When you think of a hobby, what do you think of? Hitting the links for a round of golf? Puttering in the yard? Or maybe just reading a book? Some people think of investing as a hobby. While educating yourself about money is a worthwhile endeavor, the odds are stacked against you when it comes to building portfolios as a hobby.

David Schawel (@davidschawel) is the CIO of Family Management Corporation and is a veteran observer of the financial markets. Tadas got David on the phone Skype to talk about a recent post of his entitled “Investing as a Hobby” where he writes about what a hobby is and why investing is likely not a worthwhile hobby for most. I hope you enjoy the discussion as much as I did.

Five years ago I wrote a post on this very topic which I reference in my talk with David. You can find that post here: https://abnormalreturns.com/2013/10/23/investing-hobby/.

This is another episode in our series of “mini-pods” on The Compound Show.

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