Podcasts about discipline funds

Today on the podcast we welcome back Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds, which manages the Discipline Fund ETF. In addition, he heads up Orcam Group, a registered investment advisory firm he established in 2012. He's authored several books, including Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, and he has a new book coming out next year called Your Perfect Portfolio. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business. Cullen, welcome back to The Long View.BackgroundBioDiscipline FundsDiscipline Fund ETFPragmatic Capitalism: What Every Investor Needs to Know About Money and FinanceYour Perfect PortfolioTariffs and Recession“Let's Talk About Tariffs,” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025.“Weekend Reading—How Did We Get Here?” by Cullen Roche, disciplinefunds.com, April 4, 2025.“Three Things—Tariffs, Of Course,” by Cullen Roche, disciplinefunds.com, April 7, 2025.“American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics,” by Charles E. Scott and John J. Siegfried, jstor.org.“Three Things—Is a Recession Coming?” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025.Defined Duration Investing“What Is Defined Duration Investing?” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023.“Defined Duration Investing,” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022.The Fed and Global Investing“Three Things—State of the Markets,” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025.“Why Is International Investing Working Again?” by Cullen Roche, disciplinefunds.com, March 26, 2025.“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, April 19, 2025.Other“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, Morningstar.com, Jan. 11, 2022.Milton Friedman“NY Empire State Index: Meaning, Benefits, Example,” by Adam Hayes, Investopedia.com, June 30, 2022.William Bernstein's No-Brainer PortfolioMeb FaberThe Humble Investor, by Dan Rasmussen

Today I'm diving into the tariff-induced market mania that has been dominating every news headline. Specifically, I'm joined by Cullen Roche, monetary economics expert and founder of Discipline Funds, to discuss three important things: ► How tariffs actually work and why economists across the political spectrum overwhelmingly agree they are bad ► What the recent tariff proposal means for the economy (and American consumers) ► What yesterday's "90-day pause" means for the markets going forward We also discuss how retirement investors should approach their portfolios during this period of economic uncertainty + what changes are prudent to make. *** 2025 TAX CHEATSHEET Subscribe to the Stay Wealthy Retirement Newsletter! As a thank you,  you'll receive my recently updated 2025 Tax Cheatsheet (PDF).  You'll also receive weekly retirement and investing tips from yours truly.

Join us for an insightful conversation with Cullen Roche, a renowned financial expert from Discipline Funds, as he breaks down some of the most pressing economic and market topics impacting investors today. Hosted by Justin and Jack, this episode of Excess Returns dives into a "fact and fiction" style discussion, where Cullen unpacks complex issues like Federal Reserve policies, tariffs, and the national debt with clarity and nuance. With his knack for simplifying the mechanics of markets and the economy, Cullen offers a fresh perspective on what's really happening—and what it means for your financial future. Check out more about Cullen's work at disciplinefunds.com.Main Topics Covered:The Fed and Soft Landing: Cullen evaluates whether the Federal Reserve has successfully managed inflation and engineered a soft landing, reframing the analogy as stabilizing an economy in flight rather than landing it.Tariffs and Inflation: A deep dive into Trump's tariff policies, exploring their impact as a corporate tax, their potential to drive inflation, and whether they can bring manufacturing jobs back to the U.S.National Debt Concerns: Cullen shares his take on the U.S. national debt, downplaying immediate risks while acknowledging the long-term inflationary dangers of unchecked government spending creep.DOGE and Deficit Reduction: Thoughts on the Department of Government Efficiency (DOGE), its potential to cut waste, and the challenges of moving the needle given the dominance of entitlements and defense spending.AI's Economic Impact: How artificial intelligence might boost productivity, its limits in transforming retail demand, and whether it offsets tariff-related economic pressures.Bond vs. Stock Market Smarts: Cullen debunks the myth that the bond market is inherently smarter than the stock market, emphasizing both are efficient in their own right.Mortgage Rates and Housing: A look at whether we'll see ultra-low mortgage rates (like 3%) again, driven by secular trends in technology and population growth.Crypto Reserve Fund: Cullen critiques the idea of a U.S. crypto reserve, arguing it diverts resources from productive economic investments.Leg Day Economics: A lighthearted yet serious take on why leg day matters—not just for fitness, but for longevity and stability.

Whitney Tilson, editor at Stansberry Research, says that while there are reasons to be nervous, the market remains near record-high levels and is not showing signs that it is over-inflated and ready to burst. Tilson notes that fundamentals are strong and the U.S. has the best-performing economy in the world, so investors have correctly priced stocks at rich levels; while that makes it harder for Tilson — a value investor — to find great companies that the market has knocked down or mispriced, it doesn't make the market scary or mean that a big downturn is building. Todd Rosenbluth, head of research at VettaFi, pursues a big yield in an unusual place — the high-flyers of the NASDAQ — with his ETF of the Week, and Cullen Roche, chief investment officer for the Discipline Funds, talks about exchange-traded funds for the long haul in the Market Call.

