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:

https://lnkd.in/dwt8kcnq

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JSESSIONID

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

There’s an article going around saying that the poverty line for a family of four in the U.S. is $140,000 a year in income (compared to the stated figure of $32,100).

The $140k figure is wrong, but so is the $32k figure. 

My latest on how much you need to survive in America and why market prices don’t tell the full story:

https://lnkd.in/e97QJ4f6

TeamReid Capital

Managing Partner

Unibail-Rodamco-Westfield

Asset Manager

Sabal Capital Partners, LLC

Associate Asset Manager

Large CRE portfolio analytics, due diligence, and asset management. SFG has $8.2 billion in AUM and is an Oaktree Capital Management portfolio company.

Pharmaceutical Information Startup delivering a unique, searchable dataset. Focused on customer and business development while implementing tenets of the Lean Startup methodology.

Vice President of Product Strategy

DPIG

Event-driven Value Fund started by some of my close friends and I.

Founder and Managing Partner

PaperlinX

Developed creative, dynamic dashboards and BI models in Excel VBA implementing data from Infor A+ ERP and IBM CorVu.

Business Intelligence Intern

The Angeles Clinic and Research Institute

The Angeles Clinic and Research Institute has established an international reputation for developing new cancer therapies, providing the best in experimental and traditional treatments, and expertly guiding and training the next generation of clinicians. Through our clinical trials program, The Angeles Clinic and Research Institute continues our ongoing commitment to offer our patients excellence in research and state-of-the-art therapeutics.

Clinical Research Assistant

Management Undergraduate Society

The Management Undergraduate Society (MUS) represents all full and part time undergraduate students enrolled at the Desautels Faculty of Management. It is the responsibility of the MUS executive to protect the interests of its shareholders (BCom students) and to proactively improve the student experience at Desautels.

There are over 35 MUS committees and nine MUS clubs that organize more than 30 student activities every year. The MUS also offers six student services and academic representation to the faculty and the university. We have the highest student involvement rate of any other student society on campus. With a participation rate of 50-percent of our student body, the quality and caliber of our events and services are exceptional. As a result, the MUS has received the Faculty Association of the Year award at McGill five times in the past ten years.

I personally represent 2,400 students in the Desautels Faculty of Management on the McGill Senate, one of the highest governing bodies at McGill dealing chiefly with academic policy and student life.

Senator

20th Century Fox

Developed a software system for 20th Century Fox's Marketing Department.

Business Analyst

RealAgile

RealAgile, Inc. is a real estate business intelligence software company. Howard Brinton STAR Terry McDaniel and a team of PhDs in computer science and urban economics have developed a first of its kind "patent pending" approach to predicting the likelihood that a homeowner will move in the next 6 months. This software approach called the MoveScore leverages sophisticated mathematics to detect patterns in historical data to make its future projection (much like a FICO score does for credit worthiness).  This business intelligence is of immense value to real estate professionals in targeting their marketing/prospecting budget and efforts. See testimonials at www.realagile.com.

Sales Consultant

Advocate of S. Friedman's "Total Leadership" method and a student of Buffett, Franklin, and Da Vinci, I always work to exceed expectations and create measurable value. In all walks of life, I consistently set the most challenging goals and strive to achieve them despite setbacks.

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The Battle

Nick Maggiulli

Matt Reid

Followers

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Performance ScoreNick Maggiulli's LinkedIn Performance

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taplio

The Battle

Nick Maggiulli

Matt Reid

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