Money For the Rest of Us

Discover how bond market ETFs have transformed investing — making bonds easier, cheaper, and more accessible than ever. We also explore how the bond market's very composition has evolved.Episode SponsorsDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe total return strategy in bonds is far from dead by James Bianco—The Financial TimesWhat I Learned in My First Year Managing Fixed-Income by Jim Bianco—Bianco Research AdvisorsETFs are eating the bond market by Robin Wigglesworth and Will Schmitt—The Financial TimesRelated Episodes463: How to Lock in Higher Yields in Case Interest Rates Fall455: Easier Investing, Richer Life: TIPS Ladders to Annuities418: Bond Investing MasterclassSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ali Akay, CIO of Carrhae Capital, answers the question of why invest in emerging markets. He also shares with Greg Dowling of FEG insights on China, Mexico, South Korea, Argentina, Greece, Turkey, South Korea, and South Africa.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesEmerging Unscathed: Featuring Ali Akay—FEG Insight BridgeRelated Episodes474: Are Emerging Markets Bonds a Once-in-a-Generation Opportunity?411: Is Emerging and Frontier Markets Investing Still Worth It? – With Asha MehtaSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S has traditionally been a safe haven for investing, but that hasn't been the case in 2025. We explore three economic and narrative regimes and consider why we may be witnessing a shift after 12 years of U.S. outperformance.Topics covered include:What was the narrative and economic and financial performance from 1995-2001, 2002-2012, and 2012 -2024.How the performance of the U.S. dollar impacted returnsWhy did economic forecasters predict the U.S. national debt would be paid off in 2011, and why were they wrong?Signs that the current economic and financial narrative is shifting.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesTestimony of Chairman Alan Greenspan Outlook for the federal budget and implications for fiscal policy Before the Committee on the Budget, U.S. Senate January 25, 2001—The Federal Reserve BoardFederal Surplus or Deficit [-] as Percent of Gross Domestic Product—FRED Economic DataNonfarm Business Sector: Labor Productivity (Output per Hour) for All Workers—FRED Economic DataNarrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller—Princeton University PressDonald Trump vs Mr Market by Tim Harford—The Financial TimesTourism boycott? Europe travel to US drops in wake of Trump presidency by Talyta França & Alessio Dell'Anna, Mert Can Yilmaz—euronewsTrump's Trade Offensive Threatens America's Financial Primacy by Nick Timiraos, Jack Pitcher, and Chelsey Dulaney—The Wall Street JournalRelated Episodes519: Is This the End of Globalization and Free Trade?380: How Stories Drive Our Happiness and Financial SuccessSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, we explore what it means to invest in a non-ergodic world—where time, not averages, determines outcomes. We unpack concepts like volatility drag, ensemble vs. time averages, and the implications for portfolio strategy, while also reflecting on how AI and zero-click search are reshaping business and investor behavior.Topics covered include:What is ergodicity and why it mattersHow path dependency and emerging phenomena disrupt the long-termHow podcasting and blogging has changedWhat is the future of Money for the Rest of UsEpisode SponsorsNetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesWayback Machine: jdstein.comProbabilities and Payoffs: The Practicalities and Psychology of Expected Value by Michael J. Mauboussin and Dan Callahan, CFA—Morgan StanleyThe Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb—Penguin Random HouseThe 60% Problem — How AI Search Is Draining Your Traffic by Tor Constantino, MBA—ForbesHollywood Is Cranking Out Original Movies. Audiences Aren't Showing Up. by Ben Fritz—The Wall Street JournalHow Late Night TV Is Downsizing by Alex Weprin and Rick Porter—The Hollywood Reporter‘Severance' Surpasses ‘Ted Lasso' To Become Apple TV+'s Most Watched Series With Season 2 Launch by Nellie Andreeva—DeadlineList of most watched television broadcasts in the United States—WikipediaTao te Ching by Lao Tzu (Author), Marc Mullinax (Translator)—fortress pressWhy AI Might Not Take All Our Jobs—If We Act Quickly by Justin Lahart—The Wall Street JournalElon Musk and the Dangerous Myth of Omnigenius by Gautam Mukunda—BloombergSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What will the impact be now that the U.S. has one of the highest tariff rates in the world?Topics covered include:Why the Trump administration raised tariffsHow the last round of U.S. tariffs led to higher prices and lower economic growthFour ways the world remains close to record connectivityWho have been the winners and losers from global tradeWhat will be the impact of this trade warEpisode SponsorsDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe economic consequences of Mr Trump – looking for clarity in the tariffs chaos by Neil Shearing—Capital EconomicsTariff rate, most favored nation, simple mean, all products (%)—World Bank GroupDonald Trump's tariffs will fix a broken system by Peter Navarro—The Financial TimesDHL Global Connectedness Tracker—DHLObjective Knowledge: An Evolutionary Approach by Karl R. Popper—Oxford University PressGDP per capita (constant 2015 US$)—World Bank GroupJOSEPH E. STIGLITZ, GLOBALIZATION AND ITS DISCONTENTS REVISITED: ANTI-GLOBALIZATION IN THE ERA OF TRUMP, NEW YORK: W.W. NORTON & COMPANY, 2018 by Lino Sau—Annals of the Fondazione Luigi EinaudiFIFTY YEARS OF GROWTH IN AMERICAN CONSUMPTION, INCOME, ANDWAGES by Bruce Sacerdote—National Bureau of Economic ResearchReal Median Household Income in the United States—FREDEmployed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over—FREDConsumer Price Index for All Urban Consumers: Food in U.S. City Average/Median Household Income in the United States—FREDTrump's Love for Tariffs Began in Japan's '80s Boom By Jim Tankersley and Mark Landler—The New York TimesRelated Episodes515: Tariffs and the Mar-a-Lago Accord: What Trump Really Wants516: What Trump Wants Part 2 – How Trade Deficits and Capital Flows Can Harm or Help Countries427: Did the Tariffs Work? The Trade War Five Years Later212: Trade Wars Increase Prices and PovertySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Greg Dowling of FEG interviews Max Belmont, a gold specialist and portfolio manager at First Eagle Investments. Greg and Max discuss the historical, philosophical, and practical reasons for owning gold.Topics covered include:Where does gold's reputation as a safe haven come from, and why it trades differently than other commodities.How gold differs from other asset classes including Bitcoin, which is sometimes referred to as digital gold.How we should think about gold when including it in our investment portfolios.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Golden Age with Max Belmont - FEG Insight Bridge episode pageRelated Episodes431: The Long-term Bullish Case for Gold316: Paper, Rocks, or Digits—What Makes the Best Money263: Should You Invest In Gold?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We compare three approaches to closed-end fund investing: Opportunistic trading, the buy and hold income factory, and a systematic approach of selling closed-end funds after 5% gains.We also explore the pros and cons of closed-end funds relative to open-end mutual funds and ETFs.Episode SponsorsStawberry.meNetSuite Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Closed-End Fund Market, 2023—Investment Company InstituteThe Income Factory: An Investor's Guide to Consistent Lifetime Returns by Steven Bavaria—McGraw-Hill CompaniesRetirement Money Secrets: A Financial Insider's Guide to Income Independence by Steve Selengut—RIC LLCHow to Invest in Closed-End Funds—Money for the Rest of UsInvesting in Closed-End Funds Course—Money for the Rest of UsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How trade deficits are making the U.S. poorer, while in the past they have made the U.S. wealthier.Topics covered include:Two ways countries can increase their competitivenessHow savings always equals investmentWhy excess savings flows to the U.S. leading to a drop in U.S. domestic savingsWhy the U.S. current trade situation could lead to a debt crisisEpisode SponsorsNetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesWhy U.S. Debt Must Continue to Rise by Michael Pettis—Carnegie EndowmentCould Trump devalue the dollar with a "Mar-a-Lago Accord"? by Paul Diggle and Luke Bartholomew—Aberdeen InvestmentsA User's Guide to Restructuring the Global Trading System by Stephen Miran—Hudson Bay CapitalIs Peter Navarro Wrong on Trade? by Michael Pettis—Carnegie EndowmentRelated Episodes515: Tariffs and the Mar-a-Lago Accord: What Trump Really Wants470: How the Economy Really Works: Savings, Investing, Consuming and Market Distortions144: Trade Deficits Aren't Always Bad. Trade Wars Are.