • Buying Home and Auto Insurance Is Becoming Impossible : Huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers. ( Wall Street Journal ) see also Thousan

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The Big Picture

JANUARY 5, 2024

This week, we speak with Matt Levine , Opinion columnist at Bloomberg. He is the author of Money Stuff , one of the most popular daily newsletters on Wall Street. Previously, he was an investment banker at Goldman Sachs and a mergers and acquisitions lawyer at Wachtell, Lipton. He explains how his career meandered from studying classics, teaching Greek, clerking for a Federal Judge, working on M&A at a big firm, and eventually doing derivative transactions on Wall Street.

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The Big Picture

JANUARY 1, 2024

Happy New Year! Kick it off right with our first day of the year reads: • Everything Wall Street Got Wrong in 2023 : Stocks were supposed to slump and bonds rally as the Fed drove the US into a recession. It didn’t play out as strategists expected. ( Bloomberg ) • Crypto Animal Spirits Are Back. What’s Ahead for 2024. Bitcoin backers are looking forward to an ETF and other catalysts that could lift prices in 2024. ( Barron’s ) see also Stocks Beat the Odds This Year.

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DECEMBER 27, 2023

 The Best Way to Sell Your House with Jonathan Miller, Miller Samuel, December 27, 2023 Is it a seller’s market? That seems to be the consensus, but there are still tips and tricks to getting the biggest return for your home. On today’s episode, we discuss what to do, and NOT do, when selling a house. Full transcript below. ~~~ About this week’s guest: Jonathan Miller is founder and President of Miller Samuel.

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The Big Picture

DECEMBER 18, 2023

Love this giant chart! You can order one at Investments Illustrated The post 2023: The Big Picture appeared first on The Big Picture.

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DECEMBER 14, 2023

My morning vacation plane reads: • The Era of Easy Money Is Over. That’s a Good Thing. The end of artificially cheap money should herald a fairer, more sustainable economy. Americans just have to survive the transition. ( The Atlantic ) • The Biggest Winners and Losers From the Work-From-Home Revolution : Remote or hybrid work has become the new normal for millions of people.

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The Big Picture

DECEMBER 14, 2023

At the Money: Mutual Funds vs. ETFs with Dave Nadig, Financial Futurist for Vetta Fi (December 13, 2023) What’s the best instrument for your investments? Mutual funds or ETFs? On today’s edition of At the Money, Barry Ritholtz speaks to Dave Nadig about the pros and cons of these two investment vehicles. Listen to find out which is right for you.

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DECEMBER 10, 2023

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • The Age of Doom: Social media has convinced us that everything is awful all the time For a huge number of young people climate change isn’t an issue that’s serious but solvable – it’s the end of human civilization. According a survey from The Lancet, more than half of young people think ‘humanity is doomed’ due to climate change.

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The Big Picture

DECEMBER 9, 2023

 This week, we speak with investing legend Joel Tillinghast. He has been a mutual fund manager in the equity division at Fidelity Investments since the 1980s. Tillinghast launched Fidelity’s Low-Priced Stock (FLPSX) in 1989, and has trounced the averages ever since. Since inception, FLPSX has annually beaten the S&P 500 by over 3% and the Russell 2000 by over 4%.

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The Big Picture

DECEMBER 5, 2023

The transcript from this week’s, MiB: Michael Fisch, American Securities , is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts , Spotify , YouTube , and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ 00:00:00 [Speaker Changed] This is Masters in business with Barry Ritholtz on Bloomberg Radio. 00:00:07 [Barry Ritholtz] This week on the podcast, I have an extra special guest.

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DECEMBER 5, 2023

My Two-for-Tuesday morning Vegas reads: • The U.S. Economy Is Booming. Or Stagnating? The Mystery of the Missing Interest. The latest estimates of domestic income and domestic product are alarmingly inconsistent. The gap is mostly attributable to the bizarre (alleged) decline in net interest paid by businesses. ( The Overshoot ) see also How Does a Person’s Lived Experience Tell them the Local Economy Is Good, but the National Economy Is in the Tank?

