About this episode

Ben Carlson discusses market history, investor psychology, and long-term investing strategies.

In this episode, we are joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of Risk & Reward, for a wide-ranging conversation about market history, investor psychology, and the realities of long-term investing. Ben brings his trademark blend of data-driven thinking and plainspoken storytelling to topics like market crashes, inflation, diversification, and why investors are so tempted to time the market. We explore the lessons from Japan's historic asset bubble, the lingering impact of the Great Depression, and why diversification remains one of the few true free lunches in investing. Ben also explains the difference between volatility and risk, why the stock market is not the economy, and how investor behavior—not market performance—is often the biggest determinant of success. Along the way, we discuss inflation hedges, lost decades, speculative behavior, and the psychological challenge of staying invested through inevitable downturns. Key Points From This Episode: (0:00:20) Introducing Ben Carlson, his new book Risk & Reward, and his long-running blog A Wealth of Common Sense. (0:03:16) Why investors shouldn't panic about…

People in this episode

Hosts: Benjamin Felix, Cameron Passmore, Dan Bortolotti

Guest: Ben Carlson

Topics covered

• investing psychology
• market history
• long-term investing
• diversification
• market timing
• inflation
• volatility vs risk

Keywords

• investing at all-time highs
• market crashes
• Japan's asset bubble
• Great Depression
• diversification
• inflation hedges
• investor behavior

Mentioned in this episode

Organizations: Ritholtz Wealth Management

Books & works: Risk & Reward, A Wealth of Common Sense

Places: Japan

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