Nick Maggiulli
Writer of the personal-finance blog Of Dollars And Data and author of Just Keep Buying and The Wealth Ladder. Chief Operating Officer at Ritholtz Wealth Management.
Nick Maggiulli did not write this page. ppll compiled it from their own words, each linked to the source. Is this you? · Report a mistake
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What they believe
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For most startup employees, equity turns out worse than they hoped, but negotiating the right terms and setting realistic exit expectations can still make it worthwhile.
Statistically, for most employees, it will turn out worse than they hope. But if you negotiate the right terms and set the proper expectations around exit, it can still be worth the risk.
ofdollarsanddata.comSaid 22 Sept 2026This on korrents
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Changed their mind The froth visible in US markets in 2025 was the 2021 mania returning, and reason enough to take risk off.
Before It’s not that any one of these things represents a mania, but collectively they do. And I know what can happen after that mania.
Now Since then U.S. stocks are up 16% (total return) and my bearish prediction turned out to be misguided.
Said 25 Aug 2026This on korrents
The bold line is korrents’ wording; the quote is theirs. These one: what they wrote before what they said aloud, one per source, newest first.
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13 October
10 October
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30 September
29 September
22 September
From one piece Is Startup Equity a Bad Deal? 3 beliefs · ofdollarsanddata.com
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korrents.com
The real value of working at a startup is often the experience and network it provides, not the equity.Their words
the real case for working at a startup isn't always the equity, but the experience and the network that comes along with it.
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Their words
I'd never recommend that someone take on a concentrated, illiquid asset that is correlated with their main source of income, but then again, that's why these outsized rewards exist in the first place.
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Their words
Statistically, for most employees, it will turn out worse than they hope. But if you negotiate the right terms and set the proper expectations around exit, it can still be worth the risk.
15 September
From one piece What Was the Best Portfolio Over the Last 50 Years? 2 beliefs · ofdollarsanddata.com
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Their words
the Optimal Portfolio is the ideal solution to the world of yesterday, not the world of tomorrow. This is why the "best" portfolio will always be an illusion.
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Their words
This has convinced me that the actual optimal portfolio is the one that you can stick with no matter what the world throws at you.
8 September
From one piece Living Poor to Die Rich 3 beliefs · ofdollarsanddata.com
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korrents.com
Gains earned too quickly can trap an investor in a position they feel unable to escape.Their words
Unfortunately, gains generated that quickly can become a financial prison that you can't escape from.
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Their words
Because, in my experience, people hate paying taxes more than they like making money.
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Their words
I mean poor in the sense that money you'll never spend isn't really your money.
1 September
From one piece Which Graduate Degrees Are the Best Investment? (Why I Skipped My MBA) 3 beliefs · ofdollarsanddata.com
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Their words
More importantly, even if AI could do the job, that doesn't mean it will be allowed to.
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Their words
AI is incredible for certain kinds of tasks, but I still believe there is no substitute for thinking.
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korrents.com
As AI displaces entry-level jobs, the return on investment for graduate degrees will rise.Their words
As AI hollows out entry-level work (there's already some evidence for this), counterfactual earnings will decline. As a result, the ROI of getting a graduate degree should go up.
25 August
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korrents.com
The froth visible in US markets in 2025 was the 2021 mania returning, and reason enough to take risk off.Their words, before
It’s not that any one of these things represents a mania, but collectively they do. And I know what can happen after that mania.
Their words now
Since then U.S. stocks are up 16% (total return) and my bearish prediction turned out to be misguided.
From one piece Why I Was Wrong to Be Bearish on U.S. Stocks 4 beliefs · ofdollarsanddata.com
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korrents.com
An investor's starting point should be the portfolio that is best to hold independent of any tactical market viewTheir words
it’s better to have a portfolio that can handle stocks whether they are overvalued or not
Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com
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korrents.com
A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet.Their words
Because if you can’t handle standard market cycles, then you don’t have a portfolio, you have a bet.
Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com
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korrents.com
The base rate for US stocks over any one year is that they rise, and forgetting it is how market calls go wrong.Their words
the base rate for U.S. stock performance (in aggregate) over one year is that they go up
Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com
+ 1 more
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korrents.com
The S&P 500’s price-to-sales ratio no longer signals what it once did, because today’s companies earn higher margins.Their words
Therefore, the only correct interpretation of the P/S ratio over the last decade is that it doesn’t signal what it used to.
Why I Was Wrong to Be Bearish on U.S. Stocksofdollarsanddata.com
18 August
11 August
4 August
Nothing matches.
Beliefs
Korrents What they believe 20 beliefs, 1 changed mind — each backed by an exact quote.
Each is a — compiled by korrents.com, not by them: the one-line wordings are korrents', the quotes are theirs.
Recent
For most startup employees, equity turns out worse than they hoped, but negotiating the right terms and setting realistic exit expectations can still make it worthwhile.
Statistically, for most employees, it will turn out worse than they hope. But if you negotiate the right terms and set the proper expectations around exit, it can still be worth the risk.
Is Startup Equity a Bad Deal? Said 22 Sept 2026
Nobody should take on a concentrated, illiquid asset that is correlated with their main source of income, because that same risk is why outsized rewards exist in the first place.
I'd never recommend that someone take on a concentrated, illiquid asset that is correlated with their main source of income, but then again, that's why these outsized rewards exist in the first place.
Is Startup Equity a Bad Deal? Said 22 Sept 2026
The real value of working at a startup is often the experience and network it provides, not the equity.
the real case for working at a startup isn't always the equity, but the experience and the network that comes along with it.
Is Startup Equity a Bad Deal? Said 22 Sept 2026
Show 17 more
The optimal portfolio is the one an investor can actually stick with no matter what happens in the world, not the mathematically best-performing one.
This has convinced me that the actual optimal portfolio is the one that you can stick with no matter what the world throws at you.
What Was the Best Portfolio Over the Last 50 Years? Said 15 Sept 2026
A portfolio optimized on historical returns is the ideal solution to the past, not a reliable guide to the future, which makes the idea of a single 'best portfolio' an illusion.
the Optimal Portfolio is the ideal solution to the world of yesterday, not the world of tomorrow. This is why the "best" portfolio will always be an illusion.
What Was the Best Portfolio Over the Last 50 Years? Said 15 Sept 2026
Money someone will never spend is not really their own.
I mean poor in the sense that money you'll never spend isn't really your money.
Living Poor to Die Rich Said 8 Sept 2026
People hate paying taxes more than they like making money.
Because, in my experience, people hate paying taxes more than they like making money.
Living Poor to Die Rich Said 8 Sept 2026
Gains earned too quickly can trap an investor in a position they feel unable to escape.
Unfortunately, gains generated that quickly can become a financial prison that you can't escape from.
Living Poor to Die Rich Said 8 Sept 2026
As AI displaces entry-level jobs, the return on investment for graduate degrees will rise.
As AI hollows out entry-level work (there's already some evidence for this), counterfactual earnings will decline. As a result, the ROI of getting a graduate degree should go up.
Which Graduate Degrees Are the Best Investment? (Why I Skipped My MBA) Said 1 Sept 2026
AI excels at certain tasks but cannot substitute for human thinking.
AI is incredible for certain kinds of tasks, but I still believe there is no substitute for thinking.
Which Graduate Degrees Are the Best Investment? (Why I Skipped My MBA) Said 1 Sept 2026
Even when AI is capable of performing a job, it may not be permitted to do so.
More importantly, even if AI could do the job, that doesn't mean it will be allowed to.
Which Graduate Degrees Are the Best Investment? (Why I Skipped My MBA) Said 1 Sept 2026
The S&P 500’s price-to-sales ratio no longer signals what it once did, because today’s companies earn higher margins.
Therefore, the only correct interpretation of the P/S ratio over the last decade is that it doesn’t signal what it used to.
