{"id":2561,"date":"2026-07-01T02:18:33","date_gmt":"2026-07-01T02:18:33","guid":{"rendered":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/"},"modified":"2026-07-01T02:18:33","modified_gmt":"2026-07-01T02:18:33","slug":"transcript-carl-richards-on-sketching-wealth-strategy","status":"publish","type":"post","link":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/","title":{"rendered":"Transcript: Carl Richards on Sketching Wealth Strategy"},"content":{"rendered":"<p><\/p>\n<div>\n<p><iframe loading=\"lazy\" title=\"Sketching Wealth Strategy: Masters in Business with Carl Richards\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/h0gUillJ1nw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"lazy lazy-hidden mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p><noscript><iframe loading=\"lazy\" title=\"Sketching Wealth Strategy: Masters in Business with Carl Richards\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/h0gUillJ1nw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/noscript><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below.<\/p>\n<p style=\"text-align: center;\">~~~<\/p>\n<p><strong>Carl Richards on the Behavior Gap<br \/><\/strong><em>A conversation with Barry Ritholtz<\/em><\/p>\n<p>Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches<\/p>\n<p><strong>(00:00)\u00a0 BARRY RITHOLTZ: <\/strong>This week on the podcast, old friend Carl Richards joins me to talk about his new book, Your Money: Reimagining Wealth in 101 Simple Sketches. If the name sounds familiar, he created the Sketch Guy column in the New York Times \u2014 it ran there for a decade. He\u2019s probably done more than anyone to expand usage of the phrase \u201cthe behavior gap,\u201d the difference between people\u2019s portfolios and what the results actually are. I thought our conversation was charming, and I think you will too. With no further ado, here\u2019s me and Carl Richards talking about money. Carl, welcome to Bloomberg.<\/p>\n<p><strong>(00:00)\u00a0 CARL RICHARDS: <\/strong>So fun. I\u2019ve been looking forward to this for years.<\/p>\n<p><strong>(00:01)\u00a0 BARRY RITHOLTZ: <\/strong>Same \u2014 long overdue. We\u2019ve had you on At the Money, but we haven\u2019t had you for the long sit-down. Let\u2019s start out talking about your background. University of Utah School of Business, bachelor of science in finance. That implies finance, investing, money. Was that the original career plan?<\/p>\n<p><strong>(00:01)\u00a0 CARL RICHARDS: <\/strong>No, not even close, really. I was an undeclared major, which back then meant you had no idea what you wanted to do with your life. I was the newest hire at a landscaping company, so I was literally digging ditches for a living. I come home one day \u2014 my wife and I had recently been married, this was \u201995 \u2014 and she has the help-wanted ads open. She\u2019s got a degree in finance, a job as the CFO of a small real estate company. So I said, \u201cHey Corey\u201d \u2014 her name\u2019s Corey \u2014 \u201cwhat are you doing?\u201d She said, \u201cI\u2019m looking for a job.\u201d I said, \u201cBut you have one.\u201d And she said, \u201cI know, I\u2019m looking for you.\u201d I said, \u201cWhat are you finding?\u201d And she found what we both thought was a security guard job.<\/p>\n<p><strong>(00:02)\u00a0 BARRY RITHOLTZ: <\/strong>At a little shop called Fidelity.<\/p>\n<p><strong>(00:02)\u00a0 CARL RICHARDS: <\/strong>A security guard. I was like, I could work as a mall cop at night \u2014 this would be great, and I can still go to school full time. I went to apply. Nothing about kung fu, nothing about self-defense. They were asking about things I didn\u2019t know what they were \u2014<\/p>\n<p><strong>(00:02)\u00a0 BARRY RITHOLTZ: <\/strong>Securities.<\/p>\n<p><strong>(00:02)\u00a0 CARL RICHARDS: <\/strong>Exactly. I didn\u2019t know the difference. And I got through \u2014<\/p>\n<p><strong>(00:02)\u00a0 BARRY RITHOLTZ: <\/strong>I was gonna call BS on this, because \u2014 wait, how are you a finance major? But that happened afterwards.<\/p>\n<p><strong>(00:02)\u00a0 CARL RICHARDS: <\/strong>That\u2019s exactly right. So I get through the interview, which tells you a lot about the applicant pool. They had narrowed it down to slim \u2014<\/p>\n<p><strong>(00:02)\u00a0 BARRY RITHOLTZ: <\/strong>To none.<\/p>\n<p><strong>(00:02)\u00a0 CARL RICHARDS: <\/strong>Two of us. And they offered it to the other guy, and the other guy said, \u201cI don\u2019t want it, you take it.\u201d So that\u2019s how I ended up at Fidelity\u2019s national call center, just before the Netscape IPO.<\/p>\n<p><strong>(00:02)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s unbelievable. I started on a trading desk and I was told, \u201cHey, rookie \u2014 no trading the Netscape IPO.\u201d So you and I started just about around the same time.<\/p>\n<p><strong>(00:03)\u00a0 CARL RICHARDS: <\/strong>You know what was crazy about that? After I got clear that I wasn\u2019t a security guard, I was like, what\u2019s this job? I was looking around, and everybody was using calculators and math, and I thought, okay, this must be a math job. And then a couple weeks into training, they called us out onto the trading floor to answer phones \u2014 because back then you couldn\u2019t get a quote, you couldn\u2019t place a trade, unless you called. And it was the day of the Netscape IPO. And I remember thinking, this isn\u2019t math. That was my first introduction to this idea. I like to say I got in by accident, but I stayed because of that moment \u2014 like, what is this crazy thing that we call money? Nobody was doing math in there. They were excited, mad, angry, upset. I always thought it was a mistake getting into finance. I always thought I would go off and do organizational behavior \u2014 the Stephen Covey thing at BYU. Because work is where people go to do things that matter. And then some of these early experiences opened the door to this idea: money is the ultimate portal to somebody\u2019s soul. What do you really care about? I can find out pretty quickly by how you spend your money and how you spend your time. So that\u2019s how I stayed. And afterwards I thought, maybe I should get a degree in this.<\/p>\n<p><strong>(00:04)\u00a0 BARRY RITHOLTZ: <\/strong>So then you switch, you get your degree in finance from the David Eccles School of Business. When do you go for the CFP, when do you become a certified financial planner?<\/p>\n<p><strong>(00:04)\u00a0 CARL RICHARDS: <\/strong>I was looking at that the other day. All I remember is I got made fun of for taking it \u2014 remember, back in the day? I left Fidelity and went to work for a big brokerage firm \u2014 you know, the one with the bull, owned by a bank. I got my CIMA designation, because that\u2019s what the cool kids did, the institutional consulting stuff. I thought, I gotta figure this thing out, this whole money thing. And then I started to get my CFP. This was back when people on that side of the business were like, \u201cWhat are you wasting your time on that for?\u201d<\/p>\n<p><strong>(00:05)\u00a0 BARRY RITHOLTZ: <\/strong>This whole fiduciary thing. I mean, really \u2014<\/p>\n<p><strong>(00:05)\u00a0 CARL RICHARDS: <\/strong>It\u2019s great. Seriously.<\/p>\n<p><strong>(00:05)\u00a0 BARRY RITHOLTZ: <\/strong>\u201cWaste of time. What are you gonna do, not charge people commission? What are you thinking, Carl?\u201d<\/p>\n<p><strong>(00:05)\u00a0 CARL RICHARDS: <\/strong>That\u2019s right. So fun.<\/p>\n<p><strong>(00:05)\u00a0 BARRY RITHOLTZ: <\/strong>So what I find fascinating about your career \u2014 and I\u2019m now learning all the parallels between our careers \u2014 is you kind of reinvent yourself as a communicator, as an author, as a speaker. Is that something that helped you when you set up your own investment firm? Which came first, the chicken or the egg?<\/p>\n<p><strong>(00:05)\u00a0 CARL RICHARDS: <\/strong>I can remember who was in the room and where I was when I first sketched something out. I wasn\u2019t a doodler in school. It\u2019s obvious I didn\u2019t take any art classes.<\/p>\n<p><strong>(00:05)\u00a0 BARRY RITHOLTZ: <\/strong>I don\u2019t know if I\u2019d say it\u2019s obvious, because these are really kind of interesting. Charles Schulz very famously drew Peanuts and said he didn\u2019t have skill.<\/p>\n<p><strong>(00:06)\u00a0 CARL RICHARDS: <\/strong>That\u2019s a super generous comparison. Thank you.<\/p>\n<p><strong>(00:06)\u00a0 BARRY RITHOLTZ: <\/strong>Oh, I\u2019m not making that comparison \u2014 I\u2019m just saying someone else said something similar.<\/p>\n<p><strong>(00:06)\u00a0 CARL RICHARDS: <\/strong>Somebody else said something similar. Good. But I just remember sitting across the table from some really smart clients \u2014 he was an ER doctor, she was a technology sales rep at EMC or something. I was trying to explain a concept, and I was just getting blank stares. You know the feeling. That had happened before, but this was the first time it dawned on me: wait, they\u2019re really smart \u2014 this must be my problem. So out of an act of desperation, in the shared conference room there was a whiteboard nobody used. I stood up one day and was like, \u201cNo, like this,\u201d and drew some boxes and arrows, like an estate planner would. And they were like, \u201cOh, oh.\u201d At that moment I didn\u2019t make a grand conclusion. I just remember thinking, huh, that was really interesting. So that started this idea: anytime I got asked a question more than once \u2014 the second time I got asked it \u2014 I thought, what if I just wrote down the answer and sent it to everybody who asked? And, I don\u2019t know if you remember, but there were these things called blogs back in the day.<\/p>\n<p><strong>(00:07)\u00a0 BARRY RITHOLTZ: <\/strong>Not only do I remember \u2014<\/p>\n<p><strong>(00:07)\u00a0 CARL RICHARDS: <\/strong>You were one of the OGs.<\/p>\n<p><strong>(00:07)\u00a0 BARRY RITHOLTZ: <\/strong>I still am doing it. I have no interest in BeeHiiv or Substack. I learned early on, I don\u2019t want to give my content to another company. I want to control it.<\/p>\n<p><strong>(00:07)\u00a0 CARL RICHARDS: <\/strong>So I started putting those things up on the internet \u2014 an answer to a question, with some sort of diagram. And, by the way, the hand-drawn sketches were a flaw at the beginning. I went to download Adobe Illustrator, and the download said three hours. And I thought, anything that takes three hours to download, I should not be using.<\/p>\n<p><strong>(00:07)\u00a0 BARRY RITHOLTZ: <\/strong>Illustrator would ruin this. The whole beauty of your sketches \u2014 and I know most of you are listening to this and not watching me thumb through a book \u2014 is just how simple and informative they are, with just a few lines, a few circles, a few wiggles. It\u2019s not a giant org chart. It\u2019s, \u201cOh, he did that in 90 seconds, and look how much information is in it.\u201d<\/p>\n<p><strong>(00:08)\u00a0 CARL RICHARDS: <\/strong>Well, thank you. But early on it was like \u2014 I was only doing that because I couldn\u2019t download Adobe Illustrator. I saw it as a flaw. So every couple of years, early on, I\u2019d get them designed by somebody and post those, and people would be like, \u201cWhere are the hand-drawn ones?\u201d So I finally learned \u2014 and I\u2019m only telling you these stories because it\u2019s so tempting for us to look back and create these beautiful narratives of the experience. But it turns out there was just a lot of random experimentation and playing, because the thing I thought was a flaw ended up being the feature.<\/p>\n<p><strong>(00:08)\u00a0 BARRY RITHOLTZ: <\/strong>Huh. That\u2019s really interesting. I\u2019m surprised you think of it as a flaw.<\/p>\n<p><strong>(00:08)\u00a0 CARL RICHARDS: <\/strong>Not anymore.<\/p>\n<p><strong>(00:08)\u00a0 BARRY RITHOLTZ: <\/strong>But how long did it take you to get to that point? To me, the beauty of your drawings is, first of all, it\u2019s obviously not AI slop \u2014 you predate AI by 20 years. But more importantly, they look and feel human and personal. Someone has really put time into figuring out how to communicate a complicated idea in the least amount of letters, words, and images. So at what point did you think, hey, I could do something with these drawings \u2014 maybe publish them in the New York Times every week?<\/p>\n<p><strong>(00:09)\u00a0 CARL RICHARDS: <\/strong>Never. What happened was, I was putting these up on the website. I tried to stop.<\/p>\n<p><strong>(00:09)\u00a0 BARRY RITHOLTZ: <\/strong>I love that.<\/p>\n<p><strong>(00:09)\u00a0 CARL RICHARDS: <\/strong>It was like a compulsion.<\/p>\n<p><strong>(00:09)\u00a0 BARRY RITHOLTZ: <\/strong>Can\u2019t help it.<\/p>\n<p><strong>(00:09)\u00a0 CARL RICHARDS: <\/strong>I even had people around me who were like, \u201cJust focus on building your business. What are you doing?\u201d And they were right. But I kept putting it up there. And there\u2019s a guy named Kent, who I did not know, who sent them to a guy named Ron \u2014 Ron Lieber \u2014 who I did not know at the time.<\/p>\n<p><strong>(00:10)\u00a0 BARRY RITHOLTZ: <\/strong>I know of Ron Lieber.<\/p>\n<p><strong>(00:10)\u00a0 CARL RICHARDS: <\/strong>Kent didn\u2019t know Ron. And Ron just sent a note: \u201cHey, I think you might like these.\u201d I still have that email, because nobody believes me. The email was, \u201cHey, we love these. Could we try something?\u201d And I knew enough from my security-guard background, as a kid in the hills of Utah, to say \u2014 I never thought, I was like, \u201cYeah, of course, what do you have in mind?\u201d I\u2019ve talked to Ron since: \u201cWhy did you open that email?