Observations on the Market & Investing

Observations on the Market & Investing

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So. We're here with Barry Ritholtz founder. And chief investment officer of Ritholtz wealth, management also. Bloomberg. Contributing. Editor, or columnist. For Bloomberg view and host of masters, in business, the. Iconic, business. Podcast for, Bloomberg so let's, kick it off yesterday. Finally. Feels like the markets, are showing, us that they are in fact cyclical, give us some background, your view on what is happening in the markets sure. 2017. Was an unusual, year we had extremely. Low market. Volatility, we had crazy high political, volatility but. That's a whole nother conversation. We. Had very very few days where the market was up more than 1% of them more than 1% very. Very unusual for, a year to have that, little volatility. That, all seemed to change at. The end of January come February. Everybody. After the fact looks for a narrative, explanation, I, think. The simplest, explanation, is markets, just ran too, far too fast on. Investor. Enthusiasm. For the tax cuts for global, economic growth for, profits. But, just to put this into context. The past, four months the markets ran 14%. A good. Year on average for the past century is, 8 to 10 percent so, when you're up better, than 50% more than an average year, in, a third of a year that just means you have to eventually, come back to more, normal levels and that's what this seems to be there's, just regression to the main that last five, years we have a decline of 20%, or more so if we wake up the end of 18 and the markets are at, 20,000. Or 18,000. Wouldn't it just be well of course they, are yeah it's strange it wouldn't be a stranger case that the markets got a 30,000, versus 20,000, I know this, is normality. Markets, go up and down that's what they're supposed to do we usually see a couple, of 5% pull, backs a year we really didn't see that for a while, 10%, pull backs every other year, haven't, had that happen, in quite a while either so at a certain point things, just I'll give you a perfect example when. You look at the long-term trend, of the market that's driven by a lot of things like. Economic. Recovery. Corporate. Prophets. Demographic. Changes, we got so far ahead of that trendline that, if we simply just pull back to a normal trend, line of growth you could be at 20:20 2000, on the Dow and that's, normal, two-sided, markets are what they're supposed to do up and down and, what do you're obviously in the business of trying to identify alpha, when if you look at the rest of the year make the bullet case make the bear case I, have. No idea what's gonna happen and I never try and guess I try, and tease out what's. Really going on in the, underneath. The the headlines. Because if you understand, where you where we are today it, gives you a much better sense of. Positioning. Yourself to where we're going to be in the future as opposed to I'm. Gonna guess that Bitcoin. Will be fill. In the blank fifteen, thousand ten thousand, five thousand, rather, than do that we look at you mentioned mean regression, we look at long term valuations. Long term trends, of various. Asset classes we, know from all the academic, literature over. Long periods of time value. Outperforms, growth small cap outperforms, large, cap having, a diversified, portfolio including. Overseas, holdings. Reduces. Your risk for, a us-centric, event, like we've seen this week so, rather than try and guess hey we're gonna move our chips on the table like this and either, be right or wrong we, kind of put a bear hug around the entire world asset. Classes and say. Wherever, the market goes we will participate, in the upside, somewhere. But, also recognizing. We're, also gonna participate in the downside, what asset class globally. Is, undervalued right now so. US stocks are fully. Valued, or expensive. When we look at Europe they're, cheaper. Or closer, to fair value I, wouldn't say they're dirt, cheap but. They're much cheaper than us are somewhat cheaper than the US and then. Emerging, markets, and by, the way we've been saying this now for about two years, emerging. Markets are by, and large the, cheapest, so. Potentially. Underweight, US, stocks overweight, emerging, markets, and Europe, you when, you walked, in here this morning you talked about how average, investors underperform. Not only the markets but, their portfolio, so, fast, data, point so, people yet. To alpha. And beta beta is what the market gives you alpha is that out performance. Which. Is exceedingly, rare and very, difficult to do over extended, periods of time some, people say, impossible. Stock, picking stop, picking market, timing. Complex. Hedging, there's a whole bunch of different ways that that, it could be done and. The people who do it are the all-stars the, problem, is that it's not that that skill, deteriorates. It's that whatever that unique skill, is, markets. Kind of figure it out. Exactly. And so a. Lot, of people and have, decided we're, not going to chase alpha, we're going to accept the beta because, what we've seen over time is as you try and outperform, the market you, often, end up not, only outperforming.

