Podcast appearances and mentions of Burton G Malkiel

El private equity es una fórmula de inversión relativamente nueva en los mercados de capitales. Ramiro Iglesias fundó Crescenta porque quería que en ella no solo participaran los grandes inversores. Recuenco, que vino hace poco al podcast, no tiene una opinión tan favorable acerca de este tipo de inversión, que compra empresas con buenos negocios y las hace crecer inyectándoles capital. Me encantaría un día organizar un debate entre Ramiro y Recuenco, para confrontar los dos puntos de vista.Kapital es posible gracias a sus colaboradores:⁠⁠lbo.legal⁠⁠. Asesoramiento jurídico para tu empresa.Víctor López Jr. fue un invitado especial en el podcast de Kapital. De todo lo que dijo, dos cosas que se me quedaron grabadas. Que no es necesario marcharse de Sevilla para hacer grandes cosas. Y que un abogado debe poder adaptarse a un entorno cambiante. Víctor lleva desde 2012 al frente de lbo.legal, una firma que ofrece servicios de asesoría jurídica, fiscal, laboral y de protección de datos, en un servicio diseñado para resolver todas las necesidades legales que puedas necesitar. Si estás buscando servicios jurídicos para tu empresa, ya sabes a quién llamar.⁠Smartick⁠. El método online de matemáticas y lectura.¿Quieres el mejor futuro para tus hijos? ¿Crees en la constancia y los buenos hábitos, en el desafío, en que existe un uso responsable de la tecnología? Si tienen entre 4 y 14 años, consigue que dominen los pilares de su educación, en el colegio y como personas: las matemáticas, la comprensión lectora, escribir bien, el pensamiento crítico. Smartick es el método online personalizado, basado en evidencias científicas, con solo 15 minutos al día por programa, que les ayudará a alcanzar su máximo potencial. Sin ayuda de los padres. Además, tendrás siempre disponible a expertos para consultar su evolución. Prueba 7 días gratis Smartick en este enlace y, si contratas, obtén un descuento mensual añadiendo el cupón KAPITAL.Patrocina Kapital. Toda la información en este link.Índice:2:30 ¿Existe la meritocracia?12:53 Capital privado para dummies.25:33 Mirar la cotización 20 veces a la semana.36:30 Entrar con la intención de vender.49:26 ¿Quién es el comprador mañana?1:00:06 Los peligros del trading.1:08:42 Educación financiera en los colegios.1:15:57 Aprende y crece.1:19:37 La irracionalidad de emprender.1:27:33 MBA en Columbia.Apuntes:Un paseo aleatorio por Wall Street. Burton G. Malkiel.

“A Random Walk Down Wall Street” by Burton G. Malkiel advocates for the efficient market hypothesis, which suggests that stock prices reflect all available information and are thus inherently unpredictable. Malkiel argues that, due to market efficiency, it's unlikely for investors to consistently outperform the market through either technical analysis or fundamental stock picking. The book supports the idea of investing in broad-based index funds as a more reliable and less risky approach to long-term wealth creation. Malkiel uses statistical evidence and behavioral finance to explain market anomalies and investor psychology. This classic finance book is essential for understanding the randomness of markets and the benefits of a passive investment strategy.

Luis Alberto Iglesias nos cuenta la estrategia para invertir con éxito gracias a un clásico de la literatura financiera escrito por Burton G. Malkiel

Merriam-Webster's Word of the Day for August 26, 2024 is: fallacious • fuh-LAY-shus • adjective Fallacious is a formal word that typically describes something, such as an argument or assumption, that is false or inaccurate and that tends to mislead or deceive others. // The notion that disease is caused by malign spirits was known to be fallacious long before the advent of germ theory. See the entry > Examples: "Bad legislation and fallacious arguments are threatening our most renowned educational institutions, which have made major contributions to our understanding of science and society and to our health and economic well-being, institutions that are the envy of the world." — Burton G. Malkiel, The Wall Street Journal, 19 Oct. 2022 Did you know? It will come as no surprise that fallacious is related to the noun fallacy, meaning “delusion” or “falsehood.” Both words come from the Latin word fallacia, which in turn comes from fallere, meaning “to deceive.” (Other descendants of fallere in English include fail, false, and fault.) Fallacious arguments are a hot topic among philosophers, and some classic examples include the “ad hominem” fallacy, the “slippery slope” fallacy, and the “red herring” fallacy.

"A Random Walk Down Wall Street" by Burton G. Malkiel is a must-read investment classic that has guided countless investors in navigating the complexities of the financial markets. Offering insightful analysis and practical advice, the book delves into the principles of the efficient market hypothesis, emphasizing the importance of diversification, risk management, and cost minimization. With a myriad of real-life examples and a critical examination of various investment strategies such as technical analysis, fundamental analysis, and modern portfolio theory, Malkiel reveals the challenges of consistently outperforming the market. Advocating for a passive investment approach through low-cost index funds, the author empowers readers to build well-diversified portfolios tailored to their risk tolerance and investment horizon. "A Random Walk Down Wall Street" remains an indispensable resource for anyone seeking to achieve long-term financial success and develop a solid foundation in the world of investing.

