What Nick Maggiulli thinks about America
Writer of the personal-finance blog Of Dollars And Data and author of Just Keep Buying; COO at Ritholtz Wealth Management.
Nick Maggiulli did not write this page.
We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.
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2 dated positions, 2026, in their own words. Our reading of what Nick Maggiulli has said — not written or endorsed by them.
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Our reading · no longer heldThe froth visible in US markets in 2025 was the 2021 mania returning, and reason enough to take risk off.
No longer holdsSince then U.S. stocks are up 16% (total return) and my bearish prediction turned out to be misguided.
SaidMy issue wasn’t that the parallels didn’t exist—they did. My issue was that much of the speculative stuff of 2021 ended up failing (NFTs, DeFi, etc.) while much of the speculative stuff of 2025 (AI) seems to be succeeding.
↗Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com 1st of 5 in this piece
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Their wordsthe base rate for U.S. stock performance (in aggregate) over one year is that they go up
↗Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com 3rd of 5 in this piece