Nick Maggiulli

@nick-maggiulli · 20 positions · 1 change of mind · On ppll ↗

Writer of the personal-finance blog Of Dollars And Data and author of Just Keep Buying; COO at Ritholtz Wealth Management.

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What Nick Maggiulli says most about

investing 8

Nobody should take on a concentrated, illiquid asset that is correlated with their main source of income, because that same risk is why outsized rewards exist in the first place.
The optimal portfolio is the one an investor can actually stick with no matter what happens in the world, not the mathematically best-performing one.

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stock market 6

An investor's starting point should be the portfolio that is best to hold independent of any tactical market view
The base rate for US stocks over any one year is that they rise, and forgetting it is how market calls go wrong.

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America 3

The base rate for US stocks over any one year is that they rise, and forgetting it is how market calls go wrong.
The froth visible in US markets in 2025 was the 2021 mania returning, and reason enough to take risk off.

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AI and jobs 2

As AI displaces entry-level jobs, the return on investment for graduate degrees will rise.
Even when AI is capable of performing a job, it may not be permitted to do so.

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startups 2

For most startup employees, equity turns out worse than they hoped, but negotiating the right terms and setting realistic exit expectations can still make it worthwhile.
The real value of working at a startup is often the experience and network it provides, not the equity.

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value investing 2

The S&P 500’s price-to-sales ratio no longer signals what it once did, because today’s companies earn higher margins.
A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet.

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