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the Trump administration is using tariffs as a negotiating tool to weaken the U.S. dollar and increase the global competitiveness of U.S. manufacturers.Topics covered include:Why U.S. stocks are falling, and recession risk is increasingHow the U.S. dollar as the reserve currency is becoming a burden on the U.S.How the Trump administration aims to reduce its trade deficit and make it less attractive for foreign governments to own U.S. assetsWhat are the risks of trying to weaken the U.S. dollarEpisode SponsorsDelete Me – Use code David20 to get 20% offStawberry.meInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesStock Market News, March 10, 2025: Nasdaq Falls 4% After Trump Doesn't Rule Out Recession by Caitlin McCabe and Krystal Hur—The Wall Street JournalTrump Says US Economy Faces ‘Transition,' Avoids Recession Call by María Paula Mijares Torres—BloombergIs the U.S. Heading for a Recession? Here's What the Experts Say by Caitlin McCabe—The Wall Street JournalMark Carney Wins Canada Liberal Contest, Will Succeed Trudeau in Days by Brian Platt and Laura Dhillon Kane—BloombergEntering the Fall 2024 | Alarming Signs? - Fireside Chat with Scott Bessent by Simplify Asset Management—YouTubeA User's Guide to Restructuring the Global Trading System by Stephen Miran—Hudson Bay CapitalCould Trump devalue the dollar with a "Mar-a-Lago Accord"? by Paul Diggle and Luke Bartholomew—Aberdeen InvestmentsWonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York TimesOn the Persistence of the China Shock by David Autor, David Dorn, and Gordon H. Hanson—NBERManufacturing, value added (% of GDP)—World Bank Data Group | Prosperity Data360Council of Economic Advisors Chair Nominee Stephen Miran's Critique of the Global Monetary System—Part I by Steven B. Kamin—AEIUsing Stock Returns to Assess the Aggregate Effect of the U.S.‑China Trade War by Mary Amiti, Matthieu Gomez, Sang Hoon Kong, and David E. Weinstein—Federal Reserve Bank of New YorkTwo cheers for Germany's fiscal reform by Neil Shearing—Capital EconomicsRelated Episodes404: Why Is the U.S. Dollar So Strong? Will It Continue?322: Why Currency Exchange Rates MatterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on episode 514, we share a conversation between Howard Smith of Indus Capital and Greg Dowling of FEG Investment Advisors on why Japan could surprise investors over the next decade with strong investment returns. David introduces the episode by sharing his key takeaways from the discussion.FEG Investment Advisor is David's former institutional advisory firm, where he worked for 17 years, before founding Money for the Rest of Us. Greg Dowling is Chief Investment Officer of FEG, and David's former business partner and colleague.Topics covered in the episode include:The false narrative that Japan is a difficult place to invest with subpar returnsWhy Japan's national debt problem is not as worrisome as the U.S. national debtWhy the Japanese yen is tremendously undervaluedHow Japan's corporate governance has improvedOpportunities in Japanese technology industriesInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesFEG Episode pageIndus CapitalBerkshire Hathaway 2024 Annual LetterRelated Episodes468: Lessons from Japan's 34 Years of Stock Market Underperformance235: What If Home Prices Always Declined178: Japan and the Impact of A Shrinking PopulationSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We consider the incongruency of a U.S. Strategic Bitcoin Reserve, the latest crypto exchange hack, and how most participants lost money on the Trump meme coin. Given all that, we review some areas where cryptocurrency is helping individuals and businesses.Topics CoveredWhat is the U.S. Strategic Petroleum ReserveWhy it makes little sense for the U.S. and individual states to create and participate in a Strategic Bitcoin ReserveWhat led to the latest and largest cryptocurrency exchange hack in historyHow financial and other data breaches impacted over 1 billion people last year, costing over $15 billionHow quantum computers could disrupt the security of cryptocurrency and traditional financial systemsWhy most speculators lose money on meme coinsWhat are some current ways cryptocurrency is helping individuals and businesses achieve greater financial stability and lower costsEpisode SponsorsDelete Me – Use code David20 to get 20% offStawberry.meInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesAll Information (Except Text) for S.4912 - BITCOIN Act of 2024—Congress.govHouse Bill No. 4087—Michigan Legislature2025 South Dakota Legislature House Bill 1202—South Dakota LegislatureState of Arizona Senate SB 1025—Arizona State LegislatureQuantum computers and the Bitcoin blockchain by Itan Barmes, Bram Bosch and Olaf Haalstra—DeloitteBybit Hack, Crypto's Biggest Ever, Spoils Coinbase's SEC Victory Party by Olga Kharif, Muyao Shen, and Emily Nicolle—BloombergCost of a Data Breach Report 2024—IBMITRC Annual Data Breach Report—Identity Theft Resource CenterPost by @realDonaldTrump—Truth SocialTrump MemeEarly Investors in Donald Trump's Memecoin May Have Been Tipped Off, Experts Claim by Joel Khalili—WiredExclusive: Trump's meme coin made nearly $100 million in trading fees, as small traders lost money by Tom Wilson and Michelle Conlin—ReutersMemecoin scandal rocks Argentina's Javier Milei by Ciara Nugen—The Financial TimesTether Brings Its $140B USDT Stablecoin to Bitcoin and Lightning Networks by Krisztian Sandor—CoinDeskRelated Episodes488: Should You Invest in an Ethereum ETF?462: Now Should You Buy a Bitcoin ETF?410: Is Cryptocurrency Dead?373: Are Stablecoins Safe? Should You Own Them?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How using a deferred income annuity can increase retirement income compared to an immediate annuity or a bond ladder.Topics covered include:How immediate annuities and deferred income annuities workWhat are mortality credits, and why they are a key diversifierExamples of how mortality credits lead to a 1% to 1.5% higher annualized return over several decadesHow to decide whether an annuity is right for youEpisode SponsorsNetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesPost: No, really. Deferred income annuities (DIAs) are superior to SPIAs in every way by Boglehead User "GoWithTheCashFlow"—BogleheadsActuarial Life Table—SSATIPSLadderSafety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement by Wade D. Pfau—Retirement ResearcherRelated Episodes464: More Ways to Lock in Higher Yields in Case Interest Rates Fall455: Easier Investing, Richer Life: TIPS Ladders to Annuities407: Worry-Free Retirement Investing279: Why All Retirees Should Consider an Income AnnuitySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. and the UK each announced they were establishing sovereign wealth funds. We explore the purposes and types of sovereign wealth funds, how they invest, and some concerns with the U.S. establishing one.Topics covered include:What are the four types of sovereign wealth funds, and why the U.S. doesn't fit the typical use caseHow sovereign wealth funds navigate between politics and generating high returnsWhy a U.S. sovereign wealth fund, depending on its size, could crowd out other investment capital, leading to lower investment returnsHow the U.S. already invests in its economy without a sovereign wealth fundEpisode SponsorsDelete Me – Use code David20 to get 20% offLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesFact Sheet: President Donald J. Trump Orders Plan for a United States Sovereign Wealth Fund—The White HouseA Plan For Establishing A United States Sovereign Wealth Fund—The White HouseInternational Forum of Sovereign