Podcast appearances and mentions of jason zweig

P.M. Edition for June 2. President Trump has named Bill Pulte, leader of the Federal Housing Finance Agency, as acting director of national intelligence. WSJ White House reporter Natalie Andrews discusses how Pulte has urged investigations into the president's perceived enemies and lawmakers' criticism of his appointment. Plus, the Trump administration is abandoning its $1.8 billion “anti-weaponization” fund after it drew broad condemnation from GOP lawmakers. And, we hear from Jason Zweig, who writes WSJ's Intelligent Investor column, about how the year of the mega IPO is triggering changes by index providers—the firms that compile market averages like the S&P 500 and the Nasdaq 100–to accommodate these titanic deals. SpaceX, one of those massive IPOs, is eyeing a valuation of around $1.75 trillion. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

There are people who change the way you think about money. And then there are people who change the way you think about life, and do it through the lens of money. Jonathan Clements was one of those people. The beloved personal finance columnist and Wall Street Journal veteran passed away in September 2025, leaving behind a remarkable legacy and one final book: Money and Me: How to Make Your Finances Work Harder for You and Your Family. This week, Jean sits down with Jason Zweig, Jonathan's dear friend and fellow Wall Street Journal columnist, to honor that legacy and dig into the lessons Jonathan left behind for all of us. They cover: The investing philosophy he championed for nearly 40 years, and why it's still the best advice out there The three dimensions of money and happiness: freedom from worry, spending on experiences, and using money to create meaning Why the shift from saving to spending in retirement is one of the hardest psychological transitions we face, and how to make it easier Jonathan's take on how much money to leave your kids  Why spending small is actually the smartest spending strategy of all And if today's conversation got you thinking about your own relationship with money, Jean's new book, The Forever Paycheck, is the perfect next read. Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom and Don tackle the impossible task of spotting market bubbles in real time, leaning on insights from Jason Zweigand Eugene Fama to argue that if bubbles were truly predictable, they wouldn't exist. They discuss soaring semiconductor and AI-related stocks, speculative manias from tulips to SPACs to Bitcoin, and why diversification and disciplined rebalancing beat emotional market timing every time. Listener questions cover tax-loss harvesting and wash sales involving VT, VTI, and VXUS ETFs, family conversations about money, Roth conversion strategy for a wealthy near-retiree, and Dimensional's refusal to chase hot IPOs despite the S&P 500's changing rules. Along the way, there's plenty of classic TRM banter about giant brains, vacation boredom, and the dangers of trying to outsmart markets that are probably smarter than all of us combined.0:05 Bubble noises, market mania, and why everyone thinks they can spot bubbles1:11 Jason Zweig on semiconductor stocks soaring nearly 40% in a month2:23 Emerging markets, small value, and global stocks compared to AI-driven speculation3:39 Eugene Fama explains why bubbles are impossible to identify in real time4:26 Dot-coms, Bitcoin, SPACs, and the legendary tulip bulb bubble5:03 Why “doing nothing” often beats reacting emotionally to market fears5:51 Jason Zweig's sign of a bubble: when critics get attacked instead of debated7:15 Rebalancing, diversification, and why the S&P 500 alone isn't enough9:41 Listener question on tax-loss harvesting, wash sales, and replacing VT with VTI and VXUS14:05 Why families should talk openly about money instead of outsourcing financial education to TikTok17:44 Near-retiree with $7.3 million asks about Roth conversions and paying taxes from IRAs20:36 Dimensional responds to S&P rule changes allowing earlier IPO inclusion21:15 Why Dimensional avoids IPOs during their first year after going public22:39 Allbirds' collapse from a $2.2 billion IPO to a $39 million sale24:47 Why waiting before buying IPOs may reduce riskQuestions? Comments? Click!

Questions? Comments?With geopolitical tension rattling markets and investors stampeding into cash, gold, and energy, Don and Tom step back to deliver a familiar message: nobody knows what's next—and anyone claiming otherwise is selling something. They walk through the behavioral traps of market timing, explain why diversification (especially beyond U.S. large caps) is quietly doing its job, and highlight the role of small cap and micro-cap stocks as part of a broader portfolio—not a silver bullet. Along the way, they mix in listener calls, practical tips (including liquidity strategies and avoiding irreversible investments), and a running acknowledgment that while their radio era is ending, the core mission—keeping investors from doing something dumb—isn't going anywhere.0:04 CBS Radio shutdown vs. TRM leaving radio—industry shift toward podcasts1:32 War-driven market anxiety: money flows to cash, gold, and energy2:54 Interest rate expectations flip—uncertainty dominates3:16 Jason Zweig warning: beware “I know what's next” pitches4:24 Market timing trap—getting back in is the real failure point5:37 Diversification reality—why global exposure smooths outcomes7:08 Financial Fysics Kindle release and podcast transition reminders9:53 “Retirement Plan” film event plug and discussion preview13:37 Listener question: small cap value vs. large cap performance15:44 Correlation explained—why asset classes don't move in lockstep16:29 Small cap value premium—historical outperformance rationale21:49 Micro-cap ETF discussion (DFMC)—extreme diversification option24:47 Caution: aggressive funds are optional, not necessary27:52 Listener success story—laddering cash with CDs for caregiving33:40 Core advice: avoid irreversible financial decisions34:49 Liquidity matters—dangers of annuities and illiquid investments35:55 Wall Street “new ideas” skepticism—most benefit the seller36:21 Final push: transition to podcast-only formatLearn more about your ad choices. Visit megaphone.fm/adchoices

With geopolitical tension rattling markets and investors stampeding into cash, gold, and energy, Don and Tom step back to deliver a familiar message: nobody knows what's next—and anyone claiming otherwise is selling something. They walk through the behavioral traps of market timing, explain why diversification (especially beyond U.S. large caps) is quietly doing its job, and highlight the role of small cap and micro-cap stocks as part of a broader portfolio—not a silver bullet. Along the way, they mix in listener calls, practical tips (including liquidity strategies and avoiding irreversible investments), and a running acknowledgment that while their radio era is ending, the core mission—keeping investors from doing something dumb—isn't going anywhere. 0:04 CBS Radio shutdown vs. TRM leaving radio—industry shift toward podcasts 1:32 War-driven market anxiety: money flows to cash, gold, and energy 2:54 Interest rate expectations flip—uncertainty dominates 3:16 Jason Zweig warning: beware “I know what's next” pitches 4:24 Market timing trap—getting back in is the real failure point 5:37 Diversification reality—why global exposure smooths outcomes 7:08 Financial Fysics Kindle release and podcast transition reminders 9:53 “Retirement Plan” film event plug and discussion preview 13:37 Listener question: small cap value vs. large cap performance 15:44 Correlation explained—why asset classes don't move in lockstep 16:29 Small cap value premium—historical outperformance rationale 21:49 Micro-cap ETF discussion (DFMC)—extreme diversification option 24:47 Caution: aggressive funds are optional, not necessary 27:52 Listener success story—laddering cash with CDs for caregiving 33:40 Core advice: avoid irreversible financial decisions 34:49 Liquidity matters—dangers of annuities and illiquid investments 35:55 Wall Street “new ideas” skepticism—most benefit the seller 36:21 Final push: transition to podcast-only format Learn more about your ad choices. Visit megaphone.fm/adchoices

John talks with Bill Cates — Hall of Fame professional speaker & TEDx presenter, financial services & referral marketing expert, wealth mindset coach, entrepreneur, author of The Hidden Heist: Stop Robbing Yourself of Lasting Wealth and seven other books, host of the Top Advisor Podcast, and a proud dad. Bill has spent more than 30 years in financial services, helping thousands of advisors bring in billions of dollars through better referrals, relationship marketing, and messaging. Listen to this episode to learn more: [00:00] - Intro [00:49] - The million-dollar TEDx prop [03:38] - Bill's backstory [06:20] - How relationships helped Bill land a TEDx talk [08:00] - Bill's journey from grad school to rock band drummer [10:11] - How he entered the financial services world [13:36] - Marketing, prospecting, and selling [16:29] - The key to marketing [19:45] - Difference between employees and entrepreneurs [22:19] - How to find a financial advisor you can trust [27:10] - The 3 R's of relationship marketing [29:42] -  The 3 C's & 3 R's for an entrepreneur [33:34] - How Cates Academy started [36:46] - The OG referral coach  [38:10] - The Hidden Heist book [43:09] - How Bill's business affected his relationship with his daughter [47:19] - #1 daily habit [48:27] - Traits of a great leader [50:24] - How Bill invests in his growth [52:00] - Best way to connect with Bill [56:39] - Book recommendations [57:20] - Wrap-up NOTABLE QUOTES: "When you're building a business, it's always best to be in a position to solve a blatant, critical problem, meaning the prospects of your business know they have the problem, and it's not just aspirational. It's not, 'I'll get around to it someday.' It's critical." "Marketing is getting your message out. It's a promotion. It's getting your message out in front of people with the intention of attracting them to you." "If it's not relevant, your message will be ignored." "If you're all prospecting, it's tiring. It's a grind. But as you market your product, service, or brand better, you start to attract people to you, and you catch them later on in the process." "Most people don't have the patience to pay themselves first, make their savings automatic, and let it build over time. That takes a unique, disciplined mindset, but it's extremely powerful when you do." "When you learn how money really works, it sometimes sheds light on what you were or weren't taught when you were younger." "Sometimes we don't have the vision yet. Sometimes we're not clear on it, and creating that vision can be a process." "Everyone in an organization, whether you're in sales, marketing, customer service, a clerk, or whatever, should know who the customer is. We should all know our value, and we should all know how to talk about it." "You get clarity through imperfect action. You start heading in a direction you think is right, make some mistakes along the way, and make adjustments. That's when clarity starts to come." "Just about everybody trying to produce any kind of result, it boils down to confidence. Because if you don't have that, you won't get to the next stage." "You don't want just word of mouth. You want to get connected with people. So use the word that represents that." "The hidden heists are the limiting beliefs and mistaken assumptions we all have around money. There's a lot of money story going on for us." "If you're stuck somewhere, the first place to go isn't necessarily strategy or tactics. It might be to self-reflect, on your business, your product, and your belief in yourself." BOOKS MENTIONED: Think and Grow Rich by Napoleon Hill (https://a.co/d/0aINW0V2) The Magic of Thinking Big by David J. Schwartz (https://a.co/d/06aeI1I8) Atomic Habits: Tiny Changes, Remarkable Results by James Clear (https://a.co/d/0cPmYjfO) The Go-Giver by Bob Burg and John David Mann (https://a.co/d/08FTL8jK) The Latte Factor: Why You Don't Have to Be Rich to Live Rich by David Bach and John David Mann (https://a.co/d/0fjibjj8) Who Moved My Cheese? by Spencer Johnson and Ken Blanchard (https://a.co/d/0deaqMQ8) The New One Minute Manager by Ken Blanchard and Spencer Johnson (https://a.co/d/03FL34dR) The Alchemist by Paulo Coelho (https://a.co/d/0gLeenbt) The Greatest Salesman In the World by Og Mandino (https://a.co/d/0ec9TlQ9) Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich by Jason Zweig (https://a.co/d/0eR6ftUu) USEFUL RESOURCES: https://referralcoach.com/ https://www.thecatessystem.com/link-in-bio https://www.linkedin.com/in/billcates/ https://www.instagram.com/thereferralcoach/ https://www.facebook.com/billcates1 https://x.com/Bill_Cates https://www.youtube.com/@BillCatesReferralCoach Top Advisor Podcast - https://tinyurl.com/TopAdvisorPodcast TEDx Talk "How to Stop Your Money Anxiety & Start Building Wealth Today" - https://youtu.be/PycIrnPEUPo?si=D7G-06vXxXtk4hot The Hidden Heist: Stop Robbing Yourself of Lasting Wealth (https://a.co/d/03soYwRf) The Language of Referrals: The Words & Scripts Financial Professionals Use to Gain More Ideal Clients (https://a.co/d/067bNxYZ) Radical Relevance: Sharpen Your Marketing Message - Cut Through the Noice - Win More Ideal Clients (https://a.co/d/00IEcIMY) Beyond Referrals: How to Use the Perpetual Revenue System to Convert Referrals into High-Value Clients (https://a.co/d/0fOqolyF) Don't Keep Me A Secret: Proven Tactics to Get Referrals and Introductions (https://a.co/d/0824AHDa) Get More Referrals Now! (https://a.co/d/0dbxqU7j) CONNECT WITH JOHN Website - https://iamjohnhulen.com LinkedIn - https://www.linkedin.com/in/johnhulen Instagram - https://www.instagram.com/johnhulen Facebook - https://www.facebook.com/johnhulen X - https://x.com/johnhulen YouTube - https://www.youtube.com/channel/UCLX_NchE8lisC4NL2GciIWA    EPISODE CREDITS Intro and Outro music provided by Jeff Scheetz - https://jeffscheetz.com/ 

