This book was made possible only via the generosity, shared insights, and outright assistance of so many people.461
Morgan Housel (of The Psychology of Money fame) and Craig Pearce (Harriman House) gently prodded me over the past few years to write this particular book. They both insisted it would be a fast and easy review of all of my previous ideas, commentaries, and columns. They were mistaken. Thank you for this white lie.
Craig was a delight to work with as an editor: a firm but gentle hand was exactly what this material required. I found the writing joyous and the editing process painless. What more could you ever ask for from a publisher?
A few other editors whose influence can be seen in these pages: Kelly Johnson at The Washington Post helped me find my voice speaking to Main Street investors. Thomas Donlan from Barron’s showed me how to excise all of the fat, leaving only sinew and muscle for readers. Tim O’Brien and David Shipley for bringing me to Bloomberg. Most of all, James Greiff taught me how to weave data with opinion, respect the readers’ time, and get to the damned point already. (Jim, I have stopped my throat clearing, except perhaps for the first section in the first part of the book.)
The team at Ritholtz Wealth Management is a perpetual source of ideas, data, context, insight, and wisdom. You see many references to the RWM folk, as they have been a large source of feedback and refinement of my own investing philosophy. This book would have been so much less rich without them. Ben Carlson, Michael Batnick, Josh Brown, Nick Maggiulli, and Callie Cox all deserve a special shout-out. Their voices were echoing in my head as I wrote this. The Tax Bills—Bill Sweet and Bill Artzerounian—were enormously helpful to everything tax-related. Ben, Michael, and Callie, along with the rest of my investment committee, including Taylor Hollis and Blair duQuesnay, also deserve mention for their sage counsel and insights. Matt Cerminaro makes all of our charts look great, and his work is seen throughout this book.
My partners, Kris Venne and Jay Tini, have taught me so much over the years about what good advisors do for their clients. If you found the Good Advice section useful, credit them (if not, blame me for failing to learn what they taught). They also work with our amazing team of 30 CFP advisors, who do incredible work for our clients every day.
Everyone quoted, cited, or written about in the book deserves special thanks. However, a few standouts truly influenced me: The behaviorists David Dunning, Dick Thaler, Bob Shiller, Thomas Gilovich, and the late, great Danny Kahneman, have all profoundly shaped my thinking.
Additionally, the people I have been privileged to get to know beyond a few hours of Masters in Business interview time have been intellectual mentors (whether they knew it or not). Ray Dalio on learning from our mistakes, Howard Marks on second-level thinking, Scott Galloway on carving your own path, and Cliff Asness for maintaining a sense of humor throughout. Ed Hyman and Ed Yardeni have deeply affected how I think about the relationship between the economy and markets.
Jeff Weitzman, Jonathan Miller, Dave Nadig, Josh Frankel, Michael Batnick, Brian Hamburger, and Ralph Sevush have given me endless sage counsel over the years. Their insights are reflected in mine. Nobody has given me more love, support, and insight than my wife Wendy.
Whom else might I have forgotten? I guess one final thank you is needed: To Wall Street, whose avarice, incompetence, and recklessness made this book both possible and necessary. I could not have done any of this without you…
461 I apologize in advance if I accidentally omit anyone.