back arrowView show

Michael Kitces – The Past, Present & Future of Financial Advice - [Invest Like the Best, E…


Episode description

My guest this week is Michael Kitces, who is one of our industries go-to experts on all things financial advise and financial planning.

We discuss the past, present, and future of financial advise, financial technology, and investing. If you are a financial advisor or use one, this conversation is full of great history and perspective. Please enjoy.

For more episodes go to

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at

Follow Patrick on Twitter at @patrick_oshag


Show Notes

1:08 - (First Question) – History of financial planning/advice model

5:26 – Fee changes in the 1970’s

10:01 – The start of the AUM model

10:44 – Value proposition for financial advisors beyond trading vs robo-advsiors

            11:49 – Why Robo-Advisors Will Be No Threat To Real Advisors

18:20 – Why are humans still dominating the space

23:58 – Future of advisor fees

32:50 – Viability of the human driven flat fee model

37:50 – The dominance of flat fee models

43:13 – What services are financial advisors offering to justify their fees

47:17 – Dimensions to divide potential customers

52:20 – Exciting updates on the investment side that will help differentiate managers

55:37 – Any investment function beyond the basics that is intriguing to him

58:45 – Most interesting problems to be solved on the investing and non-investing sides

1:04:52 – Advice for young advisors

1:09:24 – How does he invest his own money

1:11:31 – Kindest thing anyone has done for Michael


Learn More

For more episodes go to

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at

Follow Patrick on twitter at @patrick_oshag

episodes iconMore Episodes

Eric Sorenson - How Quant Evolves - [Invest Like the Best, EP.139]

July 23rd, 2019


My guest this week is Eric Sorensen, the CEO of Panagora asset management, which manages more than $46B for clients across a variety of strategies.

Eric began his career serving in the Air Force as both a pilot and …

Jane McGonigal – How Games Make Life Better - [Invest Like the Best, EP.138]

July 16th, 2019


Jane McGonigal, PhD is a world-renowned designer of alternate reality games — or, games that are designed to improve real lives and solve real …

Bill Gurley – All Things Business and Investing - [Invest Like the Best, EP.137]

July 2nd, 2019


My guest this week is Bill Gurley, a general partner at Benchmark Capital and one my favorite investment thinkers. As you’ll hear, despite enormous success through his career, Bill is clearly still in love with business …

Jesse Livermore – The Search for the Truth with the Anonymous Master - [Invest Like the Best, EP.136]

June 25th, 2019


This week I have a very special guest years in the making. Like another favorite episode, with anonymous guest Modest Proposal, this conversation is with one of the stars of the financial twitter universe who writes …

Chuck Akre – The Three-Legged Stool - [Invest Like the Best, EP.135]

June 18th, 2019


My guest today is Chuck Akre, a now widely famous investor who founded Akre Capital Management in 1989, which now manages approximately $10B dollars. …

Jerry Neumann – Why Venture is Hard - [Invest Like the Best, EP.134]

June 11th, 2019


My guest this week is Jerry Neumann. Jerry is one of the most thoughtful early stage investors that I’ve encountered, and his writings at …

[REPLAY] Sam Hinkie – Data, Decisions, and Basketball - [Invest Like the Best, EP.88]

June 4th, 2019


I came across this week’s guest thanks to the overlap of three passions of mine: data informed investing, value creation, and basketball. 

Sam Hinkie worked for more than a decade in the NBA with the Houston Rockets, …

David Epstein – Wide or Deep? - [Invest Like the Best, EP.133]

May 28th, 2019


My guest this week is David Epstein. David is a writer and researcher extraordinaire and the author of two great books. His second, Range, is out today and I highly recommend it. We discuss the pros and cons of both …

Priya Parker – The Art of Gathering - [Invest Like the Best, EP.132]

May 21st, 2019


This week I’m hosting an investor retreat and so thought it fitting to release this conversation with Priya Parker on the art of gathering.

I’ve been interested in the topic of community and gathering for some time and …

[REPLAY] Tim Urban - Grand Theft Life - [Invest Like the Best, EP.59]

May 14th, 2019


This week’s conversation is about artificial intelligence and interplanetary travel. Its about content creation, thinking from first principles, and death progress units. Its about brain machine interfaces and why it is …

Stephanie Cohen – The Evolution of M&A and Corporate Strategy - [Invest Like the Best, EP.131]

May 7th, 2019


My guest this week is Stephanie Cohen, who is the chief strategy officer for Goldman Sachs and a member of their management committee. Prior to her …

[REPLAY] Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]

April 30th, 2019


This week’s guest is Will Thorndike, an author and investor whose book The Outsiders is an all-time favorite of mine. Our conversation is in two parts. First, we dive deep into the lessons of his 8-year research project …

Josh Wolfe – The Tech Imperative - [Invest Like the Best, EP.130]

April 23rd, 2019


My guest this week is Josh Wolfe, co-founder and managing partner at Lux Capital. I had Josh on the podcast last year which was one of the most …