Should You Collect Social Security and Invest the Difference? Episode 372 – In the past few months, some social media “finfluencers” have suggested that it might be a good idea to collect your Social Security early and invest the money in the stock market. Does it actually work? We follow up on a recent article from The Wall Street Journal that covers the issue in detail. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 372 Hello, this is Bill Rainaldi, with another edition of Security Mutual's SML Planning Minute. In today's episode: should you collect Social Security and invest the difference? A few weeks ago we did an episode on the concept of “buy term and invest the difference.” The idea is that rather than purchasing a permanent life insurance policy, you could, theoretically, buy a term policy and invest the difference in premiums into a diversified portfolio. The idea is that if things went well, you could be able to self-insure once the term policy expired. We explained some of the practical reasons why such an idea rarely works. A similar concept has recently become popular for people considering their Social Security. The theory goes that instead of waiting, you should collect as early as possible, take that money and invest it in the stock market. In the end, its proponents argue, you'll be better off. It has even become a popular meme on TikTok and YouTube, and The Wall Street Journal recently took an in-depth look.[1] Perhaps not surprisingly, there are some potential issues with this approach. Individual workers get to choose when they start collecting their Social Security benefit. They can collect as early as age 62, as late as age 70, or anytime in between. But there are tradeoffs. “Full Retirement Age,” the age at which you can collect your full unreduced benefit, is age 67 for most of us. If you collect at age 62, you're getting a five-year head start, but the tradeoff is that your lifetime benefit is reduced by 30 percent. If you wait until age 70, you're collecting three years behind schedule, but your reward is that your benefit is 24 percent higher. For example, if your personal benefit at Full Retirement Age is $1,000 per month, you would get $700 if you started at age 62, or $1,240 if you started at age 70. The difference between 62 and 70 is about 77 percent.[2] For people who have reason to believe they're going to live well into their 80s or beyond, it generally makes sense to wait as long as possible. If you live long enough, you'll easily make up the difference, and then some, by waiting. The “collect early and invest it” trend has gotten a lot of attention recently from people known as “finfluencers.” Market gains in the past few years have certainly fueled the movement. So, what exactly is the problem with this approach? Volatility and sequence of returns risk are major issues. The market may do well in any particular year, but that's no guarantee of anything financially. According to Wall Street Journal columnist Jason Zweig, “Taking Social Security early just to invest the money in stocks is a dumb idea for most people.”[3] The reason? According to Zweig, if you're a non-smoker in your early 60s with a college degree and a decent income, chances are that you will live into your mid-80s. And when you look at the amount of money you're likely to receive over your remaining lifetime, the difference can be staggering. One of most important features of Social Security is that your income is inflation-protected. Cost-of-living adjustments (COLAs) can make a huge difference over time. And the higher your starting amount, i.e., the longer you wait to collect, the bigger the COLA will be, at least in nominal terms. COLAs are essentially risk-free. And few things, including the stock market, come with that kind of inflation protection. Social Security is, essentially, a form of longevity insurance. Zweig argues that Social Security and the stock market are two completely different things, and it makes no sense to try and compare them. Either way, we're talking about a relatively small subset of the American population: people with the flexibility to collect Social Security when they want to, not when they need to. Age 62 is the most popular claiming age,[4] and there's a reason for that. Some people have no other choice. They simply need the money to survive. And further, there's something called the “Earnings Test.” Anytime you collect Social Security before Full Retirement Age, the amount you receive could be reduced if you're trying to work and collect at the same time. It's all very complicated but, for 2026, the so-called “earnings limit” is $24,480.[5] If your wages go over that limit, your benefit will be reduced $1 for every $2 over. So, if you're a good earner, the Earnings Test could make it impractical for you to collect before Full Retirement Age, unless you're also willing to give up your job. If you want, you can still employ the collect Social Security and invest the difference strategy, you just might have to start at 67 rather than 62. For those who can afford it, Zweig makes an alternative suggestion. Choose to file later on and use some of your fixed income assets to help finance your cost of living while you wait to collect your Social Security. This is commonly referred to as a “bridge” strategy.[6] So, is it possible that you would be better off if you collect your Social Security at age 62 and reinvest the money? As with “buy term and invest the difference,” it is hypothetically possible, but poses some hazards to be aware of. [1] Zweig, Jason. “Are Stocks a Better Bet Than Social Security?” The Wall Street Journal. https://www.wsj.com/finance/investing/are-stocks-a-better-bet-than-social-security-873ab68a?mod=Searchresults&pos=2&page=1 (accessed January 26, 2026). [2] Id. [3] Id. [4] Hagen, Kailey. “These 3 Social Security Claiming Ages Get More Popular Every Year.” Fool.com. https://www.fool.com/retirement/2025/02/16/3-social-security-claiming-ages-get-more-popular/ (accessed January 27, 2026). [5] Social Security Administration. “2026 Social Security Changes.” SSA.gov. https://www.ssa.gov/news/en/cola/factsheets/2026.html (accessed January 27, 2026). [6] Zweig, Jason. “Are Stocks a Better Bet Than Social Security?” The Wall Street Journal. https://www.wsj.com/finance/investing/are-stocks-a-better-bet-than-social-security-873ab68a?mod=Searchresults&pos=2&page=1 (accessed January 26, 2026). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual's legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you've enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we'll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person's needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

Questions? Comments?Markets may feel calm despite geopolitical noise, but uncertainty is the permanent condition of investing—and the price of admission for higher returns. Don and Tom unpack Jason Zweig's reminder that investors hate uncertainty (tough), discuss the surge in speculation from leveraged ETFs to prediction markets, and explain why “play money” accounts should stay small. They field listener questions on building an investment policy statement, rebalancing without sabotaging returns, simplifying overly complex ETF portfolios, choosing international small-cap exposure, and setting up custodial accounts (with a nod to Roth IRAs for working teens). The core message: take only the risk you need, not the risk your inner con man wants.0:00 The podcast that never ends; investors hate uncertainty1:19 Jason Zweig revisits 2008 and the permanence of market uncertainty3:16 Calm markets, speculative behavior, and the rise of prediction markets6:00 “Play money” accounts and the danger of confusing gambling with investing8:18 Take the risk you need—not the risk you want9:05 Writing down how you feel during downturns11:51 Listener question: Rebalancing and creating an Investment Policy Statement17:09 25-year-old portfolio review: Too much complexity, wrong tilts20:27 International small-cap choice: AVDV vs. AVDS23:26 Custodial accounts for teens and the Roth IRA opportunity26:10 RetireMeet 2026 promotion and event detailsLearn more about your ad choices. Visit megaphone.fm/adchoices

