"The worst thing that can happen to someone who steps into a casino for the first time is that they win. Good investing is simple but not easy. Everybody's trying to find the next Nvidia. Everybody wan..."

"Compounding will take care of itself as long as you don't get in the way. Well, hello everyone. It's Jim Oessy with yet another Infinite Loops. Today I have my good friend who I think I've known you f..."

"also one of the first bloggers. 2003. Actually, 1998 was the blind really on Geio Cities. And to tell you how old I am, Wow. I had to teach myself HTML to be able to post. And back in the '9s, it woul..."

"when typad reached out and said, uh, six apart reached out and said, "Hey, we have this new blog software called Typad. It's Wizzywig. You don't have to do any coding." I'm like, "All right, I'll I'll..."

"favorite Charlie's. A sentence that isn't said uh I don't think uh ever. So, so, uh, you go back to the 1970s and I know you are a market historian and a data junkie as am I, but um, Charlie Ellis was..."

"We double fault on a serve. We hit it into the net. We hit it wide. We hit it long. We hit it with not enough spin so it just bounces right up to the sweet spot of our opponent's um swing. And so if y..."

"always have, Barry, is you and I have been saying this to people for 30 plus years. Sure. And yet human OS seems to be impervious to much of this what we think of as self-explanatory information data...."

"like 2011 2012 something like that. And um it was very eyeopening cuz up until that time it was everybody else. You're you're 100% right. It was well first of all frequently when clients call up freak..."

"maybe it'll be a little easier to recognize those mistakes in yourself. Yeah. And uh it's sometimes uh I think we would both feel like Don Coyote, right? tilting at windmills because like I remember c..."

"I'm walking I'm walking into his office Barry this is February of09 okay so you you know what happens afterwards right I'm walking into the office. He's got a beautiful office in DC. He stops me. He's..."

"How do how do you and your colleagues uh at your shop, how do you stop your clients from doing this? So, there's there's a couple of ways to bring people to a headspace where market turmoil doesn't af..."

"insightful and helpful to say not only do you have to in intellectually anticipate the ordinary course of events where markets will fall 3 4% in a day, 20% in a quarter. But you have to imagine what y..."

"them, they are deep into that. They spend a lot of time um Josh had a had a really great comment in the morning meeting today. This sort of environment is where advisors earn their keep. It's where ad..."

"sticky wicket. Uh I used to when I started my career I was going to publish these books say here's a level playing field here's how you can do it you can do it yourself and then I had you know years a..."

"you know, it's an old joke, uh, gamblers joke. The worst thing that can happen to someone who steps into a casino for the first time is that they win. And similarly, the worst thing that can happen is..."

"know we've been looking at Europe as a perennial lagard. All right now the US seems pricey enough and Europe seems cheap enough. If you want to add a a Europe ETF, go ahead. And you know, the idea is ..."

"way, if you continue to dollar cost average as some people did from 20 to 2013 and the stories abounded in in ' 66 to 82, think about how frustrating that must have been for the 13 years between the d..."

"probability for successful outcomes. Yeah. And I've I've often said uh good investing is simple but not easy. And it's that part where I just continually try to come up with ways and you're very good ..."

"you have a sense of okay, this is going to be a great client or oh my god, this is not going to be a great client. So very often every the recency effect colors everything everybody says and done does..."

"you know I I'm a um I'm a big watch guy but not for the reasons you would think. I became a watch guy as a kid because I was fascinated by the concept of time, right? So, we see each other because pho..."

"And the way you time travel is not getting into HG Wells time machine or or a TARDIS and travel um somehow always back to London. But um but just picture yourself what's the world going to be like in ..."

"What do you think about what another thing that we have seen uh I think some of it very good some of it really not great for investors is over the last 1015 years there has been a huge amount of innov..."

"Sure. And and and by the way, the genesis of this section in the book comes from the very amusing quip from former Fed chair Paul Vulkar who said, "There's been no innovation in finance other than the..."

"a buyer at 24 and an eighth and I'm a seller at 24 and 78 and you would get filled and eventually the market shrinks those um spreads. Now the spreads are tiny so you're not paying up when you want to..."

"sitting on you know if you're in any of the forget even magnificent 7 it's like the top 50 stocks you're sitting on massive gains uh founders stock IPO shares low cost basis inherited stock employee s..."

"straightforward. So, that's another innovation. Um, just to show you how how much the world has changed. And let me again reiterate the free trading and on apps like that have gified trading like Robi..."

"crap. The IRS literally put out 42 things or 39 things that are not true that keep showing up on social media. You I I linked to uh I think it's a footnote, the actual URL uh in the book. Um, but ther..."

