Barry Ritholtz

Books by Barry Ritholtz

Bailout nation
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How Not to Invest
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Quotes by Barry Ritholtz

People who work in specialized fields seem to have their own language. Practitioners develop a shorthand to communicate among themselves. The jargon can almost sound like a foreign language.
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Often, investors will discover a manager after he's had a terrific run, usually when he lands on a magazine cover somewhere. Invariably, funds swell up with new investor money just before they revert to their long-term averages.
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Markets are frequently ahead of, and often out of sync with, the economy.
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Even when you are right, there are costs and taxes associated with being tactical. When you are wrong, there are opportunity costs.
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If I am going to trash others for their dumb predictions, I must at least hold myself to the same sort of accountability.
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Never forget this simple truism: Forecasting is marketing, plain and simple.
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Commissions add up, taxes are a big drag, margin ain't cheap. A good accountant costs money as well. The math on this one is obvious, yet investors often fail to recognize it: Keep your costs low and your turnover lower, and you will win in the end.
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Investing is about making probabilistic decisions with limited information about an unknowable future. The variables are well known, as are the possible outcomes.
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Asset managers have different approaches, and I don't wish to suggest there is only one way to run money. There are many ways one can attempt to reduce risk, improve performance, lower drawdowns and reduce volatility.
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The bottom line is this: Cash, in modest increments, has a role in any portfolio. But unless you are Warren Buffett, you should limit it to 2 or 3 percent.
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Little white lies are told by humans all the time. Indeed, lying is often how we get through each day in a happy little bubble. We spend time and energy rationalizing our own behaviors, beliefs and decision-making processes.
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