The “Easy Money” Myth

On the five-year anniversary of the market’s bottom, you’re hearing quite a bit of revisionist history – mostly from people who’ve worked against your well-being, even if it wasn’t intentional. What they’re saying now is that “It’s been easy money” over the last five years, and that “anyone could’ve made profits.”

Forgive me, but this is complete and total bullshit.

It’s been one of the hardest environments in market history. Never before have investors’ wounds been so raw. Never before have there been so many voices polluting the popular consciousness with half-baked conspiracy theories and calls for collapse. Never have there been such a dizzying array of investment vehicle options to confuse and confound. Never have the perceived risks been quite as ferocious.

In the last five years, investors have dealt with a non-functioning congress, a downgrade of the US Treasury, mass unemployment, exploding deficits, record debt, a possible dissolution of Europe and a slow-motion crash in China and the emerging markets – and that’s before we even get into any specifics. And not only have the threats been unprecedented, the amplification of them – thanks to the desperation of the mainstream media for attention coupled with the advent of a whole new chattering class on social media – has been like an orchestra of clanging pots and pans, car alarms and doberman barks, shrieks and howls, thunder and lightning. Every step of the way some motherf*cker’s been screaming about something about to crash, the calamity waiting around the corner, the next shoe to drop.

And I’m not even including the individual siren songs of all the charlatans – the Black Swan hypochondriacs, the long-shorts and market-neutrals who couldn’t outperform the interest on a checking account, the macro newsletter geriatrics who’ve wasted hours of your life with their freestyle declinist noodling, the televised shoutfests, the player-haters at the newspaper who couldn’t wait to remind you how bad everything “really” was, the alarmist bloggers who’ve had free reign to say basically anything with zero recourse, the political operatives posing as economics experts, and on and on. Your ability to stiff-arm them all as you’ve nudged your way just a bit further toward retirement is to be commended.

If you’ve caught some or all of what the market has given us these last five years, you are a hero. Because nothing about staying in stocks has been a piece of cake since the bottom.

Easy money, my ass. You must be joking.


This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web
  1. Blue Coaster33 commented on Apr 26

    The Slave of the Husband

    Trying to find in advance to researching more from you afterward!…

  2. w88 commented on Sep 22

    … [Trackback]

    […] Information to that Topic: […]

  3. immediate edge scam commented on Sep 22

    … [Trackback]

    […] Read More on to that Topic: […]

  4. cbd oil review commented on Nov 13

    … [Trackback]

    […] Find More here to that Topic: […]

  5. wallet online casino malaysia commented on Nov 20

    … [Trackback]

    […] Read More Information here to that Topic: […]

  6. mơ thấy nấu ăn commented on Nov 23

    … [Trackback]

    […] There you can find 15133 additional Info on that Topic: […]

  7. best cbd reddit commented on Nov 27

    … [Trackback]

    […] Find More here to that Topic: […]

  8. lace front wigs commented on Dec 31

    … [Trackback]

    […] Find More here to that Topic: […]

  9. what is dumps dumps commented on Feb 06

    … [Trackback]

    […] Find More on on that Topic: […]