\u201d Because he gets stacks of things he\u2019d love to reply to and read \u2014 that\u2019s the kind of human he is \u2014 but he just doesn\u2019t have time. So why did he open that one that day? I don\u2019t know. I should still be sending Kent a gift every Christmas. I never thought maybe this could appear in the Times.<\/p>\n<p><strong>(00:10)\u00a0 BARRY RITHOLTZ: <\/strong>So from the late nineties \u2014 when do you launch the firm that you ultimately build up and sell in 2012?<\/p>\n<p><strong>(00:11)\u00a0 CARL RICHARDS: <\/strong>I\u2019m really, really bad with dates, but we were in \u2014<\/p>\n<p><strong>(00:11)\u00a0 BARRY RITHOLTZ: <\/strong>Early two-thousands.<\/p>\n<p><strong>(00:11)\u00a0 CARL RICHARDS: <\/strong>No, 2008 or \u201909.<\/p>\n<p><strong>(00:11)\u00a0 BARRY RITHOLTZ: <\/strong>After the financial crisis. So four years you build this up. Why sell it? You just like, \u201cHey, I\u2019m gonna focus on the security-guard business\u201d?<\/p>\n<p><strong>(00:11)\u00a0 CARL RICHARDS: <\/strong>The first thing I should tell you is why I left and started my own firm. The impetus was two things.<\/p>\n<p><strong>(00:11)\u00a0 BARRY RITHOLTZ: <\/strong>This is at Fidelity?<\/p>\n<p><strong>(00:11)\u00a0 CARL RICHARDS: <\/strong>Fidelity? No, I was now working at the big brokerage firm, and I left to start my own RIA firm. I remember that cover \u2014 I can\u2019t remember if it was Fortune or Forbes \u2014 it had Rex and David at DFA, and it said \u201cHow the Really Smart Money Invests.\u201d I had that in the top drawer of my desk. Every time I opened the drawer \u2014 because I still had this \u201cI\u2019m just a kid from the hills of Utah\u201d imposter-syndrome thing, like I\u2019m supposed to be in jail \u2014 and I\u2019m helping people make really important decisions with money. I needed to figure out: am I a security guard? Is this math? So this idea of how the really smart money invests \u2014 I called and said, \u201cHow do I get access to this?\u201d They said, \u201cWell, you can\u2019t do it where you\u2019re at.\u201d So I left for that reason. And then the second reason ended up being one of the greatest disappointments in my career. I left because I thought it was really important to be able to tell everybody that I was a fiduciary, and that everybody would care. And one of the greatest disappointments was that nobody seemed to care. Of course you and I both know it\u2019s incredibly important, but most people don\u2019t. I just remember people looking at me like, \u201cFiduciary, what? Of course you put my interest first.\u201d So that\u2019s why I left to start the firm.<\/p>\n<p><strong>(00:12)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s fascinating. So you sell it in 2012. When did the Sketch Guy columns for the New York Times start? Before that?<\/p>\n<p><strong>(00:12)\u00a0 CARL RICHARDS: <\/strong>Way before I sold the firm. Part of the reason I sold \u2014<\/p>\n<p><strong>(00:12)\u00a0 BARRY RITHOLTZ: <\/strong>You sold the firm to concentrate on your doodles.<\/p>\n<p><strong>(00:13)\u00a0 CARL RICHARDS: <\/strong>That\u2019s right. The book came out in 2012, and I sold the firm about the same time. And I remember specifically having this conversation with my wife. I was like, \u201cOh, we\u2019ll never sell the thing.\u201d I always thought of it as a security blanket, like I\u2019d never sell it.<\/p>\n<p><strong>(00:13)\u00a0 BARRY RITHOLTZ: <\/strong>It\u2019s an annuity. It generates income every year, and typically you have a 10% year that you\u2019re up, just due to the market.<\/p>\n<p><strong>(00:13)\u00a0 CARL RICHARDS: <\/strong>It\u2019s such a great business.<\/p>\n<p><strong>(00:13)\u00a0 BARRY RITHOLTZ: <\/strong>It is a good business. And especially if you\u2019re a fiduciary and doing the right thing by your client, you not only make a decent living, you get to sleep at night.<\/p>\n<p><strong>(00:13)\u00a0 CARL RICHARDS: <\/strong>That\u2019s exactly right, all the things. So I never thought I\u2019d sell it. But there was this increasing demand \u2014 the book was coming out, I was getting asked to speak all over the world. It was clear that I really, really liked that stuff. I had to make a choice. And in the end I was like, \u201cThis is security.\u201d My wife said, \u201cHey, maybe it\u2019s an anchor.\u201d<\/p>\n<p><strong>(00:13)\u00a0 BARRY RITHOLTZ: <\/strong>You guys speak the same love language \u2014 it\u2019s kind of fascinating. That\u2019s a very insightful observation from your wife. She\u2019s the one who tried to get you a hat and a shield and have you parade around the mall like Paul Blart. You guys are very much on the same page.<\/p>\n<p><strong>(00:14)\u00a0 CARL RICHARDS: <\/strong>I know. She\u2019s been amazing \u2014 31 years, 33 really, amazing. And it\u2019s the best it\u2019s ever been, and I hope it\u2019s better tomorrow. One of those two competing truths at the same time. I could have never dreamed of it, and I want it a little better tomorrow. I hope I never stop thinking that way. Anyway \u2014 I left, sold the firm, went full-time into this speaking and writing thing. For a little while I was at the firm that bought my company.<\/p>\n<p><strong>(00:14)\u00a0 BARRY RITHOLTZ: <\/strong>Another nameless firm.<\/p>\n<p><strong>(00:14)\u00a0 CARL RICHARDS: <\/strong>That was Buckingham, back then.<\/p>\n<p><strong>(00:14)\u00a0 BARRY RITHOLTZ: <\/strong>Oh, okay. I kind of remember that.<\/p>\n<p><strong>(00:14)\u00a0 CARL RICHARDS: <\/strong>Went to work for them in those days and loved it.<\/p>\n<p><strong>(00:14)\u00a0 BARRY RITHOLTZ: <\/strong>Who else did you work with there? There were some people I really liked.<\/p>\n<p><strong>(00:14)\u00a0 CARL RICHARDS: <\/strong>Larry Swedroe \u2014 tremendous. That whole crew. Adam, the whole crew there. It was really, really good.<\/p>\n<p><strong>(00:14)\u00a0 BARRY RITHOLTZ: <\/strong>So we\u2019re gonna spend a little time talking about behavior. But you came from several big shops \u2014 Fidelity, Merrill, as well as Buckingham. They all have PhDs and Monte Carlo simulations, and they run factor-model tests. And yet people still buy high and sell low. What is it about the human condition that is a permanent drag on performance?<\/p>\n<p><strong>(00:15)\u00a0 CARL RICHARDS: <\/strong>That feels to me like the question I\u2019ve been exploring for 20 years.<\/p>\n<p><strong>(00:15)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s why I asked it.<\/p>\n<p><strong>(00:15)\u00a0 CARL RICHARDS: <\/strong>I almost left the business at first, because I couldn\u2019t solve this problem. After I got my CIMA designation and came back \u2014<\/p>\n<p><strong>(00:15)\u00a0 BARRY RITHOLTZ: <\/strong>Explain for laypeople what that acronym is.<\/p>\n<p><strong>(00:15)\u00a0 CARL RICHARDS: <\/strong>The Certified Investment Management Analyst. It was for people doing institutional consulting work.<\/p>\n<p><strong>(00:15)\u00a0 BARRY RITHOLTZ: <\/strong>So not a CFA, but more than a CFP.<\/p>\n<p><strong>(00:15)\u00a0 CARL RICHARDS: <\/strong>Yeah \u2014 sort of like CFA light, that can talk to people. Back then it was taught in conjunction with Wharton, so I went to Wharton for two weeks. That was the whole reason \u2014 I\u2019m always looking for external validation.<\/p>\n<p><strong>(00:16)\u00a0 BARRY RITHOLTZ: <\/strong>Goes hand in hand with the imposter syndrome.<\/p>\n<p><strong>(00:16)\u00a0 CARL RICHARDS: <\/strong>That\u2019s exactly right, and I\u2019m not afraid to admit it. But I came back working with clients and realized: okay, now I\u2019ve got this great system, the best training in the world \u2014 honestly, some of the best training at the firm. And yet I still had this repeated experience where we\u2019d create really detailed spreadsheets of how to hire and fire managers. And then, over and over, the manager that showed up on our buy screen \u2014 we\u2019d commit clients\u2019 money to it; I thought that was our job, the search for the best investment \u2014 would go through a normal cyclical period of underperformance and show up on our fire screen. I repeated that two or three times over a three- or four-year period and thought, I don\u2019t know what\u2019s going on. Maybe it\u2019s just me. And then I ran across some of that industry research around investor returns versus investment returns, where you see that the average investor underperforms the average investment.<\/p>\n<p><strong>(00:17)\u00a0 BARRY RITHOLTZ: <\/strong>Not only does the average investor underperform the average investment \u2014 the average investor underperforms their own investments.<\/p>\n<p><strong>(00:17)\u00a0 CARL RICHARDS: <\/strong>I just remember being so excited that it wasn\u2019t just me. Wait \u2014 this is an industry-wide, huge problem. What that research said to me was that I could own a mediocre investment, and if I behaved correctly, I would outperform 99% of my neighbors. And that\u2019s all we care about in the first place, right? Outperforming our neighbors. That\u2019s the whole goal.<\/p>\n<p><strong>(00:17)\u00a0 BARRY RITHOLTZ: <\/strong>\u201cHow is that idiot down the block getting rich, and I\u2019m not?\u201d<\/p>\n<p><strong>(00:18)\u00a0 CARL RICHARDS: <\/strong>Exactly \u2014 as if that\u2019s the thing that matters. But that\u2019s what we do.<\/p>\n<p><strong>(00:18)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s how people work.<\/p>\n<p><strong>(00:18)\u00a0 CARL RICHARDS: <\/strong>Exactly right. So digging into that a bit \u2014 I really think Buffett\u2019s statement, that if you were to design a poor investor you would design a human, is as close as we get. We are hardwired. I think it was in one of Jason Zweig\u2019s books where they hooked up scanners and had people open their brokerage statements \u2014 talk about a masochistic experiment. And if the statement was down, you process that in the same part of your brain as you do mortal danger \u2014 as if you\u2019re being chased by a bear.<\/p>\n<p><strong>(00:18)\u00a0 BARRY RITHOLTZ: <\/strong>Breaking through the room \u2014 fight or flight, right there. My favorite Bill Bernstein quote is, \u201cIt\u2019s all about your amygdala. If you don\u2019t get your limbic system under control, you will die poor.\u201d And it\u2019s that exact same system.<\/p>\n<p><strong>(00:18)\u00a0 CARL RICHARDS: <\/strong>That\u2019s right. And if the statement\u2019s up, it\u2019s the same part of your brain as security and pleasure. I think it was in the book that for women that\u2019s chocolate and for men that\u2019s sex. I didn\u2019t quite understand the difference in the book, but \u2014<\/p>\n<p><strong>(00:19)\u00a0 BARRY RITHOLTZ: <\/strong>Between sex and chocolate.<\/p>\n<p><strong>(00:19)\u00a0 CARL RICHARDS: <\/strong>Anyway. So if that\u2019s what\u2019s going on, it\u2019s a little bit like the interaction we have with our phones now. On the other side of that interaction are 300 PhDs trying to get us to pay attention to what\u2019s going on on Instagram. And I think we finally have to recognize: unless we put some serious guardrails between us and the big mistake, we\u2019re gonna make the big mistake \u2014 because it feels like\u2026 I don\u2019t care what you tell me, Barry; if my hand\u2019s on a stove, I\u2019m taking it off.<\/p>\n<p><strong>(00:19)\u00a0 BARRY RITHOLTZ: <\/strong>A hundred percent.<\/p>\n<p><strong>(00:19)\u00a0 CARL RICHARDS: <\/strong>So that, to me, is the work \u2014 worrying about what it means to be a real investor, a successful investor, versus what it means to find good investments.<\/p>\n<p><strong>(00:19)\u00a0 BARRY RITHOLTZ: <\/strong>Let\u2019s talk a little bit about the behavior gap. I don\u2019t know if you created that phrase, but you\u2019ve done more than anybody else I know to popularize it. Tell us what the behavior gap actually is.<\/p>\n<p><strong>(00:20)\u00a0 CARL RICHARDS: <\/strong>It started out as a very narrow thing \u2014 the difference between, the technical term would be, time-weighted rates of return and dollar-weighted. Because I\u2019ve had to explain this so many times, maybe I\u2019ll go through the explanation. Imagine you open a newspaper and there\u2019s an ad for a mutual fund. It says the fund has returned 10% a year for the last 10 years. That\u2019s the investment return. And just for a minute, forget taxes and fees \u2014 that\u2019s the return you would\u2019ve gotten if you had invested money at the beginning of the 10-year period and not added or taken anything away and left it there. But nobody invests that way, except your clients. We are always chasing whatever we hear in the news \u2014 the financial pornography network waves their hands, and we\u2019ve got a list of 10 funds to buy. So we end up running around, and the average investment return is 10%, but the average investor return is always different from that.<\/p>\n<p><strong>(00:21)\u00a0 BARRY RITHOLTZ: <\/strong>Who does the annual report that everybody criticizes \u2014 that shows this differential?<\/p>\n<p><strong>(00:21)\u00a0 CARL RICHARDS: <\/strong>That was one of the early reports I ran across \u2014 Dalbar. I spent the time years ago to understand it; I don\u2019t really know that number well. I know Morningstar does a number, and it seems to be comparable \u2014 80 to 100 basis points, not 6%.<\/p>\n<p><strong>(00:21)\u00a0 BARRY RITHOLTZ: <\/strong>And then what about the SPIVA numbers on manager performance?<\/p>\n<p><strong>(00:21)\u00a0 CARL RICHARDS: <\/strong>For sure.<\/p>\n<p><strong>(00:21)\u00a0 BARRY RITHOLTZ: <\/strong>So you\u2019re running across these behavioral errors on pretty much both sides \u2014 the manager who\u2019s running their funds and frequently underperforming. And the longer that timeline is, the greater the percentage of managers underperforming. And on the other side, the buyers of those funds tend to not only underperform the benchmark, they\u2019re underperforming their own funds. So if only there were an alternative way to invest.