Podcasts about The Vanguard Group

Phil DeMuth, Ph.D., discusses being a tax-smart donor by strategizing your charitable giving in a way that maximizes both your philanthropic impact and your potential tax benefits. We discuss his new book, "The Tax-Smart Donor," and highlight the benefits of creating a charitable giving plan as part of a well-structured financial plan.     Phil is a Managing Director at Conservative Wealth Management, LLC, and the author of ten personal finance books, most co-authored with his pal, economist Ben Stein. He has also written for numerous media publications and industry journals. He has appeared on various TV shows, including CNBC's Worldwide Exchange, On the Money, Squawk Box, and Closing Bell, as well as Fox & Friends, Wall Street Week, and Consuelo Mack WealthTrack.   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.    

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.  

This Day in Legal History: Abraham Lincoln, InventorOn May 22, 1849, Abraham Lincoln was awarded U.S. Patent No. 6,469 for an invention designed to lift boats over shoals and other obstacles in shallow waterways. The device involved a system of bellows attached to the hull of a boat, which could be inflated to lift the vessel over obstructions. Lincoln conceived the idea after witnessing firsthand how flatboats became stranded on sandbars during his travels on the Mississippi River. Though the invention was never manufactured, Lincoln's patent represents a rare intersection of legal, political, and technological history.Lincoln's detailed model, which he carved himself, is now preserved at the Smithsonian Institution. His application demonstrated a firm grasp of both mechanics and the legal requirements of patent law, including the novelty and utility standards necessary for approval. Lincoln's interest in patents was not merely personal—he viewed the patent system as a key driver of American innovation and economic growth. In an 1858 lecture, he praised the patent system as adding "the fuel of interest to the fire of genius."This episode in Lincoln's life underscores the connection between law and invention in the 19th century. The U.S. patent system, formalized under the Patent Act of 1790 and modified several times by Lincoln's era, provided crucial protections to inventors during a time of rapid industrial development. Lincoln's engagement with the system as both an inventor and a lawyer reflects the broader legal culture of self-improvement and technological optimism in antebellum America.Matthew Lane, a 19-year-old student at Assumption University in Massachusetts, has agreed to plead guilty to charges stemming from a significant data breach at PowerSchool, a cloud-based education software company. Federal prosecutors allege Lane accessed PowerSchool's network in September 2024 using stolen contractor credentials, obtaining sensitive data on more than 60 million students and 10 million teachers. This data, including Social Security numbers and addresses, was later used in a $2.85 million bitcoin ransom demand.Lane transferred the stolen data to a server in Ukraine before the extortion attempt, which caused alarm among parents and school districts. The breach, which PowerSchool disclosed in January 2025, was reportedly linked to earlier extortion efforts targeting a telecommunications company, from which Lane and others attempted to extract a $200,000 ransom. The case marks the first public identification of a suspect in the PowerSchool breach, which has impacted numerous school districts.PowerSchool admitted to paying a ransom to prevent public exposure of the data. Lane faces charges including cyber extortion, aggravated identity theft, and unauthorized access to protected computers. If convicted, he will serve at least two years in prison. His attorney has not commented.Massachusetts college student to plead guilty to PowerSchool data breach | ReutersA federal judge in Philadelphia has rejected Vanguard Group's proposed $40 million settlement with investors who claimed they were hit with unexpected tax bills from its target-date mutual funds. U.S. District Judge John Murphy ruled that the deal provided "no value" to investors because it duplicated benefits already secured through a $135 million settlement Vanguard reached with the Securities and Exchange Commission (SEC) earlier this year.In that SEC settlement, investors were promised compensation without having to pay legal fees or waive future claims. By contrast, the proposed class action settlement would have reduced investor payouts due to more than $13 million in attorneys' fees. Judge Murphy sided with an objecting class member who argued the SEC accord already gave investors the same benefits, making the class settlement redundant and financially disadvantageous.Both settlements stem from Vanguard's 2020 move to lower the minimum investment threshold for its lower-cost institutional target-date funds. This triggered a mass migration from higher-cost retail funds, prompting large redemptions that led to capital gains being passed on to remaining investors.Vanguard argued that rejecting the settlement might discourage firms from resolving regulatory and civil actions simultaneously. However, the court emphasized fairness to the class over procedural convenience.US judge rejects Vanguard $40 million mutual fund settlement, cites SEC accord | ReutersThe Trump administration has asked the U.S. Supreme Court to block a lower court order requiring it to provide documents and testimony about the Department of Government Efficiency (DOGE), a White House office linked to Elon Musk's federal reform initiative. The watchdog group Citizens for Responsibility and Ethics in Washington (CREW) filed a lawsuit seeking transparency about DOGE's operations, arguing that it should be subject to the Freedom of Information Act (FOIA). The administration contends DOGE is exempt because it functions within the White House as a presidential advisory body.A federal judge ruled that CREW's claims were likely valid and allowed limited discovery, including testimony from DOGE administrator Amy Gleason. The court rejected the administration's argument that such discovery violated separation of powers, stating that DOGE had not demonstrated any undue burden or justified confidentiality. The DC Circuit Court of Appeals upheld the lower court's order and noted the administration failed to raise the separation-of-powers defense earlier in the case.The Justice Department is now seeking emergency relief from the Supreme Court, arguing that allowing discovery into DOGE compromises executive confidentiality. Meanwhile, CREW maintains the office exercises substantial independent authority and should not be shielded from public scrutiny. The case raises key questions about the transparency of quasi-governmental offices within the executive branch.DOGE Asks US Supreme Court to Block Access to Its Records - Bloomberg This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

(08:54) Brought to you by Swimm.io.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Start modernizing your mainframe faster with ⁠⁠⁠Swimm⁠⁠⁠. Understand the what, why, and how of your mainframe code. Use AI to uncover critical code insights for seamless migration, refactoring, or system replacement.Why do so many well-intentioned initiatives fail to move the needle?In this episode, Sriram Narayan, author of ‘Impact Intelligence,' reveals how to ensure your efforts translate into real, measurable business impact. Stop shooting in the dark and start delivering tangible results that matter.Key topics discussed:What “Impact Intelligence” means and why it is crucial for any businessThe common pitfalls: Why many tech and digital initiatives fail to achieve their intended business impactThe common misconceptions about “outcomes” in tech and product teams, and why delivery or adoption metrics are not enoughSurprising insights from the non-profit sector on rigorous impact measurement practicesUnderstanding the difference between immediate (proximate) results and long-term (downstream) impactHow to visualize and map your initiatives to core business goals using an “Impact Network”The critical challenge of “Impact Attribution” – how to know if your project actually moved the needleAddressing “Measurement Debt” — if you can't measure it, should you build it?The iRex framework: A modular approach to building your organization's Impact IntelligenceBalancing speed vs impact: Not just shipping features, but delivering measurable business resultsWhether you're a tech leader, product manager, or executive, this episode will equip you with actionable frameworks and real-world examples to focus on what really matters: delivering measurable, meaningful business impact.Tune in and start building your organization's Impact Intelligence muscle today!  Timestamps:(00:00) Trailer & Intro(02:22) Career Turning Points(10:52) Impact Intelligence(11:40) The Importance of Impact Intelligence(15:09) Understanding Business Impact(19:11) Learning & Adopting from the NGO Space(22:35) Impact Feedback Loops(26:25) Proximate vs Downstream Impact(28:20) Building an Impact Network(36:47) Differences with OKR(38:12) Impact Attribution(44:51) The Importance of Measurement & Measurement Debt(48:31) iRex Framework(54:26) Balancing Between Speed of Delivery and Business Impact(57:32) 1 Tech lead Wisdom_____Sriram Narayan's BioSriram Narayan is an independent consultant in the area of impact intelligence. He also helps clients improve digital, product and tech performance.Pearson published his first book, Agile IT Org Design , in 2015. It won endorsements from the then CIO of The Vanguard Group and the then MD of Consumer Digital at Lloyds Bank.Sriram has served in product, technology, innovation, and transformation leadership roles since 2006. He has also helped some of his clients move to a product operating model. His write-up of the topic in 2018 has since become a de facto industry reference. His other writings and talks are available at agileorgdesign.comFollow Sriram:LinkedIn – linkedin.com/in/mrsriramnarayanBluesky - @srny.bsky.socialTwitter / X – @sriramnarayan

Money Life celebrates it's 13th anniversary by looking at the past, the present and the eternal, digging into the archives for excerpts from a 2018 conversation with Jack Bogle that remains completely relevant — and perhaps moreso — despite the passage of time. Bogle — the founder of The Vanguard Group — who popularized index investing and was routinely called "Saint Jack" in the investing world, talks about how he invested and built his personal portfolio, saying that he favored the simple and domestic over the complicated and worldwide, but also talks about the evolution of ETFs, changes to the way people perceive indexing and more. With the show now in its 13th year, Chuck also gives a little 'bar mitzvah speech,' discussing the lessons he says are most important and prevalent from 13 years, over 3,250 shows and more than 10,000 interviews. Plus Nancy Prial, co-chief executive office and senior portfolio manager at Essex Investment Management talks small-cap investing in the Market Call.

Greg Zuckerman is an award-winning Special Writer at the Wall Street Journal and the author of several books on financial firms, hedge funds, trading, and other investing and business-related topics. This podcast focuses on trading and the fierce competition individuals face when attempting to trade against sophisticated hedge funds that employ the best and brightest mathematical minds in the business. We discuss Greg's book, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution.   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 nationwide. Local Chapters in the US and a few foreign chapters meet regularly. New Chapters are 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.  

Jeff Ptak, CFA, is the managing director for Morningstar Research Services. Prior to that, he held positions as the chief ratings officer, head of global manager research, and president and chief investment officer of Morningstar Investment Services. In this episode, we discuss major new trends affecting the mutual fund and exchange-traded fund (ETF) industries, with a special focus on the exponential growth of actively managed ETFs.   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 nationwide. Many local Chapters in the US and even a few foreign chapters meet regularly, and New Chapters are 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.  

11:05A – 11:22A (17mins) Missouri State Treasurer Vivek Malek@MalekVivek @MOTreasurerTreasurer Malek has some availability over the next couple of weeks for radio interviews, and I wondered – would you have an interest in having him on-air? There are two things he could speak about: The Foreign Adversary Divestment Act. The Treasurer is working with Rep. Barry Hovis and Sen. Sandy Crawford on bills that would require state pensions to divest from China, similar to what the Treasurer pushed the Missouri State Employee Retirement System to do last year. Investing in a foreign adversary is bad from an economic perspective and from a national security perspective. The Treasurer’s recent letter to Vanguard Group questioning several left-wing appointees to the fund’s board, including the wife of Congressman Jamie Raskin. They are paying Sarah Bloom Raskin $380,000 a year to serve on their board. See omnystudio.com/listener for privacy information.

11:05A – 11:22A (17mins) Missouri State Treasurer Vivek Malek@MalekVivek @MOTreasurerTreasurer Malek has some availability over the next couple of weeks for radio interviews, and I wondered – would you have an interest in having him on-air? There are two things he could speak about: The Foreign Adversary Divestment Act. The Treasurer is working with Rep. Barry Hovis and Sen. Sandy Crawford on bills that would require state pensions to divest from China, similar to what the Treasurer pushed the Missouri State Employee Retirement System to do last year. Investing in a foreign adversary is bad from an economic perspective and from a national security perspective. The Treasurer’s recent letter to Vanguard Group questioning several left-wing appointees to the fund’s board, including the wife of Congressman Jamie Raskin. They are paying Sarah Bloom Raskin $380,000 a year to serve on their board. See omnystudio.com/listener for privacy information.

11:05A – 11:22A (17mins) Missouri State Treasurer Vivek Malek@MalekVivek @MOTreasurerTreasurer Malek has some availability over the next couple of weeks for radio interviews, and I wondered – would you have an interest in having him on-air? There are two things he could speak about: The Foreign Adversary Divestment Act. The Treasurer is working with Rep. Barry Hovis and Sen. Sandy Crawford on bills that would require state pensions to divest from China, similar to what the Treasurer pushed the Missouri State Employee Retirement System to do last year. Investing in a foreign adversary is bad from an economic perspective and from a national security perspective. The Treasurer’s recent letter to Vanguard Group questioning several left-wing appointees to the fund’s board, including the wife of Congressman Jamie Raskin. They are paying Sarah Bloom Raskin $380,000 a year to serve on their board. 11:25 – 11:37 (17mins) 11:41 – 11:56 (15mins) Feature: “CHAT BOX!!”See omnystudio.com/listener for privacy information.