Katherine Collins – Impact and ESG Investing - [Invest Like the Best, EP.129]

April 16th, 2019


My guest this week is Katherine Collins, who is the head of sustainable investing at Putnam Investments, a portfolio manager on two of Putnam’s …

Geoffrey Batt – The Nature of Transformational Returns - [Invest Like the Best, EP.128]

April 9th, 2019


My guest this week Geoffrey Batt and the topic of our conversation is how to earn transformational returns in very hard markets. In his case, that …

Brian Singerman – Investing in the Best Founders - [Invest Like the Best, EP.127]

April 2nd, 2019


My guest this week is Brian Singerman, a partner at the venture capital firm Founders Fund. Founder’s Fund is widely considered one of the top VC firms and its partners are known to have diverse investment strategies.

Michael Mauboussin – The Four Sources of Alpha - [Invest Like the Best, EP.126]

March 26th, 2019


My guest this week for the third time is Michael Mauboussin. If there is a major question about markets and investing, Michael has usually written one of the best pieces of research on that topic. Today’s conversation …

Annie Duke – Wanna Bet? - [Invest Like the Best, EP.125]

March 19th, 2019


My guest this week is with Annie Duke, and the topic of our discussion is how to improve decision making.

We break decisions down into their component parts: values, beliefs, decisions, randomness, and outcomes. After …

Michael Mayer – Pseudonymous Social Capital and Bottomless Coffee - [Invest Like the Best, EP.124]

March 12th, 2019


My guest this week is unique and so requires a short story.

I met our guest Michael Mayer because of twitter. I followed and enjoyed one of several …

Peter Zeihan – The Future of Geopolitics - [Invest Like the Best, EP.123]

March 5th, 2019


Peter is a geopolitical strategist who combines expertise in demography, economics, energy, politics, technology, and security to assess an uncertain …

Alex Danco – Scarcity, Abundance and Bubbles - [Invest Like the Best, EP.121]

February 12th, 2019


My guest this week is Alex Danco. Alex is a member of the Discover Team at Social Capital, has a background in biology, and has written about all …

Keith Wasserman – Real Estate Investing - [Invest Like the Best, EP.120]

February 5th, 2019


My guest this week is Keith Wasserman, co-founder of the real estate investment firm Gelt.

This was my first fully dedicated conversation on direct …

Alex Mittal – Early Stage Investing - [Invest Like the Best, EP.119]

January 29th, 2019


My guest this week is Alex Mittal, co-founder of Funders Club. Following past guest Jeremiah Lowin, Alex is my second elementary school friend to …

Eugene Wei – Tech, Media, and Culture - [Invest Like the Best, EP.117]

January 22nd, 2019


My guest this week, Eugene Wei, has one of the most interesting backgrounds of anyone I’ve had on the podcast. He worked at Amazon early in its life, …

Michael Duda – Investing In Brands - [Invest Like the Best, EP.117]

January 15th, 2019


My guest this week is Michael Duda, and the topic of our conversation is the role that brand plays in business and investing.  Michael has worked on …

Abby Johnson – Future of Finance - [Invest Like the Best, EP.116]

January 8th, 2019


Over the summer. I spent time with Abby Johnson, who is the chairman and CEO of Fidelity Investments and several other business leads at Fidelity to understand how a very large firm like theirs is navigating change in …

Keith Rabois - If You Can’t Sell Them, Compete with Them - [Invest Like the Best, EP.115]

December 18th, 2018


My guest this week is Keith Rabois. Keith is currently an investment partner at Khosla Ventures, but has a storied and diverse background as an investor, entrepreneur, and executive. He has worked in senior positions at …

Bryan Krug – High Yield Credit Investing - [Invest Like the Best, EP.114]

December 11th, 2018


My guest today is Bryan Krug, who manages the Artisan Partners Credit Team and overseas more than $3B in high yield credit investments for the firm. This was my first conversation on high yield, so I took it as an …

Maureen Chiquet – Leadership Through Hard Conversations - [Invest Like the Best, EP.113]

December 4th, 2018


My guest this week is Maureen Chiquet, the former longtime CEO of Chanel. Maureen also spent much of her career at the Gap, growing Old Navy from scratch, and serving as the president of Banana Republic. The topic of …

Hunter Walk – Building Picks and Shovels - [Invest Like the Best, EP.112]

November 27th, 2018


My guest this week is Hunter Walk, the co-founder of Homebrew, a unique venture capital firm. Hunter is a tool builder, having spent his career …

Cliff Asness – The Past, The Present & Future of Quant [Invest Like the Best, EP.111]

November 13th, 2018


My guest this week is Cliff Asness, the managing and founding principal at AQR Capital Management. 20 years after its founding in 1998, AQR manages …

[REPLAY] Peter Attia, M.D. - How to Live a Longer, Higher Quality Life - [Invest Like the Best, EP.27]

November 6th, 2018



My guest this week is Peter Attia, M.D., whose mission is to understand and improve human lifespan and healthspan (or quality of life).  Reading Peter’s research, you find that there are many similarities …