On episode 149 of Ask The Compound, Ben Carlson and Duncan Hill are joined by Cullen Roche, Founder and CIO of Discipline Funds to discuss how worried we should be about government debt, how to slow down government debt moving forward, the impact of deficits on financial markets, understanding recent interest rate movements, and much more! Submit your Ask The Compound questions to askthecompoundshow@gmail.com! Thanks to Public for sponsoring this episode! Visit: https://public.com/ATC and lock in a 6% or higher yield with a Bond Account. The Compound x Tropical Bros: https://tropicalbros.com/products/super-stretch-the-compound-hawaiian-shirt Subscribe to The Compound Newsletter for all the latest Compound content, live event announcements, find out who the next TCAF guest is, get updates on the latest merch drops, and more! https://www.thecompoundnews.com/subscribe

Cullen Roche is an economist, author, father and Founder and Chief Investment Officer of the Discipline Funds, a low-fee advisory firm. Jan Hatzius FRED Economic Data (St. Louis Fed)State 457(b) Plan Rating Project Learned by Being Burned - Short pod series about how teachers got burned then got wise to the 403(b) Meridian Wealth Management 403bwise.org Nothing presented or discussed is to be construed as investment or tax advice. This can be secured from a vetted Certified Financial Planner (CFP®). 

Cullen Roche returns to the podcast! He is the chief investment officer at Discipline Funds, which focuses on low fee, systematic, index based investing. He is a returning guest to the podcast and I encourage you to check out our first episode from last year. Cullen is a prolific investing blogger where he discusses macroeconomics and the banking system at Pragmatic Capitalism. Welcome to the podcast, Cullen!Links* Discipline Funds, which is where Cullen applies his macro insights to investing vehicles. https://disciplinefunds.com/* Cullen's classic blog, Pragmatic Capitalism, where he has a long history of explaining complex macro issues. https://www.pragcap.com/blog/* Three Minute Macro, Cullen's Youtube channel where he explains complex topics in a three-minute-video format. https://www.youtube.com/@ThreeMinuteMacroDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor's own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Sam Stovall, chief market strategist for CFRA Research, says that he expects the stock market to surprise investors in 2024 "the way it did in 2023," producing the kind of double-digit gains that are typical of the second year of a bull market. Once the market gets into the third year of the current bull run -- in 2025, after the presidential election -- he expects a turn because "that's when bull markets tend to die an early death." Stovall notes that while he thinks the market could take a pause or minor correction before resuming its climb, he expects leadership to change from large caps -- which he says are trading at a 30 percent premium to the Standard & Poor's 500 average price/earnings ratio over the last 20 years -- to small and mid-cap stocks, which have been trading at a steep discount. Todd Rosenbluth, head of research at VettaFi, picks a specialized sector play -- the VictoryShares WestEnd U.S. Sector fund -- as his ETF of the Week, and Cullen Roche, chief investment officer at the Discipline Funds, talks exchange-traded funds in the Market Call.

With inflation off its highs, but still elevated relative to the Fed's target, there are differing opinions on where we go from here. In this episode, Discipline Funds founder Cullen Roche joins us to help work through it. We discuss the challenge of measuring inflation, the relationship between inflation and the labor market, the potential future path of inflation and what to expect from the Fed going forward. SEE LATEST EPISODES ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com/excess-returns-podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT VALIDEA ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT VALIDEA CAPITAL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.valideacapital.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JACK Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/practicalquant⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jack-forehand-8015094⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JUSTIN Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/jjcarbonneau⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jcarbonneau⁠⁠⁠⁠⁠

The U.S. national debt recently crossed $34 trillion. Without causing some serious pain, paying off this debt is nearly impossible to do. We would have to dramatically cut spending in some VERY important areas, increase taxes, or both. This debacle has led many to label this situation as catastrophic... ...as a "building that we're stuck in that will need to collapse on us before we can leave." But is it really as bad as some make it out to be? Is $34 trillion of debt truly an issue?  Should we really be focused on paying down (or paying off) this debt?  To help answer these questions and shed light on this complex topic, I'm joined today by Cullen Roche, monetary economic expert and CIO of Discipline Funds. ----- WANT MORE RETIREMENT PLANNING TIPS? Join 5,000+ listeners and subscribe to the Stay Wealthy Retirement Newsletter. As a thank you, you'll receive a copy of my 2024 Tax Planning Cheatsheet.

Cullen Roche, CIO of Discipline Funds and author of Pragmatic Capitalism, returns to The Julia La Roche Show for episode 123.  Going into 2023, Cullen's big call was disinflation, which was a largely correct call. In this episode, Cullen shares his views that it might take a full year for the Federal Reserve to hit the 2% target. Because of that, the Fed can't start signaling rate cuts without risking a resurgence in inflation. Therefore, Cullen believes the Fed will remain tighter well into 2024, increasing the risk of a hard landing or credit event as we get deeper into 2024. Links: Twitter/X: https://twitter.com/cullenroche Discipline Funds: https://disciplinefunds.com/ Is The S&P 500 Broken? https://disciplinefunds.com/2023/11/21/is-the-sp-500-broken/ Pragmatic Capitalism: https://www.amazon.com/Pragmatic-Capitalism-Every-Investor-Finance-ebook/dp/B0B4V1KHVD 0:00 Welcome Cullen Roche to the show  1:03 Macro view  5:44 Real estate  10:13 How resilient is the economy really?  13:33 Disinflation call, 2024 outlook, road to 2% more difficult  17:29 Expect Fed to hold rates tight 18:23 Opportunities in bonds 20:28 Stock market is a 17-year instrument, duration of other asset classes  26:50 Allocating in this environment  30:00 Is the S&P 500 broken, are there hidden risks?  Marlinski Media produces the Julia La Roche Show: https://www.marlinskimedia.com/

It's our annual catch-up with one of the wisest financial minds we know, Cullen Roche, an economist, author, and founder and chief investment officer of the Discipline Funds, a low-fee advisory firm. We talk inflation, what the Fed might do next, fixed income, residential real estate and deflationary credit events.  Cullen Roche Meridian Wealth Management 403bwise.org Nothing presented or discussed is to be construed as investment or tax advice. This can be secured from a vetted Certified Financial Planner (CFP®). 

