In 2016, I wrote a column detailing the voices I listen to. The individuals in and around the investing universe who I found provided consistently good advice in times of scarcity and in and times of plenty. These were the folks I learned my craft from, who guided my best instincts and who steered me around the biggest potholes. These authors, bloggers, podcasters, journalists and corporate leaders made what I do possible.
In the intervening years, we've lost a number of them: to retirement and to red-pill rabbit holes; one died, another changed things up; a few, in retrospect, were on a long hot streak in 2016 which summarily ended. And then President Trump's tariffs sent the markets off a cliff for absolutely no reason at all— beyond a misguided understanding of global trade economics plus an infantile need to scare every kid on the playground into handing over their lunch money. Corporations around the world who operate in the US or do business with the US (who doesn't?) are trying to get a handle on severe changes in their cost projections and revenue impacts. Investors everywhere are panicking and stocks are cratering like it’s March 2020.
So it was time to update my list of the most trusted voices in finance, and to update you as well. (Sadly, and this can't be good: they're nearly all white men! No doubt this limits me and my perspective. I need some new voices.) Most of the rest of the column has remained true even with nearly a decade of perspective; I left it alone. I hope you can find something useful here in your journey.
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In my twenties, at a time when my marriage was new, my career was stalled and my father’s illness was worsening, I was fortunate to get to know a gifted man. He was a spiritual leader and a counselor, and among his talents was a rare ability to soothe, with kind eyes and a soft voice. When he looked at me, for that moment I was his universe and I felt completely safe. I'm sure he was a wonderful counselor.
The markets lately have been a roller coaster from hell, all big drops and loops and fast hairpin turns, not a single steady climb to be seen. A little soothing and a sense of security would be welcome.
As I’ve said in previous posts about studying the market and where investing ideas are born, I like to read about business. Clever and observant writers give me most of my ideas not only about what to invest in, but about how those businesses are performing, who they partner with, what their leaders are up to, how they stay competitive, what products are coming down the pipe, and on and on.
And I’ve mentioned before who I read. But it’s not just academic: these individuals offer analysis, experience, wisdom and also something else— in difficult market moments, these people are the cool and steady hand on the wheel. They reassure me. They remind me that no matter how far the broader market falls, no matter the beating I take on my positions, it will come back. That I’m playing the long game, measured not in quarters or even years but in decades. That no market rout which lasts a few weeks or months can shake my foundational belief that over time, the market rises. Without them, I am lost, sleepless, panic-selling into a dropping market.
In no particular order, with links to their work where applicable:
David Gardner & Tom Gardner: The Motley Fool investment advisory, analysis and podcasts
David and his brother Tom founded the Motley Fool in the mid-90s following a remarkable personal stock picking run, and they continue to run the advisory and wealth-management firm today. David prefers smart, disruptive, low-capital businesses with huge potential, which he buys early and holds for 5 years or more. Tom is the slow-and-steady, more conservative investor, buying established business for long-term gain. Their returns (and their firm!) have performed extraordinarily over the last 3+ decades, and their podcasts and appearances across Motley Fool media teach the rest of us how replicate them in a fun and approachable way. I also recommend their books, which absolutely got me started: Motley Fool Investment Guide; Rule Breakers / Rule Makers, etc
An investor, blogger and author, Tadas operates AbnormalReturns.com, where you can find one of the best-curated daily links lists on the financial web. No actual analysis or deep dives, just a list of great articles you can peruse yourself. Much of what’s pertinent to investors on banks, stocks, the economy, trading. And on Saturdays, Tadas adds hot takes from the whole week on health, nature, personal finance, food, cars, real estate and more.
Kara Swisher & Scott Galloway: the Pivot podast
Their podcast together, Pivot, is a remarkable fusion (and abrasion!) of their keen minds and shared outrage at this moment where tech meets business and politics. This is an addictive listen.
Ben Carlson, Ritholtz Wealth Managment: A Wealth of Common Sense blog
With keen observation and an impressive wisdom, Ben provides grounding to the financial community with his buy-and-hold doctrine and get-rich-slow values. Ben’s blog offers intelligent analysis not of individual stocks but of the current environment, what drives him crazy about his industry and the traps we all fall into. His book, A Wealth of Common Sense, is one of the best investing guides I’ve read in years.
Josh offers a smart and entertaining perspective on the money-management industry, the follies of markets and investors, what should be obvious patterns, as well as on markets and the economy. He weaves in pop culture references like Mick Jagger and The Ramones to make his points more accessible. One memorable post related a volatile bear-market environment to Leonardo DeCaprio's repeated survival trials in The Revenant.
Matt Levine is a former investment banker who’s graduated to become one of the best, loosest and most accessible finance columnists in the business. He makes the complicated and confusing seem understandable— even when it’s ridiculous. His editors give him wide berth to say what he wants for as long as he wants, and he has a lot to say. Impossibly well-read and informative, even funny. He’s a great read.
The Wall Street Journal has prided itself on being the go-to news and financial media source for well over a century, and Jason Zweig has been their personal finance columnist since 2008. He appears regularly on radio and TV and he’s written for Time and Money magazines. Jason is the author of The Devil’s Financial Dictionary, and he edited the revised edition of the great Benjamin Graham’s investing masterwork, The Intelligent Investor. No one knows this subject better.
Then there are those who don’t write a column or a blog necessarily, but who have outsize impact in the capital markets. These investors have sufficient gravity to pull in board members, executives, journalists, and retail investors like us, who watch them for perspectives and useful ideas. Just by keeping your eyes peeled for news with their names you’ll gain all sorts of insight.
Warren Buffett, Berkshire Hathaway
You already know who he is, because he’s the biggest of them all. Warren is in the financial news somewhere just about every day. No one on the planet has more market wisdom or stock-picking expertise, or more patience. He’ll be 94 this summer and still there is no one in the industry more wise, or more worthy of trust. His instincts and clarity are astonishing. Thousands of analysts, brokers, shareholders and everyday folks seek out his annual letters to shareholders in order to better understand the state of the financial world and learn what ‘Uncle Warren’ sees coming.
Jamie Dimon, JPMorgan Chase bank
Jamie Dimon has been the Chairman and CEO of JPMorgan Chase bank for nearly 20 years. If we get a sensible presidential administration again in the next decade or so, he’s a shoo-in for Treasury Secretary. When the shit hits the fan in the financial universe, he is one of the first and most-quoted individuals. Queens NY born and bred, he is no-nonsense and clear-eyed. And smooth: many suspect his political affiliation but you’d never know from his public persona or statements— his reputation depends on even-handedness and an ability to work with anyone.
