Money For the Rest of Us
J. David Stein
Money for the Rest of Us is a personal finance and investing podcast on how money works, how to invest it, and how to live without worrying about it. Host J. David Stein spent 17 years at FEG Investment Advisors, where he was Chief Investment Strategist for a firm overseeing $15 billion. Since 2014, he has focused on helping individuals understand investing through podcasting, video, and writing. Episodes cover stocks, bonds, alternative investments, asset allocation, expected returns, retirement income, asset location, inflation, interest rates, and the economic forces that drive financial markets. David explains how each investment works, what the risks are, and how each connects to the prevailing market narrative. New numbered episodes come out twice a month, with bonus episodes in between. David is the author of Money for the Rest of Us: 10 Questions to Master Successful Investing (McGraw-Hill). Learn more about the show and Plus membership, with model portfolios and premium episodes, at moneyfortherestofus.com
Money for the Rest of Us is a personal finance and investing podcast on how money works, how to invest it, and how to live without worrying about it. Host J. David Stein spent 17 years at FEG Investment Advisors, where he was Chief Investment Strategist for a firm overseeing $15 billion. Since 2014, he has focused on helping individuals understand investing through podcasting, video, and writing. Episodes cover stocks, bonds, alternative investments, asset allocation, expected returns, retirement income, asset location, inflation, interest rates, and the economic forces that drive financial markets. David explains how each investment works, what the risks are, and how each connects to the prevailing market narrative. New numbered episodes come out twice a month, with bonus episodes in between. David is the author of Money for the Rest of Us: 10 Questions to Master Successful Investing (McGraw-Hill). Learn more about the show and Plus membership, with model portfolios and premium episodes, at moneyfortherestofus.com
Stock Pickers Keep Losing, Who's Winning?
Epizode
As indexing grows, active stock pickers are underperforming the market by increasingly large margins, even as their skill improves. In this episode, we explore why this is happening and consider whether active managers can outperform again. Finally, we explain how to position your portfolio using index funds and ETFs without overweighting the S&P 500 Index. Topics include: Why active fund managers keep underperforming Michael Mauboussin's paradox of skill in investing How much of the stock market do index funds own? William Sharpe's arithmetic of active management Why index funds still have to trade Active vs. passive: stock pickers are lagging more than ever How index fund flows hurt active managers (Unterberg study) Example: how $100 of fund flows moves stock prices Who buys the stocks active managers sell? Do fund managers sell their best ideas during outflows? Who sells shares to index funds? Companies and insiders Will active management outperform again? Will retiring baby boomers crash the stock market? 19:38 How to invest when index funds drive stock prices Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Show Notes Episode 567 transcript Episode slides Sharpening the Arithmetic of Active Management by Lasse Heje Pedersen—SSRN We Now Know Who Really Benefited from the Index Revolution by Aaron Brown—Bloomberg The Investing Mind by Michael J. Mauboussin—Harriman House Who Clears the Market When Passive Investors Trade? by Marco Sammon and John J. Shim—SSRN Passive Flows, Active Woes: Passive Investing and the Decline of Active Mutual Fund Alpha by Hannah Unterberg—SSRN Boomer Retirement: Headwinds for U.S. Equity Markets? by Zheng Liu and Mark M. Spiegel—Federal Reserve Bank of San Francisco Is Boomer Retirement Still Weighing Down U.S. Equity Markets? by Zheng Liu and Mark M. Spiegel—Federal Reserve Bank of San Francisco Sponsors Get the free guide from NetSuite: Aligning for the Agentic Era: How AI Is Changing Everyday Work Delete Me – Use code David20 to get 20% off See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In this off-week bonus episode of Money for the Rest of Us, we look at the possibility that current U.S. stock valuations are justified and the market is not overvalued. Topics covered include: Two ways to measure P/E ratios and which is more accurate How record profit margins are affecting P/E ratios How concentration risk is at an all-time high for U.S. stocks How the stock market's direction will depend on whether profit margins expand, contract, or stay the same. Where to invest to reduce an overconcentration in U.S. stocks. Episode Slides Episode Transcript Slides, transcript, and show notes also at: https://moneyfortherestofus.com/. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We analyze long-term stock returns when investing at market peaks and bottoms, and when stocks are cheap or expensive. We also share what we think stocks will return over the next decade and why. Finally, we simulate the investment outcomes for someone who invests $50 per week. Episode Slides Episode Transcript Sponsors Get the free guide from NetSuite: Aligning for the Agentic Era: How AI Is Changing Everyday Work Delete Me – Use code David20 to get 20% off Our Premium Products Asset Camp Money for the Rest of Us Plus See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