<\/p>\n<p><strong>(00:22)\u00a0 CARL RICHARDS: <\/strong>Let me tell you a quick story. This is back during my institutional consulting days. We had this client; we do a manager search and selection, and we find the best large-cap value manager for this client and hire them. As I recall, it was Davis New York Venture, back in the day.<\/p>\n<p><strong>(00:22)\u00a0 BARRY RITHOLTZ: <\/strong>Chris Davis. Yep.<\/p>\n<p><strong>(00:22)\u00a0 CARL RICHARDS: <\/strong>We go two or three years. Davis has one of those cyclical underperforming moments \u2014 value, as it\u2019s going to do.<\/p>\n<p><strong>(00:22)\u00a0 BARRY RITHOLTZ: <\/strong>Value especially, which runs in and out of favor so frequently.<\/p>\n<p><strong>(00:22)\u00a0 CARL RICHARDS: <\/strong>And it was even in comparison to other value managers, as they\u2019re gonna do. So we fire Davis, not knowing any better, and we hire another \u2014 we\u2019ll just call them X, Y, Z. And the client\u2019s like, \u201cYeah, I understand.\u201d Two and a half years in, we make this change. We go to X, Y, Z. Two and a half, three years later, X, Y, Z does the same thing \u2014 cyclical underperformance. We go through our manager screening, they\u2019re up on our fire list, and guess who pops onto our buy list? Chris Davis.<\/p>\n<p><strong>(00:23)\u00a0 BARRY RITHOLTZ: <\/strong>Chris Davis.<\/p>\n<p><strong>(00:23)\u00a0 CARL RICHARDS: <\/strong>I call the client thinking I\u2019m so smart: \u201cHey, we need to fire X, Y, Z and hire this manager \u2014 it\u2019s called Davis.\u201d And he \u2014 this client\u2019s name was Jeremy \u2014 was like, \u201cWait, wait, wait. Didn\u2019t we just fire them two and a half years ago?\u201d And I said, \u201cYeah.\u201d And he said, \u201cYou know what I\u2019d like? I\u2019d like the return of Davis from the day we first hired them until now, and I\u2019d like the return of X, Y, Z from the day you first hired Davis until now. And I\u2019d like that compared to my account.\u201d I was, of course, like, \u201cThat\u2019s not how it works.\u201d He said, \u201cYeah, that\u2019s what I\u2019d like to see.\u201d And we all know the story \u2014 he underperformed both of those. He would\u2019ve been fine in either one.<\/p>\n<p><strong>(00:23)\u00a0 BARRY RITHOLTZ: <\/strong>Just leave it alone.<\/p>\n<p><strong>(00:23)\u00a0 CARL RICHARDS: <\/strong>Just leave it. And that was my first moment of, \u201cI gotta get out of this business, I gotta go to law school or something.\u201d And that\u2019s when I discovered, for myself, this idea that maybe the investment process only matters to the degree that I can behave.<\/p>\n<p><strong>(00:24)\u00a0 BARRY RITHOLTZ: <\/strong>So let\u2019s talk about what you call the financial pornography networks. They talk all day long about the 10-year yield and the Fed and credit spreads and geopolitics and earnings and news. And you spend most of your books talking about fear, regret, envy \u2014 what moves markets and, more importantly, what moves investors\u2019 portfolios.<\/p>\n<p><strong>(00:24)\u00a0 CARL RICHARDS: <\/strong>That\u2019s such a good question. And I want to be careful about the term \u201cfinancial pornography network.\u201d I think that was originally the Jane Bryant Quinn term.<\/p>\n<p><strong>(00:24)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s right. Which I love.<\/p>\n<p><strong>(00:24)\u00a0 CARL RICHARDS: <\/strong>Which I love. But I think it applies really broadly.<\/p>\n<p><strong>(00:25)\u00a0 BARRY RITHOLTZ: <\/strong>I call it the fire hose of financial noise. Is that a fair phrase?<\/p>\n<p><strong>(00:25)\u00a0 CARL RICHARDS: <\/strong>Yeah, that\u2019s fine. Sometimes \u201cmedia circus.\u201d It\u2019s a media business, and there\u2019s nothing \u2014 I want to be clear \u2014 I live in the hills in Utah, I ride my mountain bike every day, the trails are out my backyard. I have a different hobby. Just because that\u2019s my hobby doesn\u2019t mean my hobbies are better than anybody else\u2019s. I walk in this building and I see happy human after happy human walking through the halls \u2014 shiny happy people everywhere. Who am I, on three cappuccinos, to say? But what\u2019s important is if we start to recognize what we\u2019re doing it for. What\u2019s the goal? Because if it\u2019s something to talk about, there\u2019s nothing wrong with that. If it\u2019s entertainment, there\u2019s nothing wrong with that. But basing your actual investment decisions on something you heard \u2014 even if it was secret, underneath the subway, and labeled\u2026 isn\u2019t the Economist the one all the really smart people read anyway? You\u2019re not the only one who\u2019s heard it. So we have to be careful about making big investment decisions based on every wind of news or entertainment, versus linking \u2014 and this is back to how do we solve this behavior problem \u2014 the portfolio has to be designed to give me the greatest likelihood of reaching my goals. And my goals have to be carefully clarified, and they\u2019re gonna change over time. So it\u2019s this constant process of saying, are these investment decisions aligned with what I want out of my life? Both sides of that equation are really challenging. Getting clear about what you want out of your life is super hard. Making sure you have a portfolio built on data and evidence that\u2019ll get you closest to that \u2014 also really hard.<\/p>\n<p><strong>(00:26)\u00a0 BARRY RITHOLTZ: <\/strong>So let\u2019s break that into two pieces, because I feel like there are two distinct conversations. We\u2019ll get to the goal portion in a moment; I want to stay with the media circus. Isn\u2019t there really a very simple problem \u2014 the mismatch in time horizons? When you\u2019re putting money away to save for retirement, or even a 529 for college, or to buy a house or a second house, you\u2019re thinking 5, 10, 50 years. But all of the financial noise, that fire hose, is about the church of what\u2019s happening right now. If we can simply readjust our media consumption into some context with the longevity of our portfolio goals, doesn\u2019t that solve a lot of this? If I\u2019m putting this money away for 20, 30 years, what do I care what happened on a random Thursday?<\/p>\n<p><strong>(00:27)\u00a0 CARL RICHARDS: <\/strong>And gosh \u2014 what if we actually kept track of every single change of opinion, and how sure somebody was? Remember that old statement that even a broken clock is right twice a day?<\/p>\n<p><strong>(00:28)\u00a0 BARRY RITHOLTZ: <\/strong>Often wrong, never in doubt. That\u2019s exactly it.<\/p>\n<p><strong>(00:28)\u00a0 CARL RICHARDS: <\/strong>And that\u2019s entertaining \u2014 and there\u2019s nothing wrong with entertainment. We go to the movies, we go see plays, we ride our mountain bikes. I just think we have to understand what it is. What you\u2019re saying is, that\u2019s day-to-day entertainment. I like it because I can talk about it. Just don\u2019t base my 5-, 10-, 20-year decisions on it.<\/p>\n<p><strong>(00:28)\u00a0 BARRY RITHOLTZ: <\/strong>And yet we continue to see people have that problem. So let me re-ask this question in a different way. How do you bridge the gap between what clients ask for \u2014 what they think they want \u2014 and what you know they actually need?<\/p>\n<p><strong>(00:28)\u00a0 CARL RICHARDS: <\/strong>Barry, you\u2019re super good at this whole job.<\/p>\n<p><strong>(00:29)\u00a0 BARRY RITHOLTZ: <\/strong>It\u2019s all AI. It\u2019s all I didn\u2019t write.<\/p>\n<p><strong>(00:29)\u00a0 CARL RICHARDS: <\/strong>Now you\u2019ve layered in another problem, because the humans we call clients show up having been trained by us as an industry \u2014 speaking really broadly \u2014 that what matters is this day-to-day stuff. They think the job of an investor is to find the best investment, because we taught them that on television, waving our hands. So it\u2019s no surprise that clients come in expecting that \u2014 we did this to ourselves. And that\u2019s why I think clients who work with real financial advisors often go through a period of financial-pornography detox, where they wake up 18, 24 months into the relationship and go, \u201cHey, you know what? I\u2019m not really paying that much attention anymore. All the stuff I used to think was critical has lost its urgency.\u201d So we\u2019ve got this problem where \u2014 back to the wiring in our bodies \u2014 it feels like we should be doing something. The news is saying we should be doing something. The guy at the club is saying we should be doing something. And I call Barry, and Barry says, \u201cHey, let\u2019s hold on for a second. Let\u2019s take a breath. Are these goals still the goals? Is this still what\u2019s important to you?\u201d Turns out, if that\u2019s true, we\u2019re okay here. And almost always we end up at the same place: diversified, low-cost portfolio, hold onto it for a long time.<\/p>\n<p><strong>(00:30)\u00a0 BARRY RITHOLTZ: <\/strong>There\u2019s this inherent bias toward action, which is the nature of that fight-or-flight response.<\/p>\n<p><strong>(00:30)\u00a0 CARL RICHARDS: <\/strong>One or the other. Act.<\/p>\n<p><strong>(00:30)\u00a0 BARRY RITHOLTZ: <\/strong>\u201cDon\u2019t just sit there, do something.\u201d And really the right way to do it is, \u201cDon\u2019t just do something, sit there.\u201d But that causes a great deal of discomfort among people. Let\u2019s take this to the next phase. Jack Bogle and Vanguard gave us low cost. Everything we\u2019ve learned from Richard Thaler and the behavioral finance folks is about the importance of humility. What does the next generation of investors learn once they figure out diversified, low cost, and a little bit of humility? Where do you go next?<\/p>\n<p><strong>(00:31)\u00a0 CARL RICHARDS: <\/strong>You know what\u2019s so hard about that? This \u201ceveryone\u2019s a gambler\u201d thing that\u2019s sort of slipped in \u2014<\/p>\n<p><strong>(00:31)\u00a0 BARRY RITHOLTZ: <\/strong>Actually, today.<\/p>\n<p><strong>(00:31)\u00a0 CARL RICHARDS: <\/strong>It\u2019s slipped in. I don\u2019t envy growing up as a 25-, 30-year-old trying to sort this out right now, because it just feels like everything\u2019s a bet.<\/p>\n<p><strong>(00:31)\u00a0 BARRY RITHOLTZ: <\/strong>And it is.<\/p>\n<p><strong>(00:31)\u00a0 CARL RICHARDS: <\/strong>And it is. To me \u2014 I\u2019m careful with advice, but the observation I\u2019ve noticed most frequently is that when I\u2019m younger, if I can focus on human capital and then realize that the money over here does the job of compounding, my main job should be to earn a bit more. Raising my human capital \u2014 my ability to earn and save when I\u2019m young \u2014 will far outstrip getting an extra 25 basis points by paying attention to some newsletter on the internet.<\/p>\n<p><strong>(00:32)\u00a0 BARRY RITHOLTZ: <\/strong>It\u2019s funny you mention gambling being everywhere. We were talking before the podcast about Nine-Fingered Howie. He wrote a post and created an index called the Degeneracy Index, where he puts in all the various prediction markets and gambling apps \u2014 and it\u2019s been outperforming the Nasdaq, which has been on fire, like two to one. And it\u2019s a kind of warning.<\/p>\n<p><strong>(00:32)\u00a0 CARL RICHARDS: <\/strong>What do we do with that?<\/p>\n<p><strong>(00:32)\u00a0 BARRY RITHOLTZ: <\/strong>It\u2019s a warning. I understand the Supreme Court decision that says gambling can\u2019t just be legal in one state \u2014 but maybe the decision isn\u2019t to make it legal everywhere. Maybe the decision is to say an entire industry based on human foibles, cognitive errors, and innumeracy is kind of an evil industry.<\/p>\n<p><strong>(00:32)\u00a0 CARL RICHARDS: <\/strong>I know. We\u2019re the problem; we need to realize that we\u2019re just not wired for it. It\u2019s not that we\u2019re dumb, it\u2019s not that we\u2019re bad. We can have any discussion we want about the morality of the whole thing, but underneath it all sits this idea that we\u2019re not wired to handle it. And another piece that\u2019s interesting right now: I don\u2019t think we\u2019re really wired to handle the level of uncertainty that we\u2019re dealing with \u2014 the sort of change fatigue.<\/p>\n<p><strong>(00:33)\u00a0 BARRY RITHOLTZ: <\/strong>And it seems like a lot of what Wall Street sells is this illusion of certainty.<\/p>\n<p><strong>(00:33)\u00a0 CARL RICHARDS: <\/strong>This false sense of precision. Certainty is so easy to sell \u2014 it\u2019s impossible to deliver, but it\u2019s super easy to sell because everybody wants to buy it. So I think those are the two: human capital, and learning how to come to grips with the reality that the world is uncertain.<\/p>\n<p><strong>(00:33)\u00a0 BARRY RITHOLTZ: <\/strong>So the quote of yours that always stays with me is, \u201cMoney is less about math and more about emotion.\u201d That was your insight watching the Netscape IPO. Why is that so challenging for this industry, for finance, to accept?<\/p>\n<p><strong>(00:34)\u00a0 CARL RICHARDS: <\/strong>It seems to me \u2014 and I\u2019ve been in a lot of the rooms where this discussion takes place \u2014 that we have a deep sense of physics envy.<\/p>\n<p><strong>(00:34)\u00a0 BARRY RITHOLTZ: <\/strong>For sure.<\/p>\n<p><strong>(00:34)\u00a0 CARL RICHARDS: <\/strong>We just want the law of gravity for money. And when we understand that the systems that handle money \u2014 markets, economies, politics, and then humans \u2014 are a mix of complex adaptive systems\u2026 they\u2019re not simple, and they\u2019re not even complicated. They\u2019re complex, adaptive, almost chaotic. And when you understand a complex adaptive system, you start to understand that even with the benefit of hindsight \u2014 you see this all the time \u2014 we look back and say, \u201cHere are the seven steps.