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NOVEMBER 26, 2023

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Richest 1% account for more carbon emissions than poorest 66%, report says : ‘Polluter elite’ are plundering the planet to point of destruction, says Oxfam after comprehensive study of climate inequality. ( The Guardian ) • How Osama bin Laden’s ‘Letter to America’ reached millions online : Videos citing the document had been viewed far less than many TikTok posts.

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The Big Picture

NOVEMBER 20, 2023

Most people don’t know that it is the editors, not the writers, who craft headlines. This should be common knowledge among media consumers (but it’s not). Perhaps this is why well-written articles are often skewed or even undone by clickbait headlines. Case in point: Wall Street’s ESG Craze Is Fading As the article points out, “investors withdrew more than $14 billion from sustainable funds this year” after weak performance traced in part to higher interest rates.1 But the article also points o

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NOVEMBER 20, 2023

My back-to-work morning train WFH reads: • 4 Charts That Explain the Stock Market : I view the stock market as a way to invest in innovation, profits, progress and people waking up in the morning looking to better their current situation. While I love the fact that this chart illustrates my long-term philosophy it’s a bit misleading. Yes, the stock market goes up over the long run but it can also get crushed in the short run.

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The Big Picture

NOVEMBER 19, 2023

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Terror on repeat : A rare look at the devastation caused by AR-15 shootings ( Washington Post ) • Failure at the fence: How Israel’s vaunted ‘Iron Wall’ crumbled : Hamas exploited vulnerabilities created by Israel’s reliance on technology at the “Iron Wall” to carry out the deadliest single assault in Israel’s history.

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The Big Picture

NOVEMBER 10, 2023

My end-of-week morning train WFH reads: • What the US got right that Europe did not : America’s post-pandemic recovery has left Europe in the dust. ( Financial Times ) • The Land Where Inflation Is Good News : Food and energy price increases triggered by the pandemic and the Ukraine war are helping end the long, bleak era of Japanification. ( Wall Street Journal ) • The Real Reason So Many Asset Managers Are Struggling in China : The world’s second-biggest economy has its own rules of engagement

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The Big Picture

NOVEMBER 9, 2023

Today, Jerome Powell is making the opening remarks at the 24th Jacques Polak Annual Research Conference in DC. I’ll be on Bloomberg Radio today 3:00 pm-6:00 pm, and it’s the first topic we will address. I wanted to gather a few thoughts and recent discussions together in preparation for that. These are what is driving my thoughts on Jerome Powell & Co and the risks future FOMC action present. 1.

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The Big Picture

NOVEMBER 9, 2023

My morning train reads: • Turning Empty Offices Into Apartments Is Getting Even Harder : Only 3,575 apartment units were converted from office space last year. The already fraught process now faces even more challenges. ( Wall Street Journal ) • The problem isn’t inflation. It’s prices. What goes up may not come down. Like, ever. ( Vox ) see also Right Now Is a Bad Time to Spend Money : With prices and interest rates high, this is a moment to focus on saving. ( Wall Street Journal ) • How to Be

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The Big Picture

NOVEMBER 8, 2023

I haven’t been paying much attention to the 2023 election cycle, other than getting annoyed at all the silly 2024 polls. The talking heads ran with that exciting polling data showing Trump mopping the floor with Biden in swing states. Hence their surprise by the results yesterday.1 Data shows the polls portending to show the outcome a year out — like the recent 2024 POTUS polls — do not have a good track record.

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OCTOBER 31, 2023

My Two-for-Tuesday morning Halloween train reads: • The race to create the ‘Amazon of real estate’ could change homebuying forever : Decades of mounting regulations, an influx of new players in the industry, and the fallout from the housing market’s collapse in 2008 have made real-estate transactions increasingly bloated with paperwork and intermediaries.

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The Big Picture

OCTOBER 31, 2023

 The transcript from this week’s, MiB: Michael Carmen, Co-Head, Private Investments, Wellington Management , is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts , Spotify , YouTube , and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ This is Masters in Business with Barry Ritholtz on Bloomberg Radio.