Markets may feel calm despite geopolitical noise, but uncertainty is the permanent condition of investing—and the price of admission for higher returns. Don and Tom unpack Jason Zweig's reminder that investors hate uncertainty (tough), discuss the surge in speculation from leveraged ETFs to prediction markets, and explain why “play money” accounts should stay small. They field listener questions on building an investment policy statement, rebalancing without sabotaging returns, simplifying overly complex ETF portfolios, choosing international small-cap exposure, and setting up custodial accounts (with a nod to Roth IRAs for working teens). The core message: take only the risk you need, not the risk your inner con man wants. 0:00 The podcast that never ends; investors hate uncertainty 1:19 Jason Zweig revisits 2008 and the permanence of market uncertainty 3:16 Calm markets, speculative behavior, and the rise of prediction markets 6:00 “Play money” accounts and the danger of confusing gambling with investing 8:18 Take the risk you need—not the risk you want 9:05 Writing down how you feel during downturns 11:51 Listener question: Rebalancing and creating an Investment Policy Statement 17:09 25-year-old portfolio review: Too much complexity, wrong tilts 20:27 International small-cap choice: AVDV vs. AVDS 23:26 Custodial accounts for teens and the Roth IRA opportunity 26:10 RetireMeet 2026 promotion and event details Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?0:04 Dow hits 50,000 while most stocks lag—why it's a meaningless headline0:59 Robinhood and Palantir slide—speculators start getting nervous1:39 Jason Zweig on low-volatility funds—and why timing them is a trap1:55 Why the Dow is a terrible “index” built on 1890s math3:22 Diversified portfolios quietly up nearly 6% YTD in early 20263:32 Small-cap value up 13%—the payoff of long-term discipline4:05 “We didn't predict this”—why diversification beats market bragging4:54 Portfolios should already be built for downturns5:10 The danger of reacting after markets “stumble”7:09 Average vs. median net worth—why averages mislead8:26 How billionaires distort financial statistics9:09 “Lies, damned lies, and statistics” origins10:06 AI-enhanced listener call audio and Friday Q&A podcast10:37 DFFVX vs. AVUV—Dimensional vs. Avantis small-cap value13:33 Why track records don't matter for similar funds13:53 Super Bowl sirloin cooking advice15:17 Whole life insurance review—why to cash out in retirement17:08 When cash-value insurance makes sense (rarely)19:22 Surprise downloads of Christmas stories in February20:57 Caller asks about “set-it-and-forget-it” investing24:26 Risk tolerance when retiring soon26:08 Using AVGE for global diversification27:48 Why near-retirees should get professional reviews30:28 Emergency funds—never use a Roth31:37 High-yield savings accounts around 4%+34:11 Portfolio balance and realistic expectationsLearn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?In this episode of Talking Real Money, Don and Tom dig into the Washington State pension system's heavy exposure to private equity, sparked by Jason Zweig's Wall Street Journal reporting and a Seattle Times investigation. They explain why high fees, opaque valuations, and lack of liquidity make private equity especially dangerous for public retirement funds—and why Washington leads the nation in risk. The conversation expands to compare pension strategies across states, question governance and oversight, and warn retirees about the real-world consequences of excessive risk. Later, the hosts respond to a listener trapped in a high-fee, actively managed portfolio and variable annuity, illustrating how costs and complexity quietly erode wealth. The show wraps with practical retirement guidance inspired by Warren Buffett—simplify and protect—plus a discussion of converting mutual funds to ETFs for greater efficiency.0:04 Show open, call-in invitation, and setup on private equity0:32 Jason Zweig's WSJ reporting on private equity fees and markups1:25 Washington State pension's heavy private equity exposure3:23 Valuation and liquidity problems in private equity4:35 Breakdown of WA pension assets (private equity + real estate)5:18 Risks of market downturns and illiquidity6:25 Who's overseeing the pension fund and their qualifications7:06 Concerns for Washington retirees and contributors8:28 Board “experts” and potential conflicts of interest9:55 Difficulty exiting private equity investments11:06 Questioning reported 12.3% returns vs public markets11:59 Call for political accountability and reform12:50 Comparison to states using mostly public index funds13:35 Why private equity suffers most in downturns14:22 Comparison of pension private equity exposure by state15:58 Rebalancing and “emperor's clothes” concern17:07 Caller Luke reacts to pension risks18:11 Promotion of RetireMeet and retirement education19:22 Warren Buffett's retirement advice: simplify and protect20:28 Risk reduction and advisor role in retirement21:26 Fiduciary standards and conflicts of interest22:55 Emphasis on simple, protective portfolios23:07 Caller Jane asks about high advisory fees24:40 Discussion of “active management” risks26:12 Review of proposed funds and red flags29:57 Analysis of high-fee, high-turnover portfolio30:57 Concentration and volatility concerns32:16 Variable annuity warning signs33:37 Commission conflicts and surrender charges33:57 Recommendation to change advisors34:56 Recap of excessive fees and risks36:33 Importance of honest warnings vs future losses37:48 Question on converting Vanguard mutual funds to ETFs38:52 Advantages of ETFs: cost, tax efficiency, liquidityLearn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Talking Real Money, Don and Tom dig into the Washington State pension system's heavy exposure to private equity, sparked by Jason Zweig's Wall Street Journal reporting and a Seattle Times investigation. They explain why high fees, opaque valuations, and lack of liquidity make private equity especially dangerous for public retirement funds—and why Washington leads the nation in risk. The conversation expands to compare pension strategies across states, question governance and oversight, and warn retirees about the real-world consequences of excessive risk. Later, the hosts respond to a listener trapped in a high-fee, actively managed portfolio and variable annuity, illustrating how costs and complexity quietly erode wealth. The show wraps with practical retirement guidance inspired by Warren Buffett—simplify and protect—plus a discussion of converting mutual funds to ETFs for greater efficiency. 0:04 Show open, call-in invitation, and setup on private equity 0:32 Jason Zweig's WSJ reporting on private equity fees and markups 1:25 Washington State pension's heavy private equity exposure 3:23 Valuation and liquidity problems in private equity 4:35 Breakdown of WA pension assets (private equity + real estate) 5:18 Risks of market downturns and illiquidity 6:25 Who's overseeing the pension fund and their qualifications 7:06 Concerns for Washington retirees and contributors 8:28 Board “experts” and potential conflicts of interest 9:55 Difficulty exiting private equity investments 11:06 Questioning reported 12.3% returns vs public markets 11:59 Call for political accountability and reform 12:50 Comparison to states using mostly public index funds 13:35 Why private equity suffers most in downturns 14:22 Comparison of pension private equity exposure by state 15:58 Rebalancing and “emperor's clothes” concern 17:07 Caller Luke reacts to pension risks 18:11 Promotion of RetireMeet and retirement education 19:22 Warren Buffett's retirement advice: simplify and protect 20:28 Risk reduction and advisor role in retirement 21:26 Fiduciary standards and conflicts of interest 22:55 Emphasis on simple, protective portfolios 23:07 Caller Jane asks about high advisory fees 24:40 Discussion of “active management” risks 26:12 Review of proposed funds and red flags 29:57 Analysis of high-fee, high-turnover portfolio 30:57 Concentration and volatility concerns 32:16 Variable annuity warning signs 33:37 Commission conflicts and surrender charges 33:57 Recommendation to change advisors 34:56 Recap of excessive fees and risks 36:33 Importance of honest warnings vs future losses 37:48 Question on converting Vanguard mutual funds to ETFs 38:52 Advantages of ETFs: cost, tax efficiency, liquidity Learn more about your ad choices. Visit megaphone.fm/adchoices

An AI bubble. Geopolitical turmoil. Inflation and interest rates. These things and more could rock the stock market in 2026, and investors have to be prepared. WSJ's Jason Zweig, writer of The Intelligent Investor column and newsletter, discusse s how investors can best set up their portfolios for the new year and breaks down his outlook for the year ahead. Ryan Knutson hosts. Further Listening: - It's Almost 2026. How's the Economy? - Investment Accounts for Babies Are Coming. Wall Street Can't Wait. Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Our guest on the podcast today is Mark Higgins. Mark serves as senior vice president for IFA Institutional, where he specializes in providing advisory services to institutional plans such as endowments, foundations, pension plans, defined-contribution plans, and various corporate plans. He's the author of Investing in US Financial History: Understanding the Past to Forecast the Future. Mark graduated from Georgetown University, Phi Beta Kappa, and Magna Cum Laude with a bachelor's degree in English and psychology. He received an MBA from the Darden School of Business at the University of Virginia. He is a CFA Charterholder and CFP professional. Mark, welcome to The Long View.BackgroundBioInvesting in US Financial History: Understanding the Past to Forecast the FutureMuseum of American FinanceArticles and Papers Discussed“The Story of Hetty Green: America's First Value Investor and Financial Grandmaster,” by Mark Higgins, ssrn.com, March 11, 2022.“Rediscovering an American Treasure: The True Value of Hetty Green's Legacy,” by Mark Higgins and Bethany Bengtson, researchgate.net, February 2025.“Investors Can Temper Their Inflation Fears: Post-Covid Inflation Is Unlikely to Resemble the Great Inflation of 1968-1982,” by Mark Higgins, papers.ssrn.com, Aug. 15, 2021.“The Phantom Menace: Inflated Expectations,” by Mark Higgins, finhistory.substack.com, Sept. 26, 2023.“Six Stages of Asset Bubbles: The Crypto Crash,” by Mark Higgins, businesstimes.com, Jan. 24, 2023.Other“Origins of the Great Inflation,” by Allan Meltzer, fedinprint.org, 2005.“The Anguish of Central Banking,” Lecture by Arthur F. Burns, perjacobsson.org, Sept. 30, 1979.Charles E. Merrill“A Rediscovered Masterpiece by Benjamin Graham,” by Jason Zweig, jasonzweig.com, March 31, 2015.“Portraits in Oversight: Ferdinand Pecora and the 1929 Stock Market Crash,” levin-center.org.Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David Swensen“Private Equity Confronts Swollen Investment Backlogs With Dealmaking Stuck,” by Maria Armental, wsj.com, June 2, 2025.“The Future Ain't What It Used to Be for These Funds,” by Jason Zweig, wsj.com, June 6, 2025.The Great Inflation and Its Aftermath: The Past and Future of American Affluence, by Robert SamuelsonThe Big Board: A History of the New York Stock Market, by Robert Sobel Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this solo episode of Money & Meaning, Jeff Bernier explores how markets have a built-in ability to self-correct, a concept informed by his conversations with longtime colleague Larry Swedroe. Jeff ties together research from Joe Wiggins and Jason Zweig to explain how behavior, concentration risk, and market history reveal important lessons for investors. He also revisits the importance of broad diversification and TandemGrowth's behavioral “bucket approach” for supporting client confidence in uncertain times. Topics covered: Behavioral traps investors face in fast-paced market environments Joe Wiggins' perspective on making slow, consistent, and infrequent decisions Larry Swedroe's concept of the self-healing mechanism of markets How falling valuations increase expected future returns Historical periods when stocks underperformed and rebounded strongly Examples of self-healing in asset classes like value stocks, credit, private credit, and reinsurance Jason Zweig's analysis of AI-driven capital spending by big tech firms The dangers of concentration risk—including going to all cash Benefits of broad diversification across public and private markets How the “bucket approach” helps reduce panic and support long-term strategy   Useful Links:  Jeff Bernier on LinkedIn  TandemGrowth Financial Advisors   Disclosures: This podcast is for informational purposes only and should not be considered tax or legal advice. Please consult your tax advisor for personalized guidance.