The USA debt rating is CUT! Most earnings are out and we have the results. Weekly oil inventories – largest draw-down EVER! Guest – Cullen Roch founder of Discipline Funds, helps us navigate risk. Mr. Roche founded Discipline Funds to help investors obtain access to low fee, diversified portfolios that help them stay the course and meet their financial goals. Cullen's primary areas of expertise include global macro portfolio construction, quantitative risk management, monetary economics, financial accounting and behavioral finance. Prior to establishing his own business, Cullen worked at Merrill Lynch Global Wealth Management where he worked on a team overseeing $500MM+ in assets under management. Upon leaving Merrill Lynch, Cullen managed a private investment partnership which took advantage of reporting irregularities ahead of major corporate events. The strategy generated substantial positive alpha (high risk adjusted returns) without a single negative year of returns from 2005-2011. He formed Orcam Financial Group in 2012 to help better serve the much needed retail space with sophisticated but low fee asset management and financial planning services. Cullen is also a prolific writer. In addition to the weekly musings on his website Pragmatic Capitalism, he is the author of the popular book Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance as well as “Understanding the Modern Monetary System,” one of the top 10 all-time most downloaded research papers on the SSRN academic research network. He is also the author of the popular white paper “Understanding Modern Portfolio Construction.” He was named one of the “Top Wall Street Economists, Experts and Opinion Leaders” of 2011 by Wall Street Economists and was named one of the “101 Best Finance People” by Business Insider, where he was described as “one of the most influential economic thinkers today.” In 2015, Cullen was named one of the “40 Under 40” most influential people in finance by InvestmentNews. He is regularly cited in the Wall Street Journal, on CNBC and in the Financial Times. Cullen is a Georgetown University alumnus, growing up in the DC area and now living in Southern California with his family, troublesome pup Callie and flock of chickens. Follow @CullenRoche Check this out and find out more at: http://www.interactivebrokers.com/ Follow @andrewhorowitz  Stocks mentioned in this episode: (AMD), (TUP), (YELL)

George Milling-Stanley, chief gold strategist at State Street Global Advisors, says that a recession or period of slower growth will hurt the dollar and domestic stocks, creating ideal conditions for gold, particularly with the confluence of higher-for-longer inflation and election-year politics. Milling-Stanley notes that while gold has not been a great hedge against the recent inflation, he expects it to do better in that role going forward because 'we have not yet had the kind of inflation that gold has historically offered protection against.' Also on the show, Hamish Preston of S and P Dow Jones Indices, discusses how the stock market in July hit thresholds for success that had not been seen in nearly 30 years, Greg McBride of BankRate.com discusses Americans' most common financial regrets and, in the Market Call,  Cullen Roche of the Discipline Funds talks systematic investment in exchange-traded funds.

Harley and Mike welcome Cullen Roche, the Founder and CIO of Discipline Funds, to discuss the Fed's heavy hand and its effects on credit. For more information, visit ⁠⁠www.simplify.us⁠⁠. _______________________________________________________________________________________________________________________________________ Important Disclosures Simplify Asset Management Inc. is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Simplify Asset Management Inc. and its representatives are properly licensed or exempt from licensure. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the advisor has attained a particular level of skill or ability. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy. This website and information are not intended to provide investment, tax, or legal advice. This content is solely for informational purposes and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. These materials are made available on an “as is” basis, without representation or warranty. The information contained in these materials has been obtained from sources that Simplify Asset Management Inc. believes to be reliable, but accuracy and completeness are not guaranteed. This information is only current as of the date indicated and may be superseded by subsequent market events or for other reasons. Neither the author nor Simplify Asset Management Inc. undertakes to advise you of any changes in the views expressed herein.

Cullen Roche is the founder & CIO of Discipline Funds. In this conversation, we talk about the macro economy, inflation, interest rates, debt ceiling, Fed policy, savings rate, credit card debt, banking crisis, and much more. ======================= Pomp writes a daily letter to over 235,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/

With the failure of Silicon Valley Bank last week, we wanted to do a special episode to better understand what happened, and what all of us can learn from it. And we couldn't think of anyone better to talk to than Cullen Roche of Discipline Funds, who is an expert on the internal workings of the monetary and banking systems. The three big things you will learn in this episode are: - How the banking system works and how that helps to provide context for what happened here. - The factors and events that led to the collapse of Silicon Valley Bank - What we can learn from what happened and what it means going forward SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau

Stig has invited back investment expert Cullen Roche to discuss how to optimize your portfolio for financial independence and sleeping well at night.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro01:05 - What the difference is between CPI and PCE.08:31 - Whether central bankers should be elected? 14:46 - What the velocity of money is, and how it impacts inflation?19:08 - What it means for inflation and the US dollar that the world is decoupling.28:19 - What a balance sheet recession is and why it is important to understand investors.34:15 - Whether the 60/40 portfolio is still working.41:02 - Which longer cycle we are missing in the financial markets. 41:34 - Whether the next 40 years of stock market performance will look like the previous 40 years.46:28 - Whether central banks fight global warming? 54:31 - Which portfolio to build for independence and sleeping well at night.1:09:30 - Which bias does the new generation of investors have.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESListen to Stig's interview with Cullen Roche about Macro Investing - TIP486 or watch the video. Related Episode: Listen to Inflation Masterclass Continued - TIP472 or watch the video.Related Episode: Listen to Inflation Update and the recent FOMC Meeting - TIP420 or watch the video.Cullen Roche's website, The Discipline Funds.Cullen Roche's website, Pragmatic Capitalism.Tweet directly to Cullen Roche.Email Cullen at cullenroche@orcamgroup.com.Cullen Roche's YouTube channel.Cullen Roche's book, Pragmatic Capitalism – Read reviews here.Gavin Jackson's book, Money in One Lesson - Read reviews here.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet personalized, expert advice that helps you see things clearly with ATB.Take stock of your finances and investing strategy with Betterment.Talk to your clients about Desjardins Responsible Investment today and support what's right for society and what's good for business.Send, spend, and receive money around the world easily with Wise.Let an expert do your taxes from start to finish so you can relax with TurboTax.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week, one of Dan's favorite guests returns for his fourth Stansberry Investor Hour appearance... Cullen Roche is the founder of portfolio-management firms Orcam Financial and Discipline Funds. He is also the author of two of the most widely circulated research papers in finance and a highly rated book named after his popular financial blog, Pragmatic Capitalism. But first, Dan and Corey examine the biggest news events of the past week. And some have gotten a little too close for comfort to the extreme scenarios in the "Top 10 Potential Surprises for 2023" episode. As for our guest's economic outlook, Cullen discusses why disinflation could be this year's theme... why it's too early to be picking bottoms in the "huge, slow-moving beast" of housing... and why he thinks the Federal Reserve is likely to hike rates a bit more before adopting a wait-and-see approach... ➡️ Watch Here

This week, one of Dan's favorite guests returns for his fourth Stansberry Investor Hour appearance... Cullen Roche is the founder of portfolio-management firms Orcam Financial and Discipline Funds. He is also the author of two of the most widely circulated research papers in finance and a highly rated book named after his popular financial blog, Pragmatic Capitalism. But first, Dan and Corey examine the biggest news events of the past week. And some have gotten a little too close for comfort to the extreme scenarios in the "Top 10 Potential Surprises for 2023" episode. As for our guest's economic outlook, Cullen discusses why disinflation could be this year's theme... why it's too early to be picking bottoms in the "huge, slow-moving beast" of housing... and why he thinks the Federal Reserve is likely to hike rates a bit more before adopting a wait-and-see approach... ➡️ Watch Here

Cullen Roche, CIO of Discipline Funds and author of Pragmatic Capitalism, joins Julia La Roche on episode 50 for a wide-ranging discussion of the macro environment and Housing — the risk keeping him up at night. In this episode, Roche raises the point that when it comes to macro research, many economists argue that the U.S. economy is a housing economy, meaning when the housing market slows down a lot, it filters through everything else. “It's really up in the air… Does this environment look more like a 2008-type of slowdown? Is it more like a 2002-ish type of long drawn-out slowdown that nothing really crashes, but things persistently adjust lower?” Roche said on the show. Roche is in more of the 2002 scenario camp, but he notes there's still an outlier risk of a credit event lurking that's more akin to a 2008-style event, but that's a big outlier. If you enjoy the show, please leave a rating and review. Email me at julia@julialaroche.com with any future guest ideas or suggestions. I'd love to hear from you! 0:00 Intro 0:39 Slinging stocks and bonds after college 2:30 Coming full circle to low-cost ETFs 5:40 Understanding the details of what you're buying 8:45 Big picture macro view 10:40 Process of digesting Fed policies during the pandemic 11:09 The big uncertainty — the housing market 13:38 Housing market is the backbone of everything the credit market is structured around 15:13 House prices boomed 40% during COVID 15:47 Outlier scenario that worries Cullen 17:00 Housing has become a speculative asset 18:45 Looking at the stock market as a multi-decade instrument 20:29 Is your house a great investment? 25:23 Will 2023 be the year of Disinflation? 30:30 Disinflation or deflation? 31:44 Can the Fed remain too aggressive? 38:50 Factor investing 42:20 Bonds 44:40 Importance of understanding time with asset allocation 47:40 Bitcoin as a 90-year instrument 52:00 Parting thoughts

In this panel from Alts Expo December 2022, four experts discuss effective investment strategies in an environment of persistently high inflation. The panel was moderated by Andy Hagans of AltsDb; panelists include Jason Cross of Redbrick LMD, Kara O'Halloran of FS Investments, and Cullen Roche of Discipline Funds. Show notes: https://altsdb.com/2022/12/inflation-079/

