Podcast appearances and mentions of Eugene Fama

Are we in an AI bubble? That's the $35 trillion dollar question right now as the stock market soars higher and higher. The problem is that bubbles are famously hard to spot. But some economists say they may have found some telltale clues.On our latest: How do economists detect a bubble? And, how much should society be worried about bubbles in the first place? Related shows:- How to make $35 trillion ... disappear-What is a bubble? (featuring Nobel prize winning economics Eugene Fama and Robert Shiller)-What AI data centers are doing to your electric billPre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo and Robert Rodriguez. Alex Goldmark is our executive producer.Music: NPR Source Audio - “The best is yet to come,” “Marsh mellow,” and “Sunshine beat”Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Wall Street is pitching “fixed-maturity ETFs” as the perfect solution for retirees who want certainty, income, and peace of mind—but are they actually solving a problem that already has simpler answers? In this episode, Don and Tom break down what bonds and CDs really do, why fixed-maturity funds are being pushed so hard right now, and how fees quietly eat away at the promised benefits. Along the way, they explain the real role of bonds in a portfolio, why chasing yield is a trap, and how diversification and simplicity still beat clever packaging. Listener questions tackle fiduciary responsibility in 401(k) plans, loaded mutual funds, and how much international exposure makes sense in retirement. 0:04 New year opener, time anxiety, and refusing to acknowledge large numbers 1:05 What a bond actually is—and what it guarantees (and doesn't) 1:54 CDs vs. bonds: fixed maturity products that already work 2:37 Why Wall Street suddenly “needs” fixed-maturity ETFs 3:22 BulletShares, yields, and the quiet problem of fund expenses 4:45 Larry Swedroe's blunt answer: skip the fund, buy the bonds 5:24 Yield fixation and how investors ignore cost and complexity 6:05 When fixed-maturity ETFs might make sense—and when they don't 7:14 I-Bonds, TreasuryDirect, and Don's practical reality check 7:48 A simple solution: total bond fund plus a CD ladder 8:28 Why fixed maturity doesn't mean fixed safety 10:09 Expense ratios compared: broad bond funds vs. sliced products 10:35 The real purpose of bonds in a portfolio 12:04 Putting 2022's bond losses in proper historical context 12:58 Eugene Fama on Wall Street “innovation” 13:20 Listener question: fiduciary responsibility in a 401(k) plan 16:30 Listener question: A-shares, B-shares, loads, and advisor honesty 19:14 Why high fund expenses hurt more than exit fees 20:52 Listener question: international exposure in retirement portfolios 22:18 Practical global diversification without precision theater 23:02 Why Don is flexible on allocations—but not on insurance sales 23:22 How to send in questions and closing banter Learn more about your ad choices. Visit megaphone.fm/adchoices

Very few people have truly changed the way we think about markets. Cliff Asness is one of them. Founder of AQR, student of Eugene Fama, and one of the sharpest thinkers in quantitative finance, Asness is part of that tiny group of investors whose ideas move global conversations, challenge long-held beliefs, and force even professionals to rethink what they think they know. In this exclusive conversation, we step directly into his reasoning: why factors work (and when they stop working), what “expected return” really means, how investors survive the toughest market cycles, and why being wrong alone often feels worse than being right too late. We talk about value, momentum, risk premia, the tension between academic theory and real-world markets, the role of AI in investing, and what it means to stay faithful to a method when everything around you tells you to abandon it. This episode is more than an interview — it's a masterclass in discipline, intellect, and humility from one of the greatest investors of our time. If you care about investing, Cliff Asness is a required stop. Produced and distributed by Corax. Learn more about your ad choices. Visit megaphone.fm/adchoices

Poche persone al mondo hanno cambiato davvero il modo in cui pensiamo ai mercati. Cliff Asness è una di queste. Fondatore di AQR, allievo di Eugene Fama, tra i più brillanti pensatori della finanza quantitativa, Asness è uno di quei rarissimi investitori la cui voce muove conversazioni globali, smonta certezze e costringe tutti – anche i professionisti – a rimettere in discussione ciò che credono di sapere. In questa conversazione esclusiva entriamo dentro il suo modo di ragionare: perché i fattori funzionano (e quando smettono di farlo), cosa significa davvero “rendimento atteso”, come si sopravvive ai periodi più difficili dei mercati, e perché avere torto da soli è psicologicamente peggio che avere ragione troppo tardi. Parliamo di value, momentum, risk premia, del rapporto tra teoria economica e realtà, del ruolo dell'AI nella finanza, e di cosa significa restare fedeli a un metodo quando tutto intorno ti dice di mollare. Un'intervista che è molto più di un episodio: è una lezione di disciplina, intelletto e umiltà da uno dei più grandi investitori del nostro tempo. Se ami la finanza, Cliff Asness è una tappa obbligata. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of "What's the Risk" we take a look at the Fama French US Small Value Research Index. It is a research index from the Fama/French model that tracks the performance of small-cap stocks with low price-to-book ratios.While over the long term, the small/value factor has shown outstanding performance, in recent years it has underperformed. Many people have said these factors have had their day, but this isn't the first time small/value has underperformed against larger growth counterparts, and for investors who want to tilt their portfolio to target higher expected returns, this is a lesson in risk. Factors are not going to always perform as you wish, and they have historically required patience and discipline to capture.The index was created by academics Eugene Fama and Kenneth French and is designed to isolate and measure the "value" and "size" factors in stock market returns.The Fama French US Small Value Research Index investible index, but the research by Fama and French has, and continues to inform Dimensional Fund Advisors, where Fama and French are board members.Want to learn more about investing? Search for "Your Investment Philosophy" on Amazon, Australian link: https://www.amazon.com.au/Your-Investment-Philosophy-Protecting-Fraudsters-ebook/dp/B0BCPJ8BGC/https://www.mfg.com.au Mancell Financial Group is an Authorised Representative No. 226266 and Credit Representative No. 403187 of FYG Planners Pty Ltd, AFSL/ACL No. 224543. ABN 29 009 541 253. Hosted on Acast. See acast.com/privacy for more information.

In this special Investing 101 episode, the Rational Reminder hosts—Ben Felix, Dan Bortolotti, and Ben Wilson—team up to revisit the fundamental concepts that every investor should understand before diving deep into portfolio construction or market theory. Drawing from Ben's original "Investing 101" presentation and years of client experience, the trio lay out why investing matters, how inflation shapes your future, what stocks and bonds really represent, and why a disciplined, evidence-based approach beats prediction and luck every time. They unpack core ideas like financial independence, risk versus volatility, global diversification, and market efficiency, then connect them to practical tools like ETFs and Vanguard's asset allocation funds. Key Points From This Episode: (0:00:24) Why this episode revisits "Investing 101"—inspired by a listener still unsure how to begin. (0:05:03) Why investing matters: inflation erodes purchasing power, investing fights back. (0:06:33) The math of compounding: how a 7% return versus 2% changes your retirement entirely. (0:10:57) Saving early and often: habit formation beats late-life catch-up. (0:11:53) The trade-off between saving more and taking more investment risk. (0:14:04) Utility theory and the psychology of saving when young. (0:16:39) Marginal utility: when more money no longer adds happiness or purpose. (0:20:47) Stocks and bonds explained: ownership versus lending and the role of each. (0:23:11) The Japan story: a cautionary tale about chasing past winners. (0:26:49) Narrative investing: why investors love stories and get burned by them. (0:30:19) Market capitalization weighting—how global prices tell you what to own. (0:33:42) The stock market is not the economy: why news headlines mislead investors. (0:37:14) The power of diversification: why most individual stocks fail—and a few drive all returns. (0:41:56) Bonds, volatility, and inflation risk—why "safe" assets aren't risk-free. (0:44:41) Building your mix: matching volatility tolerance with long-term goals. (0:45:10) The behavioral challenge: risk is only useful if you can stay invested. (0:48:08) Active management as gambling: adding unrewarded noise to your portfolio. (0:51:43) The paradox of skill: why markets punish even brilliant active managers. (0:55:51) Efficient markets and Eugene Fama: the evidence that prices already reflect all information. (1:00:20) How small fees compound into big losses over decades. (1:03:07) The behavioral hurdle of indexing: trusting a system with "no one at the wheel." (1:04:54) The real value of financial advice: behavior, discipline, and holistic planning. (1:07:24) Implementing the plan: how asset allocation ETFs simplify everything. (1:11:41) Rebalancing and emotion: why automation protects investors from themselves. (1:14:24) Paying a bit more for simplicity: why 0.10% in fees can be worth it. 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 Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti — https://pwlcapital.com/our-team/ Dan Bortolotti on LinkedIn — https://ca.linkedin.com/in/dan-bortolotti-8a482310 Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Join host Keith Matthews and co-host Marcelo Taboada as they take a fascinating deep dive into the origins and rise of index funds, inspired by the documentary “Tune out the Noise.” In this episode Keith and Marcelo explore how index and passive investing has evolved from a radical idea in the 1960s to today's gold standard for simplified, cost-effective, and evidence-based portfolio management.Go behind the scenes of “Tune Out the Noise” as they break down how the index fund revolution began in academia, overcame huge resistance from Wall Street, and ultimately changed the way everyday investors build wealth. Discover the pivotal roles played by innovators like David Booth, Jack Bogle, and Eugene Fama in shaping the landscape of modern investing.Along the way, Keith and Marcelo share real-world stories from investors who changed their fates by adopting indexing, plus their own “lightbulb” moments in navigating the shift from active to passive investing.For listeners feeling lost in the noise of investment advice, Keith and Marcelo offer clear perspective: focus on simplicity, discipline, and a long-term evidence based approach. Their message is a reminder that successful investing isn't about chasing returns or complicated strategies, it's about building a confident plan that empowers you to tune out the distractions and stay the course.Key Topics: ● “Tune Out the Noise” a documentary on the dramatic rise and value of index investing (0.00) ● Why index funds have “taken over” & what sets it apart from active management (3:11)● Real-life case studies: portfolios in 2004 vs. portfolios today (3:52) ● The shifting habits of new generations of investors (5:03)● How and why the index fund revolution began in the 1960s–1970s (6:17) ● The “data explosion,” academic research, and the birth of efficient market theory (7:00) ● Overcoming resistance: why “settling for average” actually beats chasing returns (8:01)● How the first institutional and retail index funds launched (9:23)● The impact of Jack Bogle, David Booth, and other key figures (9:32) ● Academic breakthroughs: Efficient Market Hypothesis and the power of data (9:40) ● Demonstrating grit: the personal stories of index investing's pioneers (10:28) ● Dimensional's early culture and how “shoe-selling morals” influenced business ethics (10:36) ● Surprising backgrounds of industry icons: farming, family hardships, and more (11:34) ● From active investor to passive advocate: why even industry insiders switched sides (14:06) ● What simplicity really looks like in a successful investment portfolio (14:53)● The importance of low fees, broad diversification, and ignoring the noise (15:47) ● Personal “aha moments”: how Keith and Marcelo embraced index investing (17:50) ● Final takeaways: markets work, costs matter, and diversification is your friend (24:00)And much more!Mentioned in this Episode:● Tune Out the Noise | Documentary Film● Canadian Wealth Management Is Changing: 4 Trends Investors Can't Ignore● Tulett,Matthews & AssociatesThanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts.Follow Tulett,Matthews & Associates on social media: LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook,