In this episode of Nurturing Financial Freedom, we explore the bold claim that retirees should hold nothing but stocks forever. Sparked by a recent Wall Street Journal article by Jason Zweig, the conversation centers around whether an all-equity portfolio is a sound retirement strategy, or just good theory that breaks down in the real world. We tackle the academic study Zweig references, which analyzed over a century of data across 39 countries, concluding that bonds have historically underperformed and added minimal diversification. At first glance, that makes a compelling case for stocks-only portfolios, even in retirement.But as we point out, average returns over a hundred years don't capture the emotional and practical realities retirees face. Markets move in cycles, and people's risk tolerance changes over time—especially when they stop contributing and start drawing income in retirement. When volatility hits, a paper loss becomes a real-life stressor, and if the timing is bad enough, it can ruin a retirement plan. The study fails to account for the psychological impact of watching your nest egg drop 30–40%, which often leads investors to panic and sell low. We emphasize that bonds, CDs, and cash aren't exciting, but they serve a critical purpose: they provide liquidity and peace of mind during market downturns.We share examples of possible outcomes for people who retired just before the 2008 crash—and how balanced portfolios helped them weather the storm while all-stock portfolios struggled. Those who were all-in on stocks or fled to cash at the wrong time are still trying to catch up—or never did. We also run a hypothetical example from 1999 to 2024 showing how a 60/40 split outperformed both a pure stock and pure bond strategy over 25 years, with regular withdrawals. The math alone doesn't capture the full picture. Sequence of returns risk is real, and so is the need for flexibility.Ultimately, we conclude that the best plan isn't the one with the highest theoretical return—it's the one you can stick with. A diversified portfolio might not always win in terms of raw numbers, but it gives you the best chance to live the life you want in retirement, regardless of market conditions. For us, true financial freedom comes from consistency, flexibility, and balance—not gambling on perfect market timing.You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, financial advisors, RJFS, and Jon Gay, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices generally rise. Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more volatility than those of large company stocks. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Birch Run Financial is not a registered broker/dealer and is independent of Raymond James Financial Services. Birch Run Financial is located at 595 E Swedesford Rd, Ste 360, Wayne PA 19087 and can be reached at 484-395-2190.Any rating is not intended to be an endorsement, or any way indicative of the advisors' abilities to provide investment advice or management.  This podcast is intended for informational purposes only.Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users or members.   You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, financial advisors, RJFS, and Jon Gay, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices generally rise. Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more volatility than those of large company stocks. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Birch Run Financial is not a registered broker/dealer and is independent of Raymond James Financial Services. Birch Run Financial is located at 595 E Swedesford Rd, Ste 360, Wayne PA 19087 and can be reached at 484-395-2190. Any rating is not intended to be an endorsement, or any way indicative of the advisors' abilities to provide investment advice or management. This podcast is intended for informational purposes only.Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users or members. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Questions? Comments?Don and Tom tackle investor “magical thinking,” especially the belief that private equity, non-traded REITs, and other illiquid “exclusive” investments offer hidden superior returns. They walk through Jason Zweig's recent reporting on a Florida pension fund that locked up money, paid higher fees, and earned under 1% a year. The conversation underscores why liquidity, transparency, and diversification matter far more than complexity or exclusivity. The episode also features listener questions on retirement withdrawal sequencing for a $9M portfolio, evaluating cash balance plans, and deciding between traditional vs. Roth 401(k) contributions. A recurring theme: boring portfolios win.0:05 Magical thinking and the fantasy of “special” investments1:52 Private equity realities: higher fees, no liquidity, often lower returns2:46 The Indian Shores pension fund case3:44 Withdrawal limits and 0.7% 5-year returns4:34 Why endowments can do illiquid assets but you probably shouldn't5:21 “Roach motel” investing and lack of transparency8:35 How mutual funds must provide daily liquidity vs. private funds that don't8:49 Excitement is bad; investing should be boring9:54 Caller: $9M portfolio—withdraw taxable first or convert IRAs?11:51 Traditional IRAs vs taxable sequencing strategy14:17 Why taxable first lowers tax impact and preserves flexibility16:03 Blackstone senior housing REIT losses and why “sure things” fail17:39 Diversification protects you when single bets go bad18:06 Why private deals appeal emotionally (exclusivity + status)20:38 Caller: Tesla & concerns about private equity creeping into ETFs23:07 Why mainstream ETFs won't adopt illiquid private assets24:43 REIT ETFs behave more like stabilizing bond substitutes26:02 LeaveMeAlone email-unsubscribe tool discovery28:04 Listener questions: send via site or voice form30:51 Cash balance plan concerns—likely a stable value/insurance product33:08 Another listener: Edward Jones 401(k) with American Funds C-shares34:30 High-fee small-plan 401(k)s—why they happen and how to fix36:27 Caller: Should we switch to Roth 401(k) contributions? Probably not here.Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle investor “magical thinking,” especially the belief that private equity, non-traded REITs, and other illiquid “exclusive” investments offer hidden superior returns. They walk through Jason Zweig's recent reporting on a Florida pension fund that locked up money, paid higher fees, and earned under 1% a year. The conversation underscores why liquidity, transparency, and diversification matter far more than complexity or exclusivity. The episode also features listener questions on retirement withdrawal sequencing for a $9M portfolio, evaluating cash balance plans, and deciding between traditional vs. Roth 401(k) contributions. A recurring theme: boring portfolios win. 0:05 Magical thinking and the fantasy of “special” investments 1:52 Private equity realities: higher fees, no liquidity, often lower returns 2:46 The Indian Shores pension fund case 3:44 Withdrawal limits and 0.7% 5-year returns 4:34 Why endowments can do illiquid assets but you probably shouldn't 5:21 “Roach motel” investing and lack of transparency 8:35 How mutual funds must provide daily liquidity vs. private funds that don't 8:49 Excitement is bad; investing should be boring 9:54 Caller: $9M portfolio—withdraw taxable first or convert IRAs? 11:51 Traditional IRAs vs taxable sequencing strategy 14:17 Why taxable first lowers tax impact and preserves flexibility 16:03 Blackstone senior housing REIT losses and why “sure things” fail 17:39 Diversification protects you when single bets go bad 18:06 Why private deals appeal emotionally (exclusivity + status) 20:38 Caller: Tesla & concerns about private equity creeping into ETFs 23:07 Why mainstream ETFs won't adopt illiquid private assets 24:43 REIT ETFs behave more like stabilizing bond substitutes 26:02 LeaveMeAlone email-unsubscribe tool discovery 28:04 Listener questions: send via site or voice form 30:51 Cash balance plan concerns—likely a stable value/insurance product 33:08 Another listener: Edward Jones 401(k) with American Funds C-shares 34:30 High-fee small-plan 401(k)s—why they happen and how to fix 36:27 Caller: Should we switch to Roth 401(k) contributions? Probably not here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Don swats a studio bug, then swats down the idea of dividend-driven retirement portfolios. Drawing on Jason Zweig's interview with Richard Thaler, they explain why retirees should focus on total return—spending from a diversified portfolio rather than chasing yield. They hit Robinhood's profit model, bid-ask spreads, and the need for automatic-enrollment retirement plans. A listener call leads to a discussion of Social Security timing, debt-free retirement, and (yes) hodgepodge-itis—Don's term for chaotic portfolios. Things wrap with a jailed investor's question, some gallows humor, and the usual banter about holidays and compliance. 0:04 Bug chaos and phone-line reminder 1:41 Why dividend-income portfolios are a trap 2:50 Jason Zweig & Richard Thaler on total-return spending 4:18 Total return beats “high-dividend” illusions 5:39 Robinhood's option-spread profits and the myth of “free” trading 6:15 Schwab vs. Robinhood: relative honesty in bid-ask spreads 7:43 Thaler's take on missing retirement plans and automatic savings 9:05 Anniversary talk and the failed “Debbie Show” experiment 10:15 Back to Thaler—why most workers still lack plans 11:39 Tesla options example showing 7 percent spread 12:05 Case for national retirement depository & hybrid Social Security 13:33 Hodgepodge-itis defined (and owned by Don) 14:51 Low call volume and the Mariners' hangover 15:52 Listener Kevin asks about dividends vs. selling stock 16:53 Reinvesting dividends vs. total-return withdrawals 18:17 Dividends reduce company growth potential 19:45 Why high-yield chasing kills diversification 20:07 Caller David, age 67, plans retirement & asks how to prep 21:55 Social Security timing advice—benefits rise monthly 22:50 David's details: city pension, deferred comp, house, no debt 24:07 Getting professional fiduciary advice before retiring 25:23 David's crypto confession and $3K Ripple gamble 27:27 Jail-bound investor asks where to park money 30:18 Don & Tom debate investing from behind bars (humor intact) 33:19 Columbus Day scheduling confusion & closing banter Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?Don swats a studio bug, then swats down the idea of dividend-driven retirement portfolios. Drawing on Jason Zweig's interview with Richard Thaler, they explain why retirees should focus on total return—spending from a diversified portfolio rather than chasing yield. They hit Robinhood's profit model, bid-ask spreads, and the need for automatic-enrollment retirement plans. A listener call leads to a discussion of Social Security timing, debt-free retirement, and (yes) hodgepodge-itis—Don's term for chaotic portfolios. Things wrap with a jailed investor's question, some gallows humor, and the usual banter about holidays and compliance.0:04 Bug chaos and phone-line reminder1:41 Why dividend-income portfolios are a trap2:50 Jason Zweig & Richard Thaler on total-return spending4:18 Total return beats “high-dividend” illusions5:39 Robinhood's option-spread profits and the myth of “free” trading6:15 Schwab vs. Robinhood: relative honesty in bid-ask spreads7:43 Thaler's take on missing retirement plans and automatic savings9:05 Anniversary talk and the failed “Debbie Show” experiment10:15 Back to Thaler—why most workers still lack plans11:39 Tesla options example showing 7 percent spread12:05 Case for national retirement depository & hybrid Social Security13:33 Hodgepodge-itis defined (and owned by Don)14:51 Low call volume and the Mariners' hangover15:52 Listener Kevin asks about dividends vs. selling stock16:53 Reinvesting dividends vs. total-return withdrawals18:17 Dividends reduce company growth potential19:45 Why high-yield chasing kills diversification20:07 Caller David, age 67, plans retirement & asks how to prep21:55 Social Security timing advice—benefits rise monthly22:50 David's details: city pension, deferred comp, house, no debt24:07 Getting professional fiduciary advice before retiring25:23 David's crypto confession and $3K Ripple gamble27:27 Jail-bound investor asks where to park money30:18 Don & Tom debate investing from behind bars (humor intact)33:19 Columbus Day scheduling confusion & closing banterLearn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom break down the overhyped expectations around recent market returns, referencing Jason Zweig's analysis of 230 years of stock market data. They emphasize that spending and saving habits matter more than chasing 15% returns, and explain why realistic planning using a 3–6% real return assumption over 30-year rolling periods is more prudent. They also tackle questions about RMD strategies from Vanguard IRAs and the TSP's F and G bond funds. The show ends with a tongue-in-cheek breakdown of NFL team valuations—yes, the Raiders rank surprisingly high. 0:04 Welcome, fatuousness defined, and realistic investing begins 0:52 Why you shouldn't expect 15% returns forever—even if you got them 1:52 What Jason Zweig's long-term data reveals about stock returns 2:51 Bogle warned us not to expect high returns—now what? 4:16 Spending and saving: more important than investing performance 5:08 Don's “prepaid gains” analogy for future expectations 7:00 Real market returns since 1793—spoiler: they're not 15% 8:58 Stocks might only beat inflation by 3%—and that's still a win 9:45 Start saving early: waiting until 50 is a losing game 10:18 How to plan with lower expected returns (realistic scenarios) 11:56 Use expected return to guide your savings rate (3% = save 20%) 13:45 “You weren't smart. You were lucky.” Now diversify. 15:31 Tom's wife dreads football season—Don celebrates Chiefs loss 18:42 Listener RMD question: Which ETFs get tapped at Vanguard? 19:29 Bonds are back: fixed income up ~6% this year 20:24 Rebalancing vs. just selling: how to handle RMDs smartly 21:04 Raiders rank #4 in NFL valuations… but why? 24:36 Top NFL team values: Cowboys rule, Cardinals drool 27:27 Arizona sports: low attendance, low valuations 28:59 TSP question: F fund vs. G fund—what to use, when 30:25 Don favors the G fund for simplicity and ballast 31:45 Tom and Don disagree—F fund might return more, but… 32:26 Don's vegetable-spiked coffee and Justin's final TSP allocation 34:13 Listener Barbara has multiple annuities—Don and Tom say, “Yikes” 35:47 Why you probably talked to a salesperson, not a fiduciary 37:04 The free Appella consultation is steak-free and no-pressure Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?Don and Tom break down the overhyped expectations around recent market returns, referencing Jason Zweig's analysis of 230 years of stock market data. They emphasize that spending and saving habits matter more than chasing 15% returns, and explain why realistic planning using a 3–6% real return assumption over 30-year rolling periods is more prudent. They also tackle questions about RMD strategies from Vanguard IRAs and the TSP's F and G bond funds. The show ends with a tongue-in-cheek breakdown of NFL team valuations—yes, the Raiders rank surprisingly high.0:04 Welcome, fatuousness defined, and realistic investing begins0:52 Why you shouldn't expect 15% returns forever—even if you got them1:52 What Jason Zweig's long-term data reveals about stock returns2:51 Bogle warned us not to expect high returns—now what?4:16 Spending and saving: more important than investing performance5:08 Don's “prepaid gains” analogy for future expectations7:00 Real market returns since 1793—spoiler: they're not 15%8:58 Stocks might only beat inflation by 3%—and that's still a win9:45 Start saving early: waiting until 50 is a losing game10:18 How to plan with lower expected returns (realistic scenarios)11:56 Use expected return to guide your savings rate (3% = save 20%)13:45 “You weren't smart. You were lucky.” Now diversify.15:31 Tom's wife dreads football season—Don celebrates Chiefs loss18:42 Listener RMD question: Which ETFs get tapped at Vanguard?19:29 Bonds are back: fixed income up ~6% this year20:24 Rebalancing vs. just selling: how to handle RMDs smartly21:04 Raiders rank #4 in NFL valuations… but why?24:36 Top NFL team values: Cowboys rule, Cardinals drool27:27 Arizona sports: low attendance, low valuations28:59 TSP question: F fund vs. G fund—what to use, when30:25 Don favors the G fund for simplicity and ballast31:45 Tom and Don disagree—F fund might return more, but…32:26 Don's vegetable-spiked coffee and Justin's final TSP allocation34:13 Listener Barbara has multiple annuities—Don and Tom say, “Yikes”35:47 Why you probably talked to a salesperson, not a fiduciary37:04 The free Appella consultation is steak-free and no-pressureLearn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?Don and Tom dive into the wild world of “speculative” ETFs inspired by Jason Zweig's WSJ piece, mocking the absurdity of funds like the Icelandic stock market ETF (35 stocks, really?) and those tracking things like crude oil shipping futures. They debunk the myth that “ETF” means safe and highlight the rise of investing as entertainment. Later, they discuss disclaiming inherited assets, why tax planning and estate titling matter, and why deferred compensation plans should be part of a bigger strategy—not just a reaction. Listener calls from Maryland, Sammamish, Yelm, and Illinois round out the episode with smart, practical retirement planning questions.0:17 ETFs as sport? Jason Zweig's takedown of gimmicky, risky ETFs1:29 Iceland ETF, HVAC stocks, and crude oil transport—this isn't investing3:35 GLCR: The Iceland ETF with a 1% fee and a chilly 35-stock portfolio5:09 Diversification vs. “D-versification” and the illusion of ETF safety5:40 Why investing shouldn't feel exciting—and what that says about us6:50 Zweig's gambling metaphor and why “just 5%” is still real money8:56 Listener Eugene on inheriting IRAs and disclaiming taxable accounts12:25 Legal disclaimers: IRS Rule 2518, timing, and why PODs are cleaner15:23 Estate attorney reminders and state law disclaiming quirks17:24 Sammamish listener Jason on VXUS vs. VEA for international exposure18:56 Tesla talk: Waiting for $400, fears, and the balance sheet debate22:03 Listener Chris from Yelm: Deferred comp vs. dividend stocks26:34 Chris needs a real plan, not just portfolio improvisation29:40 Strategy: Spend from taxable, defer the deferred33:03 Listener Joni from Illinois: Maxing contributions and Roth eligibility35:58 Congress' oddly specific 60–63 catch-up rules and K Street lobbyingLearn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dive into the wild world of “speculative” ETFs inspired by Jason Zweig's WSJ piece, mocking the absurdity of funds like the Icelandic stock market ETF (35 stocks, really?) and those tracking things like crude oil shipping futures. They debunk the myth that “ETF” means safe and highlight the rise of investing as entertainment. Later, they discuss disclaiming inherited assets, why tax planning and estate titling matter, and why deferred compensation plans should be part of a bigger strategy—not just a reaction. Listener calls from Maryland, Sammamish, Yelm, and Illinois round out the episode with smart, practical retirement planning questions. 0:17 ETFs as sport? Jason Zweig's takedown of gimmicky, risky ETFs 1:29 Iceland ETF, HVAC stocks, and crude oil transport—this isn't investing 3:35 GLCR: The Iceland ETF with a 1% fee and a chilly 35-stock portfolio 5:09 Diversification vs. “D-versification” and the illusion of ETF safety 5:40 Why investing shouldn't feel exciting—and what that says about us 6:50 Zweig's gambling metaphor and why “just 5%” is still real money 8:56 Listener Eugene on inheriting IRAs and disclaiming taxable accounts 12:25 Legal disclaimers: IRS Rule 2518, timing, and why PODs are cleaner 15:23 Estate attorney reminders and state law disclaiming quirks 17:24 Sammamish listener Jason on VXUS vs. VEA for international exposure 18:56 Tesla talk: Waiting for $400, fears, and the balance sheet debate 22:03 Listener Chris from Yelm: Deferred comp vs. dividend stocks 26:34 Chris needs a real plan, not just portfolio improvisation 29:40 Strategy: Spend from taxable, defer the deferred 33:03 Listener Joni from Illinois: Maxing contributions and Roth eligibility 35:58 Congress' oddly specific 60–63 catch-up rules and K Street lobbying Learn more about your ad choices. Visit megaphone.fm/adchoices

