Podcasts about CFA

Edward Brady is a CFA, Realtor®, Certified Regulatory Compliance Professional, and former SEC examiner who spent 25 years protecting the integrity of U.S. financial markets. After conducting hundreds of examinations of broker-dealers and investment advisors, he now helps investors simplify financial decisions through timeless wealth-building principles. In this episode, Edward shares lessons from his career at the SEC, explains why most people misunderstand compounding, and breaks down the four pillars of his STAR framework for building lasting financial security. On this episode we talk about: Edward's journey from aspiring real estate professional to spending 25 years investigating the financial industry at the SEC. Why diversification protects more than your portfolio—it protects your confidence as an investor. The STAR framework: Savings, Time, Assets, and Real Returns. How taxes, fees, inflation, and investment structure quietly impact long-term wealth. Why patience and compounding—not chasing quick wins—are the foundation of financial freedom. Top 3 Takeaways Long-term wealth is built by consistently saving, allowing time for compounding, and making thoughtful investment decisions—not by chasing get-rich-quick opportunities. Diversification isn't just about reducing risk; it helps investors maintain the confidence to stay invested through market volatility. Your net returns are what truly compound. Minimizing taxes, fees, and unnecessary costs can dramatically improve your financial future. Notable Quotes "Diversification protects your confidence in taking risk." "Only your net returns compound. What you keep is what grows." "If you understand the principles that affect your returns, you're much better able to protect yourself." Connect with Edward Brady: LinkedIn: https://www.linkedin.com/in/edward-m-brady-cfa-realtor/ Instagram: https://www.instagram.com/edwardmbradycfarealtor/ Other: Awaken Your Star book A Word from Our Sponsors: - Visit DrinkAG1.com/TMM to get a free AG1 Travel Case with 7 free AG1Travel Packs in your Welcome Kit with your first AG1 subscription order while supplies last.  - Go to Leesa.com for 25% OFF select mattresses (through August 23, 2026) PLUS get an extra $50 off with promo code TMM, exclusive for my listeners  Learn more about your ad choices. Visit megaphone.fm/adchoices

Ben Carlson, CFA, is the Director of Institutional Asset Management at Ritholtz Wealth Management and the creator of the widely read financial blog A Wealth of Common Sense. He is the co-host of the Animal Spirits podcast and the author of several books on investing, including A Wealth of Common Sense and his latest release, Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth. Ben is known for making complex financial concepts practical, accessible, and easier for everyday investors to understand. Today on the show, we discuss why financial anxiety persists even when you are doing everything right, how to build a simple plan around your goals and risk tolerance, why automated investing can help you ignore market noise, how much cash you really need for emergencies and short-term goals, why more money does not automatically create security or happiness, and how to save, invest, and spend without guilt or constantly moving the goalposts and much more. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Ask Me Anything episode, Ben Felix, Ben Wilson, and Louai Bibi tackle a wide-ranging collection of listener questions spanning investing, retirement, family finance, and financial planning. Along the way, they combine academic research, practical experience, and thoughtful discussion to separate evidence-based decisions from intuition.   The conversation explores everything from teaching children healthy money habits and the long-term behavioral challenges of value investing to sequence of returns risk, retirement spending strategies, and global portfolio construction. The episode concludes with an in-depth discussion of Louai Bibi's National Financial Planning Award-winning financial plan, highlighting the importance of holistic advice, evidence-based planning, and continuous improvement through client feedback.   Key Points From This Episode: (00:00:00) Introduction (0:05:30) Advice for aspiring financial planners: Building skills, credentials, networks, and mentorship early in your career. (0:07:35) Why young advisors should be "a sponge" and learn from both good and bad professional experiences. (0:09:41) Ben Felix on completing the CFA, CIM, and CFP early—and why creating content accelerated his learning. (0:11:51) Why getting large numbers of client-facing "reps" can dramatically improve an advisor's ability to communicate advice. (0:15:44) Choosing the right firm, team, and mentors—and how networking helped Ben Felix ultimately join PWL. (0:18:53) Should a young physician borrow from a professional line of credit to invest? (0:24:55) Robert Merton's perspective on leverage for young investors and the risks of implementing leverage through margin borrowing. (0:28:21) Why the psychological experience of investing borrowed money can be very different from owning an unleveraged portfolio. (0:30:35) How much leverage is needed before it meaningfully changes a long-term financial plan. (0:31:36) Should investors increase their equity allocation before considering leverage? (0:33:39) Louai's experience working with physicians and why becoming debt-free can change how people feel about borrowing to invest. (0:36:00) Louai and Ben Felix share their own experiences with leverage. (0:36:59) How to teach children about money, scarcity, saving, generosity, and spending. (0:38:26) Ben Wilson's approach: Save 50%, give 10%, and let his kids decide what to do with the remaining 40%. (0:40:02) Using wealth for memorable family experiences rather than simply giving children more money. (0:42:51) Why anticipating an experience can be an important part of the enjoyment it creates. (0:43:42) Is the value premium worth the behavioral challenge of potentially enduring years of underperformance? (0:44:11) Ben Felix explains why the difficulty of sticking with value may itself contribute to the premium. (0:45:47) Can having a sufficiently large portfolio eliminate sequence-of-returns concerns? (0:49:41) Reframing "sequence of returns" as "sequence of withdrawals"—and why flexible spending matters. (0:51:21) Separating retirement expenses into fixed needs and flexible spending. (0:52:47) The purchases that have delivered the best personal ROI for Ben, Ben, and Louai. (0:53:08) Ben Felix on his indoor basketball hoop, family travel, sauna, and prepared meal delivery. (0:56:56) Ben Wilson on family vacations, skiing, cycling, and why his family chose a pool over a cottage or boat. (0:58:27) Louai on his 49-inch monitor, his dog, and investing in health and fitness. (1:00:42) How should investors geographically weight a global small-cap value portfolio? (1:05:13) Why a globally diversified portfolio that an investor can actually stick with matters more than finding a theoretically perfect country allocation. (1:07:19) What should investors approaching retirement or FIRE do about sequence-of-returns risk? (1:09:00) Research comparing declining, rising, and static equity allocations during retirement. (1:13:38) Why risk tolerance, time horizon, spending needs, and financial-plan resilience should drive retirement asset allocation. (1:15:07) The National Financial Planning Awards, the judging process, and the sponsorship conflict disclosure surrounding Louai's award. (1:18:37) Inside Louai's 47-page award-winning financial plan and the range of planning issues it addressed. (1:20:06) What Louai believes actually distinguished the submission: Not one clever strategy, but a holistic decision-making process. (1:21:39) Why Louai sought feedback from planners outside PWL and how the award process can improve the broader team. (1:23:26) Why Louai believes financial-planning knowledge and feedback should be shared rather than "gatekept." (1:23:56) How feedback from the Rational Reminder community changed Louai's thinking about investment risk. (1:24:40) Why defining risk purely as short-term volatility can overlook the bigger risk of failing to achieve financial goals. (1:27:59) How public feedback through the podcast creates a powerful learning loop for the PWL team. (1:28:29) A PWL client review on the value of planning, professional experience, and advice that puts the client's interests first. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/   Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)  

How much should you have saved for retirement? It's one of the most common questions people ask, and new retirement savings data from Fidelity gives us a chance to see how Americans compare. But while the numbers are interesting, they don't answer the most important question: Will your resources support the retirement you want to live? In this episode, Tyler Emrick, CFA, CFP® reviews the latest retirement savings data, explains why averages can be misleading, and shares real-life examples of why income, lifestyle, and thoughtful planning matter more than simply comparing account balances. We discuss: What Fidelity's latest retirement savings data shows by age and generation Why average and median tell two very different stories Why retirement readiness is about much more than your 401(k) balance How pensions and guaranteed income can significantly change the retirement equation Why two families with similar account balances can have completely different retirement outcomes A better way to measure retirement readiness than comparing yourself to everyone else Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 20-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth   Our website:  https://www.truewealthdesign.com/  Phone: 855.TWD.PLAN Contact our team: https://www.truewealthdesign.com/contact-a-financial-advisor/  Schedule your no-cost discovery call: http://bit.ly/calltruewealth    Check out our other no-cost financial resources here: https://www.truewealthdesign.com/financial-resources/    Facebook: https://www.facebook.com/TrueWealthDesign/  LinkedIn: https://www.linkedin.com/company/true-wealth-design/  X: https://x.com/truewealthdesgn    Watch the show now on YouTube: https://www.youtube.com/channel/UCjENBHOti-IEJFqeydZm_Fg?sub_confirmation=1

จาก DeepSeek สู่ KIMI K3 จีนกำลังเขย่าบัลลังก์เทคโลกอย่างไร ? | Talk ลงทุนแมน จากกระแส DeepSeek ที่โลกเคยตื่นตา วันนี้จีนเปิดตัว AI โมเดลใหม่อย่าง KIMI K3 และการเดิมพันครั้งใหญ่ในอุตสาหกรรม Hard Tech ท่ามกลางภาพรวมเศรษฐกิจจีน ที่อาจดูซบเซาในภาคการบริโภค แต่ภาคเทคโนโลยีกลับเติบโตอย่างก้าวกระโดด จนกลายเป็นเครื่องจักรเศรษฐกิจใหม่ ที่รัฐบาลจีนพัฒนาให้เป็นเครื่องยนต์สำคัญ สำหรับการเติบโตของเศรษฐกิจ นี่คือการวางรากฐาน AI Supply Chain ทั้งระบบ ตั้งแต่การผลิตชิปไปจนถึงหุ่นยนต์อัจฉริยะที่น่าติดตาม และจีนกำลังก้าวขึ้นมาเขย่าบัลลังก์เทคโลกด้วยกลยุทธ์ไหน โอกาสการลงทุนใน New Economy ซ่อนอยู่ที่ใด ? ร่วมวิเคราะห์ไปกับ คุณทิวา ชินธาดาพงศ์ นายกสมาคมนักลงทุนประเทศไทย คุณธนบดี รัตนชูวงศ์, CFA ผู้จัดการกองทุน, บริษัทหลักทรัพย์จัดการกองทุน ทาลิส จำกัด (บลจ.ทาลิส) ผศ.ดร.อาร์ม ตั้งนิรันดร ผู้อำนวยการสถาบันเอเชียศึกษา จุฬาลงกรณ์มหาวิทยาลัย

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, speaks with Trevor Clark, Founder and Managing Partner of TPG Twinbrook Capital Partners, about the structural changes reshaping private credit and the enduring role of lower middle market lending. Trevor explains why private credit should not be treated as a single, uniform asset class and discusses how manager experience, direct origination, disciplined underwriting, financial covenants and active portfolio monitoring can influence investment outcomes.   The conversation also explores how insurance capital, BDC structures, retail redemptions, longer private equity hold periods and artificial intelligence are changing the direct lending landscape. Trevor shares why strong companies can still become vulnerable when overlevered, how lenders can use better data and monitoring to identify risks earlier, and what insurance investors should consider when evaluating both private credit managers and the structures used to access the asset class.

Join USCF's Substack: https://uscfinvestments.substack.com/In this episode of Spotlight, Ron DeLegge ‪@etfguide‬ chats with John Love, CFA and CEO of USCF Investments. John discusses the ongoing Iran Oil Crisis, and whether it's close to ending, or will stretch on further, as well as the United States Oil Fund (USO). He also discusses the USCF Midstream Energy Income Fund (UMI), a midstream energy fund invested in companies that serve logistical needs for the energy market, the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), which dynamically invests in a broad range of commodities, and the USCF Gold Strategy Plus Income ETF (USG), which combines physical gold exposure with quarterly income via options strategies. *********To learn more about USCF Investments visithttp://www.USCFInvestments.com 

One of the defining market stories of the past 12 months has not been AI chips that compute, but the chips that remember. Equity analyst Shan Rui Yeo explains how memory works, from DRAM and NAND to high bandwidth memory, and how an industry that destroyed wealth for four decades became disciplined after consolidating to three players in 2013. He then walks through what changed: AI inference has made memory the key bottleneck, memory content is climbing with each new generation of GPUs, and new supply takes three to four years to build. With prices up sharply and customers signing long-term agreements, Part 1 of this three-part conversation lands on a commodity industry whose business model is changing in real time.   Key Takeaways Memory is a commodity with a three-to-four-year supply lag, which is why the cycle has always been difficult. Consolidation to three players in 2013 turned four decades of wealth destruction into at least 15% returns on capital through the cycles. In AI inference, memory bandwidth sets the speed of token generation, making memory the key bottleneck. NVIDIA's Rubin GPU carries 384 GB of DRAM, the equivalent of 32 iPhones per GPU, or 160 million iPhones across five million GPUs. HBM consumes three times the wafer capacity of standard DRAM (four times with HBM4) and is forecast to absorb 30% of DRAM wafers by 2027. DRAM contract prices are up roughly 200% year to date and 400 to 500% year over year, and price increases are reaching phones, laptops, and consoles. Customers are signing three-to-five-year agreements with prepayments, which could support a re-rating of memory companies.   Companies Mentioned: Samsung Electronics, SK Hynix, Micron, NVIDIA, Intel, Texas Instruments, Apple, Nintendo   Host: Rob Campbell, CFA, Institutional Portfolio Manager Guest: Shan Rui Yeo, CFA, Equity Analyst   This episode is available for download anywhere you get your podcasts.   Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.   Visit us at: https://www.youtube.com/@MawerInvestment https://www.mawer.com https://www.linkedin.com/company/mawer-investment-management/ https://www.instagram.com/mawerinvestmentmanagement/ #ArtOfBoring #MawerInvestmentManagement #MawerInvestment #Podcasts

In this episode of Broadcast Retirement Network, we bring together leading voices on retirement income strategy and fiduciary considerations. Guests include John Schembari, Kutak Rock, Ed McIlveen, CFA, Francis, LLC, and Robert Scherzer, AIF of World Investment Advisors. We discuss what employers and fiduciaries should weigh when introducing (or evaluating) guaranteed lifetime income features within defined contribution plans—balancing participant needs, plan design, and real-world implementation realities.