Ryan Caldbeck – Quant in Private Markets - [Invest Like the Best, EP.110]

October 30th, 2018


My guest this week is Ryan Caldbeck, a private equity investor who wants to bring quantitative rigor to the private markets. Ryan is the CEO of Circle Up, which uses a system it calls Helio to identify attractive …

Howard Lindzon – Fintech and Trend Following - [Invest Like the Best, EP.109]

October 23rd, 2018


My guest this week aspires to be the Larry David of investing, and we discuss why. Howard Lindzon is hard to categorize. He’s primarily an early stage investor right now, but he’s participated in all types of investing. …

CoVenture Credit - Esoteric Credit with Ail Hamed, Brian Harwitt, and Marc Porzecanski - [Invest Like the Best, EP.108]

October 16th, 2018


My guests this week are Ali Hamed, Brian Harwitt and Marc Porzecanski who work together at CoVenture Credit. When I first had Ali on as a podcast guest, we discussed the many aspects of what his firm does, ranging from …

Saifedean Ammous – The Bitcoin Standard - [Invest Like the Best, EP.107]

October 9th, 2018


My guest this week is Saifedean Ammous, author of the book the Bitcoin Standard. This was one of the more interesting conversations I’ve had in the world of cryptocurrency, primarily because we don’t talk about Bitcoin …

Danny Moses – Pot Stocks, Tesla, & The “Wild Bill” Rule for Quants – [Invest Like the Best, EP.106]

September 28th, 2018


“This is an unusual early episode release thanks to the timing of the recent news on Tesla. In this short episode, Danny and I discuss cannabis stocks, Tesla, and his “wild bill” story about quant investing.”

For more …

Jeremiah Lowin – Machine Learning in Investing – [Invest Like the Best, EP.105]

September 25th, 2018


My guest this week is one of my best and oldest friends, Jeremiah Lowin. Jeremiah has had a fascinating career, starting with advanced work in …

Trail Magic - Lessons from Two Years of the Podcast [Invest Like the Best, EP.104]

September 18th, 2018


(0:49) This week, to mark the two-year anniversary of the podcast, I offer a quick summary looking back and forward.

(0:55) Yesterday I heard about an Appalachian Trail thru hiker named Croatoan, or Crow for short. Crow …

Kathryn Minshew - How Employers and Employees Should Build Careers - [Invest Like the Best, EP.103]

September 11th, 2018


My guest this week is Kathryn Minshew, the co-founder and CEO of the Muse, and the co-author of The New Rules for Work: the Modern Playbook for …

Richard Craib - Crowdsourcing Predictive Algorithms - [Invest Like the Best, EP.102]

September 4th, 2018


I intentionally avoid the world of quantitative investing on this podcast. The whole point of this format is to learn about many different fields, …

Elad Gil – How to Identify Interesting Markets - [Invest Like the Best, EP.101]

August 28th, 2018


My guest this week has a fascinating background. He has a PhD in biology but has split his time as both an investor and an operator. As an investor, …

What You Learn About Business Deals After: 12,000 Deals Reviewed, 1,500 Deep Dives, 125 Site Visits, and 7 Portfolio Companies with Brent Beshore - [Invest Like the Best, EP.100]

August 21st, 2018


For the 100th episode, I’ve brought back my good friend Brent Beshore. Brent was the 10th guest on the podcast, after we met because of a mutual interest in capital allocation. I quickly learned that Brent was one of …

Boyd and Bronwyn Varty – Track Your Life - [Invest Like the Best, EP.99b]

August 15th, 2018


Today’s conversation is a continuation of my discussion on applying the lessons of tracking animals in the wild to tracking in your own life. I encourage to listen to that episode first. In this second part, Boyd’s …

Boyd Varty – Live Like a Tracker - [Invest Like the Best, EP.99a]

August 14th, 2018


An interesting question that I think about a lot: how do you balance exploring the new with savoring what you already know and love? Most of the time I prefer to explore, but the best part of this podcast experience for …

Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98]

August 7th, 2018


Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98]

This week’s conversation is for those interested in the nitty gritty of cryptocurrencies and for those who, like me, are …

Cathie Wood – Investing in Innovation - [Invest Like the Best, EP.97]

July 31st, 2018


My guest this week is Cathie Wood, the founder of ARK invest. Cathie and her team believe that disruptive innovation is the key to long-term growth and, therefore, alpha in the public markets.

Because their style of …

Bethany McLean - Business Gone Bad and the Art of Persistence - [Invest Like the Best, EP.96]

July 24th, 2018


I’ve often heard that good investors are a bit like journalists: doggedly collecting evidence and building an understanding of how all the pieces of …

Modest Proposal – Value is Dead, Long Live Value - [Invest Like the Best, EP.95]

July 17th, 2018


A very short introduction today because my guest is anonymous. Suffice it to say he manages a large pool of private capital.