Why I Was Wrong to Be Bearish on U.S. Stocks Said 25 Aug 2026
The base rate for US stocks over any one year is that they rise, and forgetting it is how market calls go wrong.
the base rate for U.S. stock performance (in aggregate) over one year is that they go up
Why I Was Wrong to Be Bearish on U.S. Stocks Said 25 Aug 2026
A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet.
Because if you can’t handle standard market cycles, then you don’t have a portfolio, you have a bet.
Why I Was Wrong to Be Bearish on U.S. Stocks Said 25 Aug 2026
An investor's starting point should be the portfolio that is best to hold independent of any tactical market view
it’s better to have a portfolio that can handle stocks whether they are overvalued or not
Why I Was Wrong to Be Bearish on U.S. Stocks Said 25 Aug 2026
Money spent in your twenties buys more experience than the same money spent in your sixties, because novelty wears off.
The habituation to novel experiences makes spending money earlier in life more valuable than later in life.
Why $100 in Your 20s is Worth $500 in Your 60s Said 4 Aug 2026
Hoarding money you will never spend is a worse mistake than overspending when young.
Blowing all your money while young isn’t a smart move, but hoarding money now that you won’t spend later is worse.
Why $100 in Your 20s is Worth $500 in Your 60s Said 4 Aug 2026
Every year spent keeping your options open is a year not spent on whatever you eventually commit to.
Every year you spend with options is another year you don’t spend on the thing you eventually commit to.
The Problem with Optionality Said 28 Jul 2026
Refusing to commit is the right strategy inside a portfolio and the wrong one everywhere else in life.
In investing, non-commitment leads to better than average outcomes for the typical investor.
The Problem with Optionality Said 28 Jul 2026
There is no correct list of best investing books, only the books that speak to a given reader
In the end, there is no "right" list of the best investing books. There are only those books that speak to you and those that don't.
The 11 Best Investing Books [That You Can't Miss] Said 29 Jun 2023
Beliefs others hold too
An investor's starting point should be the portfolio that is best to hold independent of any tactical market view 2 hold this
it’s better to have a portfolio that can handle stocks whether they are overvalued or not
Why I Was Wrong to Be Bearish on U.S. Stocks Said 25 Aug 2026
What is a korrent?
A korrent is a belief a person has stated in their own words: one sentence stating the claim, backed by a quote and a source, kept at korrents.com.
Under a name here, the quoted block is what they actually said. The korrent beneath it is the claim those words support, in korrents' wording — tap it to see the record, its source, and who else holds it.
Nobody here wrote their own korrents. They are compiled from public statements, and a person can change their mind, which is recorded too.
Recommends rcmnd
rcmnd What they recommend 13 things — each backed by an exact quote.
Compiled by rcmnd.app, not by them: the quotes are theirs, and each links to the post it was copied from.
Recent
Recommends Just Keep Buying
My own book, Just Keep Buying , which expands upon many of these ideas.
ofdollarsanddata.com 29 Jun 2023
their own
Recommends The Money Game
Trust me on this one and go pick up The Money Game .
ofdollarsanddata.com 29 Jun 2023
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Recommends The Most Important Thing
Thankfully, Marks published a book called The Most Important Thing , where he lays out his investment philosophy through 20 timeless principles.
ofdollarsanddata.com 29 Jun 2023
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Show 10 more
Loved The Psychology of Money
So when he decided to release his first book, The Psychology of Money , I knew it would become an instant classic. Thankfully, I was right.
ofdollarsanddata.com 29 Jun 2023
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Recommends A Random Walk Down Wall Street
If you haven't heard the argument for passive indexing (or haven't heard it argued well), then A Random Walk Down Wall Street is the book for you.
ofdollarsanddata.com 29 Jun 2023
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Loved The Great Depression: A Diary
This fantastic work is a primary source material to one of the darkest times in American economic history.
ofdollarsanddata.com 29 Jun 2023
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Recommends Wealth, War & Wisdom
If you like WWII history and you like the stock market, then you'll love Wealth, War & Wisdom by Barton Biggs.
ofdollarsanddata.com 29 Jun 2023
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Recommends The Snowball
then I'd highly recommend reading The Snowball by Alice Schroeder instead.