This episode explores Americans' financial well-being in 2025, using a Yahoo Finance/Marist survey as the springboard. Don and Tom discuss how their audience differs from the average American listener, how perceptions of financial health can be misleading, and what to actually do if your finances—or your feelings about them—are getting worse. They debate the usefulness of net worth tracking, stress the importance of financial literacy, and suggest automating savings. Listener questions cover indexed annuities, bond substitutes, tax implications, and long-term care sales pitches. They also read a letter defending Rick Edelman and challenging their dismissal of crypto, which leads to a lively discussion about evidence-based investing, Eugene Fama's critique of Bitcoin, and the dangers of sensationalized advice. They end with a reflection on public criticism and the value of having one's views challenged. 0:29 Comparing TRM listeners to Ramsey and Kiyosaki audiences 1:37 Median savings for over-65 Americans and why $200k still isn't enough 2:42 Yahoo/Marist survey results: affordability, debt, emergency savings 3:50 One in three say finances worsened; generational breakdown 4:51 Explaining net worth, what to include and exclude 7:01 Tracking net worth annually as a financial benchmark 8:00 Divorce, net worth, and the joke about “kill them off” 9:50 Income gap, gender differences, and perception vs. reality 10:34 How uncertainty and fear shape financial outlooks 11:41 Producer note joke about being “sexist but not leftist” 11:50 Dissatisfaction with savings and personal spending habits 13:06 Fixing bad finances: literacy, automation, benchmarking 17:20 Don argues perception matters more than reality for many 18:20 Listener question: fixed index annuity as bond substitute 19:46 Caps, participation rates, and underperformance vs. markets 21:10 Tax treatment of annuities vs. ETFs 22:55 Importance of advice near retirement (decumulation phase) 23:44 Listener shares bad LTC/annuity sales pitch experience 24:54 Fixed annuity guarantees vs. CDs and government bonds 25:39 Listener defends Rick Edelman, suggests an open dialogue 26:52 Don's critique of Edelman's shift toward sensationalism 29:29 Eugene Fama's comments on Bitcoin, clash with Edelman's stance 31:23 Public criticism is fair game—reading recent Apple Podcast reviews 32:48 Bitcoin adoption debate and institutional incentives Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week's Stansberry Investor Hour, Dan and Corey welcome Joel Litman back to the show. Joel is the founder and chief investment officer of our corporate affiliate Altimetry, where his team uses their Uniform Accounting system to look beyond the as-reported numbers in financial reports to see how companies are really performing.   Joel kicks things off by discussing the resilience of the U.S. stock market, which has takenmany professional investors by surprise. He states that historically, tariffs have not been a tax on consumers, with exporters absorbing 50% to 60% of costs to maintain their market share. Joel also argues that the U.S. dollar continues to be strong and that despite recession woes, corporate credit shows the economy is persistent. (0:00)   Next, Joel urges folks not to give in to the "fear of getting in" (the counterpart to the "fear of missing out"). Because investors are seeing new highs, they think they've missed out on buying in, but Joel says that's a mistake. Joel also shares his thoughts on the usage of AI and how many concerns over it replacing the entire workforce are unwarranted. Additionally, he says that the investment advice it provides is often incorrect and that is should be used as a supplement to research instead. (26:36)   Finally, Joel reflects along with Dan and Corey on Nobel Prize-winning economist Eugene Fama and the scope of his knowledge. Joel also provides a brief explanation of what he and his team look for at Altimetry. And he provides a glimpse of some of his latest research.(45:41)

Don and Tom take listeners on a “mountaintop” look at today's frothy markets, exploring elevated valuations, retail trading spikes, and record margin debt. They unpack what these numbers really mean, warn against trying to time the market, and reiterate the need for diversification and a long-term plan. Listener questions include a young investor's Fidelity-heavy portfolio, a 30-something's aggressive allocation and risk score mismatch, and a listener inquiry about “investwithroots.com,” which Don dissects as a private real-estate fund with fees and risks that outweigh its glossy promises. 0:04 Opening from the market “peak” and climbing metaphor 1:38 Market valuation discussion: P/E ratios, concentration in top 10 stocks 3:21 Surge in retail trading, meme stocks, margin debt, Robinhood sentiment 5:13 Economic uncertainty and why market timing doesn't work 6:11 Staying with your plan and portfolio diversification 7:15 Risks of U.S. large-cap concentration in typical portfolios 8:03 The need to include small-cap, value, and international stocks 9:14 Eugene Fama's “trading is like soap” warning and why trading destroys wealth 10:46 Practical advice: stop trying to outsmart the market, build a plan 13:22 Listener Q1: 18-year-old's portfolio—too much large-cap, not enough international or small value 16:15 Listener Q2: 30-year-old with $100K—good diversification but needs bonds for risk profile 19:25 Listener Q3: Investwithroots.com analysis—fees, geographic risk, private REIT red flags 24:16 Why public REITs like Vanguard's VNQ offer better diversification/liquidity Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week's Stansberry Investor Hour, Dan and Corey welcome Joel Litman back to the show. Joel is the founder and chief investment officer of our corporate affiliate Altimetry, where his team uses their Uniform Accounting system to look beyond the as-reported numbers in financial reports to see how companies are really performing.   Joel kicks things off by discussing the resilience of the U.S. stock market, which has takenmany professional investors by surprise. He states that historically, tariffs have not been a tax on consumers, with exporters absorbing 50% to 60% of costs to maintain their market share. Joel also argues that the U.S. dollar continues to be strong and that despite recession woes, corporate credit shows the economy is persistent. (0:00)   Next, Joel urges folks not to give in to the "fear of getting in" (the counterpart to the "fear of missing out"). Because investors are seeing new highs, they think they've missed out on buying in, but Joel says that's a mistake. Joel also shares his thoughts on the usage of AI and how many concerns over it replacing the entire workforce are unwarranted. Additionally, he says that the investment advice it provides is often incorrect and that is should be used as a supplement to research instead. (26:36)   Finally, Joel reflects along with Dan and Corey on Nobel Prize-winning economist Eugene Fama and the scope of his knowledge. Joel also provides a brief explanation of what he and his team look for at Altimetry. And he provides a glimpse of some of his latest research.(45:41)

We all have some worries, those everyday anxieties that creep into our lives—money, kids, jobs, and adding more stress to your life in the form of an investment portfolio can seem like too much at times.  So this week, I'm sharing how understanding one key financial theory can transform your approach to investing and seriously lower your stress. This episode takes you through the groundbreaking work of Eugene Fama and the efficient market hypothesis, explaining why trying to outguess the market is usually a losing game. I'm also sharing how, by trusting the power of the market and building your strategy around solid, evidence-based principles, you can ditch investing anxiety and set your family up for long-term success. So if market swings keep you up at night or you're looking for a more peaceful way to manage your portfolio, tune in for a fresh perspective and actionable advice on taking the stress out of investing—once and for all. Outline of This Episode [00:00] Your foundation of knowledge to experience stress-free investing. [05:58] Understanding Efficient Market Hypothesis (EMH). [09:40] The power of market consensus. [11:55] How fast does the stock market react? [13:12] Efficient market hypothesis simplified. [17:27] The myth of market-beating funds. [19:22] Reduce investment stress by demystifying the market. Does Investing Have to Be One More Worry? Retirement account fluctuations, big market drops like those in 2008, COVID-19, and trade war-related selloffs are enough to send anyone's blood pressure soaring. One of the most important concepts in modern finance: the Efficient Market Hypothesis (EMH), developed by Nobel laureate Eugene Fama. In simple terms, the EMH says that all the available information about any publicly traded company is already reflected in its stock price. Let's use Apple as an example. Every day, millions of shares, worth billions of dollars, change hands, each trade representing someone who thinks Apple is fairly priced, and someone else who disagrees. Crucially, both buyers and sellers have access to the same information. No one has a crystal ball; everyone's predictions about future sales and profits are just that—educated guesses. Why Beating the Market Is So Hard In a 20-year analysis of actively managed mutual funds, those run by managers trying to beat the market through skillful stock picking. Of the 1,667 funds analyzed on January 1, 2004, just 48% were still around 20 years later (the rest closed or merged after poor performance). Of those survivors, only 16% managed to outperform the market—a sliver of winners, and no guarantee that their outperformance was due to skill rather than luck. Over longer periods, the odds get even worse. The market's efficiency means that news, good or bad, gets priced in fast. By the time you read about a hot tip or see a magazine

On this week's Stansberry Investor Hour, Dan and Corey welcome Eugene Fama to the show. Eugene is a Nobel Prize-winning economist and widely recognized as the "father of modern finance." Eugene kicks things off by talking a bit about his efficient-market hypothesis, whether he believes it's still relevant in today's economy, and how passive investing plays a role in all this. He also discusses what it's like winning a Nobel Prize, the impact of his five-factor model on investing and the rise of factor-based funds, rationality versus irrationality, and the importance of luck in markets. (0:34) Next, Eugene argues against a New York Times article claiming that a PhD in economics won't bring affluence or prestige anymore, laments the lack of new breakthroughs in financial theory/modeling, and comments on the modern competitive environment in economics that didn't exist 60 years ago. Things then take a more personal turn, and Eugene talks about his how he discovered his love of economics and what he wanted to focus his research on. (16:28) Finally, Eugene shares what it was like in Chicago back when the city was the epicenter of financial research, including his experience working with some other notable economists. After that, he gives his opinion on market bubbles. Speaking about the dot-com era, he says that the total value created from the industry is a big part of international wealth today, so it can't be considered a mistake. And he closes things out with a conversation about uncertainty in making predictions. (30:34)

On this week's Stansberry Investor Hour, Dan and Corey welcome Eugene Fama to the show. Eugene is a Nobel Prize-winning economist and widely recognized as the "father of modern finance." Eugene kicks things off by talking a bit about his efficient-market hypothesis, whether he believes it's still relevant in today's economy, and how passive investing plays a role in all this. He also discusses what it's like winning a Nobel Prize, the impact of his five-factor model on investing and the rise of factor-based funds, rationality versus irrationality, and the importance of luck in markets. (0:34) Next, Eugene argues against a New York Times article claiming that a PhD in economics won't bring affluence or prestige anymore, laments the lack of new breakthroughs in financial theory/modeling, and comments on the modern competitive environment in economics that didn't exist 60 years ago. Things then take a more personal turn, and Eugene talks about his how he discovered his love of economics and what he wanted to focus his research on. (16:28) Finally, Eugene shares what it was like in Chicago back when the city was the epicenter of financial research, including his experience working with some other notable economists. After that, he gives his opinion on market bubbles. Speaking about the dot-com era, he says that the total value created from the industry is a big part of international wealth today, so it can't be considered a mistake. And he closes things out with a conversation about uncertainty in making predictions. (30:34)

Are financial markets becoming less efficient? Famous investor Cliff Asness certainly thinks so. In his paper published last year, “The Less-Efficient Market Hypothesis,” Asness argues that social media and low interest rates, among other factors, have distorted market information so that stocks have become disconnected from their true values. This distortion has directed funds toward undeserving assets and firms and staved off necessary market corrections.Asness is the founder, managing principal, and chief investment officer at AQR Capital Management. He is an active researcher on various financial and investment topics and received an MBA and PhD in finance from the University of Chicago Booth School of Business. From her early days as a journalist reporting on Wall Street, Bethany recounts Asness as an outspoken, successful quant investor: one who invests based primarily on the fundamentals of the market rather than those of the firm. She also remembers him being “colloquial” and willing to be “experimental” with ideas. Asness's recent paper continues that experimental style as he challenges the legacy of the efficient market hypothesis on which his PhD advisor, Nobel Prize laureate Eugene Fama, made his name, and which argues that asset prices reflect all available information, making it impossible to “beat” or outperform the market.Asness joins Bethany and Luigi to discuss how the market has fundamentally changed due to new technologies and macroeconomic trends and how investment strategies must adapt, what these changes mean for long-term productivity and growth, how researchers and investors should think about emerging market factors like tariffs and artificial intelligence, and why he's not investing in TrumpCoin anytime soon.Disclosure: In October 2024, Chicago Booth received a $60 million gift from Cliff Asness and John Liew to name its Master in Finance program.Bonus: Revisit our recent episode with Eugene Fama, Why This Nobel Economist Thinks Bitcoin is Going to Zero