"aware of the risks that happen that are the other side of the double-edged sword. The excrading for for free trading or the fact that you can so easily see your accounts and access money and move it m..."

" Because half the time these are, you know, public figures and AI, you can make them say anything. Yeah. And uh I' I've I've had that demonstrated and it's really freaky. Uh little scary. and an acqua..."

"trader mentality, which requires a really different kind of skill set than an investor mentality? H how did you walk me through that transition? Did something happen? What was it? Was it was gradual. ..."

"um in I want to say it was like 96 or 97 I read a book from Cornell professor Thomas Gillovich called great book how we know what isn't. So certainly the first twothirds of it is just a deep dive into..."

"isn't US. This is And the guy who actually released it eventually got arrested and the stock was like 120 and it had fallen to 20 or 30, some crazy number. And it recovered to like 60 or 70. There sti..."

"trading desk. So, so the decision was made. I moved into research. I worked for a guy named Larry Hart, who was a former software programmer at the predecessor to Lucen, uh, Bell Labs. This was at Pri..."

"statistically in any given year, statistically you're going to end up bottom 10 or 20%. There's no way around it. Your geography, your style, your um investment focus, everything comes in and out of f..."

"Yeah. And and I just keep coming back to that because, you know, I've thought of many different stories, many different ways to explain that. And some of them land, most of them don't. And you you kno..."

"saying, "Hey, we don't know where this ends." Maybe this is a quarter to a third of the way through. Who knows? But it it, you know, otherwise the economy is doing fine. And even if all of this crazin..."

"because we know we're not selling alpha. We know that this is what happens. Markets go up and down. And it's why in the beginning of 2025 we said lower your expectations for when you have back-toback ..."

"Right. Um who over your career uh you've written a lot of books, you've uh met a lot of really fascinating people. who in your mind who are some of the better investors that you've met over your caree..."

"So, let me just throw a couple of names out because they're so different in in what they do. So, you know, I take a Howard Marx who is a distressed fixed income investor and put up like an amazing tra..."

"on things like Nvidia um you're you're ahead of of everybody else And then you know there's some other really fascinating people. Bose Weinstein runs a hedge fund and he is constantly looking at inter..."

"but I'm kind of fascinated by that. Um I've I've interviewed Steve Cohen once or twice. certainly an intriguing guy. Dimmitri uh Bolosni, another really intriguing guy. But here's the thing that I fin..."

"That's just table stakes to enter the arena. He goes, I I've been really fortunate, right place, right time, certain things went my way and there was this event and this meeting and this coincidence a..."

"down the list of these, you know, amazing people who have built Bill Gross and, um, uh, Jeff Sherman over at Double Line and Jeff Gunlock and, uh, Jeremy Seagull and and Jeremy Schwarz at Wisdom Tree...."

"a lot to be said for I don't love the phrase creating luck, but being prepared for when opportunity presents itself because, you know, every now and then there's a situation where something happens an..."

"serendipity. And so after the, you know, the hundth wildly successful finance person says always be grateful, you know, Scott Galloway at NYU who's, you know, by any measure wildly successful. His lin..."

"economy in geopolitics. I think the reason year out forecasts people do so poorly with them is that they completely underestimate how often a random event like a pandemic, like the Russian invasion of..."

"the screen, it it's what the price the the hard part, the uncomfortable part is the cost of admission for the gains. And it's nothing that you did wrong. It's just something you have to tough out for ..."

"you recall the MCI WorldCom merger does Oh yeah, sure. Yeah. So, it was one of those days where half the office is out and hey, let the newbie, let the rookie man in the terminal. So, I'm watching all..."

"you. You're going to handle the taxes and everything else. You're just going to give me, you know, here's here's a hundred grand. Give me 30. Deal with the rest. He's like, done. So, I did that with a..."

"you know this is the way, this is the future, this is what you've got to do. And then I realized that there were many more paths to heaven. But what underlay all of them was an articulated process tha..."

"happened. The new book I'm like, hey, you know what? I understand there are people who are going to want to believe stuff regardless of whether it's right or wrong. They have their their uh I almost w..."

"you know, you could put them on your all-star team, and it doesn't have to be anyone masked head. It's these people at Barrens and these people at Bloomberg and these people at the Wall Street Journal..."

"everybody to understand what's in their own best interest, but some people will pay attention to this. Maybe some people will be somewhat entertained by it. I tr you know, bailout nation was kind of a..."

"gravy. For us that gravy is tax alpha advisor alpha and the ability to educate people about what is real and what is not. What made this book such a pleasure to write? It was really a joy to write aft..."