Overview of Bloomberg’s At The Money: How Do Financial Professionals Invest Their Own Money?
In this episode, Barry Ritholtz speaks with Brian Portnoy about How I Invest My Money, a two-volume book project he co-edited with Josh Brown that asks financial professionals a deceptively simple question: how do you invest your own money? The conversation explores why the book resonates so strongly—because the answers are less about stock picks and more about values, psychology, life experience, and what “enough” means.
What the Episode Is About
The discussion centers on how the book series began, why it drew so many contributors, and what readers can learn from the personal money stories of financial advisors, portfolio managers, economists, and other experts.
Portnoy explains that the project started from Josh Brown’s blog post on his own investing approach, which quickly evolved into a book idea. What made the concept compelling was the realization that while financial professionals often tell others what to do, they rarely explain what they actually do with their own capital.
Core Themes
Personal Finance Is Truly Personal
A major takeaway is that “personal finance” is more personal than finance. Across 50 chapters, contributors describe very different approaches to risk, saving, spending, giving, and investing—shaped by:
- childhood experiences
- family responsibilities
- career stage
- fear, scarcity, or past trauma
- goals around security, legacy, and meaning
The “Right” Answer Depends on the Person
Portnoy emphasizes that there is no single correct portfolio or financial strategy. What matters is whether a plan fits the individual’s life and temperament.
Examples from the book include people who:
- paid off mortgages early for peace of mind
- held more cash than a textbook optimizer would recommend
- prioritized family, community, or charitable giving over maximum returns
- chose simplicity and flexibility over theoretical efficiency
Behavioral Finance Over Spreadsheet Finance
One of the episode’s strongest ideas is the difference between:
- spreadsheet optimal: mathematically ideal
- behaviorally optimal: what a person can actually stick with
The best plan is not necessarily the one with the highest expected return; it’s the one that aligns with the person’s emotional reality and can survive life’s unpredictability.
Notable Examples and Stories
Portnoy highlights several memorable chapters from the books, including:
- Bob Seawright on a family cottage that represents multi-generational connection
- Desarte Yarnway on an immigrant family story that shaped his view of money and responsibility
- Lee Ann Miko on growing up in scarcity and how that influenced her work as an advisor
- Heather Robertson Fortner on childhood adversity and its effect on her financial lens
- Samantha Russell on widowhood, parenting, and the question of what money is for after tragedy
These stories show that many contributors answered not just “how I invest my money,” but also why money matters to them at all.
Key Takeaways
- Financial experts do not all manage their own money the same way.
- Real-world money decisions are shaped by emotion, experience, and life circumstances.
- Safety and peace of mind often outweigh pure return maximization.
- A good financial plan should reflect both your goals and your psychology.
- The most useful investing advice is often not about products or allocations, but about self-knowledge.
Final Thought
The episode’s central message is that money management is not just about building wealth—it’s about building a life. The book series succeeds because it gives financial professionals permission to speak honestly about their own money choices, revealing that behind every portfolio is a human being with unique fears, priorities, and hopes.