Cullen Roche is the Founder of Discipline Funds. Discipline Funds is a low fee financial advisory and asset management firm. Prior to establishing his own business, Mr. Roche founded his own investment partnership in 2005 after working at Merrill Lynch Global Wealth Management where he helped oversee $500MM+ in assets under management. During the the 7 years running the partnership he was able to guide the small business to high risk adjusted returns with no negative full year returns during one of the most turbulent periods in stock market history. Mr. Roche's primary areas of expertise include global macro portfolio construction, quantitative risk management, behavioral finance and monetary theory. He is regularly cited in the Wall Street Journal, on CNBC and in the Financial Times. Mr. Roche is a Georgetown University alumnus, growing up in the DC area and now living in San Diego, California with his fiancée Erica and their problem child, Cal, an Australian Shepherd. You can find Cullen's bio here: https://www.pragcap.com/meet-cullen-roche/ Detailed Show Notes: 1:34 - The fully loaded cost of housing 4:23 - Japanese real estate and what it may mean for real estate in the US 5:54 - Housing as a central component not just to the economy, but to everyone's balance sheet 8:16 - Housing in other countries whose Central Banks are more aggressive 16:32 - How consumers act in the beginning of economic slowdowns 17:43 - The Fed is worryied about the short term inflation rate 20:41 - The likelihood or more fiscal stimulus in a big downturn 23:08 - How banking operates in panics 32:33 - How Quantitative Easing works 47:36 - The Buffett approach in investing 52:40 - Focusing on investor behavior 54:07 - The inter-temporal (mismatched time horizons) conundrum 1:02:39 - Behavioral problems in a 60/40 portfolio 1:06:17 - Thoughts on diversification 1:15:20 - The biggest benefit of understanding macro finance

IN THIS EPISODE, YOU'LL LEARN:01:22 - Why and how do we need to understand the macro environment when we invest07:18 - Why we should think of the economy as we think of the human body19:02 - Why the traditional buy-and-hold equity strategy is flawed26:20 - Why a house we live in is typically not a good investment35:16 - How has the stock market performed after inflation and taxes? 40:38 - Why investors are not globally diversified when they invest in the S&P50048:27 - Why bonds bear markets are different from bear markets in stocks55:58 - Why diversification is about hating some of your portfolio all of the time1:03:49 - How money creation will change with a digital currency by central banks1:11:53 - What is yield curve control, and how is it exercised? 1:16:08 - What is the third mandate of the FED?Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESStig's first part interview with Cullen Roche about Inflation.Cullen Roche's website, The Discipline Funds.Cullen Roche's website, Pragmatic Capitalism.Tweet directly to Cullen Roche.Email Cullen at cullenroche@orcamgroup.com.Cullen Roche's YouTube channel.Cullen Roche's new research paper, All Duration Investing.Cullen Roche's book, Pragmatic Capitalism – Read reviews here.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.Private assets represent 98% of companies in North America but are absent in most portfolios. Reconstruct your portfolio with private markets with Mackenzie Investments.Build a plan that helps you strengthen your financial security with RBC Wealth Management. RBC capital markets LLC, member NYSE, FINRA, SIPC.Throw out the old traditions and get progressive. Discover the complete package - smart design, lots to love under the hood with Genesis.Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax's Gold Investor Kit today - 3 ounces of the world's most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.See the potential of your business. Find solutions that work for you, that tick bigger boxes and help you grow with Square.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Enjoy a 400-calorie meal that contains 40g of expertly sourced, premium plant protein, all 26 essential vitamins and minerals, and a scientifically calibrated mix of carbs, good fats and fiber with Huel Black Edition. Plus, get a free t-shirt and free shaker with your first order.Start printing everything your small business needs and discover the endless printabilities with VistaPrint.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia's first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.Start building a portfolio of alternative farm and timberland assets with AcreTrader.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On episode 49 of Portfolio Rescue, Ben Carlson and Duncan Hill are joined by Cullen Roche, Author of Pragmatic Capitalism and Founder of Discipline Funds to discuss if the Fed is making a mistake, the consequences of 7% mortgage rates, how Ben and Cullen would run the Fed, and much more! Submit your Portfolio Rescue questions to askthecompoundshow@gmail.com!This episode is presented by https://liftoffinvest.com. Liftoff® is an automated investment advisory service powered by Betterment, and is a wholly owned entity of Ritholtz Wealth Management LLC. Ritholtz Wealth Management is a Registered Investment Advisor who receives fees from clients who invest in their Liftoff proprietary portfolios, which are not necessarily discussed in the commentary.Check out The Compound shop: https://www.idontshop.comInvesting involves the risk of loss. This podcast is for informational purposes only and should not be regarded as personalized investment advice or relied upon for investment decisions. Ben Carlson, Michael Batnick, and Duncan Hill are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinions and do not reflect the opinion of Ritholtz Wealth Management. See a complete list of disclosures here:https://ritholtzwealth.com/podcast-youtube-disclosures/Inclusion of advertisements by podcast sponsors does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers: https://abnormalreturns.us5.list-manage.com/track/click?u=f8843b0fc6f0ed7d35e67dcf5&id=33b07916d1&e=4e0f612ef0. Hosted on Acast. See acast.com/privacy for more information.

