Ben Carlson

Episode 149: This week, Kyle Van Pelt talks with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management. Ben is the author of five books on investing, including his newest, Risk and Reward. He's the creator of the blog A Wealth of Common Sense and co-host of the Animal Spirits podcast. Ben talks with Kyle about how content has become a powerful engine for growth, clarity, credibility, and connection. He discusses the value of consistency, how to structure content for different generations, and why showing up to solve client problems before they even arise builds an enduring business. Ben also talks about why in-person connection still matters in a digital-first world and how AI is changing the advisor-client dynamic. In this episode: (00:00) - Intro (01:07) - Ben's money moment (03:45) - How content became a growth engine for institutional business (05:19) - Inside Ben’s content creation process (07:13) - Why Ben started blogging (09:13) - Why blogging became Ben’s medium of choice (10:15) - Why podcasts create a stronger audience connection (12:06) - How Ritholtz approaches content strategy (17:03) - How Ben came up with the idea for his book (24:10) - Future Proof: Building a conference that almost never happened (27:08) - Why in-person experiences matter more than ever (31:11) - Ben's outlook on the future of wealth management (35:12) - Ben's Milemarker Minute Key Takeaways Create before you're ready and keep going longer than feels comfortable. Most content starts in silence. The early phase, where no one is watching, is actually an advantage. It lets you refine your voice without pressure. Consistency compounds, even when feedback doesn't. Make complexity understandable, not simplified. Clients don't need jargon. They need clarity. The ability to explain complex ideas in plain language is a competitive advantage, especially in industries built on trust. You can't predict what will resonate. So, publish anyway. The best strategy isn't perfection. It's volume, variety, and consistency. Play the long game with audience building. People don't convert overnight. They show up after years of listening, reading, and observing, often triggered by a life event. Content builds familiarity long before action. Quotes "Whatever format you use for content, make sure it's something that you enjoy first and do it for yourself first and foremost before thinking about trying to build an audience or build a brand." ~ Ben Carlson "You never really know what piece of content is going to resonate with someone. You never really know what will work and what will not. And that's why I think casting such a wide net is helpful." ~ Ben Carlson "No piece of technology is ever going to help people get more comfortable with the 'Am I going to be okay' question. That's what everyone wants to know when they get advice." ~ Ben Carlson Links Ben Carlson on LinkedIn Ritholtz Wealth Management Risk and Reward Michael Batnick Joshua Brown

In this episode, we are joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of Risk & Reward, for a wide-ranging conversation about market history, investor psychology, and the realities of long-term investing. Ben brings his trademark blend of data-driven thinking and plainspoken storytelling to topics like market crashes, inflation, diversification, and why investors are so tempted to time the market. We explore the lessons from Japan's historic asset bubble, the lingering impact of the Great Depression, and why diversification remains one of the few true free lunches in investing. Ben also explains the difference between volatility and risk, why the stock market is not the economy, and how investor behavior—not market performance—is often the biggest determinant of success. Along the way, we discuss inflation hedges, lost decades, speculative behavior, and the psychological challenge of staying invested through inevitable downturns. Key Points From This Episode: (0:00:20) Introducing Ben Carlson, his new book Risk & Reward, and his long-running blog A Wealth of Common Sense. (0:03:16) Why investors shouldn't panic about investing at all-time highs. (0:03:58) The Japanese bubble and crash as one of history's biggest market anomalies. (0:05:39) Why Japan's long-term returns look very different when viewed over 50 years. (0:06:27) Lessons from the Great Depression and the worst stock market crash in U.S. history. (0:07:43) Why the best long-term returns often follow the worst crashes. (0:08:53) The role of diversification and self-awareness in managing portfolio risk. (0:09:55) Defining investment success by achieving personal goals—not beating benchmarks. (0:10:42) Why inflation feels so painful psychologically for investors and households. (0:11:42) Ben's three favorite long-term inflation hedges: human capital, housing, and stocks. (0:13:47) Why market timing is psychologically seductive—and so difficult to execute successfully. (0:15:00) Why handling losses is the single most important skill in investing. (0:16:13) How devastating the economic side of the Great Depression really was. (0:18:49) What policymakers learned from the Great Depression and 2008. (0:20:39) The difference between recessionary and non-recessionary bear markets. (0:21:52) Why the biggest up days and down days tend to cluster together in bear markets. (0:23:18) Preparing for inevitable bear markets with a durable long-term plan. (0:25:07) Why the stock market and the economy can diverge dramatically. (0:28:10) The difference between volatility and risk—and why risk is often personal. (0:29:37) Why comparing the stock market to a casino is fundamentally wrong. (0:31:55) How modern investing platforms encourage speculative behavior. (0:33:18) How extreme Japan's 1980s asset bubble became before collapsing. (0:35:43) The most important diversification lessons from Japan's lost decades. (0:37:39) How common "lost decades" actually are in stock market history. (0:40:58) Three dimensions of diversification: geography, asset class, and strategy. (0:41:53) Why there is no perfect portfolio—only the right portfolio for you. (0:42:52) Common ways investors lose money in markets. (0:44:03) Why investors should be skeptical of billionaire market predictions. (0:45:57) Ben's evolving definition of success an

