Barry Ritholtz
Barry Ritholtz
Barry Ritholtz is an American author, newspaper columnist, blogger, equities analyst, CIO of Ritholtz Wealth Management, and guest commentator on Bloomberg Television. He is also a former contributor to CNBC and TheStreet.com...
NationalityAmerican
ProfessionAuthor
CountryUnited States of America
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Investors tend to discover 'hot' mutual fund managers just after a successful run and just before the inescapable force of mean reversion is about to kick in.
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Hedge fund managers charge so much more than mutual fund managers; alpha is even harder to come by. They end up selling a variety of things beyond mere outperformance.
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Active management leads to lots of poor investor behavior. It sends people chasing after whoever has the hot hand at the moment.
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Mutual fund managers want your money in their funds. They get paid based on assets under management.
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You, your employer and your plan's investment managers fail to follow even the most basic rules of investing. You overtrade, chase performance, do not think long term. All of you - All Of You - have done a horrible job managing your retirement plans.
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Many hedge fund managers have become billionaires; perhaps this - plus their reputations as the smartest guys in the room - is why they have captured the investing public's imagination.
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The ability to select stocks, manage them over time and know when to sell them is incredibly difficult, even for professional fund managers.
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Asset managers have different approaches, and I don't wish to suggest there is only one way to run money. There are many ways one can attempt to reduce risk, improve performance, lower drawdowns and reduce volatility.
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We see inflation rearing its head across the board. Contrary to what a lot of people have been saying, it's not just energy.
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Earnings have been coming in across the board pretty good, but the problem hasn't been earnings. The issue is the forward-looking statements for the fourth quarter or 2006. Despite good numbers, you see some stocks getting punished. It's a function of the outlook.
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There's still upside in tech but it's going to be more grudging and grinding and choppy, it's not going to be this moon shot that we saw a year ago.
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Tech stocks are probably a little pricey. But they're not stupid pricey.
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Every buck that they are forced to spend elsewhere is that much less money (spent) on other issues. With technology it may not fall dollar-for-dollar, but you have to think that it's going to pinch a little bit.
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It is important for investors to understand what they do and don't know. Learn to recognize that you cannot possibly know what is going to happen in the future, and any investment plan that is dependent on accurately forecasting where markets will be next year is doomed to failure.