YouSaid · the spoken record

Richard Bernstein

lines on the record: 108
first: 2025-07-11
most recent: 2025-07-11
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“You're not progressing or growing. I said sitting where you were sitting. And said, if you're How fantastic is that? I mean, some of the ideas I wrote about we still use and they're still the crux of it, but I'm just saying I look at my writing, I look at how I express myself, I looked at how I thought something was so important, that type of thing, and I cringe today. I absolutely cringe. And the moral of the story there is I've come to grips with the fact that I kind of think of myself as a perpetual moron. I don't know how else to describe it, but that's really how I view myself.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“You were getting started. Oh, man. I mean, I will tell you, I have gone back in a rid reports that I wrote 20 years ago or 25 years ago. And I read them today and I say like, what a moron. I'm amazed at my own stupidity. And so...”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I mentioned this briefly before. The advice I do give recent college graduates or seniors or whatever is not to pigeonhole yourself early in your career. Don't say this is what I have to do. And this is what I'm going to do. You know, if you want to be a doctor, if you want to be a lawyer, some of that you have to do. I get that, right? But if you want to go into the financial services industry in any format, you have to enter that with an immense amount of flexibility. Our industry changes so dramatically and so quickly that what seems super interesting to you is a college graduate could be obsolete in two or three years. And you don't want to paint yourself into a corner where that's all you know and that's all you're willing to do and you're unwilling to do other things or unwilling to learn other things.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Our political range And I actually don't care whether people are right or left as long as I can figure that out. What I care for is factual content.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“No, there's not, you know, I no, I haven't been reading a lot recently for fun, I have to admit. But what I do read, you know, pretty religiously is getting back to the whole issue of being dispassionate. I do read the Financial Times. I do read The Economist. To me, that's a must-read for people. I have found the...”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Or completing a puzzle in some way. And I find that fascinating. I find, you know, I was always in high school. My favorite math was geometry because everything was a puzzle to me. There was like, we had different tools. How do you solve the problem? And that's kind of the way I view spies and espionages, that there's different tools, but how do you solve the problem and how do you get where you want to go?”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“On vacation. So what I tend to read, I don't have any one book that I would give you, but I will tell you, I tend to read a lot of espionage, spy and espionage type stuff. Okay. And the reason why is that as these things progress and as the stories progress, not like, as you said, not like James Bond type stuff, but it's almost like solving a puzzle.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Persistency, not don't just flame out. Don't flame out. Don't be the 10 minute thing. Be the star. To be a star is harder than you think, but be a star, don't be a Roman candle. That I still to my day live my professional career that way.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Right like it, yeah, exactly. You don't need me to tell you what you should do, but be aware, don't make a fool of yourself. Don't do stupid things. Second thing he told me which I live by to this day and I tell this to people all the time, he said make sure you're a star and not a Roman candle. Which I thought I still think to this day is fantastic advice”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“By the way, that's good advice for anybody, anywhere, anytime. And at first I was very put off. Like this guy doesn't care about me. Like, what is this all about? But what he was saying was you're a grown-up.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“And I kind of said, What do you think I should be focusing on? And he said to me, I don't really care, just don't make a fool of yourself.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah, yeah. He was the chief strategist at Merrill from 87 to 2000, something like that. Wow. And Chuck gave me... Two pieces of advice, which he claims he doesn't remember that he gave me, but I'm sure he does. The first was my first day when I walked in at Merrill.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Department Q? Department Q. So I would say there were several. One that had an immense impact on me was the person who hired me at Merrill, Chuck Clow. Chuck Clau at the time was Merrill's chief strategist. I know that.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“So, streaming, I'm in a little bit of a rut in streaming right now. Yeah, I'm having trouble. Everybody, you know, like everybody's got their favorite streaming show that they like. And if you ask anybody, people come up with like four of them. Oh, you got to watch this. You got to watch this. And all of a sudden it's like it all blends together and you can't keep it together. So I'm a touch lost right now in terms of streaming.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“You're It's ongoing. It's ongoing. It's just not big enough for anybody to notice. It's like, as I said, it's like water torture.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Other countries had negative. So there was still the penalty. We were still being penalized. It's crazy. And that, I think, is something that's lurking in the background that people are not paying attention to, especially people say that a day of reckoning is coming.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's important because remember in the period I'm talking about, which is almost 15 years now, you've got periods, you've got multiple presidents, you've got multiple fed regimes, and the penalty doesn't go away. And I think that's so, no matter.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Neither party has a real interest in fiscal discipline right now, so we should assume that that penalty against the United States is going to continue to exist if not expand.