He goes by the pseudonym …

[REPLAY] Eric Maddox – The Ace of Spades - [Invest Like the Best, EP.15]

July 10th, 2018


With Patrick out of the country this week, we thought we'd play an old favorite that many of you have not heard.

Please Enjoy!



This week we …

Niel Robertson – The Future of Media - [Invest Like the Best, EP.94]

July 3rd, 2018


This week’s episode covers a new set of topics. The conversation, with Niel Robertson, covers media, e-sports, content distribution, marketing, and a lot more. Niel started a software company out of his bedroom when he …

Eric Balchunas – The Past, Present & Future of ETFs - [Invest Like the Best, EP.93]

June 26th, 2018


My guest this week is Eric Balchunas, the senior ETF analyst for Bloomberg and the author of the Institutional ETF toolbox. This episode is intended …

New Angles on Crypto - Kyle Samani and Tushar Jain - [Invest Like the Best, EP.92]

June 19th, 2018


My guests this week are Kyle Samani and Tushar Jain, both managing partners at Multicoin Capital. I’ve taken a bit of a break from crypto because I …

Michael Recce – Tim Cook’s Dashboard - [Invest Like the Best, EP.91]

June 12th, 2018


My guest this week is Michael Recce, the chief data scientist for Neuberger Berman. The topic of our conversation is the use of data in the …

Ash Fontana – Investing in Artificial Intelligence - [Invest Like the Best, EP.90]

June 5th, 2018


My guest this week is Ash Fontana, a managing partner at venture capital firm Zetta, who invests in companies which build software that uses artificial intelligence methods like machine learning to predict and prescribe …

Mike Zapata – The Darkest Night: Lessons from Battle and Value Investing - [Invest Like the Best, EP.89]

May 29th, 2018


My guest this week is remarkable. He now applies his talents on Wall Street, searching for smaller cap companies trading at huge discounts in an effort to compound wealth for his investors. He is classically trained, …

Sam Hinkie – Data, Decisions, and Basketball - [Invest Like the Best, EP.88]

May 22nd, 2018


I came across this week’s guest thanks to the overlap of three passions of mine: data informed investing, value creation, and basketball. 

Sam Hinkie worked for more than a decade in the NBA with the Houston Rockets, …

Tren Griffin – Pulling the Thread - [Invest Like the Best, EP.87]

May 15th, 2018


My guest this week is a bundle of curiosity, and that is one of the nicest things I could say about someone. For several years, Tren Griffin has been …

Jason Karp – Opportunities in Public and Private Markets - [Invest Like the Best, EP.86]

May 8th, 2018


I believe that any investment strategy that will deliver strong returns in the future must evolve. Any strategy should rest on rock solid …

Chris Douvos – A Value Investor Lost in the Valley - [Invest Like the Best, EP.85]

May 1st, 2018


My guest this week is Chris Douvos, a managing partner at Venture Investment Associates, which allocates 1.6B in behalf of investors. 

Chris is the first professional allocator I’ve spoken with who focuses specifically …

Arianna Simpson – The Crypto Landscape - [Invest Like the Best, EP.84]

April 24th, 2018


My guest today is Arianna Simpson, who has spent her career in an around the world of technology working at startups, Facebook, and now in venture …

Shark Tank with Thatcher Bell and Taylor Greene - [Invest Like the Best, EP.83]

April 17th, 2018


We’ve always found that even in public equities, you learn more once you have a live portfolio. One of the best ways to learn is to put some capital …

Nikhil Kalghatgi – Moonshot Investing - [Invest Like the Best, EP.82]

April 10th, 2018


My guest this week helps me complete the first trilogy of guests on the podcast. His name is Nikhil Kalghatgi. Along with past guests Ali Hamed and Savneet Singh, Nikhil is a partner at the asset management firm …

Live EP.01 – Peter Attia, M.D. [Invest Like the Best]

March 27th, 2018


This week’s episode was the first one that I’ve recorded live. It was the second dinner in what I expect to be a long series where I bring together 30 people from a variety of backgrounds to discuss an interesting and …

[REPLAY] Boyd Varty – The Art of Tracking - [Invest Like the Best, EP.32]

March 20th, 2018


[After talking to the brilliant string of guests the past several weeks, Patrick’s brain needed a rest—oh and a concussion didn’t help matters. To …

Albert Wenger - World After Capital - [Invest Like the Best, EP.80]

March 13th, 2018


My guest this week is Albert Wenger, a managing partner at Union Square Ventures and the author of the book World After Capital.