Join Hoda for amazing discussions that boost your career literacy. Lili Foggle highlighted, “just about anybody can learn to interview successfully”. How confident are you in your ability to successfully interview? Urmi Hussein shared, “Your personal brand is portable, no matter where you go, you always have your brand”. How intentional are you about developing your brand? Listen, comment and share your thoughts and experiences.   Guest 1 Bio TikTok @yourinterviewcoach Lili Foggle is the winner of the Momentum Awards 2025 Top Specialty Coach from The Modern Coach, and holds interview coaching certifications from Career Thought Leaders and the Professional Association of Resume Writers and Career Coaches.  She has taught hundreds of her one-on-one clients—as well as many of her over 70,000 TikTok followers—how to deliver effective and confident answers in job interviews. Her proven, data-driven communication techniques help candidates stand out in a competitive field and secure the offer.  Through the Professional Association of Resume Writers and Career Coaches, she provides interview skills training and mentoring to other career coaches. Lili is a passionate advocate for the power of interview skills to transform careers and lives. She believes that with training and practice, anyone can learn to give authentic interview answers that get the job.   Guest 2 Bio  Instagram @storiesbeyondborderspodcast Urmi Hossain is a self-published author, speaker, blogger, and podcast host based in Canada.  She works in financial services and holds both the CFA and CAIA designations. Through her work, she empowers women by championing mentorship, education, and public speaking.  She serves as the Co-Chair of the organization Women in Leadership, for the Montreal Chapter. She is the author of Discovering Your Identity: A Rebirth from Interracial Struggle and the host of Stories Beyond Borders, a podcast exploring identity, migration, and culture.  Outside of work, she enjoys reading thrillers, boxing, running, and HIIT workouts.   For career counselling for you or someone you care about, start with a free discovery call: careercycles.com For gamified, story-based professional development, learn about and schedule a demo of Who You Are Matters!  

"The long-term drivers for the commodity cycle are intact. The rally that we've seen over the last 24 months, it's just like a teaser of what's coming when you look at broad sort of like landscape ideas in terms of like the exposure of global markets to mining and metals and to energy as well, it's less than 1% in some cases. If that only gets back to long-term averages of 5 to 10%, we're looking at trillions of dollars that are going to roll into our space. We live in a world where companies have trillion-dollar valuations. Why can't our companies [miners] have trillion-dollar valuations?" explains Resource Fund Manager Samuel Pelaez in this MSE episode. Samuel Pelaez is the President, CEO and CIO of Olive Resource Capital Inc. He has dedicated the past decade to financing natural resource projects while serving as Chief Investment Officer and Portfolio Manager at Galileo Global Equity Advisors, and as an analyst at US Global Investors. Mr. Pelaez has been an early investor in numerous resource discoveries and has been an active participant in Canadian resource corporate transactions. Samuel graduated from the Schulich School of Business with Distinction. He also holds a Masters in Finance degree from The University of Cambridge. He was a scholar of the Financial Leaders of Tomorrow Program at the PBOC Graduate School at Tsinghua University in Beijing. Samuel is a CFA charter holder and member of the Toronto CFA Society where he resides. Sam's website: https://olive-resource.com/ 00:00 Intro 00:47 Market Outlook and Fed 02:41 Gold Pullback Opportunity 04:12 Liquidity Spreads to Commodities 07:04 Whales Media and Charts 08:29 Copper Capex and Juniors 13:54 Project Quality and Water 17:13 M&A Drivers Permitting 19:46 Fast 41 and Policy Tailwinds 21:50 Portfolio Construction Focus 24:21 Position Sizing Concentration 28:37 Benchmarking and Learning 34:10 Top Picks to Watch 36:45 Olive Resource Capital Thesis 39:23 Cost of Living Philosophy Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 This interview was not sponsored. Mining Stock Education offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Everyone's talking about an "AI bubble." Is it real? David B. Armstrong, CFA and Nate Tonsager, CFA, CIPM look at what the actual earnings data says — and it tells a different story than the headlines. This episode also covers SpaceX's stock drop, and why 95% of the company's shares are still locked up and can't be sold yet. Dave and Nate walk through what that means for anyone thinking about buying in now. They also get into private equity: why it's being pushed so hard to individual investors right now, and the real cost of locking up your money for seven years to get in. The takeaway: don't let headlines or hype set your investment strategy. Understand the actual data, stay disciplined, and keep your options open. Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures Episode Timeline/Key Highlights: 00:00 - A Volatility Reality Check 0:21 - Welcome And Why SpaceX Matters 3:59 - AI Bubble Claims Put To Data 8:30 - Semiconductors Cool Off And IPOs Wait 14:05 - Concentration Risk In The S&P 500 18:45 - SpaceX Price Drop And The Float Problem 22:25 - Staying Invested Through Normal Drawdowns 24:03 - Lockups, Liquidity Events, And Timing 27:57 - Space Exposure Via ETFs Plus Mag 7 Check 29:50 - FOMO, Feelings, And Long-Term Odds 29:51- Why Private Markets Get Pushed 31:22 - The Seven-Year Wait And Opportunity Cost 36:03 - When Alternatives Can Actually Fit 41:30 - How To Send Questions And Subscribe 42:08 - Required Investing Disclosure Connect with Monument Wealth Management:    Visit our website: https://monumentwealthmanagement.com/   Follow us on Instagram: https://www.instagram.com/monumentwealth/#   Connect on LinkedIn: https://www.linkedin.com/company/monument-wealth-management/   Connect on Facebook: https://www.facebook.com/MonumentWealthManagement   Connect on YouTube: https://www.youtube.com/user/MonumentWealth#Fit   Subscribe to our Private Wealth Newsletter: https://monumentwealthmanagement.com/subscribe/   Check out our Between Sips Podcast: Where Money Meets Meaning Because money without meaning never feels like wealth. https://monumentwealthmanagement.com/between-sips-podcast/ About "Off the Wall": Markets move fast, and headlines rarely tell the full story. Off The Wall cuts through the noise with unfiltered market and economic insight from Monument's CEO David B. Armstrong, CFA and Portfolio Manager Nate Tonsager, CFA, CIPM. Tune in for the conversations that actually explain what's moving your portfolio, without the Wall Street spin. Learn more about our hosts on our website at https://monumentwealthmanagement.com   

Nous continuons ce matin notre série de reportages sur les petits plats stars de la pause déjeuner... Direction la Côte d'Ivoire, où le champion incontesté de la catégorie est le garba – l'attiéké au « faux-thon », des restes de thon récupérés au port d'Abidjan. Très populaire, le garba est quasiment devenu un plat national grâce à un prix imbattable, environ 1 000 francs CFA (environ 1,50 euros) pour un repas. De notre correspondant à Abidjan, À Abidjan, le garbadrome de Cocody, tenu par Issa, ne désemplit pas chaque midi. Situé entre un lycée réputé et une université privée, ce petit restaurant de Côte d'Ivoire attire des dizaines de clients quotidiennement. Le patron, débordé, prépare des sachets à emporter composés de thon frit, de semoule de manioc – l'attiéké – et d'un condiment à base d'oignons, de tomates et de piment. Pour ce client nigérien, la fraîcheur des produits fait toute la différence. « Il y en a beaucoup qui disent que le garba d'ici est bon, parce que l'attiéké, c'est pas la même chose que chez les autres. Le poisson, on va le chercher au port de pêche. Chaque jour, on va le chercher là-bas », explique-t-il. Assises sur un banc devant une marmite d'huile frémissante, Emmanuelle et Alice, deux archivistes, attendent leur garba chaud. Elles sélectionnent avec soin leurs morceaux de thon. « C'est très important d'avoir un gros bout, pour bien manger, à cause de la taille du plat d'attiéké. Et c'est bon pour la popoche, il faut en avoir pour son argent », soulignent-elles. Le garba, un plat économique et nourrissant, doit son nom à Dicoh Garba, ancien ministre ivoirien de la production animale. Dans les années 1970, ce dernier a autorisé la redistribution des restes de thon récupérés au port d'Abidjan, auparavant destinés à la poubelle. Ces déchets sont ainsi devenus la base d'un véritable système antigaspi. Aujourd'hui, les mareyeurs rachètent ce « faux-poisson » pour environ 600 francs CFA le kilo (environ 0,90 euros), soit 30% moins cher que le thon normal. Neka, étudiant en droit, fréquente ce garbadrome quotidiennement, attiré par ses prix imbattables, mais pas seulement. « Il y a l'accessibilité au niveau du prix, mais il y a aussi le fait que tu es satisfait au niveau du ventre quand tu as fini de manger. Au niveau du goût, c'est très bon, ça se mélange avec plein de trucs, tu peux mettre du cube Maggi pour l'assaisonnement... C'est parfait, en fait ! Et c'est aussi un moment de convivialité. C'est ça, le truc », confie-t-il. En 2020, Abidjan comptait au moins 2 000 garbadromes similaires à celui d'Issa, certains servant jusqu'à 500 clients par jour. À lire aussiCôte d'Ivoire: à Abidjan, les livreurs à moto craignent toujours plus pour leur sécurité

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Maarten Offeringa of Federated Hermes to explore trade finance and the investment opportunity it creates within the real economy. Maarten explains how short-duration loans finance the production, infrastructure, and movement of physical goods through global supply chains, and why changes in global trade and bank regulation have made the asset class increasingly accessible to institutional investors.   The conversation examines trade finance's potential benefits for insurance portfolios, including floating-rate income, low duration, self-amortizing structures, diversification, and relatively low correlation with traditional fixed-income markets. Maarten also discusses Federated Hermes' bank-partnership approach to sourcing and underwriting transactions, shares real-world examples involving aircraft and essential food supplies, and explains where trade finance may fit within an insurer's broader public and private credit allocations.

Private equity access is expanding. On Market Matters, Sarah Hirsch shares webinar excerpts with Jeremy Held, CFA, of Bow River Capital on evergreen funds, liquidity, and lower middle market opportunities. 