In this episode of Talking Real Money, Don and Tom reluctantly return to the topic of Bitcoin, using its recent price spike to explore deeper questions about market efficiency, irrational investor behavior, and the legitimacy of crypto as an investment. With nods to Eugene Fama, Cliff Asness, and some well-aimed skepticism, the duo debates whether price reflects value or just hype. Alongside listener calls from California, Canada, and North Carolina, they address portfolio allocation, pension rollover strategies, and even debunk gold's glitter as a bond replacement—punctuated by a truly explosive segment on “FartCoin.” Yes, really. 0:56 Tom and Don reluctantly dive into Bitcoin and crypto's price spike 1:37 Are crypto markets truly efficient? Academia vs. reality 2:44 Price goes up because price went up? Questioning efficient market theory 4:17 Cliff Asness on how social media distorts collective investment judgment 6:23 Don restates the three ways to make money: work, luck, dishonesty 6:50 Harvard-style debate: Can markets be truly efficient? 8:24 Rational ignorance and emotional investing behavior 9:36 Fama says Bitcoin will go to zero within a decade 10:30 Dogecoin and meme coins: speculative absurdity vs. real purpose 12:06 Investment principles: Diversify, plan, ignore hype 13:51 Tom and Don are ‘contrary indicators'—Bitcoin jokes ensue 14:14 Call: Clinton in CA asks where to put pension payments he doesn't need yet 16:13 Investment advice for 5-year+ horizon: high yield/cash/bond/stock mix 17:48 Tom's wife builds a wheelbarrow, financial education “nonprofit” mailer 19:11 Crypto joke segment: FartCoin rises to $3.50… and the bad puns begin 22:02 Call: Jeff from Canada on gold returns vs. bond stability 24:24 Should gold be part of a diversified portfolio? Historical returns debunked 28:39 Gold bar nostalgia vs. investment logic 29:58 TRM T-shirt giveaway and gold vs. bonds as ‘cool' vs. smart 31:30 Call: Zach in NC—Should he roll old 401(k) into state pension plan? 33:10 Breakdown of NC pension plan fund options and a 90/10 allocation strategy 36:03 Don signs up for a “non-sales” financial education class by an unlicensed guy 37:50 Red flags: financial advisor not registered anywhere, mystery deepens Learn more about your ad choices. Visit megaphone.fm/adchoices

Cameron joins Ben for his first AMA as we bring you the sixth edition of our Listener Questions and Investing Lessons mini-series. Diving right in, Ben and Cameron share their stance on the multi-host format of the Rational Reminder podcast before walking us through the new PWL Retirement Planning Tool. Then, we unpack our venture with OneDigital, recent changes at PWL Capital, how we make each episode of this show, and how we allocate our time across podcast and business responsibilities. We also examine our protocol regarding guests, why Cameron and Ben would never gamble with their own money, how the human condition prevents the full comprehension of investing as a principle, and smart money moves to make under current market conditions. To end, we discuss the effects of a capital gains tax increase, common mistakes to avoid in managing personal finances, programs and technologies for financial advisors, and the After Show, which ends with an important discussion on testicular cancer.          Key Points From This Episode:   (0:00:00) How Ben and Cameron feel about the multi-host format of this podcast. (0:01:12) The new PWL Retirement Planning Tool, developed by Braden Warwick.  (0:03:13) Joining OneDigital and other PWL changes from the past four months.  (0:09:05) Behind the scenes: Making a Rational Reminder podcast episode. (0:12:38) Allocating time for research, preparation, creating content, and business. (0:17:27) How guests inform our approach to research and preparation.  (0:19:29) The reasons why we're not risk-averse but have no appetite for gambling. (0:24:26) Why investing has been largely solved, except for the human aspect.  (0:30:13) The most “rational” investing practices under current market conditions.  (0:34:25) How to approach a capital gains tax increase, and why banks do what they do. (0:38:03) The most costly mistakes when it comes to managing personal finances. (0:40:12) Why we don't offer advice-only planning for DIY investors. (0:44:07) Financial app tips and tricks and programs and technologies to be aware of.  (0:48:23) The After Show: Alternate personalities, noise filtering, and testicular cancer.     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 Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Braden Warwick on LinkedIn — https://www.linkedin.com/in/braden-warwick-a40b48a3  PWL Capital Retirement Planning Tool — https://research-tools.pwlcapital.com/research/retirement  OneDigital — https://www.onedigital.com/   Episode 341: PWL's Next Chapter — https://rationalreminder.ca/podcast/341  Episode 355: Do Index Funds Incur Adverse Selection Costs? — https://rationalreminder.ca/podcast/355   Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200  Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100  Episode 93: Cliff Asness from AQR: The Impact of Stories, Behaviour and Risk — https://rationalreminder.ca/podcast/93  Episode 270: What Happened to All the Billionaires? with Victor Haghani and James White — https://rationalreminder.ca/podcast/270   Episode 11: Robb Engen: Simple vs. Complex — https://rationalreminder.ca/podcast/11  Episode 203: S*** (Misguided) Financial Advisors Say — https://rationalreminder.ca/podcast/203  The Money Scope Podcast — https://moneyscope.ca/   Financial Advisor Success Ep 433: When You 10X Your Advisory Firm to over $20M of Revenue…And Want to 10X Again, with Cameron Passmore — https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/  The Podcast Consultant — https://thepodcastconsultant.com/    The Long View — https://www.morningstar.com/podcasts/the-long-view   Eli Beracha on LinkedIn — https://www.linkedin.com/in/eli-beracha-b8082250/   CIBC Mutual Funds — https://www.cibc.com/en/personal-banking/investments/mutual-funds.html  Microsoft Excel — https://www.microsoft.com/microsoft-365/excel  Python — https://www.python.org/  Monte Carlo — https://www.montecarlodata.com/  ChatGPT — https://chatgpt.com/    Papers From Today's Episode:    ‘The Arithmetic of Active Management' — https://www.jstor.org/stable/4479386  ‘Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case' — https://www.jstor.org/stable/1926560    

Marco Sammon joins Ben and Dan to unpack his latest paper, ‘Index Rebalancing and Stock Market Composition', beginning with how Marco's work (co-written by John Shim) compares to the Nobel Prize-winner Bill Sharpe's paper, ‘Arithmetic of Active Management.' We investigate the missing links in Sharpe's logic before defining “the market” and ascertaining the main objectives of index funds. Then, we dive deeper into the mechanics of Marco's paper, index and market tracking errors, why delayed rebalancing is more beneficial than instant rebalancing, and the role of technology in the modern tracking error obsession. We also assess the passive-active spectrum of index funds in portfolio management and learn how investors should choose their optimal excess return. To end, Marco shares practical applications for improving performance benchmarked against traditional indexes, and The Aftershow is all about bridging the gap between PWL Capital and you, our listeners. Key Points From This Episode:   (0:00:00) Key takeaways from Marco Sammon's latest paper and how it compares to Bill Sharpe's ‘Arithmetic of Active Management.' (0:08:10) Marco describes what's missing from the ‘Arithmetic of Active Management' logic. (0:09:11) Defining ‘the market', the main objective of an index fund, and how index funds track the market. (0:15:57) The mechanics of Marco's paper, ‘Index Rebalancing and Stock Market Composition.' (0:18:38) Factor exposure, index and market tracking errors, and how often index funds trade. (0:26:28) Rebalancing less frequently; why delayed does better than instant rebalancing. (0:31:59) The tech run-up and lazy rebalancing, and the modern tracking error obsession.  (0:36:51) Assessing the passive-active spectrum of index funds in portfolio management. (0:41:02) Exploring how investors should decide on their optimal excess return.  (0:45:14) How the rising index fund ownership of stocks impacts the implicit cost of indexing (0:46:58) Practical ways to improve performance benchmarked against traditional indexes. (0:52:30) The Aftershow: Canadian finances, more airtime for Cameron, and PWL – OneDigital.    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 Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Episode 322: Prof. Marco Sammon: How are Passive Investors Affecting the Stock Market? — https://rationalreminder.ca/podcast/322 Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200  Episode 268: Itzhak Ben-David: ETFs, Investor Behavior, and Hedge Fund Fees — https://rationalreminder.ca/podcast/268  Episode 112: Michael Kitces: Retirement Research and the Business of Financial Advice — https://rationalreminder.ca/podcast/112  Marco Sammon — https://marcosammon.com/  Marco Sammon on LinkedIn — https://www.linkedin.com/in/marco-sammon-b3b81456/  Marco Sammon on X — https://x.com/mcsammon19  Marco Sammon | Harvard Business School — https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1326895  Marco Sammon Email — mcsammon@gmail.com  John Shim on LinkedIn — https://www.linkedin.com/in/john-shim-2931271b/  Vanguard — https://global.vanguard.com/  Sheridan Titman on LinkedIn — https://www.linkedin.com/in/sheridan-titman-226b0811/  Alex Chinko — https://alexchinco.com/  Erik Stafford | Harvard Business School — https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6625  Itzhak (Zahi) Ben-David on LinkedIn — https://www.linkedin.com/in/ibendavi/  Bill Ackman on X — https://x.com/billackman   ‘Millennium Loses $900 Million on Strategy Roiled by Market Chaos' — https://www.bloomberg.com/news/articles/2025-03-08/millennium-loses-900-million-on-strategy-roiled-by-market-chaos   Bogleheads — https://www.bogleheads.org/   The Money Scope Podcast Episode 8: Canadian Investment Accounts — https://moneyscope.ca/2024/03/01/episode-8-canadian-investment-accounts/  The Wealthy Barber Podcast — https://thewealthybarber.com/podcast/   Financial Advisor Success Podcast — https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/  Financial Advisor Success Podcast Episode 433: When You 10X Your Advisory Firm To Over $20M Of Revenue…And Want To 10X Again, With Cameron Passmore — https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/   OneDigital — https://www.onedigital.com/  The Longview Podcast: Ben Felix   Papers From Today's Episode:    ‘The Arithmetic of Active Management' — https://www.jstor.org/stable/4479386    ‘Index Rebalancing and Stock Market Composition: Do Index Funds Incur Adverse Selection Costs?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5080459     ‘Luck versus Skill in the Cross-Section of Mutual Fund Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1356021    ‘The Passive-Ownership Share Is Double What You Think It Is' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4188052    ‘Long-Term Returns on the Original S&P 500 Companies' — https://www.researchgate.net/publication/247884354_Long-Term_Returns_on_the_Original_SP_500_Companies     ‘The Price of Immediacy' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1001762   ‘Competition for Attention in the ETF Space' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3765063    ‘Passive in Name Only: Delegated Management and “Index” Investing' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3244991      Jeremy Stein — “Unanchored” Strategy

Our guest on the podcast today is David Booth. He's the Chairman of Dimensional Fund Advisors, a firm he founded in 1981. David led Dimensional as CEO and later Co-CEO until 2017, when he stepped back from the daily management of the firm. David helped create one of the world's first index funds in the 1970s and launched the first passively managed small-company strategy in the early 1980s. He received a bachelor's degree in economics in 1968 and a master's degree in business in 1969 from the University of Kansas. In 1971, he received an MBA from the University of Chicago. Over the years, David has been a benefactor to both schools, and the University of Chicago Booth School of Business is named in David's honor. David, welcome to The Long View.BackgroundBioTune Out the NoiseDFA US Small CapDFA US Micro CapPapers Mentioned“Stocks, Bonds, Bills and Inflation: Year-by-Year Historical Returns (1926-1974),” by Roger Ibbotson and Rex Siquefield, The Journal of Business, January 1976.“The Cross-Section of Expected Stock Returns,” by Eugene Fama and Kenneth French, jstor.org, June 1992.“Why Investors Missed Out on 15% of Total Fund Returns,” by Jeffrey Ptak, Morningstar.com, Aug. 15, 2024.OtherErrol MorrisMerton MillerEugene FamaMac McQuownRex SinquefieldRobert MertonDan WheelerDaniel Kahneman“Everything You Need to Know About ‘MADOFF: The Monster of Wall Street,'” by Ingrid Ostby, netflix.com, Jan. 4, 2023.“DFA vs. Vanguard,” The Rational Reminder podcast, Episode 351, youtube.com.“PHOTOS: A Look Inside the Booth Estate,” Austin American-Statesman, Feb. 13, 2020.

