The Big Picture

NOVEMBER 26, 2024

Full transcript below. ~~~ About this week’s guest: Matt Hougan, Chief Investment Officer at Bitwise Asset Management discusses the best ways to responsibly manage crypto assets. I’m Barry Ritholtz, and on today’s edition of At the Money , we’re going to discuss how retail investors can responsibly invest in crypto.

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Nerd's Eye View

JANUARY 31, 2025

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that following the change of administration (and a new incoming chair of the SEC), the Investment Adviser Association is seeking to find ways to help RIAs (particularly smaller firms) manage the compliance responsibilities they (..)

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Nerd's Eye View

OCTOBER 4, 2023

At a high level, we're currently seeing a 'tale of 2 economies': While the market for services has expanded steadily since the beginning of the year (with both employment and the price of services growing in kind), the U.S. manufacturing sector, by the measures of employment and service prices, has been in a recession for nearly 12 months.

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Abnormal Returns

JANUARY 20, 2023

Markets What a 'breakaway momentum thrust' means for investors. ritholtz.com) India's stock market held up well in 2022. ft.com) Startups How unicorns are dealing with the decline in valuations. news.crunchbase.com) Crypto companies, like FTX, invested in a bunch of crypto startups. on.ft.com) The CPA shortage is real.

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Validea

NOVEMBER 9, 2024

Here is the latest update for November from Validea’s market valuation tool. Rather than focusing on market-cap weighted indexes like the S&P 500, our tool focuses on the valuation of the average stock relative to history. We use the median of our investable universe of 2700 stocks to perform the calculation.

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Nerd's Eye View

JANUARY 3, 2025

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with a recent survey indicating that a majority of advisors are viewing new client acquisition as their primary challenge in the current competitive environment for financial advice (followed by compliance and technology management) and suggests (..)

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Nerd's Eye View

JANUARY 10, 2025

Also in industry news this week: A survey indicates that nearly 71% of new financial advisors drop out in the first 5 years, with firms offering better training and mentorship opportunities (as well as entry-level positions that don't come with business development targets) seeing higher employee retention rates How broker-dealer self-regulatory organization (..)

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Abnormal Returns

FEBRUARY 11, 2024

(morningstar.com) Some classic investing lessons from Ed Thorp. moontower.substack.com) Some signs of internal weakness in the stock market. allstarcharts.com) A valuation analysis of the Magnificent Seven. barrons.com) Valuations matter, but using them in your investment process is a challenge.

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The Big Picture

MAY 1, 2025

I chatted with Jean Chatzky of Your Money Map about HNTI and some general investing concepts. Many, if not most, investing books aim to teach people how TO invest. Your focus is giving readers advice on how NOT to invest. The book is broken down into four categories of things not to do when youre investing.

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Validea

DECEMBER 11, 2024

Here is the latest update for December from Validea’s market valuation tool. Rather than focusing on market-cap weighted indexes like the S&P 500, our tool focuses on the valuation of the average stock relative to history. We use the median of our investable universe of 2700 stocks to perform the calculation.

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Nerd's Eye View

OCTOBER 18, 2023

A key value proposition for financial advisors is helping clients avoid common behavioral biases that can lead to suboptimal investment decisions. Which often leads to advisors counseling their clients to stay diversified and stick with a disciplined investment strategy to optimize their risk and return over the long term.

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Abnormal Returns

DECEMBER 5, 2022

Markets Small cap stocks stand out for their cheap valuations. compoundadvisors.com) Strategy Ben Carlson, "We’ve never seen a market environment like this where both stocks and bonds were crushed simultaneously." observer.com) Treasury market liquidity is a growing risk. ft.com) Credit cards are a legacy system.

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Financial Symmetry

FEBRUARY 20, 2025

stock market in its largest companies looked high compared to recent history. Today, some might say market concentration appears really high. of the index by market capitalization. The value side of the market, measured by the Russell 1000 Value Index, remains in stark contrast. market has, of course, more history.

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Nerd's Eye View

APRIL 3, 2024

Notably, the work-from-home movement has resulted in a dramatic drop in office valuations that could lead to a whole host of issues, including lending constraints in the banking sector, which is already sitting on a mountain of unrealized losses on Treasuries and mortgages.

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Advisor Perspectives

MAY 2, 2025

Our monthly market valuation updates have long had the same conclusion: US stock indexes are significantly overvalued, which suggests cautious expectations for investment returns. This analysis focuses on the P/E10 ratio, key indicator of market valuation, and its correlation with inflation and the 10-year Treasury yield.

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Abnormal Returns

OCTOBER 29, 2023

Top clicks this week A big regime shift has happened in the economy and financial markets. ritholtz.com) The bond market bear market is pretty epic. mrzepczynski.blogspot.com) Byron Wien's 20 rules for investing and life. wired.com) Bond bear markets are different than stock bear markets.

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Dear Mr. Market

APRIL 2, 2025

Dear Mr. Market: This is perhaps one of our favorite articles and times of the year; not necessarily because of basketball but rather it allows us the opprtunity to articulate our main investment themes we see playing out for the remainder of the year. Lets break it down ( click here to see the full bracket).

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Abnormal Returns

DECEMBER 18, 2024

ritholtz.com) Investing How to deal with a stock market at or near all-time highs. awealthofcommonsense.com) Market valuations aren't going to help you time the stock market. humbledollar.com) Letting go Success in life, and investing, means letting stuff go. blairbellecurve.com) Learning is unlearning.