11:05A – 11:22A (17mins) Missouri State Treasurer Vivek Malek@MalekVivek @MOTreasurerTreasurer Malek has some availability over the next couple of weeks for radio interviews, and I wondered – would you have an interest in having him on-air? There are two things he could speak about: The Foreign Adversary Divestment Act. The Treasurer is working with Rep. Barry Hovis and Sen. Sandy Crawford on bills that would require state pensions to divest from China, similar to what the Treasurer pushed the Missouri State Employee Retirement System to do last year. Investing in a foreign adversary is bad from an economic perspective and from a national security perspective. The Treasurer’s recent letter to Vanguard Group questioning several left-wing appointees to the fund’s board, including the wife of Congressman Jamie Raskin. They are paying Sarah Bloom Raskin $380,000 a year to serve on their board. 11:25 – 11:37 (17mins) 11:41 – 11:56 (15mins) Feature: “CHAT BOX!!”See omnystudio.com/listener for privacy information.

THE TIM JONES AND CHRIS ARPS SHOW 0:00 SEG 1 DR. CORNEL WEST, philosopher and political activist | TOPIC: Co-Writing the book “Truth Matters: A Dialogue on Fruitful Disagreement in an Age of Division” with conservative, Robert P. George | How friendship and truth-seeking can transcend our seemingly insurmountable political differences | The Democratic party spending millions to keep him off the presidential ticket | His assessment of the Democratic Party | Being friendly with Shelby Steelehttps://x.com/cornelwest http://www.cornelwest.com/ 17:59 SEG 2 State Treasurer VIVEK MALEK | TOPIC: Divesting from China | Will there be a Missouri D.O.G.E.? | The Vanguard Group appointing left-wingers to their board | Meeting with JD Vance and Will Scharf in D.C. last week | Getting D.E.I. out of Missouri https://x.com/MalekVivek https://treasurer.mo.gov/ 34:04 SEG 3 JFK papers released | Electric car chargers | Governor sending out burner phones https://newstalkstl.com/ FOLLOW TIM - https://twitter.com/SpeakerTimJones FOLLOW CHRIS - https://twitter.com/chris_arps 24/7 LIVESTREAM - http://bit.ly/NEWSTALKSTLSTREAMS RUMBLE - https://rumble.com/NewsTalkSTL See omnystudio.com/listener for privacy information.

THE TIM JONES AND CHRIS ARPS SHOW 0:00 SEG 1 DR. CORNEL WEST, philosopher and political activist | TOPIC: Co-Writing the book “Truth Matters: A Dialogue on Fruitful Disagreement in an Age of Division” with conservative, Robert P. George | How friendship and truth-seeking can transcend our seemingly insurmountable political differences | The Democratic party spending millions to keep him off the presidential ticket | His assessment of the Democratic Party | Being friendly with Shelby Steelehttps://x.com/cornelwest http://www.cornelwest.com/ 17:59 SEG 2 State Treasurer VIVEK MALEK | TOPIC: Divesting from China | Will there be a Missouri D.O.G.E.? | The Vanguard Group appointing left-wingers to their board | Meeting with JD Vance and Will Scharf in D.C. last week | Getting D.E.I. out of Missouri https://x.com/MalekVivek https://treasurer.mo.gov/ 34:04 SEG 3 JFK papers released | Electric car chargers | Governor sending out burner phones https://newstalkstl.com/ FOLLOW TIM - https://twitter.com/SpeakerTimJones FOLLOW CHRIS - https://twitter.com/chris_arps 24/7 LIVESTREAM - http://bit.ly/NEWSTALKSTLSTREAMS RUMBLE - https://rumble.com/NewsTalkSTL See omnystudio.com/listener for privacy information.

The Power of the Family Office   In this transformative episode of The Richer Soul, we are joined by Dane Czaplicki, co-founder of Members' Wealth, as he reveals the blueprint for achieving financial peace and purpose. With over 20 years of experience in financial services, Dane's path to success wasn't a straight line—he self-educated, made early mistakes, and ultimately built a thriving business that helps others preserve their wealth. If you've ever wondered how to turn your financial struggles into triumphs, this episode is packed with powerful insights. Discover how Dane took lessons from “Rich Dad Poor Dad” and transformed his life, using real estate and investments to build a solid foundation. Plus, learn how you can implement these strategies in your own life today. Let's dive in!   Key Takeaways: Self-education is the Key to Financial Success. Dane credits much of his financial knowledge to his self-driven education. He emphasizes the power of reading, learning from books, and, most importantly, learning through trial and error. It's not always about what you're taught but what you're willing to teach yourself that makes all the difference. Real Estate is the Ultimate Wealth Builder. Real estate is a core pillar of Dane's wealth-building strategy. From house hacking to managing rental properties, Dane explains how real estate has allowed him to build consistent passive income that secures his future. It's not just about buying property—it's about learning how to make real estate work for you. Work-Life Balance is Essential for Long-Term Success. Achieving financial freedom is only part of the equation. Dane shares how he learned the hard way that balancing work with family, health, and personal passions is the real key to happiness. He talks about how focusing on your core values and living with intention can create an abundant life in all areas. The Power of Legacy Planning. The conversation delves deep into the importance of preparing the next generation for wealth. Dane discusses his approach to legacy education, where families can pass down not just assets, but wisdom, values, and the tools to manage that wealth for years to come.   Money Learning: Dane's financial philosophy is all about preserving, growing, and enduring. While many people focus on getting rich quickly, Dane takes a long-term approach that prioritizes stability and consistency. His multifamily office, Members' Wealth, helps clients with everything from risk management to tax strategies, ensuring that their wealth can endure and thrive for generations. In today's volatile world, understanding how to protect your wealth—while continuing to grow it—is crucial. This episode is an essential listen for anyone who wants to build sustainable wealth, not just short-term success.   Bio: Dane Czaplicki is the co-founder of Members' Wealth, a multifamily office with over 20 years of experience in financial services. His career spans portfolio management, investment analysis, and leadership roles at West Capital Management and The Vanguard Group. With an MBA from Wharton and a CFA charter, Dane is committed to helping families preserve wealth and achieve financial peace. Known for his authenticity and commitment to continuous learning, he empowers both his team and clients to make decisions that align with their life's purpose​​.   Key Discussion Points:  How Financial Education Can Be Self-Taught. While Dane didn't receive much formal financial education growing up, he made it his mission to learn everything he could about investing. From watching TV shows in his youth to reading books like Rich Dad Poor Dad, Dane explains how anyone can become financially educated by taking initiative. The Power of Real Estate for Financial Freedom. Real estate has been a cornerstone of Dane's investment strategy. He discusses how buying properties and turning them into income-generating assets allowed him to build a solid financial foundation. Whether it's house hacking or commercial real estate, Dane breaks down how real estate can provide the cash flow needed to achieve financial freedom. Creating a Life of Intention and Purpose. For Dane, achieving wealth was just the beginning. He shares how he learned to balance his work with health, family, and personal passions. He explains how living with intention, focusing on his core values, and prioritizing the things that matter most has led to a richer, more fulfilling life. Passing on Wealth and Knowledge to the Next Generation. Beyond just financial management, Dane is passionate about teaching his clients how to pass down wealth—and wisdom—to future generations. He talks about the importance of legacy planning, ensuring that children and grandchildren are equipped to manage the wealth they inherit.   Conclusion: Dane Czaplicki's story is proof that wealth isn't just about money—it's about living intentionally, making informed choices, and sharing knowledge. Through his work at Members' Wealth, Dane is helping families achieve financial peace, create lasting legacies, and live lives of purpose. If you're ready to build wealth that doesn't just accumulate but endures, this episode is a must-listen. If you've ever struggled to find balance in your financial journey, or wondered how to make your money work for you, Dane's wisdom can light the way. Don't just chase money—chase a life of intention, purpose, and financial freedom.   Links: Website: https://www.memberswealthllc.com/ Facebook: facebook.com/daneczaplicki  LinkedIn: linkedin.com/in/danecfa   Watch the full episode on YouTube: https://www.youtube.com/@richersoul Richer Soul Life Beyond Money. You got rich, now what? Let's talk about your journey to more a purposeful, intentional, amazing life. Where are you going to go and how are you going to get there? Let's figure that out together. At the core is the financial well-being to be able to do what you want, when you want, how you want. It's about personal freedom! Thanks for listening!   Show Sponsor: http://profitcomesfirst.com/   Schedule your free no obligation call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes   If you like the show please leave a review on iTunes: http://bit.do/richersoul   https://www.facebook.com/richersoul http://richersoul.com/ rocky@richersoul.com   Some music provided by Junan from Junan Podcast   Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

This podcast features Jack Brennan (Founding Chair, CIS and Chairman Emeritus, The Vanguard Group) and Joseph H. Davis, Ph.D. (Global Chief Economist and Global Head of the Investment Strategy Group, The Vanguard Group), as they provide insights on the macro and micro outlook for the new year, capital market trends, investment challenges, risks, and best practices for institutional investing. Highlights Discussion on AI's impact on the global economy. Tariffs and their economic implications. Immigration's impact on labor force and economy. Concerns over structural deficits and bond yields. The value of diversification in global portfolios. Potential productivity growth from AI. The transformative potential of AI in various sectors. Predicted economic outcomes of AI integration.   Episode Resources Connect with Catholic Investment Services https://catholicinvest.org/about-us/ https://catholicinvest.org/about-us/#board-of-trustees https://catholicinvest.org/contact-us/ https://catholicinvest.org/cis-institute/ 

Mike Piper is a CPA, author, and adviser. He has written several concise books dealing with various financial topics, including taxes, Social Security, estate planning, and other financial planning. His latest book, After the Death of a Spouse, Next Financial Steps for Surviving Spouses, is the topic of this podcast.    Mike also created the Oblivious Investor blog and the Open Social Security calculator, which offers free advice and information. He has been quoted in all major financial publications, from The Wall Street Journal to AARP to Morningstar.    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 nationwide. Many local Chapters in the US and even a few foreign chapters meet regularly, and New Chapters are 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.  

Every Saturday, we revisit a story from the archives. This originally aired on April 7th, 2023. None of the dates, titles, or other references from that time have been changed. Ukraine might not look like a good financial investment after a year at war with no end in sight, but Harvard, Saudi Arabia, a handful of oligarchs, and Vanguard Group see it differently. They are just a few of the investors who have been buying up Ukrainian land – and its rich, fertile soil – en masse, while many Ukrainian farmers argue it should stay in Ukrainian hands. In this episode: Frederic Mousseau, Policy Director, Oakland Institute Anuradha Mittal (@Mittaloak), Founder, Oakland Institute Lorina Fedorova, an expert on sustainable agriculture, Ekodiya Roman Gryshyna, CEO of Travelite MICE&Travel Ukraine Episode credits: This episode was updated by Amy Walters. The original production team was Amy Walters, Chloe K. Li, Miranda Lin, Khaled Soltan, and our host, Malika Bilal. Our sound designer is Alex Roldan. Our engagement producers are Adam Abou-Gad and Vienna Maglio. Aya Elmileik is lead of audience engagement. Alexandra Locke is The Take’s executive producer, and Ney Alvarez is Al Jazeera’s head of audio.

My guest on Episode 78 is Carola Binder, an associate professor of economics at the University of Texas at Austin and a fellow at the Hutchins Center on Fiscal and Monetary Policy. She is also a research associate of the National Bureau of Economics Research in the Monetary Economics group. Carola holds a Ph.D. from the University of California, Berkeley.    Carola's work focuses on inflation, inflation expectations, monetary policy, and economic history. She is the author of Shock Values: Prices and Inflation in American Democracy, a book on the history of inflation and price stabilization in the United States. She has also published research in several economic journals and is an associate editor for the Review of Economics and Statistics and the Journal of Money, Credit, and Banking.    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.  

Aswath Damodaran is a Professor of Finance at the Stern School of Business at New York University,  where he teaches corporate finance and equity valuation. He is known in the investment industry and academia as the Dean of Equity Valuation. Aswath is the author of several widely used academic and practitioner texts on valuation, corporate finance, and investment management, and he maintains a comprehensive database for valuation purposes that can be found on his website.   During this podcast, we will discuss his teaching career, investment philosophy, the equity risk premium in the US and international stocks, index funds, factor investing, and how artificial intelligence is changing the field of finance and changing us.     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.

