*Get our Investment Guide:* https://clickhubspot.com/xg92
Episode 832: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to legendary fund manager Barry Ritholtz( https://x.com/Ritholtz ) about the behaviors that destroy returns for investors and how to avoid them.
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Show Notes:
(0:00) Intro
(2:19) christmas tree portfolio
(4:43) the cowboy account
(9:51) day trading
(11:09) Barry yells at Lloyd Blankfein
(13:46) panic selling
(16:45) sam picks a fight
(18:46) direct indexing
(21:43) Great investors
(27:25) 90% of everything is crap
(36:14) Elon's foray into PE
(44:02) Predicting the housing crisis
(46:01) spending a year as the dumbest guy on wall street
(49:01) Why bubbles are good for the economy
—
Links:
• How Not To Invest - https://www.hownottoinvestbook.com/
—
Check Out Sam's Stuff:
• Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm
—
Check Out Shaan's Stuff:
• Shaan's weekly email - https://www.shaanpuri.com
• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.
• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!
Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC
• I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out:
beehiiv.com/mfm-challenge
My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /
Brutally honest guide to not losing money in the market
Here's something that might blow your mind — most investors lose money not because of market crashes, but because of their own behavior. According to My First Million, the real danger isn’t the market dropping; it’s panic selling and chasing hot stocks. Barry Ritholtz, a legendary fund manager, points out that many folks get caught up in emotional swings — selling during downturns or overtrading in hope of quick wins. But here’s where it gets interesting: he says that bubbles, surprisingly, can actually help the economy grow because they attract new money and innovation. So what does this mean for you? The biggest risk isn’t the market itself — it's your reactions. Staying calm, avoiding impulsive moves, and understanding that most ‘hot’ investments are often garbage, as Ritholtz notes, can save you a fortune in the long run. If this pattern holds, the smartest investors will be those who learn to ignore noise and focus on consistent, disciplined strategies — because in the end, your behavior is your greatest asset or your worst enemy.
Audio Transcript
*Get our Investment Guide:* https://clickhubspot.com/xg92
Episode 832: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to legendary fund manager Barry Ritholtz( https://x.com/Ritholtz ) about the behaviors that destroy returns for investors and how to avoid them.
—
Show Notes:
(0:00) Intro
(2:19) christmas tree portfolio
(4:43) the cowboy account
(9:51) day trading
(11:09) Barry yells at Lloyd Blankfein
(13:46) panic selling
(16:45) sam picks a fight
(18:46) direct indexing
(21:43) Great investors
(27:25) 90% of everything is crap
(36:14) Elon's foray into PE
(44:02) Predicting the housing crisis
(46:01) spending a year as the dumbest guy on wall street
(49:01) Why bubbles are good for the economy
—
Links:
• How Not To Invest - https://www.hownottoinvestbook.com/
—
Check Out Sam's Stuff:
• Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm
—
Check Out Shaan's Stuff:
• Shaan's weekly email - https://www.shaanpuri.com
• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.
• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!
Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC
• I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out:
beehiiv.com/mfm-challenge
My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /
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