Risk and Reward (Ben Carlson) - Amazon USA Store: https://www.amazon.com/dp/1804093262?tag=9natree-20 - Amazon Worldwide Store: https://global.buys.trade/Risk-and-Reward-Ben-Carlson.html - Apple Books: https://books.apple.com/us/audiobook/risk-and-reward/id1850708650?itsct=books_box_link&itscg=30200&ls=1&at=1001l3bAw&ct=9natree - eBay: https://www.ebay.com/sch/i.html?_nkw=Risk+and+Reward+Ben+Carlson+&mkcid=1&mkrid=711-53200-19255-0&siteid=0&campid=5339060787&customid=9natree&toolid=10001&mkevt=1 - Shopee: https://asia.buys.trade/shopee_Risk-and-Reward-Ben-Carlson.html - Lazada: https://asia.buys.trade/lazada_Risk-and-Reward-Ben-Carlson.html - Tiktok: https://asia.buys.trade/tiktok_Risk-and-Reward-Ben-Carlson.html - Đọc thêm: https://vietnam.9natree.com/read/1804093262/ #rủirovàphầnthưởngtrongđầutư #biếnđộngthịtrườngdàihạn #kếhoạchđầutưcánhân #lịchsửkhủnghoảngtàichính #kiênnhẫnvàđơngiảntrongdanhmục #RiskandReward Risk and Reward: How to handle market volatility and build long-term wealth, của Ben Carlson, là một cuốn sách tài chính cá nhân và đầu tư dài hạn, tập trung vào câu hỏi rất thực tế, nhà đầu tư nên sống chung với biến động thị trường như thế nào. Carlson là tác giả, người viết blog A Wealth of Common Sense, đồng thời làm trong lĩnh vực quản lý tài sản, nên cách tiếp cận của ông thiên về sự rõ ràng, thực dụng, và ít chạy theo công thức phức tạp. Cuốn sách không hứa hẹn một bí quyết làm giàu nhanh. Ngược lại, nó nhấn mạnh rằng rủi ro và phần thưởng luôn đi cùng nhau, và việc cố tránh hoàn toàn rủi ro thường làm nhà đầu tư bỏ lỡ lợi nhuận dài hạn. Bằng cách nhìn lại các giai đoạn như Đại Suy thoái, bong bóng Nhật Bản, và bong bóng dot com, Carlson giải thích vì sao lịch sử thị trường quan trọng, nhưng không nên bị dùng như một công cụ dự đoán máy móc.