En République démocratique du Congo, les malewa sont des petits restaurants de rue, prisés des Kinois pour la pause déjeuner. On y mange des plats locaux, populaires et surtout bon marché. De notre correspondante à Kinshasa, Bienvenue chez maman Mireille, la gérante d'un malewa, ces petits restaurants à ciel ouvert qui s'installent chaque midi sur les trottoirs de Kinshasa, la capitale de la RDC. Sur une table en bois brinquebalante sont disposées plusieurs casseroles, qui contiennent les plats du jour. « Pour le repas, nous avons aujourd'hui du porc, du gombo, de la courge, du poisson, des haricots et du poulet », explique-t-elle. Cela fait six ans que Mireille gère son malewa. Tous les matins, elle part au marché acheter ses produits et les cuisine directement sur place, avec du simple charbon de bois. « J'ai appris à cuisiner avec ma tante. Je partais avec elle à son malewa et je l'aidais à cuisiner. Je ne gagne pas beaucoup d'argent, mais au moins, j'ai un petit travail, sinon je n'ai rien. Je suis très fière quand les clients disent que c'est bon chez moi. C'est le bouche-à-oreille qui amène les clients », confie-t-elle. À lire aussiLes délices du continent [1/10]: en RDC, le poulet mayo, plat emblématique de Kinshasa Devant elle, les clients font la queue et, chacun leur tour, soulèvent les couvercles des casseroles pour faire leurs choix. Chaque plat a son prix pour s'adapter aux budgets les plus serrés. Pour Alphonse, chauffeur de bus, aller au malewa lui permet de manger un repas complet à moindre coût. « Par manque de moyens, j'ai mangé des boules de foufou et les feuilles de manioc et pour pas cher, avec 5 000 francs CFA [1,90 euros, NDLR]. J'ai bien mangé, c'est bien pour le ventre », témoigne-t-il. À ses côtés, Ange, une fonctionnaire qui travaille dans le quartier, est une habituée des lieux. « Elle prépare vraiment très bien. Elle met des épices comme on prépare à la maison à Kinshasa », assure-t-elle. Dans cette capitale tentaculaire, rares sont ceux qui ont le temps de rentrer chez eux pour le déjeuner. Le malewa est donc une solution pratique pour Christopher. « J'habite loin du centre-ville, et je quitte la maison très tôt le matin sans manger. À midi, j'ai faim, je mange quelque chose chez Mireille, c'est juste à côté du travail et ça me permet d'avoir de l'énergie pour le reste de la journée », explique-t-il. À 16 heures, les casseroles de Mireille sont généralement vides. Elle les range sous sa petite table en bois, prêtes à être utiliser. Chaque jour, Mireille cuisine pour une centaine de clients. À lire aussiÀ midi, on mange quoi: le sandwich dakarois se déguste dans les tanganas [1/5]

Election Years Often Bring Volatility, Not Lasting Market Changes Investor questions surrounding the upcoming midterm election continue to increase, particularly regarding how election results could impact financial markets. Historically, heightened market volatility leading into an election is completely normal. Volatility has typically increased as Election Day approaches, with October often proving to be the most volatile month of the election cycle. Once election uncertainty passes, however, market volatility has generally declined. More importantly, history shows that investors should focus less on election outcomes and more on what happens afterward. Since 1950, every 12-month period following a midterm election has produced a positive return for the S&P 500, with an average gain of approximately 16.6%. Even the weakest post-election year generated a positive return. Political control has also shown surprisingly little impact on long-term market performance. Looking back to 1933, the S&P 500 has produced double-digit average annual returns regardless of which political party controlled Washington. While election outcomes certainly influence policy discussions, long-term market returns have been driven primarily by corporate earnings rather than politics. For long-term investors, maintaining focus on business fundamentals remains far more important than attempting to predict election results. Tariffs, Consumer Spending, and Interest Rates Remain Key Economic Drivers Trade policy continues to evolve following the Supreme Court’s ruling against tariffs implemented under the International Emergency Economic Powers Act (IEEPA). In response, the administration implemented a temporary 10% universal tariff through Section 122, which expired after 150 days. Going forward, tariffs can now be implemented under Section 301, allowing for more permanent and country-specific tariff rates. While individual tariff rates may vary by trading partner, the overall economic impact compared to the previous structure remains relatively modest. Investors should expect continued headlines surrounding tariffs, but these developments are largely part of an anticipated policy transition rather than a significant shift in trade strategy. Beyond trade policy, consumer health remains one of the most important indicators for the broader economy. One metric receiving close attention combines average mortgage rates with average gasoline prices. Historically, when mortgage rates exceed 6% and gasoline prices rise above $4 per gallon, the combined burden begins placing meaningful financial pressure on consumers. Sustained periods above this threshold have often coincided with mid-cycle economic slowdowns or, in some cases, recessions. Despite these headwinds, the U.S. consumer has remained remarkably resilient. However, prolonged pressure from elevated borrowing costs and energy prices could eventually begin to weaken consumer spending, making this an important trend to monitor. Interest rate expectations also continue to shift. Current market expectations suggest the Federal Reserve is unlikely to cut rates in the near term, with some investors now anticipating the possibility of additional rate hikes later this year. As leadership at the Federal Reserve evolves, markets will closely watch how policymakers respond to inflation, consumer strength, and broader economic conditions. Any unexpected shift toward higher interest rates would represent a meaningful change from the expectations many investors held entering the year and could influence both market sentiment and economic growth. Greg Powell, CIMA® President and CEO Wealth Consultant Email Greg Powell here Bobby Norman, CFP®, AIF®, CEPA® Managing Director Wealth Consultant Email Bobby Norman here Trey Booth, CFA®, AIF® Chief Investment Officer Wealth Consultant Email Trey Booth here Ty Miller, AIF® Vice President Wealth Consultant Email Ty Miller here Fi Plan Partners is an independent investment firm in Birmingham, AL, with a team of professionals serving clients across the nation through financial planning, wealth management and business consulting. The team at Fi Plan Partners creates strategies in the best interest of their clients using fee based investing. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Economic forecasts set forth in this presentation may not develop as predicted. No strategy can ensure success or protect against a loss. Stock investing involves risk including potential loss of principal. Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.The post Volatility and Votes first appeared on Fi Plan Partners.

Consultorio bursátil de julio de 2026 en el que Adrián Godás y Paco Lodeiro respondemos a las preguntas de los oyentes. Las preguntas generales de este mes son sobre la preparación del CFA, cómo afrontar la compra de un coche, libros de inversión, métodos de valoración y sobre herramientas para inversores. Las dudas sobre empresas y sectores son sobre el oil, Micron Technology y SanDisk, District Metals, Nintendo, West Wits Mining, Lunr Royalties, Nagarro, Regulus Resources, GoGold Resources y Hercules Metals. Podéis enviar las consultas a academiadeinversion.com/contacto o a paco@academiadeinversion.com

Au Sénégal, on connaît bien sûr les plats emblématiques comme le thiéboudiène. Mais la street food nourrit aussi des millions de personnes au quotidien. En tête : le sandwich dakarois, une demi-baguette farcie de tout ce que le cuisinier peut imaginer, du poisson aux spaghettis. Il se prépare et se déguste dans les tanganas, ces petites cantines de rue qui ouvrent à l'aube dans tous les quartiers de la capitale. De notre correspondante à Dakar, Le tangana d'Omar Diop, alias Omzo, ne désemplit pas. Derrière ses grandes marmites et ses plaques à gaz, il prépare et réchauffe depuis l'aube les garnitures du jour. Travailleurs et étudiants du centre-ville viennent prendre leur petit-déjeuner avant le boulot. Chacun a son préféré. Du plus classique comme le pain thon, une pâte de sardine pimentée, au plus surprenant, comme le sandwich petit pois ou spaghettis... Tout est possible. C'est le fast-food à la sénégalaise, bien mijoté, accompagné d'un café touba aux épices ou d'un thé sucré. Habib, commerçant, fait une petite pause : « C'est propre et c'est bon. Il le prépare comme on l'aime. Et tu es à l'aise, tu t'installes, tu manges vite fait. Après tu vas retourner au travail. » Chacun agrémente le sien de ses condiments : piment, ketchup-mayo, ou la fameuse sauce oignons qu'Omar prépare chaque matin. « Des oignons, du vinaigre avec un peu de sel pour mélanger avec de la moutarde, un peu de piment », énumère-t-il. Les assaisonnements, c'est le secret d'un bon sandwich et c'est ce qui différencie les cuisiniers pour Cheikh, conseiller commercial : « Ici chez Omar, le goût qu'on peut avoir peut être totalement différent du goût que l'on peut avoir chez une dame à côté. Cela a l'air simple, mais ce n'est pas si simple parce que tout dépend aussi du dosage. Si c'était simple, on irait nous-mêmes en préparer tous les jours chez nous. » Emballé dans sa feuille de journal, le sandwich se vend entre 200 et 800 francs CFA [0,30€ et 1,20€, NDLR] selon la garniture et la taille. De quoi expliquer son succès. L'art du chef de tangana, comme Omzo, c'est de plaire à tous les goûts. Ils innovent pour répondre aux différents modes : tacos, burgers... Le chef et consultant Tamsir Ndir, qui a dirigé plusieurs restaurants, observe le phénomène avec attention : « Les gens vont inventer les recettes en fonction du pouvoir d'achat des clients. Il y a quelques années, ils ont sorti le burger local. On va avoir tout ce qu'il y a dans l'hamburger sauf le steak haché. J'ai pour souvenir qu'il le vendait à 500 francs CFA à l'époque. On va faire une omelette, les oignons, les frites, la petite sauce qui va avec... » Omar a commencé par vendre simplement du thé et du café. Il tient aujourd'hui deux tanganas et rêve d'un grand restaurant en dur. À lire aussiAu Sénégal, une première obligation financière pour la transition et l'autosuffisance alimentaire

Troisième volet de notre série « Afrique, le temps des possibles » : comment les économies africaines peuvent-elles se financer sans dépendre systématiquement des aides extérieures ? Le banquier d'affaires Lionel Zinsou, l'économiste Kako Nubukpo et le juriste Benjamin Allahamne Minda croisent leurs regards sur la dette, la monnaie, l'intégration régionale et les droits de douane américains pour dessiner les voies d'un financement plus endogène du continent.

Troisième volet de notre série « Afrique, le temps des possibles » : comment les économies africaines peuvent-elles se financer sans dépendre systématiquement des aides extérieures ? Le banquier d'affaires Lionel Zinsou, l'économiste Kako Nubukpo et le juriste Benjamin Allahamne Minda croisent leurs regards sur la dette, la monnaie, l'intégration régionale et les droits de douane américains pour dessiner les voies d'un financement plus endogène du continent.

Interview recorded - 21st of July, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Mike Green. Mike Green is Chief Strategist and Portfolio Manager at Simplify Asset Management, and one of the most influential voices on market structure in finance today.During our conversation we spoke about the current situation in markets, the ever increasing leverage through ETF's, what this means for market structure, geopolitical impact and more. I hope you enjoy!0:00 - Introduction1:14 - Overview of the economy and markets?9:02 - Leverage in market12:26 - Hyperscalers fundraising 16:42 - Systemic credit risks?19:04 - Markets driving economy?21:46 - Strong economy24:56 - Geopolitical impact28:23 - China and BRICS29:55 - Plaza accord 2.0?35:00 - US rising vs China?38:52 - FED/treasury backstopping40:26 - Financial nihilism41:42 - One message to takeawayMichael has been a student of markets and market structure, for nearly 30 years. His proprietary research into the shift from actively managed portfolios and investment funds to systematic passive investment strategies has been presented to the Federal Reserve, the BIS, the IMF and numerous other industry groups and associations.Michael joined Simplify in April 2021 after serving as Chief Strategist and Portfolio Manager for Logica Capital Advisers, LLC. Prior to Logica, Michael managed macro strategies at Thiel Macro, LLC, an investment firm that manages the personal capital of Peter Thiel. Prior to Thiel, Michael founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Fund Management. From 2006-2014, Michael founded and managed the New York office of Canyon Capital Advisors, a $23B multi-strategy hedge fund based in Los Angeles, CA, where he established their global macro strategies, managing in excess of $5B of exposure across equity, credit, FX, commodity and derivative markets.In addition to his work as a market theorist and portfolio manager, Michael has been noted for his work as a public speaker and financial media participant. He is a graduate of the Wharton School at the University of Pennsylvania and a CFA holder.Michael Green - Substack - https://www.yesigiveafig.com/Twitter - https://twitter.com/profplum99LinkedIn - https://www.linkedin.com/in/michael-green-9a15142/Simplify - https://www.simplify.us/WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Chris Tobe, CFA, CAIA of the Hackett Group breaks down a critical question for retirement plan sponsors and advisors: how should “performance” really be measured and compared—especially when investment options move beyond standard mutual funds? In this episode, Chris explains why the underlying standards, reporting conventions, and incentives can materially change what the numbers mean in practice.