Andrew O'Connell's journey from a tennis-loving non-target school graduate to a formidable force in the trading world is nothing short of inspiring. His story paints a vivid picture of resilience, as he climbed the ranks at Vanguard Group only to face a career-defining setback that redirected his path towards full-time trading. Amid the challenges of personal trading compliance violations, Andrew's tenacity eventually led to his remarkable performance in the US Investing Championship. This episode explores how competition fosters accountability and the pressure to prioritize absolute returns over risk-adjusted ones, with Andrew's insights offering a unique perspective on navigating the complexities of the trading landscape.Listeners are invited to uncover the nuances of technical analysis with Andrew as he shares his expertise on market trends and trading strategies. While acknowledging the limitations of technical analysis as a predictive tool, the conversation delves into its role in assessing market activity and aligning investments with broader financial trends. The discussion draws fascinating parallels between trading and sports, particularly tennis, emphasizing the need to manage personal biases and maintain psychological resilience. By doing so, traders can better cope with consecutive losses and harness the mindset required for success, offering listeners invaluable insights into the world of trading strategies.The episode also shines a light on the evolving retail trading landscape, especially in the post-2020 era, where social media has significantly impacted trading education. Andrew offers a candid exploration of disciplined risk management and the emotional resilience necessary to endure the market's probabilistic nature. He highlights the contrast between traditional education and social media-driven learning, noting common misconceptions while underscoring the importance of personalized investment approaches. As the episode wraps up, listeners gain a deeper understanding of valuation metrics, market trends, and macro-level influences on stock decisions, all the while being inspired by Andrew's openness to future possibilities and his passion for retail trading.The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.Sign up at LearnCorporate.com and take control of your career and finances. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara. His research focuses on behavioral finance as he attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets.    Professor Statman's research has been published in numerous academic and professional journals and has won many awards. His first book, “What Investors Really Want,” was published in 2011. His latest book, “A Wealth of Well-Being: A Holistic Approach to Behavioral Finance,” is the topic of our discussion 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.

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.  

Special guest Marc Russell, founder of BetterWallet, joins us to help our community build investment portfolios for financial security, legacy building, and retirement. After spending six years at Vanguard Group as a stockbroker and financial advisor, Marc built his own six-figure investment portfolio. On this show, he'll guide us through how to properly prepare for retirement and how to overcome fears surrounding it. Do you worry about having enough money for retirement? Will you need to drastically downsize your lifestyle? Is it too late to start investing if you've never understood it before? Should you choose a 401K, IRA, or IUL? If you've ever asked yourself these questions, this is a must-listen to show! ALL I ASK IS THAT YOU THINK --- Support this podcast: https://podcasters.spotify.com/pod/show/montoya-smith/support

Warren Buffett once said, “If a statue is ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle.” By creating index investing, the Vanguard Group founder helped to provide investors with a streamlined and low-cost way to buy broader market-tracking mutual funds. Though he died in 2019, his lessons continue to light the path toward a financially secure and happy retirement. Reviewing them is a healthy exercise for all those trying to make their hard-earned savings outpace inflation over time. Learn more about your ad choices. Visit megaphone.fm/adchoices

This podcast features CIS Co-Founder and Chairman Emeritus of The Vanguard Group, Jack Brennan, and Ruchir Sharma, Chairman of Rockefeller International and Founder and Chief Investment Officer of Breakout Capital. The panelists discuss Ruchir Sharma's book titled: What Went Wrong with Capitalism. Highlights Survey reveals young Americans favor socialism. Early American financial bailouts began in 1984. Regulation and risk-taking in financial sectors. The paradox of productivity amidst technological boom. Housing affordability as a generational issue. Impact of regulations on business dynamics. Capitalism's role in fostering economic freedom. Major themes of capitalism addressed. Continual cycles and potential market corrections. Rising prominence of private markets. Investor's role in capitalism's future.   Episode Resources Connect with Catholic Investment Services https://catholicinvest.org/about-us/ https://catholicinvest.org/about-us/#board-of-trustees https://catholicinvest.org/contact-us/ https://catholicinvest.org/cis-institute/ 

Featuring:Qian Wang, Chief Asia Pacific Economist at Vanguard Group, on APAC eco outlookWill McDonough, Founder, Chairman and CEO at Corestone CapitalJames Abate, Managing Director & Chief Investment Officer of Centre Asset ManagementAdam Coons, Co-Chief Investment Officer and Portfolio Manager at Winthrop Capital Management   Apple: https://podcasts.apple.com/us/podcast/bloomberg-daybreak-asia/id1663863437Spotify: https://open.spotify.com/show/0Ccfge70zthAgVfm0NVw1bTuneIn: https://tunein.com/podcasts/Asian-Talk/Bloomberg-Daybreak-Asia-Edition-p247557/?lang=es-es See omnystudio.com/listener for privacy information.

Josh Brown is a well-known author, columnist, creator of the widely read blog The Reformed Broker, a commentator on CNBC, and CEO of Ritholtz Wealth Management, an independent investment advisory firm he founded with Barry Ritholtz. In the 1990s and early 2000s, Josh worked for 10 years as a broker at various investment firms, where he learned the hard truths about how clients are routinely treated—and how their money is sent on a one-way trip to Wall Street's coffers.   A prolific writer, Josh co-authored two books, How I Invest Money and The Clash of the Financial Pundits, and authored two books, Backstage Wall Street, and just released You Weren't Supposed to See That, which we discuss in this podcast. Josh stopped blogging as The Reformed Broker in 2023 and now publishes the DowntownJoshBrown.com blog.   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.

Reveal reporter Jonathan Jones was working on a story about a massive coal plant expansion in Montana when he wondered who was bankrolling the project. It turns out a major shareholder of the energy company driving the project was The Vanguard Group, the investment firm where he happens to have his retirement savings. This discovery put Jones on a quest to find out why Vanguard and other asset managers continue to invest in fossil fuels at a time when we need to burn less oil, gas, and coal.This week on Reveal, we look at the unsettling truth that our retirement savings could be fueling the very climate crisis that threatens our planet. From the site of a massive natural gas pipeline cutting through Appalachia to the boardrooms of Vanguard, we explore how our investments might be working against our values—and what can be done to align them with a sustainable future.  Support Reveal's journalism at Revealnews.org/donatenow Subscribe to our weekly newsletter to get the scoop on new episodes at Revealnews.org/newsletter Connect with us on Twitter, Facebook and Instagram

David Goerz of @StrategicCAPM says the current market is putting a twist on Internet Bubble days, but that stock valuations are extremely high and so are most risk factors, so investors might want to hunker down and wait at least for rate-driven volatility to pass. Joel Dickson of Vanguard Group discusses how rules changes impacting the way investors must remove money from individual retirement accounts (IRAs) they inherit from loved ones should worry most people about how following conventional wisdom might be leading them right into a big tax bill that could be avoided with some extra planning. Plus, John Cabell of J.D. Power on the firm's look into just how satisfied US consumers are with their credit-card programs and the perks and minuses they get in exchange for their loyalty.

Christine Benz is the director of personal finance and retirement planning at Morningstar and senior columnist for Morningstar.com. She also co-hosts a podcast for Morningstar, The Long View. Christine is widely quoted in the media and the recipient of several awards, including being named by Barron's as one of the ten most influential women in wealth management in 2021. She is the author of three books. Her latest, and the focus of this podcast, is How to Retire, 20 Lessons for a Happy, Successful, and Wealthy Retirement.    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.

We talk with Jeff DeMaso, editor of the Independent Vanguard Adviser newsletter, about the fast-changing state of things at The Vanguard Group.

