Episode Description The advice everyone gives about risk is too simple. Ben Carlson breaks down why your risk tolerance changes with age, experience, and even trauma and why that matters whether you’re building a portfolio, hiring through AI disruption, or deciding if the US market is too concentrated. Todd Wenning sits down with Ben Carlson, director of institutional asset management at Ritholtz Wealth Management and longtime voice behind A Wealth of Common Sense, for a wide-ranging conversation that starts with the biggest questions facing investors right now. From industry consolidation in asset and wealth management to the pressure AI is putting on hiring, Ben explains why the business is changing fast and why the client relationship still has to come first. You’ll discover: Why mergers and acquisitions in wealth management can create hidden problems for clientsHow firms are thinking about AI, junior analysts, and the future of training the next generationWhy risk is not one universal definition but a moving target that changes across your lifeWhat market history can teach you about surviving bubbles, crashes, and panicsWhy diversification outside the US may matter more than it has in the last 20 yearsHow advisors are becoming more like hospitality businesses in an AI-saturated world Ben also shares the thinking behind his new book, Risk and Reward, including why studying the South Sea Bubble, the Great Depression, the 1970s, and the financial crisis can make investors humbler and better prepared. The conversation gets into behavioral psychology, career risk, the emotional gap between a paper portfolio and real losses, and why some of the smartest people can still be terrible investors.If you’ve ever wondered how much risk you should really take, how to think about portfolio construction when the market feels expensive, or how AI will reshape investing and advice, this episode is packed with practical perspective. Essential listening for investors, advisors, and anyone trying to make smarter long-term decisions in a world that keeps changing. Ben Carlson is the director of institutional asset management at Ritholtz Wealth Management and the author of Risk and Reward. He is also the writer of A Wealth of Common Sense, one of the most widely read investing blogs online. For more information, including important disclaimers, please visit the blog. Flyover Stocks is an educational podcast hosted by Todd Wenning. Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio. The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security. All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at www.kna-capital.com.