Risk and Reward (Ben Carlson) - Amazon USA Store: https://www.amazon.com/dp/1804093262?tag=9natree-20 - Amazon Worldwide Store: https://global.buys.trade/Risk-and-Reward-Ben-Carlson.html - Apple Books: https://books.apple.com/us/audiobook/risk-and-reward/id1850708650?itsct=books_box_link&itscg=30200&ls=1&at=1001l3bAw&ct=9natree - eBay: https://www.ebay.com/sch/i.html?_nkw=Risk+and+Reward+Ben+Carlson+&mkcid=1&mkrid=711-53200-19255-0&siteid=0&campid=5339060787&customid=9natree&toolid=10001&mkevt=1 - Shopee: https://asia.buys.trade/shopee_Risk-and-Reward-Ben-Carlson.html - Lazada: https://asia.buys.trade/lazada_Risk-and-Reward-Ben-Carlson.html - Tiktok: https://asia.buys.trade/tiktok_Risk-and-Reward-Ben-Carlson.html - Baca selengkapnya: https://indonesia.9natree.com/read/1804093262/ #volatilitaspasar #risikodanimbalhasil #rencanainvestasijangkapanjang #sejarahkrisiskeuangan #perilakuinvestor #RiskandReward Risk and Reward: How to handle market volatility and build long-term wealth, karya Ben Carlson, adalah buku nonfiksi tentang investasi, risiko pasar, dan pembentukan kekayaan jangka panjang. Carlson dikenal sebagai penulis blog A Wealth of Common Sense, pembawa podcast Animal Spirits, dan profesional investasi di Ritholtz Wealth Management. Dalam buku ini, ia tidak menawarkan rumus cepat untuk menjadi kaya, tetapi mengajak pembaca melihat investasi sebagai hubungan yang selalu melibatkan risiko dan imbal hasil. Tujuan utamanya adalah membantu investor memahami mengapa volatilitas tidak bisa dihapus, mengapa rencana investasi lebih penting daripada prediksi pasar, dan bagaimana sejarah keuangan bisa memberi konteks bagi keputusan hari ini. Buku ini berada di wilayah keuangan pribadi dan strategi investasi, tetapi pembahasannya tidak teknis secara berlebihan. Gaya utamanya praktis, historis, dan berbasis perilaku. Karena itu, buku ini cocok bagi pembaca yang ingin membangun kekayaan dengan cara yang realistis, disiplin, dan tahan terhadap tekanan pasar.

Ben Carlson joins Excess Returns to discuss his new book Risk and Reward and the biggest lessons investors can learn from market history. We cover how to think about risk, inflation, market timing, bear markets, lost decades, diversification, compounding and why surviving volatility is the key to building long-term wealth. Ben's Book https://amzn.to/4dFHsQz Ben Carlson on X https://x.com/awealthofcs Ben's Blog https://awealthofcommonsense.com/ Main topics covered: Why risk is hard to define and always involves trade-offs How vivid risks like sharks and headlines distort investor decision-making Why doing nothing can be one of the hardest parts of investing How inflation should be viewed through personal finance, human capital and long-term investing Why stocks can be an inflation hedge even if they struggle during inflation spikes Why waiting for the market coast to clear often fails What the world’s worst market timer teaches about saving and staying invested How loss aversion shapes investor behavior What the Great Depression, bear markets and 30-year returns teach about long-term investing Why there is no perfect portfolio and the best strategy is one you can actually stick with Timestamps: 00:00 Ben Carlson on why risk and reward are attached 06:35 Doing nothing, action bias and better investing behavior 11:51 Inflation psychology and lessons from the 1970s 16:55 Why stocks can hedge inflation over the long run 21:07 Why waiting for the coast to clear is a market timing trap 26:30 Time horizons, loss aversion and portfolio behavior 31:49 Government rescue, left-tail risk and unintended consequences 35:54 Recessionary vs non-recessionary bear markets 42:09 Why the stock market and economy can diverge 47:24 Why compounding is about holding, not trading 51:37 Starting valuations, lost decades and future returns 55:40 Risk, reward and the biggest lesson for investors

#279: Learn to handle market volatility and build long-term wealth in a world dominated by AI disruption, market fear, inflation concerns, and nonstop financial noise. Chris and Ben discuss why investing remains psychologically difficult, how to think about global diversification, when to reevaluate your portfolio, and the risks most investors still overlook. Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management and the author of five books on investing, including his newest, Risk and Reward . He's the creator of the blog A Wealth of Common Sense and co-host of the Animal Spirits podcast. Link to Full Show Notes: https://chrishutchins.com/risk-market-volatility-ben-carlson Partner Deals Thrive Market: ⁠30% off your first order of organic groceries + a free $60 gift Upwork: ⁠Free job posting to find, hire, and pay top freelance talent DeleteMe: ⁠20% off removing your personal info from the web Superhuman: ⁠ Free month of the fastest and best email with code ALLTHEHACKS Gelt: ⁠Skip the waitlist on personalized tax guidance to maximize your wealth For all the deals, discounts and promo codes from our partners, go to: ⁠chrishutchins.com/deals Resources Mentioned Ben Carlson: Website | X Book: Risk and Reward Podcast: Animal Spirits A Longer Life Can Lead to Financial Concerns, and More Questions The Millionaire Next Door by Thomas Stanley and William Danko Roger Federer's 2024 Dartmouth Commencement Address ATH Podcast #128: The Psychology of Money with Morgan Housel #174: Secrets of Success in Life and Work with Legendary Silicon Valley Investor Andy Rachleff Newsletter Leave a review: Apple Podcasts | Spotify Email for questions, hacks, deals, and feedback: podcast@chrishutchins.com Full Show Notes (00:00) Introduction (00:49) Why Investing Is Still So Hard for Most People (01:37) How Today's Media Makes Markets Feel Scarier Than Ever (02:51) The Core Idea Behind Ben’s New Book (05:10) What Japan's Lost Three Decades Teach Long-Term Investors (08:50) Why You Ne