Vanguard Hosts Brad Wright and Chris Boyd are joined by Ted Dinucci, an investment strategist with Vanguard's Investment Advisory Research Center, the team tasked with creating thought leadership for their intermediary advisory partners across a range of investment, wealth management, and financial planning topics. They discuss: -Individual bonds vs bond funds - How to utilize each for income during retirement -Which is better during a falling interest rate environment Learn more at: https://advisors.vanguard.com/advisors-home Join Vanguard at the following New England locations: -Vanguard RIA Social:  Envio on the Rooftop – Portsmouth, NH:  Wed Aug 21 st   4:30pm –7:30pm   PLEASE RSVP -Vanguard RIA Social:  Granary Tavern – Boston (Financial), MA:  Thurs Aug 22 nd 4:30pm-7:30pm   PLEASE RSVP -Vanguard RIA Meet & Connect Luncheon – Riverbend (Marriott) Newton, MA:  Thurs Aug 22 nd  12pm-2pm PLEASE RSVP - Vanguard Symposium - Marriott Long Wharf – Boston, MA:  Thurs, Oct 24 th  9:30am–3pm:   RESERVE A SPOT NOW and you'll receive an email invite. Additional details to follow. Or at the FPA-NE NexGen event: - FPA NE NexGen Presents Build Your Client Service Team (formally Cross Industry Networking): Lily's Boston (Financial) Thus, Aug 8 th  5pm – 7pm - one of FPA's most popular events of the season! https://lp.constantcontactpages.com/ev/reg/t3jvpz5 [lp.constantcontactpages.com]   Investment Advisory Research Center OCTOBER 2022 Individual bonds versus bond funds: Our thoughts on the advisory practice and client outcomes Key takeaways • Forecasting markets accurately is difficult. A much more reliable prediction to make: What questions clients will ask during periods of rising interest rates. Inevitably, rising rates environments prompt a flood of inquiries about whether advisors and their clients are better off purchasing individual bonds or pooled products, such as mutual funds and exchange-traded funds (ETFs). These questions stem directly from the “principal at maturity” myth, which argues that bond funds will sell bonds at a loss when rates rise, while portfolios of individual bonds can be held to maturity and avoid losses. • Ultimately, bond funds operate the same way as portfolios of individual bonds when cash flows are being reinvested. However, the former generally offer greater return opportunities, lower transaction costs, and higher liquidity—as well as time savings for your practice—than comparable portfolios of individual bonds. Thus, advisors pursuing portfolios of individual bonds should expect to pay greater direct and indirect costs for maintaining complete control of client bond portfolios. The price tag for this control is higher for buyers of municipal and corporate bonds than for buyers of U.S. Treasuries. • Given the higher risks and costs associated with portfolios of individual bonds, and the time they take to manage, most advisors are better served by low-cost mutual funds and ETFs. Particularly in the case of municipal and corporate bonds, it is likely that only clients with enough resources to build a portfolio of comparable scale to a mutual fund (or ETF) can afford to pay the costs for these control advantages. • Consider this report as a resource to inform your client discussions—either for proactive conversations about fixed income portfolio decisions, or to satisfy questions and concerns clients bring to you. For clients who may be partial to holding individual bonds for emotional reasons, the following analysis provides you with empirical data points that could guide them to a more beneficial approach. We also believe the strategies outlined herein can ultimately empower you with more time for higher-value activities, such as deepening client relationships. Authors: Ted Dinucci, CFA | Chris Tidmore, CFA, CPA | Chris Pettit, CFA Acknowledgments: The authors extend our thanks to Elizabeth Muirhead, CFA, and Edward Saracino for their contributions to this report, and to Donald G. Bennyhoff, CFA, and Scott J. Donaldson, CFA, for their prior research, which greatly informed this paper. 2 Introduction The market and economic backdrop today appear highly uncertain, with the highest inflation in 40 years, a series of large rate hikes from the Federal Reserve, and Russia's war in Ukraine, to name a few factors. Understandably, the confluence of these events has led to significant market volatility. It's also led some investors to question the merits of pooled bond vehicles and to ask whether they may be better served by directly owning a portfolio of individual bonds. In some cases, there can be benefits to owning individual bonds, for instance, a nominal immunization strategy where the goal is matching portfolio cash flows to liabilities. However, for the vast majority of advisors and the investors they serve, the likely appeal of individual bonds is largely based on the principal at maturity myth, and embracing it is likely to diminish returns, diversification, and return on your time. This paper offers our perspective on the primary advantages bond funds have over portfolios of individual bonds in the three key regards of returns, diversification, and return on your time (in exchange for less control over individual securities).1 More important, for the vast majority, accessing fixed income via low- cost active or passive funds is likely to provide better outcomes than the direct ownership of individual bonds—even with the hurdle of ongoing management fees. However, we'll first address the flaws in the principal at maturity myth, since this misconception is what generates so much interest in the topic. FIGURE 1. Benefits of choosing either a bond fund or individual bond BOND FUNDS INDIVIDUAL BONDS INCREASED CONTROL ✓ INCREASED DIVERSIFICATION ✓ INCREASED RETURN OPPORTUNITIES ✓ LOWER TRANSACTION COSTS ✓ 1 Vanguard 2017. 3 FIGURE 1. Benefits of choosing either a bond fund or individual bond BOND FUNDS INDIVIDUAL BONDS INCREASED CONTROL ✓ INCREASED DIVERSIFICATION ✓ INCREASED RETURN OPPORTUNITIES ✓ LOWER TRANSACTION COSTS ✓ The principal at maturity myth Holding an individual bond to maturity offers little to no financial benefit to you or your clients versus a pooled product when cash flows are reinvested, as often occurs in laddered individual bond strategies.2 Both portfolios operate in a similar way, but the laddered portfolio is likely to incur greater trading costs and have less diversification. The way that advisors account for laddered bonds in their client statements—by not marking the bonds to their current value, in order to avoid recognizing a paper loss—helps to reinforce the behavioral bias and may mitigate business risk for the advisor. Ultimately, bond prices are inversely related to changes in interest rates: When interest rates rise, the bond's price falls, and vice versa. This is because a bond's coupon payments are typically fixed at issuance, leaving price as the only variable that can be adjusted to make the bond's yield competitive with that of newly issued bonds of similar risk and maturity. This is illustrated in Figure 2. If 10-year bonds are currently yielding 4%, the price of a 2% coupon bond—to be competitive—must decline to a level that results in a 4% yield-to-maturity. In this example, that price is 83.65% of the face value (or $836.50 per $1,000 face value). The 2% bond would provide the same return as the 4% coupon bond trading at par, but some of the return would come from the bond's appreciation from $836.50 to its $1,000 value at maturity, as opposed to the coupon payments. This price adjustment punctures the common myth that holding an individual bond to maturity will provide a financial benefit to your clients. Absent transaction costs, when interest rates change, prices adjust so that total returns will be equal from that point forward, regardless of whether the bond is held to maturity or sold at the prevailing market price with the proceeds reinvested. FIGURE 2. How bond prices adjust to keep yields-to-maturity the same A comparison of hypothetical bonds with 10 years to maturity Coupon (annual interest payment) 6% 4% 2% Market price as a percentage of face value 116.35% 100% 83.65% Yield to maturity 4% 4% 4% Source: Vanguard. This hypothetical illustration does not represent any particular investment and the rate is not guaranteed. FIGURE 3. Total returns closely match starting yields, regardless of whether prices are above (or below) par 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 Forward annualized return versus starting yield Starting yield Forward annualized return when starting price is above par Forward annualized return when starting price is below par Figure 3 demonstrates this point by comparing the forward annualized return for the Bloomberg U.S. Aggregate Bond Index, adjusted for duration, with its starting yield. Here, it is readily apparent that future returns closely track starting yields. Moreover, the narrative doesn't change whether the index is trading above or below par. Therefore, when evaluating bonds with the same characteristics but with different coupon payments, it is always best to compare their yields to maturity.3 Notes: Returns represent the annualized return on the Bloomberg U.S. Aggregate Bond Index using monthly data for the period that aligns with the index's starting modified adjusted duration, rounded to the nearest month. For instance, if on December 31, 2005, the duration on the index was 5 years, the forward annualized return would be from January 1, 2006, to December 31, 2010. Yields represent the index's yield to worst (YTW) at the start of each calculation period. YTW is a measure for the lowest possible yield that may be earned on a bond absent the issuer defaulting. The last observation in the figure is September 30, 2015, because after that date the index's starting duration is longer than the time series. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Sources: Vanguard analysis of Bloomberg data, as of March 2022. 2 Laddering refers to building a portfolio of bonds with a range of maturities. 3 Yield-to-maturity is the percentage rate of return on a bond, assuming that the bond is held to maturity. For bonds that may be called prior to their stated maturity, yield-to-worst is a preferable measure, as it accounts for the bond's call feature and represents the lowest possible yield that may be earned assuming no default. 4 As mentioned, this principal at maturity myth typically surfaces only when interest rates rise or are expected to rise. If rising rates mean there is a financial benefit to holding bonds to maturity, then falling rates should mean there is a benefit to selling them and reinvesting the proceeds in new bonds. Thus, an active trading strategy would be preferred over a simple buy-and-hold, laddered bond portfolio to take advantage of the market inefficiency. Ironically, this environment has been the norm for the past 20-plus years, yet the trading concept has not been endorsed by the investment community. One doesn't hear that when interest rates are falling, an open-end mutual fund or ETF with no set maturity date is the preferred structure. Thus, the appeal of holding a bond to maturity is likely emotional, as by not selling a bond at a discount to par, your clients are able to avoid the mental roadblock of “recognizing” a loss. Rather than let this behavioral bias win, advisors can seize this as an opportunity to flex their coaching muscles and leverage the trust they've built with clients to help produce better outcomes. Consider this analogy: Just because you chose not to sell your house when prices dipped does not mean it's worth more than the home of your neighbors, who did sell. The same logic applies to fixed income—whether the bonds are held individually, in a bond fund, or in a separately managed account (SMA).4 Diversification can mean higher returns for similar levels of risk In fixed income investing, diversification among issuers, credit qualities, and term structures is a primary consideration for municipal and corporate bonds. For laddered bond portfolios, issuance calendars do not offer consistent access to all types of bonds. On the contrary, with bond funds, greater diversification is possible because of the larger pool of investable assets and the continuous investment in new offerings. This, coupled with the professional staff needed to conduct risk, trade, and credit analysis allows funds to seek return opportunities farther out on the credit quality spectrum than is possible for an advisor. In the case of the latter, their clients may be seriously affected if even one issuer in their (much smaller) portfolio encounters problems. In the case of corporate bonds (and munis), the dynamic nature of credit risk makes it essential to diversify issuer- specific risk. The price volatility that results from a change in an issuer's credit rating is typically asymmetrical: When a credit downgrade occurs, a bond usually will drop much further in price than it would rise on news of an upgrade. This means that for holders of individual corporate bonds, the penalty for choosing a bond that is downgraded is usually greater than the reward for choosing one that gets upgraded. Professional fund managers who are fully focused on credit analysis may be better suited to spot these trends sooner and avoid the negative effects of downgrades and defaults. FIGURE 4. Incremental pickups in yields available relative to AA rated corporates Average option-adjusted spread Average cumulative defaults 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% AA rated Broad investment-grade Credit quality 0.98% 0.55% As a result, many individual bond portfolios exhibit a higher-quality bias relative to bond funds because of the inability to fully benefit from diversification. As shown in Figure 4, higher return opportunities, in terms of incremental yield, are available beyond AA rated corporates to compensate for the low, but always possible, risk of default—even when staying within the corporate investment-grade universe. A more diversified approach that spans the spectrum of investment-grade corporates can translate into a meaningful increase in yield without sacrificing the primary role of high-quality fixed income in a portfolio—acting as a ballast to risk assets. It should be noted that diversification of credit quality can also be achieved through passive exposure. Notes: Average option-adjusted spreads (OAS) cover the period of January 1997 to April 2022. AA rated as represented by ICE BofA US Corporate Index Option-Adjusted Spread; and broad investment-grade as represented by ICE BofA US Corporate Index Option-Adjusted Spread. OAS is a measure of the difference in yield of a bond and the comparable risk-free rate, adjusted to account for any embedded option. Analysis begins with AA rated corporates, as there are only two AAA rated corporate issuers. Average cumulative defaults are calculated by FitchRatings and represent the 10-year average cumulative defaults for the period of January 1990 to December 2021. Default rates are calculated on an issuer or security basis as opposed to dollar amounts. Sources: Federal Reserve Bank of St. Louis, FitchRatings, and Vanguard analysis, as of April 2022. 4 Separately managed accounts are investment portfolios that are directly owned by an investor and managed by a professional investment firm. 5 FIGURE 5. Growth of hypothetical $1 million initial investment from January 1997 Ending wealth in (million USD) $3.2 $3.3 $3.4 $3.5 $3.6 $3.7 $3.8 $3.9 $4.0 AA corporates Broad I-G corporates $4.1 $4.2 Ending wealth with AA corporates Excess wealth with lower quality Figure 5 translates the lost return opportunities in Figure 3 into actual excess wealth created by expanding the investment opportunity set beyond AA rated bonds.5 For a long-term investor, being broadly invested in investment-grade corporates would have produced an additional $400,000 of nominal wealth, given a hypothetical, initial $1 million investment in 1997, relative to the same investment in AA rated corporates. Moreover, through broad diversification, as an advisor, you would be able to increase your client's long-term expected returns for their fixed income holdings, while significantly reducing single-issuer risk and still maintain high overall credit quality. Notes: Figure assumes a hypothetical initial $1 million investment on January 1, 1997, and held until April 30, 2022. AA corporates as represented by ICE BofA 5–10 Year AA US Corporate Index; and broad I-G corporates as represented by ICE BofA 5–10 Year US Corporate Index. Sources: Vanguard analysis of Morningstar data, as of April 2022. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Transaction costs are real, but often go overlooked All bond portfolios incur costs. Though the management cost component often receives the lion's share of attention because it is readily apparent and known in advance, it also represents only one part of the equation. Less scrutinized, but similarly detrimental to long-term financial outcomes are transaction costs (e.g., bid-ask spreads). Ultimately, bid-ask spreads tend to vary by trade size and bond sector, and the size of the spread is typically larger for small transactions. Bond mutual funds and ETFs buy and sell large quantities of bonds, and these large transactions can command higher prices for sales and lower prices for buys. So long as the size of the spreads paid or received are inversely related to purchase lot size, bond funds have a transaction cost advantage over individual bond portfolios. The benefits of scale are most significant in the municipal bond market, but still relevant and tell a similar story to that of corporates. Figure 6 illustrates this point. It shows that in the municipal bond market, the spread for a retail trade (less than $100,000 per bond) on average has been consistently higher than that for an institutional trade. Specifically, between January 2019 and April 2021 the effective spread for transactions with a par value between $25,001 and $100,000 averaged 56.4 basis points (bps), while transactions with a par value of over $1 million averaged 20.2 bps. This differential translates to lower total return for clients who are not able to transact at scale.6 Additionally, large firms, such as Vanguard, are able to get the broadest access to bonds in the primary market, so it's not only about the size of the trade and lower costs, but also what bonds one gets to purchase. This is especially important as there tends to be a drop-off in liquidity as time passes from issuance. FIGURE 6. Spreads are significantly wider for retail trades relative to institutional trades (bps) $10,000 or less $10,001- $25,000 $25,001- $100,000 $100,001- $1 million $1 million+ 20.2 56.4 35.5 63.6 81.9 In the end, higher spreads translate into lower returns. Whether creating a taxable or tax-exempt bond portfolio for a client, the basic decision comes down to this: Does the fund expense ratio detract less from the portfolio's total return than (1) the return surrendered by a higher credit-quality bias, if one exists, (2) the default risk, if there is no quality bias, or (3) the additional transaction costs? It would be rare for the fund expense ratio (particularly in the case of a lower-cost bond fund) to be larger than the other costs. Notes: The above figure shows the average effective spread for municipal bond transactions of various sizes from January 2019 to April 2021. Effective spread is a measure of customer transaction costs and is computed daily for each bond as the difference between the volume-weighted average dealer-to-customer buy and sell price, and is then averaged across bonds using equal weighting. Sources: MSRB data and Vanguard analysis. 5 Though an advised client's fixed income portfolio is unlikely to be comprised of only intermediate-term (5- to 10-year maturity) U.S. corporate bonds. 6 As a simple example, if constructing an initial bond portfolio with an average duration of five years and transaction costs of 50 bps, it would translate to 10 bps per year. 6 Control of the portfolio One, or perhaps the only, advantage of self-directed individual bond portfolios and, to some extent, SMAs over pooled vehicles is the owner's ability to influence portfolio decisions. The motivation for maintaining control generally falls into three camps: strict portfolio guidelines that place firm restrictions on portfolio characteristics, such as credit-quality (e.g., all-AA portfolio) or limits on derivatives usage; matching portfolio cash-flows with specific liabilities (e.g., cash-flow matching); and tax concerns. Given the inflexibility of the first, and presumably, high-level of certainty of the second, we'll focus on the potential tax considerations, as certain common beliefs may be overstated and therefore warrant a discussion. Regarding taxes: Because clients directly own the bonds in an SMA or a laddered bond portfolio, as their advisor you can use any net losses from individual bond positions for tax purposes to partially offset your client's earned income or to offset realized capital gain liabilities from other investments. A mutual fund or ETF, on the other hand, cannot pass through realized losses to its shareholders. Instead, the fund uses realized losses against realized gains, and carries forward any excess losses to be used against future gains. Although this may defer the pass-through of losses, it provides long-term tax efficiency to the pooled structure. In addition, as the advisor, you have a further option: You can sell your clients' fund shares to realize a loss where applicable. Regarding individual bond portfolios or SMAs, another factor to consider is that to take advantage of losses in these accounts, you will incur transaction costs for your clients on both the sale of the current bond and the purchase of the new bond. Though all the above applies to both taxable and tax- exempt bonds, in terms of the latter, there is often the additional consideration of alternative minimum taxes (AMT). With an individual bond portfolio or SMA, the portfolio can be tailored to bonds that are exempt from AMT or specific to issues from your client's home state. While this is true, it is important to acknowledge that there are currently a number of state-specific vehicles available for your clients—particularly in states with high tax rates. Also, though it's sometimes forgotten, the key point that advisors should be concerned with is seeking to maximize client after-tax returns, rather than with minimizing taxes. Bonds issued outside a client's home state and bonds subject to AMT often carry higher yields to maturity. As a result, your clients may well get higher after- tax returns from a portfolio including such bonds. In addition, clients gain from increased diversification—an important benefit. With the preceding considerations in mind, it may be impractical to transition clients from their existing SMA solutions or portfolios of individual bonds into a primarily fund-aligned strategy. For advisors that already utilize an SMA or construct their own bond sleeves, a bond fund can serve as a strong complement—by providing some additional liquidity to the portfolio and a solution for reinvesting periodic cash flows from their individual bond holdings (or SMAs) to reduce potential cash drag. Conclusion For the reasons described in this paper, the vast majority of advisors who invest for their clients are best served through low-cost bond funds. Only those advised clients with the resources to achieve scale comparable to that of a mutual fund should consider putting certain control features ahead of the benefits that a pooled investment vehicle offers. Funds generally provide better diversification, greater return opportunities, lower transaction costs, and higher liquidity for your clients. For advisors, the time savings from outsourcing the day-to-day portfolio management can be reinvested in higher returning opportunities, such as deepening client relationships and growing your practice. Although bonds that are held directly can provide certain advantages over bond mutual funds—primarily related to control over security-specific decisions—such control comes at a cost. To construct an individual bond portfolio, an advisor must assign a very high value to the control benefits to justify the higher costs and additional risks involved. 6 7 References Bennyhoff, Donald, Scott Donaldson, Jamese Dunlap, and Daren Roberts, 2017. A topic of current interest: Bonds or bond funds? Valley Forge, Pa.: The Vanguard Group. Bennyhoff, Donald G., 2009. Municipal bond funds and individual bonds. Valley Forge, Pa.: The Vanguard Group. Donaldson, Scott J., 2009. Taxable bond investing: bond funds or individual bonds? Valley Forge, Pa.: The Vanguard Group. Li, David, Charlotte L. Needham, and Jake Han, 2022. 2021 Transition and Default Studies. FitchRatings. Wu, Simon Z., and Nicholas J. Ostroy, 2021. Transaction Costs During the COVID-19 Crisis: A Comparison between Municipal Securities and Corporate Bond Markets. Washington, D.C., Municipal Securities Rulemaking Board. Connect with Vanguard® advisors.vanguard.com • 800-997-2798 All investing is subject to risk, including the possible loss of the money you invest. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Bond funds are subject to the risk that an issuer will fail to make payments on time and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. Investments in bonds are subject to interest rate, credit, and inflation risk. Although the income from municipal bonds held by a fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax. Diversification does not ensure a profit or protect against a loss. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. We recommend that you consult a tax or financial advisor about your individual situation. Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard. © 2022 The Vanguard Group, Inc. All rights reserved. U.S. Patent No. 6,879,964. FAIBVBF 112022