\u201d It turns out that only works for that period of time. You replicate those seven steps and it doesn\u2019t work again.<\/p>\n<p><strong>(00:35)\u00a0 BARRY RITHOLTZ: <\/strong>All models assume the future looks like the past, and very often the future looks nothing like the past.<\/p>\n<p><strong>(00:35)\u00a0 CARL RICHARDS: <\/strong>Exactly. \u201cAll models are wrong; let\u2019s make ours useful\u201d is much more helpful. This idea of saying, okay, if that\u2019s the reality I live in, then how do I navigate a complex adaptive system? And that gets us to the point where it\u2019s more about \u2014 the problem is you, the problem is me, the problem is us. So I think that\u2019s why it\u2019s so hard. We have to say, \u201cOh man, we don\u2019t know exactly what we\u2019re dealing with here.\u201d It\u2019s so cute after a big crisis to see all the people who have very specific plans about how to avoid that exact same thing. We\u2019re still taking our shoes off in airports.<\/p>\n<p><strong>(00:35)\u00a0 BARRY RITHOLTZ: <\/strong>You don\u2019t have TSA Pre yet?<\/p>\n<p><strong>(00:35)\u00a0 CARL RICHARDS: <\/strong>Yeah, I do. I haven\u2019t taken my shoes off in a while.<\/p>\n<p><strong>(00:35)\u00a0 BARRY RITHOLTZ: <\/strong>I\u2019m gonna share one of my favorite random data points \u2014 I don\u2019t know if this made it into the last book. Earthquake insurance sales go up tremendously right after an earthquake. And if you think about how the plate tectonics work \u2014 these two pieces sliding \u2014 the odds of an earthquake happening after that 10, 20, 30 years of pressure is released plummet immediately. The worst time to buy earthquake insurance is right after the earthquake. The best time is, \u201cHey, this is an earthquake zone and we haven\u2019t had one in 20, 25 years \u2014 now\u2019s the time.\u201d I remember getting offered structured notes with downside protection in, like, October \u201902, and I\u2019m like, \u201cWhy do I need this? The Nasdaq is down 83%. Where were you in late \u201999 when this might have been useful?\u201d Down 83%, I\u2019m a buyer \u2014 I want all the upside. Why would I give any of it away? I had that conversation in a room full of the salespeople pitching this, and got called into the chairman\u2019s office: \u201cWhat are you doing? We\u2019re trying to set up a relationship with these people.\u201d I\u2019m like, \u201cThis is crap. Nobody should own this product. I know you want a relationship \u2014 tell them not to bring us junk that we don\u2019t need.\u201d I like dessert as much as the next guy \u2014<\/p>\n<p><strong>(00:37)\u00a0 CARL RICHARDS: <\/strong>This is what I came for, right here.<\/p>\n<p><strong>(00:37)\u00a0 BARRY RITHOLTZ: <\/strong>I remember several times getting called in as the market strategist \u2014 called into the vice chair, who was general counsel, or the chair. By the way, the firm was Lehman Brothers. So not only was I right over and over, but the counterparty risk was such that you would\u2019ve gotten nothing anyway.<\/p>\n<p><strong>(00:37)\u00a0 CARL RICHARDS: <\/strong>And we will go to the lengths we\u2019ll go to make up stories about that after the fact. Do you remember \u2014 I\u2019m gonna deeply paraphrase, and I\u2019m sure I\u2019m ruining the story \u2014 but after Long-Term Capital Management went under in \u201998, there was some quote where one of those PhD Nobel Prize winners said, \u201cOur models weren\u2019t wrong; reality just refused to conform to them.\u201d<\/p>\n<p><strong>(00:38)\u00a0 BARRY RITHOLTZ: <\/strong>I don\u2019t remember who it was, but \u2014 When Genius Failed, that quote is somewhere in that book.<\/p>\n<p><strong>(00:38)\u00a0 CARL RICHARDS: <\/strong>Exactly right. And I only point that out to say that I will certainly go to great lengths to make up a cute story that protects me from dealing with uncertainty \u2014 because our nervous system takes uncertainty as a threat. And it turns out we are in a period of uncertainty, and I don\u2019t think we\u2019re going back, to be honest.<\/p>\n<p><strong>(00:38)\u00a0 BARRY RITHOLTZ: <\/strong>Let me \u2014 this is supposed to be about you, the guest \u2014 but you pushed my buttons. Whenever I hear people saying \u201cmarkets hate uncertainty,\u201d my knee-jerk response is always, \u201cMarkets thrive on uncertainty \u2014 it\u2019s the whole point.\u201d The only time there\u2019s certainty is when everybody\u2019s on the same side of the boat. In late \u201999, everybody was certain trees grew to the sky. And in March \u201909, everybody was certain markets were going to zero \u2014 except for the handful of people who stepped up and bought. The future is inherently unknown and unknowable. When people say things are uncertain, I always feel like what they\u2019re saying is, \u201cNormally I could lie to myself enough that I could BS you people that I have some idea what\u2019s gonna happen \u2014 but goddamn, whatever\u2019s going on is so crazy I can\u2019t maintain that fiction anymore, so I default to uncertainty.\u201d In reality, most of the time everything is inherently uncertain.<\/p>\n<p><strong>(00:39)\u00a0 CARL RICHARDS: <\/strong>Can I \u2014 real quickly, I\u2019m super interested in what you think about this. I feel like you and I came up in the financial planning industry, the financial advice industry, which really grew up during a period that was an aberration. For a certain group of people, there was a predictable path of progress.<\/p>\n<p><strong>(00:39)\u00a0 BARRY RITHOLTZ: <\/strong>Give me some years.<\/p>\n<p><strong>(00:40)\u00a0 CARL RICHARDS: <\/strong>I\u2019m seeing postwar. My grandpa got a degree, could afford a first-time home on one salary, stayed there for 30 years, retired with a pension. There was this window \u2014<\/p>\n<p><strong>(00:40)\u00a0 BARRY RITHOLTZ: <\/strong>That was the aberration. The entire postwar period is the aberration.<\/p>\n<p><strong>(00:40)\u00a0 CARL RICHARDS: <\/strong>Right \u2014 like the Roaring Twenties, the uber-rich and the rest of us. Things weren\u2019t like that before, and they aren\u2019t like that now.<\/p>\n<p><strong>(00:40)\u00a0 BARRY RITHOLTZ: <\/strong>And we falsely believed, \u201cOh, this is the new era.\u201d<\/p>\n<p><strong>(00:40)\u00a0 CARL RICHARDS: <\/strong>The problem is that was when we built all of our tools, our language, our planning tools, our Monte Carlo simulations \u2014 all around that aberration. Much more likely is, if you think it feels uncertain now, we\u2019re not going back there.<\/p>\n<p><strong>(00:40)\u00a0 BARRY RITHOLTZ: <\/strong>\u201cNo, no, it\u2019ll all settle down, this\u2019ll all go away.\u201d<\/p>\n<p><strong>(00:40)\u00a0 CARL RICHARDS: <\/strong>Exactly. Ain\u2019t gonna happen. So to me, that leads to a really interesting discussion around how I learn \u2014 whether it\u2019s a posture shift, instead of trying to defend an outdated map. Like confirmation bias \u2014 you know, \u201c10 best days.\u201d<\/p>\n<p><strong>(00:41)\u00a0 BARRY RITHOLTZ: <\/strong>Ten best days \u2014 it\u2019s a great concept. And 10 worst days.<\/p>\n<p><strong>(00:41)\u00a0 CARL RICHARDS: <\/strong>Anytime anybody\u2019s scared of anything in the markets, we just parade it out. You saw this on Twitter back when it was useful \u2014 if anybody said anything bad, like \u201cI\u2019m scared\u201d or \u201cthis market scares me,\u201d a bunch of financial advisors would jump in and say, \u201cDon\u2019t you know, if you sell and miss the 10 best days, you may as well be in CDs over the 20-year period?\u201d Or you miss the 10 worst days. And I think that was an effort to say \u201cDon\u2019t worry\u201d \u2014 to spray people with facts and figures when they\u2019re feeling irrational.<\/p>\n<p><strong>(00:41)\u00a0 BARRY RITHOLTZ: <\/strong>\u201cI like the gun you hold.\u201d<\/p>\n<p><strong>(00:41)\u00a0 CARL RICHARDS: <\/strong>Spray people with facts and figures. Because when you\u2019re feeling irrational, the last thing you want is somebody to try and reason with you.<\/p>\n<p><strong>(00:41)\u00a0 BARRY RITHOLTZ: <\/strong>Wait \u2014 you\u2019re telling me that pure logic doesn\u2019t satisfy emotion?<\/p>\n<p><strong>(00:42)\u00a0 CARL RICHARDS: <\/strong>You\u2019re trying it with a teenager, right? The last thing you want\u2026 what you want, metaphorically, is a hug first. We\u2019ll get to the facts later \u2014 let\u2019s never get to the lecture. So I think if we shift that posture a bit, where we\u2019re like, \u201cTurns out uncertainty is reality\u201d\u2026 add in sequencing risk \u2014 are we gonna have a great market for the first five years of your retirement or the last five years? Who knows?<\/p>\n<p><strong>(00:42)\u00a0 BARRY RITHOLTZ: <\/strong>Not that useful in the last five years.<\/p>\n<p><strong>(00:42)\u00a0 CARL RICHARDS: <\/strong>Exactly right. It turns out we\u2019re dealing with a very complex adaptive system, and the ability to make really important decisions in the face of irreducible uncertainty is the primary skill. If I was younger, I would be studying complexity theory. I\u2019d be studying being resilient. I\u2019d be studying how to make really important decisions when I don\u2019t know \u2014 how to get comfortable not knowing. Like a mountain guide.<\/p>\n<p><strong>(00:42)\u00a0 BARRY RITHOLTZ: <\/strong>But those are life-and-death decisions.<\/p>\n<p><strong>(00:43)\u00a0 CARL RICHARDS: <\/strong>Yeah. Some of my favorite people are really thoughtful \u2014 people who worked in distressed investing. Because if they\u2019re on the ground with the company, they\u2019re having to make mission-critical decisions, and they do not know how they\u2019re gonna work out. I\u2019ve got a really good friend like that, and he\u2019s like, \u201cYeah, every day, some of these decisions are thousands of jobs, and I don\u2019t know how it\u2019s gonna work out.\u201d<\/p>\n<p><strong>(00:43)\u00a0 BARRY RITHOLTZ: <\/strong>And you\u2019re making these decisions in zones of intense uncertainty with incomplete information.<\/p>\n<p><strong>(00:43)\u00a0 CARL RICHARDS: <\/strong>Right. And no amount of spreadsheeting will get you more information. The only way they get more information is to take an action.<\/p>\n<p><strong>(00:43)\u00a0 BARRY RITHOLTZ: <\/strong>Fascinating.<\/p>\n<p><strong>(00:43)\u00a0 CARL RICHARDS: <\/strong>To me, that\u2019s the skill. That\u2019s what this market is calling for in terms of leadership \u2014 the ability to create containers for collective interpretation, rather than scream at people.<\/p>\n<p><strong>(00:43)\u00a0 BARRY RITHOLTZ: <\/strong>So let\u2019s talk about this book. You describe it as a conversation grenade. Explain.<\/p>\n<p><strong>(00:43)\u00a0 CARL RICHARDS: <\/strong>First of all, I think I first heard that term from Hugh MacLeod \u2014 Gaping Void.<\/p>\n<p><strong>(00:44)\u00a0 BARRY RITHOLTZ: <\/strong>Love his work. I have some of his stuff on my wall. And on the opposite wall, some of your stuff.<\/p>\n<p><strong>(00:44)\u00a0 CARL RICHARDS: <\/strong>That\u2019s cool. Thank you.<\/p>\n<p><strong>(00:44)\u00a0 BARRY RITHOLTZ: <\/strong>\u201cBuy high, sell low, repeat until broke.\u201d Number one. It\u2019s on my wall. Full disclosure.<\/p>\n<p><strong>(00:44)\u00a0 CARL RICHARDS: <\/strong>Well, thank you. I have some of your stuff in my office too. So, conversation grenades \u2014 this is the only reason I wrote the book. I\u2019d sworn off writing.<\/p>\n<p><strong>(00:44)\u00a0 BARRY RITHOLTZ: <\/strong>Why?<\/p>\n<p><strong>(00:44)\u00a0 CARL RICHARDS: <\/strong>Because I love audio so much. After I wrote the second book, I thought, \u201cI\u2019m just gonna speak.\u201d And then podcasting came around and I was like, \u201cThis is amazing.\u201d<\/p>\n<p><strong>(00:44)\u00a0 BARRY RITHOLTZ: <\/strong>Not mutually exclusive.<\/p>\n<p><strong>(00:44)\u00a0 CARL RICHARDS: <\/strong>Exactly right.<\/p>\n<p><strong>(00:44)\u00a0 BARRY RITHOLTZ: <\/strong>Between Bailout Nation and How Not to Invest \u2014 a solid 15 years. I needed to recover; that was my refractory period. I needed a decade and a half.<\/p>\n<p><strong>(00:44)\u00a0 CARL RICHARDS: <\/strong>And it just took the pandemic to make me start thinking about it. I kept noticing that people like physical artifacts.<\/p>\n<p><strong>(00:45)\u00a0 BARRY RITHOLTZ: <\/strong>I agree. I don\u2019t love a Kindle.<\/p>\n<p><strong>(00:45)\u00a0 CARL RICHARDS: <\/strong>Same \u2014 I like other people to have it physically. Working with Harriman really allowed me to make everything about the book designed for that.<\/p>\n<p><strong>(00:45)\u00a0 BARRY RITHOLTZ: <\/strong>Think of it \u2014 we have the same publisher. I didn\u2019t even notice.<\/p>\n<p><strong>(00:45)\u00a0 CARL RICHARDS: <\/strong>I\u2019m sure Craig helps you.<\/p>\n<p><strong>(00:45)\u00a0 BARRY RITHOLTZ: <\/strong>He\u2019s great, for sure.<\/p>\n<p><strong>(00:45)\u00a0 CARL RICHARDS: <\/strong>So everything about that book is designed to feel like you toss it in a room and conversations break out. That\u2019s the conversation-grenade analogy. You set it on the coffee table \u2014 an unpretentious coffee-table book. I\u2019m gonna pick it up, I\u2019m gonna mess with it. We talked about hardback; I wanted that soft cover. We moved the front matter, the legal stuff \u2014 you go to page one, there\u2019s none of it in there.<\/p>\n<p><strong>(00:45)\u00a0 BARRY RITHOLTZ: <\/strong>You moved it to the back.<\/p>\n<p><strong>(00:45)\u00a0 CARL RICHARDS: <\/strong>They let me move it to the back. And they said nobody\u2019s ever asked.