Jon Hartley and Eugene Fama discuss Gene's career at the University of Chicago Booth School of Business since the 1960s and helping to start Dimensional Fund Advisers (DFA) in the 1980s, fat tails, the rise of modern portfolio theory, efficient markets versus behavioral finance, factor-based investing, the role of intermediaries, and whether asset prices are elastic versus inelastic with respect to demand. Recorded on March 14, 2025. ABOUT THE SPEAKERS: Eugene F. Fama, 2013 Nobel laureate in economic sciences, is widely recognized as the "father of modern finance." His research is well-known in both the academic and investment communities. He is strongly identified with research on markets, particularly the efficient markets hypothesis. He focuses much of his research on the relation between risk and expected return and its implications for portfolio management. His work has transformed the way finance is viewed and conducted. Fama is a prolific author, having written two books and published more than 100 articles in academic journals. He is among the most cited researchers in economics. In addition to the Nobel Prize in Economic Sciences, Fama was the first elected fellow of the American Finance Association in 2001. He is also a fellow of the Econometric Society and the American Academy of Arts and Sciences. He was the first recipient of three major prizes in finance: the Deutsche Bank Prize in Financial Economics (2005), the Morgan Stanley American Finance Association Award for Excellence in Finance (2007), and the Onassis Prize in Finance (2009). Other awards include the 1982 Chaire Francqui (Belgian National Science Prize), the 2006 Nicholas Molodovsky Award from the CFA Institute recognizing his work in portfolio theory and asset pricing, and the 2007 Fred Arditti Innovation Award given by the Chicago Mercantile Exchange Center for Innovation. He was awarded doctor of law degrees by the University of Rochester and DePaul University, a doctor honoris causa by the Catholic University of Leuven, Belgium, and a doctor of science honoris causa by Tufts University. Fama earned a bachelor's degree from Tufts University in 1960, followed by an MBA and PhD from the University of Chicago Graduate School of Business (now the Booth School) in 1964. He joined the GSB faculty in 1963. Fama is a father of four and a grandfather of ten. He is an avid golfer, an opera buff, and a former windsurfer and tennis player. He is a member of Malden Catholic High School's athletic hall of fame. Jon Hartley is currently a Policy Fellow at the Hoover Institution, an economics PhD Candidate at Stanford University, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), a Senior Fellow at the Macdonald-Laurier Institute, and an Affiliated Scholar at the Mercatus Center. Jon also is the host of the Capitalism and Freedom in the 21st Century Podcast, an official podcast of the Hoover Institution, a member of the Canadian Group of Economists, and the chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as a Fixed Income Portfolio Construction and Risk Management Associate and as a Quantitative Investment Strategies Client Portfolio Management Senior Analyst and in various policy/governmental roles at the World Bank, IMF, Committee on Capital Markets Regulation, U.S. Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list and was previously a World Economic Forum Global Shaper. ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information, visit: capitalismandfreedom.substack.com/

Eugene Fama, ganhador do Prêmio Nobel de Economia em 2013, expressou recentemente suas preocupações sobre o futuro do Bitcoin. Segundo o renomado economista, o Bitcoin irá colapsar durante os próximos 10 anos. Dov confere os argumentos do laureado para entender se precisa pedir perdão para a sua gerente pelo que fez no restaurante quando o BTC bateu U$ 100 mil e tentar recuperar o seu velho trabalho na chapa do Méqui.Artigo que faz as pessoas perderem dinheirohttp://br.investing.com/news/cryptocurrency-news/colapso-do-bitcoin-ganhador-do-nobel-alerta--em-10-anos-tudo-tera-acabado-1456442Por que economistas renomados não engolem o Bitcoin?https://www.youtube.com/watch?v=rtava0GGzyUPor que Faria Limers rejeitam o Bitcoin?https://www.youtube.com/watch?v=IwayLmcZ44gPlaylist de Mineração de Bitcoinhttps://www.youtube.com/playlist?list=PLgcVYwONyxmhCa2UyInvbHashrate do Bitcoinhttps://mempool.space/pt/graphs/mining/hashrate-difficulty#allGravado no bloco 883023________________APOIE O CANALhttps://bitcoinheiros.com/apoie/⚡ln@pay.bitcoinheiros.comPara agendar uma CONSULTA PRIVADA com o Dov: https://consultorio.bitcoinheiros.com/Consulta pública: https://ask.arata.se/bitdov00:00 Introdução01:38 Artigo Colapso do bitcoin: ganhador do Nobel alerta em 10 anos tudo terá acabado03:07 Cuidado com opiniões de premiados Nobel05:12 Eugene Fama "bitcoin não valerá nada em uma década"05:38 O que é a hipótese da eficiência de preços?09:14 Bitcoin não é uma moeda, é um ativo especulativo15:13 A volatilidade impede o uso do bitcoin como dinheiro?19:56 O bitcoin enfrenta desafios estruturais?23:09 Playlist sobre mineração de bitcoin dos Bitcoinheiros23:47 Projeção de Fama: O bitcoin será irrelevante até 203526:07 O Bitcoin não precisa dos governos27:26 A visão de Fama: a lógica dos mercados financeiros29:52 A mineração de Bitcoin salva vidas31:24 Regulamentação governamental pode atrapalhar o Bitcoin?33:17 Como perder uma fortuna com apenas um clique?Escute no Fountain Podcasts (https://fountain.fm/join-fountain)para receber e enviar satoshinhos no modelo Value4ValueSIGA OS BITCOINHEIROS:Site: https://www.bitcoinheiros.comTwitter: https://www.twitter.com/bitcoinheirosAllan - https://www.twitter.com/allanraicherDov - https://twitter.com/bitdovBecas - https://twitter.com/bksbk6Ivan - https://twitter.com/bitofsilenceInstagram: https://www.instagram.com/bitcoinheirosFacebook: https://www.fb.com/bitcoinheirosPodcast: https://anchor.fm/bitcoinheirosMedium: https://medium.com/@bitcoinheirosCOMO GUARDAR SEUS BITCOINS?Bitcoinheiros recomendam o uso de carteiras Multisig com Hardware Wallets de diferentes fabricantes ou próprias.Para ver as carteiras de hardware que recomendamos, acesse https://www.bitcoinheiros.com/carteirasVeja os descontos e clique nos links de afiliados para ajudar o canalPor exemplo, para a COLDCARD - https://store.coinkite.com/promo/bitcoinheirosCom o código "bitcoinheiros" você ganha 5% de desconto na ColdCardPlaylist "Canivete Suíço Bitcoinheiro"https://www.youtube.com/playlist?list=PLgcVYwONyxmg-KH5bwzMU4sdyMbVMPqwbPlaylist "Carteiras Multisig de Bitcoin"https://www.youtube.com/playlist?list=PLgcVYwONyxmi74PiIUSnGieNIPqmtmdjWISENÇÃO DE RESPONSABILIDADE:Este conteúdo foi preparado para fins meramente informativos.NÃO é uma recomendação financeira nem de investimento.As opiniões apresentadas são apenas opiniões.Faça sua própria pesquisa.Não nos responsabilizamos por qualquer decisão de investimento que você tomar ou ação que você executar inspirada em nossos vídeos.P.S. para os buscadoresSomos bitcoinheiros, não bitconheiros, nem bitconheros, bitcoinheros, biticonheiros, biticonheros ou biticoinheros.O Dov é bitcoinheiro, não bitconheiro, nem bitconhero, bitcoinhero, biticonheiro, biticonhero ou biticoinhero.É Bitcoin, não Bitcon e nem Biticoin :)

In December 2024, Bitcoin, one of the earliest cryptocurrencies and undoubtedly the most famous, hit $2 trillion in market capitalization, bigger than Tesla, Meta, and Saudi Aramco. In this episode, Nobel Prize-winning economist and Chicago Booth finance professor Eugene Fama—widely considered the “Father of Modern Finance”—predicts it will go to zero within ten years.Legendary investor Ray Dalio called crypto a bubble a decade ago; now, he calls it “one hell of an invention.” Larry Fink of BlackRock previously referred to Bitcoin as an index of money laundering. Today, he sees it as “a legitimate financial instrument.” Less than 36 hours after launching his own cryptocurrency before his second inauguration, United States President Donald Trump appeared to have made more than $50 billion on paper for himself and his companies. (During his first term, Trump called crypto “not money, whose value is highly volatile and based on thin air.”) Amidst this noise of crypto doubters changing tune, Fama joins Bethany and Luigi to discuss why he remains dubious about Bitcoin's ambitions.Bitcoin uses more electricity than many countries—around 91 terawatt-hours annually. Is this amount unsustainable? What makes its value so volatile, and what are the implications for the banking sector and our economy? If cryptocurrencies' purpose is a reaction to an underlying distrust in financial institutions, can decentralized blockchain, the technological ledger that enables anonymous crypto exchange, fix it? Last but not least, why do supporters of a decentralized service, whose value lies in its existence outside traditional government structures, need to spend billions in lobbying to convince politicians, including the president, of its utility?Show Notes:Read ProMarket's archives on Bitcoin and cryptocurrency.Revisit our prior Capitalisn't episode with author Zeke Faux, The Capitalisn't of Crypto: SBF and Beyond.

Eugene Fama è considerato il padre della finanza moderna ha ricevuto il Premio Nobel per l'Economia nel 2013. In quest'intervista abbiamo parlato dell'attuale efficienza dei mercati, di fattori di rischio, di investimento passivo e tanto altro ancora. Acquista il mio libro, Sei già ricco ma non lo sai Seguiteci anche su Instagram! =============================================== Investi con Scalable in azioni e ETF a prezzi imbattibili. Migliaia di audiolibri riassunti in 15 minuti con 4Books. L'Assicurazione sulla Vita semplice e conveniente: Turtleneck. I link sono sponsorizzati e l'Autore potrebbe percepire una commissione. =============================================== ATTENZIONE: nessun contenuto di questo podcast deve essere inteso come una raccomandazione di investimento. La citazione di determinati ETF è a mero scopo esemplificativo e non deve essere intesa in alcun modo come una sollecitazione all'acquisto di specifici prodotti finanziari. L'autore non è un consulente finanziario e non intende presentarsi come tale. Investire comporta dei rischi. Affidatevi sempre a dei professionisti e/o assicuratevi sempre di aver compreso pienamente il funzionamento, le implicazioni e i rischi di ciascun prodotto finanziario prima di investirvi del denaro. L'autore non è inoltre affiliato ad alcuna società emittente di prodotti di investimento. Learn more about your ad choices. Visit megaphone.fm/adchoices

Eugene Fama is considered the father of modern finance and was awarded the Nobel Prize in Economics in 2013. In this interview we have discussed about today's market efficiency, factors' premiums, passive investing and much more. Acquista il mio libro, Sei già ricco ma non lo sai Seguiteci anche su Instagram! =============================================== Investi con Scalable in azioni e ETF a prezzi imbattibili. Migliaia di audiolibri riassunti in 15 minuti con 4Books. L'Assicurazione sulla Vita semplice e conveniente: Turtleneck. I link sono sponsorizzati e l'Autore potrebbe percepire una commissione. =============================================== ATTENZIONE: nessun contenuto di questo podcast deve essere inteso come una raccomandazione di investimento. La citazione di determinati ETF è a mero scopo esemplificativo e non deve essere intesa in alcun modo come una sollecitazione all'acquisto di specifici prodotti finanziari. L'autore non è un consulente finanziario e non intende presentarsi come tale. Investire comporta dei rischi. Affidatevi sempre a dei professionisti e/o assicuratevi sempre di aver compreso pienamente il funzionamento, le implicazioni e i rischi di ciascun prodotto finanziario prima di investirvi del denaro. L'autore non è inoltre affiliato ad alcuna società emittente di prodotti di investimento. Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's episode, Cameron sits down with Mark McGrath to talk about his trip to Trondheim, Norway, the event he attended there, and his presentation in which he shared top lessons from prestigious Rational Reminder Podcast guests. Tuning in, you'll hear Cameron's top takeaways from conversations with Nobel laureate Eugene Fama and his collaborator Kenneth French, as well as Robert Merton, Antti Ilmanen, Professor Ludovic Phalippou, and more. We also delve into the changing industry trends regarding index investing and the many benefits that come with embracing it, including how it helps financial advisors better serve their clients. Stay tuned for our after-show section, where we discuss advice for new advisors, from developing a robust investment philosophy to building a network, along with insights to help consumers navigate the industry and much more. To learn all about Cameron's trip to Norway, top guest takeaways, and industry trends around index investing, be sure to tune in!   Key Points From This Episode:   (0:01:13) An overview of today's episode and a discussion on industry trends. (0:03:56) Our conversation with Håkon Kavli on managing Reitan Kapital. (0:04:38) What it was like for Cameron to meet Håkon Kavli and Magnus Reitan in Norway. (0:05:42) The excellent event in Trondheim, Norway, and their impressive lineup of speakers. (0:08:56) Unpacking industry trends in index investing and why more people are embracing it. (0:09:42) The light bulb moment for Mark and Cameron regarding index investing. (0:19:07) Highlights from our interviews with Eugene Fama, Ken French, and Robert Merton. (0:25:28) Dr. Annamaria Lusardi's insights and takeaways from our John Cochrane interview. (0:29:05) Top lessons from our conversation with Antti Ilmanen on low-expected returns. (0:30:58) Insights from talking with Professor Ludovic Phalippou about private equity. (0:32:22) Closing thoughts on Cameron's presentation in Norway and index investing trends. (0:39:44) Our aftershow segment: advice for new advisors, ways the industry has changed, tips for consumers, technology insights, personal updates, and more.   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 Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Episode 321: Evidence in Practice with Håkon Kavli – https://rationalreminder.ca/podcast/321 Professor Marcos López de Prado — https://www.orie.cornell.edu/faculty-directory/marcos-lopez-de-prado Erik Hilde — https://www.linkedin.com/in/erik-hilde-9570a785/?originalSubdomain=no Dan Bortolotti — https://www.canadianmoneysaver.ca/authors/dan-bortolotti Canadian Couch Potato Blog — https://canadiancouchpotato.com/ Canadian Couch Potato Podcast — https://canadiancouchpotato.com/podcast/ Justin Bender — https://www.linkedin.com/in/justin-bender-cfa-cfp%C2%AE-tep-195b8b27/?originalSubdomain=ca Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200 Tune Out the Noise — https://www.dimensional.com/film Episode 100: Prof. Kenneth French — https://rationalreminder.ca/podcast/100 Episode 234: Prof. Robert C. Merton — https://rationalreminder.ca/podcast/234 Episode 232: Dr. Annamaria Lusardi — https://rationalreminder.ca/podcast/232 Episode 169: Prof. John Cochrane — https://rationalreminder.ca/podcast/169 Episode 202: Antti Ilmanen – https://rationalreminder.ca/podcast/202 Episode 210: Prof. Ludovic Phalippou — https://rationalreminder.ca/podcast/210 Fama and French Three Factor Model — https://www.investopedia.com/terms/f/famaandfrenchthreefactormodel.asp Books From Today's Episode: Investing Amid Low Expected Returns — http://www.aqr.com/serenity The Empowered Investor — https://www.amazon.ca/Empowered-Investor-Canadian-Investment-Experience/dp/0991978307  