Vanguard Group CEO Salim Ramji discusses the impact the huge markets sell off has had on Vanguard and also his to do list as the new acting CEO of the company. He is joined by Bloomberg's Katia Greifeld, Matt Miller, and Sonali Bassak.See omnystudio.com/listener for privacy information.

David Baughier switched seats with host Rick Ferri and interviewed him about many personal finance topics. David is a retired Naval Officer with a passion for helping people pursue and achieve financial independence. He is the founder of www.fiology.com, a free resource that escorts you through 52 concepts of financial independence over the course of one year.   This podcast highlights the first 50 minutes of David's The Forget About Money YouTube video, which we recorded in May 2024. We discussed a diverse set of topics, from John Bogle to asset allocation to the biases in most investment advice. The podcast is David's latest passion project, and it encourages you to take action today so that you can focus on what matters most to you.   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, and 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.

Explore influential quotes and maxims from the investing and business world. This includes from: Warren Buffett, Mark Twain, Robert Kiyosaki, Albert Einstein, Dan Sullivan, Thomas Edison, Benjamin Franklin, Suze Orman, and yours truly, Keith Weinhold. “Why not go out on a limb? That's where the fruit is.” -Mark Twain “Given a 10% chance of a 100x payoff, you should take that bet every time.” -Jeff Bezos “The stock market is a device for transferring money from the impatient to the patient.” -Warren Buffett “Don't live below your means; expand your means.” -Rich Dad “The wise young man or wage earner of today invests his money in real estate.” -Andrew Carnegie “Savers are losers. Debtors are winners.” -Robert Kiyosaki Resources mentioned: For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 For advertising inquiries, visit: GetRichEducation.com/ad Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Complete episode transcript:   Keith Weinhold (00:00:00) - Welcome to GRE. I'm your host, Keith Weinhold. Real estate and other investing involves people from the disappointing to the mesmerizing. People have contributed countless quotes, maxims and aphorisms on investing today. All recite and then we'll discuss dozens of influential ones and what you could learn from this timeless wisdom today on get Rich education.   Robert Syslo (00:00:29) - Since 2014, the powerful get Rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate, investing in the best markets without losing your time being a flipper or landlord. Show host Keith Reinhold writes for both Forbes and Rich Dad Advisors and delivers a new show every week. Since 2014, there's been millions of listeners downloads and 188 world nations. He has A-list show guests include top selling personal finance author Robert Kiyosaki. Get Rich education can be heard on every podcast platform, plus has had its own dedicated Apple and Android listener. Phone apps build wealth on the go with the get Rich education podcast.   Robert Syslo (00:01:06) - Sign up now for the get Rich education podcast or visit get Rich education.com.   Corey Coates (00:01:14) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold (00:01:30) - Welcome to diary from Ellis Island, New York, to Ellensburg, Washington, and across 188 nations worldwide. I'm Keith Weinhold, and you're listening to get Rich education for the 508th consecutive week. Happy July. It's the first day of the quarter, and it's now the second half of the year. So late last year when you got takeaways from our goals episode here, I hope that you're still applying them today. We're doing something different on this show. For most episodes. I divulge a lot of my best guidance. Some even quote that material. But why don't I acknowledge others great quotes maxims in aphorisms along with some of my own? And then I'll tell you what you can learn from them. So yes, today it's about axioms, adages, mantras and quotes, maxims and aphorisms. Some of these you've heard, others you probably haven't.   Keith Weinhold (00:02:28) - The first one is the only place you get money is from other people. Yeah. Isn't that so solidly true? You've never received any money in your life from yourself, unless you try to counterfeit it and give it to yourself. It's always been from other people. When you realize that the only place that you do get money is from others, you realize the value of relationships and connectivity. The next one comes from the brilliant entrepreneurial coach Dan Sullivan. You are 100% disciplined to your set of habits. Gosh, this is a terrific reminder about the importance of how you have to often uncomfortably apply something new in order to up your skill set up your game. If you keep getting distracted, well, then that's a habit, and then you'll soon become disciplined to the habit of distraction. The next two go together, and they're about market investing. Nobody is more bearish than a sold out bull. And the other is bears make headlines. Bulls make money. Really the lesson there is that they're both reminders that it's better to stay invested rather than on the sidelines.   Keith Weinhold (00:03:53) - The next two are related to each other as well. Albert Einstein said, strive not to be a person of success, but rather to be a person of value. And then similarly, a more modern day spin on that. Tony Hsieh, the late CEO of Zappos. He said, Chase the vision, not the money and the money will end up following you. And the lesson here is, well, we'd all like more money, but if you focus on the money first, well then it doesn't want to follow you. You need to provide value and build the vision first, and then the money will follow and you know, to me, it's kind of like getting the girl if you act too interested in her and you get too aggressive, it's a turnoff. But if you quietly demonstrate that you're a person of value, or subtly suggest somehow in a way that their life could be improved by having a relationship with you or being around you, then they're more likely to follow. And yes, I'm fully aware that this is a heterosexual male analogy, and I use it because that is what I am.   Keith Weinhold (00:04:58) - So if you're something else, I'm sure you can follow along with that. The next quote is from Susie Kasam. Doubt kills more dreams than failure ever will. Gosh, isn't this so on point? It's about overcoming the fear in just trying. And then if you know that you've lived a life of trying, you're going to have fewer regrets. Thomas Edison yes, the light bulb guy in the co-founder of General Electric, he said the value of an idea lies in the using of it. Oh, yeah, that's a great reminder that knowledge isn't really power. It's knowledge plus action that creates power because an idea that remains idle doesn't do anyone any good. Hey, we're just getting started talking about investing in real estate quotes today here on episode 508 of get Rich education. And, you know, remarkably, these maxims and catchphrases, they're usually just 1 or 2 sentences, but yet they are so often packed with the wisdom such that these takeaways and lessons are like your three favorite ones today. They can change the trajectory of your entire life.   Keith Weinhold (00:06:20) - The next quote is one that I have said carefully bought real estate has the best risk adjusted return in. The world. And I don't need to explain that because we talk about that in some form or another on the show many weeks. Albert Schweitzer said success is not the key to happiness. Happiness is the key to success. If you love what you're doing, you will be successful. Yeah, I'd say that one is mostly true. Just mostly, though, there's no attribution here. On this next one, you might have heard the aphorism money is a terrible master, but an excellent servant. Yeah. Now, I've heard that one for a long time, and it took me a while to figure out what it really meant. And here's my take on that. If you make money, the master will. Then you'll, like, do almost anything. You'll trade your time for money. You'll sell your time for dollars instead. If you invest passively and it creates leveraged equity and income streams, oh, then money serves you.   Keith Weinhold (00:07:28) - It's no longer the master. That's what that means to me here in a real estate investor context. And, you know, it really underscores the importance of making money work for you. And is a follow up to last week's show. Whose money are we talking about here? Whose is it? It's focusing on getting other people's money to work for you, not just your own. Now, the next one is a quote that I've said on the show before, quite a while ago, though. And come on now, what would an episode about quotes, maxims and aphorisms be without some contribution from Mark Twain? Here Twain said, why not go out on a limb? That's where the fruit is. that's just so, so good in business and in so many facets of your life, constantly playing it safe is the riskiest thing that you can actually do. Because a risk averse investor places a ceiling on his or her potential in a risk averse person imposes an upper limit on their very legacy. In fact, episode 275 of the get Rich education podcast is named Go Out on Limb precisely because of this Twain quote.   Keith Weinhold (00:08:45) - So listen to that episode if you want to hear a whole lot more about that. It's actually one of Twain's lesser known quotes, but perhaps his best one. The next one comes from famous value investor Benjamin Graham. He said the individual investor should act consistently as an investor and not as a speculator. Okay, so what's the difference there? A speculator takes big risks in hopes of making large quick gains. Conversely, an investor focuses on risk appropriate strategies to pursue longer term goals, which is really consistent with being a prudent, disciplined real estate investor. Presidential advisor Bernard Baruch contributed this to the investing world. Don't try to buy at the bottom and sell at the top. It can't be done except by liars. yes. Tried to time the market. It might be tempting, but it rarely works because no one really knows when the market has reached its top or its bottom. All you can really hope to do is buy lower and sell higher. But you're never going to buy at the trough and sell at the peak.   Keith Weinhold (00:10:00) - And even buying lower and selling higher is harder to do than it sounds, even though everyone knows that's what they're supposed to do. Albert Einstein is back here, he said. Compound interest is the eighth wonder of the world. He who understands it earns it. He who doesn't pays it. And as you've learned here on the show on previous episodes, compound interest. It does work arithmetically, but not in real life would apply to the stock market. Of course. My quote contribution to the investing world on this is compound interest is weak. Compound leverage is powerful. I broke that down just last week on the show, so I won't explain that again. Now, really, a central mantra in GR principle is don't live below your means, grow your means. But I must tell you, I can't really take credit for coining that particular one because from the rich dad world, the quote is don't live below your means, expand your means. But I did hear that from them first, and though it can't be certain, I think it was Sharon letter that coined that one.   Keith Weinhold (00:11:13) - A lot of people don't know this, but she was the original co-author of the book. Rich dad, Poor Dad with Robert Kiyosaki. And Sharon has been here on the show before, and if I have her back, I will ask her if she is the one that coined that. Don't live below your means. Expand. Your means. But yeah, I mean, what this quote really means is, in this one finite life that you have here on Earth, why in the world would you not only choose to live below your means, but actually take time and effort learning how to do a better job of living below your means when it just makes you miserable after a while, when instead you could use those same efforts to grow your means and you can only cut down so far. And there's an unlimited ceiling on the upside. And now there is one caveat here. I understand that if you're just getting on your feet, well, then living below your means might be a necessity for you in the short term.   Keith Weinhold (00:12:08) - And what's an example of living below your means? It's eating junk food because it's cheap and filling, expanding your means. That might be doing something like learning how to do a cost segregation to accelerate your depreciation. Write off on your 20 unit apartment building. But you know, even if you're in hardship, I still like live within your means more than the scarcity minded guidance of live below your means. Next is a terrific one, and it really reinforces the last quote a rich man digs for gold. A poor man is concerned with the cost of a shovel. Oh yeah, that's so good. And I don't know who to attribute that to. It's about growing your means and taking on and actually embracing calculated risks. Not every risk, calculated risk. And you can also live that regret free life this way. In fact, episode 91 of this show is called A Rich Man Digs for gold. So you can get more inspiration for that from that episode. Okay, this one comes from the commodities world where there are notoriously volatile prices.   Keith Weinhold (00:13:18) - How do you make a million? You start with 2 million. now, this next one is one that I don't really agree with that much. You really heard this a lot the last few years. It applies when you have a mortgage on a property, and that is the house is the liability and the debt is the asset. I know people are trying to be crafty. People kind of use this pithy quote when they're discussing how those that locked in at those artificially low mortgage rates years ago considered the debt so good that it's an asset. It's like, yeah, I know what you're saying. And I love good real estate debt and leverage and all that, of course. But really, for you, truly, then if the House is a liability and the debt is an asset like you're saying, then give away the house to someone else. If it's such a liability, and keep the debt to pay off yourself if it's really such an asset. A little humorous here. Next, Forbes magazine said, how do you make a million marry a millionaire? Or better yet, divorce one then more? Real estate ish is Jack Miller's quote how do you become a millionaire? Well, you borrow $1 million and you pay it off.   Keith Weinhold (00:14:31) - And I think we can all relate to that here at GRE. Better yet, borrow $1 million and don't pay it off yourself. Have tenants and inflation pay it down for you. And you know, inflation is getting to be a problem for any of these, like century old classic quotes that have the word millionaire in them. Because having a net worth of a million that actually used to mean you were wealthy, and now it just means you're not poor, but you might even be below middle class. Now, you probably heard of some of these next ones, but let's talk about what they mean. Warren Buffett said the stock market is a device for transferring money from the impatient to the patient. And then Benjamin Franklin said an investment in knowledge pays the best interest. I mean, yeah, that's pretty on point stuff there when it comes to investing. Nothing will pay off more than educating yourself. So do some research before you jump in. And you've almost certainly heard this next one from Warren Buffett.   Speaker 4 (00:15:28) - You want to be greedy when others are fearful, and you want to be fearful when others are greedy.   Keith Weinhold (00:15:32) - That is, be prepared to invest in a down market and to get out in a soaring market. As per the philosophy of Warren Buffett, it's far too easy for investors to lose perspective when something big goes wrong. A lot of people panic and sell their investments. And looking at history. The markets recovered from the 2008 financial crisis. They recover from the dotcom crash. They even recover from the Great Depression, although it took a long time. So they're probably going to get through whatever comes next as well, if you really follow that through what Buffett said there. Well, then at a time like this now, I mean, you could be looking at shedding stocks as they continue to approach and break all time highs. Carlos Slim, hello said with a good perspective on history, we can have a better understanding of the past and present and thus a clear vision of the future. Sure. Okay, that quote like that probably didn't sound very snappy and it's really simple, but he's telling us that if you want to know the future, check on the past.   Keith Weinhold (00:16:39) - Not always, but often. It will tell you the future directory, or at least that trajectories range. And this is similar to how I often say take history over hunches, like when you're applying economics to real estate investing. Now this next guy has been a controversial figure, but George Soros said it's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong. Okay, I think that quote means that too many investors become almost obsessed with being right, even when the gains are small, winning big, and cutting your losses when you're wrong. They are more important than being right. Amazon founder Jeff Bezos said given a 10% chance of a 100 times payoff, you should take that bet every time. All right. Now, that's rather applicable to the high flying risk of, say, investing in startup companies. We'll see. Bezos himself, he took a lot of those bets, a 10% chance at a 100 X payoff. And that is exactly why he's one of the richest people in the world.   