<\/p>\n<p><strong>(00:45)\u00a0 BARRY RITHOLTZ: <\/strong>Dude, I love that.<\/p>\n<p><strong>(00:45)\u00a0 CARL RICHARDS: <\/strong>Nobody\u2019s ever asked. I was amazed they let me do it. But that stuff\u2019s in the back. Because what reader has ever said they want to see that crap? There it is, in the back.<\/p>\n<p><strong>(00:46)\u00a0 BARRY RITHOLTZ: <\/strong>I always assumed it was a legal requirement that it had to be up front.<\/p>\n<p><strong>(00:46)\u00a0 CARL RICHARDS: <\/strong>They said nobody\u2019s asked. So they let me do all sorts of things that allowed us to say, \u201cNo, this is in service of the reader.\u201d We just want you to have this sit there. The number of stories I\u2019ve heard \u2014 \u201cI had it on my table, my son asked me a question,\u201d or \u201cI sent it out to clients.\u201d It\u2019s really meant to be a conversation grenade.<\/p>\n<p><strong>(00:46)\u00a0 BARRY RITHOLTZ: <\/strong>So we started out talking about your deceptively simple sketches. Is this simplicity a conscious act of rebellion? There\u2019s so much complexity and arcane language \u2014 every profession uses arcane language to hold laypeople at arm\u2019s distance. Was the simplicity in your sketches purposeful, or am I reading too much into it?<\/p>\n<p><strong>(00:46)\u00a0 CARL RICHARDS: <\/strong>Deeply purposeful. Deeply. I think it\u2019s maybe just the way my brain works \u2014 I only have enough RAM for one problem at a time. So I like to get into it, understand the nuance, the edge cases \u2014 and it gets like a giant ball. There was actually a sketch in there about this. It\u2019s a simple question, and then: what about this? What about that? What about that edge case? And once I get in there, I\u2019m like, okay. And you actually shared a quote one time \u2014<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>Investing is simple but hard.<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>No \u2014 \u201cThere are a lot of answers that are simple, elegant, and wrong.\u201d<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>I remember this. I don\u2019t know where I stole that. That could actually be me.<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>I remember you shared somebody else\u2019s quote.<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>\u201cSimple, elegant, and wrong.\u201d<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>Yeah. And I really worry about that, because when you\u2019re in that ball of yarn and you decide to distill or edit, you have to make some conscious decisions about what to leave out. And I often get that wrong. And when I do, I hear about it, and it makes the work a little bit better. There are words and lines in some of those sketches I\u2019ve been thinking about for over a decade. I removed a word that had been in there 15 years.<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>Which sketch?<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>It\u2019s the \u2014<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>\u201cPeople you love, experiences \u2014 spend the money.\u201d<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>Yeah, that\u2019s one of my favorite ones.<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>That is one of my favorites. You do like a good Venn diagram.<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>By the way, the Venn diagram police have come after me, so I just call them circle sketches.<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>What?<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>Oh, dude. I used to get two-page emails from the Times readers about \u2014<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>I call these people Venn diagram police.<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>Picture-shapers, picture-straighteners. I used to send equal rebuttals, and then finally I just developed a template email. It said, \u201cYou\u2019re right. I call them circle sketches.\u201d So the Venn diagram piece is pretty loosey.<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>Wait \u2014 these are legitimate Venn diagrams.<\/p>\n<p><strong>(00:48)\u00a0 CARL RICHARDS: <\/strong>They can make an argument, of course.<\/p>\n<p><strong>(00:48)\u00a0 BARRY RITHOLTZ: <\/strong>No \u2014 if it\u2019s this over here and this over here, and the overlap that you want to focus on. \u201cThings that matter, things that you can control\u201d is another one of yours.<\/p>\n<p><strong>(00:49)\u00a0 CARL RICHARDS: <\/strong>What we should focus on.<\/p>\n<p><strong>(00:49)\u00a0 BARRY RITHOLTZ: <\/strong>And then the overlap. How is that not a Venn diagram?<\/p>\n<p><strong>(00:49)\u00a0 CARL RICHARDS: <\/strong>I don\u2019t know. Somebody will find \u2014 but my point really is that when you distill and leave things out, you get things wrong sometimes. And you asked which one \u2014<\/p>\n<p><strong>(00:49)\u00a0 BARRY RITHOLTZ: <\/strong>But you\u2019re trying to communicate cleanly and simply.<\/p>\n<p><strong>(00:49)\u00a0 CARL RICHARDS: <\/strong>It\u2019s true. But some of that feedback\u2019s amazing. The Venn diagram police weren\u2019t particularly helpful, but some of the feedback is \u2014 like, \u201cHey, have you ever thought of this?\u201d \u2014 and it makes me reconsider and adjust. There have been changes I\u2019ve made. There\u2019s one sketch that used to say \u201cwhat\u2019s important to you.\u201d It was an alignment sketch \u2014 your use of capital aligned with what you say is important to you. And that word, \u201csay\u201d \u2014<\/p>\n<p><strong>(00:49)\u00a0 BARRY RITHOLTZ: <\/strong>It\u2019s implying that it\u2019s not important, but you\u2019re claiming it\u2019s important.<\/p>\n<p><strong>(00:49)\u00a0 CARL RICHARDS: <\/strong>That word \u201csay\u201d bothered me for a decade, before I was like, \u201cNo, no \u2014 we want to get to what\u2019s important to you, not what you say is important.\u201d<\/p>\n<p><strong>(00:50)\u00a0 BARRY RITHOLTZ: <\/strong>You were hinting at another problem with people not speaking \u2014<\/p>\n<p><strong>(00:50)\u00a0 CARL RICHARDS: <\/strong>That\u2019s right. Stated versus revealed preferences. I\u2019m more interested in the revealed preferences. What\u2019s actually important to you?<\/p>\n<p><strong>(00:50)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s really interesting. So let\u2019s stay with the concept of spending money, since I just flipped to whatever that was. Every advisor who manages money for people can tell you story after story. My favorite one I\u2019ll share here. \u201cHey, Barry\u2019s a car guy, he has a boat. You want to buy a boat and a car? Why don\u2019t you talk to Barry?\u201d So I speak to the client. He says, \u201cI\u2019m thinking about buying a 50-, 60-foot sailboat, and I\u2019m thinking about buying a Ferrari.\u201d I go, \u201cThat\u2019s really easy. What\u2019s your boating experience?\u201d \u201cZero.\u201d You don\u2019t start with a 50-, 60-foot sailboat that requires a crew. It\u2019s two and a half million dollars. You\u2019ll take it out twice, and you\u2019ll sell it for a 30% loss. On the other hand \u2014 by the way, this guy could buy a Ferrari a month for the rest of eternity and be fine \u2014 go buy the Ferrari. Take the whole family down to the Ferrari high-performance driving school. I\u2019ll let you in on a little secret: all of these advanced driving schools are really defensive driving classes in disguise. You\u2019ll learn the limits of the car, that you\u2019ll get nowhere near, but you\u2019ll also learn the limits of your own driving ability \u2014 and, more importantly, how to operate within your own skill set.<\/p>\n<p><strong>(00:51)\u00a0 CARL RICHARDS: <\/strong>And so will your kids, if you bring them.<\/p>\n<p><strong>(00:51)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s right. So everybody becomes a better, safer driver. So he goes out and buys a Ferrari, they do the class, they love it.<\/p>\n<p><strong>(00:51)\u00a0 CARL RICHARDS: <\/strong>Yeah.<\/p>\n<p><strong>(00:51)\u00a0 BARRY RITHOLTZ: <\/strong>He also buys the boat. A year later, he sells it for a 30% loss. Anytime Barry gets on the phone with a client, the advisor always says, \u201cDo not mention the boat.\u201d The only thing worse than being right is being wrong. And I can say this at the back of a podcast, because you can confess to murder at the end of a podcast and no one will know.<\/p>\n<p><strong>(00:52)\u00a0 CARL RICHARDS: <\/strong>No one will hear.<\/p>\n<p><strong>(00:52)\u00a0 BARRY RITHOLTZ: <\/strong>So I\u2019m very comfortable saying this here. But with that Barry digression \u2014 let\u2019s talk about how you help people focus on what\u2019s important, what matters, and what the purpose of money really is. What should they be doing with their money, especially later in life? They\u2019ve accumulated a nice pile. Can\u2019t take it with you.<\/p>\n<p><strong>(00:52)\u00a0 CARL RICHARDS: <\/strong>Running experiments, practice. One of the things we see is that the very things that got you to that spot are working against you going forward. You were being frugal, saving aggressively, being very disciplined. And now you\u2019re saying, \u201cHey, this delayed-gratification thing was really important \u2014 but it definitely got me to the spot.\u201d You get to a point where you should no longer delay. There\u2019s not gonna be time to delay.<\/p>\n<p><strong>(00:52)\u00a0 BARRY RITHOLTZ: <\/strong>It\u2019s so tough for some people to make that switch.<\/p>\n<p><strong>(00:53)\u00a0 CARL RICHARDS: <\/strong>Super. So you practice. Your boat example is great. I\u2019ve literally had people who can\u2019t spend any money \u2014 and, like you\u2019re saying, have enough that they could spend it for the rest of their lives. \u201cGo get a coffee with a friend, pay for theirs. Go on the trip and enjoy the trip.\u201d One of my favorite stories is from Alan Smith in the UK \u2014 a great financial planner; he\u2019s told this story publicly. He had a client whose relatives had moved. There was a bunch of people from Wales who moved to Argentina from mining, way back. She\u2019d always wanted to go see the Welsh national rugby team play the Argentinian Pumas, in Argentina.<\/p>\n<p><strong>(00:53)\u00a0 BARRY RITHOLTZ: <\/strong>I know exactly where you\u2019re gonna go with this.<\/p>\n<p><strong>(00:53)\u00a0 CARL RICHARDS: <\/strong>And she was like, \u201cI just can\u2019t.\u201d And he\u2019s like, \u201cYou could do this every month for the rest of your life.\u201d \u201cWell, I can\u2019t sit that long.\u201d \u201cYou could have a lay-flat bed.\u201d<\/p>\n<p><strong>(00:54)\u00a0 BARRY RITHOLTZ: <\/strong>Or you could go from Wales to New York, New York to Brazil, Brazil to Argentina. You don\u2019t have to do it in one trip.<\/p>\n<p><strong>(00:54)\u00a0 CARL RICHARDS: <\/strong>So he finally, over time, got her used to the idea. She went, and she said it was the best. \u201cWe\u2019re never gonna get those things back. We\u2019re never going.\u201d<\/p>\n<p><strong>(00:54)\u00a0 BARRY RITHOLTZ: <\/strong>AI is not gonna replace that.<\/p>\n<p><strong>(00:54)\u00a0 CARL RICHARDS: <\/strong>No. So to me it\u2019s like \u2014 I don\u2019t know if I\u2019d rather err on being irresponsible, but I know we should spend the money. Spend the money.<\/p>\n<p><strong>(00:54)\u00a0 BARRY RITHOLTZ: <\/strong>But irresponsibility never comes into it. You\u2019re looking at someone\u2019s portfolio: you have $10 million, you live on $350,000 a year, and you want to bust out another $50,000 so you can take the whole family \u2014 take the kids on a trip to the old country and show them where your grandparents came from. Why not? It\u2019s not even a hundred thousand.<\/p>\n<p><strong>(00:54)\u00a0 CARL RICHARDS: <\/strong>Yeah. And these are \u2014 by the way \u2014<\/p>\n<p><strong>(00:54)\u00a0 BARRY RITHOLTZ: <\/strong>These are very first-world problems.<\/p>\n<p><strong>(00:54)\u00a0 CARL RICHARDS: <\/strong>Of course. But they are problems. Bren\u00e9 Brown got really clear that comparative suffering does us no good. So whenever I hear \u201cfirst-world problems,\u201d I\u2019m always like, \u201cWell, yeah, but this is a challenge\u201d \u2014 and it happens to be the challenge that many of your clients and the people I\u2019m talking to are facing. So why not just practice? Can we pick something small \u2014 something you\u2019ve always wanted to do? It might be simple, like take the grandkids to the art museum this weekend.<\/p>\n<p><strong>(00:55)\u00a0 BARRY RITHOLTZ: <\/strong>I\u2019m gonna share another line with you \u2014 not comparative suffering, but: \u201cComparison is the thief of joy.\u201d Often falsely attributed to Teddy Roosevelt; it hadn\u2019t been around till the late 1980s. What a great phrase. There\u2019s always someone with a bigger boat, or a larger house, or a faster car \u2014 whatever you\u2019re envious of. You have this car, you\u2019re really happy with it \u2014 then who cares what the guy on the block has? That\u2019s pointless.<\/p>\n<p><strong>(00:55)\u00a0 CARL RICHARDS: <\/strong>Real quickly \u2014 one thing that makes it even harder is we\u2019re never exactly sure: do we really want the boat?<\/p>\n<p><strong>(00:56)\u00a0 BARRY RITHOLTZ: <\/strong>Well, if you\u2019re not sure, then that\u2019s easy. Don\u2019t get the boat.<\/p>\n<p><strong>(00:56)\u00a0 CARL RICHARDS: <\/strong>But you could go out for a day.<\/p>\n<p><strong>(00:56)\u00a0 BARRY RITHOLTZ: <\/strong>You could rent a boat.<\/p>\n<p><strong>(00:56)\u00a0 CARL RICHARDS: <\/strong>You could try little experiments. I just remember growing up \u2014 I grew up in the hills in Utah \u2014 we all had BMX bikes.<\/p>\n<p><strong>(00:56)\u00a0 BARRY RITHOLTZ: <\/strong>I love this BMX story of yours.