Not Outperforming. But, missing, the beta and underperforming, in fact huge swathes of active, managers. Underperform. And that's before we get into expensive, fees that. Has resulted in Blackrock, being six trillion dollars, Vanguard, being five trillion dollars, of assets, these are the big indexers. And so, people are starting, mom-and-pop, are starting to wise up to the fact that hey, you know if I just owned a, broad. Portfolio. Of. Global, assets, and low-cost, funds or ETFs and, I rebalance, once a year and I take what the global market gives me that's, probably, gonna, outperform, what, 90% of my peers are doing people have figured this out, but. Only a small, I would say about 20%, of the investing public has figured that out so. Hedge. Funds underperforming. The SP by the amount of their fees we. Plus thence plus some plus some and then we've seen an enormous reallocation. Of capital, out of active management into, passive, the black rocks the Vanguard's, low-cost. ETFs. Every. It seems like everyone's, on to that now does that mean potentially we're about to enter another great era of stock picking as volatility picks, up and you have to actually find. Value, places, there's no doubt that as more and more people move to passive, it, creates an opportunity for true, active, managers, Bill, Miller who had the streak that lasted 15. Years of outperforming, the, market every year has, pointed, out that what. Is purported. To be active management is really, closeted, indexers, people hugging the benchmark, hey, you don't get fired for just doing a little better or a little worse than then, the market, what, you really if you want to participate on the active, side you, want to find managers, who have what's, described, as large, active. Share meaning their. Portfolios. Differ significantly from. What, the, benchmark, is and you're, either gonna win a lot or lose a lot with that strategy but, you're not gonna pay up for somebody who's essentially, essentially, giving you benchmark. Returns and and that's a different, thought, process, because it reflects, a reality, that most people really. Don't want to believe but it's true if you, want potential, upside you, must be willing to accept potential, downside, risk. Is a two-sided, coin as, investors, have learned over the past week but, you've said there's a certain behavioral. Economic. That. The brain is actually a little bit of our emotions I should say as an enemy and say, more about that that we tend to us and we underperform, our assets, and in, the market place is is emotional. Knee-jerk or gag reflex, so so there's a study, done every year by Dow bar that looks at average, investor, returns and, and some, of the things they've discovered, is there's. A tendency for, investors. And and this is starting to attenuate a little bit we saw a ton of it in the 90s but it still exists today people. Are attracted by bright, shiny objects, and so when you have a fund. Manager who's, shooting. The lights out that month that quarter maybe even that year, they, go, on TV they get the magazine, cover all of a sudden they're a hot name money. Just pours, into their funds, after. It's had this giant run-up that's. Probably, the worst time to buy something when you want to buy it is after it's had a horrific, sell-off. There but the process, is still valid, so, people. Confuse. Outcomes. With. Process, it's, very difficult to separate skill, from luck and very, often when people are chasing, some of these hot. Look. At bitcoin is a perfect example if. You own it at five cents or five dollars or even five, hey, that's a fantastic trade, you've done well but everybody who piled into this, speculative. I don't, know currency, technology, I don't know what you want to call it at. 12,000. 15,000. 19,000. You, know you're just rolling the dice this, morning, it was trading under six thousand dollars and that. Still seems like a pretty. Rich number, but, we. Don't, tend to go out and hunt these things when they're unappealing. And low, value, we, tend to chase, the hot new thing and. Bitcoin. Is a perfect example of how, there. Was an article in The Washington Post Bitcoin. Is my retirement, plan really. That. You're, gonna be eating cat food that's a horrible, idea maybe. It works out maybe it doesn't but, you might as well go to Vegas, it's the same sort of speculative, risk and the. Tendency, that people have is to not make investments. We're.

Very Bad at conceptualizing, the, long long, run like, 30 years from now what happened on a given Monday in the market is gonna be pretty irrelevant but. How you maintain, your, portfolio. And how you think about risk is what's going to determine your. Outcome the, other thing we all tend to do it's. Very easy to get caught up in all, the flashing, lights and noises, and you know CNBC. And Bloomberg, has the screens with all these things it's. A video game I. Don't, remember who I'm stealing this quote from but. The, expression. Stocks, really get in the way of your long-term investing. Says. A lot about how we behave, as humans so you're a wealth manager I'm going to give you a couple scenarios and you tell me how you would loosely, speaking allocate, their funds. I'm a 25, year old making a good living in New York any. Of these people, who. Can save a few thousand, bucks a year or maybe three thousand five thousand, and starting to think about hopefully, long term what. Do they do just an ETF what. Do they do obviously they can incur more risk than most of us what what do they do so they should be a hundred percent equity portfolios, they, should be rooting, for a stock market crash because. If markets, fall 20 30 40 50 percent. They're looking out 50, years 25. Year-olds are gonna be retiring, 5060, years from now they're, not it's not 55. Or 68, and all equity, is Lokar, for, today right global, portfolio they, could do a bunch of four, or five low-cost, ETFs. You, have us, you, have overseas. Europe. You have emerging, markets if they, want to own a tech, fund because, they relate to technology, why. Not it's certainly something you could do more volatility, but it doesn't matter when. They turn, 50. They might want to shift, that 80%, equity, is 20% bonds. What, that does is give them a little ballast, when the market goes up and down and now, they're closer to retirement they don't want to think about gee, a 30%, drop is really a lot of money and as, they get older they move more towards a traditional. 60/40. Portfolio but. The, old rule of you take your age -, a hundred whatever and that's how much bonds you should have is is out the window when, you're young you can have a lot of risk as long as you don't allow your emotions to get in the way I can't, tell you how many people in the spring of 2009. After. Holding on through a 57%. Collapse. And equity prices finally throwing the talents said I can't, take any more I'm out and that, pretty much is how crash. Bottoms, get made. 27. Coming out of business school you, are, thinking, about, financial. Services thinking. About media thinking, about tack you're, just an economic animal.