The financial news cycle moves fast, but the fundamentals of investing have not changed. Melissa Joy, CFP® sits down with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of five books including his latest, Risk and Reward, to explore what history actually teaches us about markets, human nature, and the psychology behind smart long-term investing. Ben brings equal parts data and storytelling to make the case that understanding the past is one of the most underrated tools an investor can have. From the inflationary spiral of the 1970s to lost decades and the dot-com aftermath, Ben and Melissa walk through the market cycles that shaped today's investing environment and what those periods reveal about our own tendencies as investors. They also dig into the coming wave of wealth transfer, why women will increasingly control the bulk of financial assets, and why the financial advice industry is not yet ready for it. What You'll Learn Why studying financial history matters and what it reveals about the range of possible outcomes How inflation in the 1970s shaped investor psychology in ways that still resonate today What the lost decade of 2000 to 2010 teaches about diversification and why that lesson keeps getting forgotten Why simplicity in a financial plan beats complexity almost every time How to build a portfolio durable enough to survive a wide range of outcomes without requiring you to predict the future Why preparation is more valuable than prediction when it comes to investing What the great wealth transfer means for women and why the financial advice industry needs to catch up How human nature is the one investing variable that never changes across market cycles What Ben's list of 20 investing beliefs reveals about discipline, self-awareness, and behavioral finance Why the best financial plan is the one you can actually stick with through difficult markets About Ben Carlson Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management and the author of five books on investing and personal finance, including his latest, Risk and Reward. He is the creator of the blog Wealth of Common Sense and co-host of the Animal Spirits podcast. Book: Risk and Reward Blog: awealthofcommonsense.com Podcast: Animal Spirits The previous presentation by PEARL PLANNING was intended for general information purposes only. No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment a

Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify Today on the podcast, we welcome back Ben Carlson , who’s the author of a new book called Risk and Reward . Ben is the director of institutional asset management for Ritholtz Wealth Management . In addition, Ben’s a prolific creator of content. His blog is called A Wealth of Common Sense . He also co-hosts the podcast Animal Spirits with Michael Batnick. Ben is the author of four books about investing and money, and he’s a CFA charterholder. Episode Highlights 00:00:00 Understanding Market History Is About Preparation, Not Prediction 00:02:00 Lessons From Japan’s Asset Bubble and Mean Reversion 00:06:54 The Different Ways Investors Respond to Crashes 00:08:36 The Automatic Investing Revolution Has Changed Behavior 00:15:22 Why Patience Is Harder to Come By in an On‑Demand World 00:19:32 The Importance of Education in Private Asset Investing 00:21:35 Inflation Psychology and How to Respond 00:28:15 Two Different Kinds of Bear Markets 00:35:40 Using Alpha to Deliver Better Aftertax Outcomes for Clients More From Ben Carlson Everything You Need To Know About Saving For Retirement Don’t Fall For It: A Short History of Financial Scams Invest Your Way to Financial Freedom Risk and Reward More From Morningstar Ben Carlson: How Not to Get Scammed What We’ve Learned From 150 Years of Stock Market Crashes The 60/40 Portfolio: A 150-Year Markets Stress Test If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and <a href="https://www.linkedin.com/in/ben-johnson-cfa-5a288175" target="_blank" rel="no

Summary: In this episode, Ben Carlson discusses long-term investing, the importance of diversification, managing investor psychology, and insights from his new book ‘Risk and Reward’. He shares lessons from Japan’s stock market history, debunks common investing myths, and emphasizes the value of simplicity and discipline in wealth management. Resources: Find Risk & Reward on Amazon A Wealth of Common Sense Website Animal Spirits Podcast Key topics: Long-term investing and buy-and-hold strategy Lessons from Japan’s stock market history The importance of diversification and avoiding concentration risk Managing investor psychology and behavioral biases Insights from Ben Carlson’s new book ‘Risk and Reward’ Connect with Will Hoffman: Hoffman Wealth Management (724) 522-5411 will@hoffmanwealth.com LinkedIn: Will Hoffman Facebook: Hoffman Wealth Management YouTube: Hoffman Wealth Management Disclosure: Ben Carlson and Ritholtz Wealth Management are not affiliated with Hoffman Wealth Management and Private Advisor Group.