<\/p>\n<p><strong>(00:56)\u00a0 CARL RICHARDS: <\/strong>I always wanted a slightly better BMX bike.<\/p>\n<p><strong>(00:56)\u00a0 BARRY RITHOLTZ: <\/strong>Oh no, you wanted a really nice bike. And what did you end up doing?<\/p>\n<p><strong>(00:56)\u00a0 CARL RICHARDS: <\/strong>Which one are you talking about \u2014 the road bike? The Moots? Yes, the titanium bike. There\u2019s a Steamboat story, but that\u2019s a different story. Are you kidding? Those things were \u2014 I think those were six or seven thousand.<\/p>\n<p><strong>(00:56)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s nothing today, in terms of people who ride. You could drop 10 grand on a bike.<\/p>\n<p><strong>(00:56)\u00a0 CARL RICHARDS: <\/strong>In a hurry. But still, that bike \u2014 per dollar, per unit of fun \u2014 unbelievable. I never made a better investment.<\/p>\n<p><strong>(00:56)\u00a0 BARRY RITHOLTZ: <\/strong>What\u2019s the BMX story?<\/p>\n<p><strong>(00:56)\u00a0 CARL RICHARDS: <\/strong>When I was little, like eight, I had a slightly better BMX bike than some of my buddies, and some of my buddies had slightly better. That\u2019s all I knew. I didn\u2019t know at the time that I was supposed to want a private jet. And now I do \u2014 Instagram has taught me. So I think we have this problem of cultivating our comparison set. Now we\u2019re even talking about getting clear about the word \u201cgoal,\u201d which is hard \u2014 because you don\u2019t know if it\u2019s your mom\u2019s goal, society\u2019s goal, or Instagram\u2019s goal. Five million dollars and a sailboat \u2014 when did that come from?<\/p>\n<p><strong>(00:57)\u00a0 BARRY RITHOLTZ: <\/strong>Let me share a fun private jet story with you.<\/p>\n<p><strong>(00:57)\u00a0 CARL RICHARDS: <\/strong>I love private jet stories.<\/p>\n<p><strong>(00:57)\u00a0 BARRY RITHOLTZ: <\/strong>So whenever anybody used to ask me, \u201cAre you gonna sell the firm? What\u2019s your FU money?\u201d \u2014 my answer has always been the same: whatever it takes to never step foot into a commercial airport ever again. And then I made the mistake of saying this in public somewhere, and all these Marquis Jet guys started sending me pitches. So out of curiosity, one day I said, \u201cRun the numbers for me. What does this really look like?\u201d It turns out East Coast is $6,000\u2013$6,500 an hour; cross-country to California, $8,000; you want to go to Europe, it\u2019s $12,000 per hour of travel. So do the math. I\u2019m a numbers guy deep down inside, and I\u2019m like, \u201cOh, this is a quarter million, half a million a year.\u201d For that to be rational, you\u2019d have to be earning $10 million gross \u2014 to spend a mere 5% of your annual income, after cap gains, on a PJ at half a million a pop. \u201cPJ\u201d \u2014 that\u2019s from Succession; I never heard that phrase before that show. And all of a sudden I\u2019m like, \u201cOh, I have no interest in that. I don\u2019t ever expect to be pulling down $10 million a year.\u201d And while it\u2019s attractive \u2014 bypassing all the airports \u2014 I kind of learned: all right, I\u2019m not gonna go on high-traffic days. We travel for Thanksgiving weekend, I\u2019m the first flight out Thursday morning; we blow through security in five minutes. Two hours later it\u2019s a zoo. So all right, I\u2019m not gonna spend half a million a year. I could spend a little bit of brainpower trying to navigate around the worst. I won\u2019t arrive at the airport at five o\u2019clock, because I don\u2019t want to get stuck in traffic, and I won\u2019t take a nine o\u2019clock morning flight. So I\u2019m not flying private; I\u2019m trying to fly a little smarter commercial. Even if you\u2019re in the front of the plane.<\/p>\n<p><strong>(00:59)\u00a0 CARL RICHARDS: <\/strong>But that to me is a really good example of thinking that something might be important, running a little bit of an experiment, actually running the numbers, and deciding. We\u2019re just constantly narrowing in, for our whole lives \u2014 and those things change.<\/p>\n<p><strong>(00:59)\u00a0 BARRY RITHOLTZ: <\/strong>It would still be delightful to just show up at the airport.<\/p>\n<p><strong>(00:59)\u00a0 CARL RICHARDS: <\/strong>And you made a trade-off decision about when you want to leave \u2014<\/p>\n<p><strong>(00:59)\u00a0 BARRY RITHOLTZ: <\/strong>And save a day of travel on each side. But is that worth half a million dollars a year?<\/p>\n<p><strong>(01:00)\u00a0 CARL RICHARDS: <\/strong>To you, it\u2019s not.<\/p>\n<p><strong>(01:00)\u00a0 BARRY RITHOLTZ: <\/strong>I\u2019m gonna overshare one more thing. So some friends of my wife get a pied-\u00e0-terre in the city. They\u2019re empty nesters, they downsize, they have a house and then the city apartment. And I started thinking about a pied-\u00e0-terre \u2014 we loved it when we lived down at Gramercy Park. I start looking at this and running the numbers, and I\u2019m like, \u201cWait a second.\u201d Just the monthly co-op fees are three or four grand a month, to say nothing of the insurance, the taxes, and the one-, two-, three-, four-, five-million-dollar purchase price. And I\u2019m doing the math: this is like five grand a month, 60,000 a year, that I can\u2019t spend. We take weekends in the city \u2014 I can\u2019t spend $60,000 a year on hotels and restaurants. I can\u2019t spend that much if I tried. We do a few weekends in the city; it\u2019s a couple thousand bucks, certainly not 60 grand. Pied-\u00e0-terre makes no sense to me. And I\u2019m explaining this to a very wealthy client, and I see this look on her face, and I go, \u201cOh \u2014 you\u2019re saying if $60,000 is too much in co-op fees, you really can\u2019t afford this pied-\u00e0-terre.\u201d And she says, \u201cWell, I wasn\u2019t exactly thinking it, but you\u2019re not wrong.\u201d And what I was about to defend myself with was, \u201cWell, the $60,000 just isn\u2019t worth it to me.\u201d But before I said that \u2014 yeah, but if you had 50 or a hundred million dollars, who cares? I just want a place I\u2019m comfortable in, where the bed is, my clothes are in the closet, and I\u2019m not dealing with checking into a hotel. That\u2019s worth 60 grand to me if you have X dollars. She never said that, but I immediately saw the whole caveat.<\/p>\n<p><strong>(01:02)\u00a0 CARL RICHARDS: <\/strong>I have a question for you on the heels of that. What\u2019s the last thing you decided, \u201cI\u2019m gonna buy that,\u201d and you didn\u2019t run the numbers \u2014 you were just like, \u201cI don\u2019t care, I\u2019m buying it, it doesn\u2019t matter how much it costs\u201d? Because in both those examples, you wanted a thing, ran the numbers, and decided not to do it. Is there a time when \u2014<\/p>\n<p><strong>(01:02)\u00a0 BARRY RITHOLTZ: <\/strong>When was the last time I decided not to \u2014<\/p>\n<p><strong>(01:02)\u00a0 CARL RICHARDS: <\/strong>No \u2014 you decided to do it. You didn\u2019t even care what the number said, you didn\u2019t even look \u2014 you just wanted to do that thing so bad you were like, \u201cI\u2019m doing it.\u201d<\/p>\n<p><strong>(01:02)\u00a0 BARRY RITHOLTZ: <\/strong>There are two answers: the Barry before he turned 60, and the Barry after he turned 60. When Barry turned 60\u2026 I think this is a function of immaturity. I never had a midlife crisis, probably because when I should have, I was still an idiot child \u2014 I was still 10, 20 years maturity level below where I should have been. And I turned 60 and very much woke up with a sensation: all right, fourth quarter, down by seven; if you want to win this game, you gotta get busy. Literally, that\u2019s what I thought. I don\u2019t know if I ever told this story on the podcast \u2014 and the spouse still survives, so I can\u2019t really go into details. But a person about to sell a business for a ton of money, hundreds of millions of dollars, gets a diagnosis: six months to live. And you know this, if you\u2019re managing money for enough families \u2014 the actuarial tables are such that people will begin to die. That\u2019s just the normal human finite lifespan. So it\u2019s easy to start to pick up that pattern: life is short, what are you waiting for? The combination of turning 60, soon after the pandemic ended \u2014 a lot of people lost a lot of people during that \u2014 I kind of said, \u201cMoney should never prevent anyone from experiencing joy.\u201d So what I started doing is not saying no, and gifting a lot of stuff. My favorite thing in the world around Christmas is to pick a book and send it to 10, 20, 30 friends \u2014 the same book.<\/p>\n<p><strong>(01:04)\u00a0 CARL RICHARDS: <\/strong>Same \u2014 good. 20, 30 bucks.<\/p>\n<p><strong>(01:04)\u00a0 BARRY RITHOLTZ: <\/strong>This year it was The Uncool by Cameron Crowe.<\/p>\n<p><strong>(01:04)\u00a0 CARL RICHARDS: <\/strong>Wow.<\/p>\n<p><strong>(01:04)\u00a0 BARRY RITHOLTZ: <\/strong>I was talking about this with somebody and I said, \u201cOh, I gave that book to a few people for Christmas.\u201d And then I went through Amazon \u2014 oh, I gave 26 of these to various people.<\/p>\n<p><strong>(01:04)\u00a0 CARL RICHARDS: <\/strong>So good.<\/p>\n<p><strong>(01:04)\u00a0 BARRY RITHOLTZ: <\/strong>It\u2019s $300 \u2014 for anybody making a reasonable income.<\/p>\n<p><strong>(01:04)\u00a0 CARL RICHARDS: <\/strong>I love that idea. By the way, you don\u2019t have to wait until Christmas.<\/p>\n<p><strong>(01:04)\u00a0 BARRY RITHOLTZ: <\/strong>I know. I was just thinking about that. Carl\u2019s secret book club.<\/p>\n<p><strong>(01:05)\u00a0 CARL RICHARDS: <\/strong>Launching that.<\/p>\n<p><strong>(01:05)\u00a0 BARRY RITHOLTZ: <\/strong>It\u2019s so fun.<\/p>\n<p><strong>(01:05)\u00a0 CARL RICHARDS: <\/strong>It\u2019s really fun. There\u2019s a little bit of a puzzle figuring out what\u2019s the right book for the right person \u2014 not everybody gets the same book, because they\u2019re different people. But this all comes back to \u2014<\/p>\n<p><strong>(01:05)\u00a0 BARRY RITHOLTZ: <\/strong>Spend the money.<\/p>\n<p><strong>(01:05)\u00a0 CARL RICHARDS: <\/strong>So \u2014 again, it\u2019s the end of the podcast, so I can say stuff. Alexis, don\u2019t cut any of this out. A 1987\u201388 911 Cabriolet I purchased three or four years ago for like 60 grand. It was an old, ratty car that needed to be restored, and the plan was to convert it to an EV. This car wasn\u2019t right for that, so I ended up doing the EV conversion with an \u201987 coupe with 300,000 kilometers on it. But the \u201988 turned out to be this rare, matching-numbers M491 911, worth a ton more than I paid for it. So I put a bunch of money into it. My wife was complaining she doesn\u2019t get to drive a stick anymore. So \u2014 \u201cHey honey, here\u2019s your weekend car. I bought it for this reason, we\u2019re just parking cash, and it\u2019s worth double what I paid. Drive it.\u201d And she\u2019s like, \u201cIt\u2019s loud, it smells, nice clutch, but no airbags, no ABS.\u201d And I\u2019m like, \u201cSo what are you saying?\u201d By the way, this is my cross to bear: my wife is very unhappy that I got her an old 911, and she is forcing me to buy a newer Porsche. These are problems that most married men do not have. That\u2019s how you know you married the right woman.<\/p>\n<p><strong>(01:06)\u00a0 BARRY RITHOLTZ: <\/strong>Well, if your wife says \u201cnice clutch,\u201d you\u2019re onto something.<\/p>\n<p><strong>(01:06)\u00a0 CARL RICHARDS: <\/strong>I taught her to drive a stick when we were dating. She drives a stick better than \u2014 so her daily driver is an unusual color, another great purchase during the pandemic. When everybody was freaked out, I got her a Panamera hybrid in amethyst metallic \u2014 super rare color, substantially less than it should have been. And one of the guys from my car group says to me one day, \u201cYou have the only amethyst-metallic Panamera on the island. I saw your wife driving it. I tried to catch her \u2014 she\u2019s got a crazy lead foot. I couldn\u2019t catch her, I was beeping, I was waving.\u201d So I go home that night and I say, \u201cHey, how was your day?\u201d She goes, \u201cCrazy thing \u2014 this guy in a green 911 was haranguing me, chasing me, and I just put the hammer down and this guy couldn\u2019t catch me.\u201d And I said, \u201cYou know, that was Joe.\u201d She\u2019s like, \u201cThat was Joe? He was just swinging by, trying to catch up to say hi.\u201d I\u2019m like, \u201cHe said he couldn\u2019t catch you. It\u2019s a GT3 \u2014 the fastest street-legal Porsche, just below the turbos.\u201d There\u2019s only one other car that\u2019s the fastest street-legal Porsche with a stick shift.<\/p>\n<p><strong>(01:08)\u00a0 BARRY RITHOLTZ: <\/strong>So good. So that\u2019s what I\u2019m talking about. So I\u2019m in the process of swapping the \u201988 for a 2024. I know exactly what I\u2019m gonna replace it with \u2014 I found a bit of a unicorn. The only problem is the color is wrong. But with a relatively new car, you put a PPF wrap around it to protect the paint, and now they make those wraps in colors. I really like this paint-to-sample violet \u2014 that\u2019s like a $20,000 upgrade when you order the car new. No \u2014 just put the plastic on, it\u2019s six grand, and now you have a car whatever color you want. So she picked that color \u2014 she\u2019s gonna be the purple. I found this: it\u2019s a GTS, it\u2019s a Cabrio, it\u2019s a stick, it\u2019s a chalk interior, which is even rarer, and rarer still, ceramic brakes. It\u2019s just the wrong color, and I\u2019m gonna fix that. This is an obscene amount of money, and I don\u2019t care.<\/p>\n<p><strong>(01:09)\u00a0 CARL RICHARDS: <\/strong>You\u2019ll tell me that 20 years from now \u2014<\/p>\n<p><strong>(01:09)\u00a0 BARRY RITHOLTZ: <\/strong>Nobody looks back and says, \u201cOh, why did I buy that?