What It Takes to Be Wealthy (EP.30)

Animal Spirits Podcast

The Compound

Investing, Business, News, Business News

4.7 • 2.1K Ratings

🗓️ 23 May 2018

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The brilliance of John Bogle, how much money people in their 30s should have saved, how different age groups define wealth, thinking outside the box for CalPERS, David Einhorn's struggles, chart crimes, mortgage rates and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to Animal Spirits, the podcast that takes a completely different look at markets and investing,
0:06.4	hosted by Michael Baddick and Ben Carlson, two guys who study the markets as a passion,
0:11.4	and invest for all the right reasons.
0:14.6	Michael Batnik and Ben Carlson work for Rit Holt's wealth management.
0:18.0	All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of
0:23.9	Ritholz wealth management. This podcast is for informational purposes only and
0:27.8	should not be relied upon for investment decisions. Clients of Ritholz wealth
0:31.2	management may maintain positions in the securities discussed in this podcast.
0:36.1	Welcome to Animal Spirits with Michael LeBahn. I want to start off with a quote I read this week.
0:40.6	He says hedge funds are bad. I'm pretty sure all hedge funds are not bad. This comes from John
0:46.0	Bogle Jr. an article in 2013 from the Wall Street Journal in Bogle family. It's either passive or aggressive.
0:52.5	And I found this article because there was a really great cover story
0:55.8	in Barron's this weekend about Jack Bogle.
0:57.8	Did you get a chance to read that?
0:58.9	I think it was amazing.
0:59.8	He is, you know, I think Vanguard might be one of the most impressive companies in the world,
1:05.5	like even more impressive than Amazon and Applebee, just for the sheer fact that they didn't have
1:11.5	an ego maniac running the firm, like a lot of these other tech
1:14.1	firms did and he wasn't setting out to be a billionaire and so I think Vanguard
1:18.9	actually is probably one of the most under-appreciated companies there is if that's possible.
1:24.0	Well maybe he was an egomaniac, but the things that he was maniac was the customer.
1:28.4	That's true.
	...

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