Today's guest is Marlena Lee. Marlena is Dimensional Fund Advisor's (DFA) Global Head of Investment Solutions, leading a team focused on investment thought leadership and client education. She is also a member of DFA's Investment Research Committee.    Founded in 1981, DFA is a global asset management firm with ~$800B in assets under management, known for successfully applying academic research to practical investing.   Prior to her time at DFA, Marlena served as Co-Head of Research, directing the firm's global research agenda. Marlena was a teaching assistant for Nobel laureate Eugene Fama at the University of Chicago Booth School of Business. She holds a PhD and MBA from Chicago Booth, an MS in agricultural and resource economics, and a BS in managerial economics from UC Davis. (ChatGPT generated Bio)   In this episode, we start by covering Marlena's academic journey as a TA with Nobel Laureate Professor Gene Fama at the University of Chicago. We pivot to the investment side with a discussion about the Magnificent 7 and what is driving US market performance, an update on factor investing, a brief history of Dimensional Fund Advisors (DFA), small c(r)ap investing, the use of Russell 2000 as a benchmark and the dwindling number of public names in US markets.    Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & co-host Christina Shaffer, CFA (Director of Fixed Income, AllGen Financial)   Please enjoy the episode. You can follow us on Twitter & LinkedIn or at investorsfirstpodcast.com   Show Notes: https://www.dimensional.com https://www.dimensional.com/hk-en/bios/marlena-lee  

In this episode, I'm joined by Marlena Lee from Dimensional Fund Advisors for a deep dive into evaluating investment fads and how to build better portfolios. We also explore the importance of global diversification and why certain investments may not belong in your long-term strategy.   Listen now and learn: A framework for evaluating whether an investment fad deserves a place in your portfolio. The truth about private investments and why gold or crypto might not be the hedges you think they are. Why past performance and company size don't always indicate future returns.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   [0:40] Eugene Fama's Contributions to Finance [6:39] Evaluating Investment Fads  [11:10] Scarcity, Growth Stocks, and Extrapolating Returns   [14:13] The Importance of Global Diversification   [29:46] Gold and Cryptocurrencies as Investments   [36:36] Hedge Funds and Private Investments   

Naviga in totale sicurezza con NordVPN (#ad). Cercare di capire i mercati e le sue dinamiche non serve per prevedere il futuro e indovinare trade vincenti, ma per prepararsi al futuro con una migliore gestione del rischio complessivo del nostro portafoglio. In uscita il libro di The Bull! Sei già ricco ma non lo sai (disponibile a questo link) Intervista a Eugene Fama sul Financial Times Seguiteci anche su Instagram! =============================================== Investi con Scalable in ETF e Azioni a costi imbattibili. L'Assicurazione sulla Vita semplice e conveniente: Turtleneck. Migliaia di audiolibri riassunti in 15 minuti con 4Books, 7 giorni di prova gratuita e 30% di sconto. Ottieni le migliori tariffe per Luce, Gas, Internet e Cellulare con Switcho. I link sono sponsorizzati e l'Autore potrebbe percepire una commissione. =============================================== ATTENZIONE: nessun contenuto di questo podcast deve essere inteso come una raccomandazione di investimento. La citazione di determinati ETF è a mero scopo esemplificativo e non deve essere intesa in alcun modo come una sollecitazione all'acquisto di specifici prodotti finanziari. L'autore non è un consulente finanziario e non intende presentarsi come tale. Investire comporta dei rischi. Affidatevi sempre a dei professionisti e/o assicuratevi sempre di aver compreso pienamente il funzionamento, le implicazioni e i rischi di ciascun prodotto finanziario prima di investirvi del denaro. L'autore non è inoltre collegato ad alcuna società emittente di prodotti di investimento. Learn more about your ad choices. Visit megaphone.fm/adchoices

How do you balance rigorous research with open-mindedness in investing? How do you communicate effectively with clients during volatile times?This week, Ryan Detrick, Chief Market Strategist at Carson Group & Sonu Varghese, VP, Global Macro Strategist at Carson Group, chat with Cliff Asness, Managing and Founding Principal at AQR Capital Management, for an insightful discussion on market strategies and the nuances of value investing. Cliff shares his thoughts on the current state of value investing, explores the concept of 'value spread,' and even dips into some fun side topics.They discuss: The current state of value investing and why it has seen challenging periodsInsights into how AQR navigates market anomaliesThe importance of communication and transparency with clientsFun personal insights into Cliff's interests outside of finance, from hot sauce to superhero moviesAnd more!Resources:Any questions about the show? Send it to us! We'd love to hear from you! factsvsfeelings@carsongroup.com Connect with Cliff Asness: LinkedIn: Cliff AsnessX: Cliff AsnessWebsite: AQR Capital ManagementConnect with Ryan Detrick: LinkedIn: Ryan DetrickX: Ryan DetrickConnect with Sonu Varghese: LinkedIn: Sonu VargheseX: Sonu VargheseAbout Our Guest: Cliff Asness is a Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance, and The Journal of Financial Economics. He has received five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management in 2002, 2004, 2005, 2014, and 2015. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year's best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and Dodd Readers' Choice Award. He has won the second prize of the Fama/DFA Prize for Capital Markets and Asset Pricing in the 2020 Journal of Financial Economics. In 2006, the CFA Institute presented Cliff with the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman Sachs & Co. He is on the editorial board of The Journal of Portfolio Management, the governing board of the Courant Institute of Mathematical Finance at NYU, the board of directors of the Q-Group, the board of the International Rescue Committee and the board of trustees of The National WWII Museum. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama's student and teaching assistant for two years.

In this episode of Investment Strategy Made Simple (ISMS), Andrew and Larry Swedroe discuss Larry's new book, Enrich Your Future: The Keys to Successful Investing. In this series, they discuss Chapter 1: The Determinants of the Risk and Return of Stocks and Bonds.LEARNING: Look for key metrics, traits, or characteristics that help them identify stocks that will outperform the market. “Intelligent people maintain open minds when it comes to new ideas. And they change strategies when there is compelling evidence demonstrating the ‘conventional wisdom' is wrong.”Larry Swedroe In this episode of Investment Strategy Made Simple (ISMS), Andrew and Larry Swedroe discuss Larry's new book, Enrich Your Future: The Keys to Successful Investing. The book is a collection of stories Larry has developed over the 30+ years he's been trying to help investors. Larry is the head of financial and economic research at Buckingham Wealth Partners. You can learn more about Larry's Worst Investment Ever story on Ep645: Beware of Idiosyncratic Risks.Larry deeply understands the world of academic research and investing, especially risk. Today, Andrew and Larry discuss Chapter 1: The Determinants of the Risk and Return of Stocks and Bonds.Chapter 1: The Determinants of the Risk and Return of Stocks and BondsIn this chapter, Larry looks at research that revolutionized how people think about investing and how to build a winning portfolio. The goal is to help investors learn how to look for key metrics, traits, or characteristics that help them identify stocks that will outperform the market, at least in terms of delivering higher returns, not necessarily higher risk-adjusted returns.The three-factor modelThe first research Larry talks about is by Eugene Fama and Kenneth French. Their paper “The Cross-Section of Expected Stock Returns” in The Journal of Finance focused on research that produced what has become known as the three-factor model. A factor is a common trait or characteristic of a stock or bond. The three factors explained by Fama and French are:Market beta (the return of the market minus the return on one-month Treasury bills)Size (the return on small stocks minus the return on large stocks)Value (the return on value stocks minus the return on growth stocks).The model can explain more than 90% of the variation of returns of diversified US equity portfolios. The research shows that ensemble funds are superior to individual funds. It's better to have a multi-factor portfolio. So you could own, say, five different funds that have exposure to each individual factor, or you own one fund that gives you exposure to all those factors. The ensemble strategies always tend to do better.The two-factor modelLarry also highlights a second model by professors Fama and French, the two-factor model that explains the variation of returns of fixed-income portfolios. The two risk factors are term and default (credit risk). According to the model, the longer the term to maturity, the greater the risk; the lower the credit rating, the greater the risk. Markets compensate investors for taking risks with higher expected returns. As with equities, individual security selection and market timing do not play a significant role in explaining returns of fixed-income portfolios and thus should not be expected to add value.Buffett's AlphaAnother significant academic research publication is the study “Buffett's Alpha.” The authors, Andrea...

Cliff Asness is the Founder and CIO at AQR, an investment management firm at the intersection of financial theory and practice that oversees $100 billion in assets. He is famously intelligent, comical, and irreverent, all wrapped into one. Our conversation covers Cliff's journey from studying market efficiency under Eugene Fama to capitalizing on market inefficiencies at AQR. We discuss regime changes in factors, difficult periods for performance and AQR's business, research innovation, machine learning, index funds, pod shops, areas of cognitive dissonance, private equity, and serving on investment committees. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Academic research can seem inaccessible for many investors. But behind all the complicated concepts and formulas are usually some simple core lessons that all investors can benefit from. In this episode, we are joined by Alpha Architect's Jess Bost to help us pull those core lessons out of the work of Eugene Fama and Ken French. We discuss ten timeless lessons investors can take from their research and look at some simple examples that make them easy to understand. We also look at what it all means for investors from both a portfolio construction and financial planning perspective. We hope you enjoy the discussion. SEE LATEST EPISODES ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com/financial-planning-podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT VALIDEA CAPITAL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.valideacapital.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT SUNPOINTE INVESTMENTS ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://sunpointeinvestments.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 FOLLOW MATT Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/cultishcreative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/matt-zeigler-a58a0a60/⁠⁠⁠⁠⁠

Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG,. __ So many market participants now regard an inverted yield curve as a harbinger of a recession, due to the indicator's perfect track record of preceding an economic slowdown. Today, Jack interviews the founder of this economic indicator, Campbell R. Harvey. Harvey shares how he discovered this signal in the bond market in the 1980s, and how it has an 8 out 8 track record in preceding recessions (with zero false signal). An inverted yield curve is when short-term interest rates exceed long-term interest rates. Harvey's specific signal on which he wrote his dissertation in 1986 (his thesis advisor was Eugene Fama, Nobel Prize-winning economist) was the spread between the 10-year Treasury yield and the 3-month Treasury yield. It is this indicator which has an 8/8 perfect track record, not the 2s10s (10-year Treasury yield minus the 2-year Treasury yield), which as Harvey notes gave a false signal in 1998. Harvey argues that since his 10-year / 3-month signal inverted in the fall of 2022, the first and second quarter of 2024 is when a potential economic slowdown would occur (the average lag between the inversion of the 10-year / 3-month spread is 12 months, but the longest lag is 22 months). However, Harvey notes that there are several positive forces supporting the U.S. economy, such as fiscal stimulus and a strong labor market, as seen by job vacancies in excess of unemployment. While Harvey hopes that these forces can induce a “soft landing,” it is his base case that the 10-year / 3-month inversion will go 9 for 9 in forecasting an economic slowdown. Harvey is Professor of Finance at Duke University's Fuqua School of Business, Research Associate of the National Bureau of Economic Research (NBER), Director of Research and Partner at Research Affiliates, and author of the book “DeFi and the Future of Finance.” Filmed on January 16, 2024. __ Investing involves substantial risk and high volatility, including possible loss of principal. Visit VanEck.com or call 800-826-2333 to carefully read a prospectus before investing. The VanEck Morningstar Wide Moat ETF (MOAT) is distributed by VanEck Securities Corporation, a wholly-owned subsidiary of VanEck Associates Corporation __ Follow Cam Harvey on Twitter https://twitter.com/camharvey?lang=en Cam Harvey on LinkedIn https://www.linkedin.com/in/camharvey/ Cam Harvey's website https://people.duke.edu/~charvey/ Cam Harvey's Original 1986 Dissertation on Inverted Yield Curve: https://people.duke.edu/~charvey/Research/Thesis/Thesis.pdf Follow VanEck on Twitter https://twitter.com/vaneck_us Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Use code FG10 to get 10% off Blockworks' Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london __ Timestamps: (00:00) Introduction (12:07) Early 2023 Harvey Raised Possibility That "This Might Be A False Signal" (18:39) VanEck Ad (19:18) Inverted Curves Go From Predicting Recessions To... Causing Them? (21:04) The Theoretical Support For Why Inverted Yield Curves Precede Recessions (25:18) The Impact Of Expectations of Federal Reserve Interest Rate Policy On The Yield Curve (30:52) Factors That Support A Soft Landing: Tight Labor Market and Strong Housing Market (36:44) What About The Chance That There Was Already A Recession In 2022? (42:41) Worries About The Banking System And "A Future Credit Squeeze" (46:05) Fed Should Cut Rates Right Now, Since Shelter Inflation Data Is Extremely Lagging (55:04) Closing Thoughts On Yield Curve __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice.

La mayor revolución financiera de los últimos años tiene su origen en eventos aparentemente desconectados, como una maleta Samsonite, un anuncio censurado de Merill Lynch, una apuesta de 1 millón de dólares de Warren Buffett y el proyecto "Manhattan" de las finanzas. Esta revolución ha dado lugar a gigantes financieros como Vanguard y BlackRock, que gestionan más de 15 billones de dólares.

Steve Keen joins Bob to commiserate on the poverty of Paul Krugman, and to make the case for Hyman Minksy. An all around fun, informative conversation.Mentioned in the Episode and Other Links of Interest:The YouTube version of this interview.Steve Keen's substack and Patreon.Steve Keen's Debunking Economics podcast.Gene Callahan and Bob Murphy review of Keen's Debunking Economics.Bob's article on Paul Samuelson's "A Summing Up" (from the Cambridge Capital Controversy).Bob's article on Eugene Fama on the housing bubble.Bob's critique of Nordhaus' DICE model.Help support the Bob Murphy Show.

In this episode, we are trying something different. Recorded live at the CFA Society's Toronto Annual Wealth Conference, we take an exclusive look at the origins and evolution of the Rational Reminder Podcast through an interview with Ben and Cameron. From motivations for starting the podcast to favourite episodes and guests, we delve into the behind-the-scenes of the show. Discover how the podcast has grown, the impact it's had on listeners, and the exciting global reach it's achieved. Get an exclusive look at the challenges, regrets, and valuable lessons learned along the way. Then, we are joined by Mark McGrath to explore common pitfalls of ITF accounts, providing listeners with valuable information to help them make the right decisions for their investments. Finally, we welcome special guest Brittany Hodak, author of Creating Superfans, which unpacks the concept of turning customers into passionate fans of your brand. Brittany shares her insights on the power of storytelling in business and how to create Superfans who will champion your brand. We explore the concept of the experience economy, the right approach to investing in marketing for your business, and much more! Join us for this extraordinary episode that blends wealth management insights, podcasting wisdom, and the secrets to cultivating Superfans. Whether you're a long-time Rational Reminder listener or a business owner seeking to supercharge customer loyalty, this episode has something for everyone. Tune in now!   Key Points From This Episode:   (0:04:32) Introduction to Ben and Cameron's interview at the 2023 Annual Wealth Conference.  (0:07:15) Learn about the average listener base for the show, the active Rational Reminder community, and how the podcast has grown over time.  (0:10:08) The global reach of the podcast, how it has benefitted business, and a look back at the first episode of Rational Reminder.  (0:13:19) What Ben and Cameron originally envisioned, how they met, and what motivated them to start a podcast.  (0:15:17) Insights into the cost of the show, the shift from audio only, and the appetite for long-form content.  (0:18:18) Their favourite episodes and guests, keeping content balanced, and how the reading challenge was started.  (0:25:25) Attracting big industry names to the podcast, their dream guests, and the episodes that did not go to plan.  (0:31:28) Advice for aspiring podcasters, the amount of work the show takes, and their biggest lessons so far.  (0:37:02) Ben and Cameron share their reading habits and the books they think everyone should read and why.  (0:40:14) Why they work so well together, plans for the future, and what they wish they knew before starting the podcast.  (0:43:14) Ben and Cameron each share their definition of success, and final words of advice for listeners.  (0:45:46) Mark to Market: exploring the ins and outs of ITF accounts to avoid common mistakes. (0:55:04) Introducing today's guest, Brittany Hodak, and her fascinating book, Superfans.  (0:56:51) Brittany explains some basic definitions and the power of storytelling for your business.  (0:59:50) Why storytelling has become a potent marketing technique, and why Superfans are important to building a successful business.  (1:02:53) Unpacking the Superfan personality, how they can be created, and identifying your customer's story.  (1:08:47) Defining the experience economy and its impact on customer expectations.  (1:12:38) Recommendations for how businesses should approach investing in marketing.  (1:14:11) The after-show: trip highlights, listener reviews, and more!    Books From Today's Episode: The Fiscal Theory of the Price Level — https://www.amazon.com/Fiscal-Theory-Price-Level/dp/0691242240 How to Change — https://www.amazon.com/How-Change-Science-Getting-Where/dp/059308375X Get It Done — https://www.amazon.com/Get-Done-Surprising-Lessons-Motivation/dp/0316538361/ Your Future Self — https://www.amazon.com/Your-Future-Self-Tomorrow-Better/dp/B0BJ554T6M/ Like the Best Podcast — https://open.spotify.com/show/22fi0RqfoBACCuQDv97wFO Deep Work — https://www.amazon.com/Deep-Work-Focused-Success-Distracted/dp/1455586692 Storyworthy — https://www.amazon.com/Storyworthy-Engage-Persuade-through-Storytelling/dp/1608685489 Financial Market History — https://www.amazon.com/Financial-Market-History-Reflections-Investors-ebook/dp/B06WVBHK72/ The Great Depression: A Diary — https://www.amazon.com/The-Great-Depression-audiobook/dp/B0030HF9F6/ Using Behavioral Science in Marketing — https://www.amazon.com/Using-Behavioral-Science-Marketing-Instinctive/dp/1398606685/ Clear Thinking — https://www.amazon.com/Clear-Thinking/dp/0593716213   Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on X — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on X — https://twitter.com/benjaminwfelix Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on X - https://twitter.com/MarkMcGrathCFP Mark McGrath on LinkedIn - https://www.linkedin.com/in/markmcgrathcfp/ Brittany Hodak — https://brittanyhodak.com/ Brittany Hodak on X — https://twitter.com/BrittanyHodak Brittany Hodak on Instagram — https://www.instagram.com/brittanyhodak/ Brittany Hodak on Facebook — https://www.facebook.com/BrittanyHodak Brittany Hodak on LinkedIn — https://www.linkedin.com/in/brittanyhodak/ Creating Superfans — https://www.amazon.com/Creating-Superfans-Five-Step-Multiplying-Reputation/dp/1774580780 Annual Wealth Conference 2023 — https://web.cvent.com/event/874a7379-a0cb-4b91-ad18-c46daf17b685/summary Rational Reminder Episode 1: The Cheapest Advice Probably isn't the Best — https://rationalreminder.ca/podcast/1 Rational Reminder Episode 100: Prof. Kenneth French — https://rationalreminder.ca/podcast/100 Rational Reminder Episode 169: Prof. John Cochrane — https://rationalreminder.ca/podcast/169 Rational Reminder Episode 171: Prof. Campbell R. Harvey — https://rationalreminder.ca/podcast/171 Rational Reminder Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200 Rational Reminder Episode 224: Prof. Scott Cederburg — https://rationalreminder.ca/podcast/224 Rational Reminder Episode 226: Colonel Chris Hadfield — https://rationalreminder.ca/podcast/226 Rational Reminder Episode 268: Itzhak Ben-David — https://rationalreminder.ca/podcast/268 Rational Reminder Episode 271: Expected Returns of the AI Revolution (plus People are Lying to You About Money w/ Anthony Walsh) — https://rationalreminder.ca/podcast/271

There is risk involved in trying to time markets. We believe it's best to apply multiple decades of research when making investment decisions. Today we are joined by Symmetry's Dr. John B. McDermott, Executive Director of Investments, to conclude our discussion about Evidence-Based investing. This episode will feature a detailed overview of the resources available to investors (who are curious to learn more) and the academic professionals who have helped to develop this investment strategy over decades of time. If you have any questions or would like more information, reach out to us at https://symmetrypartners.com/contact-us/ You can also find us on LinkedIn, Facebook, YouTube, and Instagram. As always, we remain invested in your goals. Symmetry Partners, LLC, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered, excluded or exempted from registration requirements. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. No one should assume that future performance of any specific investment, investment strategy, product or non-investment related content made reference to directly or indirectly in this material will be profitable. As with any investment strategy, there is the possibility of profitability as well as loss. Due to various factors, including changing market conditions and/or applicable laws, the content may not be reflective of current opinions or positions.   Please note the material is provided for educational and background use only. Moreover, you should not assume that any discussion or information contained in this material serves as the receipt of, or as a substitute for, personalized investment advice. 

I enjoy random walks as much as any econ PhD out of the University of Chicago, but how am I supposed to handle the inability to control my Shatterpoint deck and dice variance?!?!?! (Like many of you, I am also still reeling from Fama sharing the Nobel Prize with Hansen and Shiller. What a wild world we live in.) In this episode, Matt leads a discussion as to how to think about randomness in Shatterpoint, how luck and skill are not mutually exclusive (thanks Richard Garfield), and how to leverage and enjoy both in your gaming. We focus on how Obi-Wan is an exemplary piece in smoothing out randomness in crucial aspects of your matches, but also how randomness can be skill-testing in a way that is extremely satisfying. You will enjoy this discussion. Here's a link to Richard Garfield's lecture on Skill vs. Luck in games. Join the Slack!!!

