70 Experts Share the Most Important Lesson They Would Teach the Average Investor

In the first 200+ episodes of our podcast, we have interviewed many investing experts. At the end of all of those episodes, we have asked the same closing question:
Based on your experience in markets and your research, if you could teach one lesson to the average investor, what would it be?
In this episode, we bring all of their episodes together into one master class on investing.
00:00 - Intro
01:20 - Cem Karsan, Kai Volatility
04:14 - Michael Mauboussin, Couterpoint Global
05:53 - Rick Schmidt, Harding Loevner
07:27 - Ben Hunt, Epsilon Theory
09:57 - Ben Carlson, Ritholtz Wealth Management
11:05 - Adam Butler. Resolve Asset Management
11:51 - Tobias Carlisle, Acquirer's Funds
13:08 - Andy Constan, Damped Spring Advisors
13:21 - Rodrigo Gordillo, Resolve Asset Management
15:50 - Corey Hoffstein, Newfound Research
17:45 - Darius Dale, 42 Macro
18:56 - Larry Swedroe, Buckingham Wealth
23:18 - Andrew Beer, Dynamic Beta
24:13 - Chris Covington, AJOVista
25:05 - Cullen Roche, Discipline Funds
26:42 - Jack Schwager on Paul Tudor Jones
27:30 - Katie Stockton, Fairlead Strategies
29:25 - Peter Lazaroff, Plancorp
30:57 - Mike Green Portfolio
31:38 - Meb Faber, Cambria
33:42 - Wes Gray , Alpha Architect
35:13 - Rick Ferri, Ferri Investment Solutions
36:25 - Daniel Crosby, Orion
37:18 - Ryan Kirlin, Alpha Architect
37:37 - Brent Kochuba, SpotGamma
38:20 - Jason Buck, Mutiny Funds
39:07 - Harin de Silva Portfolio
39:35 - Cem Karan Portfolio
40:43 - Ben Hunt Portfolio
42:16 - Phil Huber, Savant Wealth
43:09 - Corey Hoffstein Portfolio
43:58 - Rob Arnott Portfolio
45:04 - Ryan Krueger Portfolio
45:35 - Darius Dale Portfolio
48:04 - Mike Green, Simplify Asset Management
50:10 - Michael Batnick, Ritholtz Wealth Management
51:23 - John Alberg, Euclidean Technologies
52:29 - Pim van Vliet, Robeco
54:06 - Ray Micaletti, Relative Sentiment Technologies
54:49 - Ryan Krueger, Freedom Day Solutions
56:46 - Wade Pfau, Retirement Researcher
57:28 - Rajay Bagaria, Wasserstein Debt Opportunities
57:56 - Gautam Baid, Stellar Wealth Partners
58:03 - Andy Berkin, Bridgeway Capital Management
59:35 - Antti Ilmanen- AQR Capital Management
59:50 - Savina Rizova, Dimensional Fund Advisors
01:00:30 - Matt Bartolini, State Street
01:01:21 - Harley Bassman, Simplify Asset Management
01:02:08 - Jack Schwager on Steve Cohen
01:03:47 - Ben Inker, GMO
01:05:52 - Jerry Parker, Chesapeake Capital
01:07:23 - Robert Hagstrom, EquityCompass
01:08:27 - Harin da Silva, AllSpring Global
01:09:18 - Rob Arnott, Reearch Affiliates
01:10:33 - Robert Cantwell, Upholdings
01:11:55 - Joe Wiggins, Fundhouse
01:12:45 - Martin Emery, GMO
01:13:45 - Bruce Lavine, NightShares
01:14:31 - David Gardner, Motley Fool
01:15:59 - Gregg Fisher, Quent Capital
01:16:49 - Kevin Carter, EMQQ Global
01:17:05 - Dave Schassler, VanEck
01:17:59 - Ehren Stanhope, O'Shaughnessy Asset Management
01:21:02 - Gary Antonacci, Optimal Momentum
01:22:10 - Jeremy Schwartz, WisdomTree
01:23:01 - Andrew Thrasher, Thrasher Analytics
01:24:28 - Jeff Muhlenkamp, Muhlenkamp Funds
01:25:53 - Adrian Helfert, Westwood Group
01:27:15 - Cole Smead, Smead Capital
01:28:14 - Doron Nissim, Columbia
01:29:12 - Stephen Foerster, In Pursuit of the Perfect Portfolio
01:32:00 - Jim Cullen, Schafer Cullen Capital Management
01:32:53 - Bill Sweet, Ritholtz Wealth Management
01:34:06 - Jack Schwager on Joel Greenblatt
01:35:51 - Sheridan Titman, University of Texas
01:37:59 - Jason Delorenzo, Ad Deum Funds
01:39:00 - Jim Masturzo, Research Affiliates
01:42:11 - Daniel Taylor, Wharton
01:44:39 - Jason Hsu, Rayliant Global Advisors
01:46:30 - Justin Carbonneau, Validea Capital Management
01:48:21 - Jack Forehand, Validea Capital Management
01:50:24 - Matt Zeigler, Sunpointe Investments
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[@ExcessReturns]

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[@HepCatJack]

One lesson I learned from reading You Tube comments about a fund is not to substitute your opinion (or someone else's) about a product for something that can be verified by the raw data. A YT commentator was saying that most of the holdings in a ETF had negative earnings. Since this did not match what I remembered viewing about that fund, I checked it on Morningstar and out of the 25 top holdings of the fund 23 had positive P/E ratios meaning that they had positive earnings. People often say things based on their opinion without looking at the underlying date. One that comes up from the political videos is that "Disney went woke so they're going broke". Disney's debt per share is going down, their revenue is trending up and their free cashflow is positive. They did water down their shares during Covid but it wasn't excessive. Similarly a lot can be learned from what affects gasoline prices by reading the annual reports of refiners and oil producers and it often doesn't match the narrative being put forth in the news.

[@Kafkaesque786]

Excellent. Thank you for the jewels. Time well invested 👍

[@HepCatJack]

On rebalancing, I have doubts, if someone had a two stock portfolio of Sears and Amazon, they would not have benefited selling Amazon shares that went up to purchase Sears. Peter Lynch said something about pulling the flowers out to water the weeds.

[@georgedocwins8724]

I am skeptical about re-balancing also. But I think the idea is to rebalance among asset classes (or subclasses) not individual stocks.