This week's theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer Today's book choice is: A Random Walk Down Wall Street by Burton Malkiel Who should read it: An investing classic, it's a great book for those of you who are interested in learning the basic principles of investing and applying them to how you invest. The book  Description (from Amazon): In a time of rampant misinformation about ways of growing your money, Burton G. Malkiel's gimmick-free investment guide is more necessary than ever. Whether you're considering your first 401k contribution or contemplating retirement, the fully updated, fiftieth anniversary edition of A Random Walk Down Wall Street remains the best investment guide money can buy. Drawing on his experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who saves consistently over time and buys a diversified set of index funds can achieve above-average investment results. He addresses current investment fads and critically analyzes cryptocurrencies, NFTs, and meme stocks. Malkiel reveals how to be a tax smart investor and how to make sense of recently popular investment management techniques, including factor investing, risk parity, and ESG portfolios. Investors of every age, experience level, and risk tolerance will find the step-by-step guidance they need to protect and grow their dollars. Why I like it so much: Although I disagree with his diehard adherence to indexing as the best way to make money in the stock market - because it's not actually true - the lessons in this book  Pairs well with: The most complex and textbook-like book that I'm recommending this week, this book pairs best with water - definitely no alcohol to distract you or dull your sharp wits.  That's it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.        ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance  

Mitarbeiteraktien können ein sehr attraktives Investment sein, wie Björn Beier schon früh während seiner Ausbildung bei Airbus gemerkt hat. Wie er durch diesen ersten Schritt zum Finfluencer geworden ist und heute sein Geld anlegt, verrät mir Björn im heutigen Interview. Shownotes Webseite von Björn: https://www.nofreelunch.de/ Instagram von Björn: https://www.instagram.com/bjoern_beier/ Twitter von Björn: https://twitter.com/bjoernbeier LinkedIn von Björn: https://www.linkedin.com/in/bjoernbeier/ Buchempfehlungen von Björn und Tim: Das kleine Handbuch des vernünftigen Investierens von Jack Bogle: https://amzn.to/42HaMji * A Random Walk Down Wall Street von Burton G. Malkiel: https://amzn.to/3z7tyD1 * Der Börse einen Schritt voraus von Peter Lynch: https://amzn.to/2ZGnwKX * Worauf es ankommt von Steven Schwarzman: https://amzn.to/3K76Lxf * Werbepartner Splint Invest: Probiere jetzt Splint Invest aus und sichere dir 50€ Startguthaben mit dem Code STORIES50: https://investor-stories.de/splint-invest Partnerlink = *

Te traemos uno de los libros más vitoreados en el mundo de la inversión. Un paseo aleatorio por Wall Street (A random walk down Wall Street), es un libro escrito por Burton G. Malkiel en el año 1973. Es un libro que te ofrece una guía completa sobre inversiones. Desde las teorías económicas Keynesianas, pasando por Markowitz, hasta las teorías de Kahneman y Tversky. Acciones, bonos, materias primas, y una guía completa para invertir de acuerdo a tu ciclo vital. Twitter: https://twitter.com/LInversores Instagram: https://www.instagram.com/gardieles/ --- Support this podcast: https://podcasters.spotify.com/pod/show/luis-pizarro/support

Episode 250: Dr. John Demartini returns to discuss turning a crisis into an opportunity, good investing principles, and his views on cryptocurrency. Guest Biography Dr. John Demartini spent much of his childhood being told by his teachers, and even his parents, that he'd never amount to anything. After being constrained to arm and leg braces until he was four years old and living out his teenage years on the streets, Dr. Demartini chose to be liberated, rather than limited by his experiences. Today after decades of extensive studying, he inspires others to do the same, traveling across the world and providing inspirational and practical advice to people across all disciplines and industries, helping them gain a better sense of self-awareness and empowerment. “If we blame outer circumstances for why we are not empowered, we will hinder our empowerment. But if we start acting and doing the things that are proven to empower, we rise in power,” he says. Dr. John Demartini is a world-renowned specialist in human behavior, a researcher, polyglot, author, and global educator is considered one of the world's leading authorities on human behavior, leadership and entrepreneurialism. He has studied over 30,000 books across all the defined academic disciplines and is the founder of the Demartini Institute. He has authored more than 40 books on a wide range of topics such as corporate and financial empowerment, self-development, relationships, and social transformation. He has appeared on Larry King Live and regularly contributes to Oprah Magazine. This episode is brought to you by Seeking Alpha. Get a free trial at http://www.inspiredmoney.fm/alpha  In this episode, you'll learn: How to turn a crisis into an opportunity Principles of investing and when it's good to have cash reserves Stay tuned to the end to hear John's thoughts on blockchain and digital currencies Show notes: http://www.inspiredmoney.fm/250 Find more from our guest: www.drdemartini.com Facebook LinkedIn Twitter YouTube Instagram Mentioned in the episode: William James Sidis Wall Street's Locker Room Culture does Enormous Damage to the rest of us | Charlie Munger Lord James Blears Becky Benson Books: Winning the Loser's Game by Charles D. Ellis The Elements of Investing: Easy Lessons for Every Investor by Burton G. Malkiel, Charles D. Ellis Principles: Life and Work by Ray Dalio Books by John Demartini   Thanks for Listening & Watching! To share your thoughts: Leave a note in the comment section below. Share this show on Twitter or Facebook. Join us at the Inspired Money Makers groups at facebook and LinkedIn To help out the show: Leave an honest review on Apple Podcasts, Podchaser.com, or wherever you listen. Your ratings and reviews really help, and I read each one. Subscribe on Apple Podcasts and YouTube.

