How to Earn Stock Market Returns With Half the Risk

The Compound and Friends

Josh Brown

Investing, Business News, News, Business

4.7 • 2.2K Ratings

🗓️ 26 September 2025

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 210 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Steve Romick to discuss: risk management, value investing, surviving the dot-com bubble, the markets moving faster than ever, and much more! This episode is sponsored by Public and Vanguard. Fund your account in five minutes or less by visiting: https://public.com/compound Learn more about Vanguard at: https://www.vanguard.com/audio Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Public Disclosure: All i‬‭nvesting involves‬‭ the risk of loss, including‬ loss of principal.‬‭ Brokerage services for US-listed,‬‭ registered securities, options and‬ bonds in a self-directed account are oﬀered by Public Investing, Inc., member FINRA &‬ SIPC. Public Investing oﬀers a High-Yield Cash Account where funds from this account‬ are automatically deposited into partner banks where they earn interest and are eligible‬ for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are‬ oﬀered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to‬ engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly‬ speculative, involves a high degree of risk, and has the potential for loss of the entire‬ amount of an investment. Cryptocurrency holdings are not protected by the FDIC or‬ SIPC.‬‭ Alpha is an experimental AI tool powered by GPT-4. Its output may be inaccurate and is‬‭ not investment advice. Public makes no guarantees about its accuracy or‬ reliability—verify independently before use.‬ *Rate as of 6/24/25. APY is variable and subject to change.‬ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	So I was just in LA and I drove for the first time through, um,
0:05.0	I drove through Malibu, like on the PCH and, you know, on the way to LAX.
0:11.3	So you gotta go through, um, I was in, I was in the, I was in like the, uh, Thousand Oaks area, Westlake Village.
0:18.4	So you had to drive through, um, the canyon Malibu, and I hadn't seen it yet because this happened when January?
0:27.1	Okay.
0:27.6	I could not believe the destruction.
0:30.4	Like a thousand, it seemed like a thousand lots were just empty.
0:34.8	I drove it for my first time myself this last weekend. Oh, okay. Because I have
0:39.2	such PTSD. We might have been on the same road at the same time. Going that was a direction.
0:42.9	I was going to, you know, for a wedding. But it was, I went through the palisades and I've just not been
0:48.6	able to bring myself to, to drive through. I have never seen anything like this. I mean,
0:53.1	dozens of friends have lost their homes.
0:55.9	Yeah, it looked. It's hard to describe, but like the lots where the homes used to be are
1:00.5	separated by like fences or something they used to be. So it's just lot after lot. And it's,
1:05.5	I think it's thousands of them that were on the beach where these things were burned down
1:10.3	to the foundation.
1:11.3	You just see concrete and wreckage.
1:13.8	And it feels like it goes on for 10 miles.
1:16.5	I don't know.
1:17.0	No, yeah, it's from Santa Monica all the way up to Malibu.
1:20.4	So 10 miles is exactly right.
1:21.9	I would guess, and I don't know this for sure, that's got to be in dollar value,
	...

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