Wealth FundsSovereign Wealth Funds: Past, Present and Future by Salman Bahooab, Ilan Alonb, and Andrea Paltrinieria—ScienceDirectGuardians releases 2024 Annual Report—NZ Super FundUK Wealth Fund Brings Government And Private Investment Together by Efraim Chalamish—Global Finance2024 Invesco Global Sovereign Asset Management Study—InvescoTop 100 Largest Sovereign Wealth Fund Rankings by Total Assets—Sovereign Wealth Fund InstituteThe Importance and Perspectives of Sovereign Wealth Funds in the Globalised Economy by Jan Černohorský and Kateřina Tesnerová—SHS ConferencesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on episode 510, we share a conversation between Ben Inker of GMO and Greg Dowling of FEG Investment Advisors on contrarian investing, deep value stocks, and the rise of passive investing. David introduces the episode by sharing his key takeaways from the discussion.FEG Investment Advisor is David's former institutional advisory firm, where he worked for 17 years, before founding Money for the Rest of Us. Greg Dowling is Chief Investment Officer of FEG, and David's former business partner and colleague.Topics discussed in the episode include:How experienced professionals can have a significant influence on one's career, such as the impact Jeremy Grantham and David Swenson had on Ben's careerThe impact of the rise of passive investingInvestment opportunities in quality and deep value stocksThe distinct risks of the high concentration in large cap tech stocksSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore what private credit, or direct lending, is and how to invest in it. We also show how it is similar and different from investing in leverage loans and CLOs.Topics covered include:Why more companies are staying privateHow private credit differs from the leverage loan marketWhy private credit is growing so rapidlyWhat are the benefits to private credit investingWhat are liquid and less liquid ways to invest in private creditSponsorsStawberry.me AcornsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Credit Markets Go Dark by Jared A. Ellias and Elisabeth de Fontenay—SSRNThe Lost Promise of Private Ordering by Cathy Hwang, Yaron Nili, and Jeremy McClane—SSRNInvestments MentionedVanEck BDC Income ETF (BIZD)Barings Corporate Investors Fund (MCI)Long AngleCliffwater Enhanced Lending FundBlackRock Private Credit Fund (BDEBT)BondBloxx Private Credit CLO ETF (PCMM)Virtus Seix AAA Private Credit CLO ETF (PCLO)See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Natural disasters are becoming more severe and costly—who should bear the financial burden? We explore the tension between socialized risk and market-based insurance.Topics covered include:The surprisingly large percentage of natural disaster losses that are uninsuredWhy natural disaster severity is increasingA deep dive into the complexity of the home insurance market, including state-based home insurance plansHow California has tried to update its home insurance regulations, leading to potentially greater coverage but higher premiumsHow socialized insurance relieves the cost burden to consumers but can also lead to riskier behavior and adverse risk selectionEpisode SponsorsAsset CampNetSuite Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesCalifornia wildfires: What we know about L.A.-area fires, what caused them, who is affected and more by Tim Stelloh, Marlene Lenthang, Rebecca Cohen and Phil Helsel—NBC NewsClimate change is showing its claws: The world is getting hotter, resulting in severe hurricanes, thunderstorms and floods—Munich REShaping the Future of Wildfire Insurance in California: New Insights from the Most Comprehensive Wildfire Risk Model in the Market by Firas Saleh—Moody'sInsurers' Rule Change Puts California Homeowners on the Hook for L.A. Fire by Jean Eaglesham and Sara Randazzo—The Wall Street JournalCommissioner Lara issues landmark regulation to expand insurance access for Californians amid growing climate risks—California Department of InsuranceCalifornia Was Already in Home-Insurance Crisis Before Los Angeles Infernos by Jean Eaglesham and Joe Flint—The Wall Street JournalThe World Is Getting Riskier. Americans Don't Want to Pay for It. by Greg Ip—The Wall Street JournalReinsurers little exposed to LA fires after retreat from disaster risks by Lee Harris—The Financial TimesA Survey of Residual Market Plan Assessment and Recoupment Mechanisms by Nancy Watkins, Robert Lee, and Rehan Siddique—MillimanRelated Episodes481: How to Navigate the Crippling Home Insurance Crisis444: Natural Disasters: Are They Truly Increasing? Investments MentionedStone Ridge High Yield Reinsurance Risk Premium fund (SHRMX)See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How geography contributes to economic growth and can increase or lower the cost of living.Topics covered include:Why living in a developing country like Costa Rica is still relatively expensiveHow Amazon and e-commerce platforms lowers the cost of livingWhy we should consider slowing down our rate of consumptionHow geography is impacting the rollout of AIEpisode SponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsNetSuite Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesMarket Research in Costa Rica: Costa Rica is a strong market in Central America providing many benefits.—SIS International Research & StrategyWorld Data Country Comparison: Costa Rica & USAWhy is Gas so Expensive in Costa Rica? by Sarah Jordan—The Tico TimesThe Trailblazers: Inter-American Highway 1940 - 1957 by Norman Wood—U.S. Department of Transportation Federal Highway Administration Highway HistoryUnited States eCommerce Sales Growth (2018 to Q3 2024) by Jason—SellersCommerceThe Era of Finance CEOs Running Retailers Is Over by Amanda Mull—BloombergAI set to fuel surge in new US gas power plants by Amanda Chu and Jamie Smyth—The Financial TimesWhat happened to the artificial-intelligence revolution?—The EconomistLiebreich: Generative AI – The Power and the Glory by Michael Liebreich—BloombergNEFSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In episode 506, Joshua shares the pros and cons of living outside of your home country. He convinces David why he needs more than one passport. Finally, Joshua makes a strong case for not retiring, and if one does, under what circumstances.Episode SponsorsDelete Me – Use code David20 to get 20% offAcornsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow Noteshttps://www.radicalpersonalfinance.comRelated Episodes446: Die with Zero: Why You Should Start Spending Now437: How to Live Like You Are Already Retired371: Find Your Retirement Investing and Living StyleSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In our final episode of the year, I converse with author and data scientist Coco Krumme about the benefits and costs of optimization in finance, industry, and our daily lives. We explore AI and its overlap with optimization. We also consider the pros and cons of life optimization and finally discuss the extreme challenge of opting out.Episode SponsorsNetSuite Delete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesOptimal Illusions: The False Promise of Optimization by Coco Krumme—Penguin Random Housecocofolio.comCoco Krumme—LinkedInRelated Episode480: Beyond Faster (T+1) Trade Settlement: The Hidden Costs of OptimizationSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How asset class returns move in cycles with periods of above-average returns followed by periods of lower returns. How has the rise of passive indexing led to higher stock valuations, and what does that mean for markets?SponsorsNetSuite - Download the CFO's Guide to AI and Machine LearningLegalZoom - Use code David10 to 10% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Equity Risk Premium: Nine Myths (JPM Series) by Rob Arnott—Research AffiliatesThe Greatest Scourge in Factorland: Revaluation Alpha = Fake Alpha (JPM Series) by Rob Arnott—Research AffiliatesPASSIVE INVESTING AND THE RISE OF MEGA-FIRMS by Hao Jiang, Dimitri Vayanos, and Lu Zheng—NBERLimits to Diversification: Passive Investing and Market Risk by Lily H. Fang, et al.