Keith Weinhold (00:17:49) - Now, if you haven't heard of John Bogle before, you should know who he is. He co-founded the Vanguard Group, and he's credited with popularizing the very concept of the index fund. I mean, Bogle transformed the entire investment management industry. John Bogle said, don't look for the needle in the haystack. Just buy the haystack. Okay? If it seems too hard to say, find the next Amazon. Well, John Bogle came up with the only sure way to get in on the action. By buying an index fund, investors can put a little bit of money into every stock, and that way they never miss out on the stock market's biggest winners. They're only going to have a small part. And what that means to a real estate investor is, say, rather than buying a single property in a really shabby neighborhood, that neighborhood will drag down your one property. So to apply boggles by the whole haystack quote. What you would do then is raise money to buy the entire block, or even the entire neighborhood and fix it up, therefore raising the values of all of the properties.   Keith Weinhold (00:18:55) - Back to Warren Buffett. He had this analogy about the high jump event from track and field. He said, I don't look to jump over seven foot bars. I look around for one foot bars that I can step over. Yeah. All right. I mean, investors often do make things too hard on themselves. The value stocks that Buffett prefers, they frequently outperform the market, making success easier. Supposedly sophisticated strategies like short selling. A lot of times they lose money in the long run. So profiting from those is more difficult. Now, you might have heard the quote, and it's from Philip Fisher. He said the stock market is filled with individuals who know the price of everything but the value of nothing. Yeah. I mean, that's really another testament to the fact that investing without an education and research that's ultimately going to lead to pretty regrettable investment decisions. Research is a lot more than just listening to the popular opinion out there, because people often just then invest on hype or momentum without understanding things like a company's fundamentals or what value they create for society, or being attentive to price to earnings ratios.   Keith Weinhold (00:20:08) - Even Robert Arnott said in investing, what is comfortable is rarely profitable. You know, that's pretty on point at times. You have to step out of your comfort zone to realize any big gains. Know the boundaries of your comfort zone. Practice stepping out of it in small doses. As much as you need to know the market, you need to know yourself too. Can you handle staying in when everyone else is jumping out, or do you have the guts to get out during the biggest rally of the century? You've got to have the stomach to be contrarian and see it through. Robert Allen said. How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case. That's the end of what Robert G. Allen said. Yeah, though inflation could cut out the millionaires part. Yeah I mean point well taken. No one builds wealth through a savings account. Now a savings account might be the right place for your emergency fund. It has a role, but it's not a wealth builder.   Keith Weinhold (00:21:10) - I mean, since we left the gold standard back in 1971, so many dollars get printed most years that savers become losers. Which, hey, that does bring us to Robert Kiyosaki. He's been a guest on the show here with us for times now, one of our most frequent guests ever. Here he is. The risks at Port Arthur. And you probably know what I'm going to say. He is, he said. Savers or losers? Debtors or winners of something that your parents probably would never want to know that you subscribed to your grandparents, especially. Yes, he is one of the kings of iconoclastic finance quotes. And as you know, I've got some contributions to that realm myself. But what Kiyosaki is saying is if you save 100 K under a mattress and inflation is 5%, well, now after a year you've only got 95 K in purchasing power. So therefore get out of dollars and get them invested. Even better than if you can get debt tied to a cash flowing leveraged asset. In fact, episode 212 of this very show is named Savers are Losers.   Keith Weinhold (00:22:18) - Debtors are winners. So I go deep on that theme there. We've got more as we look at it and break down some of the great real estate investing quotes, maxims and aphorisms. They generally get more real estate ish as we go here, including ones that you haven't heard before and dropping, quote, bombs here that absolutely have to be enunciated and brought to light ahead. A group of Real Estate quotes episode. Hey, learn more about what we do here to get rich education comm get rich education.com. And do you have friends or family that are into investing or real estate? I love it when you hit the share button on your pod catching device or whatever platform you're listening on. Everything that we do here is free and the share button really helps the show. Be sure to follow or subscribe yourself if you haven't done that more. Straight ahead. I'm Keith Reinhold, you're listening to get Rich education. Your bank is getting rich off of you. The national average bank account pays less than 1% on your savings.   Keith Weinhold (00:23:27) - If your money isn't making 4%, you're losing your hard earned cash to inflation. Let the liquidity fund help you put your money to work with minimum risk. Your cash generates up to an 8% return with compound interest year in and year out. Instead of earning less than 1% sitting in your bank account, the minimum investment is just $25. You keep getting paid until you decide you want your money back there. Decade plus track record proves they've always paid their investors 100% in full and on time. And I would know, because I'm an investor, to earn 8%. Hundreds of others are text family 266866. Learn more about Freedom Family Investments Liquidity Fund on your journey to financial freedom through passive income. Text family to 66866. Role under this specific expert with income property, you need. Ridge lending Group Nmls 42056. In gray history from beginners to veterans, they provided our listeners with more mortgages than anyone. It's where I get my own loans for single family rentals up to four Plex's. Start your pre-qualification and chat with President Charlie Ridge personally.   Keith Weinhold (00:24:46) - They'll even customize a plan tailored to you for growing your portfolio. Start at Ridge Lending group.com Ridge lending group.com.   Speaker 5 (00:25:02) - This is Rich dad advisor Ken McElroy. Listen to get Rich education with Keith Reinhold and don't quit your daydream.   Keith Weinhold (00:25:20) - Welcome back to Get Your Education. I'm your host, Keith Weiner. We're having some fun today, looking at and breaking down some of the great investing quotes, maxims, and aphorisms. Andrew Carnegie said, the wise young man or wage earner of today invests his money in real estate. Another one for Mark Twain here by land. They're not making it any more. You probably heard one or both of those. And yeah, Twain's time predated that of those islands that are built in Dubai. But Twain's point is still well taken. There is an inherent scarcity in land. Louis Glickman drove the point home about real estate investing when he simply said, the best investment on Earth is Earth. A Hebrew proverb goes as far as saying he is not a fool man who does not own a piece of land.   Keith Weinhold (00:26:18) - Wow, that's pretty profound right there. And if you're a female listener, yes, many of these timeless quotes from yesteryear harken back to a period when all of the landowners were men. President Franklin D Roosevelt, he has a real estate quote that you probably heard, but let's see what I think about it. Let's talk about it. Here it is. Real estate cannot be lost or stolen, nor can it be carried away, purchased with common sense, paid for in full and managed with reasonable care. It is about the safest investment in the world. That's from FDR. That's pretty good. I just don't know about the paid in full part because you lost your leverage. FDR, Johnny Isakson, a US senator, said, in the real estate business, you learn more about people and you learn more about community issues. You learn more about life. You learn more about the impact of government, probably more than any other profession that I know of. And that's good, really on point stuff there.   Keith Weinhold (00:27:23) - If you're a direct real estate investor like we are here, you really learn those things. If you're in, say, a REIT, well, you're not going to be exposed to that type of knowledge in experiences. Hazrat Ali Khan is a spiritualist and he said, some people look for a beautiful place, others make a place beautiful. Yeah, that's some mystical motivation for the house flipper or the value add real estate syndicator right there, Political economist John Stuart Mill, he said something you've probably heard before. Landlords grow rich in their sleep without working, risking or economizing. Oh, yes, you can have a real estate quotes episode without that classic one. Although rather than landlords growing rich in their sleep, the phrase real estate investors is likely more accurate. Don't wait to buy real estate. Buy real estate and wait. You've surely heard that one. You might not know that it was actor Will Rogers with that particular attribution, entrepreneur Marshall Field said buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy, billionaire John Paulson said.   Keith Weinhold (00:28:45) - I think buying a home is the best investment any individual can make. That's what Paulson said. let's give Paulson the benefit of the doubt here. Although Robert Kiyosaki famously said that a house is not an asset because an asset puts money in your pocket and your home takes money out of your pocket, well, a home is something that you get to live in, build family memories in, and you do get some leverage if you keep debt on your own home. So maybe that's more of what's behind John Paulson's maxim there. Notable entrepreneur Jesse Jones. He said I have always liked real estate, farmland, pasture land, timberland and city property. I have had experience with all of them. I guess I just naturally like the good Earth, which is the foundation of all our wealth. Business mogul Tamir Sapir said if you're not going to put your money in real estate, where else? Yeah, I guess that's a good question. Anthony hit real estate professional. He said to be successful in real estate, you must always inconsistently put your client's best interests first.   Keith Weinhold (00:30:00) - When you do, your personal needs will be realized beyond your greatest expectations. Yeah, I think he's talking about being a team player there. And if you're a real estate agent, it's about putting your client's needs over yours. If it's a landlord, perhaps then you're thinking about putting your tenants first and meeting their needs so that they stay in your property longer. Here's a quote that I've got to say I don't understand. It's from real estate mogul and shark tank shark Barbara Corcoran. She says a funny thing happens in real estate. When it comes back, it comes back like gangbusters. I don't really know what that means, and I don't know what a gangbuster is yet. I see that quote all over the place. I can't explain why that would be popular. I don't get it at all now, novelist Anthony Trollope said it is a comfortable feeling to know that you stand on your own ground. Land is about the only thing that can't fly away. Entrepreneur Armstrong Williams is here with this gem. Now one thing I tell everyone is to learn about real estate.   Keith Weinhold (00:31:12) - Repeat after me. Real estate provides the highest returns, the greatest values in the least risk. Yeah, that's a real motivator of a quote. As long as one knows what they're doing and buys, right? All of that could very well be true from Armstrong Williams. It was none other than John de Rockefeller that said the major fortunes in America have been made in land. Yeah, it's just really plain and simple there. John Jacob Astor, he got specific and more strategic here. This is Astor. He said, buy on the fringe and wait by land near a growing city. Buy real estate when other people want to sell and hold what you buy. I mean, yeah, that's pretty much an all timer right there from Astor. Winston Churchill said land monopoly is not only monopoly, it is by far the greatest of monopolies. It is a perpetual monopoly, and it is the mother of all other forms of monopoly. Yeah, interesting from Churchill. And there's a good chance that you haven't heard that one before.   Keith Weinhold (00:32:26) - Perhaps. So say, for example, if one owns real estate on all four corners of a busy street intersection, then that quote applies. It's like you've got a monopoly on a popular intersection. Russell Sage said. This real estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security. That's from Russell Sage. And, you know, you know, something here is we've got lots of real estate specific quotes in this segment is that it is rare to nonexistent to see any negative quotes about real estate, about anyone saying anything bad about it. It's all positive stuff. Waxing eloquent about real estate. And there are a lot of reasons to do that. But not every real estate moment is great. Maybe this is all because nothing quotable is said when you find out that one of your tenants is a drug dealer. Well. Finance expert Susie Orman says this owning a home is a keystone of wealth, both financial affluence and emotional security.   Keith Weinhold (00:33:46) - Yeah, a lot like an earlier quote. A home is the only investment that you get the benefit of living in. Peter Lynch said. No, what you own and why you own it. I mean, that is short, sweet and it's just a really good reminder to you. Do you now own any properties that you would not buy again? And if you wouldn't buy it again, then should you consider selling it now? Not FDR, but Theodore Roosevelt. He said every person who invests. In well selected real estate in a growing section of a prosperous community, adopts the surest and safest method of becoming independent for real estate is the basis of wealth. That's Theodore Roosevelt. Yeah. He reiterates that you want to own most of your property in growing places, something that really hasn't changed over all this time. Coke Odyssey contributes to this. The house he looked at today and wanted to think about until tomorrow, maybe the same house someone looked at yesterday and will buy today. Oh, gosh, that's true.   Keith Weinhold (00:34:58) - I think that everyone has the story of the one that got away. Margaret Mitchell said the land is the only thing worth working for. Worth fighting for, worth dying for. Because it's the only thing that lasts. Yeah. Wow. Some real passion there from Margaret. Sir John Templeton said the four most dangerous words in investing are. It's different this time. Yeah. I think what Templeton is advising is to follow market trends in history. Don't speculate that this particular time will be any different. Warren Buffett said wide diversification is only required when investors do not understand what they are doing. Yeah, that insight from Buffett. That's pretty applicable when you understand that you've got to get good in a niche and then get rich in that niche, meaning being narrow. Why diversification? That's likely better when you're just beginning and you don't know much, but then you want to get niche in your big earning years. And then perhaps when you're older, you get diversified once again because you're more interested in just protecting what you have.   Keith Weinhold (00:36:15) - Robert Kiyosaki said it's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for. Now there's something with tax efficiencies and more in that Kiyosaki quote. My friend Dave Zook, billionaire dollar syndicator and frequent guest on this show, he said, you can be conventional or you can be wealthy. Pick one. Oh yeah, I love that from Dave. Because if you do what everyone else does, you'll only get what everyone else got. And I've contributed some material here over 508 episodes of this show. Although I won't claim the eminence of some of the other luminaries of the past few centuries discussed today. I've been known to say these. You do care about what others think. That's your reputation. I've been known to say the scarcity mentality is abundant and the abundance mentality is scarce. And some say that in real estate, I was the first one to point out back in 2015 that real estate pays five ways. Another that I have is a critique of delayed gratification.   Keith Weinhold (00:37:31) - Now, some delayed gratification is okay early on in your life, but I've said too much delayed gratification becomes denied gratification. Here on Earth, you live just one life. Hey. And the other day, an entrepreneurial friend. I don't know. He seemed to think that I have the right life balance. I'm not sure if that's true or not, but here's what I told him. And I think he said this because he often sees me out to exercising and things. I told him I give my best to exercise. Business only gets left over time. That's because exercise is hard and making money is easy. Yeah, there it is. That's my take on that. And that's it for today. I hope that you got some learning, some perspective, a few laughs and that some thought was spurred inside your mind in order to give you at least one big, rich novel takeaway here. And it's probably best for you to refer back to this episode of quotes, maxims, and aphorisms. At times when you're feeling shaky about your investment decision making, or just other times of uncertainty.   Keith Weinhold (00:38:49) - Until next week, I'm your host, Keith Reinhold, and there's something else that I've been known to say. Don't quit your day. Drink.   Speaker 6 (00:39:00) - Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get Rich education LLC exclusively.   Keith Weinhold (00:39:28) - The preceding program was brought to you by your home for wealth building. Get rich education.com.