I provide a short update on Money for the Rest of Us and introduce our listener survey. All survey participants will get access to an exclusive podcast episode on my worst investing mistakes and what I learned. Take the Money for the Rest of Us Listener Survey See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In this episode, we explore why the income we earn isn't the same as the return. We show how option income strategies work, what their historical returns have been, what drives the return, and what reasonable return expectations are. We show why option income strategies have a positive expected return while sports betting has a negative expected return. Finally, we look at other areas where we confuse income with the total return. Sponsors Money for the Rest of Us Retirement Investing Cohort Delete Me – Use code David20 to get 20% off Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Episode slide deck Variance Risk Premia by Peter Carr and Liuren Wu—NYU Cross section of option returns and idiosyncratic stock volatility by Jie Cao and Bing Han—The Journal of Financial Economics The Price of Correlation Risk: Evidence from Equity Options by Joost Driessen, Pascal J. Maenhout, Grigory Vilkov—SSRN Cross-section of option returns and volatility by Amit Goyal and Alessio Saretto—The Journal of Financial Economics The Art of Put Selling: A 10 Year Study by John Marshall, Krag Gregory, Katherine Fogertey—Goldman Sachs Low Stress Bets Related Episodes 557: Don’t Fall in the Dividend Trap 549: Why Catastrophe Bonds Are Yielding 12%, and Should You Invest? 544: Sports Betting Is Not Investing Article: Tail Events and Tail Risk See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Bad actors will use AI to disrupt the financial system, transportation networks, and utilities. We should prepare now for this inevitability. We share how in this episode. We also explain why the bull market in gold will likely continue. Topics covered include: Why the OpenAI agentic AI breach is so disturbing How do we prepare for cyberattacks Why gold should be one of the assets we hold apart from the financial system How the historical relationship between gold and real interest rates has broken down To what extent are central banks selling dollars to buy gold How gold ETF flows influence the gold price Sponsors Get the free guide from NetSuite: Aligning for the Agentic Era: How AI Is Changing Everyday Work Delete Me – Use code David20 to get 20% off Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Episode 564 Slide Deck with Charts Gold's Run Isn't Yet Done - Bhanu Baweja - Financial Times Brief independent investigation of agents’ behavior, reasoning and collaboration in the OpenAI / Hugging Face hacking incident Are Central Banks Moving Out of Dollar Assets? - Linda S. Goldberg, Oliver Hannaoui, and Sneha Parthasarathy - Federal Reserve Bank of New York Related Episodes 541: Debasement Fears or Meme Fever? What’s Driving the Gold and Silver Rally 563: Why Interest Rates Keep Rising and What to Do About It See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The national debt exceeds $40 trillion, U.S. long-term Treasury yields are at 19-year highs, the U.S. Treasury Department is intervening in currency and bond markets. We unpack it all in this episode and show you how to position your investment portfolio to lock in higher yields and protect yourself from falling bond prices. Sponsors Try NetSuite for Free Delete Me – Use code David20 to get 20% off Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Episode 563 Slide Deck Debt to the Penny - U.S. Treasury Historical debt and budget tables - U.S. White House Average U.S. national debt interest rate - U.S. Treasury Treasury Announces Increased Sizes of Nominal Long-End Liquidity Support Buybacks Beginning September 9 - U.S Treasury America’s Risky Debt: What Markets See That Policymakers Don’t - Hanno Lustig Related Episodes 525: No More AAA – What the U.S. Debt Downgrade Means for Investors 463: How to Lock in Higher Yields 464: More Ways to Lock in Higher Yields See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What are the steps to simplify your portfolio, given that it is likely spread across multiple accounts? We focus particularly on retirees, who have to weigh additional considerations like withdrawals, Roth conversions, and required minimum distributions. We also explore which areas of the stock and bond markets are attractive right now as you seek to simplify and/or rebalance your portfolio. Sponsors Try