—SSRNRelated Episodes503: U.S. Stocks Have Never Been This Overhyped or Expensive500: The S&P 500 Index and the Decade Ahead468: Lessons from Japan's 34 Years of Stock Market Underperformance390: Are BlackRock and Vanguard Too Big and Powerful?234: Index But Don't HerdSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the tangible and intangible factors that have contributed to long-term U.S. stock market outperformance compared to the rest of the world? Despite these advantages, why might we still want to continue to be globally diversified?SponsorsDelete Me – Use code David20 to get 20% offLegalZoom - Use code David10 to 10% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesAmerican productivity still leads the world—The EconomistThe Outlook for Long-Term Economic Growth by Charles I. Jones—Federal Reserve Bank of Kansas CityHow Much Will Global Warming Cool Global Growth? by Ishan B. Nath, Valerie A. Ramey, and Peter J. Klenow—UC San DiegoTechnology and demand drivers of productivity dynamics in developed and emerging market economies by Alistair Dieppe, Neville Francis, and Gene Kindberg-Hanlon—European Central BankCapitalism is in worse shape in Europe by Ruchir Sharma—The Financial TimesThe Mother of All Bubbles by Ruchir Sharma—The Financial TimesThe Curious Incident of the Elevated Profit Margins by James Montier—GMOEuro area government deficit at 3.6% and EU at 3.5% of GDP—eurostatEnd of an era: The coming long-run slowdown in corporate profit growth and stock returns by Michael Smolyansky—Federal Reserve BoardShould investors just give up on stocks outside America?—The EconomistRelated Episodes500: The S&P 500 Index and the Decade Ahead499: What Makes an Economy Prosperous? Spotlight on Cuba and Argentina343: Why the Productivity Slowdown Could Lead to Lower Living StandardsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why has there been renewed interest in nuclear power generation in the last couple of years, and how can we invest in it?Topics covered include:Why did Microsoft sign an agreement to reopen a nuclear reactor at the infamous Three Mile Island nuclear facilityHow much does nuclear energy contribute to global power generationWhy is demand for electricity acceleratingWhat are the advantages and challenges with nuclear energyWhat investment vehicles individuals can use to invest in nuclear energyShow NotesMicrosoft in deal for Three Mile Island nuclear power to meet AI demand by Myles McCormick and Jamie Smyth—The Financial TimesNuclear Power Was Once Shunned at Climate Talks. Now, It's a Rising Star. by Brad Plumer—The New York TimesInside Diablo Canyon Nuclear Power Plant | BG2 w/ Bill Gurley & Brad Gerstner—YouTubeQ&A - Germany's nuclear exit: One year after—Clean Energy WireFukushima Daiichi Accident—World Nuclear AssociationChernobyl Accident 1986—World Nuclear AssociationNuclear Energy in a Low-Carbon Energy Future—NEIElectricity Mid-Year Update - July 2024—IEAWhat is U.S. electricity generation by energy source?—U.S. Energy Information AdministrationHow old are U.S. nuclear power plants, and when was the newest one built?—U.S. Energy Information AdministrationGlobal price of Uranium—FREDInvestments MentionedPelican Energy PartnersSprott Physical Uranium Trust Performance (SRUUF)GlobalX Uranium ETF (URA)VanEck Uranium and Nuclear ETF (NLR)Sprott Uranium Miners ETF (URNM)Sprott Junior Uranium Miners ETF (URNJ)Related Episodes469: Which Will Perform Better: Berkshire Hathaway or Utility Stocks?384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore what strategy and systems are and how we craft and change them. We consider how investment strategies and financial systems have changed over the decades and why this matters to your financial decisions.SponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesRuminating on Asset Allocation by Howard Marks—Oaktree CapitalMichael E. Porter—Harvard Business SchoolThis Is Strategy by Seth Godin—Simon & SchusterVictor Meets the Boglehead by Victor Haghani & James White—VettaFi Advisor PerspectivesStatic vs Dynamic Asset Allocation; Victor Meets the Boglehead—Bogleheads.orgTim Cook on Why Apple's Huge Bets Will Pay Off By Ben Cohen—The Wall Street JournalRelated Episodes491: The Five Layers of Investing451: How Much Should You Invest in Stocks? The Art of Position Sizing in a Volatile Market420: Does a 60/40 Balanced Portfolio Still Work?397: How To Invest Based on CyclesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In the 500th episode of Money for the Rest of Us, we focus on the S&P 500 Index. How has the index changed, and why have U.S. stocks performed so well? Will U.S. stocks only return 3% in the next decade, as Goldman Sachs predicts.We also discuss major themes covered on Money for the Rest of Us over 500 episodes and what are our plans for the future. Thanks for being a part of Money for the Rest of Us over the past decade.SponsorsNetSuite Shopify - Sign up for a $1 per month trial periodInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesSelect Sector Indices Consultation on Constituent Weightings Calculations – Results—S&P GlobalWhat Does an Election Year Mean for the Market?—S&P GlobalThe Great Rotation: A potential unwinding of hyper-concentration in the US may favor balanced global portfolios by Brian Chingono—VerdadThe Great Rotation (Part 2): The United States' outsize weighting in commercial indices appears unjustified by its share of global GDP by Brian Chingono—VerdadDecade of Big S&P 500 Gains Is Over, Goldman Strategists Say by Sagarika Jaisinghani—BloombergDavid Stein LinkedIn Post—LinkedInVanguard warns investors over company stake limits by Steve Johnson, Will Schmitt, and Brooke Masters—The Financial TimesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore eight things that contribute to a healthy, growing economy and where Cuba and Argentina have fallen short.Topics covered include:Why Cuba continues to have rolling energy blackoutsWhy economic sanctions frequently don't workHow Argentinas' President Millei is taking a "chainsaw" to the nation's economyWhy emerging markets will need to change their export-oriented growth trajectoryWhat are the risks to the long-term health of the U.S. economySponsorsMonarch Money – Get an extended 30-day free trialLegalZoom - Use code David10 to 10% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesCuba is out of supplies and out of ideas—The EconomistCuba plunged into crisis by long power blackouts by Ed Augustin—The Financial Times Power Outage Plunges All of Cuba Into Darkness by Frances Robles—The New York TimesWhy Economic Sanctions Backfire: The Role of Emigration in the Venezuelan Case by Nicolás Idrobo—SSRNThe Impact of the Cuban Adjustment Act on Cuban Immigrants in the US by Tamarys Bahamonde—SSRNHow is Javier Milei performing after nearly 11 months in office? by Michael Stott and Ciara Nugent—The Financial TimesThe weakest links in the global economy are on the mend by Ruchir Sharma—The Financial TimesArgentina's poverty rate soars above 50% under Javier Milei by Ciara Nugent—The Financial TimesArgentina Inflation Slows to 2021 Levels in Win For Milei by Manuela Tobias—BloombergArgentina's economy minister strikes defiant note on default risk by Ciara Nugent and Michael Stott—The Financial TimesArgentine Debt Rises Out of Distress Territory on Milei Reforms by Kevin Simauchi—BloombergArgentina Scrapped Its Rent Controls. Now the Market Is Thriving. by Ryan Dubé—The Wall Street JournalDeveloping Countries Can't Count on Manufacturing to Supercharge Growth by Kai Schultz and Shruti Srivastava—BloombergRelated Episodes411: Is Emerging and Frontier Markets Investing Still Worth It? – With Asha Mehta409: What Is the IMF and Why Is It Controversial?233: Is An Emerging Markets Crisis Imminent?93: Capitalism, Complexity and CubaSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In episode 498, David shares how his investing has changed over the past ten years and lessons you can apply to your portfolio.Document Your JourneyKeep ExperimentingBe Willing to Adopt New Asset ClassesBe Very PatientTrade Less, Focus On Long-term DriversMonetary DiversificationDon't Focus on Relative PerformanceIgnore the NoiseTake Your TimeThere Is No Right Way to InvestSponsorsNetSuite Delete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Investor Podcast 668: What I Learned About Investing w/ Stig BrodersenRelated Episodes454: How To Invest – Ten Rules of Thumb for Individual Investors423: A “Safe” 6% Yield: The Case for Investment Grade CLOs372: When Should You Sell An Investment?336: Own What Is RealSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why 401k and other defined contribution schemes are flawed, leading to a generation of workers unprepared for retirement. What are the solutions to fix the mess.TopicsWhy 401k and other defined contributions haven't worked, despite their popularityWhy defined benefit pension plans declinedWhy 401k plans are treated like emergency fundsHow to combine the best of 401k and defined benefit pension plansSponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsMonarch Money – Get an extended 30-day free trialInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Shift that Redefined Retirement Security by Shashwat Vidhu Sher—SSRNWas the 401(k) a Mistake? by Michael Steinberger—The New York Times MagazineWho Has Retirement Accounts? New Data Reveal Inequality in Retirement Account Ownership by Maria G. Hoffman, Mark A. Klee and Briana Sullivan—United States Census BureauU.S. Retirement Assets: Data in Brief—Congressional Research ServiceWhere do my CPP contributions go?