Many people assume they have to wait until age 59½ before they can retire because that's when retirement accounts generally become available without the 10% early withdrawal penalty. But in reality, early retirement is often less about how much you've saved and more about how you access your money. In this episode, Tyler Emrick, CFA, CFP® discusses the planning strategies that can help bridge the gap before traditional retirement account access, why saving across different account types creates flexibility, and how thoughtful income planning can make early retirement a realistic option. We discuss: Why age 59½ matters—and why it doesn't necessarily determine when you can retire Planning opportunities including the Rule of 55, 72(t), and Net Unrealized Appreciation (NUA) Why taxable brokerage accounts, Roth IRA contributions, and cash reserves can create flexibility Building a retirement income bridge before Social Security, pensions, and Medicare begin Healthcare planning before age 65, including COBRA and ACA Marketplace coverage Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 20-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth   Our website:  https://www.truewealthdesign.com/ Phone: 855.TWD.PLAN Contact our team: https://www.truewealthdesign.com/contact-a-financial-advisor/ Check out our other no-cost financial resources here: https://www.truewealthdesign.com/financial-resources/   Facebook: https://www.facebook.com/TrueWealthDesign/ LinkedIn: https://www.linkedin.com/company/true-wealth-design/ X: https://x.com/truewealthdesgn   Watch the show now on YouTube: https://www.youtube.com/channel/UCjENBHOti-IEJFqeydZm_Fg?sub_confirmation=1

Dans exactement 100 jours sera donné le coup d'envoi des Jeux Olympiques de la Jeunesse de Dakar 2026. Premier événement olympique organisé en Afrique, sportif bien sûr, mais qui dépasse le simple cadre des terrains. La mobilisation et l'engagement de la population, la découverte de disciplines et l'incitation à la pratique sportive dès le plus jeune âge sont les autres enjeux de ces JOJ qui auront lieu du 31 octobre au 13 novembre. Infrastructures, recrutement des volontaires, futur parcours de la flamme. Où en sont les préparatifs ? Ibrahima Wade, le coordonnateur général du Comité d'organisation, est le Grand Invité Afrique. Il fait le point avec Christophe Diremszian. RFI : Plus que 100 jours avant le coup d'envoi des JOJ 2026, où en est la préparation et la livraison des sites de compétition ? Ibrahima Wade : La préparation se passe bien. Tout ce qui devait être testé a déjà démarré. Pour parler spécifiquement des sites de compétition, sur les douze sites olympiques, quatre faisaient l'objet de travaux de réhabilitation ou de construction. Sur la plupart d'entre eux, aujourd'hui, les travaux sont achevés. Il s'agit notamment du stade Iba Mar Diop, de la piscine olympique du Tour de l'Œuf et du centre équestre. Le seul site sur lequel nous avons encore un suivi à faire concerne le village olympique qui est au niveau de l'université Amadou Mahtar Mbow, où en plus des six bâtiments qui devaient être construits, il a été question de faire une remise à neuf des sept bâtiments qui étaient occupés par les étudiants jusqu'ici. Ils ont été libérés, il y a de cela bientôt un mois. Une date est programmée pour finir les travaux, exactement le 31 juillet 2026. À Dakar et dans le reste du Sénégal, sentez-vous que la mobilisation et l'intérêt pour ces Jeux ont monté d'un cran ces dernières semaines ? Oui, on le sent. Il y a une ambiance qui monte aujourd'hui, à la fois en termes de ferveur, mais aussi en termes de partenaires qui s'impliquent, que ce soit la ville de Dakar, les communes de Diamniadio et de Saly. Il y a également toutes les autres communes à travers des programmes comme le Brevet olympique, civique et sportif qui nous ont permis de toucher l'ensemble des établissements scolaires du pays auprès de plus d'un million d'élèves. Nous avons également engagé des partenariats forts à travers les collectivités territoriales qui ont été visitées, notamment avec la caravane Diambar 2026 qui est l'appel à l'inscription aux volontaires. Cela se présente bien et nous sentons qu'aujourd'hui, de plus en plus de personnes, de partenaires, tapent à nos portes pour dire quel est le rôle que nous pouvons jouer. Ces volontaires durant les Jeux, ils seront quelques 6 000. Combien de candidatures avez-vous reçues ? Est-ce que cela a finalement dépassé vos espérances ? Près de 24 000 personnes se sont enregistrées. Ces personnes sont issues de 107 pays. Sur le total des candidatures, des personnes qui ont demandé à devenir volontaires ; nos équipes ont conduit le processus d'interview pour exactement 11 100 personnes. C'est à la fois réconfortant, mais cela montre aussi l'engouement et l'intérêt que suscitent les JOJ Dakar 2026. La billetterie vient d'ouvrir pour ces Jeux. Comment fonctionne-t-elle concrètement ? Combien de billets vont être mis à disposition ? Est-ce que toutes les catégories de population, y compris les plus défavorisées, pourront accéder au site ? Le comité d'organisation s'attend, globalement, pour toutes les sessions, depuis la cérémonie d'ouverture, jusqu'à toutes les compétitions sportives, à environ 1 million de personnes. Sur la base de ces estimations, nous avons mis sur le circuit 800 000 billets Sur ces 800 000 billets, 300 000 billets seront destinés au programme Jeunesse en jeu. C'est un programme qui permet de mobiliser 300 000 élèves à travers tout le pays, y compris dans le Sénégal des profondeurs. Ils auront accès à de la billetterie gratuite pour participer à des activités, non pas seulement aux compétitions, mais aux activités d'animation culturelle et d'exhibitions sportives également. 300 000 autres billets seront mis gratuitement sous réservation à travers des structures comme les collectivités locales, comme les associations ou les mouvements pour les organisations sportives, pour permettre également à cette catégorie de pouvoir y accéder. Et il reste un volant de 200 000 billets qui seront mis en vente à des tarifs extrêmement abordables. Pour les sessions sportives, c'est entre 1 000 francs CFA et 3 000 francs CFA. Le temps fort de l'avant-jeu, ce sera évidemment l'allumage de la flamme à Athènes, le 10 septembre prochain. Elle arrivera au Sénégal le 12, avant le début de son parcours. En tant qu'organisateur et ancien athlète olympien, comment abordez-vous cet événement ? C'est un moment que nous attendons avec énormément de plaisir. Ce sera un grand moment de rencontre entre l'olympisme et le Sénégal des profondeurs, avec les populations et avec la jeunesse du Sénégal. Nous avons prévu de visiter les 14 régions. Ce sera un grand moment émouvant pour moi, pour tout le monde, pour le Sénégal entier. C'est peut-être le premier pas qui nous connectera à la réalité des Jeux, mais ce n'est pas le seul moment. Un autre grand moment à venir, sera la cérémonie d'ouverture, suivie d'autres grands moments, que seront les compétitions sportives. À 100 jours des JOJ, l'organisateur que vous êtes depuis longtemps, ressent-il plus que jamais la pression de la réussite de ces premiers jeux organisés en Afrique ? La pression, elle est là, je dois l'avouer, elle monte. Quand nous étions à 1 000 jours, on se disait que le temps était devant nous. Quand nous étions à 365 jours, soit un an, nous disions que le temps était devant nous. Aujourd'hui, à 100 jours, la pression monte, mais elle monte pour montrer une ferveur positive et heureuse. Il est évident que l'anticipation a été la règle dans tout ce que le comité d'organisation a fait jusqu'ici. Et justement, parce que les anticipations ont été faites dans les temps, nous savons, aujourd'hui, que ce moment est attendu avec beaucoup de plaisir ; pour montrer au monde entier, et à toute la communauté olympique, ce que le Sénégal sait faire, comment le Sénégal s'apprête à accueillir la jeunesse du monde pour cette première sur le continent africain, dans le plus grand esprit de solidarité et surtout d'amitié, d'excellence et de respect. À lire aussiJOJ à J‑100: «Toute une société se mobilise derrière Dakar 2026», selon le CIO

In this episode of Conversations of the Heart, I have a thought-provoking conversation with Joel Bernardin, CFA, as we explore the intersection of mental health, faith, finances, and the pursuit of happiness in today's world.We begin by discussing the current economy and the financial pressures many people are facing, along with how money-related stress can significantly impact our mental and emotional well-being. From there, we examine the influence of social media and how comparison, unrealistic expectations, and the constant pursuit of validation can shape our mental health in ways we often don't recognize.Our conversation also dives into Christianity and the challenges facing the modern Church. We discuss why many people have distanced themselves from church communities due to political division, toxic behavior, hypocrisy, and painful personal experiences. We also challenge the phrase **"church hurt"** by asking an important question: *Why do we call it church hurt? Isn't it simply hurt caused by people?* Together, we explore accountability, healing, and what faith was always meant to represent.One of the most impactful parts of our conversation centers on the pursuit of happiness. We discuss how our culture often teaches us to chase achievement, success, possessions, and constant dopamine highs in hopes of finding happiness. But happiness is temporary. Peace is lasting. We explore how the relentless pursuit of happiness can damage our relationships, affect our mental health, and leave us feeling empty despite external success.Finally, we talk about the importance of doing the inner work. Whether it's processing grief, seeking therapy, acknowledging pain, taking responsibility for your healing, or choosing to move forward one day at a time, real growth begins when we're willing to face ourselves honestly.This episode is filled with honest dialogue, challenging questions, and practical wisdom for anyone navigating faith, relationships, mental health, finances, grief, or simply trying to find peace in an increasingly chaotic world.If this conversation resonates with you, please like, subscribe, and share it with someone who could benefit from hearing it.About Joel Bernardin, CFAJoel Bernardin is a Chartered Financial Analyst (CFA) whose work and perspective extend beyond finance into the areas of personal growth, mental wellness, faith, and purpose. Passionate about helping people think more deeply about the forces that shape their lives, Joel brings a thoughtful and balanced perspective to conversations surrounding money, emotional well-being, relationships, and spirituality. Follow Joel Bernardin on YouTube: https://www.youtube.com/@DEBTFREEJOELhttps://www.linkedin.com/in/joel-bernardin-cfa-cipm-b862b82b/https://www.instagram.com/debtfreejoel/https://www.tiktok.com/@debtfreejoel

Most investors focus on average market returns, but in retirement, the sequence of those returns can make a significant difference. In this week’s episode of Educational Insights, Trey Booth explains sequence of returns risk and demonstrates how two retirees with the same average returns can end up with dramatically different outcomes based solely on when market gains and losses occur. Learn how diversification, maintaining short-term cash needs, and a thoughtful withdrawal strategy can help reduce this often-overlooked retirement risk. Watch to learn more. Trey Booth, CFA®, AIF® Chief Investment Officer Wealth Consultant Email Trey Booth here Fi Plan Partners is an independent investment firm in Birmingham, AL, with a team of professionals serving clients across the nation through financial planning, wealth management and business consulting. The team at Fi Plan Partners creates strategies in the best interest of their clients using fee based investing. The opinions voiced in this recording are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful. No strategy can ensure success or protect against a loss. Stock investing involves risk including potential loss of principal. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.The post The Sequence of Returns Risk first appeared on Fi Plan Partners.

This episode we are joined by Mr. Jeremy McCrea - Managing Director of Equity Research at BMO Capital Markets. Previously Mr. McCrea has held similar positions at Raymond James, AltaCorp Capital and National Bank Financial - with more than 20 years of experience exclusively covering the energy sector. Mr. McCrea also holds a Bachelor of Commerce degree from the University of Calgary and is a CFA® charterholder. Since 2004, Mr. McCrea's views on energy are frequently sought after by institutional funds, as well as various media outlets including The Globe and Mail, National Post, Bloomberg and BNN. Among other things we discussed 8.3 Million Barrels: Canada's Pipeline Revival.Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsBunch Projects-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.Support the show

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Pramila Agrawal, PhD, CFA, senior insurance portfolio manager at Loomis Sayles, about how insurers can rethink core fixed income in a changing market environment.   They discuss the expanding role of private credit, structured products and emerging market debt, along with the importance of liquidity, scale and consistent underwriting across public and private markets. Pramila also shares how technology is becoming more integrated into portfolio construction, risk management and customized solutions for insurance investors.

Canada has spent a generation underinvesting in the infrastructure and resources that underpin its economy, and that may be starting to change. Canadian small cap equity analyst Dominic Drzazga examines the Build Canada theme: what it actually means beyond the headlines, and what has shifted since the federal election. He walks through the legislative groundwork, from the Building Canada Act to a fast-tracked pipeline of named projects, and explains why the clearest near-term opportunities potentially sit in the middle of the value chain rather than with the eventual asset owners. Above all, he frames Build Canada as a long-horizon shift, one where the discipline is separating the projects that break ground from those that stay on the press release. Key Takeaways What the Build Canada theme really means, beyond physical infrastructure to Canada's untapped resources and human capital. The legislative changes since the election: the Building Canada Act, faster approvals, and the new Major Projects Office. The project pipeline taking shape, from LNG Canada's Kitimat expansion to Ontario Power Generation's small modular reactors. Why the near-term beneficiaries are in the middle of the value chain, not the eventual asset owners. How the portfolio is positioned: Bird Construction, Dexterra Group, and Black Diamond. The key risks: projects that stall, and cost and schedule overruns, and how the team manages them. Companies Mentioned: Bird Construction, Dexterra Group, Black Diamond Group, Aecon, Dow Host: Kevin Minas, CFA, CAIA, Mawer Institutional Portfolio Manager Guest: Dominic Drzazga, CFA, Mawer Equity Analyst   This episode is available for download anywhere you get your podcasts.   Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.    Visit us at: https://www.youtube.com/@MawerInvestment https://www.mawer.com https://www.linkedin.com/company/mawer-investment-management/  https://www.instagram.com/mawerinvestmentmanagement/

Divorce is emotional—but it's also one of the biggest financial transitions you'll ever face. I'm joined by returning guest and podcast sponsor Phil Weiss, founder of Apprise Wealth Management, CFA, CPA, and Registered Life Planner (RLP®). Phil is passionate about helping women start fresh financially and guiding individuals and families through life's biggest financial transitions with clarity and confidence.In this episode, we discuss the financial moves that matter most before, during, and after divorce, including: - The biggest financial mistakes people make during divorce- Whether keeping the family home is the right financial choice- The financial documents you should gather first- How to rebuild financial confidence after divorce- The money mindset you need to rewrite for your next chapter If you're navigating divorce or creating a new financial future, this conversation is full of practical advice and encouragement. Follow Phil:Website@philweiss11

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back regular guest Brad Sorensen, CFA, Portfolio Manager and Outsourced Chief Investment Officer at Cornerstone Portfolio Research, for an in-depth discussion on the latest stock market outlook and the key events shaping the global economy. In this episode, Mike and Brad examine whether today's stock market valuations remain justified as corporate earnings continue to surprise to the upside. With second-quarter earnings showing strong growth across several sectors, investors are asking an important question: Can the market continue climbing, or are risks beginning to outweigh the opportunities? The conversation explores the current investment landscape, including the impact of the ongoing crisis in the Middle East, geopolitical uncertainty, inflation trends, interest rate expectations, and how global events may influence markets in the months ahead. Mike and Brad also discuss investor sentiment, economic growth prospects, and what recent earnings data may signal for the future direction of stocks. Whether you're an investor, retiree, financial advisor, or simply interested in understanding today's markets, this episode provides practical perspectives on navigating uncertainty while maintaining a disciplined, long-term investment approach. For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com.