You'd Like most 27 year olds you're not entirely sure what you want to do with your life but you know you want financial security, or you want to ride. An upswing, which sector, do you think holds the most promise first so I I'm. Not looking to duck the question I want to give you a fuller answer I think you need to do three things as, a recent, graduate you. Have to understand, that you're a free agent there's no longer and I think everybody of that age understands, that but. That means you need to build your brand and that's a combination, of media and social and self-awareness. If you, don't understand, the basics, of coding if you can't do if. You can't build a basic website if you can't work with Excel you're an enormous. Disadvantage. From. Your peers and then, finance. Tell you you run a company I run a company we're not even five years old that. Has been an immense learning, curve in everything, from compliance. To payroll to legal to accounting, if. You're coming out of business school you should understand, the details, of running a business because. Your, life is really going to be your business and whether, or not it has an LLC or an S corp at the end of it having. Those financial, skills and having those social. Technology. And media skills are an, important, part of your future success you're, a perfect example I, guess I'm a perfect example understanding. Finance, understanding, media understanding, technology goes. A long way to getting, to you as a, future. Employee or entrepreneur. And without. All three of those skills you're. Really at an enormous disadvantage, so, series of questions try to try. To bring, down all screens and just just go with your gut in terms of an answer recognizing, none of us have a crystal ball and of. 18 markets higher or lower slightly. Higher. Cryptocurrency. Bitcoin. $6,000. Now above, 10 less than a thousand what you think is know let's say above, 20,000. Less, than a thousand, which you think is more like a bit less than a thought less than a thousand I cos a new means of financing small, companies, are fraud, well. There's been a lot of fraud in it so far so saying fraud isn't a big leap. There's, an issue with IPOs. And how few companies are coming public, that, needs to be tweaked a little bit I see. I was going away or gonna be a source of financing, for small companies, the. Recent history suggests, that they're not long for the world unless. There's, a major change, got it you know it's a it's a Viper's nest of. 2017, more money Maurice and I see ya then IPO or capital, yeah that's amazing I know it's crazy I first, joined our company a. Year. Ago would have said Apple now I'm leaning towards Amazon a company. That's going to be the poster child for this, bubble, one, or two stocks that you think could just go, down 80%. I'm. Waiting for Sears to go out of business okay, that's that's, I've been waiting for oh, I kicking, a horse can I tell you I waited. Eight years for a blockbuster go, out of it banks died usually slower than they're suppose much slower it's amazing, I think. I don't, know when it happens but I kind of think Facebook, becomes the next mice, per le you think Facebook, could be MySpace any others that you think could go down 80% we'd, say well of course it did I won't be surprised, to see some company, get cut in half, yeah I'm scandals, yeah, on a on a sexual, assault sexual harassment, scandal what's. Shocking to me about Fox News is how long that went on without. Anybody. Finding out about it and they're a public, company. That. Might have led to the sale all right that could have been he could oh it certainly was a factor, we better hit that bid but while there's still a bit to hit yeah, sure, so, you're.