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Corporate bonds, everything's priced up to 10 year. The fact that we're paying it at right now is just under 200 basis points of extra yield because of our lack of fiscal discipline, that's translating through to higher interest costs throughout the entire economy. It's not just the government, it's through the entire economy. Why don't people, why aren't people aware of this? Well, because over the past five to ten years, we've had low absolute rates of interest. The point I'm trying to make is we've still been penalized relative to other countries despite that absolute low rate of interest, and people haven't realized that. So we're already being penalized, and I think there's a real, I think everybody should be concerned about that. It's clear that...”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“It's there. The markets have been well aware of it. There's no day of reckoning. It's like a slow bleed. And so if you think about how everything in the United States priced off the 10-year, mortgages, munitions.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I love that because the speaker usually is saying, I have some insight, and for some reason the markets don't appreciate my insight. And I love that. Like, you know, we're all so smart and the market's stupid. No, it's actually the other way around. The markets have figured this out over the past 10 to 15 years. And what I'm talking about is if you look at the spread between treasuries and AAA rated sovereign debt through time, what you will find is when the United States was rated AAA, Our guilds were roughly in line with other AAA rated sovereign debt. Since the initial downgrade in two thousand eleven and since then nonstop, we have sold at a risk premium yield. In other words, we're trading more like a lower quality bond relative to AAA rated sovereigns. Meaning or”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Percent year to date, something like that Noise that nobody is does, not in terms of the short intermediate turn, the way most people would think, but we think there are structural issues in the United States that transcend the current politics, transcend the current politics, and have been around for longer than people think and are detrimental to the U.S. economy. And we find that very interesting that, you know, you hear all the time about debt and deficits and there's some day of reckoning coming.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“That is comparable to that of the MAG 7. And I think that's the point that I'm trying to make, that despite all these problems that everybody is well familiar with, somehow these companies are have earnings growth, projected earnings growth that's roughly similar, a little bit more than the magnificent seven.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“And that could be true, or that might not be true. But is it relevant? But notice what I said was that they offer earnings growth.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Far East and Asia. Correct. It's probably going to be Australia. It's probably going to be about 60 to 70% Europe. I don't have the stats in front of me, but something like that. So I think that's an area that people aren't thinking about at all.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Style selectors. So for us, I will name the ETF that we hold with all due legal disclaimers here that we hold the CTF. We have held it. We still hold it, blah, blah, blah. However, I can alert people that I'm talking my book a little bit here. IQLT is the ticker symbol, the International Quality ETF.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we would all say yes, I will do that. By the way, can I have two? But when we get to the stock market, This is like unimportant to people. They don't understand that there's a value assessment made in everything we do all the time, but for some reason it stocks, it doesn't appear. So the way I describe it is the Blanx and the Maseratis are on sale. We think that's a great thing to do. We'll take two. Thank you.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'm just saying, as opposed to a country, something people like to talk about countries. But I think the reason I say this is that the median projected growth rate among high-quality non-U.S. stocks is actually... Equal, maybe even a touch higher than the median growth rate among the magnificent seven. Wow. So we'll talk basically similar type growth. They offer dividend yields of three, four, maybe a little, maybe even four and a half percent, depending on how you look at this. But let's say 3% to 4% dividend yome. And they sell for a third to a half of the valuation of the Magnificent 7. So the way I describe it to people is if somebody came to you and offered you a maserati for the price of a Chevy or, to be fair here, if somebody offered you Manoloblonics for the price of hush puppies.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Years absolutely More about outperformance So I will twist your question a little bit and I will say that one of the things, one of the aspects, one of the segments of the global equity markets that we are very bullish on is what I will call international quality, non-U.S. quality stocks. That's not a twist.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Or you are invested solely in the MAG seven or solely in NASDAQ, I think the next three, five, ten years might be very disappointing. I think if you're in everything else and we could define, you know, that's all, I'll leave it to everybody else to define how they define everything else. But I think if you're in everything else, I think you're going to do just fine. I think you're going to have a great time.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“For most of this year. Correct, correct. Now, that's where I was going. Exactly right. But the enthusiasm surrounding those seven stocks is not changing. And our view has been that, okay, you want to go play those seven stocks, go play the seven stocks. You don't need us. We're looking at everything else in the world. And I've said to our investors many times, are there really only seven growth stories in the entire global equity market? Of course not. There's tons of them. And we've shown people how many companies are actually growing earnings, 25% or more, and how the MAG 7 doesn't really even fit into that group that there are companies that are growing much faster with similar consistency. And so I think if you're invested in... An SP index fund”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I think Barry, I think that we've said a number of times that we think it is a mistake right now to think of the market sort of in quotes, that that's what people are very focused on right now. And we think that's a mistake. Why is it a mistake? Because the market is dominated by seven or ten or 15 companies. And we really have an extraordinarily bifurcated market in that respect. And I'm not saying anything that people don't know. Of course, everybody knows about the Magnificent 7. Who doesn't?”