—CPP InvestmentsRelated Episodes460: Should You Be Invested 100% in Stocks Before and During Retirement? A Recent Study Says Yes. 441: What If Social Security Had Been Privatized?279: Why All Retirees Should Consider an Income AnnuitySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why we need distinct risk buckets: balancing our natural loss aversion with the allure of opportunities that offer the potential for massive upside.Topics covered include:What is modern portfolio theory, and what are some of its flawsWhy so many people have gotten wealthy by being undiversifiedHow to balance personal risk, market risk, and aspirational riskHow prospect theory explains our attraction to positively skewed opportunitiesWhy most people won't get wealthy unless they take some aspirational riskSponsorsNetSuite Delete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesPortfolio Selection by Harry Markowitz—The Journal of Finance, Vol. 7, No. 1. (Mar., 1952), pp. 77-91Safety First and the Holding of Assets by A. D. Roy—Econometrica, Vol. 20, No. 3 (Jul., 1952), pp. 431-449The Misbehavior of Markets: A Fractal View of Financial Turbulence by Benoit Mandelbrot and Richard L. Hudson—Hachette Book GroupBeyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors by Ashvin B. Chhabra—The Journal of Wealth Managment, Vol. 7, No. 4, pp 8-34, Spring 2005The Wealth of Households: 2021: Current Population Reports by Briana Sullivan, Donald Hays, and Neil Bennett—Census.govAverage, Median, Top 1%, and all United States Net Worth Percentiles—DQYDJPROSPECT THEORY AND STOCK MARKET ANOMALIES by Nicholas C. Barberis, Lawrence J. Jin, and Baolian Wang—NBER WORKING PAPER SERIESRelated Episodes82: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity460: Should You Be Invested 100% in Stocks Before and During Retirement? A Recent Study Says Yes. 421: Beware of Survivorship Bias When InvestingInvesting Rule One: Avoid Ruin229: Stop Maximizing Your Returns Using Modern Portfolio TheorySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the podcast, we share excerpts from Plus episode 484 on ETF size and the impact of QE, as well as Plus episode 493 on stock market inelasticity.You can learn more about Money for the Rest of Us Plus here. Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What does the Federal Reserve's policy rate cut mean for our portfolios? Will interest rates keep falling? What changes should we make?Topics include:What determines interest rates, and where are those drivers currentlyWhat is the best estimate of bond returnsHow duration works and why it changesWhat are some current fixed income investment optionsSponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsMonarch Money – Get an extended 30-day free trialOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesAsset CampFedWatch—CME GroupSummary of Economic Projections—US Federal ReserveInvestors may be getting the Federal Reserve wrong, again—The Economist Term Premium on a 10 Year Zero Coupon Bond—Federal Reserve Bank of St. LouisYield to Maturity Is Always Received as Promised by Richard J. Cebulaand Bill Z. Yang—Journal of Economics and FinanceThe Truth about Yield by Jason Bove and Mark Willauer—J.P. MorganRelated Episodes464: More Ways to Lock in Higher Yields in Case Interest Rates Fall463: How to Lock in Higher Yields in Case Interest Rates Fall455: Easier Investing, Richer Life: TIPS Ladders to Annuities418: Bond Investing MasterclassSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How do home equity investments, income share agreements, and music royalties work, and how can you participate?Topics covered include:How a home equity investment differs from a home mortgageWhat is the cost of home equity investmentsHow funding education through income share agreements has changedWhy artists sell royalties to their workHow individuals can invest in music royaltiesSponsorsNetSuite Delete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesUnlock Product Guide—UnlockPoint and Atalaya Capital Management Close Oversubscribed $141 Million Home Equity Investment Rated Securitization—Global NewswireWhat Colleges Should Know About Income Share Agreements and Private Education Loan Requirements by Rich Williams—HomeroomCFPB settles claims against operator of training program arising out of income share agreements by John L. Culhane, Jr. & Thomas Burke—Consumer Finance MonitorBond market: Bowie Bonds and the Evolution of the Bond Market—Faster CapitalRelated Episodes493: The Housing Affordability Crisis: What Caused It and How to Fix It349: Forward and Reverse Mortgages: When To Take Them Out and When to Pay Them Off307: Income Share Agreements—Good for Students or Investors?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What caused the 40% price increase in houses and rents, and what are governments doing to try to fix the problem.Topics covered include:Why 50% of the global population is frustrated with the lack of affordable housingHow the housing collapse as part of the Great Financial Crisis contributed to today's affordability crisisHow central bank QE programs have magnified the housing crisisHow restrictive zoning and short-term rentals contribute to the housing crisisWhat governments are doing to encourage more housing supplyWhat individuals can do until housing becomes more affordableSponsorsDelete Me – Use code David20 to get 20% offLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesConcern over housing costs hits record high across rich nations by Valentina Romei and Sam Fleming—The Financial TimesHome Price to Median Household Income Ratio (US)—LongtermtrendsHome Ownership Affordability Monitor—Federal Reserve Bank of AtlantaAMERICA'S RENTAL HOUSING 2024—Joint Center for Housing Studies of Harvard UniversityAmerica retains “rent burdened” status—Moody'sU.S. 2024 and 2025 Mid-Year Outlook Report—AirDNAARIZONA'S NEW HOUSING LAWS EXPLAINED—Tempe YIMBYWhat Kalamazoo (Yes, Kalamazoo) Reveals About the Nation's Housing Crisis by Conor Dougherty—The New York TimesHow Rent Controls Are Deepening the Dutch Housing Crisis by Cagan Koc and Sarah Jacob—BloombergRelated Episodes389: Is Airbnb Intensifying the Housing Crisis?357: Is a Housing Crash Coming?238: The U.S. Is More Socialist Than Denmark Regarding Home MortgagesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, we explore the concept of optionality—how small, strategic decisions can lead to outsized rewards with limited downside risk. From ancient philosophy to modern financial strategies, discover how recognizing and seizing options can unlock opportunities in both life and investing.Topics covered include:How call and put options workThe difference between American and European style options and why it mattersWhy options are positively skewedExamples of using optionality in business and lifeWhy it can be challenging to commit when an option is "in the money"SponsorsShopify - Sign up for a $1 per month trial periodNetSuite - Download the CFO's Guide to AI and Machine LearningInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesAntifragile by Nassim Nicholas Taleb—Penguin Random HouseThe Wisdom Of Finance: Discovering Humanity in the World of Risk and Return by Mihir Desai—Harper AcademicRefuse to Choose!: Use All of Your Interests, Passions, and Hobbies to Create the Life and Career of Your Dreams—Penguin Random HouseAn Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk by Allison Schrager—Penguin Random HouseRelated Episodes482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity268: How To Better Manage RiskSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In Episode 491, we explore the five layers of investing, including which assets fit into each layer, and give examples of advertisements targeting each layer.The five layers are:1. Short-term trading2. Longer-term speculations3. Individual securities4. Diversified portfolios focused on underlying drivers and factors5. Maximum diversification with few changes and just a few holdingsEpisode SponsorsMonarch Money – Get an extended 30-day free trialLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsShow NotesAsset CampThe Role of Emotions in Financial Decisions by David Tuckett—ResearchGateMorningstar Active Passive BarometerRelated Episodes486: How Retail Traders Lose Big While Enriching Wall Street431: The Long-term Bullish Case for Gold306: Three Approaches to Asset AllocationSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How do buyouts, venture capital, and growth equity work? Has private equity outperformed the stock market, and can individual investors pursue these investment strategies?Topics covered include:How are private equity funds structured, and what are the feesHow is private equity performance measured, and how has it performedWhy does private equity have such a large dispersion of returns compared to the public stock marketWhat is private equity dry powder, and why is there much of itWhat are some ways individuals can invest in private equity and why should they use caution in doing soSponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsNetSuite Our Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesUnderstanding Private Fund Performance by Kaitlin Hendrix and Mamdouh Medhat—SSRNWhat Drives Private-Equity Performance Persistence? New Deal-Level Evidence by Axel Buchner and Susanne Espenlaub and Abdul Mohamed—SSRNUnlocking the Power of Relationships: Limited Partner Networks and Performance in Private Equity by José Carlos Franco de Abreu Neto and Saito Richard—SSRNPrivate equity dry powder growth accelerated in H1 2024 by Dylan Thomas and Annie Sabater—S&P GlobalPrivate Equity Gets Creative to Buy Time for More Gains. Clients Say Pay Me Now by Allison McNeely and Dawn Lim—BloombergRelated Episodes458: Dissecting Stock Returns: Financial Engineering or Genuine Growth?440: Beware of Platform Risk350: How to Invest in Startups on Equity Crowdfunding Platforms?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week, we release one of David's favorite episodes from six years ago, Episode 203: Is Investing More Like Poker or Chess.Topics covered include:What is the difference between chess and poker.Why we need to separate the decision process from the outcome.How to improve the quality of our investment decisions.What are are wu-wei and qi and what role do they play in better decision making.SponsorsDelete Me – Use code David20 to get 20% offBetterment - the automated investing and savings appInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie DukeThinking Fast and Slow by Daniel KahnemanThe Tao of Pooh by Benjamin HoffTrying Not to Try: Ancient China, Modern Science, and the Power of Spontaneity by Edward SlingerlandSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In episode 489, we examine three factors that contributed to this week's big stock market declines, analyze whether a recession is imminent, and review David's recent portfolio changes.Topics covered include:The benefits of looking at market and economic trends monthlyHow bad was the recent U.S. employment report and what is the Sahm RuleWhat are leading economic indicators saying about recession riskWhy the Federal Reserve will be lowering its policy rate, leading to lower cash yieldsWhy the Japanese yen strengthened, leading to market turmoilWhy investors are rotating from large cap growth to small cap value stocksHow David locked in higher yieldsSponsorsNetSuiteMonarch Money – Get an extended 30-day free trialInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesTranscript of Chair Powell's FOMC Press Conference July 31, 2024—The Federal ReserveGoolsbee Says Fed Won't Overreact to One Month's Data by Catarina Saraiva and Ananya Chag—BloombergCongressional Budget Office Updates Baseline: Deficit Spending is 27 Percent Higher Than Previously Estimated—U.S. House Budget CommitteeRelated Episodes485: Should You Invest in Defined Outcome (Buffer) ETFs?476: Is Small Cap Dead? Why You Shouldn't Abandon Small Company Stocks472: Is the Economy as Bad as People Think?464: More Ways to Lock in Higher Yields in Case Interest Rates Fall463: How to Lock in Higher Yields in Case Interest Rates Fall423: A “Safe” 6% Yield: The Case for Investment Grade CLOs302: Investing is Not KnowingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What is the investment case for Ethereum, and what are the risks? A straightforward review of what ether and Ethereum are, how they work, and what it will take for the Ethereum blockchain to be successful.Topics covered include:Who launched Ethereum ETFs and what are the feesHow Ethereum differs from BitcoinExamples of applications built on the Ethereum blockchain including NFTs, stablecoins, DAOs, and tokenized real-world assetsHow Ethereum has evolved to lower fees, reduce supply, cut its energy use, and increase capacityWhat is Ethereum staking and how much can investors earn doing soWhat will cause ether to go up in priceSponsorsShopify NetSuiteOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesSpot Ethereum ETFs begin trading today: Here's what you need to know by Jason Shubnell—The BlockThe spot Ethereum ETFs' first week by the numbers by James Hunt—The BlockThe Idols NFT—theidols.ioRead Write Own by Chris Dixon—readwriteown.comEthereum is the Only Institution-Friendly Smart Contract Chain by Qiao Wang—MediumEthereumETH Staking—Coinbase5 Ways to Stake Your Crypto Assets—Staking RewardsEthereum's Dencun Upgrade: Unleashing Scalability and Efficiency—bitpaySolana vs. Ethereum: Which Is Better in 2024? —KuCoinRelated Episodes462: Now Should You Buy a Bitcoin ETF?373: Are Stablecoins Safe? Should You Own Them?368: How to Invest in Web3, DAOs, and the Metaverse339: How To Make Money with BlockFi, Dai, and the Evolving DeFi Ecosystem335: Are Non-Fungible Tokens (NFTs) Good Investments?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What we can monitor and do now in preparation for a 2030s depression, which may or may not arrive.Topics covered include:Why ITR Economics has been predicting a 2030s depression for over a decade.What are the early warning signs we can monitor for increasing risk of economic and financial turmoilWhat are U.S. and global population predictions by the Congressional Budget Office and the United NationsWhat is the status of Social Security and what would it take to make it more sustainableWhat are the impacts of a slowing or shrinking populationHow should we invest, and what other financial actions should we take in the face of long-term depression forecastsSponsorsDelete Me – Use code David20 to get 20% offMonarch Money – Get an extended 30-day free trialOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesTop 5 Causes of the 2030s Great Depression—ITR EconomicsThe Demographic Outlook: 2024 to 2054—Congressional Budget OfficeTestimony on Social Security's Finances—Congressional Budget OfficeWorld Population Prospects 2024—The United NationsWorld Population Prospects 2024: Graphs/Profiles—The United NationsAmerica is uniquely ill-suited to handle a falling population—The EconomistSuddenly There Aren't Enough Babies. The Whole World Is Alarmed. by Greg Ip and Janet Adamy—The Wall Street JournalRelated Episodes479: National Debt Master Class Finale – What To Do468: Lessons from Japan's 34 Years of Stock Market Underperformance395: How Population Trends Will Impact Growth, Inflation, Investing and Well BeingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gambling in the stock market is increasing, with most traders losing money while generating billions of dollars per year for brokerages and wholesalers. Will all this trading lead to big market swoons?Topics covered include:Why sports gambling has grown so muchHow gambling in the stock market is measured, and how prevalent is itWhy most traders lose money but