Get Opto's best content every day, by subscribing to our FREE Newsletter: www.cmcmarkets.com/en/opto/newsletterThis week I have the pleasure of introducing Cullen Roche, Founder and Chief Investment Officer at Discipline Funds. He founded Discipline Funds to help investors obtain access to low-fee, diversified portfolios that help them meet their financial goals. Cullen is also the founder of pragmatic capitalism where he attempts to cut through the noise and describe the world as it is while providing answers to some of the toughest questions in finance and economics. He is also the author of a number of books, one of the most popular being Pragmatic Capitalism - What Every Investor Needs to Know About Money and Finance.Cullen is a macro expert with primary skills in global macro portfolio construction, quantitative risk management, monetary economics, financial accounting, and behavioural finance.In this interview, we discuss the current macro backdrop in stocks, the precarious situation with US house prices, how the modern monetary system works, and how individuals can avoid thinking short term. Cullens' insights are second to none.disciplinefunds.comIf you're interested in receiving a daily update on thematic investing in the stocks where we keep you up to date on the next big thing, sign up to the Opto newsletter. cmcmarkets.com/en/opto/newsletter.Enjoy!Thanks to Cofruition for consulting on and producing the podcast. Want further Opto insights? Check out our daily newsletter: https://www.cmcmarkets.com/en-gb/opto/newsletter------------------Past performance is not a reliable indicator of future results.CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment, or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.CMC Markets does not endorse or offer opinions on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.

The Fed has hiked interest rates multiple times this year, but inflation remains stubbornly high. Are housing prices unsustainable? If so, when will a housing price correction occur (and how deep will it be)? Cullen Roche, founder and CIO of Discipline Funds, joins the show to discuss what real estate investors should expect going into 2023. Show notes: https://altsdb.com/2022/09/cullen-roche-057/

Inflation has taken center stage in 2022, but its causes are a lot more complex than many investors assume. Moreover, it's not yet clear whether higher inflation will sustain into 2023 and beyond, or if the peak is already in the rear-view mirror. Cullen Roche, founder and CIO of Discipline Funds and author of the Pragmatic Capitalism book and blog, joins the show to demystify inflation, deflation and disinflation. Show notes: https://altsdb.com/2022/09/cullen-roche-056/

Tune in to hear:- What is “all duration investing” and what behavioral upside might this approach have for investors?- How can you better organize a bucketing approach to reflect those investments' time horizons?- What about the tendency for all time horizons to become today in the face of behavioral pressure - how can we protect ourselves from this?- Why is the myth that “China owns the USA” constantly perpetuated?- A lot of people think quantitative easing is just printing money - why is this a myth?- Are governmental actions, or lack thereof, partially to blame for where we are at with inflation at the moment?- Are we on the cusp of losing reserve currency status or is this a myth?- Why does Cullen think there should be more nuance around the “buy and hold” principle?- What are some pragmatic applications and implications of the financial myths that Cullen has busted on today's episode?https://www.pragcap.comhttps://disciplinefunds.comCompliance Code: 1355-OAS-8/1/2022

IN THIS EPISODE, YOU'LL LEARN:01:20 - Why inflation will be moderate in the coming years.08:44 - Why deflation is more likely than hyperinflation.16:46 - Whether velocity of money is important for inflation.25:22 - Whether a negative budget balance leads to inflation.33:38 - How do you include inflation expectations in your retirement portfolio.47:42 - What the optimal inflation or deflationary target is.55:42 - What would a deflationary world look like?1:00:09 - Whether we are entering a period of a "Fed call".1:05:55 - What the 2Y treasury is telling us.*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESStig's first part interview with Cullen Roche about Inflation Masterclass.Cullen Roche's website, The Discipline Funds.Cullen Roche's website, Pragmatic Capitalism.Tweet directly to Cullen Roche.Email Cullen at cullenroche@orcamgroup.com.Cullen Roche's YouTube channel.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSTrade specifically based on your view of concrete events with Kalshi.Enforce strong passwords and make it easy for your teams to securely share credentials with Keeper Security. Sign up for a Keeper free trial for your organization today, and get a free 3-year personal plan.Take the next step in your working-life or get ready for a change, by being a Snooze franchise partner.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Build a plan that helps you strengthen your financial security with RBC Wealth Management. RBC capital markets LLC, member NYSE, FINRA, SIPC.Send, spend, and receive money around the world easily with Wise.Invest in high quality, cash flowing real estate without all of the hassle with Passive Investing.Make backing up and accessing your data astonishingly easy with Backblaze.Make summer dinners stress-free with Freshly. Get $125 off your first five orders today!Get up to 3% Daily Cash back on everything you buy with Apple Card. Apply now in the Wallet app on iPhone and start using it right away. Subject to credit approval. Daily cash is available via an Apple Cash card or as a statement credit. See Apple Card customer agreement for terms and conditions. Apple Cash card is issued by Green Dot Bank, Member FDIC. Variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of August 1, 2022.Help empower girls to break free through education, healthcare, child protection, and other wonderful benefits by being a World Vision child sponsor today.Experience a simple way for you to set up a bitcoin IRA while keeping control of your bitcoin keys with Unchained Capital. Schedule a complimentary consultation today.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The first half of the year is in the books... And, unfortunately, it was the worst first six-month period since 1970. But the odds are good that we'll be able to climb out of this rut. In this episode of Making Money With Matt McCall, I'm kicking off the second half of 2022 by sitting down with Cullen Roche, the founder and chief investment officer of advisory firm Discipline Funds. This is a must-watch interview full of insights from both Roche and me that could help set you up for a strong finish to 2022.