每天早晨8:30 讓我們一起解讀財經時事 參加財經皓角會員 : https://yutinghao.finance 主持人：游庭皓（經濟日報專欄作家、小一輩財經人話翻譯機） 音頻收聽請在Podcast或Soundcloud搜尋『游庭皓的財經皓角』 Telegram: https://t.me/yu_finance 我的粉絲專頁:https://reurl.cc/n563rd 網站參加會員手冊 https://ssur.cc/S8Uqpr 歡迎來信給小編幫您處理 jackieyutw@gmail.com 書名：投資的奧義 作者： 柏頓．墨基爾, 查爾斯．艾利斯 原文作者： Burton G. Malkiel, Charles D. Ellis 譯者： 許瑞宋 出版社：今周刊 出版日期：2022/06/30 https://reurl.cc/XVjemM 《早晨財經速解讀》是游庭皓的個人知識節目，針對財經時事做最新解讀，開播於2019年7月15日，每日開盤前半小時準時直播。議題從總體經濟、產業動態到投資哲學，信息量飽滿，為你顛覆直覺，清理投資誤區，用更寬廣的角度帶你一窺投資的奧秘。 免責聲明：《游庭皓的財經皓角》頻道為學習型頻道，僅用於教育與娛樂目的，無任何證券之買賣建議。任何形式的投資皆涉及風險，投資者需進行自己的研究，持盈保泰。

Earlier this year, I did a podcast episode on 15 Books to Build Wealth. On that list is the book that I will be covering today, A Random Walk Down Wall Street by Burton G. Malkiel. FREE TOOLS/TIPS: Control Your Budget Checklist: https://buildyoung.willitacherie.com/budget-checklist 107 Ways to Make More Money Cheat Sheet https://buildyoung.willitacherie.com/side-hustle The Ultimate Life Insurance Guide: https://buildyoung.willitacherie.com/lifeinsuranceguide Website: https://willitacherie.com Blog: https://willitacherie.com/blog/ YouTube Channel: https://www.youtube.com/channel/UCMGvwEhuk7z_35dWZAntuCg/playlists

Episode Notes Jesse Cramer is the founder of the Best Interest - a financial education company, blog, and podcast. His writing has appeared on CNBC, MSN, and the Motley Fool. Resources: Free MIT courses: https://ocw.mit.edu/index.htm The Social Dilemma - Netflix documentary Books: A Random Walk Down Wall Street The Bogleheads' Guide to Investing The Psychology of Money - Timeless lessons on wealth, greed, and happiness Ikigai: The Japanese Secret to a Long and Happy Life Quit Like a Millionaire Quotes: "Throwing out preclearance when it has worked and is continuing to work to stop discriminatory changes is like throwing away your umbrella in a rainstorm because you are not getting wet." - Ruth Bader Ginsberg "Cut mercilessly on what you don't love, spend lavishly on what you do," - Ramit Sethi, I Will Teach You to Be Rich “If you knew a stock would go up tomorrow, then it would just go up today” - Burton G. Malkiel, A Random Walk Down Wall Street Tsundoku - the act of acquiring reading materials but letting them pile up in one's home without reading them. ✩ s o c i a l ✩ ✓ www.facebook.com/groups/investedsuccess/ ✓ Instagram.com/SuccessInvested ✓ Twitter.com/SuccessInvested Business inquiries ➵ hello (at) moneyselfmade.com The views expressed are provided as a general source of entertainment information only and should not be considered to be personal investment advice or solicitation to buy or sell securities. Investors considering any investment should consult with their investment advisor to ensure that it is suitable for the investor's circumstances and risk tolerance before making any investment decisions. The information contained on the blog and this email were obtained from sources believed to be reliable, however, we cannot represent that it is accurate or complete. DISCLAIMER: I get $0.00 financial benefit if you click on the majority of links above, but I also am fully disclosing that I sometimes use affiliate links, often to help me provide you cool discounts. Everything I suggest on my website (affiliate or not) is a product or service I love and use myself. This is a hardcore rule that applies to 100% of anything I recommend. Please don't buy anything unless you'll genuinely benefit from it. Support Invested Success by contributing to their Tip Jar: https://tips.pinecast.com/jar/investedsuccess Find out more at https://investedsuccess.pinecast.co Check out our podcast host, Pinecast. Start your own podcast for free with no credit card required. If you decide to upgrade, use coupon code r-538425 for 40% off for 4 months, and support Invested Success.

