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Founders & Friends

Michael Monaghan

Founders and Friends is a markets and investing podcast hosted by Michael Monaghan, featuring candid conversations with investors, RIAs, market strategists, financial journalists, founders, and industry leaders.

Each episode explores stocks, market trends, investing strategies, business, technology, and the forces shaping the economy. The goal is simple: thoughtful conversations with experienced people about what matters in markets now and what investors should be watching next.

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  • 4 episodes
  • Avg 41 min
  • English

Episodes 4

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  • S1 · E4
    September 14 · 41 min

    How to Get Rich Slowly | Barry Ritholtz on Why Market Forecasts Fail

    Barry Ritholtz explains why getting rich through investing is simpler than most people think, why market forecasts are so often wrong, and why your own behavior may be the biggest threat to long-term investment success.Michael Monaghan sits down with Barry Ritholtz, Chairman and Chief Investment Officer of Ritholtz Wealth Management, host of Masters in Business, and author of How Not to Invest, for a wide-ranging conversation on stock market investing, compounding, index funds, active management, investor psychology, financial media, market predictions, and building wealth over time.Barry explains why investors should focus on getting rich slowly, why humans are psychologically wired to make poor decisions in volatile markets, and why the most confident market forecasts can often be the least reliable.They discuss why so few active managers outperform over long periods, what Barry learned from Warren Buffett, Ray Dalio, Howard Marks, and Daniel Kahneman, and why he believes most investors should keep the core of their portfolio simple.Barry also shares his “cowboy account” strategy for investors who still want to pick stocks, including how he thinks about Nvidia and speculative investments without putting long-term wealth at risk.The conversation also explores what financial advisors actually add beyond investment performance, direct indexing and tax-loss harvesting, and why Barry believes the purpose of money is not simply to accumulate a bigger number.Topics include:Stock market investingHow to build wealthLong-term investing and compoundingWhy market predictions failInvestor psychology and behavioral financeActive management vs index fundsS&P 500 and Vanguard investingNvidia and individual stock investingRay Dalio and learning from mistakesHoward Marks and second-level thinkingDaniel Kahneman and behavioral investingFinancial media and market noisePortfolio constructionThe 3% to 5% “cowboy account”Ritholtz Wealth ManagementHow Not to InvestThe purpose of moneyChapters00:00 Getting Rich Slowly00:57 Writing as an Investing Tool03:29 The Simple Path to Wealth05:00 Why Humans Are Bad at Investing06:22 Financial Media and Investor Behavior09:46 Why Short-Term Market Noise Doesn’t Matter11:19 Nobody Knows What Comes Next12:00 John Wick and the Problem With Forecasting13:00 Why Most Active Managers Underperform14:02 Why Big Market Forecasts Usually Fail16:33 Financial Crises and the Power of Markets17:59 How Barry’s Investing Philosophy Changed22:41 Lessons From Ray Dalio, Howard Marks, and Kahneman26:09 The Case for Index Funds27:40 Barry’s 3% to 5% “Cowboy Account” Strategy29:10 What Investors Actually Need From an Advisor31:10 Direct Indexing and Tax-Loss Harvesting34:10 Why Extreme Frugality Can Backfire36:38 What Money Is Actually For39:19 Spend Less Than You Make, But Enjoy Your Life41:32 Book Giveaway and ClosingSubscribe to Founders & Friends for candid conversations with investors, market strategists, financial journalists, founders, and people shaping the markets.#Investing #StockMarket #BarryRitholtz #WealthBuilding #LongTermInvesting