Michael A. Gayed, CFA (The Lead-Lag Report) sits down with Jason Hsu, founder of Rayliant Global Advisors, and China-market specialists Fujia Liu and Tony Yang of China Asset Management (ChinaAMC) to unpack factor investing, thematic tilts, and how global allocators are thinking about dispersion, AI, and energy trends inside Chinese markets. WHAT YOU'LL LEARN - The real difference between smart beta, factor investing, and thematic investing - Why cap-weighted concentration pushes allocators toward smarter weighting schemes - How core-satellite portfolio construction applies to global and emerging-market allocations - Why China's AI buildout looks structurally different than the U.S. AI investment stack - How dispersion across sectors shapes opportunity in Chinese equities - Where nuclear and energy trends fit into the broader China thematic picture PANELISTS Michael A. Gayed, CFA -- Publisher, The Lead-Lag Report; Founder, Lead-Lag Media Jason Hsu -- Founder, Rayliant Global Advisors Fujia Liu -- SVP, Global Capital Division, China Asset Management (ChinaAMC) Tony Yang -- VP, Global Capital Division, China Asset Management (ChinaAMC) Watch on YouTube: https://www.youtube.com/watch?v=-BF3xlgJTf8 DISCLOSURE This webinar was sponsored by Rayliant Global Advisors. Michael A. Gayed, CFA and Lead-Lag Media LLC received compensation from Rayliant for coordinating and hosting this program. Commentary from the ChinaAMC (CAMC) participants in this program is limited to broad, thematic market perspective and does not constitute a discussion or recommendation of any specific investment product. Nothing in this program is investment advice or a solicitation to buy or sell any security. All views expressed are those of the participants at the time of recording. Please consult your own financial advisor before making any investment decision. Past performance does not guarantee future results. The content in this program is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. All investments involve risks, including possible loss of principal. Please consult your own investment or financial advisor for advice related to all investment decisions. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show

What allows some CFOs to lead with influence while others never move beyond the numbers? Today's CFOs are expected to do much more than oversee financial performance. They must build trust, influence executive decisions, communicate with empathy, and help shape company strategy. In this episode, leadership expert and former CFO Dr. Emilia Bunea shares why technical expertise alone isn't enough and explains the mindset and behaviors that help CFOs lead executive teams, boards, and entire organizations more effectively. By listening to this episode, you'll learn how to: Discover why relationship building and influence have become essential skills as CFOs lead beyond traditional finance responsibilities. Learn practical techniques for communicating strategic recommendations in ways that earn buy-in from CEOs, boards, and executive teams. Understand the leadership habits that prepare finance executives to become trusted business leaders and future CEOs. Listen now to learn how CFOs lead with influence, strategic thinking, and emotional intelligence to create stronger organizations and position themselves for greater leadership opportunities. Check out: 05:10 | Why CFOs Lead Through Relationships, Not Just Numbers Dr. Emilia Bunea explains the difference between an accounting leader and a true CFO, revealing why relationship management and influence are what separate finance executives from strategic leaders. 14:35 | Influence Is More Powerful Than Logic Learn why even the strongest financial arguments can fail without emotional engagement, and how CFOs can present ideas that inspire action instead of resistance. 31:10 | Preparing CFOs to Become CEOs Hear the leadership qualities boards look for when evaluating CFOs for the CEO role, including strategic thinking, executive presence, and building trust outside the finance function. About Emilia Bunea Dr. Emilia Bunea, CFA, is a leadership lecturer at VU University Amsterdam and co-founder and CEO of Ed.movie, a California-based edutainment company. She served in CFO and CEO roles at large financial corporations, most recently as CEO of MetLife Romania, and previously as CFO of ING Insurance Europe, and currently serves on the board of directors of an asset management company.  Dr. Bunea received her Ph.D. in Management from VU Amsterdam, her MBA from the University of Washington, and is a CFA charterholder. She delivers lectures and keynotes on leadership at business schools, companies, and events around the world. Her research was published in Human Resource Management Review, Corporate Governance - An International Review, Frontiers in Psychology, Academy of Management Proceedings, and shared through outlets such as Harvard Business Review and Le Monde.  Emilia Bunea is the producer and co-writer of Crossroads Life, the world's first "cinematic management case"—a groundbreaking teaching tool that combines the rigor of the case study method with the storytelling power of film. Based on the real-life leadership journey of a CFO, the film has won multiple international awards (IMDb link). Each chapter of her book, Leadership for the CFO, includes curated film scenes that bring its concepts to life.  

Bonds Continue to Demonstrate Their Value While much of the attention has centered on stocks, the bond market has quietly delivered strong performance over the past two years. Bonds remain an important component of diversified portfolios because they help reduce risk, generate income, and provide stability during periods of market uncertainty. Since October 19, 2023, the total returns across the 11 major bond indices have been notably strong. That date marked the recent peak in the 10-year Treasury yield, which closed at 4.99%. Since then, Treasury yields have fluctuated significantly, falling to 3.62% in September 2024 before climbing back to approximately 4.5% in July 2026. Even with those fluctuations, today’s yield remains below the 2023 peak. Because bond prices generally move in the opposite direction of yields, declining benchmark yields have supported positive returns across much of the fixed income market. Several bond sectors have produced returns exceeding 20% during this period. Looking ahead, inflation and Federal Reserve policy will continue to play an important role in bond performance. Monitoring these factors will help determine how bonds continue to support clients’ long-term investment strategies. Inflation Shows Encouraging Signs of Normalization The latest Consumer Price Index (CPI) report provided an encouraging surprise. Monthly CPI declined by 0.4%, meaning prices actually fell during the month. This is significant because inflation discussions often focus on prices increasing at a slower rate rather than prices declining outright. Typically, inflation “coming down” simply means prices are still rising, but at a slower pace. This latest report was different. Consumers experienced actual price declines, something not seen on a monthly basis since the COVID era and a relatively rare occurrence over the past decade. Much of the decline was driven by lower gasoline prices following easing energy markets after geopolitical tensions earlier in the summer. Although oil prices have recently moved higher again, they remain well below previous peaks, suggesting that the recent decline may represent what a more normalized energy environment could look like. Perhaps even more encouraging was the strength of consumer spending. Retail sales increased by 0.22% during the same month that prices declined. When adjusted for lower inflation, consumers effectively purchased approximately 0.62% more goods and services than the previous month. This is an important distinction. During periods of rising energy prices, households often spend more filling their gas tanks while reducing purchases elsewhere, a phenomenon economists call demand destruction. Instead, the latest data indicates consumers continued spending across the broader economy while benefiting from lower prices. Although one report does not establish a long-term trend, the combination of falling prices and healthy consumer demand offers a positive glimpse into how the economy could perform as inflation continues to moderate. The outlook remains favorable for consumers, financial markets, and interest rates if this broader normalization continues. Greg Powell, CIMA® President and CEO Wealth Consultant Email Greg Powell here Bobby Norman, CFP®, AIF®, CEPA® Managing Director Wealth Consultant Email Bobby Norman here Trey Booth, CFA®, AIF® Chief Investment Officer Wealth Consultant Email Trey Booth here Ty Miller, AIF® Vice President Wealth Consultant Email Ty Miller here Fi Plan Partners is an independent investment firm in Birmingham, AL, with a team of professionals serving clients across the nation through financial planning, wealth management and business consulting. The team at Fi Plan Partners creates strategies in the best interest of their clients using fee based investing. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Economic forecasts set forth in this presentation may not develop as predicted. No strategy can ensure success or protect against a loss. Stock investing involves risk including potential loss of principal. Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.The post Feeling Richer? first appeared on Fi Plan Partners.

Michael A. Gayed, CFA sits down with Michael Toney-Hoffman of TrendSpider to break down the rate-cut divergence between what the Fed is signaling, what the market is pricing, and what actually shows up in leading-sector scans right now. Mike Toney-Hoffman drives the TrendSpider Sidekick portfolio agent live on screen — running natural-language prompts against real market data to identify sector leaders, rank technical setups, and pressure-test portfolio positioning against rate scenarios.

Edward M. Brady, CFA, a realtor and author of Awaken Your Financial Star, explains why high earners still feel financially insecure and how anyone can build lasting wealth using four simple principles: Savings, Time, Assets, and Returns (STAR). Drawing on 25 years as an SEC examiner, Brady shows how to avoid lifestyle creep, spot investment fraud, and treat money as a tool rather than a moral failing. Learn more at https://edwardbrady.exprealty.com/.

In this episode of the insuranceaum.com podcast, host Stewart Foley, CFA, is joined by Emily Wiener, Chief Investment Officer of the TIAA General Account, and Dan Close, Head of Municipals at Nuveen, to discuss the role taxable municipal bonds can play in resilient, liability-aware insurance portfolios. They examine why municipal bonds remain a vital source of infrastructure financing and how taxable munis can provide high-quality, long-duration exposure.   The conversation explores relative value beyond headline spreads, including credit quality, default and recovery experience, downside protection, supply dynamics, and the importance of specialized research. Emily and Dan also discuss how TIAA uses municipal bonds as portfolio ballast and why experienced market access matters in a diverse and highly specialized asset class.

How much money is enough to retire? It may be the most common retirement planning question, but it isn't always the right one. In this episode, Tyler Emrick, CFA®, CFP®, explores why financial security is often more psychological than mathematical and why some retirees with millions of dollars still worry about running out of money. Tyler discusses: Why "enough" often keeps moving Behavioral biases that affect retirement decisions Why many retirees struggle to spend after decades of saving The difference between financial independence and financial confidence Practical ways to think differently about retirement Have questions? Need help making sure your investments and retirement plan are on track? Click to schedule a free 20-minute call with one of True Wealth's CFP® Professionals. http://bit.ly/calltruewealth   Our website:  https://www.truewealthdesign.com/  Phone: 855.TWD.PLAN Contact our team: https://www.truewealthdesign.com/contact-a-financial-advisor/  Schedule your no-cost discovery call: http://bit.ly/calltruewealth  Check out our other no-cost financial resources here: https://www.truewealthdesign.com/financial-resources/  Watch the show now on YouTube: https://www.youtube.com/channel/UCjENBHOti-IEJFqeydZm_Fg?sub_confirmation=1

Host Stewart Foley, CFA, is joined by Nick Coxon, Managing Director and Head of Americas Real Assets, and Ben Taylor, Managing Director, Private Credit, at Macquarie Asset Management. In this episode of the insuranceaum.com podcast, they discuss why infrastructure is becoming an increasingly important allocation for insurers, including the differences between infrastructure debt and equity and the role of contractual revenues, inflation linkage, hard collateral, and long-duration cash flows in liability-aware portfolios.   The conversation also explores the widening infrastructure funding gap, rising demand tied to digitalization, decarbonization, demographics, and power usage, and the growing role of private capital as banks retreat from longer-dated lending. Nick and Ben also highlight opportunities in infrastructure-adjacent businesses and explain how the asset class may offer yield, diversification, downside protection, and exposure to essential real assets.