In this week's episode, Patrick and Kevin welcome the founder of Alpha Architect, Wes Gray to the show to talk about his unusual career path, what it was like studying under Dr. Eugene Fama and explore his fascinating new product – the BOX ETF. *Got questions for Kevin and Patrick? Submit your questions to: nostupidquestions@markethuddle.com Visit our merch store!!! https://www.themarkethuddlemerch.com/ To receive our emails with the charts and links each week, please register at: https://markethuddle.com/

Hi everyone. We're taking the week off for the 4th of July holiday, but we wanted to use this week's episode to honor Nobel Prize-winning economist Harry Markowitz, who recently passed away at the age of 95. Professor Markowitz is a giant of finance, someone who put diversification and Modern Portfolio Theory on the map, with his research transforming the way we allocate and invest our assets. While we didn't have the opportunity to interview Professor Markowitz for the podcast, we were able to chat recently with someone who had interviewed him: author and financial researcher Dr. Andrew Lo. Dr. Lo recently published a book titled “In Pursuit of the Perfect Portfolio,” in which he profiled some of the leading figures in academic research and finance. None stood taller than Professor Markowitz, whom Dr. Lo discusses at length in this interview we aired in February of 2022. We think you'll enjoy it. Thanks so much for listening and see you in a week. Have a happy holiday.Our guest this week is Dr. Andrew Lo. Dr. Lo is the Charles E. & Susan T. Harris Professor, a professor of finance, and the director of the Laboratory for Financial Engineering at the MIT Sloan School of Management. His current research spans five areas, including evolutionary models of investor behavior and adaptive markets, systemic risk, and financial regulation, among others. Dr. Lo has published extensively in academic journals and authored a number of books including In Pursuit of the Perfect Portfolio, which he cowrote with Stephen Foerster. He has received numerous awards for his work and contributions to modern finance research throughout his career. He holds a bachelor's in economics from Yale University and an AM and Ph.D. in economics from Harvard University.BackgroundIn Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest, by Andrew W. Lo and Stephen R. FoersterAdaptive Markets: Financial Evolution at the Speed of Thought, by Andrew W. LoHistory"Thirty Maidens of Geneva," the Tontine Coffee-House, thetch.blog.com, Aug. 5, 2019."Why 18th Century Swiss Bankers Bet on the Lives of Young Girls," by Stephen Foerster, sfoerster-5338.medium.com, Sept. 2, 2021.William F. Sharpe"Keynes the Stock Market Investor: A Quantitative Analysis," by David Chambers, Elroy Dimson, and Justin Foo, papers.ssrn.com, Sept. 26, 2013.Eugene F. Fama"Algorithmic Models of Investor Behavior," by Andrew Lo and Alexander Remorov, eqderivatives.com, 2021."In Pursuit of the Perfect Portfolio: Eugene Fama," Interview with Andrew Lo and Eugene Fama, youtube.com, Dec. 15, 2016."Why Artificial Intelligence May Not Be as Useful or as Challenging as Artificial Stupidity," by Andrew Lo, hdsr.mitpress.mit.edu, July 1, 2019.Charles D. Ellis"Charley Ellis: Why Active Investing Is Still a Loser's Game," The Long View podcast, Morningstar.com, May 27, 2020.Other"7 Principles to Help You Create Your Perfect Portfolio," by Robert Powell, marketwatch.com, Nov. 10, 2021. 

March 1 through March 4, I attended the White Coat Investor Conference (WCICON 2023). On the 2nd, I made a 2 hour presentation focused on "How to Create and Execute a Lifetime Investment Strategy". I was thrilled with the turnout and positive feedback. I also received many questions in the following days. The following are some of the many questions. More to come in the future. It was a wonderful conference. I want to thank Katie and Jim Dahle for putting on one of the best conferences I have ever attended. Here are the questions addressed on this podcast: 3:40 1. Why do value companies make more money than growth companies? The answer includes comments from a 1997 article by Eugene Fama and Kenneth French. Rethinking Stock Returns https://www.chicagobooth.edu/review/rethinking-stock-returns 14:55 2. How much small cap value should I add to my target date fund? 19:30 3. How much small cap value should I combine with my Vanguard Total Market Fund? In this article Table B14A is referenced. https://paulmerriman.com/wp-content/uploads/2022/04/SCV-vs-SP500-Fine-Tuning-Table-2022-v0.2.pdf 22:19 4. What is the difference between the expected long term returns of the S&P 500 (VOO) and the Total Stock Market (VTI)? 25:40 5. There are a lot of different small cap value funds. Which one do you recommend at Vanguard? 28:45 6. Should I put small cap value in my taxable, Roth IRA or 401k? Larry Swedroe's, “Your Complete Guide to a Successful & Secure Retirement” is recommended as a great source of important investment advice. 33:25 7. What do you think of being all equity all the time? I mean for the rest of my life. 38:54 8. I'm 38 and a fairly aggressive investor. I want to build a do it yourself custom target date fund. While I did not mention our custom ETF Allocation Calculator listeners should check it out. https://paulmerriman.com/custom-etf-allocation-calculator/ 45:55 9. You have portfolios that are all small cap value and another that is a combination of small and large cap value. The returns for all small cap value are almost one percent higher. Why not just use an all small cap value portfolio? Sound Investing Quilt Charts 49:30 10. What strategy would you recommend with 5 to 7 years until retirement? More of the WCI questions will be answered in the coming weeks.

Our guest this week is Wes Gray. Wes is the CEO, chief investment officer, and founder of Alpha Architect, a Registered Investment Advisor that offers ETFs and works with other RIAs to launch their own ETFs. An accomplished researcher and writer, Wes has authored numerous books on investing and financial topics, including Quantitative Value and Quantitative Momentum. Before founding Alpha Architect, Wes worked in academia and consulted for a family office. Wes' path into finance began at the University of Chicago, where he earned his MBA and Ph.D. and studied under Nobel Prize winner Eugene Fama. Prior to that, Wes served as a captain in the United States Marine Corps. In addition to his MBA and Ph.D., Wes also earned a bachelor's degree in economics from The Wharton School.BackgroundBioTwitter handle: @alphaarchitectAlpha ArchitectQuantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System, by Wesley Gray, Ph.D., and Jack Vogel, Ph.D.Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors, by Wesley Gray, Ph.D., and Tobias Carlisle, LLBActive Investing“Even God Would Get Fired as an Active Investor,” by Wesley Gray, alphaarchitect.com, Feb. 2, 2016.“Has the Stock Market Systematically Changed?” by Wesley Gray, alphaarchitect.com, Sept. 20, 2022.“The Cross Section of Stock Returns Pre-CRSP Data: Value and Momentum Are Confirmed as Robust Anomalies,” by Elisabetta Basilico, Ph.D., CFA, alphaarchitect.com, Nov. 7, 2022.Stock Market/Trend-Following“How I Invest My Own Money: Robust to Chaos,” by Wesley Gray, alphaarchitect.com, June 24, 2022.“Trend Following: The Epitome of No Pain, No Gain,” by Wesley Gray, alphaarchitect.com, June 26, 2019.“Trend-Following: A Deep Dive Into a Unique Risk Premium,” by Wesley Gray, alphaarchitect.com, Oct. 18, 2017.“Does Emerging Markets Investing Make Sense?” by Wesley Gray, alphaarchitect.com, June 17, 2022.Value Investing“Value Investing Live Recap: Wesley Gray,” by Graham Griffin, gurufocus.com, Aug. 25, 2021.“Value Investing: Headwinds, Tailwinds, and Variables,” by Ryan Kirlin, alphaarchitect.com, May 20, 2022.“Value Investing: What History Says About Five-Year Periods After Valuation Peaks,” by Jack Vogel, Ph.D., alphaarchitect.com, Dec. 21, 2021.Behavioral Investing“Terry Odean: Who's on the Other Side of the Trade?” The Long View podcast, Morningstar.com, May 14, 2022.“Behavioral Finance Warning: Humans Love Complexity,” by Wesley Gray, alphaarchitect.com, Aug. 3, 2021.“Individual Investor Behavior: What Does the Research Say?” by Wesley Gray, alphaarchitect.com, July 22, 2022.“Momentum Investing, Like Value Investing, Is Simple, but Not Easy,” by Wesley Gray, alphaarchitect.com, Sept. 18, 2018.Bonds and ETF Investing“Treasury Bonds: Buy and Hold, or Trend Follow?” by Wesley Gray, alphaarchitect.com, Aug. 10, 2022.“Why Advisors (and Family Offices) Should Consider Creating Their Own ETFs,” by Pat Cleary, alphaarchitect.com, Nov. 4, 2022.“ETF Tax Efficiency Isn't Always Efficient,” by Sean Hegarty, alpharchitect.com, Feb. 25, 2022.

Today's guest is the legendary Professor Eugene Fama, a 2013 Nobel laureate and widely recognized as the “father of modern finance.” In today's episode, we talk to Professor Fama about whether he thinks the Fed can control inflation, where the phrase efficient markets came from, and his take on the global market portfolio.  As we wind down, we hear the last time he bought an individual stock. ----- 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 ----- This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Visit masterworks.com/meb to skip their wait list. Today's episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world's largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Disclaimer: Past performance is not indicative of future results. This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact Cambria or consult with the professional advisor of their choosing. Certain information contained herein has been obtained from third party sources and such information has not been independently verified by Cambria. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by Cambria or any other person. While such sources are believed to be reliable, Cambria does not assume any responsibility for the accuracy or completeness of such information. Cambria does not undertake any obligation to update the information contained herein as of any future date. All investments involve risk, including the risk of the loss of all of your invested capital. Please consider carefully the investment objectives, risks, transaction costs, and other expenses related to an investment prior to deciding to invest. Diversification and asset allocation do not ensure profit or guarantee against loss. Investment decisions should be based on an individual's own goals, time horizon, and tolerance for risk. Masterworks is not registered, licensed, or supervised as a broker dealer or investment adviser by the SEC, the Financial Industry Regulatory Authority (FINRA), or any other financial regulatory authority or licensed to provide any financial advice or services. Source: (2022, September 13). Wall St suffers worst sell-off since June 2020 after inflation data. Financial Times Source: (2022, September 19). Fund managers pitch ‘alts' to retail investors as institutions max out. Financial Times Source: (2022, September 30). Inflation punches Wall Street again, ending knock-down quarter. Reuters Source: (2022, June 24). State of the Art Market: An Analysis of Global Auction Sales in the First Five Months of 2022. Artnet News.

Do you feel like you have a good grasp of financial markets? Think again! In this episode, we take a plunge into the world of financial markets with experts Jules van Binsbergen and Jonathan Berk. Jules is a Professor of Finance at the Wharton School of the University of Pennsylvania and Jonathan is a Professor of Finance at Stanford Graduate School of Business. They also host a popular podcast called Else Equal, which explores the science and strategy of making better financial decisions, and have written several academic papers that challenge the status quo. In our conversation, we discuss their research on the relationship between manager skill and fund performance, the best ways to measure performance, and reasons why benefits are in favour of the managers. We also explore the dogma surrounding mutual funds, the differences between active and passive management, and how to measure efficient capital markets. Listeners will also hear perspectives that challenge their understanding of capital markets and viewpoints that completely disagree with previous guests. Although we have covered this topic before in previous episodes, this conversation will fundamentally change the way you view financial markets and how to think about them.   Key Points From This Episode:   What information fund performance contains about manager skill. (0:04:04) Reasons why manager skill and performance are unrelated. (0:04:59) We learn how manager skills should be measured. (0:06:57) How to choose the appropriate benchmark to measure value added. (0:09:26) Find out if you can use factor-mimicking portfolios to measure risk-adjusted returns. (0:12:05) Whether funds that directly target risk factors can be used as an investable benchmark. (0:16:35) What the skill of active managers are when skill is measured as value-added. (0:20:52) The proportion of value-added between security selection and market timing. (0:23:20) Discussion about how persistence manifests when it is measured by value-added. (0:25:43) Find out if investors should analyze mutual fund companies as opposed to managers. (0:32:36) Discover why research has focused on individual security pricing and not on evaluating manager skill. (0:34:25) We unpack the reasons why it's a zero net alpha as opposed to a negative net alpha in equilibrium. (0:38:19) We delve into why the research took so long to apply rational expectations to fund investors as with the stock market. (0:42:46) An explanation of how equilibrium zero net alpha fits into Bill Sharpe's arithmetic of active management. (0:48:16) Who benefits from the high amount of skill available within the sector. (0:51:11) Whether the increase in millionaires around the world drives inequality. (0:56:12) Hear if it is possible to identify skilled fund managers before the benefits of their skills are absorbed by fund size. (01:01:41) The implications on efficient market hypothesis for the stock market. (01:05:36) Advice for investors, considering that the benefits of skill are in favour of managers. (01:08:37) Details about their research on how multi-factor asset pricing models are not representative of risk. (01:12:45) We end the show by learning how our guests define success in their lives. (01:19:08)    Links From Today's Episode:   Jules van Binsbergen — https://sites.google.com/view/jules-van-binsbergen/ Jules van Binsbergen on LinkedIn — https://www.linkedin.com/in/jules-van-binsbergen-a7b21a2/ Jules van Binsbergen on Google Scholar — https://scholar.google.com/citations/ Wharton School of the University of Pennsylvania — https://www.wharton.upenn.edu/ Jonathan Berk — https://www.gsb.stanford.edu/faculty-research/faculty/jonathan-b-berk Jonathan Berk on LinkedIn — https://www.linkedin.com/in/jonathan-berk-07874a3b/ Jonathan Berk on Google Scholar — https://scholar.google.com/citations/ Stanford Graduate School of Business — https://www.gsb.stanford.edu/ Else Equal: Making Better Decisions — https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions Passive in Name Only — https://heinonline.org/HOL/LandingPage/ The Emperor of All Maladies — https://www.amazon.com/Emperor-All-Maladies-Biography-Cancer/dp/1439170916 Unsettled — https://www.amazon.com/Unsettled-Climate-Science-Doesnt-Matters/dp/1950665798 ‘Episode 200 with Prof. Eugene Fama' — https://podcasts.google.com/feed/aHR0cHM6Ly9yYXRpb25hbHJlbWluZGVyLmxpYnN5bi5jb20vcnNz/episode/MzA2MjM2OTctOTc5Yy00MDU4LWE3YzMtYTdmMGU4NGQ0Y2Jj?sa=X&ved=0CAIQuIEEahgKEwjI27ng_rH6AhUAAAAAHQAAAAAQsQQ Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/?hl=en Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on Twitter — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on Twitter — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/  

In 2013, Eugene Fama won the Nobel Prize in Economics for his work on the efficient market hypothesis. One of his most significant contributions to investing has come from his collaboration with his colleague Kenneth French and their work in the development of Factor Models for Investing and their contribution to portfolio construction at Dimensional Fund Advisors. Asset allocation models based on a factor-based framework have become incredibly popular in the investment community, and many investors are wondering whether or not they should incorporate factors into their retirement investment framework. Articles, Links & Resources Visit: https://soundretirementplanning.com/ We're on YouTube! Are you DIY?  Be sure to check out the Retirement Budget Calculator LET'S CONNECT: Facebook LinkedIn Website

Can you trade on the market inefficiencies and come out ahead after costs and taxes? The evidence is clear and it isn't good news for the market timers. These market timers are investors and advisors that promise to get out at the top and then get back in at the bottom. It sounds great in theory, but because the public markets are so efficient, the evidence is clear that it isn't possible over the long run. Many investors have poor investment experiences because they try to accomplish the impossible rather than focusing on the things that they can control. Jumping in and out of the market is a fool's game and that shouldn't be thought of as a negative at all. It's an opportunity to reframe and focus on what you can control when it comes to investing. This includes tax efficiency and minimizing costs, but also goes deeper into diversification and properly protecting your financial house from uncertainty.  Have questions for an upcoming episode? Want to get free resources, book giveaways, and AWM gear? Want to hear about when we release new episodes? Text “insights” or the lightbulb emoji (

After spending years going through a tough academic program, one dissertation away from achieving a degree, Wes Gray chose to take a step back and join the Marine Corps. Following five years of service, Wes finished his degree at The University of Chicago, studying under the acclaimed Eugene Fama. While working as a professor, a cold call from a billionaire in New York prompted Wes to begin moonlighting as an internal due diligence agent. That decision to take on a second job became his inspiration for Alpha Architect – an asset management firm committed to empowering investors through education.  In this episode, Wes talks with Doug and Greg about why Alpha Architect is abnormal, the method to their madness, how Wes challenged Eugene Fama (and nearly won), how Alpha Architect is responding to today's volatile markets, and what the future looks like for value investors.  Key Takeaways [01:24] - How Wes transitioned from professor to founder of Alpha Architect.  [04:50] - Why Wes' studies led him to be more of a quant than a discretionary investor.  [14:00] - Has a rise in awareness diluted investors' ability to obtain Alpha?  [19:25] - How Wes explains the recent market volatility.  [22:40] - How Alpha Architect responds to “flows” and market volatility.  [26:23] - How Alpha Architect remains tax-efficient.  [29:37] - What Wes believes the future looks like for value investors.  Quotes [27:14] - “One of the problems with the financial services industry is, the best idea, the best strategy in the world, can always be ruined by fees and taxes. And so, you can have a lot of excess returns, but if you give it all up in fees and taxes, what was the point?” ~ Wes Gray [31:08] - “No matter how you cut it, the valuation of value stocks is the cheapest it's ever been relative to the valuation of the market or gross stocks more particularly. And so the problem is timing. I have to survive the potential issue of, I go buy value stocks and then all the sudden all the crazy maniac stocks beat me and crush my soul by ten percent a year for the next ten years again.” ~ Wes Gray [31:57] - “The problem is, if there is a risk that you give up on fundamentals and the weighing machine in the short run, that means you will not get to extract the benefits of the long run. And I always tell people, you really need to sit down and think about your own brain psychology, and if you can't deal with the heat in the kitchen, get out of the kitchen and just go buy the Vanguard fund.” ~ Wes Gray Links  Wes Gray Alpha Architect  Eugene Fama The University of Chicago  Drexel University  Embedded Quantitative Value DIY Financial Advisor Quantitative Momentum Warren Buffett Robinhood  Vanguard iShares Seth Klarman Tesla BlackRock Cliff Asness: Still Crazy After All This YTD Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts lagniappe.stokesfamilyoffice.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.

We are so happy to bring you all our 200th episode, and who better to have on the podcast on this auspicious occasion than the legendary, Professor Gene Fama? This is one of the most jam-packed episodes we have ever recorded, with Gene providing concise and thought-provoking answers to our many, many questions. After delving into the foundations of Gene's work and philosophy, covering market efficiency, and its competing theories, Gene entertains our queries about a wide range of ideas and models, and generously shares the decades worth of wisdom that he is so widely known for. We also find time to talk about retirement plans, inflation, cryptocurrencies, and the influence of machine learning. Towards the end of our conversation, our guest touches on some more personal ideas about productivity, his career, his partnership with Ken French, and what success means to him at this point. For a landmark episode, with a true hero of the evidence-based approach to investing, make sure not to miss this.   Key Points From This Episode:   The basics of market efficiency and its main implications for investors. [0:04:49] Limitations of the efficient markets model for explaining specific cases. [0:08:02] Gene's perspective on the inelastic markets hypothesis and his interest in it for the future. [0:09:36] The anomalies that brought down the capital asset pricing model. [0:10:26] Unpacking the three-factor and five-factor asset pricing models that Fama and French created. [0:11:43] Thoughts on the Q-factor model, factor premiums, and data dredging. [0:15:43] Gene's reflections on building data sets dating back to the 1920s. [0:17:13] The best way to estimate expected returns and expected factor premiums according to Gene. [0:19:52] Structuring portfolios and how different investors should approach this. [0:24:10] Considering international diversification for investors in Canada. [0:29:05] Further thoughts on asset pricing models. [0:32:47] The assets that are hedged against expected and unexpected inflation. [0:33:31] Gene illuminates the role of the Fed in relation to inflation. [0:36:43] Advice for typical retirees from Gene. [0:38:22] The challenges that Gene has experienced translating theory into practice. [0:40:16] Lesson from Gene's work with Dimension Fund Advisors. [0:43:47] Gene's reflections on his impact and having his theories implemented in practice. [0:45:32] Weighing the value and impact of behavioral finance. [0:47:53] Technology and active managers; is it any different for those aiming to achieve alpha in the current context? [0:50:46] Gene weighs in on cryptocurrencies and how his perspective might have shifted. [0:53:08] A look at the people who have had the biggest influence on Gene's career. [1:03:05] Thoughts on productivity and making the most of periods of clear thinking. [1:03:39] Our guest's personal definition of a successful life. [1:06:17]

You don't need to be a rocket scientist to work at Dimensional Fund Advisors, but Gerard O'Reilly sees it as an asset, particularly when it comes to problem-solving. Now the Co-CEO and Chief Investment Officer of one of the fastest-growing US investment businesses, Gerard received a Ph.D. in aeronautics before entering fund management, attracted to Dimensional because of the opportunity it afforded him to learn from the world-leading economists at the company; including Eugene Fama, Myron Scholes, Merton Miller, Robert Merton, and Ken French. We recently sat down with Gerard to discuss the firm's research-based culture and rules-based approach to investing. In this episode, we get into the nitty-gritty regarding Dimensional's distinctive portfolio management decisions and the data sources they draw from and Gerard answers some technical questions regarding risk assessment, factor tilted portfolios, operating profitability, goodwill, and more. We also touch on the value of combining multiple metrics, why small-cap stocks deserve a place in your portfolio, and some of the biggest changes that Gerard has witnessed in Dimensional portfolios over the past decade, as well as how he applies his scientific learnings to make unique portfolio adjustments and some of the various benefits of Dimensional's integrated approach. Make sure not to miss this informative, insightful, and in-depth conversation with Dimensional CIO and Co-CEO, Gerard O'Reilly!   Key Points From This Episode: Market-cap-weighted passive strategies versus Dimensional's rules-based higher expected return strategy. [0:03:45] Assessing risk based on the Intertemporal Capital Asset Pricing Model (ICAPM). [0:07:07] Diversification in a factor tilted portfolio versus a cap-weighted market portfolio. [0:10:57] What criteria the variables that Dimensional uses need to meet before they're considered dimensions of expected returns. [0:13:00] Sources Dimensional draws from regarding portfolio decisions and implementation. [0:16:09] How Gerard decides between underweighting or excluding securities in portfolios. [0:19:59] Why Dimensional uses operating profitability rather than cash-based profitability. [0:22:38] Gerard's view on intangible assets, goodwill, and Dimensional's investment strategy. [0:29:31] The value of including internally developed intangibles in value and profitability metrics. [0:37:49] Gerard reflects on the opinion that Fama and French's findings are no longer valid. [0:42:58] Whether or not it's better to combine multiple metrics to measure relative price. [0:46:41] How Dimensional targets value and profitability together (for large and small caps). [0:50:39] How Gerard thinks about capacity for investment strategies in small and micro-cap stocks as Dimensional continues to grow. [0:54:03] Understanding how entering into the ETF market has impacted his thinking. [0:57:24] Expected premiums for owning smaller stocks over larger ones. [0:58:50] The importance of security lending revenue for expected returns on Dimensional funds; improving the investor experience. [1:00:12] How Dimensional deals with sector weights and the role that diversification plays. [1:04:12] Why they decided to implement credit, despite research to suggest that it doesn't add an independent source of expected returns. [1:06:08] Some of the biggest changes in Dimensional portfolios over the past 10 years. [1:10:23] How Gerard applies his scientific learnings to make unique portfolio adjustments. [1:12:52] Comparing Dimensional's core and vector strategies with a combined cap-weighted portfolio; from fees to the benefits of hindsight and more. [1:15:15] Papers that seemed compelling but were deemed ineffective by their research team. [1:19:11] Insight into Dimensional's decision to make their internal research public. [1:21:42] Why their rules-based approach is the hardest part of Dimensional to replicate. [1:25:55] What to be aware of when comparing backtests: how data can be manipulated. [1:30:06] Valuable lessons and perspectives Gerard has learned from their competitors. [1:32:22] Commonalities between aeronautics and asset management, like problem-solving. [1:35:20] Why Gerard believes that having his own financial advisor is invaluable. [1:36:55] Gerard explains why we might expect factor premiums to persist in equilibrium. [1:38:28]

In this episode we announce the roll out of the Risk Parity Chronicles blog and website from our listener Justin.  We also address emails from MyContactInfo, Spencer, Satoshi and Andre.  We discuss an interview of Eugene Fama about the war in the Ukraine, the ETF SAA (ProShares 2x Small Cap), the inherent problems with analyzing gold in a portfolio pre-1971 and related issues, and how to value a property to be inherited.Links:Justin's Risk Parity Chronicles blog and website:  Risk Parity Chronicles  Summary of Eugene Fama Interview:  Fama: It's Putin who's irrational, not the markets | The Evidence-Based Investor (evidenceinvestor.com)Next Level Life Analysis of Golden Butterfly Portfolio:  The Golden Butterfly Investing Strategy Explained (Most CONSISTENT Investing Strategy Ever?) - YouTubeArticle Regarding the London Gold Pool of the 1960s:   London Gold Pool - WikipediaSupport the show (https://www.riskparityradio.com/support)