Macro perspective on capital markets, economy, geopolitics, and technology from Barry Ritholtz.
My end-of-week morning train WFH reads: • Congrats. You’re About to Unwittingly Make Elon Musk a Trillionaire. SpaceX is IPOing next week. And there’s a good chance you’re gonna own a portion of it—whether you like it or not. (The Bulwark) • Oil industry warns…
At The Money: Grab Your Summer Rental Soon!! (June 3, 2026) It’s not too late to get your summer rental! But many of the prime locations have already been snapped up. If you want to get to the lake, beach, or mountains, you’d better hurry! Full transcript belo…
My morning Montreal reads: • Shorting SpaceX? Jefferies Becomes Go-To Bank After IPO Miss: It’s the kind of look that ambitious investment bankers usually strive to avoid: When SpaceX named the roughly two dozen firms handling its IPO, Jefferies Financial Grou…
I keep hearing comments and concerns about these markets in the media. Since my wife is tired of me yelling at the television (“No! That’s wrong!”) you are the lucky recipients of my ire. Here are five things I have been thinking about regarding markets, the e…
My mid-week morning plane reads: • Real-Estate Agents Are Quitting the Slow Housing Market: Four years into a struggling market, even agents who survived the initial shakeout are hitting their breaking point. Fewer sales, longer timelines, second jobs. (Wall S…
My Two-for-Tuesday morning train reads: • All-time highs have been great times to invest in the stock market: Sam Ro with the empirical companion piece: forward returns from all-time highs have historically beaten forward returns from random days. The chart is…
The transcript from this week’s, MiB: Remembering Jonathan Clements with Jason Zweig and William Bernstein, is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube (video), YouTube (audio),…
Welcome to June! Kick off your back-to-work with our expertly curated morning reads: • The Lowest Consumer Sentiment EVER: We are currently sitting at the lowest level of consumer sentiment in the past 75 years!. Lower than the Great Financial Crisis when the…
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Let There Be Luce: The Electric Ferrari Is Finally Here: Wired’s first look at the Ferrari Luce — the EV the marque kept delaying. Performance numbers, sound design, and…
This week, I sit down with Jason Zweig and William Bernstein. We discuss “Money and Me” the last book of author and journalist Jonathan Clements. Jason and Bill also examine Clements’s approach to personal finance and its impact on financial journalism. They r…
The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads: • SpaceX: The AI IPO: SpaceX’s revenue in 2025 was $18.7 billion, which works out to a potential price-to-sales (P/S) ratio o…
My end-of-week morning reads: • One Million New-Car Buyers Are Gone and They’re Not Coming Back Soon: WSJ on the demand hole left by affordability — a million households permanently priced out of the new-car market. The structural part of the auto cycle that d…
Doing the tour to promote How NOT to Invest (paperback out now!) I got lots of interesting questions — about the book, my writing process, my investing philosophy, and my career. The one (really two) questions that I was not prepared for had to do with the pod…
My morning train WFH reads: • Land Appreciates. Homes Depreciate. The structure (house) is a depreciating asset: without continuous investment and updates, its value declines over time, even after renovations. The land is the appreciating component: long-term…
My mid-week morning reads: • SpaceX: Here’s What You Get For $1.75 Trillion: The largest IPO in history. Here are the numbers that matter. A clean bottoms-up breakdown of the SpaceX IPO valuation by segment — launch, Starlink, contracts, “AI infrastructure.” U…
My Two-for-Tuesday morning train WFH reads: • Inflation Is Stinging Bonds—With One Big Exception: Treasury inflation-protected securities are generating positive returns despite a rough bond market. Barron’s on TIPS finally doing the job they were designed to…
The transcript from this week’s MiB: Vimal Kapur, Chairman and CEO of Honeywell, is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube (video), YouTube (audio), and Bloomberg. All of our…
My day of remembrance for those who have been lost reads: • Memorial Day. Eric Paliwoda was a big dude. Probably six-foot-six. Those big, meaty hands that would swallow your own in a tight handshake. His jaw stuck out, exaggerated by a lip full of dip. He was…
Carell tells graduates to be kind, avoid envy and to listen to those around them. The post Steve Carell, Northwestern Class of 2025 Commencement appeared first on The Big Picture.
Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • The Global Fertility Crisis Is Worse Than You Probably Think: Everybody knows about the decline in birthrates. Fewer people understand why—or just how significantly it c…
This week, I speak with Vimal Kapur, Chairman and CEO of Honeywell. He began his career as an engineer with the company in India 37 years ago, and rose through the firm across multiple product groups and divisions. Kapur explains the logic behind splitting the…
The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads: • Squillions: Where is all that cash, who’s using it, and for what? The answer proposed by Bullough is bizarre: nobody knows.…
At The Money: Blurring the Lines Between Public and Private Investments with Dave Nadig, ETF.com (May 20, 2026) There used to be a clear distinction between public and private companies. Firms would take years or even decades to grow, build their revenue and p…
My end-of-week morning train WFH reads: • What’s the Sticker Price of Exorbitant Privilege? A clean Substack walk-through of the dollar’s “exorbitant privilege” — what reserve status earns the US, what it costs, and what would actually shake it. The de-dollari…
My morning train WFH reads: • Before you invest in crypto, watch this film: Mother Jones on a documentary diagnosing crypto as a wealth-transfer machine pointed at retail. The OC star turned skeptic remains an unlikely but effective explainer. Ben McKenzie sco…
The paperback of “How NOT to Invest” drops this month; to celebrate, I present this excerpt from the book about a BW story that was published exactly 25 years ago! This short, Apple-related excerpt from the book was a fun chapter to write… Enjoy! “Sorry, Steve…
My mid-week morning train WFH reads: • Stock Gains Without All the Taxes? How the Hottest Trade on Wall Street Works: The stock-market surge has propelled the use of a new kind of tax-loss harvesting. We break it down. The WSJ on the surge of direct-indexing a…
My Taco Tuesday morning train strike Lyft reads: • Words That Mattered: Fed Chair Jay Powell: A close reading of Powell’s most consequential lines, dated and re-contextualized. Excellent reference for the next FOMC parse. (Stay-at-Home Macro) • How Trump plans…
The transcript from this week’s, MiB: Shelia Bair, former FDIC Chair, is below. You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube (video), YouTube (audio), and Bloomberg. All of our earlier pod…
My back-to-work morning train WFH reads: • Trump’s More Than 3,700 Trades Astonish Wall Street Insiders: President Donald Trump’s latest financial disclosures show that he or his investment advisers made more than 3,700 trades in the first quarter, a flurry to…