Tác giả: Burton G.Malkiel Giọng đọc: Thu Thảo

Sưu tầm

In today's episode, Rusty and Robyn talk with Carl Kaufman, Co-CEO, Co-President, and Managing Director of Fixed Income at Osterwise Management in San Francisco. Before it was the norm, Carl was designing flexible fixed income strategies for his firm's clients. His decades of industry experience built the trust necessary to switch to the brokerage industry and start work on some game-changing advancements. Carl talks with Rusty and Robyn about the difference between investment-grade and high-yield bonds, the post-pandemic state of the US market, and inflation projections.  "Try to keep perspective. Ask yourself what is really important. And, don't forget to look into the real world because sometimes you get so caught up in the Wall Street hype and you forget what the real world is. I learned this lesson very early on unfortunately in the crash of ‘87." ~Carl Kaufman Main Takeaways  Be flexible enough to tap into investment grades to get better downside protection. You can achieve better results with high-yield bonds if you deploy the right strategy. As long as the economy remains strong and interest rates remain low, companies that have leverage will still do better. A three to five percent rate of inflation is normal, but it will take time for the market to achieve that target.  Be willing to take lower yields for a period of time. Be patient and stay defensive as there will always be corrections.  The dollar will remain the world reserve currency. As long as the world continues to rely on the US Treasury, dollars stay in a safe position. Links Carl Kaufman on LinkedIn Osterweis Capital Management Gilbert and Sullivan's I Am the Very Model of a Modern Major-General Robertson Stephens Merrill Lynch NYU Stern School of Business Harvard University Department of Music A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton G. Malkiel Jeremy Siegel FIMA Repo Facility New York Times FT Bloomberg NewCo Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts

If ever there was a book that successfully kept up with the changing dynamics of the financial market, it was A Random Walk Down Wall Street. As a best-selling investment classic in the world for nearly 40 years, this book is characterized by keeping pace with the times and continuously updating its editions. Since its publication in 1973, it has been updated 10 times. This book can help both professional investors and senior citizens about to retire develop appropriate investment strategies. In addition to serving these groups, the book has become a common reference book for MBA investment courses throughout the United States.

Follow 10MJ on https://www.fb.com/10millionjourney Follow on Instagram: https://www.instagram.com/10millionjourney My guest today is Nicky Morong. Nicky is a certified financial planner and the CEO of Peterkin Financial where she makes holistic financial planning more accessible to individuals without traditional assets.  Today we are going to talk about Nicky’s journey and of course, discuss how to manage your finances. Resources mentioned in this episode: Book Nicky recommends:A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton G. Malkiel (https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393330338) The Dip: A Little Book That Teaches You When to Quit by Seth Godin(https://www.amazon.com/Dip-Little-Book-Teaches-Stick/dp/1591841666) Podcast she listens:Michael Kitces - https://www.kitces.com/podcast/ Connect with Nicky:  Facebook: https://www.facebook.com/nicky.peterkin Instagram: https://www.instagram.com/peterkinfinancial/  LinkedIn: https://www.linkedin.com/in/nicolepeterkin/ Website:https://peterkinfinancial.com/              http://www.getnextlevelprofits.com/

¡Nuevo episodio! hoy Ricardo y Brenda hablaran de un gran libro de Burton G Malkiel "A Random Walkdown Through Wall Street" Recuerda que networth.mx estamos para apoyarte en inversiones a largo plazo y a cumplir las metas financieras que tienes no te olvides agendar una asesoría personalizada de finanzas personales.