NetSuite for Free Delete Me – Use code David20 to get 20% off Show Notes and Related Content A Complete Guide to Investing in I Bonds and TIPS (2026) 550: Asset Location: Where You Invest, Where You Live, What You Can Access Free Investment Strategy Report Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We explore the expected size of AI-related debt, which vehicles hold it, what could go wrong, and how to protect yourself. Topics covered include: How AI capex boom compares to other large booms and busts What fixed income vehicles hold AI-linked debt What mechanisms are being used to transfer AI-debt risk. How circular finance is contributing to the AI infrastructure buildout What could go wrong with the AI infrastructure buildout that could lead to losses on AI-related debt How to tell what exposure you have to AI debt Sponsors Delete Me – Use code David20 to get 20% off NetSuite Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes AI debt slide deck used for episode RBC Weighs $2 Billion Risk Transfer to Hedge Data Center-Linked Loans by Esteban Duarte and Paula Sambo—Bloomberg Hyperscalers Tap External Financing as AI Capex Outruns Cash Flow—FactSet Insight What History Tells Us About The AI Investment Boom by Larry Swedroe—Financial Advisor Goldman Sachs Warns on AI’s Debt Tsunami — Is This the End of the AI Boom? by Rich Duprey—Yahoo! Finance Progress and peril by Pablo Hernández de Cos—BIS The Opportunities and Risks AI Presents for the Economy and Financial System by Governor Lisa D. Cook—The Federal Reserve Financial Stability Report by The Board of Governors of the Federal Reserve System—The Federal Reserve Financing the AI infrastructure boom: on- and off-balance sheet borrowing by Egemen Eren, Ingomar Krohn and Karamfil Todorov—BIS How AI debt financing impacts duration supply and interest rates by Hugo De Vere, Srini Ramaswamy and Seth Searls—Federal Reserve Bank of Dallas US Life Insurers Held $807 Billion of Hard-to-Sell Credit by Alexandre Rajbhandari—Bloomberg Insurers are funding AI infrastructure – NAIC wants to know if the ratings hold up by Paul Lucas—Insurance Business US Corporate Bonds Statistics—sifma See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How inflation numbers are manipulated to appear lower. How to change your mindset about inflation to get ahead of it. Topics covered include: How Inflation (PCE) Calculations Are Changing Why the CPE Changes Are Suspicious The Biggest Changes Ever to Inflation Calculations What Causes Inflation AI Buildout Is Boosting Inflation How Rising Income Can Overcome Inflation Inflation Is Currency Debasement Most Things Get Cheaper and Better Over Time Personal Inflation Rate and Retirement We Can Beat Inflation by Improving Our Skills Inflation Manipulation vs Inflation Fabrication How to Outsmart Inflation Sponsors Delete Me – Use code David20 to get 20% off NetSuite Retirement Investing Webinar and Portfolio Cohort Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Preview of the 2026 Annual Update of the National Economic Accounts—BEA The Inflation Outlook by Governor Stephen I. Miran—U.S. Federal Reserve Toward A More Accurate Measure Of The Cost Of Living by The Advisory Commission To Study The Consumer Price Index —SSA A Complete Guide to Understanding and Protecting Against Inflation by David Stein—Money for the Rest of Us Live Retirement Portfolio Cohort—Money for the Rest of Us Related Episodes 475: Inflation’s Illusion: Debunking the Normalcy of Currency Debasement 429: Which Inflation Protection Strategies Worked and Which Didn’t? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
David shares nine lessons a listener followed to become a millionaire. Topics covered include: The benefit of underspending on housing What rate of return and how much would you need to save to grow a portfolio to one million dollars Why historical studies of the S&P 500 returns are misleading David's recent portfolio mistake Sponsors Delete Me – Use code David20 to get 20% off NetSuite Retirement Investing Webinar and Portfolio Cohort Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Related Episodes 498: What I Learned Investing in the Past Decade 454: How To Invest – Ten Rules of Thumb for Individual Investors See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