What does it take to turn a bold idea into a billion-dollar brand? Julie Wainwright, founder of The RealReal, joins us to share how she did just that—after enduring some pretty public failures (hello, Pets.com). She talks about navigating the startup world, tackling ageism head-on, and why your past doesn't define your future. Julie's story is packed with wisdom on risk-taking, confidence, and what it really means to build something new when everyone else is telling you no. From the boardroom to the resale boutique, she takes us through the emotional rollercoaster of entrepreneurship—plus a few secrets on why luxury goods are more than just a pretty label. Also in the basement: We unpack Jason Zweig's latest Wall Street Journal column on diversification and why it still matters (yes, even in this market). OG learns a Father's Day lesson on the golf course (spoiler: not all swings are created equal). Doug manages to work in Margot Robbie. Again. Whether you're plotting your own business empire or just wondering how someone not only recovers from flaming sock puppet-level failure, but who THRIVES afterward, this episode delivers honest insight with a side of style. FULL SHOW NOTES: https://www.stackingbenjamins.com/from-business-idea-to-execution-julie-wainwright-1703/ Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201 Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

What does it take to turn a bold idea into a billion-dollar brand? Julie Wainwright, founder of The RealReal, joins us to share how she did just that—after enduring some pretty public failures (hello, Pets.com). She talks about navigating the startup world, tackling ageism head-on, and why your past doesn't define your future. Julie's story is packed with wisdom on risk-taking, confidence, and what it really means to build something new when everyone else is telling you no. From the boardroom to the resale boutique, she takes us through the emotional rollercoaster of entrepreneurship—plus a few secrets on why luxury goods are more than just a pretty label. Also in the basement: We unpack Jason Zweig's latest Wall Street Journal column on diversification and why it still matters (yes, even in this market). OG learns a Father's Day lesson on the golf course (spoiler: not all swings are created equal). Doug manages to work in Margot Robbie. Again. Whether you're plotting your own business empire or just wondering how someone not only recovers from flaming sock puppet-level failure, but who THRIVES afterward, this episode delivers honest insight with a side of style. FULL SHOW NOTES: https://www.stackingbenjamins.com/from-business-idea-to-execution-julie-wainwright-1703/ Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201 Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The market hit another “all-time high”—shocking no one. Don dismantles the myth that record highs are reasons to panic or pull back, reminding listeners that long-term investing and diversification remain undefeated. He breaks down the actual recent S&P 500 data, explains why global diversification matters (even when it lags), and skewers both single-stock overconfidence and scammy ETFs promising outrageous yields. Listener calls dig into retirement withdrawal strategy, Roth conversion tactics, and why brokerage accounts might not always be necessary. 0:04 Market hits all-time high again… surprise! 0:39 Should you invest when the market is at an all-time high? 1:43 Don takes live calls—money questions welcome 2:11 S&P 500 update: fastest bounce in history 3:55 Surprise stock leaders: not the Magnificent Seven 5:13 Why diversification matters—again 9:30 All-time highs are normal—and necessary 11:21 Global stocks vs. U.S.: less volatile, less exciting 13:20 Palantir millionaire: savvy or lucky? (Spoiler: probably lucky) 16:55 Overconcentration risk—even with the S&P 500 18:07 Fixed income + discipline = real-life smoother ride 18:53 Caller Don in Covington: timing Roth withdrawals and big expenses 21:43 Withdrawal order: Taxable → Traditional IRA → Roth 23:50 Investing = confusing or clear. Your pick. 24:39 Caller Dave in Gig Harbor: 529-to-Roth confusion cleared up 27:31 529s just got even better for long-term wealth building 29:52 Back to solo Don: Tom's in Normandy 30:27 Jason Zweig warns about shady 200% yield ETFs 33:08 How Tesla YieldMax ETF lost 80% while claiming a “62% yield” 34:44 If it sounds too good to be true… skip it 36:00 Listener question: Should cash be counted in your 70/30 allocation? 38:12 The role of cash in reducing volatility and funding withdrawals 39:01 Caller Mark in Connecticut: Do I even need a brokerage account? 41:59 Roth as dual-purpose tool: liquidity + long-term compounding Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?The market hit another “all-time high”—shocking no one. Don dismantles the myth that record highs are reasons to panic or pull back, reminding listeners that long-term investing and diversification remain undefeated. He breaks down the actual recent S&P 500 data, explains why global diversification matters (even when it lags), and skewers both single-stock overconfidence and scammy ETFs promising outrageous yields. Listener calls dig into retirement withdrawal strategy, Roth conversion tactics, and why brokerage accounts might not always be necessary.0:04 Market hits all-time high again… surprise!0:39 Should you invest when the market is at an all-time high?1:43 Don takes live calls—money questions welcome2:11 S&P 500 update: fastest bounce in history3:55 Surprise stock leaders: not the Magnificent Seven5:13 Why diversification matters—again9:30 All-time highs are normal—and necessary11:21 Global stocks vs. U.S.: less volatile, less exciting13:20 Palantir millionaire: savvy or lucky? (Spoiler: probably lucky)16:55 Overconcentration risk—even with the S&P 50018:07 Fixed income + discipline = real-life smoother ride18:53 Caller Don in Covington: timing Roth withdrawals and big expenses21:43 Withdrawal order: Taxable → Traditional IRA → Roth23:50 Investing = confusing or clear. Your pick.24:39 Caller Dave in Gig Harbor: 529-to-Roth confusion cleared up27:31 529s just got even better for long-term wealth building29:52 Back to solo Don: Tom's in Normandy30:27 Jason Zweig warns about shady 200% yield ETFs33:08 How Tesla YieldMax ETF lost 80% while claiming a “62% yield”34:44 If it sounds too good to be true… skip it36:00 Listener question: Should cash be counted in your 70/30 allocation?38:12 The role of cash in reducing volatility and funding withdrawals39:01 Caller Mark in Connecticut: Do I even need a brokerage account?41:59 Roth as dual-purpose tool: liquidity + long-term compoundingLearn more about your ad choices. Visit megaphone.fm/adchoices