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, there is something to be said for behavioral finance and the biases that we bring to the table is pretty hard to not be human. It”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Reg FD, so does it help them? No, I don't think it does. And I think that the notion that somehow we have evolved and we are smarter, better investors than ever before, I think that's hogwash. I think that's complete hogwash. People are still underperforming like they always did.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the amount of information that an investor can get obviously has gotten greater. I mean, even if you think private. But it's all public.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's interesting you said that there are times we don't do this regularly, but there are times where we do point counterpoint in our investment committee meetings exactly for that reason.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Which is very similar. They pick a topic, and this is more like a traditional debate where they have debating rules and all kinds of things. But it's a debate. And you're going to hear two sides of an issue. Now, look, sometimes the issues you don't care about, sometimes they're very important. Sometimes they're really cool. Sometimes they're not. I get that. But I think it's incumbent on us as a class of money managers and fiduciaries to search out those kind of shows. I would argue if you are a fiduciary and you are constantly listening to MSNBC or Fox or Newsmax or whatever, right, you're doing a disservice to your clients.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Who could have imagined that exactly? And they pick a topic and sometimes I'm really interested in topics, sometimes I'm not, but whatever. The fact that you've got left, right, and center in the same podcast is extraordinarily rare. You don't get that a lot. So that's number one. And the other one is another NPR podcast called Open to Debate.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“They are. And there's two shows in particular that I would recommend, two podcasts in particular that I would recommend from NPR. One is called Left, Right, and Center. Which is the name implies you have three people talking about issues one from the left, one from the right, one from the center.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“I listened to Yeah, so the other two are actually on NPR, which I realize people have now suddenly decided on a wide-eyed liberalism. Can I tell you my...”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Who's with me? And it was like that just sort of Just sit down. So Bloomberg Law is one that I listen to, I'm not going to say regularly because I don't have the time to listen to every single one all the time. But if I get a chance, I listen to it.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly, exactly. And so the other thing, along with that that I love is that well-known epidemiologists or idiots, but the guy down at GNC who sells me protein powder, he's a genius and he knows my health better than anybody. I mean, it's just like, come on. There was a New Yorker cartoon.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, exactly. Then they were a From the wet lab or wet wet. Who knows? I have no expertise in that. Why are you asking me? Right, but everybody had an opinion.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“There's three that I would recommend to everybody. One is actually right here at Bloomberg. Bloomberg Law And you'd say, why June Grasso? Yeah, yeah, yeah, yeah. Why would you listen? Why would you listen to Bloomberg Law, right? It's fascinating. And my answer is because everything these days is ending up in the courts. Have we ever had more issues with government in the courts than ever before? Certainly. I'm not a lawyer. I don't know squat about constitutional theory and everything else. And I'm sure most people don't either, but they're going to listen to some whack-a-doodle guy talk about this. I'd rather listen to people who have our well-grounded opinions and understand the history of law in terms of doing that.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Is listen to podcasts. Tell me about this podcast thing. No, but I'm buttering you up here. All right. Go on. We're looking up.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Feel free to name names. You know, a lot of people, I think one of the questions you would plan to ask me was what are you reading these days? And my answer is, I don't read an awful lot. Really? These days, because there's so much going on. But what I have begun to do”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“Unbelievable. So, you know, I don't know how to answer that from a societal point of view, but I can answer it from my point of view as sort of a fiduciary. To be as dispassionate about my politics as I possibly can. I mean, if you want to go have a beer, we can talk politics, that's fine. But I'm saying when I'm investing, you have to be as dispassionate as you can possibly be. And number two, I think it's incumbent all of us who manage money to search for truly unbiased sources. Not who's going to give us the most frequent news, but who's going to give us news that is unbiased. And I think it's incumbent on all of us to do that. And I have found that in the last year or so, that my choices of news media and what I read and what I pay attention to has changed because of that. Flesh that out a little.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“You're asking, I think, a more complicated question. Maybe even you think you're asking, but everybody knows that we're in a very uncertain environment. And I think that those consumer sentiment readings right now reflect that immense uncertainty. If you were to ask normal people, they might not use the word uncertainty, they might use the word chaos, they might use, there's all kinds of different words that people would use. I think that's what's being reflected in those consumer sentiment numbers right now is the uncertainty and the impact that's having. You know, there's other surveys out there that are showing similar type levels of uncertainty or concern that aren't related to the consumer. But I think it's a reflection of this. It's become a hackneyed word, uncertainty. I think that's what you're seeing.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“The value trap is something that's cheap for good reason. And so what we do, we have models that try to look at various industry sectors, countries, whatever, that are trying to look for not only cheapness, but some acceleration of corporate profits, right? And we won't invest in anything just because it's cheap. That doesn't mean anything to us.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source
“And Yeah, so what you're referring to, we wouldn't do this for individual stocks, but we would do it for regions or sectors or whatever, commonly called the value trap.”
2025-07-11 · Masters in Business · Richard Bernstein on the State of Markets Today · IDENTIFIED FROM THE TRANSCRIPT · source