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%.

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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

Kaloian Parchev

Zetta Systems Ltd.

Zetta Systems provides specialized services in DevOps, cloud infrastructure, cybersecurity, and continuous IT support. Our experienced engineering team applies proven technologies and practices to help businesses build stable, scalable, and secure IT environments.

Our services are designed to improve operational efficiency, reduce risks, and support sustainable growth. We help organizations implement automation in their development workflows, shorten delivery cycles, and maintain high system availability. Our cloud solutions provide flexibility and cost control, while our cybersecurity services help protect critical systems and data from modern threats.

As Managing Partner, I lead the long-term direction and planning of Zetta Systems. I focus on identifying new opportunities, maintaining strong client relationships, and ensuring that our services meet evolving business and technology needs.

Key Responsibilities:
- Defining and executing the company's business strategy
- Monitoring relevant industry trends and evaluating their implications
- Building and maintaining strong relationships with clients and partners
- Exploring and developing new business opportunities
- Ensuring our solutions meet client goals and deliver measurable outcomes

Let’s discuss how Zetta Systems can support your digital priorities and help your organization move forward with confidence.

Managing Partner

Persy Ltd.

Leading Private Bulgarian System Integrator. A trusted business partner of global technology leaders including Intel, Supermicro, Microsoft, VMware, Hitachi Data Systems, LSI, Open-E, Brocade, IBM, NVIDIA, QSAN, STEC, QLogic, Infortrend, Cisco, DataCore, Eaton, QNAP, Symantec, and others. The company offers the full range of products and services from these vendors.

Responsibilities
- Monitoring emerging technologies and industry trends to evaluate their business impact and added value.
- Building and maintaining strong relationships with key clients across the public and private sectors, both locally and internationally.
- Leading the end-to-end bid evaluation process.
- Identifying and pursuing new business opportunities.
- Providing consulting support to partners on EU-funded programs, from design through implementation.

Key Achievements
- Successfully expanded the company’s international market presence by establishing strategic relationships with key partners and clients.
- Played a pivotal role in managing the company’s largest and most complex technology projects.
- Forged strategic alliances with international partners, leading to a significant increase in overall sales.
- Contributed to a sustained year-over-year revenue growth of approximately 25% over three consecutive years through effective team collaboration and strategic execution.

Virtualization and Storages Consultant

A Web Ltd.

Private Bulgarian Company.
For more information, please visit www.aweb-bg.com.

Responsibilities
• Managing a team of skilled and highly motivated professionals, specialized and focused in developing and implementing customer oriented smart web-based solutions.
• Communicating with the current clients and suppliers of the company to preserve optimal relations.
• Engaging and developing strong business relationships with potential customers.
• Investigating and targeting new business opportunities.
• Building strategic alliances and developing the company business strategy.

Co Owner

HyperMail ltd

HyperMail is innovate business email platform, which provides better communication within departments in a company.

HyperMail is based on Microsoft Exchange and it can be used by any business structure with its own domain. Thus you won’t need to invest time, money or resources to establish infrastructure of your own in order to use this high quality service.

Private Bulgarian Company.
For more information, please visit www.hypermail.bg.

Gramma Net IS Ltd.

Leading Private Bulgarian System Integrator, specialized in designing, implementing and support of turnkey infrastructure and IT system platform solutions, tailored to resolve specific business needs. Business Partner of IBM, Microsoft, Cisco, VMware, DataCore, Lenovo, Symantec, Hitachi Data Systems (HDS), etc. The company is offering IT management, IT support, IT consultancy and the whole portfolio of products and services of the above mentioned companies.
For more information, please visit www.dgm.bg.

Responsibilities
• Leading a skilled Sales Team of 8 sales experts specialized in Enterprise market solutions, including Hardware, Software and Services.
• Maintaining the biggest contracts with the key customers of the company.
• Identifying potential customers, planning approaches and pitches, researching and building strong relationships.
• Supervising the full sales process - offers, contracts, orders, follow up, etc.
• Coordinating the communications with the key partners and suppliers of the company.
• Preparing long-term sales forecasts for the top management of the company.
• Supervising bids preparation and coordinating the main teams’ work processes.
• Promoting the company’s portfolio of products and business solution services.

Sales Manager

Private Bulgarian Company, Business Partner of IBM, Microsoft, Cisco, VMware, DataCore, Lenovo and Hitachi Data Systems (HDS), offering the whole portfolio of products and services of the mentioned companies.
For more information, please visit www.grammasystems.bg. 

Responsibilities
• Establishing and maintaining the contacts with the current and potential customers of the company
• Preparing and carrying out presentations of the company’s portfolio of products
• Responsible for the full sales process - offers, contracts, orders, follow up
• Coordinating the communications with the vendors and distributors
• Researching and analyzing the market trends and competitors activities
• Developing key accounts
• Preparing sales forecasts
• Closing deals
• Leading and carrying out business negotiations
• Preparing tender documents
• Coordinating the teams work process

Senior Sales Specialist

PrimaSoft Ltd.

Private Bulgarian company, Advanced IBM Business Partner, offering the whole portfolio of IBM, Microsoft and Cisco and the corresponding services like support.
For more information, please visit www.primasoft.bg.