In this episode, Lakey Peterson and Kaleigh Gilchrist interview Spencer Pirdy, a waterman and big wave surfer. Spencer shares insights into his childhood, love for the ocean, and experiences surfing big waves around the world. The conversation also delves into favorite surf spots and memorable moments in the water. Spencer Pirdy shares his love for big wave surfing, the challenges of surfing beach breaks, and the significance of Puerto Escondido in his surfing journey. He also discusses the impact of Ben Carlson on his life and the formation of the Ben Carlson Foundation. Additionally, he shares his journey of sobriety and the importance of writing in his life. Takeaways Childhood in Newport Beach Love for the Ocean Favorite Surf Spots Big wave surfing challenges The significance of Puerto Escondido The impact of Ben Carlson The journey of sobriety The importance of writing Chapters 00:00 Introduction and Coffee Orders 08:29 Progression to Big Wave Surfing 17:12 Favorite Surf Spots and Travel Experiences 24:15 The Love for Big Wave Surfing 39:22 The Significance of Writing in Spencer's Life

Partner Deals Long Angle: Join a free private community for high net worth investors Storyworth: Share your mother's stories in a custom book (+ up to $20 off) Green Chef: ⁠50% off your first month + 20% off for two months with code 50ALLTHEHACKS Fora: Become a Fora Advisor today Quince: Affordable luxury essentials with free shipping + 365 day returns For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals #233: Explore how different generations approach money and what they get right (and wrong) about saving, investing, spending, and building wealth. We dig into the psychology of money across generations and share practical lessons on homeownership, retirement, automation, points inflation, and more. Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management . He runs the popular financial blog, A Wealth of Common Sense and is the author of four books on investing and personal finance. He also co-hosts one of my favorite podcasts: Animal Spirits . Link to Full Show Notes: https://chrishutchins.com/financial-mindsets-across-generations-ben-carlson Partner Deals Superhuman: Free month of the fastest and best email with code ALLTHEHACKS Green Chef: 50% off your first meal kit with code 50ALLTHEHACKS Notion: Try Notion AI free to automate tedious tasks and streamline your work Bilt Rewards: Earn the most valuable points when you pay rent DeleteMe: 20% off removing your personal info from the web For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals Resources Mentioned Ben Carlson: Website | Animal Spirits Podcast | X Ben's Post: Financial Advice That Doesn’t Work Anymore Morningstar Column by John Rekenthaler Tim Ferriss Ep #815: Helping Tim Burn 15M+ Miles and Points, Flipping Costco Gold Into Five-Star Trips & More Award Travel Search Tools AwardTool : $20 off annual plans with code ALLTHEHACKS PointsYeah Points Path Chrome Extension Coinbase One : Join the waitlist here ATH Podcast Leave a review: Apple Podcasts | <a href="https://open.sp

Join us for a thought-provoking discussion with Pastor Ben Carlson as he dives into one of the Old Testament's most intriguing figures: the Angel of the LORD. In this episode, Ben presents compelling scriptural evidence and theological insights to explain why he believes the Angel of the LORD is none other than a pre-incarnate appearance of Jesus Christ Himself. From the burning bush to Gideon's encounter, we explore key passages where this mysterious figure appears, examining the profound implications for our understanding of God's character and the continuity of His redemptive plan throughout history. Below are the links for Pastor Ben's four part blog series on the Angel of the LORD: https://cbtseminary.org/what-does-the-angel-of-the-lord-mean/ https://cbtseminary.org/where-is-the-angel-of-the-lord-found-ben-carlson/ https://cbtseminary.org/who-is-the-angel-of-the-lord-ben-carlson/ https://cbtseminary.org/why-is-the-angel-of-the-lord-important-ben-carlson/ For more information about CBTS visit: https://cbtseminary.org