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Abnormal Returns

JULY 16, 2024

mrzepczynski.blogspot.com) Comparing the correlation benefits of managed futures vs. market-neutral multi-factor investing. alphaarchitect.com) On the valuation of TIPS and nominal Treasury bonds. papers.ssrn.com) How views of the market differ between academics and normies. than in other markets.

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Abnormal Returns

FEBRUARY 28, 2024

Markets Some of the most speculative sectors are perking up. blockworks.co) Strategy Rubin Miller, "Investing on hopes and hunches — making emotional decisions — is why so few portfolios earn the actual market return." fortunesandfrictions.com) The rise of passive investing hasn't broken the markets.

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Validea

DECEMBER 27, 2024

In this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to explore the increasingly important role of intangible assets in modern investing.

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Abnormal Returns

JANUARY 14, 2024

thefp.com) Stock markets around the world are at or near their highs. awealthofcommonsense.com) 12 lessons the markets taught investors in 2023 including 'Valuations cannot be used to time markets.' morningstar.com) A visualization of the top 10 S&P 500 stocks by market cap. Always follow up.' wsj.com)

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The Big Picture

OCTOBER 30, 2024

Meb Faber, Cambria Investments (October 30, 2024) Dividend investing has a long and storied history, but it turns out dividends are only part of the picture driving stock returns. He is the author of shareholder yield, a better approach to dividend investing just out in its second edition this week.

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Trade Brains

NOVEMBER 6, 2024

This sharp pullback has led to broader market volatility, but it has also created opportunities for investors. This technical indicator suggests that the stock has been oversold by investors, often driven by short-term market sentiment rather than the underlying fundamentals. Investing in equities poses a risk of financial losses.

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Validea

NOVEMBER 2, 2024

As one of the pioneers of contrarian investing, he built an impressive track record by systematically targeting stocks that were out of favor with the market. The Psychology Behind Contrarian Investing At the core of Dreman’s philosophy is his deep understanding of investor psychology. for the market between 1970-1996.

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Nerd's Eye View

JULY 5, 2023

stock market has, on average, outperformed international equities over the last 15 years since emerging from the Great Recession of 2008, many investors argue that international diversification is a poor allocation of dollars that would otherwise be earning more in the U.S. As the U.S. The outperformance of U.S. The outperformance of U.S.

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Nerd's Eye View

JANUARY 3, 2024

economy) contracted for the 12th consecutive month, the services sector (constituting about 78% of GDP) expanded for the 11th consecutive month, serving as a primary driver behind continued wage inflation as well as tightness in the labor market. The labor market, while still remarkably resilient, has also started to show signs of stress.

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The Reformed Broker

SEPTEMBER 22, 2023

This week, Michael Batnick, Jeremy Grantham, and Downtown Josh Brown discuss being the “Bubble Historian”, Inflation, Modern Valuations, the Four most Dangerous Words, Real Estate, Impact Investing, and much more! Welcome to the latest episode of The Compound & Friends. Listen here: Apple podcasts Spotif.

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The Big Picture

OCTOBER 2, 2024

 At The Money: Finding Overlooked Private Investments , with Soraya Darabi, TMV (October 02, 2024) The Efficient Market Hypothesis informs us that stock markets reflect all of the information known about any company. Inefficient markets can lead to unexpectedly better returns. How does this affect VC investing?

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Abnormal Returns

SEPTEMBER 24, 2023

Top clicks this week How Morgan Housel invests his portfolio. capitalspectator.com) The credit markets are very different than they were in 2009. institutionalinvestor.com) Putting a valuation on Instacart ($CART). etf.com) The hardest thing about being an investor is deciding what to focus on. morningstar.com)

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Truemind Capital

NOVEMBER 8, 2024

Everyone loves a rising market. Like the circle of life, good times are followed by bad times, and bad times are followed by good times, stock markets also go through cycles of excessive greed/optimism to excessive fear/pessimism. For the sustainable long-term progress of financial markets, corrections are healthy and useful.

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Nerd's Eye View

MARCH 14, 2025

Which, if implemented under the new administration, could provide relief for investment advisers, particularly smaller firms that already have to balance compliance with client service, marketing, and the other duties that go into running a firm.

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Validea

DECEMBER 12, 2024

They explore several fascinating market insights, including: Why high bond yields don’t necessarily translate to high returns The dramatic outperformance of U.S. They explore several fascinating market insights, including: Why high bond yields don’t necessarily translate to high returns The dramatic outperformance of U.S.

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The Big Picture

DECEMBER 17, 2022

This week, we speak with Robert Koenigsberger , the managing partner and chief investment officer of Gramercy Funds Management. A dedicated emerging markets investment manager, Gramercy Funds Management — which Koenigsberger founded in 1998 — now has more than $5 billion dollars in assets under management.

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Abnormal Returns

JUNE 27, 2024

Markets By this measure, the stock market is at record-high concentration. axios.com) It's been awhile since we had a 2% stock market drop. carsongroup.com) Strategy Investing is planning. mrzepczynski.blogspot.com) Why you shouldn't care what other investors or the markets are doing.

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Abnormal Returns

SEPTEMBER 1, 2024

Markets The S&P 500 returned 2.43% in August 2023. on.spdji.com) There are too many markets at all-time highs to count. wsj.com) Good luck trying to time the stock market using valuation metrics. awealthofcommonsense.com) Market statistics can gloss over the big picture. Don't let anyone tell you otherwise.

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The Big Picture

MAY 4, 2023

Institutional Investor ) • The real reason Mexico suddenly dominates global beer exports : Today, Mexico ships out more than twice as much beer as any other country and single-handedly accounts for 30 percent of the world’s entire export-beer market, according to Geneva-based trade statistics provider Trade Data Monitor.

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