The Long View

Ben Carlson: Exploring Risk and Reward


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Today on the podcast, we welcome back Ben Carlson, who’s the author of a new book called Risk and Reward. Ben is the director of institutional asset management for Ritholtz Wealth Management. In addition, Ben’s a prolific creator of content. His blog is called A Wealth of Common Sense. He also co-hosts the podcast Animal Spirits with Michael Batnick. Ben is the author of four books about investing and money, and he’s a CFA charterholder.

Episode Highlights
  • 00:00:00 Understanding Market History Is About Preparation, Not Prediction
  • 00:02:00 Lessons From Japan’s Asset Bubble and Mean Reversion
  • 00:06:54 The Different Ways Investors Respond to Crashes
  • 00:08:36 The Automatic Investing Revolution Has Changed Behavior
  • 00:15:22 Why Patience Is Harder to Come By in an On‑Demand World
  • 00:19:32 The Importance of Education in Private Asset Investing
  • 00:21:35 Inflation Psychology and How to Respond
  • 00:28:15 Two Different Kinds of Bear Markets
  • 00:35:40 Using Alpha to Deliver Better Aftertax Outcomes for Clients
  • More From Ben Carlson

    Everything You Need To Know About Saving For Retirement

    Don’t Fall For It: A Short History of Financial Scams

    Invest Your Way to Financial Freedom

    Risk and Reward

    More From Morningstar

    Ben Carlson: How Not to Get Scammed

    What We’ve Learned From 150 Years of Stock Market Crashes

    The 60/40 Portfolio: A 150-Year Markets Stress Test

    If you have a comment or a guest idea, please email us at [email protected].

    Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

    If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.


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