In this episode, Doug and Greg talk with Cullen Roche, Founder and Chief Investment Officer at Discipline Funds. Aside from advocating for rebalancing portfolios with low-fee, tax-efficient funds, Cullen also writes about the macroeconomy and investing strategies through his blog, Pragmatic Capitalism. Cullen also advises on the overall impact of inflation in the current market. Cullen talks with Doug and Greg about inflation, economic cycles, and countercyclical indexing with ETFs.   Key Takeaways [00:47] - What causes inflation? [03:02] - How COVID impacted the direction of inflation. [07:08] - Bank reserves vs. direct payments to individuals. [09:40] - Has the inflation already peaked? [13:35] - Are inflation and inflation rates correlated? [20:16] - Hyperproductivity in the US economy. [23:31] - How inflation negatively impacts everybody. [26:40] - The midterm elections and market predictions. [34:06] - Cullen's insights on portfolio allocation. [39:25] - Is global market investing a good idea? [44:12] - What is Discipline Funds ETF? [50:11] - How is Disciplines Fund ETF designed to last long term? Quotes [20:20] - “The thing about deflation is it tends to occur, especially the really traumatic ones, inside of debt bubbles like the housing crisis. The thing that made that so frightening was that you had balance sheets collapsing from debt deflation, and that is really traumatic because it's the exact opposite of money printing — it's money destruction. And that is a very unnatural process inside of any long-term economic period.” - @cullenroche [38:52] - “A lot of people get in trouble because they get overly confident about potential outcomes and they start saying, ‘Oh, well, hyperinflation is coming, the government's ruining everything, so I need to just own nothing but Bitcoin.' And those sorts of maximalist positions can be really damaging because if you're wrong, your outcome is asymmetric in a really potentially catastrophic way.” - @cullenroche [41:59] - “I'm not just an advocate of diversifying globally. I'm actually an advocate of diversifying globally based on what the actual full market capitalization is.” - @cullenroche Links  Cullen Roche on Twitter Cullen Roche on LinkedIn Orcam Financial Group, LLC Pragmatic Capitalism Discipline Funds Everything You Need To Know About Inflation by Cullen Roche Further Evidence on Greenspan's Conundrum Joe Manchin John Bogle Tesla Vanguard ETFs S&P 500 Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts LagniappePodcast.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a final decision.

The 64th NewRetirement podcast. This time, Steve Chen is joined by guest Cullen Roche — Founder and Chief Investment Officer at Orcam Financial Group and Discipline Funds — and discusses inflation risk & investing for retirement and takes some listener questions. They address Cullen's work at Merrill Lynch and how he got disillusioned with the wirehouse business model and then started his own firm.Try out the NewRetirement Planner for free: https://www.newretirement.com/planner/signupProduced by Davorin Robison.© 2022 NewRetirement Inc.

Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen also authors the popular blog "Pragmatic Capitalism," where he writes about a range of macroeconomic and investing topics. He is active on social media, including Twitter, where you can find him at @cullenroche. Cullen started his career as an advisor at Merrill Lynch and did a stint at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business..BackgroundBioPragmatic Capitalism BlogPragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, by Cullen RocheMacroeconomics and Financial Planning/Advice“Three Things I Think I Think—Macro Thoughts,” by Cullen Roche, pragcap.com, Aug. 3, 2021.The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel“The Most Important Investment Factor—Behavior,” by Cullen Roche, pragcap.com, April 6, 2018.“What Is the Value of Financial Advice?” by Cullen Roche, pragcap.com, Sept. 18, 2019.“Understanding Quantitative Easing,” by Cullen Roche, papers.ssrn.com, Feb. 10, 2014.“2 Reasons the Surging Deficit Worries Me,” by Cullen Roche, pragcap.com, Sept. 26, 2018.Economic Cycle and Fiscal Picture@jasonzweigwsj“Three Things I Think I Think: Cycles, Hunting Biden and Life,” by Cullen Roche, pragcap.com, Oct. 15, 2020.“Three Things I Think I Think: Housing Bubble 2.0, Passive Investing and Hyperinflation,” by Cullen Roche, pragcap.com, April 8, 2021.“Should House Prices Be in the CPI?” by Cullen Roche, pragcap.com, Aug. 24, 2021.“Understanding Government Liabilities,” by Cullen Roche, pragcap.com, March 28, 2021.Inflation and Interest Rates“Let's Talk About Inflation,” by Cullen Roche, pragcap.com, May 12, 2021.“Is Hyperinflation Coming?” by Cullen Roche, pragcap.com, Oct. 25, 2021.“Three Things I Think I Think—Myths That Never Die,” by Cullen Roche, pragcap.com, Oct. 5, 2021.“Government Bond Markets Aren't ‘Free' Markets,” by Cullen Roche, pragcap.com, Oct. 8, 2020.“What if It's all Going to Zero?” by Cullen Roche, pragcap.com, Nov. 9, 2021.“Why Stocks and Bonds Are the Core of any Portfolio,” by Cullen Roche, pragcap.com, March 16, 2021.Discipline Fund ETF“Introducing the Discipline Fund ETF,” by Cullen Roche, pragcap.com, Sept. 21, 2021.“John Bogle: How to Create Perfect Asset Allocation,” video interview, youtube.com, June 24, 2018.Discipline Fund ETF OverviewWesley Gray“What Is Discipline-Based Investing?” by Cullen Roche, pragcap.com, Jan. 1, 2019.Target-Date Funds“The Zoom Climb Glide Path & Why the Age in Bonds Rule Is Wrong,” by Cullen Roche, pragcap.com, Sept. 30, 2021. “The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.“Three Things I Think I Think—Dangerous & Terrible Stuff,” by Cullen Roche, pragcap.com, Sept. 29, 2021.