Doing Podcast, what do you see in terms of your own experience with that medium podcast, that's, been the most fun I have every week it's absolutely, fascinating, not only do I get to sit with people like you we're just really interesting, but. You get to hear from people that. That's one of the ways I've worked out of my own bubble I brought. In jeb. Bush's, campaign. Manager. The guy who Mike, Murphy who who, ran his pact rights arise. Bruce, Bartlett was. Reagan. Appointee. And. And, although, he's an interesting guy because, he's a lifelong conservative. But tapped out under bush and basically, said the Republicans have lost their minds I, try, and find people from outside, of just finance. So. But. The mediums taking up my cell there are those that one of the few kind of mediate, mediums. And media that is really on a hawkish so so, here's, the little. Secret that everybody, in finance ignores. At least in financial, media who. Wants, to sit on a couch and watch financial, television, what's your favorite stock what's the Fed gonna do where's the Dow going to be coming. Up after the next commercial is. Pretty, heinous. On the other hands, the, opportunity. To take a deep, dive with somebody who is, clearly. Successful has, something to say is. Thoughtful educated, intelligent and is willing to give you an hour or an hour and a half that's. Unbelievable. That the, podcast, started the. Reason I created masters. In business was, because someone. Who I was fascinated by would. Show up on a financial television. Show. They would get their six minutes, give, a few. Now. By dance and. Then they're off to the next one I'm like no bring that guy back for, an hour and let him talk what are you doing for conversation, and so so that's, Howard. Marks, Ray Dalio, Bill, Miller Bill. Gross Jeff gonna go down the list of these people, who are. Incredibly. Accomplished. But Bill McNab is now the chairman, of Vanguard. Was the former CEO David. Booth created, dimensional, funds advice yeah, there's a run of people, I'm coming, up on 200, now that. This. Show shouldn't exist, because. The producers, of television, should have figured this out, decades. Ago instead, they seem to think they're covering a football game with. The, you, know the graphics, and the sound effects and the in-and-out, stuff. Investing. Is supposed to be over the long term over decades, that. Fast fast fast stuff, is not. What. You should be doing at, least in my opinion and I, think other people agree. Not just this, has become the most downloaded podcast, at Bloomberg but. Also since. I launched this a dozen, similar, type podcasts, have come out some, with a narrower focus on technology. Or value, investing, or whatever, and that. That's, really fascinating if it's. Not only the golden age of television but. It's the golden age of podcast, and investing, if you want to learn about investing, I get. Emails all the time from business, professors, hey, I assigned, six of your masters, in business to my class for, for. An assignment this year I get, stuff from people I have to drive two, hours each weekends, and I, listen to a few of the podcasts, on the way we're back or just simply hey, my treadmill sucks, and you make that 45 minutes go by faster, good stuff Barry Ritholtz founder. And chief investment officer. Of Ritholtz Wealth, Management thanks. Very much Barry thanks for having me Scott. You.

2018-02-17 00:25

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Comments:

WTF is Scott talking to a sales man selling his book where he makes the most $? This guy's calls are as good for you as his calls on what he stuffs his mouth with. Crypto Currency is gonna make these guys look like idiots when one watches this in a few years.

Very lame. A rich guy talks about how to be safe, comfortable and rich...

Mostly good advice but the denial of cryptocurrencies took away all credibility. It tells me the total ignorance of the major flaws in today's monetary and economic policies.

If compound interest is the most powerful force in the universe regression towards the mean is the second.

I really enjoyed the definitions being displayed on the screen. They really helped bridge the gap between learned professors, and a sorry undergrad looking to see if finance interests him. Thanks for the great content and keep it up!

Funny seeing all these butt hurt crypto fans.

he thinks facebook will be the next myspace? what a joke... I'm a huge fan, Scott, but this guy doesn't know what he's talking about

The new, best way to invest is as follows: 1. 50% in Cryptocurrency; diversified between big caps such as Bitcoin, Etherium, Litecoin, etc. DON'T STOP HERE. Use trading bots to buy and sell at the most opportune times automatically: https://cryptotrader.org/?r=2596 2. 25% in a stocks/bonds mutual fund. Vanguard, Betterment, Wealthfront, Acorns, etc. 3. 25% in real estate (REIT/eREIT). The favored method here would be Fundrise: https://fundrise.com/r/51oxk You can change these percentages to 33% each, but the reason the Crypto investment would be so high is that the vast majority of your earnings will come from that sector. You must then take those earnings and responsibly reinvest them in such a way as to keep your portfolio on track.

I listen to Barry's podcast (Masters In Business) - thats where I first came across Prof Galloway. I've learned a lot from MIB and Prof Galloway's videos so no regrets!

How do you book a room for two in the Matrix like this?

"US Stocks are fully valued or expensive" Probably true, except there are always bargains in any market, including in US stocks. Also if you're buying at the bottom of a market crash in your mid 20s and you're still planning on retiring 50-60 years, you need to downsize your lifestyle lol

hmm 5:30.... I think I read a book like this

Commodities & precious metals aren't even on this guy's radar as the most undervalued asset class of the decade. No different than the other bullish sheep in wall street chasing inflated P/E's. Keep sending in the muppets to buy indexes & Fang ETFs and pay no attention to massive corporate debt & rising interest rates. Don't worry, reversion to the mean after a decade of bubble blowing will be as gentle as an Autumn breeze.