  • S1 · E3
    September 4 · 1 hr 3 min

    Adam Parker on the AI Supercycle, NVIDIA and Where Investors Still Have an Edge

    Adam Parker of Trivariate Research joins Michael Monaghan on Founders and Friends to discuss NVIDIA, the AI supercycle, semiconductor stocks, stock market strategy, valuation, portfolio construction, and where investors may still have an edge.In this episode, Adam Parker explains why the AI investment cycle may still have years to run, why NVIDIA could potentially reach a $10 trillion market cap, and why traditional valuation metrics do not always work when selecting stocks. He also discusses Micron, memory stocks, semiconductor cyclicality, AI earnings estimates, physical AI, humanoid robots, healthcare stocks, data centers, U.S. manufacturing, and the impact of artificial intelligence on jobs and productivity.Michael and Adam also explore long-term investing versus short-term trading, hedge fund pod shops, risk management, portfolio diversification, leveraged ETFs, zero-day options, and how investors should think about finding alpha in today’s market.Adam shares lessons from his career at Sanford Bernstein, Morgan Stanley, Eminence Capital, and from founding Trivariate Research. He also discusses TriVector Research, his investment research platform for individual investors and financial advisors.Topics include:NVIDIA stock and the AI supercycleNVIDIA $10 trillion market cap potentialAI investing and semiconductor stocksMicron and memory stocksStock valuation and earnings estimatesLong-term investing vs. short-term tradingHedge funds and multi-manager pod shopsPhysical AI and humanoid roboticsAI and white-collar jobsHealthcare investment opportunitiesData centers and AI infrastructurePortfolio construction and risk managementLeveraged ETFs and zero-day optionsFinding alpha in the stock marketAdam Parker’s investing frameworkTrivariate Research and TriVector ResearchChapters:00:00 Nvidia Supercycle Teaser01:01 Meet Adam Parker01:32 Flexibility as Alpha04:19 Long Term vs Pod Shops07:37 Why Valuation Misleads10:42 Bernstein Semis Origins13:00 Micron From Disaster to Titan16:04 Are Memory Stocks Still Cyclical18:21 Nvidia to Ten Trillion23:38 AI Estimates Still Too Low26:13 What Could Go Wrong30:03 Physical AI and Humanoid Care32:53 Humanoids And New Jobs33:38 Debt Fears And Markets35:40 AI Purpose And Joy37:01 College ROI And Trades39:26 Data Centers And Narratives41:09 Productive Years And Healthcare43:30 Portfolio Strategy Not Calls46:39 Trivector Edge And Clients48:37 Career Speedrun And Newsletter52:52 Leveraged ETFs And Zero DTE57:42 Running Your Own Firm01:02:52 Wrap Up And Where To Subscribe

  • S1 · E2
    September 4 · 34 min

    Why They Left Merrill Lynch to Build an Independent RIA | Bob & Ryan Payne

    Father and son. Both left Merrill Lynch to build a firm of their own.Bob and Ryan Payne took decades of experience inside Wall Street and chose a different path: building Payne Capital Management as an independent advisory firm around their own philosophy, processes, and approach to clients.In this episode, Michael Monaghan sits down with Bob and Ryan to talk about what pushed them toward independence, how they scaled from advisors working one account at a time into business builders, and why they believe some of the best ideas in financial services come from thinking outside the industry.They also discuss contrarian investing, investor psychology, why human behavior matters more than predicting markets, what founders and entrepreneurs do differently, and what Bob has learned over more than 50 years in the financial industry.And behind it all is a unique partnership: a father and son who built the business together, remain 50/50 partners, and say they have never had an argument about the direction of the firm.Chapters00:00 Meet Bob & Ryan Payne00:38 What Running Teaches You About Business02:20 The Turning Point in Building Their RIA05:00 What Bob Learned at Merrill Lynch07:38 Why the Future Was Independent10:26 Putting the Client Before the Product11:31 Building an RIA Differently14:04 Why It Pays to Be Contrarian15:16 Building a Business as Father & Son18:04 Ryan on Media, Music & Entrepreneurship20:09 The Psychology Behind Investor Mistakes24:20 Why Consensus Can Be Dangerous25:47 “You Make All Your Money in Bear Markets”26:35 What Founders Do Differently28:36 What It Really Means to Be an Entrepreneur30:23 Success, Optimism & Enjoying the Process32:40 The Lessons That Matter After 50 Years34:32 Closing Thoughts

  • S1 · E1
    September 4 · 23 min

    Wealth, Legacy, and the Founder's Dilemma with Frazer Rice

    In this episode of Still Building, Michael sits down with long-time friend, author, and wealth advisor Frazer Rice to talk about what it actually takes to preserve and protect multi-generational wealth.While traditional wealth management often focuses purely on investments and tax planning, Frazier shares why the biggest threats to wealth aren't bad markets, they're communication breakdowns, lack of execution, and unaddressed family dynamics.CHAPTERS00:00 Introducing Frazer Rice01:02 What makes Next Capital different02:39 Planning before a founder’s liquidity event03:58 Passing down values and legacy04:41 How generational wealth can go wrong06:04 Concentration vs. diversification08:45 Bill Gates, Steve Ballmer, and Kodak10:42 Balancing family priorities11:36 When founders should begin planning12:30 When to involve the next generation14:59 Building plans that are durable and flexible16:13 Frazer’s background in law and wealth management19:58 Lessons from writing a book about wealth21:51 Advice for the next generation of advisors22:40 How to connect with FrazerConnect with Frazer:Website: next-vantage.com / wealthactually.com

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