A turbulent spring in the stock market spooked some investors — and now, they're struggling to get back in. Host Julia Carpenter talks with WSJ's The Intelligent Investor columnist Jason Zweig about how these same folks can reshape their investing strategy with some much-needed historical perspective.  Sign up for the WSJ's free Markets A.M. newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The market is rebounding, and it is tempting to go all in on a hot company. Wall Street Journal Intelligent Investor columnist Jason Zweig joins host Callum Borchers with a word of caution about big bets. Sign up for the WSJ's free Markets A.M. newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week's episode, we're pleased to welcome back returning guest, Jason Zweig. Jason writes the “Intelligent Investor” column in The Wall Street Journal and has published a number of popular and critically acclaimed books on investing and finance, including Your Money and Your Brain and The Devil's Financial Dictionary. In his most recent project, Jason published an update of Ben Graham's classic book, The Intelligent Investor. And we've devoted a portion of today's episode to delving into Graham and the Intelligent Investor with Jason. Please note that we recorded this interview on April 8, 2025.BackgroundBioYour Money and Your Brain: How the New Science of Neuroeconomics Can Help Make Your RichThe Devil's Financial DictionaryTariffs and TIPS“Trump Just Shredded the Economic Playbook. Here Are Your Next Investing Moves,” by Jason Zweig, wsj.com, April 4, 2025.“The Mistake You're Making in Today's Stock Market—Without Even Knowing It,” by Jason Zweig, wsj.com, April 25, 2025.“Four Questions You Should Ask to Combat the Market Chaos,” by Jason Zweig, wsj.com, April 10, 2025.“Inflation Isn't Going Away? Some Tips on How to Buy TIPS,” by Jason Zweig, wsj.com, Feb. 14, 2025.The Intelligent InvestorThe Intelligent Investor: The Definitive Book on Value Investing, by Benjamin GrahamThe Intelligent Investor Third Edition: The Definition on Value Investing, by Benjamin Graham and updated with new commentary by Jason Zweig.Jonathan Clements“The WSJ's Jonathan Clements Wants to Leave a Living Legacy,” by Jason Zweig, wsj.com, May 8, 2025.“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,'” The Long View podcast, Morningstar.com, Dec. 26, 2023.“Jonathan Clements: ‘Life Is Full of Small Pleasures,'” The Long View podcast, Morningstar.com, Oct. 15, 2024.Private Markets“Private Markets Seem Out of Reach for Individual Investors. BlackRock Thinks It Has an Answer,” by Jason Zweig, wsj.com, Sept. 12, 2024.“You're Invited to Wall Street's Private Party. Say You're Busy,” by Jason Zweig, wsj.com, Dec. 20, 2024.“Don't Buy Into This Easy Fix for Stock-Market Craziness,” by Jason Zweig, wsj.com, April 18, 2025.Other“SEC, States Investigate Firm Holding Couple's $763,094 Retirement Fund,” by Jason Zweig, wsj.com, Dec. 4, 2024.“David Swensen's Coda,” Yale News, news.yale.edu, Oct. 22, 2021.

Jonathan Clements is a former Wall Street Journal personal finance columnist who is battling a rare form of terminal cancer, Jason Zweig is a current Wall Street Journal personal finance columnist, and Christine Benz is the director of personal finance and retirement planning for Morningstar, as well as the president of the John C. Bogle Center for Financial Literacy.    In this podcast, we discuss the Jonathan Clements Getting Going on Savings Initiative, a non-profit research project set up on Jonathan's behalf, and his new book, The Best of Jonathan Clements: Timeless Advice for a Financial Life Well Lived. Tax-deductible donations for the initiative can be made at BogleCenter.net, and profits from the sale of his book also go to the initiative.    Rick Ferri, CFA, a long-time Boglehead and investment adviser, hosts the Bogleheads on Investing podcast. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org, and the wiki site is Bogleheads® wiki.    Since 2000, the Bogleheads have held national conferences in major cities across the country. The 2025 conference will take place in San Antonio, Texas, from October 17 to 19. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent.   This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.  

Today, Jesse is joined by Don McDonald to offer a critical examination of the financial advising and annuity industries, warning retirees and near-retirees about misleading sales tactics that exploit fear - especially the fear of market losses. They emphasize the importance of working with fee-only, fiduciary advisors who are legally obligated to act in clients' best interests, in contrast to commission-based salespeople who often obscure fees, misrepresent guarantees, and use charm to build trust. Drawing from Jason Zweig's “19 Questions to Ask Your Financial Advisor,” Jesse highlights key criteria for evaluating advisors, including transparency, credentials, investment philosophy, and service scope. They condemn opaque fee structures, sales contests, and annuity marketing tactics - like steak dinners that pressure attendees into high-commission products - and describe most annuities as complex, wealth-threatening vehicles. Jesse adds practical suggestions like inquiring about an advisor's succession plan, communication style, and client load, and stresses the value of education and evidence-based investing. The two advocate for comprehensive financial planning and alignment of advisor-client interests, with Don underscoring the importance of commitment to honesty, transparency, and fiduciary duty. Key Takeaways:• Annuity and investment salespeople often exploit retirees' fear of losing money in market downturns to sell high-fee products. • While there are niche use cases, many annuity products are expensive, opaque, and designed to benefit the seller more than the buyer. • You need to know what happens to your financial relationship if your advisor retires or leaves. • State-level oversight often fails to protect consumers from misleading practices. • Know the difference between moral fiduciary responsibility and legal fiduciary responsibility. • It's a red flag if an advisor recommends products they wouldn't use for themselves. Key Timestamps:(00:00) Understanding Annuities and Financial Advisors (02:08) 19 Questions to Ask Your Financial Advisor (08:13) Conflicts of Interest in Financial Advising (12:56) Investment Philosophy and Market Timing (18:34) Professional Credentials and Requirements (23:07) Additional Questions for Your Financial Advisor (29:05) The Gamble of Annuities (34:34) The Deceptive World of Indexed Annuities (36:17) The Ethics of Financial Advisors (39:29) The Lack of Federal Oversight (46:38) Misleading Sales Tactics (49:42) Advice for Annuity Holders and Seekers (56:45) Don McDonald's Financial Talk Show Key Topics Discussed:The Best Interest, Jesse Cramer, Wealth Management Rochester NY, Financial Planning for Families, Fiduciary Financial Advisor, Comprehensive Financial Planning, Retirement Planning Advice, Tax-Efficient Investing, Risk Management for Investors, Generational Wealth Transfer Planning, Financial Strategies for High Earners, Personal Finance for Entrepreneurs, Behavioral Finance Insights, Asset Allocation Strategies, Advanced Estate Planning Techniques Mentions:Website: https://talkingrealmoney.com/ LinkedIn: https://www.linkedin.com/in/donmcdonald/   More of The Best Interest:Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog The Best Interest Podcast is a personal podcast meant for education and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.  

Is it summer already, or is that just our theme park budget melting in the sun? Either way, we're kicking off the season with our annual guide to roller coasters, churros, and how not to hurl after one too many loops. Theme Park Insider's Robert Niles returns to share the biggest news in amusement park land—from a new Disney park in Abu Dhabi (what?!) to Universal Orlando's game-changing Epic Universe. But what's a summer kickoff without a good ol' whiplash reminder that your brain can't be trusted when it comes to investing? Joe Saul-Sehy and OG dive into Jason Zweig's latest insights about how our market “memory banks” mess with decision-making, and why 2008 probably wasn't as scarring as your gut tells you. And yes, Doug's trivia ties it all together—with corn dogs, naturally. How to actually save money at theme parks without having to sleep in a costume closet. The surprising reason a $1,400 day at Disney might be your own fault. Which new coasters (and old favorites) are worth the detour this year. Why your gut—and your "market memory"—could be sabotaging your investments. The last time the stock market went down multiple years in a row (hint: not 2008). What Robert's favorite underrated U.S. parks are (spoiler: Dollywood shows up, again). How to strategically splurge or save at the parks—merch fans, avert your eyes.

Is it summer already, or is that just our theme park budget melting in the sun? Either way, we're kicking off the season with our annual guide to roller coasters, churros, and how not to hurl after one too many loops. Theme Park Insider's Robert Niles returns to share the biggest news in amusement park land—from a new Disney park in Abu Dhabi (what?!) to Universal Orlando's game-changing Epic Universe. But what's a summer kickoff without a good ol' whiplash reminder that your brain can't be trusted when it comes to investing? Joe Saul-Sehy and OG dive into Jason Zweig's latest insights about how our market “memory banks” mess with decision-making, and why 2008 probably wasn't as scarring as your gut tells you. And yes, Doug's trivia ties it all together—with corn dogs, naturally. How to actually save money at theme parks without having to sleep in a costume closet. The surprising reason a $1,400 day at Disney might be your own fault. Which new coasters (and old favorites) are worth the detour this year. Why your gut—and your "market memory"—could be sabotaging your investments. The last time the stock market went down multiple years in a row (hint: not 2008). What Robert's favorite underrated U.S. parks are (spoiler: Dollywood shows up, again). How to strategically splurge or save at the parks—merch fans, avert your eyes.