Most people assume a successful career in finance starts with the "right" degree.Lindsey Stewart's started behind the counter at McDonald's.At 18, he made the decision to skip university, avoid student debt, and learn by doing. Years later, that path led him to Morningstar, where he now helps some of the world's largest institutional investors turn complex data into better decisions.In this episode, Lindsey and Stacy discuss: Lindsey's backstory – from an investor relations firm to a Big Four acquisition to MorningstarWhy he put McDonald's back on his LinkedIn profile after years of leaving it offWhat nearly broke him about the CFA exam, and what finally helped him passThe bias he sees across the finance industry (and why it may be holding talented people back)Why "sounding smart" and being understood are not the same thingMore About Lindsey Stewart:Lindsey Stewart, CFA, is Director of Institutional Insights at Morningstar, where he leads content and outreach for institutional investors. His 25-year career spans investor engagement, financial regulation, and communications at firms including KPMG and the UK Financial Reporting Council. He is a Chartered Management Accountant and holds the CFA designation, and was a Senior Leader Finalist at the 2021 Black British Business Awards. ---Running a fund is hard enough.Ops shouldn't be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Canadian equities gained in the second quarter of 2026 even as the economy tripped the technical definition of a recession and an oil shock sent crude toward $120 before it fell back. Institutional portfolio manager Kevin Minas and investment counsellor Stu Morrow review the quarter, from the gap between the Canadian market and the Canadian economy to the case for holding commodity exposure as geopolitical risk becomes a recurring feature rather than a one-off. They also discuss what a narrow, AI-led rally means for a diversified portfolio, record hyperscaler bond issuance in Canada, and how the Bank of Canada and the Fed held rates through a volatile stretch. The conversation closes on the quarter's asset allocation: trimming equities back toward a neutral mix. Key Takeaways Canada met the technical definition of a recession, but the picture underneath was nuanced. GDP rebounded about 0.5% in April with most industries expanding, and per-capita output grew, closer to a stall-speed economy than a true contraction. The market and the economy can tell different stories. Financials and energy dominate the TSX while real estate and healthcare drive more of the real economy, which helps explain a roughly 7% TSX return alongside soft growth. Geopolitical risk increasingly looks like a recurring condition rather than a rare tail event. With oil spiking near $120 before falling back toward $70, the episode makes the case that commodity exposure can play a portfolio-construction role, chosen selectively where valuation and business quality support it, rather than serving as a call on prices. The Fed stood pat under new chair Kevin Warsh, and the Bank of Canada held across its April and June meetings after cutting substantially. In Canadian bonds, the team added duration as yields rose on inflation fears and removed it as they fell. On AI, the aim is not to guess whether the buildout keeps running, but to choose which risk to live with: too much concentration in the theme on one side, or falling behind by stepping away from it on the other. The team keeps the portfolio from leaning too far in either direction by weighing the companies spending on the buildout against the hyperscalers earning from it, since one company's capital spending is another's revenue. With memory stocks, the risk lies less in the multiple paid than in the cyclicality of the earnings. Credit was constructive, with record hyperscaler issuance in Canada including a $14 billion Amazon deal that Mawer participated in. With spreads tight, positioning stayed higher-quality and shorter-dated, and the balanced strategy trimmed equities back toward a neutral asset mix. Companies Mentioned: Amazon, Alphabet (Google), Meta, Microsoft, Oracle Host: Kevin Minas, CFA, CAIA, Mawer Institutional Portfolio Manager Guest: Stu Morrow, CFA, Mawer Investment Counsellor   This episode is available for download anywhere you get your podcasts.   Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.    Visit us at: https://www.youtube.com/@MawerInvestment https://www.mawer.com https://www.linkedin.com/company/mawer-investment-management/ https://www.instagram.com/mawerinvestmentmanagement/ #ArtOfBoring #MawerInvestmentManagement #MawerInvestment #Podcasts

The Wealth Nobody Sees: Why Frugal Always Beats Flashy   For years, Earl Yaokasin drove a 20-year-old Honda Civic to his kids' private school and parked it as far from the entrance as possible. He did not want anyone to see the car. The lot was full of Bentleys. He felt the embarrassment. Then he started talking to those families. Most had almost no savings. Some were on scholarship. The image of wealth and the reality of wealth were completely different balance sheets. Earl, who had been eating half a $5 Subway footlong for lunch since his first years in America, was the one with money. The wealth nobody sees is usually the wealth that is actually there. This episode traces what real wealth building looks like: the frugality that does not feel like deprivation because it is intentional, the investing discipline that compounds because it is patient, and the economic conditions quietly forming right now that most people are not prepared for.   In This Episode: Why spending two levels below your means is a compounding strategy, not a sacrifice, and how it starts from the first grade The real cost of confusing frugal with cheap, and which one actually costs more money over a decade What Earl discovered when he stopped hiding his Civic and finally talked to the Bentley families Why most financial advisors are quietly in debt, and the one question that screens them out immediately The K-shaped economy: who benefits from current conditions and who is being quietly squeezed Why the 2022 inflation spike may have been wave one of three, based on a century of historical patterns How Earl's daughters absorbed financial discipline through behavior observed at home, not through lectures   Key Insights: A Morningstar study cited by Earl shows fewer than half of fund managers globally have even one dollar of their own money in the funds they manage. Ask your advisor if they invest in what they recommend. The answer narrows the field quickly. GDP last year would have approached zero percent if AI spending were removed from the calculation. The headline number is a mirage for most of the economy. The US government spent 6.5% more than it earned as a percentage of GDP in 2024, at levels seen historically only during the financial crisis and COVID. That is either preventing a recession or inflating a larger one. Kids learn financial behavior through observation, not instruction. Earl's daughters skip luxury goods not because they were told to, but because they have never watched their parents buy them. Great companies can surprise you to the upside in ways you will not predict. Earl's most expensive investing mistake was selling good companies because the price had risen past what he thought was fair value.   About Earl Yaokasin: Earl Yaokasin, CFA, is the founder of WealthArch Investment Services in Pasadena, CA, where he helps high-net-worth individuals and couples build wealth through value investing and personalized financial planning. With more than two decades of hands-on experience and a prestigious CFA designation, Earl blends the timeless principles of Warren Buffett with modern behavioral finance to help clients achieve financial independence. He invests his personal portfolio in exactly the same assets as his clients—reinforcing full alignment and transparency.   Earl takes pride in offering advice free of commissions, sales quotas, or gimmicks. His firm is 100% fiduciary, and his focus is on long-term results, not short-term hype. Through education, clear planning, and thoughtful market navigation, Earl empowers his clients to avoid common financial traps, stay on course during turbulent times, and reach their goals with clarity and confidence.   Links: https://mywealtharch.com/richersoul/ Website: https://mywealtharch.com/   LinkedIn: https://www.linkedin.com/in/earl-jordan-yaokasin-cfa-7350ab4b/   Facebook: https://www.facebook.com/earljordan.yaokasin   YouTube: https://www.youtube.com/@WealthArchInvestmentServices   X: https://x.com/Earl_Jordan   Watch the full episode on YouTube: https://www.youtube.com/@richersoul Richer Soul Life Beyond Money. You got rich, now what? Let's talk about your journey to purposeful, intentional, amazing life. Where are you going to go and how are you going to get there? Let's figure that out together. At the core is the financial well being to be able to do what you want, when you want, how you want. It's about personal freedom! Thanks for listening! Show Sponsor: http://profitcomesfirst.com/ Schedule your free no obligation call: https://bookme.name/rockyl/lite/intro appointment 15 minutes If you like the show please leave a review on iTunes: http://bit.do/richersoul https://www.facebook.com/richersoul http://richersoul.com/ rocky@richersoul.com Some music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

Prath Reddy, CFA, serves as the CEO of Percent, where he was instrumental in setting the company's trajectory since its inception. With a solid background in financial services, particularly in investment banking and capital markets, Prath leads the revenue-driving sectors, including Capital Markets, Credit, Compliance, and Business Development, and maintains a Board Observer position.

This week on Financial Planning: Explained, host Michael Menninger, CFP® welcomes back regular guest Brad Sorensen, CFA, Portfolio Manager and Outsourced Chief Investment Officer at Cornerstone Portfolio Research. In this episode, Mike and Brad discuss the current state of the stock market, examining the latest economic data, market trends, and the key forces shaping today's investment landscape. They break down what's driving recent market performance, how stocks and bonds are reacting to changing economic conditions, and what investors should expect in the months ahead. The conversation covers inflation, interest rates, Federal Reserve policy, corporate earnings, economic growth, and investor sentiment, while offering practical insights into navigating market volatility with confidence. Brad also shares his perspective on maintaining a disciplined, long-term investment strategy and avoiding common emotional investing mistakes during uncertain times. Whether you're an investor, retiree, financial advisor, or simply looking to better understand today's markets, this episode provides valuable insight into the current market environment, what it means for your portfolio, and the opportunities and risks investors should be watching moving forward. For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com.