PS post script your critics are idiots reading from the responses below anyone who would doubt historical data of the markets and Born with a functional brain knows that markets go up and down and just stick with the ones that last the longest

What an intelligent conversation I am floored thank you someone please put these guys on full-time TV

If I could only understand all this terminology...

I love all these people that got triggered by his BC statement. If you feel the need to defend your investment in YouTube comments do yourself a favor; stop investing.

No fucking way I am working into my 70s... I'm saving to retire at 50. I want to see you work into your 70s asshole. Sorry for the strong language but I don't like the idea of older people telling me I have to work into my 70s just because they won't die on time.

Barry is articulate and sensible, just what I would expect from reading his blog.

what a bunch of clowns, i didn't hear a single thought or idea come out of this whole thing except some sales job of the dow and nasdaq

Definitely one of your best interviews of the year. You two are so informative. I'm a part of an economics publication, and I produce equity reports. I value these companies holding Professor Damodaran's work as my Bible. Everywhere I look, I just can't find a good deal. All these popular companies seem very unappealing and far to close to fair value for comfort. I'm only 20 and I'm torn between giving up on equity research and value Investing all together in favor of passive investment. I called Amazon above market price and bought it on last week's low for a 13.78%, but the stock is closely approaching my fair value. I just can't find an attractive popular company. Should I just start investing in S&P 500 ETFs and save my time?

I just love the fact that these are two experienced adults talking with no bs trading info scrolling down or up or by.

So, what’re some good podcasts? Is there an L2inc one? C’mon people, looking for some good casts here

The only sensible thing that came out of this interview... Is to know who not to follow.... Can't win then ask Scott... Can't.. win.. them . All..

Buy the following VTSAX or VFIAX BTC ETH GBTC Thank me later.

You should start your own podcast!!

" these 1 hour podcasts are brilliant and great way to educate people" *1 min later* "thats the end of the show thanks for coming on"

I'm an investing genius who just happens to be a goat. My name is Kevin... ask me anything!

The only currency worth holding is Imperial Credits !

Wars Star I hear death star bonds are the next big thing

I can't wait to come back to this video in 2019 when bitcoin is $50,000+! Thumb this up!!!

Or when BTC is at $500 and Ethereum is at $25K....or both are replaced by a faster and cheaper crypto.

My two favorite people in one video!

quality content, great interview

bitcoin is up 4k since this was filmed...

he was saying it is volatile. Great investment if you are willing to loose it all. Risk goes both ways, don't bet the farm but if you have money to play with....why not. It could easily go back up to 20K and then crash down to 6K again.

Another one of those that thinks he invented hot water. I bet he stands every morning in front of a mirror stating how great he is.

Robert K His goal is to get you to send your life savings to Ritholtz Wealth Management so he can attach himself to it like a leach. He has to make you believe that he is the mighty Carnac, seer extraordinaire, trust his wisdom, write him that big check.

what's the purpose of waiting for Blockbuster or Sears going out of business?

same as talking about when it is going to rain again. just filler.

David Great response

What will happen with the assets. When Sears finally goes the big question is what happens to all of their stores & what happens to their market share in appliances (which while small could case some stocks to bump up). So if you can figure out when they will go you might be able to make some short term investments and ride the bump in share price in other companies that will benefit from increased market share and possible new low cost stores (as in buying/leasing space).

GOD DAMN those chairs look uncomfortable

I really don't want to buy anything this guy advised. Index funds. Mutual funds. Traditional markets. No thanks.

Josh G is it a good book? I will read it

Kamea Aloha I hope you were kidding

Index funds are safe investments for the below average investor that has money managers. The S&P 500 outperforms 96% of all Mutual funds. Haha blah

Read " The Little Book of Common Sense Investing". Bogle will make you see the light of low cost indexing and passive investment

It's a safe bet over 50 years. Safest place that you can have your money. But yeah it takes a lot of cash to make it worth while, but that is what retirement saving is all about. 5-10K a year over 50 years can build a good sized retirement fund. But it is all tied to risk. If you want to invest in non-traditional assets and markets then you have to be willing to loose as well. High risk is high loss or high reward.

Yes index funds are trash. Mutual funds make some money but it's not a whole lot even after decades unless you really pump cash into them.

I too have a future prediction, there's gonna be even more mass gun shootings of schools and public places by right wing nut jobs.

