Bloomberg Money · Sep 25, 2026
With Barry Ritholtz, Chairman and CIO of Ritholtz Wealth Management
Most Americans in the top 4% or 5% by wealth do not work for public companies and did not found tech companies, Barry Ritholtz said. They own ordinary businesses such as dental practices, HVAC contractors and auto dealerships.
Media coverage of the rich centers on tech founders and chief executives. Ritholtz said that picture is a product of confirmation bias, and that his new book sets out where American wealth actually comes from.
"The new book talks about how we really misunderstand where wealth comes from in America — and this is very much an exercise in confirmation bias."
Barry Ritholtz, chairman and chief investment officer of Ritholtz Wealth Management, on Bloomberg Money. He founded the firm, hosts Masters in Business on Bloomberg Radio and wrote "How Not to Invest," a book about the mistakes investors make. He came on the day the 10-year Treasury yield hit its highest level since 2007.
The full segment is covered here so you can skip it.
Here are the 4 lessons that matter.
Key Takeaways
Today's higher yields are rates returning to normal after the zero-rate era, not a crisis
In the 1980s and 1990s a 7% mortgage was considered fairly typical
Munis pay again: his New York State municipal bonds yield about 8% on a taxable-equivalent basis
The policy mix is shifting from monetary stimulus to fiscal stimulus
Most of the wealthy own ordinary businesses; most are not tech founders or public-company employees
1. A Book Goes to Video
The host introduced Ritholtz by reading a blurb from Ed Hyman, founder of Evercore ISI, about Ritholtz's book: "This is a unique book, maybe the best I've ever read, and I've read a lot." He asked what comes next for the book.
Charts and tables, made easier to follow
"We'll do something fun with video — finding clever ways to illustrate some of the charts and tables and making them more interesting, more accessible." — Barry Ritholtz
