The Bottoming Process

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.7 • 2.2K Ratings

🗓️ 3 October 2023

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

Join Downtown Josh Brown and Michael Batnick for an all-new episode of What Are Your Thoughts and see what they have to say about the biggest topics in investing and finance! On this show they discuss: rising rates, the utilities crash, what Twitter/X is worth, consumer spending, and much more! Thanks to Birddogs for sponsoring this episode! Visit https://www.birddogs.com/THOUGHTS for a free white-tech dad hat with every purchase! Watch this episode on YouTube: https://youtube.com/live/BOQqmuuuOwE Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com 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. Wealthcast Media, 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

Transcript

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0:00.7	Ladies and gentlemen, welcome to the Compound and Friends.
0:03.4	It is Tuesday night.
0:05.2	I wanted to mention something that I thought was really well done.
0:09.2	Cliff Asnist of AQR did a piece in the Wall Street Journal
0:14.6	talking about why he is not gonna waste his time
0:18.5	seeing the dumb money.
0:21.0	And I think he just like looked at that period of time
0:23.5	as this complete aberration.
0:27.3	And I totally understand that.
0:28.4	He's a quant and he's trying to make intelligent investment
0:32.7	decisions backed by data and information and not feelings
0:38.2	and innuendo.
0:40.0	So I'm not surprised that he's like not into the whole thing,
0:42.3	but he corrects.
0:44.2	A lot of people talk about this concept
0:45.9	of the wisdom of crowds.
0:47.7	So if you have like five million meme traders,
0:50.7	doesn't it mean that the stocks are being priced bait.
0:54.6	It's a huge crowd pricing the stock.
0:56.9	Therefore, there should be some wisdom in their pricing it.
1:00.0	And it doesn't quite work that way.
1:02.0	And this is Cliff delineating between the two things,
	...

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