Episode
Ben Carlson: Investing at All-Time Highs | #412
- Published
- Jun 4, 2026
- Duration seconds
- 2989
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Summary
In this episode, we are joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of Risk & Reward, for a wide-ranging conversation about market history, investor psychology, and the realities of long-term investing. Ben brings his trademark blend of data-driven thinking and plainspoken storytelling to topics like market crashes, inflation, diversification, and why investors are so tempted to time the market. We explore the lessons from Japan's historic asset bubble, the lingering impact of the Great Depression, and why diversification remains one of the few true free lunches in investing. Ben also explains the difference between volatility and risk, why the stock market is not the economy, and how investor behavior—not market performance—is often the biggest determinant of success. Along the way, we discuss inflation hedges, lost decades, speculative behavior, and the psychological challenge of staying invested through inevitable downturns. Key Points From This Episode: (0:00:20) Introducing Ben Carlson, his new book Risk & Reward, and his long-running blog A Wealth of Common Sense. (0:03:16) Why investors shouldn't panic about investing at all-time highs. (0:03:58) The Japanese bubble and crash as one of history's biggest market anomalies. (0:05:39) Why Japan's long-term returns look very different when viewed over 50 years. (0:06:27) Lessons from the Great Depression and the worst stock market crash in U.S. history. (0:07:43) Why the best long-term returns often follow the worst crashes. (0:08:53) The role of diversification and self-awareness in managing portfolio risk. (0:09:55) Defining investment success by achieving personal goals—not beating benchmarks. (0:10:42) Why inflation feels so painful psychologically fo…