Responsibilities: establishing and maintaining the contacts with the current and potential customers of the company, preparing and carrying out presentations of the company’s portfolio of products, responsible for the sales process/offers, contracts, orders, follow up, coordinating the communications with the vendors and distributors, researching and analyzing the market data and competitors, developing key accounts, preparing sales forecasts, closing deals, leading and carrying out business negotiations, organizing promotional and marketing activities.

Data Networks Associates Ltd.

Private international company, representative of Computer Associates (CA) for Romania and Bulgaria, offering the products of CA and the corresponding services like support on the Bulgarian market.
For more information, please visit www.dnasw.com.

Responsibilities: offering the products and the services of the company to corporate clients and small companies, taking part in development of the companys marketing strategy, making pilot installations of the companys products, hosting and organizing of visits and business meetings with Bulgarian and International partners and clients, organizing the participation of the company to forums and exhibitions, advertising, making of multimedia presentations, Technical English translations.

IT Consultant

CERB EAD

Private company with state participation, providing repair services to the electricity production facilities in the Bulgarian power sector.
For more information, please visit www.cerb.bg.

Responsibilities: commercial correspondence, hosting and organizing of visits and business meetings with Bulgarian and International partners and clients, advertising, managing the web site of the company, making of multimedia presentations, managing the local area network, the Internet servers, the e-mail servers and the workstations of the company, Technical English translations, preparation of tender documents for national or international tenders, preparation of the company offers, organizing the participation of the leading staff of the company in fairs, conferences, symposiums and business meetings.

IT Manager

Managing Partner at Zetta Systems - Accelerate your digital transformation with seamless DevOps and Cloud solutions.

With over 15 years in the information technology field, I’ve developed practical expertise in delivering solutions that support digital modernization. I work closely with both local and international clients, applying deep knowledge of DevOps, cloud services, cybersecurity, and 24/7 support to design reliable and adaptable systems.

By communicating clearly, solving problems with focus, and aligning technology with business needs, I build long-term relationships with clients and partners while consistently delivering measurable value.

Core Skills:
- Business Planning and Operational Execution
- DevOps Deployment and Workflow Automation
- Cloud Transition and Managed IT Services
- Cybersecurity Risk Identification and Response
- Continuous IT Monitoring and Support
- Client Development and Partnership Expansion
- Team Leadership and Deal-Making
- Ongoing Learning and Professional Growth

Selected Work Highlights:
- Led the company’s entry into new international markets, forming key partnerships with major clients.
- Managed DevOps overhauls that improved delivery pipelines and shortened product release cycles.
- Built resilient cloud environments and introduced full-time support frameworks for stable operations.
- Delivered security systems that helped protect sensitive assets from modern cyber risks.
- Supported a 30% annual revenue increase over three years by focusing on client outcomes and operational effectiveness.

If you're looking to modernize your IT systems and improve business performance, let's talk.

Zetta Systems is a solution and technology provider with vast IT background and expertise. Built on products and services from the world’s top technology providers, Zetta Systems’ solutions are delivered and maintained by our committed engineers.

With the right people and the right partners, Zetta Systems is able to focus on solutions to help the business world cut costs, increase reliability, ease the burden of management, maximize flexibility, mitigate risk and improve service.

Our mission and responsibility is that we always aim to have the most up-to-date competencies and specializations in line with global information technology trends. Delivering these values and knowledge to our customers, we assist them in their business evolution and further development.
For more information, please visit https://zetta.systems/

Responsible for the company vision and long-term strategic planning. Identifying and targeting new business opportunities. Consistently developing effective business networks and alliances to promote business and close deals efficiently.

• Leading the overall business strategy development and execution.
• Maintaining awareness of the latest technologies and industry developments and assessing their business potential and added value.
• Building strong business relationship with key customers and partners on the local and the foreign IT market.
• Targeting and developing new business opportunities.
• Responsible for meeting and exceeding the customers' expectations.


Ford обявиха, че не могат да намерят механици дори срещу шестцифрени заплати. $120,000 заплата. 5,000 свободни позиции. И към момента няма кандидати. Има само липса на умения и липса на желание.

Почти 20 години обезценявахме професиите, които поддържат света.
Вместо да стимулираме техници, механици, електротехници и инженери, романтизирахме бързите успехи, инфлуенсърството, лесните пари, "работа от лаптоп на плажа".

Резултатът е липса на кадри и умения. Няма механици, електротехници и заварчици. Няма хора и за критичната инфраструктура, върху която се крепи цялата икономика.

AI може да пише код. Но не може да поправя коли. Нито водопровод. Нито електрическо табло. Това го правят хора, които вече… ги няма.
Тази бомба със закъснител е глобален феномен.

Проблемът е, че сме убедили цяло поколение, че тези професии "не струват". Не е необходимо всички да са програмисти или да стават "бизнес коучове". Едно общество не се крепи на TikTok и ChatGPT.

Хората трябва да имат умения, които струват пари, решават реални проблеми и остават релевантни.

Може би е време да спрем да подценяваме професиите, които държат света изобщо работещ и да върнем уважението към реалните умения.

Open article: Ford CEO: Company can’t fill 5,000 mechanic jobs paying $120K by independent.co.uk

Ford CEO: Company can’t fill 5,000 mechanic jobs paying $120K

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Kaloian Parchev

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The Battle

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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

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