Joel Thompson preach to the man my brother tell it like it is hallelujah

mrzack888 ya, or left wing nut jobs, like the guy in Vegas. Or Islamic extremists that left wing nut jobs keep encouraging with their naive, pie in the sky, yard signs welcoming terrorists into our country and our neighborhoods. Before you welcome a completely different culture that promotes the greatest percentage of religious zealots and terrorists and Raiders ever, over all time, that will raid, pillage, murder, slaughter and rape for centuries if allowed, you should listen to a hundred hours of their anti-American, anti-freedom, anti-technology rants, and really get a feel for just how ignorant, hurtful, uneducated and down right evil they are. You owe it to your children and grand children and all the innocent box that will be and already had been because of leftist extremists.

Cool

mrzack888 this really relevant to the video content at all? Nope

Love it! Always feeding valuable insight knowledge to the viewers. Bloomberg 960 is awesome as well.

I don’t understand what they are talking about in the first 10 minutes.

Sure, listen to old guys who few years ago would tell you BTC is a gimmick that will never reach 1000$, no thanks.

ronP __ He most likely has rules and limitations about what he can invest in. Also, not all oppurtunity is equal. Just because and "oppurtunity" exists doesn't mean that it's a good idea

no shit, but not all "old" guys are so set in their ways to ignore opportunity! cheers! ron:)

Ignoring years of business experience because he holds an opinion that's pretty standard in the financial realm and borderline irrelevant to what he does? No thanks.

Whatever you think about btc as a tech as price its a bubble. It will still have an amazing run ahead though. It will pop hard unless lightning can work really well and be the currency competing alongside usd,euro , etc and be store of wealth like gold.

Awesome, thanks Scott

Bitcoin up 80% since the interview took place. Thanks Barry!

Jordan Johnson of it's a basic coin flip gamble will it reach 20k (increase 300%) or do below 1000 (decrease 85%), basic mathematics in propability would suggest the obvious choice is the upside. Just calculate it in terms of 50% increases and decreases and you see why the statement is ridiculous.

This is hilarious to read. No one really knows how BTC will do. He even said he hates to make guesses and estimations. He seems like a very safe investor. Look at what he said to 25-7 year olds. Bet on the long term and not on the short term. BTC is a short term bet. It is something that could be great or terrible, but no one knows. If you really want to invest in BTC just don't bet the farm on it. Don't be that guy who got a second mortgage to buy BTC at 18K.

yeah but his dismissive, smug tone is what really makes me laugh, His old school thinking. I'm 50 and I can see he's a fucking dinosaur, but hey he'll just be buy in late on my over priced shit right? cheers!!! ron:)

He changed it to 20k and he said at the end of the year. His whole argument is that it's a gamble and could just as well end below 1k as it could over 20k.

Dino Spumoni Yes he's wrong, but what's really interesting is how they uploaded this STALE interview. Couldn't they have uploaded it sooner?

Jordan Johnson He said it was more likely btc would be at 1k than 10k by EOY. It crossed 10k today. I don't think he knows what he's talking about wrt btc.

You are literally just proving their point

Pretty typical responses from an aged finance guy. The BTC comments were just uninformed opinions though.

Jordan Johnson Ahhh the Beanie Baby era

I fully understand that some people use the currency as a medium of transaction and that it can be a useful utility. I'm simply saying MORE people are not adopting this use of the product, especially when compared to how much the value has gone up.

Jimmy Ji - I agree, it is the high transaction cost as well as the speed of transactions that really hamper crypto growth. No one wants to wait 30mins to an hour and pay $20 bucks to move some money around. While that is okay for long term investors, it really sucks if you wanted to buy a pizza.

The high transactions costs are due to the fact that Bitcoin and all cryptocurrencies are highly volatile. I had a friend who worked for Ripple and they mentioned how difficult it was to account for cryptocurrencies. As long as they remain volatile, don't expect the transaction costs to come down.

Jordan Johnson I've been able to buy computer computer components from new egg with bitcoin since forever I'm not sure you really understand that it is being used. However I do agree the fees are way too much for small transactions for wide mainstream use but it's still not completely worthless.

BTC keeps going up despite no increase in actual use as a currency. It's like investing in Beanie Babies in '97

Always focus on expenses - ignore what the actual return on investment number is. When you go to a restaraunt, always ask how much the chef is making - dont worry about what the food tastes like.

Bitcoin is a terrible tech with huge fees, Ether will out value it eventually if nothing changes about it but under $1000? HA!

Orgasmic Potato I know right? Btc under 1000, almost all credibility of this guy for technology and crypto out the window

Everyone on the street is saying the same exact thing?!?!? Europe and Emerging over US, by all accounts emerging markets are a short here, not a long, this is the duality of the long only asset manager, Dolt. How often does a trade work that every single clown on the street is promulgating??

Frank Mayo you’re right this guy is an idiot

Nice interview professor

This video's bland. You can never do anything with podcasts. Half an hour wasted.