continue to trade anywayHow uninformed traders improve market liquidity and encourage trading by informed tradingWhy being an asset allocator is more rewarding and as intellectually stimulating as tradingSponsorsNetSuiteBetterment - the automated investing and savings appInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesHow Stocks Became the Game That Record Numbers of Americans Are Playing by Claire Ballentine—BloombergMURPHY, GOVERNOR OF NEW JERSEY, ET AL. v. NATIONAL COLLEGIATE ATHLETIC ASSN. ET AL. SYLLABUS—The Supreme Court of The United StatesAmerica's Sports Betting Boom by Felix Richter—StatistaSearching for Gambles: Gambling Sentiment and Stock Market Outcomes by Yao Chen, Alok Kumar, Chendi Zhang—SSRNStocks as Lotteries: the Implications of Probability Weighting for Security Prices by Nicholas Barberis and Ming Huang—SSRNDay Trading for a Living? by Fernando Chague, Rodrigo De-Losso, Bruno Giovannetti—SSRNComputer based trading system and methodology utilizing supply and demand analysis—Google PatentsRetail Trading in Options and the Rise of the Big Three Wholesalers—Svetlana Bryzgalova, Anna Pavlova, Taisiya Sikorskaya—SSRNAmateurs Pile Into 24-Hour Options: ‘It's Just Gambling' by Gunjan Banerji—The Wall Street JournalRetail Traders Love 0DTE Options... But Should They? by Heiner Beckmeyer, Nicole Branger, Leander Gayda—SSRNRelated Episodes482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity239: How to Be a Successful TraderSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Buffer ETFs protect against the downside while capping the upside. We examine them closely to see if they are worth it.Topics covered include:How buffer ETFs are structured and some current examplesHow buffer ETFs have performed over the past five yearsWhat are the risks of buffer ETFsHow loss aversion and narrow framing contribute to the popularity of buffer ETFsAre buffer ETFs worth it and what are some alternative strategies that could be used insteadSponsorsShopify NetSuiteInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesBlackRock Enters Booming Market for Stock ETFs With a 100% Hedge by Emily Graffeo—BloombergNew Stock ETF Offers 100% Hedge as Buffer Funds Nab $46 Billion by Emily Graffeo—BloombergThe Dynamics of Defined Outcome Exchange Traded Funds by Luis García-Feijóo and Brian Silverstein—SSRNMonetizing Loss Aversion for Fun and Profit—Paul KedroskyThirty Years of Prospect Theory in Economics: A Review and Assessment by Nicholas C. Barberis—Journal of Economic PerspectivesProspect Theory: An Analysis of Decision Under Risk by Daniel Kahneman and Amos Tversk—ECONOMETRICAInvestments MentionedInnovator U.S. Equity Ultra Buffer ETF - January Series (UJAN)Innovator U.S. Equity Ultra Buffer ETF - June Series (UJUN)iShares Large Cap Max Buffer Jun ETF (MAXJ)Innovator U.S. Equity Accelerated 9 Buffer ETF (XBJL)SPDR S&P 500 ETF Trust (SPY)Related Episodes465: Transforming Financial Regrets into Portfolio Gains: Five Strategies for Navigating Investment Emotions460: Should You Be Invested 100% in Stocks Before and During Retirement? A Recent Study Says Yes. 451: How Much Should You Invest in Stocks? The Art of Position Sizing in a Volatile Market394: How to Get Better at Risk Taking321: How to Analyze Complex InvestmentsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Seven ways to increase the odds of living long into your retirement years (if you choose to retire).SponsorsMonarch Money – Get an extended 30-day free trialLifetime Money for the Rest of Us Plus membershipOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesPodcast Stats: How many podcasts are there?—Listen NotesQuality Over Quantity Is A Growth Strategy by Steven Goldstein—Amplifi MediaSlow Productivity by Cal Newport—Penguin Random HouseWhy our brains crave beauty, art and nature by Jemima Kelly—The Financial TimesWhy southern Europeans will soon be the longest-lived people in the world—The EconomistWhat I've learnt from two decades eating in Paris by Simon Kuper—The Financial TimesGetting Good Sleep Could Add Years to Your Life—American College of CardiologyClose friends can help you live longer but they can spread some bad habits too by Maggie Mertens—NPRUnited we thrive: friendship and subsequent physical, behavioural and psychosocial health in older adults (an outcome-wide longitudinal approach) by E. S. Kim, W. J. Chopik, Y. Chen, R. Wilkinson and T. J. VanderWeele—Cambridge University PressWhy I've hung up my wellies and given up the country cottage by Tom Hodgkinson—The Financial TimesAn Emersonian Guide to Taking Control of Your Life by Arthur C. Brooks—The AtlanticWhy you should never retire—The EconomistIt's not so ‘terribly strange to be 70' by Anne Lamott—The Washington PostSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Millions of fintech app users have lost access to their cash. In this episode, we explain why this happened and show you how to protect yourself when placing cash with traditional banks, neobanks, and fintech platforms.Topics covered include:The mass chaos in the fintech space spawned by the bankruptcy of Synapse Financial TechnologiesWhat are FBO accounts, and why they are so troublesomeWhat is the difference between a traditional bank, a neo bank, and a non-bankWhat to look for and protect yourself when investing your cash savingsSponsorsNetSuite Delete Me – Use code David20 to get 20% offOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesCHAPTER 11 TRUSTEE'S INITIAL STATUS REPORT BY UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA SAN FERNANDO VALLEY DIVISION—CourtListenerFintech platform Synapse raises $33M to build ‘the AWS of banking' by TechCrunch—SynapseX Post by Jason Mikula—X"Full Reconciliation... May Not Be Possible," Synapse Trustee Says by Jason Mikula—Fintech Business WeeklyMercury Seeking $30M From Synapse, Emergency Court Filing Reveals by Jason Mikula—Fintech Business WeeklyInfighting among fintech players has caused TabaPay to ‘pull out' from buying bankrupt Synapse by Mary Ann Azevedo—TechCrunchFintech startup Copper forced to discontinue banking services amid Synapse fiasco by Taylor Soper—GeekWirea16z-backed Tellus wants to offer consumers a much better savings rate. Here's how. by Mary Ann Azevedo—TechCrunchFDIC Demands Three Companies Cease Making False or Misleading Representations about Deposit Insurance—FDICRelated Episodes440: Beware of Platform Risk424: Are More Bank Runs Coming? The Collapse of Silicon Valley Bank412: Where to Invest Your Cash Savings for Higher Yields304: A 15% Guaranteed Return? Lending on the Fringes of FinanceSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How a few high-impact successes drive up overall average outcomes in investing, business, and creative projects. How to harness positive skewness using a barbell approach. Learn when to mitigate risks and when to embrace them.Topics covered include:What is positive skewness and how does it manifest in investing, business and creative endeavorsHow power laws and the 80/20 rule workWhy we shouldn't beat ourselves up if we aren't incredibly successfulWhen should we reduce positive skewness and when should we embrace itSponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsBetterment - the automated investing and savings appOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesLong-Term Shareholder Returns: Evidence from 64,000 Global Stocks by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, K.C. John Wei—SSRNLong-Horizon Stock Returns Are Positively Skewed by Adam Farago and Erik Hjalmarsson—SSRNWealth Creation in the U.S. Public Stock Markets 1926 to 2019 by Hendrik Bessembinder—SSRNThe Coffee Can portfolio by Robert G. Kirby—csinvestingActive vs Passive Investing U.S. Barometer Report—Morningstar Table 7. Survival of private sector establishments by opening year—U.S. Bureau of Labor StatisticsHow Many Podcasts Are There? (New 2024 Data) by Josh Howarth—Exploding TopicsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why are homeowners seeing home insurance premiums increases of up to 70%, as David has? What can you do if your insurer drops you, you get a huge premium increase, or you can no longer afford coverage?Topics covered include:What are the primary drivers of home insurance price increasesWhy these increases don't show up in the U.S. consumer price indexHow the reinsurance market works and why reinsurers are