Matt Hougan is the Chief Investment Officer of Bitwise Asset Management, the world's largest provider of cryptocurrency index funds with more than $4 billion in assets under management. Before joining Bitwise, Matt held several notable positions in the financial industry, including CEO at Inside ETFs, Managing Director of Global Finance at Informa, and CEO of ETF.com. Matt also co-authored The CFA Institute's publication on ETFs, "A Comprehensive Guide to Exchange-Traded Funds."   Matt is a long-time Boglehead who attended the Bogleheads Conference in years past. I asked him to join me for a no-spin discussion about cyber-currencies. We cover the history of blockchain technology, why cryptology is important to the blockchain, and how this led to Bitcoin, the world's first digital currency, and eventually other digital currencies, including the digital dollar. The discussion is structured as purely educational. There is no sales hype, no recommendations for purchase or sale, and no price speculation.    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.

Dr. Wes Gray is the CEO of Alpha Architect. Our topic of discussion for this podcast is exchange-traded funds (ETFs) and their unique tax benefits. Wes is an author, portfolio manager, United States Marine, Iraq War vet, and former professor of finance at Drexel University. He earned an MBA and a Ph.D. in finance from the University of Chicago, where he studied under Nobel Prize Winner Eugene Fama.   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.

Downing Fund Managers' Simon Evan-Cook joins this week to talk about the case for active versus passive investing. Cook says Jack Bogle, founder of The Vanguard Group and arguably the father of passive investing, did “more for individual wealth than anyone in history.” He deserved a knighthood for creating a low risk, reliable and comprehensive way of investing, Cook says. Nevertheless, the fund manager explains why he's an investor in active funds, and discusses how to find the rare manager who might make you real money over the long term. See omnystudio.com/listener for privacy information.

Larry Swedroe is the head of financial and economic research for Buckingham Wealth Partners. A prolific writer who is the author or co-author of 18 books.  His first book, The Only Guide to a Winning Investment Strategy You'll Ever Need, is in its second edition. Larry's latest book, Erich Your Future, The Keys to Successful Investing, is the topic of our discussion 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.

For a growing number of Americans, retirement accounts are doing double duty as savings accounts for the future and emergency funds for the here and now. Vanguard Group says that 2023 saw early withdrawals from a record 3.6 percent of the 5 million accounts it administers, up from 2.8 percent in 2022. Roben Farzad, host of NPR's "Full Disclosure" podcast, joins John Yang to discuss. PBS NewsHour is supported by - https://www.pbs.org/newshour/about/funders

In this episode of The Decade Investor Podcast,  Kolin talks through a video from Jack Bogle in which he talks about how to handle a market downturn and how to handle your investing strategy when the stock market is down. Kolin shares this video then talks about the key takeaways that we can all learn from the founder of The Vanguard Group, John "Jack" Bogle. The next time the stock market is in a decline, I highly recommend you listen to his episode to remind you to zoom out and think long term.Click here to watch the videoBe sure to follow Decade Investor on all socials & join the FREE weekly newsletter!TwitterInstagramWeekly Newsletter

Noticias Económicas y Financieras $DIS Es el día de la decisión para el futuro de Walt Disney, mientras los accionistas resuelven una larga batalla sobre la junta directiva de 13 miembros de la compañía. A partir de esta mañana, la dirección de Disney estaba en el asiento del conductor después de que su mayor inversor buscara respaldar la propuesta de la compañía. Vanguard Group posee alrededor del 8.3% de Disney y, según se informa, está votando por los nominados de Disney. Eso significa que con más del 60% de los votos contados, los nominados de Disney encabezan las listas competidoras de Trian y Blackwells, aunque el resultado final probablemente se reducirá a una fuerte presencia de votos minoristas. Los futuros del oro alcanzaron un nuevo máximo histórico el miércoles, por encima de los 2.300 dólares la onza, continuando una tendencia que se había observado durante la mayor parte del mes pasado. La demanda ha aumentado a pesar de las ganancias del dólar estadounidense y de los rendimientos de los bonos del Tesoro. $AMZN Había grandes esperanzas en la tecnología “Just Walk Out” de Amazon, pero el sistema está siendo retirado de sus tiendas Fresh en los EE. UU. La tecnología automatizada para llevar utilizó una combinación de cámaras y sensores para eliminar a los cajeros y las cajas líneas. En su lugar, se utilizarán Dash Carts, que permitirán a los compradores realizar un seguimiento de sus gastos y ver sus totales en tiempo real. $GE General Electric finalmente completó su escisión, ya que sus negocios aeroespacial y energético comenzaron a cotizar por separado en la Bolsa de Nueva York. Las acciones de GE Aerospace, la fuente de ingresos del conglomerado que mantuvo el símbolo "GE", cayeron un 22% el martes para reflejar los cambios. Mientras tanto, la unidad de energía y energías renovables GE Vernova $GEV subió brevemente más del 5% , antes de revertir su rumbo para cerrar con una caída del 1.4% . La tercera unidad, GE HealthCare $GEHC, se escindió el año pasado y sus acciones han tenido un buen desempeño hasta ahora, contrarrestando la tendencia de muchas escisiones que han resultado en un desempeño accionario moderado.

More than 50 percent of mutual fund and ETF assets track passive indices, which makes index methodology important. Episode 68 is all about index history and evolution and how the usage of indexes as investment products changed the industry.    Rolf Agather has been in the indexing industry since the 1980s. He started Russell, moved around the industry a bit, then went back to Russell Investments and in 2002 became the Managing Director, Research and Innovation, Russell Indexes. He remained there after a merger with FTSE and became the FTSE Russell Managing Director, Research, North America. Rolf moved to Morningstar in 2020 as Morningstar's Head of Research and Product, Indexes.   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.

If you hate paying taxes, then you should love learning about taxes because that's the way to reduce them. My guest, Kaye Thomas, received his law degree from Harvard Law School in 1980 and then began his career as a tax attorney, dealing with complex tax matters related to business transactions, finance, and compensation.   Kaye now spends his time as a writer, publisher, public speaker, and consultant on topics relating to taxation and investments. He has written several books, including Capital Gains…Minimum Taxes, Go Roth! A guide to the Roth IRA and other Roth accounts, and Consider Your Options, a plain language guide to company stock and stock option compensation plans. His website, Fairmark.com, provides free plain-language guidance on the taxation of investments, taxes in retirement, kids and taxes, taxes on stock-based compensation, and much more.   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.

My two guests are James Dahle, MD, a practicing emergency physician, founder of The White Coat Investor, and the creator of the "No Hype Real Estate Investing" course, and John Worth, Ph.D., Executive Vice President of Research and Investor Outreach at Nareit. Our topic in the episode is real estate investing. We cover the spectrum of real estate investment opportunities, from flipping homes to listed real estate investment trusts (REITs).   This 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.