In episode 378, we welcome our guest, Cullen Roche, founder and Chief Investment Officer of Discipline Funds, a low fee financial advisory firm with a focus on helping people be more disciplined with their finances. In today's episode, Cullen begins by sharing his framework for thinking about inflation and the impact of both monetary and fiscal policy. He explains the difference between the response to the Great Financial Crisis and what we're experiencing today and then shares what he expects inflation to look like over the next few years. Then we get into Cullen's newest venture, the Discipline Funds ETF, ticker DSCF. He walks us through why he chose to start the fund, the tax benefits of holding low cost index funds in an ETF wrapper when rebalancing, and what the process of launching an ETF was like. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by GiveWell. GiveWell searches for the charities that save or improve lives the most per dollar. GiveWell recommends a small number of charities that do an incredible amount of good. Visit Givewell.org and donate before the end of the year and have your donation matched up to $250 when you mention "The Meb Faber Show." Today's episode is sponsored by Public.com. Public.com is an investing platform that helps people become better investors.  Start investing with as little as $1 and get a free slice of stock up to $50 when you sign up today at public.com/faber.

IN THIS EPISODE, YOU'LL LEARN:01:43 - Which ETF strategy is right for you?06:49 - Why there is no such thing as passive investing?12:17 - How does an ETF technically work, and why is it a tax-efficient investment instrument.22:18 - What is the difference between the gross and net expense ratio?26:16 - Should you pay attention to backtesting results when you choose which ETF to invest in?31:05 - How do you launch your own ETF? 40:12 - Are retail ETF investors at a disadvantage compared to institutional investors? 45:29 - How much does it cost to run an ETF? 48:35 - How to think about fund of funds.53:27 - Why should you invest in long-term bonds in today's environment? 1:00:14 - Which implication has the interest rate on ETF investing?*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Stig's interview with Cullen Roche about Inflation Masterclass.Cullen Roche's website, The Discipline Funds.Cullen Roche's website, Pragmatic Capitalism.Tweet directly to Cullen Roche.Email Cullen at cullenroche@orcamgroup.com.Read the 9 Key Steps to Effective Personal Financial Management.Communicate your ideas in the best way possible with Canva.Remove uncertainty from your portfolio and receive a steady flow of cash all year round with Farmfolio.Get 20% off on Simplisafe's newest Wireless Outdoor Security system and get the first month of monitoring service for FREE when you enroll in Interactive Monitoring.Join OurCrowd and get to invest in medical technology, breakthroughs in ag-tech and food production, solutions in the multi-billion dollar robotic industry, and so much more.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Transform how you drive business results and connect with customers with Snap AR.Trade confidently with BMO adviceDirect. Start trading today with personalized advice with a minimum of just $10,000.Track performance, create custom watch lists, and trade from anywhere with confidence with a BMO InvestorLine Self-Directed account.to more deeply with Blinkist. Get 25% off and a 7-day free trial today.Learn about the next big thing – months before everyone else with Trends. Start your 7-day trial today for just $1.Hear about surprising bank vulnerabilities, learn about crypto thieves, and investigate the old dangers in our new media environment with What the Hack with Adam Levin.Get $50 off your Drinkworks Home Bar this holiday season. Now through December 5, save $50 on the Home Bar with promo code HOMEBAR50.Earn 1-100% back (or a shot at a whole bitcoin) on every purchase with the Fold Spin+ card. Get 20% off the Spin+ annual fee for being a listener of The Investor's Podcast.Provide future financial protection to the people who matter most to you with the help of TD Term Life Insurance. Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!What do you love about our podcast? Here's our guide on how you can leave a rating and review for the show. We always enjoy reading your comments and feedback!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Inflation is probably the most talked about topic in investing today. Some think it has become a major problem. Others (including the Fed) think it is transitory. While still others think we are headed for a repeat of the 1970s or even hyperinflation.  But many of the opinions on both side are not informed by the facts. So we wanted to do an episode where we started with the basics to help us understand what is going on now, and what might happen in the future. To do that, we couldn't think of a better person to talk to than Discipline Funds founder and author of the Pragmatic Capitalism blog Cullen Roche.  We look at inflation from the ground up.  We discuss: -  the various ways to measure it and how they are different  - the history of inflation in the US - why quantitative easing didn't cause inflation, but fiscal stimulus did - the major forces that have kept inflation down  - the differences between now and the 1970s - what hyperinflation is and why it is very unlikely  We hope you enjoy the discussion.  ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau