Ritholtz Wealth Management

Chief Operating Officer

Data Scientist

Cornerstone Research

Senior Analytics Consultant

Analytics Consultant

Senior Analyst

Provide financial and economic analysis for commercial litigation matters.  Support experts in preparing for deposition and trial testimony.

Analyst

Federal Reserve Board (Banking Supervision and Regulation)

Risk Policy Intern

Stanford University

Research Assistant for Program on Energy and Sustainable Development

Acumen LLC

Quantitative Research Analyst Intern

Stanford Institute for Economic Policy Research (SIEPR)

Research Assistant

Nick Maggiulli

I can't stand AI-assisted writing anymore. It’s all over Substack. It’s in my LinkedIn replies. It’s everywhere. Like a disease slowly infecting our literary consciousness.

My latest on the rise of AI writing and why cognition will always be an edge:

https://lnkd.in/esAjhX7q

NY Times Bestselling Author | COO at Ritholtz

Your career is an asset class.

If you work in tech, you shouldn't own a lot of tech stocks. If you're a real estate agent, you shouldn't invest in a bunch of rental properties. Why?

Because you are inadvertently doubling down on the same set of risk factors.

Most people think of their career and their portfolio as distinct buckets. Your career is your income and your portfolio is your wealth.

But they are deeply connected.

If you're an engineer at Google and tech sells off, you risk losing your job and the portion of your wealth linked to technology stocks. If you're a real estate agent and the housing market slows, you risk losing commissions and rental income.

I work at a wealth management firm whose revenue is directly tied to the stock market. Do you think my personal exposure to financial assets should be the same as someone working in fashion or retail? Should we both just buy the S&P 500 and call it a day?

I don't think so.

Your career is an asset class. Hedge it accordingly.

You can't budget your way to $10 million. You can't coupon your way to financial freedom.

There's a mathematical limit to how much you can cut your expenses (it approaches zero). Even the top 20% of earners have to spend something on their necessities (see chart).

But there's no limit to how much you can increase your income.

There's a reason why those with the highest incomes also have the highest savings rates—they have far more than they need.

Stop trying to reduce your budget by 10% and start trying to increase your income by 50%.

No alternative text description for this image

There are two types of risk in life: Fast Risk and Slow Risk.

Fast Risk is the stuff that makes headlines. It’s the things that we are warned about everyday:

"Don’t drive without a seatbelt."
"Don’t cheat on your spouse."
"Don’t use too much leverage."

The reason for this is simple—the consequences of Fast Risk are immediate and usually devastating. You get severely injured. You get divorced. You go broke. There’s a clear line between how your life was before and after the risk materialized.

But then there’s Slow Risk. 

Slow Risk is the accumulation of bad decisions that eventually leads to an unwanted outcome:

It’s developing heart disease after decades of improper eating. 
It’s getting divorced after neglecting your spouse for years. 
It’s sitting in cash while you wait to buy the dip.

With slow risk, there’s no single event that you can point to and say, “Here’s where I went wrong.” No. It’s the cumulative effect of your improper decision-making that leads you astray.

Everyone thinks about Fast Risk, but intelligent investors focus on Slow Risk too.

Return on Hassle > Return on Investment

Focus on maximizing sleep, not maximizing returns.

If you know, you know.

When was the last time you got called in the middle of the night about your index fund?

One of the biggest myths I hear in finance is that property investing gives ‘passive income’.

In reality, property/real estate is one of the least passive investments there is.

This graph from Nick Maggiulli illustrates it well.

Property can be a great investment - there are plenty of benefits that come with it.

But it’s not passive. 

You aren’t going to get a call in the middle of the night about your index fund.

You might get one about your rental property.

Make sure the extra return is worth the extra hassle.

The worst investments I've ever owned all share one thing in common—I couldn't sell them.

My latest on the high price of illiquidity and how I learned this lesson the hard way: https://lnkd.in/eai8tggt

Every year I compile my favorite investment writing, and 2025 did not disappoint.

Like it, share it, or bookmark it for later. Whatever you do, don't miss out on these amazing pieces.

My Favorite Investment Writing of 2025:

Open article: Protected: My Favorite Investment Writing of 2025 (DRAFT) by ofdollarsanddata.com

Protected: My Favorite Investment Writing of 2025 (DRAFT)

I think I've found the mortgage-backed security (MBS) of our era. It's called conduit debt financing and it might be how the AI bubble eventually pops.

My latest on the obscure financial structure that could trigger the next crisis:

https://lnkd.in/epB_-n8Q

Nelson Enterprises, LLC

- Manage the day-to-day operations of six quick service restaurants in the greater Las Vegas area
- Track daily operating metrics of privately owned businesses to evaluate weekly profitability
- Work with managers to hit budgets on both food and labor, making adjustments as necessary
- Assist regional management to oversee over 100 employees across six locations in two geographical areas 
- Created all in-house tracking software, utilizing multiple excel functions to automatically track daily sales
- Utilized excel VBA software to automate a stock analysis tool, increasing screening efficiency
- Assisted in raising over $2m in capital for various LP investments available through Nelson Enterprises’ network
- Raised $300k in debt financing and $1m in equity financing from multiple parties within six months
- Negotiated a buyout of five fast food franchises based on multiple industry standard valuation techniques

Managing Partner

CC Mutual

- Analyze the profit potential of current investments held by the limited partners
- Assist partners with analysis of potential new investments using complex models
- Mitigate investment risk using Monte Carlo analysis and probability distributions 
- Utilize knowledge of business operations to assist with creation and efficiency of the partnership

Lead Financial Analyst

Western Funding, Inc.

- Created processes to efficiently update the buy program to increase ROI of the department by 15%
- Utilized Excel VBA functions as well as python programming to automate processes involved in decision-making
- Increased risk mitigation of the automated buy program through the COVID-19 pandemic, allowing the company to grow while competitors shrunk
- Was the first to test the work from home initiative, allowing the entire company to move to a fully remote role

Financial Risk Analyst

Caesars Entertainment Corporation

- Created proforma financials for offers to be enacted across the Southern properties.
- Assisted property management in the analysis of their property’s financial results.
- Worked with property management to establish realizable goals for the corporation.
- Realized a 20% savings in offer costs through offer testing to cut unnecessary expenses.

Analyst II

Affinity Gaming

- Assisted in the financial analysis of operational segments within the organization, and reported my findings to management.
- Worked with the managers of various departments to ensure all scheduling was done in the most efficient way possible.
- Reviewed monthly and quarterly data to evaluate the efficiency of the budgeting process, and made changes as necessary.

Financial Analyst

Goldman Sachs

- Assited in the account opening process for high net worth individuals, ensuring all legal documents were in line with regulations.
- Worked with various teams in the Investment Management Division to ensure all client requests were done in a timely manner.
- Reviewed legal documents to ascertain all important information relating to the powers of the individuals mentioned therein.

Account Opening Specialist

The Burg

- Analyzed the operational efficiency of the business, ensuring profitability of each item sold.
- Served as the lead fry cook upon opening, leading a team of five individuals in the kitchen.
- Provided excellent customer support in providing our customers the best experience and highest quality food at a great price.  
- Worked with the crew on redeveloping the interior space to fit the needs of the business.

BYU-Idaho's Student Actively Managed Investment Fund

- Conducted research related to a specific company, determining the intrinsic value from all available data.  
- Lead a team of five individuals, studying a specific company, and conducting analysis related to the company’s fundamentals while creating templates in Excel to better assist the team members in analyzing and determining the strengths of the business.

Team Lead

WealthPlan Advisors, Inc.

- Edited investment reports for clients to show their most recent account summaries. 
- Created and edited documents such as Agendas, compliance reports, and other reports as needed by the investment analyst team.

Administrative Assistant

BYU-Idaho Investment Society

- Actively study current market conditions and manage BYU-Idaho's current investments in Short-term Bond holdings.  
- Effectively worked with an investment team to achieve gains in BYU-Idaho's Long-Term Investments.

Junior Investment Analyst

Co-Founder & Chief Executive Officer at Nelson Enterprises, LLC

Interested in all topics related to fundamental analysis and the overall stock market.  
Co-owner and Operator of The Shack Pack, LLC, currently managing 6 fast food locations in the Las Vegas area.  

taplio

The Battle

Nick Maggiulli

George Nelson, MBA

Followers

Posts

Engagements

Likes

Performance ScoreNick Maggiulli's LinkedIn Performance

Ready to grow your LinkedIn presence?

taplio

The Battle

Nick Maggiulli

George Nelson, MBA

Followers

Posts

Engagements

Likes

Performance Score.css-goub6s{font-size:var(--chakra-fontSizes-md);font-weight:500;color:var(--chakra-colors-gray-600);display:block;margin-top:var(--chakra-space-1);}Nick Maggiulli's LinkedIn Performance

Ready to grow your LinkedIn presence?

Performance ScoreNick Maggiulli's LinkedIn Performance