Albert studied …

Savneet Singh - The Berkshire of Software - [Invest Like the Best, EP.79]

March 6th, 2018


My guest this week is another in a recent series of people that makes me want to work harder, learn more, and do more for others. His name is Savneet Singh, and he has already accomplished a remarkable amount in the …

Dan Rasmussen - Private Equity Returns in Public Markets - [Invest Like the Best, EP.78]

February 27th, 2018


It has been a while since we discussed private equity on the show, so I was excited for this week’s conversation. My guest is Dan Rasmussen, the founder of Verdad advisers. Dan worked in private equity and has spent …

Pat Dorsey Returns - The Moat Portfolio - [Invest Like the Best, EP.77]

February 20th, 2018


My guest this week, back for a second conversation, is Pat Dorsey. Pat ran equity research at Morningstar before leaving to start his own asset management company: Dorsey Asset Management. His areas of deep interest are …

Josh Wolfe - This is Who You Are Up Against - [Invest Like the Best, EP.76]

February 13th, 2018


Long-time listeners will have heard me joke before that this podcast should really be called “this is who are you up against.” I’ve been waiting for …

Harvey Sawikin - Emerging Market Opportunities - [Invest Like the Best, EP.75]

February 6th, 2018


My guest this week is Harvey Sawikin, a co-founder and lead portfolio manager at Firebird Management, which manages funds dedicated to investing in …

Anthony Pompliano - Full Tilt Investing- [Invest Like the Best, EP.74]

January 30th, 2018


My guest this week is Anthony Pompliano. Pomp began his career in the military, and has since been a successful entrepreneur, worked as a head of …

Dr. Ben Hunt - The Three-Body Portfolio - [Invest Like the Best, EP.73]

January 23rd, 2018


My guest this week is Dr. Ben Hunt, the chief investment strategist at Salient and the author of the extremely popular epsilon theory. I’ve always …

Preston Byrne - Crypto-pocalypse - [Invest Like the Best, EP.72]

January 16th, 2018


My guest this week is Preston Byrne. Preston is vocal critic of crazy prices and projects in the world cryptocurrencies. His background is in the legal world and also as a founder and former COO of Monax, which made the …

Ali Hamed – Creative Investing - [Invest Like the Best, EP.71]

January 9th, 2018


I have a special request this week: share this episode with every curious person in your life. 

The conversation, with a 26-year old investor named …

Sheel Tyle - The Future of Venture Capital - [Invest Like the Best, EP.70]

January 2nd, 2018


My guest this week is Sheel Tyle, who at just 26 years old has already had a successful career in venture capital. His most recent stint was as the …

Chris Dixon – The Future of Tech - [Invest Like the Best, EP.69]

December 26th, 2017


My guest this week is Chris Dixon, who has written some of my favorite essays on technology and venture investing. Chris is a prolific investor and …

Sorin Capital – Retail Contrarians - [Invest Like the Best, EP.68]

December 19th, 2017


So far I’ve spent no time in the podcast discussing real estate, so I was excited to get the chance to talk to the team at Sorin Capital, a billion …

Franklin Foer – World Without Mind - [Invest Like the Best, EP.67]

December 12th, 2017


My guest this week is Franklin Foer, the author the recently published book “World Without Mind.” The topic of our conversation is one that I’ve been thinking through often this past year: the impact that large …

Adam Ludwin - A Sober View on Crypto - [Invest Like the Best, EP.66]

December 5th, 2017


My guest this week is Adam Ludwin, the founder and CEO of Chain, a blockchain technology company targeted at large enterprises. Before shifting his …

Joanne Wilson - Angel Investing and Trend Spotting - [Invest Like the Best, EP.65]

November 28th, 2017


My guest today is Joanne Wilson, a New York City based angel investor, writer, podcaster, trend spotter, and self-described “woman around town.” …

Connor Leonard - Capital Light Compounders & Reinvestment Moats - [Invest Like the Best, EP.64]

November 21st, 2017


This week’s conversation is an ode to old school, fundamental public market investing. My conversation is with IMC’s Connor Leonard, who spends most …

Dhani Jones - Adventures in Sports, Business, and Investing - [Invest Like the Best, EP.63]

November 14th, 2017


My guest this week is unique. As you will hear early and often, he is programmed to go his own way, to, as he says, go one way when everyone else is going another. His name is Dhani Jones, a name I knew as a Notre Dame …

Chris Burniske - How to Value a Cryptoasset - [Invest Like the Best, EP.62]

November 7th, 2017


This episode is a continuation of the Hash Power series. It is the first of what we will call a Hash Power single—a series of conversations each with a single guest on a specific topic. In this case my guest is Chris …

Brad Katsuyama - What Happens When You Hit “Buy” - [Invest Like the Best, EP.61]

October 31st, 2017


My guest this week is Brad Katsuyama, the founder of the IEX exchange and protagonist of Michael Lewis’s famous book Flash Boys, which chronicled the …

Brett Maloley - Ladder: The Fitness Marketplace - [Invest Like the Best, EP.60]

October 24th, 2017


This week’s episode is part of an experiment and so requires a longer than normal introduction.

