The Big Picture

It’s the end of September, and that means I am busy working on the Q4 quarterly call (out early October).

My Two-for-Tuesday morning reads: • Innovation Is Driving a New Bull Market in Biotech.

The transcript from this week’s MiB: Adam Frank, JPMorgan Wealth Management’s Head of Wealth Planning and Advice, is below.

My Monday back-to-work morning reads: • Booms, Bombs and Bonds: Interest Rates, Part I: Paul Krugman on why serious analysts talk about bonds while cable touts talk about stocks.

I am not usually in the city on Fridays.

The weekend is here!

 This week, I speak with Adam Frank, Managing Director and Head of Wealth Planning and Advice at J.P.

The weekend is here!

My end-of-week morning reads: • Tokens Too Cheap to Meter.

Map by Claude Last month, I posted this data dive into the question of “How Wealth Is Created in America.”

My morning reads: • “If You Want to Bet on the End of the World…”: Puck sits down with Mark Spitznagel on the art of cool bullishness — and what tail-risk hedging looks like from here.

 At The Money: Who Is Wealthy in America, and How Did They Get Rich?

My Autumn Equinox morning reads: • ‘Crisis even bigger than Covid’: American business owners are barely getting by.

The transcript from this week’s MiB: Glen Kacher, CIO of Light Street Capital, is below.

My first day of Autumn reads (Fall Equinox is 8:04 P.M!)

 A bonus LIVE episode of Masters in Business: I spend most of the evening listening to — and laughing — with bestselling author and financial journalist Michael Lewis, live from the Landmark Theater in Port Washington, NY.

My Yom Kippur morning reads: • Weeks Before the Midterms, Almost Everything Is Getting More Expensive: David Uberti and Justin Lahart on mortgage rates near 7%, gas at its highest since 2022, and the Fed’s first hike in three years.

The weekend is here!

 This week, I speak with Glen Kacher, Managing Director and CIO of Light Street Capital.

The weekend is here!

Note: This guest essay was written by someone who works for a regulated entity and must therefore be highly circumspect with regard to any public commentary, regardless of topic.

My back in NY morning reads: • Why Are Valuations Falling in a Bull Market?

I had a very interesting conversation with Michael Monaghan of Founder’s Fund about HNTI; here is the description: Barry Ritholtz explains why getting rich through investing is simpler than most people think, why market forecasts are so often wrong, and w…

My morning reads: • Here’s Who Trump Should Blame for the Rate Hike He’s Raging About:He promised lower prices and lower interest rates.

At The Money: At The Money: Investing in Founder-Led Companies Michael Monahan (September 16, 2026) How can ordinary investors access funds of companies led by founders?

My mid-week morning reads: • Costly Medicine: Claudia Sahm on Fed Week — the FOMC is highly likely to hike a quarter point Wednesday, and the Middle East and AI headlines stealing attention are the same stories driving the inflation risk.

The transcript from this week’s, MiB: Seth Bernstein, Chief Executive Officer of AllianceBernstein, is below.

My Two-for-Tuesday morning reads: • What if Elon Musk Was Always Elon Musk?

For the second time in as many years, RWM made the Barron’s Top 100 RIA List.

My back-to-work morning reads: • What Years of Inflation Have Done to American Prices: Life has gotten a lot more expensive over the past few years.

Writing, editing, and promoting How Not to Invest sucked up a lot of time over the past 2 years.

The weekend is here!

This week, I speak with Seth Bernstein, Chief Executive Officer of AllianceBernstein (no relation).

The weekend is here!

Has it really been 25 Years since 9/11?

I’m not a Shark Tank viewer.

My morning reads: • Something Is Shifting in the Inflation Picture: Claudia Sahm on why she moved from hold to hike ahead of next week’s Fed meeting — a division no single CPI print will resolve.

 At The Money: Considering a Career Change?

My mid-week morning reads: • It’s a Concentrated World: The top 10 stocks in the S&P 500 make up almost 40% of the index.

From 2008 through 2022, the 10-year Treasury yield was never above 3.25%; it spent nearly all of 2019–21 under 2%, while the 30-year bottomed at ~1% in March 2020.

My Two-for-Tuesday morning reads: • Little Tobacco Moment Meta Wins.

The transcript from this week’s, MiB: Bill McNabb, Vanguard former Chairman and CEO, is below.

My long weekend morning reads: • This data has helped fight workplace discrimination for 60 years.

Avert your eyes!