Bitcoin under 1k? Wow that's a bold statement, please revisit these estimates at end of year!

MrGiggity890 ?

butt hurt

"BC

One wallet holds 1M bitcoins so anything is possible really.

Bitcoin is a shitcoin. If you know much about crypto, this is undeniable. I expect further drops in Bitcoin, and rises in better coins with more applications like ETH.

Yeah

Julian Coelho Yes, I got that one wrong. Because this guy is a Financial Pitchman, Stern school probably had to submit this interview to a legal team to determine any potential conflicts of interest or liabilities. I didn't think it through.

you are SO right! cheers mate :)

true! I'm really drinking the BC koolaid to a fault :)

Paul Sommerhalder Is 2 weeks ago that stale?

Julian Coelho This interview was made sometime ago, it's STALE bread.

Chill. He was asked which was more likely this year: BTC over $20k or under $1k... and he's guessing under $1k

BTC to 1000 is unlikely, but it's been slashed by 97% before this recent pull back, so it's not completely unreasonable. If it goes to 1000, just sell everything you own and buy BTC.

Great advice, for the most part. Definitely has a pulse on the need for digital savvy, entrepreneurship. But why is he pro: ?Coding anti: blockchain, crypto? E.G. When L2Inc did the primer on Bitcoin (Aug 17, 2017) BTC was priced at $4,500. Now $6,000...100% portfolio = securities because of risk BUT avoid crypto? Are you serious. Oh you poor bastards.

Disney about to have a Big year

Barry and his team are the SH*T, I got to know Galloway through his podcast

Index funds are NO FUN!

Woah......

Among my favourite smart guys....Sorry Barry but Bitcoin is just like other emerging technologies of the past, ridiculed in the early days and widely in use some time later. Everything from the automobile to the PC went through the same progression

This man offers virtually no valuable insight. One of the few L2 videos I found to be not worth the time. His advice was generic and lacked any actionable insights. Also it's funny to see someone with probably little to no understanding make a bet against bitcoin. Curious if he sees any value in blockchain technology. Hell I hardly believe in BTC specifically, but I recognize that, like all 'bubbles' it's more likely to reach unimaginable heights than crash so soon. US investors have only just begun to dive into crypto's. I think it's more likely to surpass 20k than fall below 1k in 2018. Premature to assume that craze is over this early

bubble burst bubble bubble bubble burst bubble burst

ugh... 20 minutes of nothing.

What a faggot, why speak about Bitcoin if you don't consider all the facts. Noob.

Barry reminds me of Robert DeNiro

Listening to back logs of Masters of Business. And he looks exactly how he sounds.

You should’ve asked about the futre of blockchain. Can you make an episode?

so short bitcoin?

Orgasmic Potato index funds are not trash. Especially vanguards

Remember the Seinfeld comment? https://www.youtube.com/watch?v=ozFQa3dkg1c

Joel Thompson no man. I am saying be a man. Move forward. As you do life will hit you in the and knock you down. You then become a little more of a man each time you get back up and move forward. The world is full of cowards who are walked on. Do not be a coward and face facts cause the utopian dream you expect is a lie.

Luminous Views Gallery not sure you're making sense there. Your comments seem unrelated and spastic and some sound like threats rather than making shalom (balance). I'm not arguing anymore, especially over such a limited means of communication with a 10% chance of being understood, if that. Shalom(balance and harmony) to you and yours.

Joel Thompson 1ne you live in a bubble to believe "this does not happen anywhere else". Acting and speaking stupid helps no cause. 2wo pain is life. Being offended does not happen to normal adults. If someone said something and it effects you it is YOU who has the pain. They did not hit you with a sledge hammer and to ACT out as if they did is exactly the definition of mental illness. Rise up son before you are slaughtered like a sheep.

Luminous Views Gallery ok, you're right that I shouldn't say something hurtful, in order to keep something hurtful from happening. It's the wrong approach. Or comment at night, when we are all prone to say something more negatively. Please do research the ideology of those who you are considering or actively welcoming into our country and neighborhoods. I love the innocent and wish I could protect them all. Please listen to the preaching and ideology of those who you're considering to welcome into our neighborhoods. And also what ideology created the stability, wealth and security of the neighborhood, lifestyle and country we currently enjoy. This doesn't happen anywhere else on the planet. It wasn't the weather either. Thank you.