I’ve come to view this podcast as a learning tool, a …

Tim Urban - Grand Theft Life - [Invest Like the Best, EP.59]

October 17th, 2017


This week’s conversation is about artificial intelligence and interplanetary travel. Its about content creation, thinking from first principles, and death progress units. Its about brain machine interfaces and why it is …

Hash Power – Ep. 3 - Funding, Forking, and a Creative Future

October 10th, 2017


In episodes one and two of Hash Power, we explored blockchain technology and cryptocurrency investing. In this episode, we discuss the current and …

Hash Power – Ep. 2 - Investing in Cryptocurrencies 

October 3rd, 2017


In episode 1 of Hash Power, we explored blockchains as a technology—how they work, why tokens (also known as cryptocurrencies) are an integral part …

Hash Power – Ep. 1 - Understanding Blockchains

September 26th, 2017


Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field …

David Tisch - Tech Investing Outside of Silicon Valley - [Invest Like the Best, EP.55]

September 19th, 2017


My guest this week is David Tisch, who was instrumental in building and fostering venture capital investing in New York City. If you liked my conversation with Jerry Neumann--who, incidentally, introduced me to …

David Gardner - Finding Companies That Break the Rules - [Invest Like the Best, EP.54]

September 12th, 2017


The investment strategy discussed in this week's episode is diametrically opposed to my own value tendencies, but it still one that has done exceptionally well.  

My guest is David Gardner, co-founder of the Motley …

Meb Faber - Factors, Dividends, and Angel Investing - [Invest Like the Best, EP.53]

September 7th, 2017


My guest this week is Meb Faber, who started a podcast similar to this one right before mine and was a big reason I was open to the idea in the first place. Meb is a quantitative researcher whose firm Cambria has been …

Team Ritholtz - The Wu Tang Clan of Finance - [Invest Like the Best, EP.52]

August 29th, 2017


My guests this week don't need to be introduced. In celebration of the one year anniversary of invest like the best, I asked Josh Brown, Mike …

Pat Dorsey - Buying Companies With Economic Moats - [Invest Like the Best, EP.51]

August 22nd, 2017


My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver …

Jason Zweig and Morgan Housel - Business vs. Investing - [Invest Like the Best, EP.50]

August 15th, 2017


My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduction short. Morgan …

Brad Stulberg - Just Manageable Challenges - [Invest Like the Best, EP.49]

August 8th, 2017


This week's conversation is about performance. More specifically, it is about the ins and outs of steady progress and growth. My guest is Brad …

Leigh Drogen - Sink or Swim--How to Combine Quant and Traditional Asset Management Techniques - Invest Like the Best, EP.48]

August 1st, 2017


Several weeks ago my conversation with Leigh Drogen on quant investing proved timely and popular--because everyone in asset management is facing the …

Wes Gray - Compound Your Face Off - [Invest Like the Best, EP.47]

July 25th, 2017


My guest this week is a version of me—a funnier, cooler version who has a PhD and served as an active duty marine. Lots of you will already be …

Rishi Ganti - Esoteric Assets - [Invest Like the Best, EP.46]

July 18th, 2017


My guest this week is Rishi Ganti, who invests in what he calls esoteric assets. I'm not sure what to do other than laugh in amazement at his professional credentials -- PhD in economics, CFA, CPA, lawyer, speaks six …

Jerry Neumann - The Deployment Age, Power Laws, and Venture Capital - [Invest Like the Best, EP.45]

July 11th, 2017


I am drawn to a group of investors that I call practitioner philosophers. These are people who have gotten their hands dirty in their respective fields, but despite being doers, they still often sit back and ponder the …

Top Ten Lessons After Almost a Year - [Invest Like the Best, EP.44]

July 5th, 2017


A future guest just told me, every band has a song about being in a band, so today I give you my version. I won’t do this often, and only do it this …

Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

June 27th, 2017


If you told me a year ago that I’d be learning critical life and business lessons from the founder of a ketchup company, and that thirty to fifty …

Andy Rachleff - Building Something People Want to Buy - [Invest Like the Best, EP.42]

June 20th, 2017


My guest this week is Andy Rachleff, who is the CEO of the automated investing platform Wealthfront. Andy was also a co-founder and long-time partner …

Leigh Drogen - Quant vs Traditional Investors and How Alphas Become Betas - [Invest Like the Best, EP.41]

June 13th, 2017


I’ve often joked that this show should be called “this is who you are up against,” because I am so often having conversations with brilliant people …

Ira Judelson - Bail Street, with NYC's Leading Bail Bondsman - [Invest Like the Best, EP.40]

June 6th, 2017


This week’s episode is very unique. It is the first episode devoted to bonds, just not the kind of bonds you are used to. My guest is Ira Judelson, who is the leading bail bondsman in New York City. I met Ira through my …

David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39]

May 30th, 2017


This week's conversation was especially fun. I have a long history with my guest, Dave Chilton, but this was the first time we'd met in person. I'd heard stories about him from people I work with for twenty years, so …

David Salem - The Art of Asset Allocation - [Invest Like the Best, EP.38]

May 23rd, 2017


My guest this week is David Salem. David was the founding president and CIO for The Investment Fund for Foundations, which served 800 endowed charities under David’s 18-year tenure. He's now the CIO of the Windhorse …

Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]

May 16th, 2017


My guest today is Michael Mauboussin, who is the head of global financial strategies at Credit Suisse and is on my short list of must read writers on all things investing. If you read his entire catalogue, Howard …

Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]

May 9th, 2017


This week’s guest is Will Thorndike, an author and investor whose book The Outsiders is an all-time favorite of mine. Our conversation is in two parts. First, we dive deep into the lessons of his 8-year research project …

Ted Seides - The Bet with Buffett – Hedge Funds vs. The S&P 500 - [Invest Like the Best, EP.35]

May 2nd, 2017


This coming weekend is the annual Berkshire Hathaway shareholder meeting in Omaha. That means this week is the perfect opportunity to discuss a topic …

Danny Moses - The Big Short and Beyond - [Invest Like the Best, EP.34]

April 25th, 2017


My guest this week is Danny Moses, who was directly in the middle of the biggest trades in market history, chronicled by Michael Lewis in his book the Big Short. Danny was the head trader on the Frontpoint team led by …

Royce Yudkoff and Rick Ruback – REALLY Private Equity - [Invest Like the Best, EP.33]

April 18th, 2017


In this episode, I continue to pull on one of the most interesting threads that I have uncovered while producing this podcast: the world of permanent …

SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides

April 13th, 2017


SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides This is a special episode to premiere a new podcast from my friend, Ted Seides. In this show, Capital Allocators, Ted will feature a broad …

Boyd Varty – The Art of Tracking - [Invest Like the Best, EP.32]

April 11th, 2017


This week’s episode is the most unique to date. My guest is Boyd Varty, who grew up in the South African Bush, living among and tracking wild leopards. The main theme of our conversation is tracking, and how the same …

Khe Hy – Quant Hedge Funds and the Fear of Death - [Invest Like the Best, EP.31]

April 4th, 2017


My guest this week is Khe Hy. Khe has a very interesting, two-part story. We start with Khe's career at Blackrock, where he rose to be one of the youngest MDs at the firm, specializing in quantitative hedge funds. Khe …

Ted Seides and Brent Beshore – The Future of Asset Management - [Invest Like the Best, EP.30]

March 28th, 2017


This week, my good friends Ted Seides and Brent Beshore join me to discuss the future of asset management and a ton of fun side topics. While we are all passionate about investing, we’ve had very different careers: Ted …

Jim O’Shaughnessy - Premeditated Success - [Invest Like the Best, EP.29]

March 21st, 2017


My guest this week is my father, Jim O’Shaughnessy. He was a pioneer in quantitative equity research, part of an early group of explorers who combed through data to find factors which predicted future stock returns. …

Trish and James Higgins of Chenmark Capital - Permanent Equity - [Invest Like the Best, EP.28]

March 14th, 2017


My guests this week are Trish and James Higgins, who run Chenmark Capital Management.  In this episode we continue to explore a style of investing I call Permanent Equity.  Returns in permanent equity come first from …

Peter Attia, M.D. - How to Live a Longer, Higher Quality Life - [Invest Like the Best, EP.27]

March 7th, 2017


My guest this week is Peter Attia, M.D., whose mission is to understand and improve human lifespan and healthspan (or quality of life).  Reading Peter’s research, you find that there are many similarities between health …

John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26]

February 28th, 2017


My guest this week is John Rogers, founder, CEO and CIO of Ariel investments, one of the longest standing asset management businesses still in existence.  John has a very impressive resume.  In addition to his success …

Ian Cassel – Investing In Tiny Stocks - [Invest Like the Best, EP.24]

February 14th, 2017


My guest this week is Ian Cassel, a microcap investor who is always on the lookout for small companies which are run by men and women who are what he calls intelligent fanatics. Ian’s livelihood is based on the success …

Joe Mansueto – Lessons From the Founder of Morningstar - [Invest Like the Best, EP.23]

February 7th, 2017


My guest this week is Joe Mansueto, the founder, longtime CEO and current executive chairman of Morningstar, Inc.  Joe is an entrepreneur at heart. He has the gene for spotting good business ideas and building them out …

Brent Beshore Returns – Private Equity, Venture Capital, and the Future of Money Management - [Invest Like the Best, EP.22]

January 31st, 2017


Brent Beshore and I spoke for 10 hours about all things investing and business, and decided to record a 2-hour chunk of our conversation. We start by discussing private equity, venture capital, and the importance of …

Brian Koppelman – Chasing Curiosity - [Invest Like the Best, EP.21]

January 24th, 2017


My guest this week is writer, director, producer, and podcast host Brian Koppelman, who’s film credits include ‘Rounders’, ‘Oceans 13’, and ‘

Jeremiah Lowin – Machine Intelligence and Risk Management - [Invest Like the Best, EP.20]

January 17th, 2017


Jeremiah Lowin is probably the smartest guy I know, and that is saying something. He is an expert in the fields of statistics, artificial intelligence, and risk management—among many other things.  He is currently the …