Paul is joined by Chris Pedersen, Director of Research and Daryl Bahls, Director of Analytics for The Merriman Financial Education Foundation, to answer questions from viewers of the AAII Webinar, "Which Is The Best 1-,2-, 3- and 4 Fund Strategy?” that Paul presented Sept. 23, 2020. While the presentation explored returns of 11 portfolios, from 1 to 4 funds, the focus was on the Merriman 4-Fund Combo. See all URL links below. It is not necessary to watch or listen to the original presentation to appreciate this Q&A session, but it will likely be helpful. This is presented as both a podcast and a YouTube video. If you enjoy this, please like and share. Your engagement helps support our work…thank you! Download a free PDF of all slides in the original presentation: https://paulmerriman.com/wp-content/uploads/2020/10/QA-Podcast-1-Charts.pdf As the presentation included results for all 11 of what we call “No-Nonsense Portfolios,” several viewers wanted to know how the 10-fund Merriman Ultimate Buy and Hold Portfolio performed for the 1990-2019 period. In this Q&A we addressed that topic. The following questions are from the live event’s audience: Will you be developing small portfolios that include international equity funds? Will you discuss your use of market timing, including how DFA uses market timing in their portfolio management? With only 10 years left until retirement, how appropriate will the 2 Funds for Life portfolio be? • What is a safe withdrawal rate in retirement? What do you recommend for a 50- to 60-year-old who wants to retire now compared to one who is 60 to 70? (The viewer adds he has a $3 million portfolio.) How can you recommend bond funds when they pay such little income? Do you like the Life Cycle Funds within the U.S. Government Thrift Savings Plan? Would you recommend the Small Cap Fund in the TSP for your 2 Funds for Life Portfolio? Do you use equal weighted index funds in any of your 4-Fund Combo? Do you always recommend rebalancing your 4-Fund Combo? Where can I get a copy of your upcoming book, We’re Talking Millions! 12 ways to Supercharge Your Retirement? What do you think is the best formula for the percentage you have in stocks and bonds? [See our Fine Tuning Tables and Distribution Tables] What is the biggest mistakes young investors make? I have fully funded my 401k and have more money to invest… should I put in taxable account or my wife’s 401(k)? What books do you recommend? Winning the Loser's Game by Charles Ellis A Random Walk Down Wall Street by Burton G. Malkiel Your Complete Guide to a Successful and Secure Retirement by Larry Swedroe Your Money and Your Brain by Jason Zweig Spending Your Way to Wealth by Paul Heys

In episode 58 Charles (Twitter: @ToddBillion) and Raphael (Twitter: @WorkMoneyLife) talk about what power really is, how Black people can't afford to follow standard advice, learning from your job, not wearing another man's name on your face, studying bosses, how reading is work, and much more! Check out the Options Trading Workshop from Todd Capital that everyone's talking about at https://gumroad.com/a/386774131/bOUnl Also, check out the new course from Todd Capital, "How to Build a Six Figure Digital Business" and pre-order the upcoming REIT Money course and learn how to invest in Real Estate Investment Trusts Pick up the brand-new ebook from the creators of Tweet Talk, "Don't Be A Little B*!" ebook on pre-order now at https://gumroad.com/l/DontBeBook Pick up the carryall duffle bag from the brand new luggage brand, Views, launched by Tweet Talk co-host Charles. Book mentioned in the show: "Random Walk down Wall Street" by Burton G. Malkiel, "PowerNomics: The National Plan to Empower Black America" by Dr. Claud Anderson Follow us on social media: Twitter- Charles @ToddBillion Raphael @WorkMoneyLife Instagram: Podcast- @TweetTalkPodcast Charles- @ToddBillion @Todd.Capital @BlessABlackMan Views Luggage brand @ViewsLifestyle_ Learn how to make money trading stock options, invest in real estate long distance, and more from Todd Capital! This show's sponsors: Get the popular "You Can't Fire Me." -The Boss from InvestAsATeam.com, get a deal on a 3 t-shirt pack here. Upgrade your entire outfit with unique shoelaces from Get Laced Laces, see the entire collection at GetLacedLaces.com. --- Send in a voice message: https://anchor.fm/tweettalk/message Support this podcast: https://anchor.fm/tweettalk/support

En este podcast comparto mis impresiones tras leer la última edición de "Un Paseo Aleatorio por Wall Street", de Burton G. Malkiel.¿Quieres generar ingresos pasivos cada mes? Descarga el ebook gratuito Las 4 mejores formas de obtener ingresos pasivos  https://cutt.ly/RuYZB45★☆★▬ CURSOS DE EL CLUB DE INVERSIÓN ▬★☆★

Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique—a neurologist by training, Bill self-taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as "The Intelligent Asset Allocator." In this conversation, we explore Bill’s background and how it shaped his development and thinking as an investor and how he applies those lessons in working with clients who are trying to meet goals like a comfortable, secure retirement. “I had to figure out how to save and invest on my own”: Bill’s crash course into investing and constructing a portfolio (1:29) “I had to figure out how to save and invest on my own”: Bill’s crash course into investing and constructing a portfolio (1:29) • “I had to figure out how to save and invest on my own”: Bill’s crash course into investing and constructing a portfolio (1:29) • Separating the wheat from the chaff: How Bill decides what investing research matters and what doesn’t (4:30) • Top of the list: Books that profoundly influenced Bill’s investment philosophy and approach (5:45) • “The overwhelming science of investing does not speak well of active management”: Bill on why empirical data ought to settle most questions (and why active-share doesn’t hold up to scrutiny) (7:02) • “You approach it with extreme caution”: Bill explains why investors should be skeptical of most factors they encounter in the “factor zoo”, save a few (9:27) • A question that’s giving Bill pause: Is value too crowded a trade? (10:33) • Is low-volatility the most attractive factor from a behavioral standpoint? Bill worries it’s gotten too expensive. (12:02) • Fingers (and toes) crossed: Bill thinks value is cheap enough to stick with (12:55) • “Really, not very much”: Bill on how his approach to asset allocation has evolved over time (13:43) • “The riskiness of stocks is not an intrinsic characteristic of stocks; it’s more a characteristic of the investor”: Why stocks’ volatility doesn’t fluster younger investors, but freaks out older investors (14:38) • On how we tend to overrate our risk tolerance: “The difference between being able to see (losses) in a spreadsheet and actually manage (through losses) in real time is the difference between crashing an airplane in a flight simulator and in the real world” (15:38) • “If you’ve won the game, stop playing”: How to shake older investors out of their complacency with equity risk and recency bias (16:53) • “The very best physicians are consumed by self-doubt”: How a high ratio of “rumination-to-celebration” can help investors constructively reckon with shortcomings in their approach and improve (19:26) • Getting it wrong and therefore right: Bill explains how advisors can use their own fallibility and uncertainty to fortify their relationship with clients (versus scaring them to death) (21:12) • An argument with Jack Bogle: How a debate with the Vanguard founder about foreign-stock investing became an object lesson in how reality intrudes on theory (and how that informs Bill’s approach to managing clients) (22:56) • “You don’t appreciate it until bad things happen”: On whether the rally in riskier bonds has changed Bill’s tune on limiting fixed-income investments to short-term, high-grade fare (24:25) • “Investment is a process that transfers wealth to people that have a strategy and can execute it from those who don’t and can’t” (26:22) • “A reasonable hypothesis, but it got tested” (and failed): Bill on the argument for active bond investing (27:02) • Earthquakes and execrable returns: Why the best investing and economic gains have been realized in English-speaking countries. (Hint: It’s the law.) (27:48) • Emerging-markets stocks: Why they’re only a bargain when they’re cheap relative to their own history and developed markets (and still might not be inexpensive even in that case) (30:23) • Potential hazards: “The US markets are significantly overvalued relative to the rest of the world” (31:36) • “You’d have your head handed to you”: On the impermanence of investment measures, why it’s dangerous to extrapolate, and the implications for investors (32:54) • “When I think about my tombstone, ‘investment adviser’ is not one of the things I want to see up there” (34:00) • “We’re extremely choosy in who we take on. So we have a very enjoyable practice as a result of that” (35:49) • On retirement preparedness: “A slow-moving and fairly impressive disaster” (37:13) • “I don’t think the system needs nudges. I think the system needs dynamite”: Steps to radically redefine the retirement system (39:20) • “It would be nice if we had a system where people didn’t have to save quite so much, because that’s an unattainable goal for probably 80% of the population” (40:41) • The skunk-in-the-suburb analogy: We’re evolved to avoid the snake or the tiger, not to plan for retirement fifty years into the future (41:24) • What to do for investors who aren’t interested in finance or good with numbers: Limit investor autonomy, provide a generous match, offer a low-cost menu, default them into a target-date fund (43:03) • “One of the most important people in my life”: Remembering Jack Bogle (44:32) • “Something that everyone knows isn’t worth knowing”: Bill on the under-appreciated importance of corporate governance to security returns (46:46) • How Bill navigates ESG with his clients: He discourages them from pursuing it (49:25) • Principled but “bending”: How humility should make room for other ideas or priorities within a portfolio or plan (51:05)   • William Bernstein bio (CFA Institute) https://blogs.cfainstitute.org/investor/author/williamjbernstein/ • William Bernstein’s “Efficient Frontier” website http://www.efficientfrontier.com/ • Mean-variance optimization: Explainer https://www.effisols.com/basics/MVO.htm • William Bernstein’s reading list http://www.efficientfrontier.com/reading.htm • Fama and French research papers https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1455 • “A Random Walk Down Wall Street” by Burton G. Malkiel https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393081435/ref=sr_1_1?s=books&ie=UTF8&qid=1324493412&sr=1-1 • “Bogle on Mutual Funds” by Jack Bogle https://www.amazon.com/gp/product/111908833X/ref=dbs_a_def_rwt_bibl_vppi_i4 • “The Intelligent Investor” by Benjamin Graham https://www.amazon.com/Intelligent-Investor-Definitive-Investing-Practical/dp/0060555661/ref=sr_1_1?s=books&ie=UTF8&qid=1324493602&sr=1-1 • “The Theory of Interest” by Irving Fisher https://www.amazon.com/Theory-Interest-Illustrated-Irving-Fisher-ebook/dp/B00CR32KGK • “The Arithmetic of Active Management” by William F. Sharpe • https://web.stanford.edu/~wfsharpe/art/active/active.htm • Active Share website https://activeshare.nd.edu/ • “Presidential Address: Discount Rates” by John H. Cochrane https://faculty.chicagobooth.edu/john.cochrane/research/papers/discount_rates_jf.pdf • Value (aka “book-to-market”) factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html • Momentum factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_mom_factor.html • Profitability factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/tw_5_ports_beme_op.html • “Your Complete Guide to Factor-based Investing” by Andrew L. Berkin and Larry E. Swedroe • https://www.amazon.com/dp/B01N7FCW2D/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 • Factor performance http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html#Research • Berkshire Hathaway 2018 shareholder letter http://www.berkshirehathaway.com/letters/2018ltr.pdf • “Betting Against Beta” by Andrea Frazzini and Lasse Heje Pedersen http://pages.stern.nyu.edu/~lpederse/papers/BettingAgainstBeta.pdf • “Betting Against Beta” factor vs. value factor performance (10 years ended Feb. 2019) https://www.portfoliovisualizer.com/factor-statistics?s=y&factorDataSet=-1&marketArea=0&__checkbox_ffmkt=true&__checkbox_ffsmb=true&__checkbox_ffsmb5=true&ffhml=true&__checkbox_ffhml=true&__checkbox_ffmom=true&__checkbox_ffrmw=true&__checkbox_ffcma=true&__checkbox_ffstrev=true&__checkbox_ffltrev=true&__checkbox_aqrmkt=true&__checkbox_aqrsmb=true&__checkbox_aqrhml=true&__checkbox_aqrhmldev=true&__checkbox_aqrmom=true&__checkbox_aqrqmj=true&aqrbab=true&__checkbox_aqrbab=true&__checkbox_trm=true&__checkbox_cdt=true&startDate=03%2F01%2F2009&endDate=03%2F31%2F2019 • “The Intelligent Asset Allocator” by William J. Bernstein https://www.amazon.com/gp/product/0071385290/ref=s9_simz_gw_s0_p14_i1?pf_rd_m=ATVPDKIKX0DER&pf_rd_s=center-2&pf_rd_r=1NNWXTETT62HJ8QM9ZM6&pf_rd_t=101&pf_rd_p=470938631&pf_rd_i=507846 • “Availability” heuristic https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/availability-heuristic/ • Dunning-Kruger effect https://www.ncbi.nlm.nih.gov/pubmed/10626367 • “Why Jack Bogle Doesn’t Own Non-U.S. Stocks” with Christine Benz and Jack Bogle (Oct. 22, 2018) https://www.youtube.com/watch?v=P54trh0Rre8 • “Will Active Stock Funds Save Your Bacon in a Downturn?” by Jeffrey Ptak https://www.morningstar.com/articles/852864/will-active-stock-funds-save-your-bacon-in-a-downt.html • “Global Stock Markets in the Twentieth Century” by Philippe Jorion and William N. Goetzmann, Journal of Finance https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00133 • “Legal Determinants of External Finance” by Rafael La Porta, Florencio Lopez-de-Silane, Andrei Shleifer, Robert W. Vishny, NBER Working Paper https://www.nber.org/papers/w5879 • Online Data Robert Shiller http://www.econ.yale.edu/~shiller/data.htm • S&P 500 Shiller PE Ratio https://www.multpl.com/shiller-pe • S&P 500 Price/earnings ratio https://www.multpl.com/s-p-500-pe-ratio • S&P 500 Price/book ratio https://www.multpl.com/s-p-500-price-to-book • National Retirement Risk Index, Center for Retirement Research at Boston College https://crr.bc.edu/special-projects/national-retirement-risk-index/ • “National Retirement Risk Index Shows Modest Improvements in 2016” by Alicia H. Munnell, Wenliang Hou, Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College https://crr.bc.edu/wp-content/uploads/2017/12/IB_18-1.pdf • “In Memoriam”, William J. Bernstein, Efficient Frontier http://efficientfrontier.com/ef/0adhoc/RIP-JCB.html • David Yermack, Albert Fingerhut Professor of Finance and Business Transformation, NYU Sterm, Publications https://its.law.nyu.edu/facultyprofiles/index.cfm?fuseaction=profile.publications&personid=20547