What else do you pray for while on your knees begging for your hate to manifest?

mrzack888 ya, or left wing nut jobs, like the guy in Vegas. Or Islamic extremists that left wing nut jobs keep encouraging with their naive, pie in the sky, yard signs welcoming terrorists into our country and our neighborhoods. Before you welcome a completely different culture that promotes the greatest percentage of religious zealots and terrorists and Raiders ever, over all time, that will raid, pillage, murder, slaughter, torture and rape for centuries if allowed, you should listen to a hundred hours of their anti-American, anti-freedom, anti-technology rants, and really get a feel for just how ignorant, hurtful, uneducated and down right evil, they are. You owe it to your children and grand children and all the innocent blood that will be shed and already has been, because of leftist extremists.

Vagas too. If you lose, you lose 100%, if you win, the upside is unlimited.

It wasn't really a statement. Scott said "What is more likely, Bitcoin above 20k or below 1k?" So, he didn't really get to pick a true answer, he only got the 2 choices.

Best Name The reality is that coins with more applications like ETH will see conservative gains because speculative investors aren't interested in real value, they're just interested in jumping onto the next potential crypto bubble.. If they ditch BTC, then other coins will crash too, but cryptos with real applications will retain some core value (but priced significantly lower than what BTC currently is at £6000)

Bitcoins are too speculative...I'm investing in tulip bulbs

Wall st is a rigged casino run by hyper robot algos

facebook could be myspace!? bold statement

Enjoy your cat food then.

Luminous Views Gallery I respect the part about being a man and continuing to move forward. We agree on that. Peace out.

This video is going to be a hoot within 50 years, when money doesn't exist. first, bitcoin, then UBI, then robots get good at shit, and then money disappears.

Suppliers list on Amazon; the problem of inequality is not Amazon, it is a world of competition and winner takes all. Amazon has won the product platform, not each product category. Google lists the most useful companies related to your search (okay, like every company, they highlight themselves at times). It is not like they hide other companies; even if they down-listed their own service, I bet the Google service would be great, and I would seek it out.

I’ve been watching his podcasts everyday lol ever since this

I am 16 why do the example people start at 25 also talk about poor people potentially investing more that is how to get out of poverty in the long term

Paul Sommerhalder I want my investment to be as boring as possible. Go play at casino if you want fun.

Alright I like this channel but someone PLEASE point me into the direction of an intro to this stuff? I can make out like 50% of the words they use

I play life like I play Poker, go in big at the start and then bluff the rest

Bitcoin is such BS. It is literally -NOTHING-. The only people using it are those that are stupid enough to buy it! And, the creators now that the next generation of people are mostly ignorant to finances and will eventually not even understand how legal tender even works. If you bet on anything it should be that BC will fail 90%.

Nomatter EU this you csnt win

Many negative comments, sometimes even insulting so I want balance it out by saying how much I respect Barry and what he's been doing for such a long time. I'd love to work at RWM or better yet have them managed my money someday.

Surprinsingly I found a website called Codenimi, where I received true codes. You too can get 100% free giftcard codes from them search in google as "Codenimi free" to receive the codes. There's n "number" of authentic codes there.

I'm not an expert or anything, but ive been reading and watching financial management books and interviews and honestly bitcoin does not sound like anything id want to be involved in, to me it kinda sound like bitcoin is 100% based on what people value it for and not back by anything, how could anything like that not fail? What is bitcoin? How are we valuing it? It was started so long ago but because it caught a little traction from videos everyone wants in without doing any research. I'd much rather have actual assets cause say something horrific like war starts and most people loose access to internet etc...wtf is bitcoin worth then? its all faith based and was created as a source for black market exchanges. Its based on faith it does whole value when it really doesn't...creation of money that values something but is nothing...its insane it is doing well...its like WoW when a person buys a digital item for actual money yea cool gear but its not actually worth a thing but at least that is fun to do but people are buying things and excepting it as payment, when and where does the backing come from?

I really liked your idea, it turned out an interesting and excellent video about the investment. Successfully investing money is not an easy task. How much money to invest, how and what to choose stocks and indexes, how to optimally make up an investment portfolio and so on.

Another snake-oil salesman after your fees.   WTF is wrong with you, Scott?  Getting lazy or just plain selling out for business relationships? Damn that's low, Scotty.Get some real guests like you usually do before people drop your whiney ass channel.   BTW, how are you going to outperform 90% of your peers by taking the same approach?   Even from a logical standpoint, this is total bullshit.  I've devoted the better portion of my adult life to market behavior, and I can tell you with absolute certainty that this spiel is specifically tailored to bullshit you into paying him fees.

Seriously !! This guys might have made it big by doing similar speculative investments. But saying BITCOIN is speculative as HELL.. is telling me he knows jack shit about this space

Mutual fund fees are atrocious for the product you receive... probably the dumbest thing you can put your money in (unless it's in tow with a company match that forces you into those funds).

This was too short. Bring him back for an hour!

Amen.

Zoheb Mohamed he knows more than you

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