Lauren Loktev, Kanyi Maqubela, & Craig Shapiro - Watching a Venture Fund at Work - [Invest Like the Best, EP.19]

January 10th, 2017


This week’s episode features the partners of the Collaborative Fund, a venture-capital firm based in New York City.  This is a unique, group …

Dan Egan – Designing Better Decisions - [Invest Like the Best, EP.18]

January 3rd, 2017


My guest today is Dan Egan, who is the managing director of Behavioral Finance and Investing at Betterment.  In this wide-ranging role, Dan has his …

Shane Parrish – Mastering Mental Models - [Invest Like the Best, EP.17]

December 27th, 2016


My guest this week is Shane Parrish, who created the extremely popular Farnam Street—a website dedicated to understanding the world by mastering the …

Jeff Ptak – The Prospects for Active Management - [Invest Like the Best, EP.16]

December 20th, 2016


Joining me on the podcast this week is Jeff Ptak, head of global manager research at Morningstar.  Jeff’s role puts him in the unique position to …

Eric Maddox – The Ace of Spades - [Invest Like the Best, EP.15]

December 13th, 2016


This week we explore a rare and underappreciated skill through the lens of an incredible story. My guest is Eric Maddox, whose name you probably don’t know but won’t soon forget. Just trust me that you need to listen to …

Josh Brown – The Reformation - [Invest Like the Best, EP.14]

December 6th, 2016


My guest this week is one of the reasons that this podcast exists.  Josh Brown is a financial advisor and the CEO of Ritholtz Wealth Management. He …

Christopher Cole – Small Bets, Huge Payoffs - [Invest Like the Best, EP.13]

November 29th, 2016


My guest this week is Christopher Cole, founder and managing partner at Artemis Capital Management. Chris’s specialty is in long volatility …

Kevin Simler – Exploring the Frontier - [Invest Like the Best, EP.12]

November 22nd, 2016


Today’s episode features one of my favorite thinkers and writers: Kevin Simler.  Kevin has a background in technology and was one of the earliest …

Craig Shapiro – Better for You, Better for the World - [Invest Like the Best, EP.11]

November 14th, 2016


This week Patrick takes a deep dive in the world of Venture Capital with Craig Shapiro, founder and CEO of the New York based Collaborative Fund, …

Brent Beshore – Cultivating a Disaster Resistant, Compound Interest Machine - [Invest Like the Best, EP.10]

November 8th, 2016


This week’s guest is Brent Beshore, Founder and CEO of, a family of companies that invests in family-owned companies. Brent has a very …

Jon Stein – The State of Automated Investing - [Invest Like the Best, EP.09]

November 1st, 2016


Would you be comfortable with a robo-advisor running your entire investment portfolio?  That’s the hope of our guest this week, Jon Stein, founder …

Kiley Adams – An Internal Locus of Control - [Invest Like the Best, EP.08]

October 28th, 2016


This episode is a major departure from the norm.  My guest, Kiley Adams, is only 21 years old. She has crammed more learning and adventure into two …

Ted Seides – A Deep Dive into Hedge Funds - [Invest Like the Best, EP.07]

October 25th, 2016


This week’s guest has forgotten more about hedge funds than most people will ever know. This episode will appeal to managers, allocators and any investor interested in the world of hedge funds.  Ted Seides worked under …

Humble Giants – Vanguard’s Gerry O’Reilly and Jim Rowley - [Invest Like the Best, EP.06]

October 18th, 2016


There is a good chance that this week’s guests manage your money. This episode is a rare and fascinating look into the world’s largest asset manager. …

Christian Rudder – The Quantified Self - [Invest Like the Best, EP.05]

October 11th, 2016


In this episode Patrick talks to Christian Rudder, who is the co-founder of dating service OK Cupid, a NY Times best-selling author, data and math junky, and musician. Patrick and Christian discuss interesting trends in …

Morgan Housel – Walking and Thinking - [Invest Like the Best, EP.04]

October 4th, 2016


In this week’s episode, Patrick and Morgan Housel explore the differences between private and public market investing, how to foster innovation and creativity, how businesses are structured and organized, and how Morgan …

Jason Zweig – The Power of Serendipity - [Invest Like the Best, EP.03]

September 27th, 2016


In this episode, Patrick and Jason Zweig reflect on investing, financial advice, books, and life in general. The method for living discussed in the …

Michael Mauboussin – Active Asset Management - [Invest Like the Best, EP.02]

September 20th, 2016


Michael Mauboussin, Managing Director and Head of Global Financial Strategies at Credit Suisse, joins Patrick to discuss the current state of the asset management business, explore all of the stages of the investment …

Jeff Gramm – Activist Investing - [Invest Like the Best, EP.01]

September 12th, 2016


Hedge Fund Manager and author Jeff Gramm talks with Patrick O'Shaughnessy about the history and current state of shareholder activism and discusses …

Loading ...

Download the RadioPublic app for
 FREE and never miss an episode.

Get it on Google PlayDownload on the App Store