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cover of episode Talk Your Book: How Not To Invest Like Buffett

Talk Your Book: How Not To Invest Like Buffett

2025/4/19
logo of podcast Animal Spirits Podcast

Animal Spirits Podcast
AI Deep Dive AI Chapters Transcript
People
A
Alex Morris
B
Barry Ritholtz
知名投资策略师和媒体人物，现任里特尔茨财富管理公司董事长和首席投资官。
B
Ben Carlson
一位专注于投资教育和策略的金融专家，通过博客和播客分享投资见解。
M
Michael Batnick
作为 Ritholtz Wealth Management 的管理合伙人和研究总监，Michael Batnick 是一位知名的投资专家和播客主持人。
Topics
Michael Batnick: 我仍然非常享受阅读投资书籍，即使是常青的信息，也需要反复强化才能保持正确的方向。巴里·里索尔茨的新书《如何不进行投资》是他毕生工作的结晶，内容有趣且易读。亚历克斯·莫里斯的新书《未经剪辑的巴菲特和芒格》总结了伯克希尔年度会议30多年来的重要经验教训，是一本优秀的参考书。 Barry Ritholtz: 我的新书《如何不进行投资》虽然篇幅较长，但它包含许多短章节，并使用了大量的图表和留白，因此阅读起来并不费力。书中80%的内容是全新的，虽然一些概念是永恒的，但我试图以更易于理解和获取的方式来表达这些概念。我在写作时，目标读者是所有希望避免投资错误的投资者，不局限于专业人士。我写作是为了理清自己的想法，并与读者分享我熟悉的投资理念。这本书的部分原因是作者对市场上大量的错误投资建议感到厌烦，并希望指出这些错误。我有一种强烈的正义感，因此我感到有义务指出我看到的错误。我认为金融顾问应该像会计师、医生和律师一样，以客户的利益为首要考虑。人们从投资书籍中学习并应用所学知识的可能性是有限的，因为金融教育的半衰期很短，并且人们的行为倾向会影响其决策。通过避免常见的投资错误，投资者可以获得更好的投资回报。本书的主题是谦逊、运气和避免投资错误的重要性。投资决策不应受政治因素的影响。长期投资并坚持复利的力量是获得最佳投资回报的关键。投资者应该专注于可靠的信息来源，而不是被过多的市场噪音所干扰。我在工作日阅读市场新闻会影响我的风险承受能力，因此我选择在一天结束时阅读这些信息。大部分的市场信息都是投机性的废话，投资者应该谨慎对待。我选择了一组值得信赖的专家作为我的信息来源。投资者应该选择那些经验丰富、方法可靠且能够保持冷静的专家作为信息来源。风险是不可避免的，但恐慌是可以避免的。即使在市场面临重大风险时，投资者也不应该恐慌，而应该保持冷静并根据情况调整策略。市场具有自我调节的能力，投资者应该认识到这一点。巴里·里索尔茨的新书《如何不进行投资》总结了他多年的投资经验，并提供了宝贵的投资教训。投资者应该专注于避免投资错误，而不是试图预测市场。 Alex Morris: 我创作这本书的灵感来自于伯克希尔年度会议的公开档案，以及我个人对巴菲特和芒格的长期关注。我创作这本书的动机并非为了金钱，而是为了个人满足感、品牌建设以及对投资理念的长期贡献。这本书的目标读者范围很广，从刚入门的投资者到经验丰富的投资者都能从中受益。伯克希尔年度会议的记录比股东信更自由和全面，提供了更多关于巴菲特和芒格投资理念的信息。我的投资理念是长期持有优质公司股票，并关注估值，这与巴菲特的投资理念相似。长期持有股票是投资中最困难的事情之一。我比以前更能接受市场波动，并更倾向于长期持有股票。市场下跌为投资者提供了买入优质股票的机会。 Ben Carlson: 投资者不应该盲目相信所谓的专家，因为没有人能够预测未来。

Deep Dive

Chapters
This chapter explores Barry Ritholtz's book, "How Not to Invest," which is a compilation of his life's work in finance. It emphasizes avoiding common investment mistakes and the importance of timeless investment principles. The discussion includes anecdotes and insights on investor behavior and the role of luck in investing.
  • Importance of avoiding common investment mistakes
  • Timeless investment principles
  • Role of luck and serendipity in investing
  • Impact of investor behavior on investment outcomes

Shownotes Transcript

On this special two-part episode of Animal Spirits: Talk Your Book, Michael Batnick) and Ben Carlson) speak with Barry Ritholtz) to discuss his new book, How Not To Invest.) Barry is the co-founder and Chief Investment Officer of Ritholtz Wealth Management, as well as the host of the popular Bloomberg podcast Masters in Business.

Then at the 30:00 mark, the guys talk with Alex Morris to discuss his new book, Buffett and Munger Unscripted)*. *Alex is the founder of The Science of Hitting Investment Research).

Find complete show notes on our blogs...

Ben Carlson’s A Wealth of Common Sense)

Michael Batnick’s The Irrelevant Investor)

Feel free to shoot us an email at [email protected]) with any feedback, questions, recommendations, or ideas for future topics of conversation.

 

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 Ben Carlson 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. See our disclosures here:

https://ritholtzwealth.com/podcast-youtube-disclosures/)

The Compound Media, Incorporated, 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).

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