\u201d We look back and regret the things we didn\u2019t do.<\/p>\n<p><strong>(01:09)\u00a0 CARL RICHARDS: <\/strong>Exactly \u2014 not the things we did. My version of that is, two months ago, I didn\u2019t know that my 24-year-old son was gonna ask me to go spend some time on adventure motorcycles this summer. It wasn\u2019t in my financial plan.<\/p>\n<p><strong>(01:09)\u00a0 BARRY RITHOLTZ: <\/strong>Do you have a license for that?<\/p>\n<p><strong>(01:09)\u00a0 CARL RICHARDS: <\/strong>I actually do, because 10 years ago I was on a BMW 900 GS.<\/p>\n<p><strong>(01:09)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s a big bike.<\/p>\n<p><strong>(01:09)\u00a0 CARL RICHARDS: <\/strong>Yeah. And so we just got Yamaha T\u00e9n\u00e9r\u00e9 700s \u2014 which is a great bike. But my son is the one who asked, and I didn\u2019t know it\u2019s costing me more money than I\u2019d planned on spending. Who cares? I\u2019m not gonna regret a second of it.<\/p>\n<p><strong>(01:09)\u00a0 BARRY RITHOLTZ: <\/strong>Isn\u2019t that \u2014<\/p>\n<p><strong>(01:10)\u00a0 CARL RICHARDS: <\/strong>That\u2019s the whole point.<\/p>\n<p><strong>(01:10)\u00a0 BARRY RITHOLTZ: <\/strong>First of all, you have to stop \u2014 and I know you have gratitude drawings in here \u2014 the fact that it\u2019s a realistic option for you and me to indulge in these ridiculous spending things\u2026 part of me knows how utterly ridiculous this is. So first you have to have some gratitude for that. But second, if not for that, what are you gonna do with the money?<\/p>\n<p><strong>(01:10)\u00a0 CARL RICHARDS: <\/strong>And the fact that my 20-something son asked me to do it \u2014 he\u2019s enthusiastic about it \u2014 the answer is yes. So what, I\u2019m gonna look back five years from now, 10 years, 30 years from now, and regret it? No. We spent more money than we really should have on our four years living in New Zealand, and I would do it again.<\/p>\n<p><strong>(01:10)\u00a0 BARRY RITHOLTZ: <\/strong>What years were you in New Zealand?<\/p>\n<p><strong>(01:10)\u00a0 CARL RICHARDS: <\/strong>\u201916 to \u201920. We didn\u2019t mean to do it \u2014 it wasn\u2019t political. We went in \u201916 for a year and ended up staying for four.<\/p>\n<p><strong>(01:11)\u00a0 BARRY RITHOLTZ: <\/strong>2016, I assume. It was fantastic?<\/p>\n<p><strong>(01:11)\u00a0 CARL RICHARDS: <\/strong>Unbelievable. We spent way more \u2014 the whole thing was borderline irresponsible, even in this case. But it was a requirement. My wife was essentially like \u2014 after the financial crisis and everything that went on, I was just a broken human.<\/p>\n<p><strong>(01:11)\u00a0 BARRY RITHOLTZ: <\/strong>Really? I never thought of you that way.<\/p>\n<p><strong>(01:11)\u00a0 CARL RICHARDS: <\/strong>Well, that\u2019s nice of you. That was part of the problem \u2014 I was a superhuman out here, doing the job, master of it, but not inside, not in the house. It was a lack of patience, not deep presence. And she was like, \u201cWe\u2019re going. Would you like to come?\u201d And I was like, \u201cYes.\u201d We ended up staying four years. It was hard money-wise \u2014 it was a bad decision financially.<\/p>\n<p><strong>(01:11)\u00a0 BARRY RITHOLTZ: <\/strong>Were you working there?<\/p>\n<p><strong>(01:11)\u00a0 CARL RICHARDS: <\/strong>Yeah. In New Zealand, different time zone, doing the same thing. My point really is, it probably wasn\u2019t the best from a spreadsheet financial decision, but I would do it all over again. Same thing with a car spend. To the degree that you can find the things that align with your use of capital and your family \u2014 the experiences with the people you love \u2014 we know we will not regret spending time and money on experiences with people we love.<\/p>\n<p><strong>(01:12)\u00a0 BARRY RITHOLTZ: <\/strong>So we\u2019ve been at this for a solid 90 minutes. Let me jump to my favorite questions, which I ask all my guests, otherwise I\u2019m gonna keep you here through dinner. Starting with: who were your early mentors who helped shape your career?<\/p>\n<p><strong>(01:12)\u00a0 CARL RICHARDS: <\/strong>I thought really carefully about this. The one that probably had the biggest shaping on me was Ron Lieber \u2014 Ron had a huge impact. So between Ron and Seth Godin.<\/p>\n<p><strong>(01:12)\u00a0 BARRY RITHOLTZ: <\/strong>Oh, really? Seth Godin\u2019s stuff is really interesting.<\/p>\n<p><strong>(01:12)\u00a0 CARL RICHARDS: <\/strong>I always saw Seth as somebody doing something in a narrow space that had broad application. He was a marketing guy, but it had broad application, and he did it consistently over a long period of time. Behavior Gap Radio was started because of Seth\u2019s daily blog. He said to me, \u201cWhy aren\u2019t you doing a daily blog?\u201d I said, \u201cI don\u2019t like to write.\u201d He said, \u201cYou like to talk.\u201d And so I started \u2014 we\u2019re at episode 1,500 now.<\/p>\n<p><strong>(01:12)\u00a0 BARRY RITHOLTZ: <\/strong>Unbelievable.<\/p>\n<p><strong>(01:12)\u00a0 CARL RICHARDS: <\/strong>So Seth Godin and Ron Lieber had the biggest impact on me.<\/p>\n<p><strong>(01:12)\u00a0 BARRY RITHOLTZ: <\/strong>Let\u2019s talk about books. What are you reading right now? What are some of your favorites? And I know when you\u2019re writing a book, it\u2019s really hard to read books.<\/p>\n<p><strong>(01:13)\u00a0 CARL RICHARDS: <\/strong>Two really impactful books: Fooled by Randomness \u2014<\/p>\n<p><strong>(01:13)\u00a0 BARRY RITHOLTZ: <\/strong>Nassim. Come on. I wanted to have him on the podcast \u2014 he told me to go pound sand.<\/p>\n<p><strong>(01:13)\u00a0 CARL RICHARDS: <\/strong>He probably said that, exactly.<\/p>\n<p><strong>(01:13)\u00a0 BARRY RITHOLTZ: <\/strong>I\u2019m giving you the polite version.<\/p>\n<p><strong>(01:13)\u00a0 CARL RICHARDS: <\/strong>I\u2019m sure. So that book, and then Pema Ch\u00f6dr\u00f6n\u2019s When Things Fall Apart.<\/p>\n<p><strong>(01:13)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s a really interesting combination.<\/p>\n<p><strong>(01:13)\u00a0 CARL RICHARDS: <\/strong>They\u2019re both related to this idea of the false sense of certainty that we talked about. So Pema\u2019s work has had a massive impact on me. Reading right now \u2014 I just finished, literally last night, Homesick Nomad. I can\u2019t remember her name \u2014 Brianna something. It\u2019s a short memoir about a woman who drives her van around the desert of southern Utah. She has a Salt Lake connection, so that was really good. And Buffalo for the Broken Heart, Dan O\u2019Brien\u2019s book.<\/p>\n<p><strong>(01:14)\u00a0 BARRY RITHOLTZ: <\/strong>Someone else mentioned that.<\/p>\n<p><strong>(01:14)\u00a0 CARL RICHARDS: <\/strong>I think I told Meb about it in his book roundup, maybe.<\/p>\n<p><strong>(01:14)\u00a0 BARRY RITHOLTZ: <\/strong>Really interesting. What are you streaming these days? Tell us what you\u2019re listening to or watching.<\/p>\n<p><strong>(01:14)\u00a0 CARL RICHARDS: <\/strong>Mike Birbiglia.<\/p>\n<p><strong>(01:14)\u00a0 BARRY RITHOLTZ: <\/strong>So hilarious.<\/p>\n<p><strong>(01:14)\u00a0 CARL RICHARDS: <\/strong>Working It Out.<\/p>\n<p><strong>(01:14)\u00a0 BARRY RITHOLTZ: <\/strong>You know, he has a podcast also \u2014 Working It Out.<\/p>\n<p><strong>(01:14)\u00a0 CARL RICHARDS: <\/strong>I thought that was the name of his stand-up on Netflix.<\/p>\n<p><strong>(01:14)\u00a0 BARRY RITHOLTZ: <\/strong>I listen to it religiously. Mike, if you\u2019re listening \u2014 I\u2019ve been trying to get ahold of you for a long time.<\/p>\n<p><strong>(01:14)\u00a0 CARL RICHARDS: <\/strong>So there\u2019s a handful of comedians with their own podcasts now. Not just Seth Rogen, not just Joe Rogan. Tom Papa has a podcast.<\/p>\n<p><strong>(01:15)\u00a0 BARRY RITHOLTZ: <\/strong>Marc Maron \u2014 the original.<\/p>\n<p><strong>(01:15)\u00a0 CARL RICHARDS: <\/strong>Marc is the OG in the space.<\/p>\n<p><strong>(01:15)\u00a0 BARRY RITHOLTZ: <\/strong>Who\u2019s the guy \u2014 Pete Holmes? And who\u2019s the guy who co-wrote with Dave Chappelle? Drawing a blank on his name. His pod is occasionally interesting.<\/p>\n<p><strong>(01:15)\u00a0 CARL RICHARDS: <\/strong>Pete Holmes is actually really great too.<\/p>\n<p><strong>(01:15)\u00a0 BARRY RITHOLTZ: <\/strong>Why do I know the name Pete Holmes?<\/p>\n<p><strong>(01:15)\u00a0 CARL RICHARDS: <\/strong>He\u2019s another one of these Netflix comedians.<\/p>\n<p><strong>(01:15)\u00a0 BARRY RITHOLTZ: <\/strong>Good Hang with Amy Poehler \u2014 I was just watching her with Billie Eilish. That was really kind of fun. There\u2019s a ton of them.<\/p>\n<p><strong>(01:15)\u00a0 CARL RICHARDS: <\/strong>The reason I really like Birbiglia is it\u2019s really about the process \u2014 testing bits, seeing how they land, paying attention to \u201cthat didn\u2019t work quite the way I wanted.\u201d Mike does a really good job of explaining that. And then I just finished The Dark Wizard \u2014 the story of Dean Potter, who was an El Cap climber long before El Cap climbing was this mainstream thing. And about his untimely passing through base jumping \u2014 it\u2019s an amazing story.<\/p>\n<p><strong>(01:16)\u00a0 BARRY RITHOLTZ: <\/strong>There are a lot of these hobbies \u2014 I don\u2019t mind going fast on the track \u2014 where my brain does the risk-reward analysis and says, \u201cOh, there\u2019s just way too much random risk in this.\u201d Like base jumping.<\/p>\n<p><strong>(01:16)\u00a0 CARL RICHARDS: <\/strong>He\u2019s a wingsuiter.<\/p>\n<p><strong>(01:16)\u00a0 BARRY RITHOLTZ: <\/strong>Yeah.<\/p>\n<p><strong>(01:16)\u00a0 CARL RICHARDS: <\/strong>He was driven by the fact that the only thing that made him feel alive was the death consequence.<\/p>\n<p><strong>(01:16)\u00a0 BARRY RITHOLTZ: <\/strong>That\u2019s a whole psychological issue.<\/p>\n<p><strong>(01:16)\u00a0 CARL RICHARDS: <\/strong>It\u2019s a whole other thing \u2014 that\u2019s why it\u2019s called The Dark Wizard. But it was super interesting.<\/p>\n<p><strong>(01:16)\u00a0 BARRY RITHOLTZ: <\/strong>We\u2019ll skip that. Final two questions. What sort of advice would you give a recent college grad interested in a career as a financial planner, an author, or an artist? And I know you sometimes don\u2019t think of yourself as an artist, but you clearly are.<\/p>\n<p><strong>(01:17)\u00a0 CARL RICHARDS: <\/strong>Just take the next step. I think getting too caught up in \u201cHow is this gonna work? What\u2019s the narrative journey?\u201d \u2014<\/p>\n<p><strong>(01:17)\u00a0 BARRY RITHOLTZ: <\/strong>A thousand-mile journey starts with the first step.<\/p>\n<p><strong>(01:17)\u00a0 CARL RICHARDS: <\/strong>Try not to compare. There\u2019s a Lao Tzu quote: \u201cBe who you really are and go the whole way.\u201d I wish I would\u2019ve started that a little earlier. Take one small step. And if I was in finance, I\u2019d get more comfortable \u2014 especially on the advice side \u2014 with learning to be deeply present with people. Curiosity, questions.<\/p>\n<p><strong>(01:17)\u00a0 BARRY RITHOLTZ: <\/strong>Deeply present.<\/p>\n<p><strong>(01:17)\u00a0 CARL RICHARDS: <\/strong>I think financial advisors aren\u2019t gonna be paid for solutions. They\u2019re gonna be paid for presence \u2014 opening up the ability to have these conversations \u2014 because the solutions are table stakes at this point. It\u2019s like self-driving cars. I was in the Waymo \u2014 it was safer than the Uber driver before.<\/p>\n<p><strong>(01:17)\u00a0 BARRY RITHOLTZ: <\/strong>Did it feel very weird?<\/p>\n<p><strong>(01:17)\u00a0 CARL RICHARDS: <\/strong>But here\u2019s the thing: I still have to tell it where to go. And even more importantly, on the journey, if I saw something \u2014 \u201cOh wait, what\u2019s that park?\u201d \u2014 that requires\u2026<\/p>\n<p><strong>(01:18)\u00a0 BARRY RITHOLTZ: <\/strong>Could you do that in a Waymo? Could you ask it to stop?<\/p>\n<p><strong>(01:18)\u00a0 CARL RICHARDS: <\/strong>Yeah, you can tell it to stop. I don\u2019t know how you do it \u2014 on the app. So I\u2019m a big fan of self-driving money, I can\u2019t wait. And there\u2019s still gonna be somebody there who needs to say, \u201cHey, is the boat really important to you? Go try the racetrack thing.\u201d That, to me, is curiosity and presence. You\u2019ve still gotta be a technical rockstar, but curiosity and presence is where the value will be.<\/p>\n<p><strong>(01:18)\u00a0 BARRY RITHOLTZ: <\/strong>Final question: what is it that you know about the world of investing or psychology today that might have been useful back in the 1990s, when you were first looking at that Netscape IPO?<\/p>\n<p><strong>(01:18)\u00a0 CARL RICHARDS: <\/strong>That compounding does all the work. Stop spending time trying to find the best investment, and just own stuff. If it compounds \u2014 I don\u2019t know who said this \u2014 if it compounds, let it compound.<\/p>\n<p><strong>(01:19)\u00a0 BARRY RITHOLTZ: <\/strong>The line I use is, your job is to prevent yourself from interfering with your portfolio\u2019s ability to compound.<\/p>\n<p><strong>(01:19)\u00a0 CARL RICHARDS: <\/strong>That\u2019s exactly right. Time is the thing that matters.<\/p>\n<p><strong>(01:19)\u00a0 BARRY RITHOLTZ: <\/strong>Absolutely. Carl, this has been an absolute delight. Normally I want to make this about the guest, but there\u2019s something about you that just encourages me \u2014 that\u2019s my whole goal. It\u2019s your aura. You bring it out in people, which is probably why you were a good advisor \u2014 you get people to open up to you.<\/p>\n<p><strong>(01:19)\u00a0 CARL RICHARDS: <\/strong>That\u2019s a really high compliment. Thank you, Barry. It means a lot.<\/p>\n<p><strong>(01:19)\u00a0 BARRY RITHOLTZ: <\/strong>Absolutely. Cheers. We have been speaking with Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches. If you enjoyed this conversation, well, check out any of the 639 we\u2019ve done over the past 12 years. You can find those at YouTube, Bloomberg, Spotify, Apple, or wherever you get your favorite podcasts. I would be remiss if I didn\u2019t thank the crack team that helps put these conversations together each week. Alexis Noriega is my very patient video producer. Sean Russo is my researcher.<\/p>\n<p>\u00a0<\/p>\n<p style=\"text-align: center;\">~~~<\/p>\n<p>\u00a0<\/p>\n<p><iframe class=\"lazy lazy-hidden\" style=\"width: 100%; max-width: 660px; overflow: hidden; background: transparent;\" data-lazy-type=\"iframe\" data-src=\"https:\/\/embed.podcasts.apple.com\/us\/podcast\/masters-in-business\/id730188152\" height=\"450\" frameborder=\"0\" sandbox=\"allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p><noscript><iframe style=\"width: 100%; max-width: 660px; overflow: hidden; background: transparent;\" src=\"https:\/\/embed.podcasts.apple.com\/us\/podcast\/masters-in-business\/id730188152\" height=\"450\" frameborder=\"0\" sandbox=\"allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation\" data-mce-fragment=\"1\"><\/iframe><\/noscript><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"printfriendly pf-button pf-button-content pf-alignleft\">\n<p>                    <img decoding=\"async\" class=\"pf-button-img\" src=\"https:\/\/cdn.printfriendly.com\/buttons\/printfriendly-button.png\" alt=\"Print Friendly, PDF &amp; Email\" style=\"width: 112px;height: 24px;\"\/><\/p><\/div>\n<\/div>\n<p><a href=\"https:\/\/ritholtz.com\/2026\/06\/transcript-carl-richards\/\"> Nuoroda \u012f informacijos \u0161altin\u012f <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ufeff \ufeff \u00a0 \u00a0 The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00)\u00a0 BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2264,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[4327,4328,4329,4330,49,456],"class_list":["post-2561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomika-finansai-bankininkyste","tag-carl","tag-richards","tag-sketching","tag-strategy","tag-transcript","tag-wealth"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.9 - aioseo.com -->\n\t<meta name=\"description\" content=\"\ufeff\ufeff The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00) BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins me\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"admin\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.9\" \/>\n\t\t<meta property=\"og:locale\" content=\"lt_LT\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Euro Paskolos.LT - Ekonomika,finanasai,naujienos\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT\" \/>\n\t\t<meta property=\"og:description\" content=\"\ufeff\ufeff The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00) BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins me\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-07-01T02:18:33+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-07-01T02:18:33+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\ufeff\ufeff The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00) BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins me\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#blogposting\",\"name\":\"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT\",\"headline\":\"Transcript: Carl Richards on Sketching Wealth Strategy\",\"author\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/author\\\/admin\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/europaskolos.lt\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/MIB-Steveas-Laskas-\\u201eBlackRock-\\u201eBond-ETFS-pasaulinis-vadovas.png\",\"width\":600,\"height\":600},\"datePublished\":\"2026-07-01T02:18:33+00:00\",\"dateModified\":\"2026-07-01T02:18:33+00:00\",\"inLanguage\":\"lt-LT\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#webpage\"},\"articleSection\":\"EKONOMIKA, Carl, Richards, Sketching, Strategy, Transcript, Wealth\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/europaskolos.lt#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/europaskolos.lt\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/category\\\/ekonomika-finansai-bankininkyste\\\/#listItem\",\"name\":\"EKONOMIKA\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/category\\\/ekonomika-finansai-bankininkyste\\\/#listItem\",\"position\":2,\"name\":\"EKONOMIKA\",\"item\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/category\\\/ekonomika-finansai-bankininkyste\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#listItem\",\"name\":\"Transcript: Carl Richards on Sketching Wealth Strategy\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/europaskolos.lt#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#listItem\",\"position\":3,\"name\":\"Transcript: Carl Richards on Sketching Wealth Strategy\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/category\\\/ekonomika-finansai-bankininkyste\\\/#listItem\",\"name\":\"EKONOMIKA\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/#organization\",\"name\":\"Euro Paskolos.LT\",\"description\":\"Ekonomika,finanasai,naujienos\",\"url\":\"https:\\\/\\\/europaskolos.lt\\\/\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/author\\\/admin\\\/#author\",\"url\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/author\\\/admin\\\/\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f37349f777250847d2fca2ada474f5a6aadffa79d5284e8ad354a5c410a691ec?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"admin\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#webpage\",\"url\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/\",\"name\":\"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT\",\"description\":\"\\ufeff\\ufeff The transcript from this week\\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00) BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins me\",\"inLanguage\":\"lt-LT\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/author\\\/admin\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/author\\\/admin\\\/#author\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/europaskolos.lt\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/MIB-Steveas-Laskas-\\u201eBlackRock-\\u201eBond-ETFS-pasaulinis-vadovas.png\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#mainImage\",\"width\":600,\"height\":600},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/index.php\\\/2026\\\/07\\\/01\\\/transcript-carl-richards-on-sketching-wealth-strategy\\\/#mainImage\"},\"datePublished\":\"2026-07-01T02:18:33+00:00\",\"dateModified\":\"2026-07-01T02:18:33+00:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/#website\",\"url\":\"https:\\\/\\\/europaskolos.lt\\\/\",\"name\":\"Euro Paskolos.LT\",\"description\":\"Ekonomika,finanasai,naujienos\",\"inLanguage\":\"lt-LT\",\"publisher\":{\"@id\":\"https:\\\/\\\/europaskolos.lt\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT","description":"\ufeff\ufeff The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00) BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins me","canonical_url":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BlogPosting","@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#blogposting","name":"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT","headline":"Transcript: Carl Richards on Sketching Wealth Strategy","author":{"@id":"https:\/\/europaskolos.lt\/index.php\/author\/admin\/#author"},"publisher":{"@id":"https:\/\/europaskolos.lt\/#organization"},"image":{"@type":"ImageObject","url":"https:\/\/europaskolos.lt\/wp-content\/uploads\/2025\/06\/MIB-Steveas-Laskas-\u201eBlackRock-\u201eBond-ETFS-pasaulinis-vadovas.png","width":600,"height":600},"datePublished":"2026-07-01T02:18:33+00:00","dateModified":"2026-07-01T02:18:33+00:00","inLanguage":"lt-LT","mainEntityOfPage":{"@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#webpage"},"isPartOf":{"@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#webpage"},"articleSection":"EKONOMIKA, Carl, Richards, Sketching, Strategy, Transcript, Wealth"},{"@type":"BreadcrumbList","@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/europaskolos.lt#listItem","position":1,"name":"Home","item":"https:\/\/europaskolos.lt","nextItem":{"@type":"ListItem","@id":"https:\/\/europaskolos.lt\/index.php\/category\/ekonomika-finansai-bankininkyste\/#listItem","name":"EKONOMIKA"}},{"@type":"ListItem","@id":"https:\/\/europaskolos.lt\/index.php\/category\/ekonomika-finansai-bankininkyste\/#listItem","position":2,"name":"EKONOMIKA","item":"https:\/\/europaskolos.lt\/index.php\/category\/ekonomika-finansai-bankininkyste\/","nextItem":{"@type":"ListItem","@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#listItem","name":"Transcript: Carl Richards on Sketching Wealth Strategy"},"previousItem":{"@type":"ListItem","@id":"https:\/\/europaskolos.lt#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#listItem","position":3,"name":"Transcript: Carl Richards on Sketching Wealth Strategy","previousItem":{"@type":"ListItem","@id":"https:\/\/europaskolos.lt\/index.php\/category\/ekonomika-finansai-bankininkyste\/#listItem","name":"EKONOMIKA"}}]},{"@type":"Organization","@id":"https:\/\/europaskolos.lt\/#organization","name":"Euro Paskolos.LT","description":"Ekonomika,finanasai,naujienos","url":"https:\/\/europaskolos.lt\/"},{"@type":"Person","@id":"https:\/\/europaskolos.lt\/index.php\/author\/admin\/#author","url":"https:\/\/europaskolos.lt\/index.php\/author\/admin\/","name":"admin","image":{"@type":"ImageObject","@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#authorImage","url":"https:\/\/secure.gravatar.com\/avatar\/f37349f777250847d2fca2ada474f5a6aadffa79d5284e8ad354a5c410a691ec?s=96&d=mm&r=g","width":96,"height":96,"caption":"admin"}},{"@type":"WebPage","@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#webpage","url":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/","name":"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT","description":"\ufeff\ufeff The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00) BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins me","inLanguage":"lt-LT","isPartOf":{"@id":"https:\/\/europaskolos.lt\/#website"},"breadcrumb":{"@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#breadcrumblist"},"author":{"@id":"https:\/\/europaskolos.lt\/index.php\/author\/admin\/#author"},"creator":{"@id":"https:\/\/europaskolos.lt\/index.php\/author\/admin\/#author"},"image":{"@type":"ImageObject","url":"https:\/\/europaskolos.lt\/wp-content\/uploads\/2025\/06\/MIB-Steveas-Laskas-\u201eBlackRock-\u201eBond-ETFS-pasaulinis-vadovas.png","@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#mainImage","width":600,"height":600},"primaryImageOfPage":{"@id":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/#mainImage"},"datePublished":"2026-07-01T02:18:33+00:00","dateModified":"2026-07-01T02:18:33+00:00"},{"@type":"WebSite","@id":"https:\/\/europaskolos.lt\/#website","url":"https:\/\/europaskolos.lt\/","name":"Euro Paskolos.LT","description":"Ekonomika,finanasai,naujienos","inLanguage":"lt-LT","publisher":{"@id":"https:\/\/europaskolos.lt\/#organization"}}]},"og:locale":"lt_LT","og:site_name":"Euro Paskolos.LT - Ekonomika,finanasai,naujienos","og:type":"article","og:title":"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT","og:description":"\ufeff\ufeff The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00) BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins me","og:url":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/","article:published_time":"2026-07-01T02:18:33+00:00","article:modified_time":"2026-07-01T02:18:33+00:00","twitter:card":"summary_large_image","twitter:title":"Transcript: Carl Richards on Sketching Wealth Strategy - Euro Paskolos.LT","twitter:description":"\ufeff\ufeff The transcript from this week\u2019s MiB: Carl Richards on Sketching Wealth Strategy, is below. ~~~ Carl Richards on the Behavior GapA conversation with Barry Ritholtz Guest: Carl Richards, author of Your Money: Reimagining Wealth in 101 Simple Sketches (00:00) BARRY RITHOLTZ: This week on the podcast, old friend Carl Richards joins me"},"aioseo_meta_data":{"post_id":"2561","title":null,"description":null,"keywords":null,"keyphrases":null,"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":null,"created":"2026-07-01 02:21:33","updated":"2026-07-01 02:21:33","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/europaskolos.lt\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/europaskolos.lt\/index.php\/category\/ekonomika-finansai-bankininkyste\/\" title=\"EKONOMIKA\">EKONOMIKA<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\tTranscript: Carl Richards on Sketching Wealth Strategy\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/europaskolos.lt"},{"label":"EKONOMIKA","link":"https:\/\/europaskolos.lt\/index.php\/category\/ekonomika-finansai-bankininkyste\/"},{"label":"Transcript: Carl Richards on Sketching Wealth Strategy","link":"https:\/\/europaskolos.lt\/index.php\/2026\/07\/01\/transcript-carl-richards-on-sketching-wealth-strategy\/"}],"_links":{"self":[{"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/posts\/2561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/comments?post=2561"}],"version-history":[{"count":0,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/posts\/2561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/media\/2264"}],"wp:attachment":[{"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/media?parent=2561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/categories?post=2561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/europaskolos.lt\/index.php\/wp-json\/wp\/v2\/tags?post=2561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}