Today's Market Is Different From Any One Before It

Stansberry Investor Hour

Stansberry Research

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4.4 • 677 Ratings

🗓️ 10 November 2025

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week's Stansberry Investor Hour, Corey welcomes Josh Brown to the show. Josh is the CEO and co-founder of investment advisory firm Ritholtz Wealth Management, as well as an author and co-host of The Compound and Friends podcast.

Josh kicks things off by discussing how his lack of formal education in economics sets him apart in the world of financial media, the importance of relying on your own instincts, and what it was like interviewing legendary investor Peter Lynch. He also talks a bit about how he got to where he is today, including falling in love with the stock market from a young age and the "anti-mentors" he had growing up who showed him firsthand what not to do. Plus, he shares his thoughts on financial media. (0:00)

Next, Josh explores what's happening with today's bull market – why it's not 1999 all over again, how folks are underestimating the power of earnings, and AI being in a bubble that will inevitably end. After that, he discusses how he helps his clients, why investors should take on risk earlier in life rather than later, and how Ritholtz withstood losing its biggest client a week before launch to grow to where it is today, with more than $6 billion in assets under management. He notes that being able to scale the business responsibly is a balancing act. (12:32)

Finally, Josh explains an important lesson he learned from Shake Shack founder Daniel Meyer about putting your employees first, why he wrote his latest book (You Weren't Supposed to See That), and what's different about today's market versus past markets. He points out that even when the Federal Reserve was hiking rates aggressively, the economy was just fine, so clearly our current market doesn't adhere to previous norms. And Josh closes things out with a discussion about why we might never again get a cyclical recession and what worries him about today's market. (26:51)

Transcript

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0:00.0	Welcome to the Stansberry Investor Hour. I'm Corey McLaughlin, editor of the Stansberry Daily Digest.
0:16.2	Dan is actually on stage. We're at our Las Vegas conference. So I'm riding solo here, but
0:23.6	lucky me. We have a fantastic guest, Josh Brown, just got done doing a presentation on stage
0:29.7	and signing copies of his book. You weren't supposed to see that.
0:33.6	The mood is electric in this place. I don't know if you could feel from the moment I walked off stage. Yeah, yeah, it was a great presentation. Yeah, I feel like I really brought it and feeling good. Yeah, cool. We're happy for you to be here. You're of course CEO of Rittholz's wealth management. Yes. Which now has almost 7 billion of assets under management, you said, and you likely seen him on CNBC and the great
0:55.7	compounded friends podcast and YouTube channel. And perhaps most importantly, you're a Long Islander
1:00.4	like myself. I am. And we're very proud of it. But I never left, unlike you. I'm sticking
1:06.2	it out. It was a little too expensive for me at the time. I'm going to ride it out. And that's
1:09.5	how I ended up here learning about money and whatnot and listening to cool people like you. We could go a lot of directions here. And we'll get into what you talked about in your presentation a little bit. But I just want to start by reading something back to you that you wrote in a blog post last year, so that I think we'll kind of set the stage for our
1:28.3	listeners and viewers pretty well. I will not confirm or deny that I actually said this.
1:31.6	If that's okay. Okay. Until I hear it. June 2024 on your website. Okay. I'm a former stockbroker
1:37.5	with no formal education in economics or econometrics, which the latter word, I couldn't tell you
1:43.8	what it means with a dictionary in my hand.
1:46.0	That's true.
1:46.6	Which incidentally is very funny because our director of research, Matt Weinshank, great guy, has a master's degree in econometrics.
1:53.2	Well, holy shit. That's the man I need to talk to. He's around. I can talk to him next.
1:59.5	You went on, I don't know anything.
2:01.6	I started in this business cold calling Dunn and Brad Street index cards with the names
2:06.6	and phone numbers of business owners.
2:08.6	I'm an alumni of the speculative fever swamps of stockbroker land in Sias at Long Island,
2:13.6	no pedigree, classically trained with a plastic black telephone, a headset, and an acer monitor running Quotron.
2:21.2	Yeah.
	...

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