ofdollarsanddata.com 29 Jun 2023
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Recommends The Essays of Warren Buffett
Packed with decades of wit and wisdom from the world's most famous investor, this collection makes the Oracle of Omaha accessible to everyone.
ofdollarsanddata.com 29 Jun 2023
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Recommends The Intelligent Investor
No list of best investment books is complete without The Intelligent Investor by Benjamin Graham.
ofdollarsanddata.com 29 Jun 2023
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Liked Your Money or Your Life
I was never a big fan of thinking about financial independence until I read Your Money or Your Life by Vicki Robin.
ofdollarsanddata.com 29 Jun 2023
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Mixed on The Millionaire Fastlane
While not for most people, I find DeMarco's argument compelling for those that want to take more risk trying their luck in the financial fastlane.
ofdollarsanddata.com 29 Jun 2023
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Loved The Intelligent Asset Allocator
If you want to know which book made me fall in love with investing, then check out The Intelligent Asset Allocator by William Bernstein.
ofdollarsanddata.com 29 Jun 2023
affiliate link
Where they publish
Blog Of Dollars And Data Maggiulli's personal-finance blog, running since 2017.
Recent
- Who Got Richer Since 2022? 13 Oct 2026 Last Friday, the Federal Reserve released the results of its 2025 Survey of Consumer Finances (SCF), which takes a detailed snapshot of American households' finances every three years. And the big takeaway from this yea…
- Playing the Wrong Game 6 Oct 2026 A few months ago, I saw this tweet about the World Sauna Championships and how men will literally push themselves to the brink of death to win them, despite there being no tangible rewards. As the author of the tweet no…
- Who Is Really Rich in America? (Hint: Main Street Millionaires) 29 Sept 2026 If you want to understand the wealth of the typical American household, the resources are excellent. Not only are there free public data sources, but there are also many great books that detail how people live across Th…
Show 7 more
- Is Startup Equity a Bad Deal? 22 Sept 2026 Imagine joining a startup as employee number 10. Your salary is a bit below what the market pays for your role, but, in exchange, you get equity. How much? 0.25% of the company to be exact. You do the math in your head—…
- What Was the Best Portfolio Over the Last 50 Years? 15 Sept 2026 A few months ago, I analyzed U.S. stock returns over the last century. Today, I'm going to determine the best portfolio over the last 50 years among the following asset classes: U.S. Stocks International Stocks Real Est…
- Living Poor to Die Rich 8 Sept 2026 I recently joined a professional organization to discuss various topics in wealth management. On our first Zoom call there was a debate around the use of levered long/short strategies. For the uninitiated, a levered lon…
- Which Graduate Degrees Are the Best Investment? (Why I Skipped My MBA) 1 Sept 2026 When I was 27 years old I was at a crossroads. I was five years into my career, yet I was stagnating. Though I was making six figures, which was great for my 20s, I knew I couldn't make much more at my job. Without an a…
- Why I Was Wrong to Be Bearish on U.S. Stocks 25 Aug 2026 A year ago I wrote the blog post Why I'm Bearish on U.S. Stocks (for the Second Time Since 2017). Since then U.S. stocks are up 16% (total return) and my bearish prediction turned out to be misguided. So where did I go…
- The Myth of Owning Your Time 18 Aug 2026 You've probably heard it all before. Be your own boss. Control your schedule. Own your time. As attractive as it sounds, it's a lie. Many people believe that working for yourself means unlimited flexibility. You can wor…
- The Best Way to Sell a Concentrated Position 11 Aug 2026 Imagine being the typical SpaceX employee over the last few months. Your shares IPO at $135 and within a few days they peak at $225/share (up 67%) before they begin to decline. As of this morning they sit at around $139…
Link verified 4 Sept 2026. Recent items update automatically from the channel.
x.com @dollarsanddata Maggiulli's X account, linked from his own blog.
