September 29, 2022 | The Sherman Show

TSS Episode 125: Barry Ritholtz on Financial Advisers, Clients, Market Outlooks and Building Portfolios

Barry Ritholtz, Chairman and Chief Investment Officer of Ritholtz Wealth Management, appears on The Sherman Show with hosts Jeffrey Sherman and Samuel Lau, live Sept. 13, 2022, at the Future Proof Wealth Festival in Huntington Beach. Among other issues, Mr. Ritholtz discusses how investment advisers (6:46) should prepare clients for the cycles and vicissitudes of markets, attractive yields in municipal bonds (9:52) and the importance of an allocation to equities even to people who are well into their retirement.

The conversation turns to the Federal Reserve (12:09), including the flaws in models driving monetary policy. Messrs. Sherman and Lau ask their guest on his approach to building portfolios (21:30), including investment products and markets that he favors and avoids. In addition to munis, Mr. Ritholtz says (35:38), “Now to me, the best inflation hedge in the out years is going to be equities. Seems companies have the ability to pass along cost increases, or just say, ‘We don’t have any cost increases, but who is going to notice? Raise prices.’” The conversationalists discuss the long-lasting changes (39:45) remote work might bring to wages, the labor force and core urban market office real estate. Mr. Ritholtz shares how his firm (43:27) offers a spectrum of robo advisory, robo plus human advisory and full-time advisory providing the full suite of services, depending on client profile.

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About the Hosts

About the Hosts

  • Jeffrey Sherman, CFA

    Jeffrey Sherman, CFA

    As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.

  • Samuel Lau

    Macro-Asset Allocation

    Samuel Lau

    Macro-Asset Allocation

    Mr. Lau joined DoubleLine in 2009. He is a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on the Global Asset Allocation and Macro committees. Mr. Lau is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show (Twitter @ShermanShowPod, and Monday Morning Minutes (Twitter @DLineMinutes, podcasts. Prior to DoubleLine, Mr. Lau was a Vice President at TCW where he worked under Jeffrey Gundlach as a Research Analyst in the Mortgage Group. He holds a B.S. from the University of Wisconsin, Madison and an MBA from the Marshall School of Business at the University of Southern California.