En este Extra Ball puedes escuchar una entrevista llevada a cabo por Guillem, autor del blog La Hormiga Capitalista, oyente del programa y miembro del grupo de Telegram. En este episodio se entrevistó a Jordi Mercader, quien frustrado por no encontrar un vehículo de inversión adecuado para su hija y por la baja cultura financiera de nuestro país, decidió crear inbestMe, uno de los pocos roboadvisors a nivel nacional. En la entrevista Jordi nos cuenta qué es un roboadvisor, cuáles son las principales diferencias entre los roboadivsors a nivel nacional y qué cambios a nivel de fiscalidad se avecinan, entre muchas otras cosas. A continuación encontrarás los enlaces mencionados durante la entrevista y otros que pueden ser de tu interés: Blog de Guillem sobre Independencia Financiera Robo-advisors: Qué son ETFs: Qué son los ETF, Cómo seleccionar ETF y El mejor buscador de ETF. Criptomonedas: Qué son y sus ventajas y ¿Bitcoin a 1 millón de dólares? Real estate: Inversión inmobiliaria vs. inversión financiera Libros: Un paseo aleatorio por Wall Street, Burton G. Malkiel: inglés, español. Principles: Life and Work, Ray Dalio: inglés Otros libros: Bibloteca de inbestMe