Keith Weinhold explains why inflation has become a permanent part of the post–World War II economy and what that shift means for today's financial system.  He breaks down economist Dr. Mark Skousen's five structural reasons behind never-ending inflation and ties them to the hollowing out of the middle class and the "last generation to live normally" concept.  Keith then introduces opportunity cost as the biggest financial expense most people overlook and illustrates how leveraging low-cost, long-term debt to buy productive real assets can turn inflation into an advantage.  He closes by outlining a practical hierarchy for which debts to eliminate first and which to keep as tools for long-term wealth building. Episode Page: GetRichEducation.com/614 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Unlock truly passive real estate income—visit flockhomes.com/GRE today to see if your properties qualify for a 721 exchange with Flock Homes. To get in the best physical, mental, and professional shape of your life, go to DanielThomasHind.com and apply for Daniel's intensive 1-on-1 coaching for burnt-out entrepreneurs and executives. Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host Keith Weinhold. In less than 40 years, America has gone from 75% gasoline to permanent inflation. Then learn about the biggest financial expense you will ever have in your life. It's not taxes, housing, interest charges, inflation, children, or healthcare. Most people have never heard of it today on Get Rich Education. You know, Mid South Homebuyers, that top Memphis turnkey provider. I learned that a secret weapon behind their explosive growth is more than just you buying their properties. It's an executive coach. For nine years now. Their CEO Terry Kerr and his COO Pat Nix have worked privately with a coach who I've now learned from too, and he doesn't market himself online anywhere. After 12 years behind the scenes, that coach is now making himself available exclusively for GRE listeners. His name is Daniel Thomas Hind. If you're a hard-charging business owner or investor who wants to get in the best shape of your life, physically, mentally, and professionally, you can fill out an application for a free consult. This is private one-on-one coaching for those willing to go to uncommon lengths to achieve uncommon results. Thanks to Daniel, we've all become better leaders, better operators, and better men. It started by showing up for ourselves. Now it's your turn. Go to DanielThomashHind.com. H-I-N-D. That's DanielThomashHind.com, and sign up before spots fill.   Keith Weinhold  1:41   What if you got your mortgage loans the same place I get mine? You sure can at Ridge Lending Group NMLS 42056 They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Chaley Ridge. While it's on your mind, start at ridgelendinggroup.com. That's ridgelendinggroup.com.   Speaker 1  2:14   You're listening to the show that has created more financial freedom than nearly any show in the world, this is Get Rich Education.   Keith Weinhold  2:31   Welcome to GRE from Bavaria, Germany, to Batavia, New York, and across 188 world nations. I'm Keith Weinhold, and you're listening to Get Rich Education. In the 19 the 1988 movie Die Hard, there's a California gas station sign in the background that's visible. You can see it there. The gas price on this sign is a jaw dropper. Unleaded 77.9 cents per gallon, regular 70-4.9 cents per gallon. That now looks like it belongs in a museum next to rotary phones and blockbuster video cards. Yes, California gas for 75 cents, and the movie Die Hard. It had all these actors from yesteryear, like Bruce Willis and Reginald Vel Johnson. Yet you, depending on your age, you might remember 1988. It's not like ancient history. Now we all know that inflation is always and everywhere a monetary phenomenon, like Milton Friedman said, but is there more to this? Is there more than the Fed targeting 2% inflation, just like it says on their website? Oh, there sure is. And by the way, with a little research, it looks like California Gas averaged 95 cents in 1988, not 75 like it shows in Die Hard, but in any case, the point is still there. And today, inflation keeps running hot. Four years ago, the pandemic made CPI inflation peak at 9.1 percent. Today, the hangover effects of tariffs push it up, and the Iran war are turning up the heat even more, with the latest reading above 4% Inflation is running at more than double what the Fed wants. You can even make the case now that inflation is out of control. But here's the thing: inflation has exceeded that 2% target for 60-three consecutive months now. I mean, think about what that means. My gosh, just imagine having an important target that affects every American and missing it 60-three times in a row. That's kind of what's happening now, and they're. Going to keep missing it. So this streak of inflation above 2% started back in March of 2021 during the pandemic hangover, and it is still going strong after 63 months. Nobody knows where this is going to end. Most Americans get crushed by rising prices because their wages don't keep up, and you know collectively they sort of think we are concerned, but then they mostly keep doing the same thing while their lifestyle quietly shrinks. So consumers despise inflation. Everyday investors are lukewarm about inflation, and leverage real estate investors are smiling like they found a 20-dollar bill in last winter's coat. Leverage real estate investors are pretty ecstatic about inflation. Now the history gets super interesting.   Keith Weinhold  5:59   Okay, how did we get into this, where we just always seem to have inflation? So learn the history, and then I'll tie it back to how it affects you as an investor. Because before World War II, inflation behaved differently. The old pre-1945 pattern was that we had inflation during wars and booms. We had deflation after panics and depressions. So therefore, the result was that over long stretches, price levels often just moved sideways. We used to have recessions more often back 80 plus years ago than we do now. So therefore, you just had these price levels move sideways because a recession even prompted deflation, actually a strengthening of purchasing power. But then after World War II, inflation basically went permanently positive. I mean, yeah, permanently positive, where inflation is just always turned on with very few exceptions to that. In wartime, now we have inflation. In peacetime, now we have inflation. During the Super Bowl, now we have inflation. It is inflation, no matter what is going on. Right then, so what changed? Prominent economist and GRE podcast guest here, Dr. Mark Skousen. He has cited five major reasons that inflation became a permanent fixture from 1945 until today. And Mark Skousen was here on the show with us almost exactly two years ago because he's also the founder of a great event called Freedom Fest that Nareesh and I broadcast a show from, the five reasons that Scowson cites for never-ending inflation are first, never-ending wars. Now this doesn't only mean formally declared boots on the ground wars where tanks are rolling, never-ending wars. It means this permanent state of global military readiness that we have today, where we have overseas bases, defense contractors, right with the military-industrial complex. We have NATO commitments.   Keith Weinhold  8:17   We have anti-terror operations, naval patrols, intelligence agencies, and all this enormous machinery that's required to keep America as the world's security backstop. Well, all that costs an awful lot of money, and when government wants more money than it collects, it has a favorite trick: just create more dollars and create them out of nothing. I mean, it's like ordering another round of drinks for the table and then putting it on the unborn grandchildren's tab. The second reason for the never-ending inflation is the 1913 creation of the Federal Reserve and how that's changed over time because the Fed they were originally supposed to defend the dollar, defend the gold standard, and act as lender of last resort. Today it mostly just does the last one. It acts as the lender of last resort, and it's really not even last resort. I mean, she shit seems to patch any significant hole in the economy by creating more dollars and then pumping them into the system. When markets wobble, banks panic, or politicians overspend, or the economy catches any kind of cold, you know, the Fed often just shows up with this fire hose of liquidity. Now, sometimes that's necessary, but either way, it means more currency creation. So, the Fed it began as this sort of sober hallway monitor, but now they're often the responsible party that needs monitoring. But no. No one is going to stand up and do it because no one in power wants austerity under their watch because that is extremely unpopular. The third reason for permanent inflation is the Bretton Woods Agreement. You've probably heard of this, but let me summarize what it briefly means. Okay, Bretton Woods was the 1944 deal that basically created the post-World War II global monetary system? It made the U.S. dollar the world's reserve currency. If you remember anything from Bretton Woods, just remember that it did that. It made the U.S. dollar the world's reserve currency, and the dollar was pegged to gold at $35 per ounce.   Keith Weinhold  13:29   And finally, the fifth reason for never-ending inflation post World War II is Keynesian economics. I mean, you probably at least heard the term before. It's been thrown around here from time to time. Named after John Maynard Keynes, K E Y N E S. And before I go on, I invested in real estate for a long time before I learned all this stuff. Probably close to a decade of investing first. So I taught myself this material, Keynesian economics. That's the belief that demand is what drives economic output and employment. So, if you only remember one thing about Keynesian economics, it's that you need demand, and it stokes demand. It says demand drives everything, and what I mean by that is the spending, spending from households, corporations, and government. So, in plain English, when private demand weakens, the government should step in and spend. That's what Keynesian economics says. Well, that means deficits, borrowing, stimulus, support, programs, relief, rescue packages, emergency measures, and see what happens is that temporary measures somehow become permanent measures wearing a fake mustache. Remember, even Nixon said removal from the gold standard is temporary. Well, that was now 50. 55 years ago, in theory, the government runs deficits in bad times and then tightens up in good times. But that doesn't really happen because, in practice, government often runs deficits in bad times and good times, war times, peace times, election years, non-election years, leap years, all the time running deficits, spending more than we take in, and when deficits become normal, well, then currency creation has got to follow. That's the consequence. Well, these five forces that I told you about for never-ending inflation, the reasons that I just shared with you-they are now structurally embedded. They are not going away.   Keith Weinhold  19:03   I mean, there is even political resistance to deflation in this system. Investors benefit the most when they own one thing: real assets tied to long-term debt. You probably knew that I was going to say that because if the dollar is designed to slowly melt. You don't want to be the one holding the ice cube. You want to own the freezer. That's the control that you have. The first half of the year recently ended. It's time for our asset class rundown. From the midpoint of last year to the midpoint of this year, single-family home values are up only about one and a half percent. That's the average of Case-Shiller and FHFA. Apartment building values are down 1% in the past year. When it comes to rents per Zillow, single-family home rents are up 2.8% in the past year to an all-time record of almost 20-$300 Apartment rents are up just. 1.3% nationally. Sunbelt Apartments were the weak spot. Apartments.com said the South was down seven tenths of 1% year over year, and the mountain region down one and a half percent. With San Antonio, Denver, Austin, and Phoenix among the weaker markets, that's due to oversupply in those areas. 30-year mortgage rates down from 6.8 to 6.6% The S S&P 500 up 21 percent on AI optimism, despite a war in Iran. Though down in past months for the year, gold is still up 21 percent, silver soared 63 percent, Bitcoin down 45 percent. I mean, speculative digital assets have really gotten a cold shoulder. Oil up 4% although it went on a wild ride, and CPI inflation reheated to 4.2% That's our asset class rundown.   Speaker 2  22:59   This is our rich dad poor dad author Robert Kiyosaki. Listen to Get Rich Education with Keith Weinhold. Don't quit your daydream.   Keith Weinhold  23:17   Welcome back to Get Rich Education. I'm your host Keith Weinhold. I want you to listen to something along with me, and then I'll come back to comment. This is from the parallel truth. It's called the last generation to live normally, and it's less than two minutes in length.   Speaker 2  23:32   We have to talk about something that sounds dramatic, but it is becoming true. Your parents may have been the last generation to live a normal life-not an easy life, not a perfect life, but a life where the basic deal still made sense. You could get a stable job, you could buy a house, you could raise children, you could save some money, you could retire one day. And even if life was hard, most people still believed that if they worked honestly, their future would slowly get better. But look at what happened to your generation. You work more, but own less. You study more, but feel less secure. You have more technology than any generation in history, but less peace, less time, and less confidence about the future. Your parents were told, "Work hard, and you will build a life. But you are being told that, "Work hard, and maybe you can afford rent. And the most disturbing part is that this did not happen overnight. It happened slowly. First, housing became an investment instead of a basic need. Then, education became a debt trap. Then, healthcare became too expensive. Then, stable jobs disappeared. Then, everything became a subscription: your house, your car, your software, your entertainment, even your future. Everything slowly became something you rent but never truly own. And while ordinary people were falling behind, the economy kept looking strong on paper. The stock market went up, billionaires got richer, companies made record profits. Politicians kept saying that everything was fine, but if everything is fine, why does an entire generation feel like it is drowning? The truth is, your parents did not live through normal history. They lived through a rare window where ordinary people. People were allowed to share in the wealth of the system, but that window is now closing. The old promise was simple: work hard, buy a home, raise a family, retire with dignity. The new promise is different: work forever, rent everything, delay children, carry debt, and call it freedom. So maybe young people are not lazy. Maybe they are just the first generation honest enough to admit that the old deal is dead. Your parents were not lucky because life was easy. They were lucky because they were the last ones who got the deal before it was taken away.   Keith Weinhold  25:27   Yeah, there it is-the last generation to live normally. That's really a fresh slant on the hollowing out of the middle class. The rules have changed. Inflation is entrenched. Now you know why. Back in 2020, the pandemic accelerated that effect, and yet it's just unbelievable to me that people think working hard and saving money is enough to get you the lifestyle that you desire. Now I am not against hard work, it's the fact that people think that that's all that it takes. Before we hit the permanent inflation era, it might have made sense for you to say, save your money, pay all cash for a cheap fixer-upper property, and work hard for years to fix it up yourself. Oh, and then you could own a modest home debt-free. Today, even if you could do that, why would you? Instead, you can just prudently finance your way through life. You could have instead borrowed for two or three already renovated properties and let debt, inflation, and perhaps even tenants do the work for you. Above all, do the right thing before you do things right. That's what I like to say. Well, the way you get wealthy is by owning a lot of assets, not by grinding in the salt mines to pay off your debt. Those that are debt free are often asset poor. The biggest financial expense that you will ever have in your life. Do you know what it is? It is not taxes or interest charges. It's not even inflation or housing or healthcare or having children, most people have never heard of it. You probably have, but most people have never heard of this biggest financial expense you'll ever have, and they certainly don't know how to avoid it.   Keith Weinhold  27:34   Say that you're 35 years old and you put 100k under a mattress for 30 years until you're 60- years old. Instead, if that would have been invested at a 12% annual return, do you know how much that would have grown to? That would have grown to $2.996 million All right, basically 3 million bucks, a 30x increase. Therefore, it would be a 2.9 million dollar mistake to save money, and what this means is that the biggest expense you'll ever pay in your life is called opportunity cost. Yeah, opportunity cost is life's biggest expense. It's the return that was foregone when you chose one option over another. So opportunity cost is not what you spend; it's what your money could have become had you put it somewhere more productive. All right, now that was a pretty extreme example of 100k under a mattress. As a listener to this show, you are probably more savvy than a person that would save big lumps of money for close to zero return. Let me give you a better example of how when you pay all cash for something, you've usually just made your future self poorer. A friend of mine heard the episode last year where I talked about buying a new car for myself, a BMW X3 SUV. As it is, you probably remember that episode. Though I could have paid all cash for the car, I put the minimum down payment in there and then financed as much as I could because of a favorable 4% interest rate that I got on a car loan. Well, my friend Jesse heard that episode. This influenced him. So what he did is he bought a Subaru for his wife. Although he had planned to pay all cash and could have paid all cash for the car, Jesse got financing, and he did better than me. He got just a 1% interest rate somehow. Wow! It was actually nine tenths of 1% but let's just call it 1% What a deal! Instead of paying all cash for the car, he held on to that chunk of money. Instead of tying it up in a depreciating asset, he is financing it all. Now I don't. How much the Subaru costs, but let's just say it was 50k to keep the numbers simple. Well, look, if Jesse feels like he can get a 10% return over time by investing his money instead of sinking it into a car, how much does he profit by borrowing? Of course, he has the advantage of keeping his funds more liquid as well, but how much does he actually profit from this arrangement?   Keith Weinhold  30:24   Well, the math is so easy that you can even visualize it in an audio format here. Now it depends on the loan term, but the simple spread is a 10% investment return minus a 1% car loan cost. That is a 9% positive spread on 50k. That's roughly $4,500 per year in benefit. That's before any taxes, risk, or fees. $4,500 a year just for doing some loan paperwork. Like if you wonder whether the loan paperwork is worth it or not, that's what we're talking about here, and that's 375 bucks a month. So if you're wondering if it's even worth it taking the time to get a car loan when you could pay all cash, it probably is. All right, now that's the upside. What about the risk that's associated with taking a loan instead of paying all cash, well, the caveat here is that the 1% loan is guaranteed, but the 10% return is probably not, and that risk gap does matter. If you're financially fragile and you can't make the payment with another pot of money, well, then you risk default. That is over leverage risk. That's the worst case scenario. All right, what's the flip side? The flip side is that you could earn a return even better than 10% As we know, with real estate pays five ways on investment property. If you earn a 20% return, now you're making $9,500 a year on the spread, not $4,500, but a 10% return. That is the base case. So again, by paying all cash instead of getting the loan, your future self would be poorer by $4,500 a year. And now, my friend Jesse, that learned this from me, he's actually a CFA, a chartered financial analyst, a sophisticated money guy. But he had simply been overlooking this. And said another way, what you're doing here is that over time, your investment is paying you more than your interest is costing you, and in my life, I have been doing exactly this sort of thing all over the place for decades. An interesting thing that I hear about this, although it makes me scratch my head, I've heard a few people say this. It's just like, oh well, I don't want to have to deal with a car payment? I just rather be done with it and move on. What is there to deal with? Just set up auto pay with preserving funds for say a 10% return. You're then going to see more dollars flowing into your account than you will out of it. I mean that part can just be automated.   Keith Weinhold  33:19   My life and finances are set up this way. In fact, when I get a loan for a rental property, I have had mortgage loan officers that are looking at my finances. They tell me that I have more stuff flowing into and out of my checking account than they've ever seen anyone have. I'm I'm financing and arbitraging my way through life passively. This is thanks in part to inflation. I am not paying very much at all in that biggest financial expense that we all have in our lives-not taxes or children or housing, but opportunity cost. I am avoiding paying that. This is the world that we live in today, a lot of times debt reduction is horrible advice. Debt free that can keep people from falling over a cliff, but it stalls any wealth creation. Now the debts that usually make the most sense to pay down they're the ones with high interest, variable rates, no tax benefit, and no productive asset attached. And here is the priority order that I use for paying down debt or paying off debt. First, it is credit cards. Pay down these first almost every time. I mean, a 20% or even 30% credit card rate. This is like financial quicksand. You don't need a sophisticated investment thesis when you can get a guaranteed 20-4% quote-unquote return by eliminating this debt. The next place I would pay down are payday loans, personal. Loans and consumer finance debt. I mean, these are usually bad debts because they're at a high rate, have a short amortization, and they're usually tied to consumption instead of an income-producing asset. Pay these aggressively too, and then next in priority is paying variable rate debt that could reset higher. This isn't quite as important to address.   Keith Weinhold  35:24   We're talking about things like HELOCs, adjustable rate loans, margin debt, and some business lines of credit. Some of those can become dangerous when rates rise, even if the rate's tolerable today. The uncertainty can be a bit of a problem. Now, when it comes to should you pay down student loans, consider that. low fixed-rate student loans that might not be urgent. It sure wasn't for me. High-rate private student loans that could be different. That could get more of your attention. You also got to weigh things like tax benefits. Look out for forgiveness programs when it comes to student loans, those haven't been quite as available lately under this administration. Also, look at employer repayment benefits before you rush to pay down student loans, and then really the last one: low fixed-rate mortgage debt. Pay that last if you ever do. In fact, it is quite possible that I will always keep this debt type around that low fixed rate mortgage debt. So really, my rule of thumb here is to kill toxic debt. Be careful with unstable debt, and don't rush to pay off cheap fixed productive debt if you ever pay it off at all. You and I covered a lot of ground today, starting with 75 cent gasoline in California, all the way to the biggest expense you'll ever pay throughout your life, being something that most people have never heard of: opportunity cost. Coming up on the show here, a lot of good episodes, including a great guest and I are going to discuss a new way to invest in residential real estate that we haven't discussed before, and it will massively boost your cash flow. If you found today's show valuable, whether it was the history of why we have permanent inflation or the idea of passively financing your way to wealth, rather than only working harder. I would be grateful if you share this episode with a friend. Just tap the share button in Spotify, Apple Podcasts, or wherever you listen, and send it to someone who would benefit from hearing it. Or take a screenshot of this episode and post it on social media. It helps more people find the show, and it gives you and your friends something smart to talk about with each other. Until next week, I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 1  37:53   Nothing on this show should be considered specific, personal, or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.    Keith Weinhold  38:21   The preceding program was brought to you by your home for wealth building at getricheducation.com.  

