Why Smart Investors Still Lose Money

I really enjoyed sitting down with Paula Pant to discuss HNTI:

“Why do smart, well intentioned investors still make costly mistakes?

In this episode, I sit down with Barry Ritholtz to explore why investing success has less to do with intelligence and more to do with behavior. Barry explains how bad ideas, bad numbers, and bad habits quietly derail portfolios, even for people who know better.

We talk about how to think probabilistically instead of emotionally, why markets do not crash on a schedule, and what actually brings bull markets to an end. We also dig into the limits of forecasting, how to evaluate market commentary without getting swept up in hype, and where artificial intelligence truly fits into modern investing.

This conversation is not about predicting the next crash or chasing the next trend. It’s about building a decision-making process that works across uncertainty, volatility, and long time horizons.”

You can find the conversation on YouTube, Spotify, Apple Podcasts.

Source:
How NOT to Invest, with Barry Ritholtz
By Paula Pant
Afford Anything, January 16, 2026

The post Why Smart Investors Still Lose Money appeared first on The Big Picture.