Stack the Odds in Your Favor (with Rich Bernstein), Dow Jones new high, measuring happiness (with Tony Isola)

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.7 • 2.2K Ratings

🗓️ 12 March 2021

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week's episode of The Compound Show, Josh talks with veteran market strategist Rich Bernstein of Richard Bernstein Advisors about why long-term investors have a probabilistic advantage over short-term traders and why his firm focuses on top-down economic themes when constructing portfolios. Tony Isola of Ritholtz Wealth stops by to talk about the kind of happiness and success that cannot be measured in numbers. Be sure to leave us a rating and review if you're enjoying the show, it goes a long way! 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/ Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.5	Congratulations.
0:02.4	We went from a passive investing bubble
0:06.5	to an active investing bubble in 12 months.
0:10.1	Give or take, pretty incredible.
0:12.6	I remember, because I have a really good memory,
0:15.6	all the way back to 18 months ago, two years ago,
0:20.2	when we were hearing that passive investing
0:22.8	was going to become 100% of the stock market.
0:25.8	No one would ever make an active decision again.
0:28.4	And passive investing leads to communism.
0:32.9	Anybody remember that piece?
0:34.3	One of my favorites.
0:35.5	Or socialism?
0:37.4	All right, either way, this is the story we were told.
0:40.9	Passive investing was driving a bubble in the stock market
0:44.9	because every dollar coming into Vanguard and BlackRock
0:48.4	into their S&P 500 index products
0:51.2	was pushing up the same five stocks.
0:53.8	Amazon, Microsoft, Apple, Google, blah, blah, blah.
0:56.9	And those stocks were the only reason the market was up.
1:00.0	And they were like 10 polls holding up the whole circus.
1:03.4	And as soon as those stocks went into trouble,
	...

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