passing on 50% premium increases to property and casualty insurers.What percentage of home insurers self-insureWhat else can homeowners doSponsorsDelete Me – Use code David20 to get 20% offNetSuiteInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesHome Insurance Is Clobbering Consumers. Yet It's Barely Counted in Inflation. by Jeanna Smialek—The New York TimesNIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts: Chapter 5: Personal Consumption Expenditures—Bureau of Economic AnalysisThe crippling home insurance crisis hitting America by Rana Forhoohar—The Financial TimesThe Hidden Driver of Soaring Home Insurance Costs by Jean Eaglesham—The Wall Street JournalWhen Disaster Strikes: Preparing for Climate Change by Seán Nolan and Krishna Srinivasan—IMF BlogHome insurance was once a ‘must.' Now more homeowners are going without. by Patrick Cooley—The Washington PostHomeowners Perception of Weather Risks 2023 Q2 Consumer Survey—Insurance Information InstituteInsurance Companies Feeling the Pressure in Iowa and the Midwest by Jerry Theodorou—Insurance JournalSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why stock, ETF, and bond trades are optimized to settle in less than a day, allowing investors quicker access to their cash and securities. What are the benefits and costs of optimization in the relentless drive for cheaper, faster, and more profitable.Why countries are moving to T+1 settlement from T+2 for security tradesWhat will it take for securHow BlackRock and Franklin have launched Treasury funds that are tokenized and trade on the Etherium networkHow optimization works and what are the tradeoffsHow we can use satisficing and rules of thumb in order to cope with the complexity of the worldSponsorsYahoo FinanceMonarch Money – Get an extended 30-day free trialOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesAbout the ‘T+1' Rule Making US Stocks Settle in a Day by Lydia Beyoud and Greg Ritchie—BloombergSEC Chair Gensler Statement on Upcoming Implementation of T+1 Settlement Cycle—SECWhat faster trading cycles will mean for US markets by Jennifer Hughes and Harriet Clarfelt—The Financial TimesSpeedier Wall Street Trades Are Putting Global Finance On Edge by Greg Ritchie—BloombergBlackRock closes in on crown of world's largest bitcoin fund by Will Schmitt and Brooke Masters—The Financial TimesKrumme, Coco. Optimal Illusions: The False Promise of Optimization . Penguin Publishing Group. Financial Statement Analysis with Large Language Models by Alex G. Kim, Maximilian Muhn, and Valeri V. Nikolaev—The University of ChicagoRelated Episodes457: AI's Fork in the Road: Societal Bliss or Existential Threat329: Meme Stocks, GameStop, Short Squeezes, and Bubbles228: How Tokenization Will Radically Change InvestingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In part three of our national debt masterclass, we share a simple debt dynamics formula we can monitor to help guide our investment choices.Topics covered include:How much has the national debt grown over the past fifties years, and what are the underlying driversHow the budget deficit, interest rates, and economic growth determine the level and growth in the national debtUnder what circumstances will the U.S. default on its debtHow should we invest to protect ourselves from the uncertainties of the national debt situationSponsorsNetSuite Yahoo FinanceOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesJerome Powell: Full 2024 60 Minutes interview transcript—CBS NewsYellen says she disagrees with Moody's outlook on US debt by Ann Saphir and David Lawder—ReutersIMF Steps Up Its Warning to US Over Spending and Ballooning Debt by Christopher Condon—BloombergWHEN DOES FEDERAL DEBT REACH UNSUSTAINABLE LEVELS?—Penn WhartonThe Long-Term Budget Outlook: 2024 to 2054—Congressional Budget OfficePUBLIC DEBT AND LOW INTEREST RATES by Olivier J. Blanchard—NBERBond vigilantes snooze as Treasury market shrugs off vast US borrowing by Kate Duguid—The Financial TimesTerm Premium on a 10 Year Zero Coupon Bond—FREDInstantaneous Forward Term Premium 10 Years Hence—FREDSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In part two of this national debt series, we explore how households and businesses, including commercial banks, can choose not to participate in what some call a national debt ponzi scheme. We also look at how central banks and federal governments monetize the national debt using quantitative easing.SponsorsYahoo FinanceLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesCredit and Liquidity Programs and the Balance Sheet: Federal Reserve liabilities—Board of Governors of the Federal Reserve SystemAs of and for the Years Ended December 31, 2019 and 2018 and Independent Auditors' Report—The United States Federal Reserve SystemDifferent types of central bank insolvency and the central role of seignorage by Ricardo ReisHow do central banks control inflation? A guide for the perplexed by Laura Castillo-Martinez and Ricardo ReisCan the Central Bank Alleviate Fiscal Burdens? by Ricardo ReisRicardo Reis Tweets on Monetizing the National DebtM2—Federal Reserve Economic DataAssets: Total Assets: Total Assets: Wednesday Level—Federal Reserve Economic DataAssets: Securities Held Outright: U.S. Treasury Securities: All: Wednesday Level—Federal Reserve Economic DataAmericans Reported Strong Personal Finances Late Last Year, Fed Finds by David Harrison—The Wall Street JournalA Complete Guide to Understanding and Protecting Against Inflation—Money For the Rest of UsA Complete Guide to Investing in TIPS and I Bonds—Money For the Rest of UsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In part one of this three part series, we consider why a country that issues debt in its own currency can't default unless it chooses to. We also explore how central banks can control interest rates on the national debt. We also consider whether it is possible for government borrowing to crowd out the private sector.SponsorsShopify NetSuiteInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesMoney In The Modern Economy: An Introduction – Bank of England – Q1 2014Money Creation In The Modern Economy – Bank of England – Q1 2014Congressional Budget Office 2017 Long-term Budget OutlookGoing for Broke: Deficits, Debt, and the Entitlement Crisis – Michael D. TannerBernanke's Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation? – Pavlina R. Tcherneva – Levy Institute (includes quotes referenced in episode by Ben Bernanke and Michael WoodfordNew Framework for Strengthening Monetary Easing: “Quantitative and Qualitative Monetary Easing with Yield Curve Control” – Bank of JapanJapan's Debt Burden Is Quietly Falling the Most in the World – BloombergThe Bone Clocks – David MitchellVenezuela Is Starving – Juan Forero – Wall Street JournalCurse or Blessing? How Institutions Determine Success in Resource-Rich Economies – Cato InstituteForget Taxes, Warren Buffett Says. The Real Problem Is Health Care. – New York TimesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There is no podcast episode this week, but we have a live webinar on stock market investing this Friday, May 3, 2024 at 11:00AM Pacific time. You can learn more and sign up at Assetcamp.com/webinar.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why global small-cap stocks have underperformed large-cap stocks and will the trend continue? The investment case for allocating to global small caps. Topics covered include:How have small caps performed relative to large caps over the past two decadesWhat factors contributed to the underperformanceHow quality is an important factor to consider when investing in small capsWhat are the earnings prospects for small-cap stocksWhy small-cap stocks could deliver double-digit returns over the next decadeSponsorsYahoo FinanceMonarch Money – Get an extended 30-day free trialOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesUS small-caps suffer worst run against larger stocks in over 20 years by George Steer—The Financial TimesSmall stocks, big problems by Robin Wigglesworth—The Financial TimesThe Death of Small Cap Equities? by Chris Satterthwaite—Verdad The Quality of New Entrants by Chris Satterthwaite—VerdadRelated Episodes466: Does Dividend Investing Still Work?370: Should You Invest in Small-Cap and Mid-Cap Stocks?253: Are IPOs the New Ponzi Scheme?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.