Recent
- Since 2022, the median net worth of U.S. households 75 and older rose 38% while households under 35 fell 23%. What’s driving the divide? It's not total wealth, but what your wealth is made of. My latest on who got richer since 2022 (and why): 13 Oct 2026 ofdollarsanddata.com
- The Fed just released its latest wealth data. Here’s the median household net worth by age (2025): Under 35: $33k 35-44: $156k 45-54: $255k 55-64: $411k 65-74: $432k 75+: $505k Want to know where you rank for your age? My updated calculator has the answer: 10 Oct 2026 ofdollarsanddata.com
- We look up to creators with huge platforms as the blueprint for a life well-lived. But that lifestyle is missing something, and I only realized it after becoming a father. My latest: 6 Oct 2026 ofdollarsanddata.com
Show 17 more
- Officially my most read article of 2026. Thank you to everyone who shared it! 30 Sept 2026
- America's rich aren't just in Silicon Valley and Manhattan. They're auto dealers, consultants, and other business owners across the U.S.—and they hold 13x more wealth than the Forbes 400 combined. My latest on who's really rich in America: 29 Sept 2026 ofdollarsanddata.com
- The median startup employee gets about $20,000 from their equity following an exit. And that's before taxes and exercise costs. My latest on whether startup equity is a bad deal: 22 Sept 2026 ofdollarsanddata.com
- The optimal portfolio of the last 54 years had 36% U.S. housing. Run the same optimizer only through 1998 and U.S. housing doesn't appear at all. My latest on the best portfolio over the last 50 years (and why it's an illusion): 15 Sept 2026 ofdollarsanddata.com
- Money you'll never spend isn't really your money. My latest on the psychological trap of unrealized gains: 8 Sept 2026 ofdollarsanddata.com
- At 27 I almost spent $150k on an MBA. Then I ran the numbers. My latest on which graduate degrees are the best investment: 1 Sept 2026 ofdollarsanddata.com
- Much of the speculative stuff of 2021 ended up failing (NFTs, DeFi, etc.) while much of the speculative stuff of 2025 (AI) seems to be succeeding. My latest on why I was wrong to be bearish on US stocks a year ago: 25 Aug 2026 ofdollarsanddata.com
- Harvard Business Review tracked the time of 27 CEOs (of large companies) and found that they: -Worked 62.5 hours per week, on average -Worked 79% of weekend days -Worked 70% of vacation days Having time freedom and not using it is the same as not having it. 18 Aug 2026
- In 1983, the bottom 20% of workers were more likely to put in long hours than the top 20%. By 2002, the top 20% were twice as likely to work long hours as the bottom 20%. My latest on why "owning your time" is a myth: 18 Aug 2026 ofdollarsanddata.com
- Since 1926, the median U.S. stock has underperformed the market by 7.9% over a 10-year period. If you have a lot of money in one stock, you'll likely experience a similar fate. But you don't have to. My latest on the best way to sell a concentrated position: 11 Aug 2026 ofdollarsanddata.com
- Every time we hit a new high 4 Aug 2026
- A year in your 20s occupies ~5x more of your perceived life than a year in your 60s. Therefore, a dollar you spend in your 20s has about 5x more experiential value than a dollar you spend in your 60s. 4 Aug 2026
- Congrats to @Jack_Raines on publishing his first book! An entertaining read for anyone in their 20s/early 30s who doesn’t want to follow the traditional path 4 Aug 2026
- What if I told you that $100 at 25 is worth $500 at 65 even AFTER we adjust for inflation? My latest on why your money is worth a lot more when you're young: 4 Aug 2026 ofdollarsanddata.com
- The issue with optionality only hit me after I had my first child. I realized that every year I spent single in my early 30s was a year I wouldn't get to spend with my future grandchildren. Optionality has hidden costs. 28 Jul 2026
- "Every year you spend with options is another year you don't spend on the thing you eventually commit to." My latest on the problem with optionality: 28 Jul 2026 ofdollarsanddata.com
- Spend enough money and you can convince people you're a wine expert, a German heiress, or a NY Times bestselling author. My latest on the price of status: 21 Jul 2026 ofdollarsanddata.com
Link verified 4 Sept 2026. Recent items update automatically from the channel.
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