Richard Bernstein on the State of Markets Today

In this episode of Masters in Business, Barry Ritholtz interviews Rich Bernstein, founder and chief investment officer of Rich Bernstein Advisors, about his career, investment strategies, and current market conditions. Bernstein recounts his early career shifts from labor economics to Wall Street, emphasizing the unexpected value of his philosophy background in computer programming and finance. He shares insights from his time at Merrill Lynch, the launch of his firm in 2009, and his PACTIV investing strategy, which involves actively managing passive investments like ETFs based on macro factors such as corporate profits, liquidity, and sentiment. Bernstein also discusses the importance of independent thinking, avoiding media noise, and focusing on international quality stocks, while also touching on the slow bleed of the US economy due to fiscal indiscipline.