In this episode, we are joined by Dr. Paul Kaplan, economist, CFA charterholder, former Director of Research at Morningstar Canada, and co-author of Lifetime Financial Advice, for a fascinating exploration of life cycle finance. Drawing on decades of research in economics, portfolio construction, and asset allocation, Paul explains how financial planning should be grounded in optimizing lifetime consumption rather than relying on disconnected rules of thumb.   We explore how life cycle finance integrates consumption, saving, investing, and retirement spending into a single framework, why risk tolerance and risk capacity are fundamentally different concepts, and how human capital should be treated as part of an investor's balance sheet. Paul also walks through the life cycle model he and Tom Idzorek developed, explains why traditional retirement rules like the 4% rule lack theoretical foundations, and demonstrates an open-source spreadsheet that allows anyone to experiment with the model for themselves. This conversation brings together economics, portfolio theory, and financial planning into a practical framework for making better lifetime financial decisions.   Key Points From This Episode: (0:04) Introduction to Dr. Paul Kaplan and the topic of life cycle finance. (4:38) What life cycle finance is and why consumption smoothing is its central objective. (5:20) How life cycle models optimize saving, investing, retirement spending, insurance, and annuities. (6:36) Linking life cycle finance with Harry Markowitz's mean-variance optimization. (8:38) Why consumption—not wealth accumulation—is the true focus of financial planning. (9:56) The concept of an economic balance sheet: financial assets, human capital, liabilities, and net worth. (10:59) Holistic investor profiling beyond traditional risk tolerance questionnaires. (13:23) Why risk tolerance and risk capacity should never be combined into a single score. (16:48) Assessing the risk characteristics of human capital. (17:36) Applying utility theory behind the scenes in financial planning software. (19:15) Sample profiling questions that measure lifetime consumption preferences. (20:54) Why maximizing lifetime utility ultimately means optimizing consumption. (22:55) How preferences, needs, and circumstances shape lifetime financial plans. (24:13) The primary outputs of a life cycle model: consumption and asset allocation. (25:01) The roles of life insurance and annuities in lifetime financial planning. (27:44) How uncertain investment returns influence both spending and asset allocation. (28:19) Why longevity assumptions are critical in retirement planning. (29:37) Simplifying complex life cycle optimization into practical formulas. (30:27) Why life cycle finance challenges rules of thumb like the 4% withdrawal rule. (31:12) Flexible retirement spending versus fixed withdrawal strategies. (34:01) Why consumption should be treated as an output rather than an input. (36:05) The importance of asset location and after-tax portfolio construction. (37:04) Why asset allocation and asset location should be solved simultaneously. (38:19) Harry Markowitz on why asset allocation became the foundation of modern investing. (40:06) The need for financial planning software built on life cycle theory. (41:55) A walkthrough of Paul's open-source life cycle finance spreadsheet. (46:58) Understanding economic balance sheets and asset mix visualizations. (49:17) Which investor characteristics have the greatest influence on optimal asset allocation. (50:52) Why Nobel Prize-winning life cycle finance research has yet to become mainstream practice. (51:37) The evolving role of financial advisors in helping clients make rational financial decisions. (52:50) How Paul's own investment philosophy emphasizes indexing and asset allocation. (54:13) Factor investing, popularity theory, and connecting behavioral finance with asset pricing. (56:42) Paul's definition of success: applying first principles with rigor and integrity throughout his career. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dr. Paul Kaplan: https://www.paulkaplan.com/  Lifetime Financial Advice (CFA Institute Research Foundation): Lifetime Financial Advice| Research Foundation  Life Cycle Finance Spreadsheet (Paul Kaplan's website): https://www.paulkaplan.com/lifetime-financial-advice  *Disclosure: Links to third-party materials are provided for your convenience and do not constitute an endorsement or recommendation of the products or services offered therein. Frontiers of Modern Asset Allocation (Wiley): https://www.wiley.com/en-us/Frontiers+of+Modern+Asset+Allocation-p-9781118029689  Popularity: A Bridge Between Classical and Behavioral Finance (CFA Institute Research Foundation): https://rpc.cfainstitute.org/research/foundation/2021/popularity-a-bridge-between-classical-and-behavioral-finance   Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)  

Research shows that retirees following traditional withdrawal rules rarely come close to depleting their portfolios. In fact, many end up leaving behind balances that are surprisingly large. Which raises an important question: why is it so hard to spend the money you spent decades saving? Today, I'm revisiting my conversation with Brian Portnoy, Ph.D., CFA to explore the psychology behind the fear of spending and what retirees can do to move through it. Longtime listeners will also recognize Brian as the source of a quote I've shared many times on the show, and in this episode, he finally shares the story behind it. In this episode, we discuss: → Why retirees with healthy, well-funded plans still struggle to spend → The flawed logic behind "If I just had $X, I'd finally feel comfortable" → 5 steps to overcome the fear of spending, whether retirement is five years away or already here → What "funded contentment" means, and why it may be the real difference between being rich and being wealthy Because the goal of retirement planning isn't to die with the biggest possible balance... it's to use your money to support a life that feels meaningful to you. ***

Strategy sold $260M of Bitcoin at a loss to fund dividends. Parker White of Apyx makes the case that it is smarter than it sounds. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Strategy just made its largest Bitcoin sale ever, offloading 3,588 BTC for $260 million at a loss to fund preferred dividends. Days earlier it unveiled a digital capital framework: a 12-month coverage rule, a hiked STRC dividend, and a $10 billion buyback plan. Markets calmed, but the moves raise a question: has Strategy stopped being a Bitcoin company? Parker White, CFA, founding contributor and chief investment/operating officer at Apyx, pushes back on claims that funding dollar dividends with Bitcoin sales betrays Bitcoin's ethos, framing it as smart capital management. Shin presses him on whether investors now bet on Strategy's team, not Bitcoin. They unpack short sellers' calculus, the 2027-2029 convertible cliff Matt Walsh pegs near $6.7 billion, and Apyx's apxUSD, a tokenized yield wrapper around STRC and SATA that depegged to 72 cents in the turmoil. White defends Apyx 2.0's redemption model against 'free put option' critics and responds to critic's contention that Strategy resembles Terra/ Luna or FTX. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Parker White - CFA, Founding Contributor and Chief Investment/Operating Officer at Apyx Timestamps

Most investors think they're buying the same thing when they choose a target date fund—but two people who bought 2025 target date funds 15 years ago could have 40% different returns today. Same target year, wildly different outcomes. The culprit? Fund families structure these "simple" investments in dramatically different ways, and most investors never look under the hood. Key Topics Discussed Passive Investing vs Active Financial Planning (00:03:30) Cody explains why you should be a passive investor but an active financial planner in your own life, noting that 95% of active investors underperform broad index funds over time. Understanding Target Date Funds (00:08:15) How target date funds work as default 401(k) options, automatically shifting from aggressive to conservative allocations as retirement approaches along a predetermined glide path. Surprising Differences Between Target Date Funds (00:18:45) The revelation that identical retirement target years can produce vastly different outcomes depending on fund family—differences in international exposure, bond types, and allocation strategies compound over time. Comparing Fidelity, Schwab, and Vanguard Target Dates (00:24:00) Detailed breakdown of how three major fund families structure their target date index funds differently, with varying philosophies on diversification and risk management. The Hidden Costs of Target Date Funds (00:32:20) Analysis showing target date index funds cost 35% to 400% more than purchasing underlying index funds directly. Fidelity's target date index fund, for example, is four times more expensive than buying Fidelity's component funds separately. Static Allocation Funds Explained (00:38:10) Introduction to balanced funds that maintain constant allocations (like 60/40 stocks/bonds) regardless of your age or proximity to retirement. Target Maturity vs Constant Maturity Bond Funds (00:42:30) Deep dive into how target maturity bond funds differ from traditional bond index funds—all bonds mature in the same year, converting to cash automatically without requiring you to sell anything. The Seven-Year Bond Strategy (00:48:15) Cody's approach to determining bond allocation: calculate seven years of planned spending and hold that percentage in bonds. If you'll withdraw $40,000 annually from a $1 million portfolio, hold 28% in bonds ($280,000) and 72% in stocks. Bond Ladders and Behavioral Finance (00:55:00) How target maturity bond funds overcome psychological barriers to spending in retirement by eliminating the need to "sell" assets—bonds simply mature into cash when you need it. Simplicity vs Complexity in Portfolio Design (01:02:30) Cody shares his personal eight-fund retirement portfolio strategy, explaining why something that appears complex can actually feel simpler from a behavioral perspective. Notable Quotes Mike Piper, CPA (quoted by Cody Garrett, CFP®): "There is no perfect portfolio, but there are countless perfectly fine portfolios." Rick Ferri, CFA (quoted by Cody Garrett, CFP®): "The perfect portfolio is the one you're going to stick with. Maintaining discipline is the hardest part of investing." Cody Garrett, CFP®: "Once you understand what a target date fund is, you no longer need one." Cody Garrett, CFP®: "Investing is like a bar of soap. The more you touch it, the less there is." Brad Barrett: "Success in personal finance and investing comes down more to behavior, vastly more to behavior than it comes down to any type of knowledge or intelligence." Key Takeaways Review your 401(k) fund lineup and sort by expense ratio to identify the lowest-cost index fund options available to you If your 401(k) lacks low-cost index funds (under 0.10% expense ratio), contact your plan administrator to request they be added to the fund lineup Calculate how much money you plan to spend from your portfolio over the next seven years to determine your appropriate bond allocation Visit Morningstar.com and review the portfolio tab of any target date funds yo…