Sunday , December 8 2019
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The author Barry Ritholtz
Barry Ritholtz
Barry L. Ritholtz is the founder and chief investment officer of Ritholtz Wealth Management. Launched in 2013, RWM is a financial planning and asset management firm, with over $175 million in assets. The firm offers a variety of services to the investing public, including LiftOff — a low cost online-only investment site.

The Big Picture




MIB: Ben Horowitz, co-founder, Andreessen Horowitz

This week, we speak with Ben Horowitz, founding partner of famed venture capital firm Andreessen Horowitz, and author of What You Do Is Who You Are: How to Create Your Business Culture. A16Z (as it known) has $12B in assets under management across multiple funds, and was an early investor in such start ups as Facebook, AirBnB, Lyft, Groupon, Twitter, Pinterest, Box, and many more. The firm formed following Horowitz and Andreessen successful angel investments in LinkedIn, Twitter, Skype,...

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10 Weekend Reads

The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat on the couch, and get ready for our longer form weekend reads: • Berkshire Hathaway Bet Big on Dialysis Giant DaVita. Jim Chanos Thinks It’s a Scam. (Institutional Investor)• Galloway: TWTR, Enough Already (No Mercy, No Malice)• Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War? (Bloomberg)• WeWork: Auditor EY didn’t warn about the risks. Are EY’s IPO clients “special” or is a lack of ICFR warnings a...

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Succinct Summation of Week’s Events 12.6.19

Succinct Summations for the week ending December 6th, 2019 Positives: 1. Market continues to flirt with all time highs — nothing is more bullish,2. Non-farm payrolls rose 266k m/o/m, above the expected increase of 180k.3. Unemployment rate fell to 3.5%, below the previous 3.6%.4. Home mortgages applications rose 1.0% w/o/w, above the previous decrease of 1.0%.5. Jobless claims fell 10k from 213k to 203k, below the expected 218k.6. Factory orders rose 0.3% m/o/m, above the previous decrease of...

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No, Holiday Sales Did Not Rise 16%

Worthless Holiday Shopping Hype Never DiesThe National Retail Federation presents as fact information that’s nothing more than guesswork.Bloomberg, December 4, 2019 Let’s get this out of the way upfront: Retail sales were not up 16% during the holiday weekend. Nor were they up 14% on Nov. 29, Black Friday. That we even have to state this tells us a lot about how easy it is to fool people into believing things that are not true. It is also revealing about the state of economics reporting,...

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10 Friday AM Reads

My end of week, NFP-free, morning train reads: • Bull Markets Last Much Longer Than You Think (A Wealth of Common Sense) see also The Portfolio Gap (Irrelevant Investor)• Gazing into the recession crystal ball (Reuters)• The Marijuana Industry Is Ripe for Inventors (Inc.)• Liquid alternative investments let you cash out, but what will happen in the next market panic? (CIO)• Singapore’s Long-Awaited Moment May Have Arrived (Bloomberg)• Uncovered: Reality of how smartphones turned election news...

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1972 Ferrari Dino 246 GT

The Understated and elegant Ferrari Dino: Once considered a “lesser” Ferrari due to its mere 6 cylinder engine, the lovely shape and flowing lines of this beauty seems to get better with age. The Dino’s beautiful body was designed by Pininfarina and produced by Scaglietti. Designed as a competitor to the Porsche 911 during the early 1970s, the MSRP of the Dino was $14,500 — similar to the 911. * Sigh * The Dino has always been just out of my price range. I recall these going for $30k in the...

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Median US Homebuyers Age in 1981 was 31. Today it is 47.

From Torsten Sløk: The rise since the financial crisis is particularly noteworthy. This is driven by an aging population, affordability, higher student debt levels, and tighter mortgage lending standards for young people and individuals with lower credit scores. All these forces have also contributed to lower levels of residential mobility, see also our chart from last week. Source: Torsten Sløk, Ph.D., Deutsche Bank Securities

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Wanted: Radio & Podcast Producer / Booker

Experienced person needed to jump into role as producer/booker for an existing radio show / podcast, filling in for senior producer who is on 3 to 6 month leave. Duties include booking guests, coordinating studios and engineers, manage calendars, perform regular status updates with host, do correspondence and follow ups with guests. Required: Must be personable, well organized and diligent. Have experience in booking radio and/or TV; Capable of following directions and working independently....

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10 Thursday AM Reads

My morning train reads: • The Bloomberg 50: From finance to fashion and technology to trade, these are the people who defined 2019. (Bloomberg)• The Architect of Modern Algorithms (Quanta Magazine)• Hulbert: How bad will the next bear market be? (Marketwatch)• CalPERS Fires Most of Its Equity Managers (Chief Investment Officer)• How Fake News Is Still Fooling Facebook’s Fact-Checking Systems (Medium)• Why White-Collar Workers Spend All Day at the Office (The Atlantic)• Valerie Plame,...

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Biased Algorithms, Biased World

Very interesting listen by data scientist Cathy O’Neil about her book, Weapons of Math Destruction, which describes the dangers of relying on big data analytics to solve problems. The Disagreement Is The PointSource: WNYC https://ritholtz.com/wp-content/uploads/2019/12/otm112219_cms974941_pod.mp3 click for audio 

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