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OCTOBER 30, 2023

Buoyed by low interest rates for the last decade, many property markets have seen substantial price growth since 2010. Experts warned that real estate bubbles—in which the price of assets moved up far beyond their intrinsic value—were forming. The UBS Global Real Estate Bubble Index analyzes the real estate market of 25 major cities across the globe and assigns them a score between -0.5 to 2.0 to convey bubble risk.

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OCTOBER 30, 2023

As promised, here is my presentation “ Navigating Financial Disasters ” from today at the Orlando Money Show… The post Presentation: Navigating Financial Disasters appeared first on The Big Picture.

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OCTOBER 30, 2023

My what am I doing in Orlando morning plane reads: • It’s Time to Stop Crying About Bonds and Buy Them Instead : Treasuries have had one of their worst three-year stretches on record. Why it can’t get much worse. ( Barron’s ) • Is E.S.G. Falling Out of Favor? Chevron’s $53 billion bid for Hess may drive consolidation in the oil patch. Meanwhile, investors are pulling back from climate-focused investment products. ( New York Times ) see also Why the Right’s Bud Light Boycott Worked :

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The Big Picture

OCTOBER 29, 2023

You don’t know everything. And if you pretend to know everything, those who know something will dismiss you. Used to be a pro knew every record on the chart, now pros have never even heard of an act that goes #1. Ignore the charts. They’re momentary. Today it’s about longevity, streaming pays out for the life of the copyright. Look at the cume, that’s important, but how many streams this week, slicing and dicing, that, i.e. the chart, has never meant less.

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OCTOBER 29, 2023

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • A Record of Pure, Predatory Sadism : Officials in Israel screened footage of the Hamas attack for the press: “What we shared with you, you should know it,” one official said. ( The Atlantic ) see also First, Hamas Took Hostages. Then, It Took Over Their Social Media.

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OCTOBER 28, 2023

This week, we speak with Michael Carmen , co-head of private investments at Wellington Management Co. LLP, which has more than $1 trillion in assets under management. Carmen, who manages the diversified late-stage growth equity business, previously managed institutional portfolios in the multi-cap growth style. He has written papers on topics concerning investment trends in late-stage growth and small-cap equity portfolios and is a chartered financial analyst.

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The Big Picture

OCTOBER 28, 2023

The weekend is here! Pour yourself a mug of coffee, grab a seat outside, and get ready for our longer-form weekend reads: • Kanye and Adidas: Money, Misconduct and the Price of Appeasement : A year ago, after producing hundreds of shoe styles and billions of dollars together, Adidas broke with Kanye West as he made antisemitic and other offensive public comments.

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The Big Picture

OCTOBER 19, 2023

One of my favorite responsibilities as chief investment officer at Ritholtz Wealth Management is the quarterly conference call I do for our clients. I run through 30 charts in 30 minutes that explain where we are in the economic cycle, what markets are doing, and what it means to their portfolios. I like to finish with a thought-provoking, often “investing-adjacent” idea they might not have previously considered.

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The Big Picture

OCTOBER 19, 2023

My morning train WFH reads: • American Work-From-Home Rates Drop to Lowest Since the Pandemic : Fewer than 26% of households now have someone working remotely Just seven states have maintained rate above 33% post-pandemic ( Bloomberg ) • Home Insurance Is So High in This Florida Town, Residents Are Leaving : In West Palm Beach’s Flamingo Park neighborhood, some homeowners are dropping insurance, and others who can’t are selling. ( Wall Street Journal ) see also These houses are at risk of fallin

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The Big Picture

OCTOBER 18, 2023

click for ginormous chart While I am wrapped up working on a few projects today, I wanted to share this map/chart/table showing US real estate prices relative to income. A lot of factors drive home prices — available supply, mortgage rates, inflation, salary/income growth, demand, etc. Its not as simple as many make it out to be. It has also become obvious that the big shortage of single-family homes housing prices has kept prices elevated (although there are some signs that some aspiratio

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OCTOBER 18, 2023

My mid-week morning train WFH reads: • How to Invest During Times of War : For those not directly facing conflict, you should focus your investments on those assets that do well during periods of higher inflation since inflation tends to be higher during wartime. Historically this meant investing in global equities, real estate, and short-term bonds.

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