The Long View Podcast: Callie Cox – A Student Teacher of Financial Markets

Date: November 11, 2025
Hosts: Ben Johnson, Christine Benz
Guest: Callie Cox, Chief Market Strategist at Ritholtz Wealth Management

Episode Overview

This episode features a wide-ranging conversation with Callie Cox, chief market strategist at Ritholtz Wealth Management. With a background spanning journalism, research, and investment analysis, Callie shares her journey in financial markets, how she sees her role as an educator, and insights into balancing short-term market noise with sound long-term investing principles. The discussion covers the influence of AI, navigating meme stocks, behavioral finance, and advice for new investors—delivered in Callie’s signature clear, relatable style.

Main Discussion Points & Insights

1. Callie’s Spark for Markets and Career Journey

[01:52 – 04:02]

• Early Fascination: Callie traces her interest in finance to childhood memories of reading her local newspaper’s stock pages, captivated by the big numbers, especially Berkshire Hathaway's share price.
• Blend of Skills: Her business journalism studies in college revealed to her the blend of numbers and qualitative context, leading to an internship and then a job at Bloomberg covering stocks and options.
• Key Quote:
  “I loved how nobody could understand the stock market, not even the Warren Buffetts of the world. But we were all trying anyway, trying to dissect the moves day after day.” – Callie Cox [03:29]

2. Why Ritholtz Wealth Management?

[04:02 – 07:13]

• Connection through Media: Callie was a fan of Ritholtz founders, connecting through blogging and social media. She admired their commitment to educating everyday investors.
• Appeal of Teaching: She found fulfillment in communicating complex market matters to nonprofessionals, ultimately “landing a dream job” blending research with ongoing investor education.
• Role Description:
  “My job really boils down to talking about markets and teaching markets in interesting ways.” – Callie Cox [06:40]

3. Being a Student Teacher: Callie’s Educational Approach

[07:13 – 10:01]

• Three Audiences: Advisors, clients (from new investors to billionaires), and the broader public/prospects/media. Messaging is calibrated for each group, but fundamentals remain constant.
• Key Insight: Adapting communication while staying true to core principles; “the meat of what we're saying is the same, we’re just saying it a little bit differently.” [09:07]

4. Balancing Short Term vs. Long Term Thinking in Markets

[10:01 – 13:30]

• Firm Philosophy:
  • Markets work over long time frames.
  • Bias toward value, stable portfolios, and simplicity.
• Dealing with Noise: Callie emphasizes that ignoring short-term market moves is unrealistic because “we have brains that fire alarms up based on risk.” Instead, she contextualizes short-term events within the long-term philosophy.
• Practical Tactics: Internal market alerts and threshold-based communications; always returns focus to the big picture.
• Notable Quote:
  “Being informed versus making a decision based on these catalysts are two completely different things.” – Callie Cox [13:29]

5. Frameworks for Navigating Fast Markets

[14:16 – 17:13]

• Filtering Headlines: Having a framework and set of principles keeps decision-making grounded and avoids chasing short-term narratives.
• Four Main Principles:
  • The job market as economy’s engine
  • Sentiment and expectations
  • Supportive policy landscape
  • Functionality of lending/corporate bond markets
• Key Quote:
  “Every good strategist has a good framework. It keeps you intellectually honest so you’re not chasing the wind, which is an impossible exercise these days.” – Callie Cox [15:24]

6. The Job Market, AI, and Economic Implications

[17:13 – 20:38]

• Complex Drivers: While AI is prominent in layoffs narratives, Callie points to general economic slowing and hiring freezes as larger factors.
• Layoffs vs. Hiring: Layoffs contained; hiring slowing.
• Quote on AI Hype:
  “AI is a compelling story… It’s completely okay if it’s not adding significant economic benefits right now.” – Callie Cox [17:54]

7. AI & Tech Stocks: Hype, Risk & Portfolio Positioning

[20:38 – 26:01]

• Valuations & Expectations: Noting tech companies’ spending on AI, Callie highlights the disconnect between revenue/profits and market cap, urging caution.
• Investor Actions: Advises “bubble proofing” portfolios—gradual profit-taking in tech, rotating into value or defensive stocks.
• Quote:
  “Take some profit in your tech stocks. Rotate them into value stocks… Don’t divest completely, just be smart and practical about where you’re allocating your money.” – Callie Cox [24:21]

8. U.S. Equity Exposure: Passive Investing Cautions

[26:01 – 28:03]

• Concentration Risk: Investors in cap-weighted index funds are often overexposed to mega-cap tech, sometimes unwittingly.
• Portfolio Adjustments: Suggests trimming S&P fund exposure, gradually rotating into defensive/value strategies, and considering bonds, gold, or cash for spending needs.
• Notable Quote:
  “Right now the S&P by nature is getting… riskier at a time when the economy is slowing.” – Callie Cox [27:44]

9. Meme Stocks, Reddit, and Investing Behavior

[28:35 – 33:02]

