The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 10 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
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.”
Asset management is useless without a comprehensive financial plan
“The asset management is great, and it's really important to us, and it's the thing that I focus on and Barry focuses, but at the end of the day, it's useless if it's not in service to a financial plan.”
Currency hedging is unnecessary because currency risk generates investment returns
“We're not big buyers of the currency hedging idea. We think that currency is a risk, but risks are sources of return. So give me the risk.”
Ritholtz Wealth holds zero commodity exposure across client portfolios
“We have no commodity. None.”
Ritholtz Wealth weeds out prospective clients seeking complex financial products
“The people that are coming to us and they want the bells and whistles. Within the first conversation, we're going to weed them out. And it's for their own benefit, because we're not doing enough circus act stuff to make them happy.”
Ritholtz Wealth invests client capital exclusively in liquid public markets
“At the current moment, everything we do is in a liquid public market.”
Ritholtz staff retirement assets are invested in their client models
“My retirement money, my real money is all in the models that we manage for clients.
So I eat my own cooking and everyone at the firm, by the way, all of our, for one K contributions go right into the same models our clients own.”