Ralph has a new book out, The Rebellious CEO: 12 Leaders Who Did It Right and in this episode, we profile three of them, Andy Shallal, owner of the restaurant “Busboys and Poets,” John Bogle, founder of the Vanguard Group, and Robert Townsend, iconoclastic CEO of Avis Rent-a-Car and author of the classic business book “Up The Organization!” Mr. Shallal joins us in person while financial advisor and Boglehead, Rick Ferri, talks to us about the late John Bogle and Robert Townsend Jr. explains the origins of his father's philosophy. Plus, Ralph gives us an update and a call to action on Gaza.Click on the link to order your copy of The Rebellious CEO.Andy Shallal is an activist, artist and social entrepreneur. Mr. Shallal is the founder and proprietor of Busboys and Poets restaurants in the Washington DC area, which feature prominent speakers, poets and authors and provide a venue for social and political activism. He is co-founder of The Peace Cafe, a member of the board of trustees for The Institute for Policy Studies, and a member of the advisory council for the American Museum of Peace.The whole idea of this book The Rebellious CEO is to show that these CEOs reverse the business model. They didn't just have a vision and say, “We're gonna squeeze workers and consumers and environmental indifference to maximize the profits.” No, they started out saying, “We're gonna treat the workers well. We're gonna treat the consumers well. We're gonna confront the environment. We're gonna speak out against injustice.” And they all made money. Every one of them in the book said they always paid attention to profits because without profits they couldn't do all the things they wanted to do.Ralph Nader, author of “The Rebellious CEO”It becomes very personal. And when it's personal, it's hard to separate yourself from the business. So everything that happens in the business, it's not a one -off, it's about me. If the business is treating my employees badly, it means Andy Shallal is treating his people badly. That's a very personal way [of looking at it] and it's a way for I think a lot of these folks that you write about in the book to kind of stay on mission and say, “This is my name. This is my legacy. This is my entire being that is on the line.”Andy ShallalUnderstanding those dynamics and how race plays out in this country and how people interpret and see race is really a very important part of our training— to make sure that people do not fall into the trap of saying, “I don't see race,” because race sees you. And unless you are proactive in how you deal with people as they walk through the door, you're gonna probably make mistakes.Andy ShallalRick Ferri has worked for 35 years as a financial adviser and he is the host of the Bogleheads on Investing podcast. Mr. Ferri was a pioneer in low-fee investment advice and portfolio management using ETFs and index funds, he has authored 7 investment books and hundreds of articles published in Forbes, the Wall Street Journal, and several professional journals, and he is the former president of the John C Bogle Center for Financial Literacy.[John Bogle] was very determined. He believed in giving investors a fair shake on Wall Street. He believed that we should get our fair share of market returns. He believed that there was a conflict of interest in the investment industry between the people who owned the investment companies and the investors in those companies—the people who bought the mutual funds. And he said, "You cannot serve two masters."Rick FerriThat's our mission—to build a world of well-informed, capable, and empowered investors. And that's what the Bogle Center and the Bogleheads are all about.Rick FerriRobert Townsend, Jr. is the son of Robert Townsend, who was president of Avis Rent A Car from 1962 to 1965 and was the author of the best-selling and iconoclastic business manual Up the Organization: How to Stop the Corporation from Stifling People and Strangling Profits.[Robert Townsend, Sr.] was definitely iconically an iconoclast, but I don't think he saw himself that way. He didn't just believe in partnership. He saw that—and teamwork— were the only things to accomplish. So he found, just through serendipity or synchronicity, partners everywhere he looked.Robert Townsend, Jr.[Robert Townsend, Sr.] embarked on a new career of consulting…He would come back from consulting with somebody or other, finding out, “All they wanted was me to tell them they were doing it right. And nothing I said actually made any difference.”Robert Townsend, Jr.In Case You Haven't Heard with Francesco DeSantis1. The tide seems to finally be shifting in favor of a ceasefire in Gaza. Democracy Now! Reports “British Foreign Secretary David Cameron and German Foreign Minister Annalena Baerbock called for a ‘sustainable ceasefire' in a joint article in The Sunday Times. The pair said efforts should be focused on a two-state solution after the assault comes to an end. The U.K. and Germany had previously declined to call for a ceasefire and abstained from voting last week on the U.N. General Assembly's ceasefire resolution. Also on Sunday, French Foreign Minister Catherine Colonna called for an ‘immediate and durable truce' while meeting with her Israeli counterpart Eli Cohen in Tel Aviv, saying ‘too many civilians are being killed' in Gaza. This comes as U.S. Defense Secretary Lloyd Austin arrived in Israel earlier today, where he is expected to focus talks on transitioning to a ‘lower intensity' war.'”2. Many wonder why these countries are changing their position so abruptly. One explanation could be the efficacy of the Red Sea blockade enforced by the Yemeni Houthis. Thus far, five of the largest shipping firms in the world, including CMA CGM, Hapag-Lloyd, Maersk and MSC, along with Evergreen and BP, have “paused or suspended their services in the Red Sea,” due to Houthi attacks, per the Economist. Collectively, these firms represent over 60% of global shipping. In response, the United States has announced its intention to form a naval bloc to combat the Houthis, risking further escalation in the region.3. Haaretz reports that Al Jazeera is “preparing a legal file to send to the International Criminal Court (ICC) over what it called the ‘assassination' of one of its cameramen in Gaza.” The ICC complaint focuses on a cameraman, Samer Abu Daqqa, who was “killed by a drone strike on Friday [December 15th] while reporting on the earlier bombing of a school used as a shelter for displaced people in the southern Gaza Strip,” but will “also encompass recurrent attacks on the Network's crews working and operating in the occupied Palestinian territories and instances of incitement against them." The Committee to Protect Journalists reports at least 64 journalists and media workers have been killed in Gaza since October 7th.4. On Sunday, Pope Francis decried the murder of two Palestinian Christian women who had taken refuge in a church complex in Gaza, Reuters reports. The Pope mourned that "Unarmed civilians are the objects of bombings and shootings. And this happened even inside the Holy Family parish complex, where there are no terrorists, but families, children, people who are sick or disabled, nuns…Some would say 'It is war. It is terrorism.' Yes, it is war. It is terrorism."5. According to NBC Bay Area, “At least hundreds of union members rallied at Oakland City Hall Saturday to call for a ceasefire… The ‘Labor for Palestine' rally brought out members from 14 unions across the Bay Area [including longshore workers, teachers, electricians, and nurses]. In addition to the call for the cease-fire, a statement put out by organizers said it also wanted the U.S. to stop providing military aid to Israel and ‘an end to Israel's occupation.' Organizers also said the rally was the first such labor-led rally in the U.S. this year.”6. AP reports Tesla is recalling “nearly all vehicles sold in [the] US,”  following a two-year investigation by the National Highway Traffic Safety Administration, or NHTSA, regarding “a series of crashes [some deadly] that happened while the Autopilot partially automated driving system was in use.” Dillon Angulo, a driver who suffered brain trauma and broken bones in one such crash, said “This technology is not safe, we have to get it off the road…The government has to do something about it. We can't be experimenting like this.”7. Upon taking office, one of President Biden's stated foreign policy goals was to overturn Trump's designation of Cuba as a state sponsor of terror. Yet, according to the Intercept “in a private briefing last week on Capitol Hill, State Department official Eric Jacobstein stunned members of Congress by telling them that the department has not even begun the review process.” As the article notes, “The terror designation makes it difficult for Cubans to do international business, crushing an already fragile economy. The U.S. hard-line approach to Cuba has coincided with a surge in desperate migration, with Cubans now making up a substantial portion of the migrants arriving at the southern border. Nearly 425,000 Cubans have fled for the United States in fiscal years 2022 and 2023, shattering previous records. Instead of moving to stem the flow by focusing on root causes in Cuba, the Biden White House has been signaling support in recent days for Republican-backed border policies.”8. In Chile, voters have rejected a far-right proposed new constitution, per PBS. As the article notes, this vote “came more than a year after Chileans resoundingly rejected a proposed constitution written by a left-leaning convention and one that many characterized as one of the world's most progressive charters.” The new, right-wing draft was characterized as even more conservative than the Pinochet-era constitution it sought to replace as it would have “deepened free-market principles, reduced state intervention and might have limited some women's rights.” As ex-president Michele Bachelet, who campaigned against the new draft constitution said “I prefer something bad to something worse.”9. In Argentina, radical right-wing President Javier Milei has announced a crackdown on civil society, “calling on armed forces to break strikes, arrest protesters, ‘protect' children from families that bring them to demo[nstration]s, and form a new national registry of all agitating organisations,” per Progressive International's David Adler. While unsurprising, this clearly flies in the face of Milei's purported ‘anarcho-capitalist' principles.10. Finally, did Southwest Airlines cancel or significantly delay your flight during the holiday season last year? If so, you could be entitled to a $75 voucher as part of the Department of Transportation's record $140 million settlement with the airline, per the Hill. Under the settlement, which the Department of Transportation claims is the largest ever penalty against an airline for violating consumer protection laws, the airline is required to establish a $90 million compensation system to be used for passengers affected by “controllable cancellations and significant delays,” in addition to paying $35 million to the federal government. Last December's Southwest “meltdown” included “more than 16,900 flights…canceled or delayed…affect[ing] more than 2 million passengers around the holidays.”This has been Francesco DeSantis, with In Case You Haven't Heard. Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe

Qian Wang, Ph.D., is Vanguard's Asia-Pacific chief economist and global head of the Vanguard Capital Markets Model team in the Investment Strategy Group. She is also a member of Vanguard's Strategic Asset Allocation Committee and its Time-Varying Asset Allocation Subcommittee, which oversees and determines the asset allocation strategies of global multi-asset-class portfolios such as the Vanguard Target Retirement Funds. This podcast discusses the Vanguard economic and market outlook for 2024: A return to sound money.   Qian earned a Ph.D. in business administration from Stanford University, an M.A. in economics from Duke University, and a B.A. in international economics from Beijing University. Before joining Vanguard in 2014, Qian was director of research at a sovereign wealth fund based in Asia and the chief China economist and head of greater China macro research at J.P. Morgan.    This 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.  

David Hamra is a principal and founder of Gordian Advisors, LLC, a fee-only financial planning firm.  After earning his BA in Economics, magna cum laude, from Washington & Lee University, Dave spent several years in retail bank management.  He earned his Master's degree in Business Administration from Harvard University's Graduate School of Business and returned to banking with Bank One.  His multiple roles included the development and introduction of a prototype cash management account which combined the bank's deposit and brokerage services.    Dave then spent nine years as a principal with The Vanguard Group of Investment Companies, beginning as the assistant to John C. Bogle, Vanguard's chairman.  Dave managed a number of groups serving institutional investors and 401k sponsors and was instrumental in establishing Vanguard's first satellite operations in Phoenix.   After leaving Vanguard, he served as Chief Administrative Officer of Bradford & Marzec, Inc., a Los Angeles institutional fixed income management firm that grew from $3.5 billion in assets under management to over $6 billion during his tenure.    Dave returned to Arizona in 1999 and joined Greenberg Financial Group, a Tucson investment advisor and broker-dealer, as a principal and compliance officer.  In October 2002, Dave established Gordian Advisors to apply the many lessons learned over twenty years in financial services to helping individuals enjoy financial success.     Dave is a Certified Financial Planner™ and was previously a Certified Divorce Financial Analyst.  He has lectured on interest rates and the economy for real estate professionals and is a frequent contributor to local publications on financial issues.  Dave was also an adjunct professor in the Personal and Family Financial Planning program at the University of Arizona.   Listen to this insightful RIA episode with David Hamra about leadership and navigating change. Here is what to expect on this week's show: - How effective financial planning requires presenting concepts in terms people can understand. - How change is constant and why adaptation is necessary. - Why it's important to protect clients from investment noise and anxiety. - How financial planner should teach their clients the “why” behind financial decisions. - Why maintaining a work-life balance is important for success.   Connect with David: Links Mentioned: https://gordianadvisors.com/ Facebook facebook.com/gordiandavisors LinkedIn linkedin.com/in/dave-hamra-416b581   Learn more about your ad choices. Visit megaphone.fm/adchoices

Victor Haghani and James White are co-authors of "The Missing Billionaires, A Guide to Better Financial Decisions." Victor is also the founder and CIO of Elm Wealth and David is the CEO, where they implement these concepts for their clients. This fascinating book discusses investment decision-making and risk-sizing and how to make better financial decisions with your wealth.   Markets have behaved very well for 100 years, resulting in real profits for investors. However, few rich families from the early 1900s have been able to retain their wealth despite exceptional returns in the markets. The problem isn't that people make poor decisions about what to invest in, they make poor “risk decisions” about how much risk to take and when to take it.   This 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.

Dr. William (Bill) Bernstein is a retired neurologist, author, investment adviser, and financial historian. His research is in the field of modern portfolio theory and economic history. Bill has published extensively on investing and economic history, including eight books and numerous articles. He holds a Ph.D. and an M.D. Bill is a repeat guest, first appearing in Episode 13. In this episode, we discuss Treasury Inflation Protected Securities (TIPS), asset allocation in today's uncertain world, four deep risks, and the cost of income inequality.     This 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 around the country. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added on a regular basis. 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.