• Behavioral Risks: Recognizes the role of social trading (e.g. meme stocks) and the inevitability of behavioral drivers, while emphasizing prudent portfolio construction to avoid concentrated risks.
• Teaching Moment: Advocates for “play accounts” for risk-taking urges, but stresses clear exit/entry rules:
  “Always pull your objectives back to the numbers… setting targets can be one of the best things you can do because you are hopefully setting them when you’re in a more grounded state of mind.” – Callie Cox [32:33]

10. Social Media’s Impact on Investors

[33:02 – 34:54]

• Net Positive: Social media provides information and access, ultimately benefiting all investors, but demands better filters and process discipline.
• Rules-Based Plans: Ritholtz’s financial planning is rules-based, helping clients weather emotional volatility.
• Quote:
  “Social media has been an unequivocally good thing for investing… You have to process a lot more noise with little signal in it… But that’s something you can overcome as an investor too, if you have that smart, rules-driven process.” – Callie Cox [33:12]

11. Generational Shifts in Media Trust & Consumption

[34:54 – 37:53]

• Savvy Clients: Ritholtz attracts sophisticated, long-term focused clients, but all investors are still affected by social and political narratives.
• Factual Teaching: Client education often involves demystifying institutions like the Fed.
  “We really just try to ground our clients with facts there, and lucky for us, they trust us as a source for those facts.” – Callie Cox [36:46]

12. Setting Client Expectations Amid Personality Brands

[37:53 – 40:52]

• Firm vs. Individual Advisors: The visibility of firm personalities (e.g., Josh Brown) can create confusion; Ritholtz uses it as an educational opportunity to distinguish between media presence and actual advising roles.

13. Personal Lessons & Overcoming Money Biases

[40:52 – 44:28]

• Lesson from Career “Jungle Gym”: Varied experience brings valuable multiple perspectives.
• Financial Introspection: Understanding one’s money story and risk aversion requires honesty and often discomfort.
• Quote:
  “Don’t be afraid of learning lessons. When you’re uncomfortable, you’re growing.” – Callie Cox [43:41]

14. Mentors, Thinkers, and Influences

[44:28 – 47:11]

• Study Materials: Gives credit to CFA Level 1 for deepening her market understanding.
• Books & Thought Leaders: Cites Morgan Housel’s The Psychology of Money and regular engagement with top macro strategists (e.g., Jim Poulson, David Kelly, Howard Marks).
• Flexible Mindset: Advocates “strong beliefs, loosely held.”

15. Advice for New Investors

[47:22 – 48:03]

• Keep It Simple:
  “Just do it. Take the first step. You have no excuse... That’s a huge mental hurdle and you just have to do it.” – Callie Cox [47:45]

Selected Notable Quotes

• “I loved how nobody could understand the stock market, not even the Warren Buffetts of the world. But we were all trying anyway.” [03:29]
• “My job really boils down to talking about markets and teaching markets in interesting ways.” [06:40]
• “Being informed versus making a decision based on these catalysts are two completely different things.” [13:29]
• “Every good strategist has a good framework. It keeps you intellectually honest so you’re not chasing the wind, which is an impossible exercise these days.” [15:24]
• “AI is a compelling story… It’s completely okay if it’s not adding significant economic benefits right now.” [17:54]
• “Take some profit in your tech stocks. Rotate them into value stocks… Don’t divest completely, just be smart and practical about where you’re allocating your money.” [24:21]
• “Social media has been an unequivocally good thing for investing… You have to process a lot more noise with little signal in it… But that’s something you can overcome as an investor too, if you have that smart, rules-driven process.” [33:12]
• “Don’t be afraid of learning lessons. When you’re uncomfortable, you’re growing.” [43:41]
• “Just do it. Take the first step... That’s a huge mental hurdle and you just have to do it.” [47:45]

Timestamps for Key Segments

• Callie’s Market Spark & Career Roots: [01:52 – 04:02]
• Teaching Approach at Ritholtz: [07:13 – 10:01]
• Handling Short-Term Market “Noise”: [10:01 – 13:30]
• Investment Framework & Filtering Headlines: [14:16 – 17:13]
• AI and the Job Market: [17:13 – 20:38]
• Tech Valuations and Portfolio Advice: [22:06 – 26:01]
• Passive Indexing & Concentration Risks: [26:01 – 28:03]
• Behavioral Finance & Meme Stocks: [28:35 – 33:02]
• Social Media’s Role: [33:02 – 34:54]
• Generational Differences in Information Trust: [34:54 – 37:53]
• Managing Client Expectations as a Personality-Driven Firm: [37:53 – 40:52]
• Hard-Won Lessons & Introspection: [40:52 – 44:28]
• Books, Thinkers & Ongoing Learning: [44:28 – 47:11]
• Callie’s One Tip for New Investors: [47:22 – 48:03]

Final Takeaways

• Callie Cox believes teaching and clarity are as vital to investors as data and theory.
• Her advice centers on having a filtering framework, resisting the urge to react emotionally, and never forgetting the basics: start investing, stay curious, and embrace discomfort as part of learning.
• In a world awash in information and noise—from breaking headlines and meme stocks to social media echo chambers—disciplined, rules-based investing and self-knowledge are more important than ever.