Michael Batnick
Managing Partner, Ritholtz Wealth Management. On 2 shows, 2 appearances. The Shows tab opens the full record on each.
investorexecutivehostauthoranalyst@michaelbatnick ↗LinkedIn ↗theirrelevantinvestor.com ↗Wikipedia ↗
Michael Batnick is a Managing Partner at registered investment adviser firm Ritholtz Wealth Management, where he serves on the investment committee developing risk management and portfolio strategies. He is the author of Big Mistakes: The Best Investors and Their Worst Investments, runs The Irrelevant Investor, and co-hosts several financial podcasts.
2shows
2appearances
28statements
13resolved
10supported
0contradicted
77%fully supported
4said about them ↓ Everything Michael Batnick said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Batnick: Nvidia got cheaper during its run as EPS sextupled
“So Nvidia has gotten cheaper. Over the course of the run, because the fundamentals have outrun even the incredible share price. So over the last, so last year Nvidia earned a dollar nine. That was her earnings per share. Over the last 12 months, it's done six …”
Batnick: Nvidia could drop 50% without proving the bears right
“Can this thing get cut in half? Absolutely it can get cut in half. But does that prove the, does that prove that the bears were right? I don't think so. Growth stocks get cut in half all the time.”
Batnick: Missing Nvidia hurts Cathie Wood's innovation fund credibility
“She sold it before the run and listen, she has a difficult job, but to make matters worse, like she never got back on and there was a lot of opportunity for her to do so. And when you market yourself as the innovation fund and you miss the biggest innovation o…”
Batnick: No trillion-dollar company has ever grown as fast as Nvidia
“There has never been a company of this size growing this quickly.”
Batnick: Nvidia will never match Apple's portfolio ubiquity as a brand
“No, no, it can't. I think the reason why Apple became so ubiquitous in portfolios across America is because the brand, the products became so ubiquitous across America. I don't know what the average American has in their house in terms of the iPhone, maybe an …”
Batnick: Predatory life insurance sales harm clients more than bad stock picks
“If you're selling somebody, you know, a shitty stock or mutual fund, whatever, they're giving you know, 10 grand. And sure, that sucks to lose that, but when you're selling life insurance policies to somebody, and you're asking for giant commissions premiums, …”
Batnick: Even the best analysts face limits with value investing
“You could be the best business analyst in the world, and you might have a great long-term track record and things might be okay, but there are limits to value investing, obviously.”
Investment backtests are bullshit because nobody publishes the failing ones
“Because when you show, you know, the back tests, which I think are, you know, back tests are bullshit. This looks amazing, of course. We're not, nobody's going to implement a strategy with a bad back test.”
Batnick: Momentum and Trend-Following Can Never Be Arbitraged Away
“Rising prices attract buyers and falling prices attract sellers. And it is literally that simple. And I don't care how many computers or geniuses get involved. That alone can never be arbed away.”
Batnick: Nvidia trades at 40x forward earnings compared to Cisco's dot-com 130x
“Cisco got as expensive as I think it was a 130 forward times earnings. Right now NVIDIA is trading somewhere between 40, let's call it 40 times forward earnings.”
Batnick: Nvidia has earned a valuation premium above market multiple
“I don't know what the right answer is, but it probably shouldn't be trading at a market multiple, call it 20 times or so, so it certainly has earned a premium that it's trading at.”
Batnick: A 13% three-day drop is normal for high-growth stocks
“What happened over the last three days is abnormal in terms of the market cap losses, but for a company that's doubled and doubled again and doubled again or whatever the performance has been, for it to lose 13% in three days is completely normal. I mean, that…”
Batnick: Cisco stock collapsed post-bubble despite 15% earnings growth
“Cisco, the business, compounded its earnings at something like 15% in the 15 to 20 years after the bubble burst. The stock got destroyed because it wasn't discounting 15 to 20% earnings per share growth. It ended up discounting like 40 to 50%.”
Batnick: Jack Bogle Once Started an Unsuccessful Technical Analysis Fund
“It was in, ah, maybe Clash of the Culture is one of his books, where he spoke about, he started a fund based on technical analysis, and obviously, ah, it didn't do so well.”
Batnick: Legendary investment mistakes stem from emotion, not valuation errors
“But one common theme that we all make mistakes on is the emotional side. Like none of these mistakes were because somebody used too aggressive of a growth assumption or an inappropriate discount rate or didn't understand the business. It was always like either…”
Batnick: Keynes wrote the best chapter on investing in history
“And he wrote, in my opinion, the best chapter ever on investing. I don't know if it's 11 or 12 in general theory, but everything that you hear from Howard Marks and all these guys really started with Keynes in this chapter.”
Batnick: Charlie Munger's 1973-74 Losses Stemmed from Concentration, Not Mistakes
“He got crushed in the 73, 74 bear market like everybody else did. And I guess you can nitpick because he was so heavily concentrated in this company, blue chip stamps in particular, but you're right. He didn't make any mistakes. He, you know, he lost money whe…”
Batnick: Hindsight '$10K invested' charts ignore the emotional pain of holding
“I think that looking at the growth of a dollar, you know, a lot gets lost in the charts, the emotions of it and what it took to hold on. I just think that like people that are, oh, if I should have bought Amazon, I knew it. No, you didn't. If you did, you woul…”
Batnick: Nvidia is only the 12th company to lead the S&P 500
“It's only the 12th or 13th company over the last hundred years to wear the crown of the number one company in the S and P 500. It's there's not been a lot of turnover at top. There's only 12 names and NVIDIA is one of them.”
Batnick: Only 14 S&P 500 companies exceed Nvidia's $430B three-day loss
“There's 14, there's 14 companies in the S&P 500 that are bigger than the market cap that was raised in three days. That's it. Only 14 companies are more than four to thirty billion dollars. That's as big as MasterCard and it did it in three days.”
Batnick: Benjamin Graham beat the market by almost 2% annually
“Now, he did beat the market by almost two percent a year for a decent amount of time, so they were very good.”
Batnick: Jesse Livermore repeatedly failed to follow his own trading rules
“The irony is that he couldn't even follow his own rules. And he made and lost several fortunes. And every single time he came away with this soliloquy and these beautiful words and Every time he just couldn't do it.”
Batnick: Stock investing obscures embedded expectations unlike sports betting
“And that's the hard part about investing is that, like, if you want to bet on the Golden State Warriors, well, you're not going to get very good odds, right? Because everyone knows they're going to win. Same thing with horses. But when you're buying a stock, y…”
The other half of the tape: Michael Batnick's own voice is left out of every number here. Other people bring the name up 4 times in 2 episodes across the shows. every mention, with the transcript →
Who brings them up most Josh Brown 3Ted Seides 1
Every mention by year
tap a year for its mentions
Capital Allocators 4
2023 1 mention in 1 episode
2017 3 mentions in 1 episode
One line per show, most statements first. The link opens Michael's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| CAPITAL ALLOCATORSLEDGER | Managing Partner, Ritholtz Wealth Management | 1 | 17 | 100% 7/7 | full record on Capital Allocators → |
 BIG TECHNOLOGYLEDGER | Managing Partner, Ritholtz Wealth Management | 1 | 11 | 50% 3/6 | full record on Big Technology → |