After 65 years at the helm, Warren Buffett is stepping down as CEO of Berkshire Hathaway later this year. Jessica Mendoza talks to WSJ's Jason Zweig and Karen Langley about Buffet's prolific career and Greg Abel, the man he chose to succeed him as CEO.  Further Listening: - Does Warren Buffett Know Something We Don't?  - The Life of One of Wall Street's Greatest Investors  Sign up for WSJ's free What's News newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?Wild market swings, political chaos, and investor confusion set the stage for this episode. Don and Tom break down the emotional impact of volatility, the myths of market timing, and the wisdom in sticking to long-term plans. With insights from Jason Zweig and some smart listener Q&A, they remind us that discipline—not prediction—is what builds wealth, even in uncertain times.0:01 Intro with the 'interesting times' curse and the current market confusion0:48 S&P 500 drops 10.5% in two days, bounces back 9.5%—market whiplash1:33 How volatility overloads the brain and leads to bad decisions2:28 Few people understand tariffs—uncertainty drives market instability3:24 The idea of the market as a fourth branch of government3:38 Why owning stocks long-term still makes sense5:03 Investor panic: emotional decisions vs. rational plans6:27 Jason Zweig's four questions for investors—clarity through chaos8:13 Why you own stocks: not trade stability, but long-term growth9:08 What's changed? Trust, tariffs, and long-term resilience10:27 You earn the premium by enduring market fear10:31 The emotional trap of anchoring and chasing returns11:44 The fantasy of upside-only investing—and the danger of chasing it13:04 Caller Jeff: Should I dollar-cost into ETFs or sell and buy all at once?14:27 Advice: In a retirement account, just make the shift—it's lateral16:04 Caller Bill: Accidental portfolio drift and how to rebalance to 50/5019:05 Simple ETF plan vs. target-date funds for retiring investors20:37 Caller Joe: Real estate success and why stocks aren't for everyone27:09 The overlooked danger of foreign countries selling U.S. debt30:24 Bond prices, interest rates, and currency impacts explained32:04 U.S. credit rating vs. the world—and why diversification still matters33:28 Tariff risks, political uncertainty, and long-term investing perspective35:25 If you've invested right, you don't need to react39:04 Tom's "work trip" vacation and Don flying solo next weekLearn more about your ad choices. Visit megaphone.fm/adchoices

Wild market swings, political chaos, and investor confusion set the stage for this episode. Don and Tom break down the emotional impact of volatility, the myths of market timing, and the wisdom in sticking to long-term plans. With insights from Jason Zweig and some smart listener Q&A, they remind us that discipline—not prediction—is what builds wealth, even in uncertain times. 0:01 Intro with the 'interesting times' curse and the current market confusion 0:48 S&P 500 drops 10.5% in two days, bounces back 9.5%—market whiplash 1:33 How volatility overloads the brain and leads to bad decisions 2:28 Few people understand tariffs—uncertainty drives market instability 3:24 The idea of the market as a fourth branch of government 3:38 Why owning stocks long-term still makes sense 5:03 Investor panic: emotional decisions vs. rational plans 6:27 Jason Zweig's four questions for investors—clarity through chaos 8:13 Why you own stocks: not trade stability, but long-term growth 9:08 What's changed? Trust, tariffs, and long-term resilience 10:27 You earn the premium by enduring market fear 10:31 The emotional trap of anchoring and chasing returns 11:44 The fantasy of upside-only investing—and the danger of chasing it 13:04 Caller Jeff: Should I dollar-cost into ETFs or sell and buy all at once? 14:27 Advice: In a retirement account, just make the shift—it's lateral 16:04 Caller Bill: Accidental portfolio drift and how to rebalance to 50/50 19:05 Simple ETF plan vs. target-date funds for retiring investors 20:37 Caller Joe: Real estate success and why stocks aren't for everyone 27:09 The overlooked danger of foreign countries selling U.S. debt 30:24 Bond prices, interest rates, and currency impacts explained 32:04 U.S. credit rating vs. the world—and why diversification still matters 33:28 Tariff risks, political uncertainty, and long-term investing perspective 35:25 If you've invested right, you don't need to react 39:04 Tom's "work trip" vacation and Don flying solo next week Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Don and Tom address the market's recent correction—without ever saying the “D-word.” They explain how global diversification cushions the blow, why balanced portfolios aren't as battered as headlines suggest, and how reacting emotionally is the real danger. They also dive into classic investing mistakes, like stock concentration and chasing headlines, and share guidance on rebalancing thresholds. Listener questions include when to rebalance, how to strategically tap accounts in retirement, and whether it's time to break up with Edward Jones (spoiler: it is). 0:04 “D-word” banter and market correction intro 1:24 The $5 trillion “missing” from markets—why it's not doomsday 2:10 Tariffs, uncertainty, and what markets hate most 3:29 Year-to-date performance: S&P 500, total U.S., and global portfolios 4:56 Diversification works—global value stocks still positive 5:14 Media panic vs. reality—why not watching CNBC is a good move 6:11 Real portfolio check-in: diversified and down just 5% 7:36 What to do when the market drops—don't panic 8:00 “It's different this time”—but not really 9:35 Risk check: how much are you really taking? 10:43 Concentration risk: why individual stocks and tech are volatile 11:50 Tesla and Apple tank—example of why you diversify 13:45 Expert noise: Bill Gross vs. Ed Yardeni—ignore both 15:54 Market predictions: why you should tune out “legendary” investors 16:31 Jason Zweig's pyramid of regret—make small, smart moves 18:28 Tariffs aren't good, but they're also not the end 20:19 Listener Patty asks: When should I rebalance? (5–10% rule explained) 25:31 Listener Karen asks: Which account should I draw from in retirement? 33:07 Listener Dan asks: Should I still sell stocks and buy ETFs? (Yes.) 35:21 Listener Frank asks: Is it time to stop trading with Edward Jones? (Absolutely.) Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?In this episode, Don and Tom address the market's recent correction—without ever saying the “D-word.” They explain how global diversification cushions the blow, why balanced portfolios aren't as battered as headlines suggest, and how reacting emotionally is the real danger. They also dive into classic investing mistakes, like stock concentration and chasing headlines, and share guidance on rebalancing thresholds. Listener questions include when to rebalance, how to strategically tap accounts in retirement, and whether it's time to break up with Edward Jones (spoiler: it is).0:04 “D-word” banter and market correction intro1:24 The $5 trillion “missing” from markets—why it's not doomsday2:10 Tariffs, uncertainty, and what markets hate most3:29 Year-to-date performance: S&P 500, total U.S., and global portfolios4:56 Diversification works—global value stocks still positive5:14 Media panic vs. reality—why not watching CNBC is a good move6:11 Real portfolio check-in: diversified and down just 5%7:36 What to do when the market drops—don't panic8:00 “It's different this time”—but not really9:35 Risk check: how much are you really taking?10:43 Concentration risk: why individual stocks and tech are volatile11:50 Tesla and Apple tank—example of why you diversify13:45 Expert noise: Bill Gross vs. Ed Yardeni—ignore both15:54 Market predictions: why you should tune out “legendary” investors16:31 Jason Zweig's pyramid of regret—make small, smart moves18:28 Tariffs aren't good, but they're also not the end20:19 Listener Patty asks: When should I rebalance? (5–10% rule explained)25:31 Listener Karen asks: Which account should I draw from in retirement?33:07 Listener Dan asks: Should I still sell stocks and buy ETFs? (Yes.)35:21 Listener Frank asks: Is it time to stop trading with Edward Jones? (Absolutely.)Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn how Herb Allen Jr built his fortune and created Allen & Co to be Hollywood's premier merchant bank. Sources Books: "The Snowball: Warren Buffett and the Business of Life" by Alice Schroeder "Hollywood Vault: Film Libraries before Home Video" by Eric Hoyt "Engulfed: The Death of Paramount Pictures and the Birth of Corporate Hollywood" by Bernard F. Dick "Steven Spielberg: A Biography" by Joseph McBride Articles: "Inside The Private World of Allen & Co." by Carol J. Loomis "All Those Allens Back a Broadway Hit" by Robert J. Col "Has Allen got a deal for you!" by Cary Reich "Herbert Allen and his merry dealsters" by Dyan Machan "Herbert A. Allen Institutional Investor Profile 1987" "When Herb Allen Talks, Star Makers Listen" by Alan Citron "Allen Puts No Stock in Wall Street Sages" by Charles Paikert "Allen & Co. Connects Hollywood with Wall Street" by Randall Smith "Inside The Annual Summer Camp For Billionaires in Sun Valley, Idaho" by Jim Dobson "Show About Mother-In-Law Making Stark a Millionaire" by Hal Boyle "Funny Girl Premieres As Movie" by Vincent Canby "Who is Running The Columbia Pictures Show?" by Jack Egan "Media-Mogul Madness" by Richard Turner "Happy Ending" by Dan Dorfman "Columbia Puts Puttnam in His Place" by Peg Tyre and Jeannette Walls "In Hollywood she walks the other way" by John Hallowell "How Are Things in Panicsville?" by Budd Schulberg "Behind the Silence at Columbia Pictures- No Moguls, No Minions, Just Profits" by Chris Welles "Stars Fell on Mismaloya" by Richard Oulahan "My Battles with Barbra and Jon" by Frank Pierson "Hollywood's Wall Street Connection" by Lucian K. Truscott IV "Financial Gossip" by Jesse Bogue "Sun Valley Daze" by Nikki Finks "A Look at Future of Show Biz" by Charles Schreger "Ray Stark—Hollywood's Deft Deal-Maker" by Philip K. Scheuer "Investigating the Gulf of Streisand Incident" by Joyce Haber "Paul Gallico's Best Seller Headed for Stage and Screen" by Louella Parsons "Movie Discs Get a Big New Boost" by Dick Williams "The Man Who Scored in Coca-Columbia" by Shawn Tully "Entertainment: New Gold in the Hollywood Hills" - Time Magazine (1966) "Show Business: Boston to Hollywood" - Time Magazine (1956) "Orchestrating Columbia's Forward March" by Joyce Haber "Tinsel returns to Columbia Studio" - Los Angeles AP (1975) "Alan J. Hirschfield Story of a Movie Mogul" by Shirley Dodson Cobb "Kerkorian to Seek 20% of Columbia" by Robert J. Cole "Coke Expected to Acquire Columbia Pictures" by Thomas C. Hayes "Schmoozing All the way to the Bank" by Leah Nathans Spiro "State of the Arb" by Jason Zweig "King of the Sports Deal" by David Whitford "A Major Studio Player" by Michael Cieply "Meeting of Moguls, if Not of Minds" by David D. Kirkpatrick "Cashing In on Old Friends in High Places" by Barry Rehfeld "Media Executives Lose their Edge" by Mark Landler

In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry's new book, Enrich Your Future: The Keys to Successful Investing. In this series, they discuss Chapter 23: Framing the Problem.LEARNING: Understand how each indexed annuity feature works before buying one. “I would never buy an annuity that didn't give me full inflation protection.”Larry Swedroe In this episode of Enrich Your Future, Andrew and Larry Swedroe discuss Larry's new book, Enrich Your Future: The Keys to Successful Investing. The book is a collection of stories that Larry has developed over 30 years as the head of financial and economic research at Buckingham Wealth Partners to help investors. 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 23: Framing the Problem.Chapter 23: Framing the ProblemIn this chapter, Larry discusses how we, as human beings, are subject to biases and mistakes that we're almost certainly not aware of. He introduces the concept of ‘framing' in the context of behavioral finance, which refers to how a question or a problem is presented and how this presentation can influence our decision-making, often leading us to answer how the questioner wants us to.Examples of framingLarry shares the following examples from Jason Zweig's book Your Money & Your Brain to support the theory of framing in decision-making. These examples illustrate how the same information, when presented in different ways, can lead to significantly different decisions, highlighting the impact of framing on our perceptions and choices.A group of people was told ground beef was “75% lean.” Another was told the same meat was “25% fat.” The “fat” group estimated the meat would be 31% lower in quality and taste 22% worse than the “lean” group estimated.Pregnant women are more willing to agree to amniocentesis if told they face a 20% chance of having a Down syndrome child than if told there is an 80% chance they will have a “normal” baby.A study asked more than 400 doctors whether they would prefer radiation or surgery if they became cancer patients themselves. Among the physicians who were informed that 10% would die from surgery, 50% said they would prefer radiation. Among those who were told that 90% would survive the surgery, only 16% chose radiation.The evidence from the three examples shows that if a situation is framed from a negative viewpoint, people focus on that. On the other hand, if a problem is framed...

What does it take to think clearly and stay rational in a world full of financial noise?   This episode features part two of a rare conversation with Jason Zweig, acclaimed financial journalist and author of Your Money & Your Brain. From behind-the-scenes wisdom gleaned from Warren Buffett and Charlie Munger to the psychology driving your financial decisions, Jason delivers invaluable insights that will reshape how you think about investing.   Listen now and learn:   Lessons from legendary investors and their surprising strategies How cognitive biases and dopamine affect your financial decisions Why creating investing rules is key to long-term success The future of finance: from indexing to cryptocurrency   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. TIMESTAMPS:   [00:30] Jason Zweig's Unplanned Path to Financial Journalism [04:06] Pivotal Advice: “Don't Get Anyone's Blood on Your Hands” [07:31] Learning from Industry Giants: Wisdom from Buffett, Munger, and Others [11:10] Daniel Kahneman's Work on Cognitive Illusions [15:20] Neuroeconomics: A Window (and a Mirror) into Investor Behavior [19:14] The Brain on a Hot Streak: Dopamine and Anticipation [24:10] Laughing at Wall Street: Creating The Devil's Financial Dictionary [29:08] Questioning the Future of Finance [34:13] A Lesson from the Antiques Market: Not Everything Always Holds Value [39:05] Price Feels Like Proof: The Trap of Anchoring on Success [41:18] What Excites Jason Zweig About the Future of Investing

On today's show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” With a strong focus on building meaningful relationships and traveling with friends along the path, they discuss what has made them Richer, Wiser, or Happier in the past quarter IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:12 - Why the opposite of a virtue is also a virtue 23:06 - Why the Nomad Partnership principles resonate so deeply with the value investing community 29:22 - Why it simplifies your life when you put quality front and center 38:57 - Where to find the intersection between authenticity and honesty 52:07 - Why does the value investing community have some similarities to a cult, and whether it is a problem 1:15:20 - Why you need to hold two contradictory thoughts in your head and still stay sane 1:26:34 - How to travel with friends along the path in business and life 1:35:13 - How to think about partnerships and relationships with the titans in the investing industry  Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. If you want to learn more about the Richer, Wiser, Happier Masterclass, please email kyle@theinvestorspodcast.com. William Green's book Richer, Wiser, Happier – read reviews of this book. William Green's book, The Great Minds of Investing – read reviews of this book. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q3 2024 | YouTube Video. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q1 2024 | YouTube Video. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q3 2023 | YouTube Video. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q2 2023 | YouTube Video. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q1 2023 | YouTube Video. Stig Brodersen and William Green's episode on Money and Happiness | YouTube Video. William Green's interview with Jason Zweig about The Intelligent Investor | YouTube Video. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Connect Invest Bluehost TastyTrade The Bitcoin Way Public Fundrise American Express Onramp Miro Facet SimpleMining ReMarkable Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On the publication of its 75th anniversary edition, The Intelligent Investor Editor Jason Zweig shares the timeless & still timely wisdom of what Warren Buffett calls “the best book on investing ever written.” WEALTHTRACK episode #2120, broadcast on 11/15/2024 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Are today's markets testing your patience, or making you question your strategies? Jason Zweig believes that timeless investment wisdom is more relevant now than ever. In this episode, we're recording live from the New York Stock Exchange as Zweig discusses why Benjamin Graham's "The Intelligent Investor" remains a cornerstone of disciplined investing. Zweig shares insights on the psychological challenges investors face, the role of human nature in decision-making, and why mastering market psychology is key to achieving lasting success. Listen now and learn: Why core investment principles remain crucial in a fast-paced world How to make market psychology work for, not against, you Strategies to recognize and manage emotional biases in investing The true meaning of being an intelligent investor Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

On episode 163 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Jason Zweig of the Wall Street Journal to discuss: the best investing book ever written, what Ben Graham would think about today's market, buffered ETFs, Jason's last conversation with Charlie Munger, and much more! Thanks to Public for sponsoring this episode! Visit: https://public.com/compound to lock in a 6% or higher yield with a Bond Account. Sign up for The Compound Newsletter and never miss out! Instagram: https://instagram.com/thecompoundnews Twitter: https://twitter.com/thecompoundnews LinkedIn: https://www.linkedin.com/company/the-compound-media/ Public Disclosure: A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. As of 9/26/24, the average, annualized yield to worst (YTW) across the Bond Account is greater than 6%. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See https://public.com/disclosures/bond-account to learn more. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's episode, William Green chats with Jason Zweig about his updated & revised edition of Benjamin Graham's The Intelligent Investor, which Warren Buffett describes as “by far the best book on investing ever written.” Jason, who also writes the Wall Street Journal's Intelligent Investor column, explains why Graham's classic book still holds vitally important lessons for today's investors. He also shares what he's learned from interviewing Buffett & Charlie Munger. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:33 - How Jason Zweig tackled the “honor & burden” of revising The Intelligent Investor. 11:06 - How Ben Graham's 4 core principles can help you to invest intelligently. 25:24 - What a sudden plunge in Japanese stocks shows about the craziness of markets. 27:56 - What Jason views as the most important paragraph ever written about investing. 32:42 - How Warren Buffett & Bill Miller profit from being “inversely” emotional. 33:57 - How regular investors can win by tuning out Wall Street's propaganda.  39:15 - Why you must decide if you're an “enterprising” or “defensive” investor. 44:40 - Why maintaining a “margin of safety” matters more than anything. 48:40 - Why Jason believes index funds should form the base of your portfolio. 52:52 -Why it's so hard to pick the tiny minority of “superstocks.” 1:00:21 - What dooms the vast majority of fund managers to underperform. 1:14:33 - How Graham's most successful investment violated his own principles. 1:33:01 - What life lessons Jason learned from Graham, Buffett, & Charlie Munger. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Jason Zweig's website. Benjamin Graham's The Intelligent Investor, revised and updated by Jason Zweig. Jason Zweig's book on neuroeconomics, Your Money and Your Brain. Jason Zweig's satirical survival guide to Wall Street, The Devil's Financial Dictionary. William Green's previous podcast episode with Jason Zweig | YouTube Video. William Green's podcast episode with Christopher Begg | YouTube Video. William Green's podcast episode with Peter Keefe | YouTube Video. William Green's book, “Richer, Wiser, Happier” – read the reviews. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Connect Invest Bluehost TastyTrade Miro American Express The Bitcoin Way ReMarkable Fundrise Facet Onramp SimpleMining Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Jason Zweig is a well-known personal finance journalist, author, and a long-time friend of the Bogleheads.   Jason became a columnist for The Wall Street Journal in 2008, and before that, he was a senior writer for Money magazine and a guest columnist for Time magazine and Cnn.com. From 1987 to 1995, Jason was the mutual funds editor at Forbes. Earlier, he had been a reporter-researcher for the Economy & Business section of Time and an editorial assistant at Africa Report, a bimonthly journal.   Jason is the author of several books, Your Money and Your Brain, The Devil's Financial Dictionary, The Little Book of Safe Money, and the editor of two revised editions of Benjamin Graham's classic text The Intelligent Investor, which is discussed in this podcast.     The Bogleheads on Investing podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org, and the wiki site is Bogleheads® wiki.    Since 2000, the Bogleheads' have held national conferences in major cities nationwide. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added regularly. All Bogleheads activities are coordinated by volunteers who contribute their time and talent.     This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.  

On today's episode, Clay is joined by Soo Chuen Tan who is the founder and president of Discerene Group to discuss global & contrarian value investing. Soo Chuen started his firm in 2010 with less than $100 million in AUM and has grown it to over $2 billion. Utilizing their strict value investing approach, Discerene has had an impressive investment track record since its founding in June 2010. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:30 - What led Soo Chuen to start Discerene Group shortly after the collapse of Lehman Brothers. 15:33 - What differentiates Discerene Group from other value investors. 20:34 - Lessons that Soo Chuen teaches younger investors. 38:43 - Whether great investing can be learned or not. 43:20 - How Soo Chuen balances the subjectivity of markets with solid and rationale investment approach. 01:00:19 - The importance of reflexivity in markets. 01:06:46 - How Discerene has avoided value traps. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Check out Discerene Group. Follow Soo Chuen on LinkedIn. Jason Zweig's article: The Seven Virtues of Great Investors. Bobby Knight's book: The Power of Negative Thinking. David Chambliss's The Mundanity of Excellence. Solomon Asch Conformity Line Experiment Study. Malcolm Salterl's Short-Termism at Its Worst. Gopalan, Milbourn, Song, & Thakor's Duration of Executive Compensation. Related Episode: Listen to TIP492: The Best Investor You've Never Heard Of (Nick Sleep), or watch the video. Related Episode: Listen to RWH044: How to Beat the Market w/ Bryan Lawrence, or watch the video. Related Episode: Listen to TIP592: Outperforming the Market Since 1998 w/ Andrew Brenton, or watch the video. Follow Clay on Twitter.  Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Range Rover Briggs & Riley American Express The Bitcoin Way Public Onramp USPS SimpleMining Sound Advisory Shopify AT&T BAM Capital HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm