# Ben Carlson: The Numbers That Break Your Brain About Long Term Investing | #637

Page: https://stenobird.com/podcast/the-meb-faber-show-better-investing-743157/ben-carlson-the-numbers-that-break-your-brain-about-long-term-investing-637
Text version: https://stenobird.com/podcast/the-meb-faber-show-better-investing-743157/ben-carlson-the-numbers-that-break-your-brain-about-long-term-investing-637.md
Podcast: [The Meb Faber Show - Better Investing](https://stenobird.com/podcast/the-meb-faber-show-better-investing-743157)
Published: 2026-06-26T08:30:00+00:00
Episode link: https://traffic.megaphone.fm/TIFM4679638772.mp3
Audio file: https://traffic.megaphone.fm/TIFM4679638772.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/the-meb-faber-show-better-investing-743157/episodes/ben-carlson-the-numbers-that-break-your-brain-about-long-term-investing-637
Duration seconds: 3454

## Resource

Today’s guest is Ben Carlson of Ritholtz Wealth Management, author of A Wealth of Common Sense and host of the Animal Spirits podcast. In today’s episode, Ben unpacks the counterintuitive math behind long term investing. He reveals that picking the wrong asset every year still makes money, that the average up year tops 20%, and that stocks grow less volatile than bonds the longer you hold. To close, Ben explains why patience has never been harder. (0:00) Starts (2:05) Ben Carlson on the secret to investing (5:00) The worst investor ever (15:20) Tax management as new alpha (17:12) Inflation’s impact on asset classes (21:06) "Now do Japan" (33:02) Lessons from bear markets (41:54) Discretionary investing challenges (46:31) Poor performance of hyperactive traders ----- Sponsor: ⁠⁠Ivy Invest⁠ ⁠- To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit⁠ ⁠ivyinvest.co/fund ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-meb-faber-show-better-investing-743157/episodes/ben-carlson-the-numbers-that-break-your-brain-about-long-term-investing-637/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/the-meb-faber-show-better-investing-743157/ben-carlson-the-numbers-that-break-your-brain-about-long-term-investing-637.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.