Andy Rachleff is Wealthfront's co-founder, President, and Chief Executive Officer. He serves as a member of the board of trustees and vice chairman of the endowment investment committee for the University of Pennsylvania and as a member of the faculty at Stanford Graduate School of Business, where he teaches courses on technology entrepreneurship.   Prior to Wealthfront, Andy co-founded and was a general partner at Benchmark Capital, where he was responsible for investing in a number of successful companies including Equinix, Juniper Networks, and Opsware. He also spent ten years as a general partner with Merrill, Pickard, Anderson & Eyre (MPAE). Andy earned his BS from the University of Pennsylvania and his MBA from Stanford Graduate School of Business.   Andy’s Challenge; Stop sitting on the sidelines and start investing in a diversified portfolio of index funds. Get an emergency fund.   Further Reading Innovator’s Dilemna by Clayton Christensen Innovator’s Solution by Clayton Christensen A Random Walk down Wall Street by Burton G. Malkiel Howard Marks, OakTree Capital Letters   Never miss one of our best episodes by subscribing to the newsletter.   Connect with Andy Twitter Website   Get an Additional $5,000 Managed for Free Wealthfront.com/andy   If you liked this interview, check out all my other finance interviews. Subscribe on iTunes | Stitcher | Overcast | PodBay

Andy Rachleff is not only a veteran in finance, he is also a pioneer in modern investing. Wealthfront is due more than their fair share of pioneering and innovating Rob-advisors, and helping millions of people start investing in the market in a smarter, more efficient way. At the time of this episode, Wealthfront is managing over $5.5 Billion for all types of investors from beginners to high net worth individuals. Robo-Advisors (or automated investing as Andy prefers to call it) have been sweeping the finance sector making it easy and transparent to invest in the market. On this episode, we get to tap into Andy’s nearly 4 decades of experience in finance and investing, explore efficiencies in the Wealthfront platform, and see who Robo-Advisors are a good investing instrument for.   Links: Linkedin @arachleff >Try Wealthfront – Get $15,000 managed Free Where are we: South Carolina - SamNorthern California - AndyBali - Johnny FD Discussed: If you like vanguard, you’ll love Wealthfront   Book: A Random Walk Down Wall Street - Burton G. Malkiel Time Stamps: 02:52 - From VC to entrepreneur05:02 - A tip to outperform the market 06:55 - Financial advisors08:54 - Choosing fund and ETFs14:23 - Artificial Intelligence usagexxx20:41 - Three ways you can control the market25:31 - Time-weighted return vs money weighted return29:01 - Passive investing33:05 - Robo-advisors market share35:02 - Software based auto advisors39:17 - Is there a future for traditional advisors?42:30 - Tax loss harvesting44:50 - Lump sum or dollar cost averaging46:55 - Time-weighted return vs money weighted return51:00 - Is Robo-advisory right for you? If you enjoyed this episode, do us a favor and share it! Also if you haven’t’ already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2017. All rights reserved. Read our disclaimer here.

How can you invest for retirement in a low-interest rate environment? One answer is to invest in bonds. Learn why many retirees choose to invest in bonds, what the risks are, and how to buy them. Investing in a bond fund can help diversify your portfolio. This week’s Goldstein on Gelt podcast gives a link for a video about bond laddering and an article that explains how bond funds can increase your portfolio’s diversification. Professor Burton G. Malkiel of Princeton University, bestselling author of A Random Walk Down Wall Street, takes the idea of investing at low risk further. He recommends three tools that may help you to invest for retirement in today’s low-interest environment and shares his predictions for inflation and interest rates.