SpaceX, Anthropic, and OpenAI are all going public. Why now? And what will their weight be in index funds? What other U.S. ETF options are there if you don't want to have such a high concentration in stocks tied to AI. And finally, if you do buy SpaceX, what would need to happen to earn a reasonable return on your investment? Sponsors Delete Me – Use code David20 to get 20% off NetSuite Retirement Investing Webinar and Portfolio Cohort Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Space Exploration Technologies Corp. Form S-1 Registration Statment Under the Securities Act of 1933—SEC Elon Musk Is Dropping a Boulder in a Kiddie Pool by Matteo Wong—The Atlantic Passive Aggressive: The Risks of Passive Investing Dominance by Chris Brightman and Campbell R. Harvey—SSRN Passive Investing and Market Quality by Philipp Höfler, Christian Schlag, and Maik Schmeling—SSRN Investments Mentioned iShares Core S&P 500 ETF (IVV) Tema S&P 500 Historical Weight ETF Strategy (DSPY) Defiance Large Cap ex-Mag 7 (XMAG) Invesco S&P 500 Equal Weight (RSP) Invesco FTSE RAFI US 1000 (PRF) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We explore the free dividend fallacy and how it applies to option income strategies. We break down the return drivers of covered call ETFs and examine the long-term performance record and volatility. Finally, we explain why it's better to own a single stock than a single-stock covered call ETF, such as MSTY, NVDY, or TSLY, offered by YieldMax. Show Notes The Dividend Disconnect - Samuel M. Hartzmark and David H. Solomon Sam Hartzmark on Dividends - Meb Faber Research The New American Hustle: Dividends Over Day Jobs - Denitsa Tsekova and Vildana Hajric - Bloomberg Covered Calls Uncovered - Roni Israelov and Lars N. Nielsen - Financial Analysts Journal Volatility Risk Premiums Embedded in Individual Equity Options: Some New Insights - Nikunj Kapadia and Gurdip singh Bakshi Sponsors Take the Money for the Rest of Us book quiz to see which investing book is best for you. Delete Me – Use code David20 to get 20% off Investment Mentioned Invesco S&P 500 BuyWrite ETF (PBP) JPMorgan Equity Premium Income ETF (JEPI) WisdomTree Equity Premium Income Fund (WTPI) YieldMax TSLA Option Income Strategy ETF (TSLY) Tesla (TSLA) YieldMax NVDA Option Income Strategy ETF (NVDY) NVIDIA (NVDA ) YieldMax MSTR Option Income Strategy ETF (MSTY) Strategy (MSTR) Related Episodes 471: Unlocking Income—A Comprehensive Guide to Investing in Covered Call ETFs 466: Does Dividend Investing Still Work? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Why we have to navigate investing, business, and life with a compass rather than a GPS. David also provides an update on what he has learned from hosting live portfolio cohorts and letting AI analyze his portfolio trades over the past 12 years. Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Almost Reckless by Amy Smilovic—Penguin Random House Related Episodes 555: Five Practices That Have Shaped My Career 127: Investing Is Wayfinding See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
I share five business practices that have carried me through asset bubbles, financial crises, business pivots, and now the rise of AI. Topics covered include: Recommended note-taking app and practices Recommended periodicals How to get better ideas Why we need to understand the probabilities when pursuing a new course The latest insights on AI, prediction markets, and other topics Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Researchers Asked LLMs for Strategic Advice. They Got “Trendslop” in Return. By Angelo Romasanta, Llewellyn D.W. Thomas and Natalia Levina—Harvard Business Review Paul Kedrosky Gregor Macdonald - Cold Eye Earth Prediction Market Accuracy: Crowd Wisdom or Informed Minority? By Roberto Gomez Cram, Yunhan Guo, Theis Ingerslev Jensen, and Howard Kung U.S. Soldier Charged With Using Classified Information To Profit From Prediction Market Bets—Office of Public Affairs, U.S. Department of Justice 64% of business books are profitable. That’s the bottom line from our study of Business Book ROI.—Josh Bernoff Libsyn Statistics, visualized—Livewire Labs The Big Bang: A.I. Has Created a Code Overload By Mike Isaac and Erin Griffith—The New York Times High earners race ahead on AI as workplace divide widens By Madhumita Murgia and John Burn-Murdoch—Financial Times Related Episodes 496: Are You Taking Enough Aspirational Risk? 535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Please attend our live webinar on portfolio construction and rebalancing scheduled for Thursday, April 30th, at 12PM Eastern, 9AM Pacific time. I will cover the five steps to constructing and rebalancing a portfolio. I will also answer your questions. You can sign up for this special webinar at https://moneyfortherestofus.com/webinar/ See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Why portfolio construction is messy, personal, and never perfect. We compare the pros and cons of several portfolio strategies, including target-date funds, risk parity, and role-based portfolios. We conclude with three AI-related fallacies that will help us better navigate the current moment. Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Money for the Rest of Us Live Portfolio Cohorts Why Everything Suddenly Is ‘Perfect’ by Paula Marantz Cohen—The Wall Street Journal Your Perfect Portfolio by Cullen Roche—Pan MacMillan My Core Investment Values by Peter Lazaroff—Peter Lazaroff Show Us Your Portfolio: Jared Dillian—Excess Returns: An Investing Podcast The dystopian fantasy of uselessness by Stephen Cane—The Financial Times Investments Mentioned State Street Bridgewater All Weather ETF (ALLW) RPAR Risk Parity ETF (RPAR) AQR Multi-Asset Fund (AQRIX) Related Episodes 491: The Five Layers of Investing 306: Three Approaches to Asset Allocation See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In this mini episode, I share some examples of how I am using Claude Cowork and other tools to boost my productivity and build investment portfolio analysis tools. I also share more details on the live portfolio cohorts we will be holding next month. You can learn more about our live portfolio cohorts here. Show Notes I Saw Something New in San Francisco - Ezra Klein - New York Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How the Iran conflict and other developments could lead to another major financial crisis. What is different today from 2008? Why trying to seed a revolution is so risky. And finally, what can we do to prepare ourselves for the next financial crisis? Sponsors Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Read Trump's full statement on Iran attacks—PBS News I Predicted the 2008 Financial Crisis. What Is Coming May Be Worse. By Richard Bookstaber—The New York Times The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction By Richard Bookstaber The Poverty of Historicism By Karl Popper Iran Is Trying to Defeat America in the Living Room By Karim Sadjadpour—The Atlantic Iran war is the greatest threat to global energy ‘in history’, warns IEA By Malcom Moore—Financial Times ‘Once and for All’ Means Never By Thomas L. Friedman—The New York Times AI Isn’t Coming for Everyone’s Job By Adam Ozimek—The Atlantic Related Episodes 291: How To Survive the Coronavirus (COVID-19) Shutdown 377: What If It’s Different This Time? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
When is good enough actually good enough? AI is reshaping how I work and live. And a member with a portfolio that's beaten an all-in-one Vanguard LifeStrategy fund for ten years asks whether the complexity is worth it — or whether it's time to simplify. Sponsors Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Upswing: How We Came Together a Century Ago and How We Can Do It Again by Robert Putnam—Simon &Schuster An update on our model deprecation commitments for Claude Opus 3—Anthropic Claude's Corner—Substack Investments Mentioned Vanguard LifeStrategy Growth Fund Investor (VASGX) Related Episodes 542: Don’t Take Financial Advice from AI 491: The Five Layers of Investing 419: How to Make Portfolio and Asset Allocation Changes Masterworks Disclosures Listeners get priority access to Masterworks at https://www.Masterworks.com/david Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation. Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How historical and expected returns for university endowments can guide us in setting reasonable return expectations. We also analyze managed futures strategies to see how they work, how they have performed, and how to use them in your investment portfolio. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 2025 NACUBO-Commonfund Study of Endowments (NCSE) Results—NACUBO Princeton University cuts expectation for endowment returns by Sun Yu—The Financial Times Demystifying Managed Futures by Brian K. Hurst, Yao Hua Ooi, and Lasse H. Pedersen—AQR Investments Mentioned AQR Managed Futures Strategy Fund I (AQMIX) iMGP DBi Managed Futures Strategy ETF (DBMF) KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM) WisdomTree Managed Futures Strategy Fund (WTMF) First Trust Managed Futures Strategy Fund (FMF) Return Stacked US Stocks & Managed Futures ETF (RSST) Related Episodes 524: Facing a Financial Squeeze: What Harvard’s Response Can Teach the Rest of Us 204: Why Are Investment Returns So Low? 180: Can You Outperform Harvard’s Endowment? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In this episode, we look at asset location, how to decide which investments belong in taxable, tax-deferred, and tax-free accounts, how where we live shapes the opportunities available to us, and how capital ultimately expands our choices. Sponsors Gelt - Taxes Done Right Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Hidden Healthcare Infrastructure Americans Cross the Border to Find—Kogod School of Business FARMWORKER SERVICE CENTER PROPOSAL AND ACTION PLAN FOR THE CITY OF CALEXICO AND IMPERIAL VALLEY by JAVIER MORENO—Calexico Location as an Asset by Adrien Bilal and Esteban Rossi-Hansberg—Princeton It Is Not Climate Denial But Adaptation Denial That Holds Us Back by Mathis Wackernagel and Peter Raven—SSRN The Overlooked Edge: The Case for Asset Location in Managed Portfolios—Morningstar Revisiting the conventional wisdom regarding asset location by Sachin Padmawar and Daniel Jacobs—Vanguard Asset location for equity by Sachin Padmawar and Daniel Jacobs—Vanguard This powerful strategy can create more spendable wealth by Tom Lenkiewicz—J.P. Morgan Asset location strategies for tax efficient investing—BlackRock What would Yale do? Implementing after-tax asset allocation by Frances Walsh and Patrick Geddes—BlackRock Related Episodes 540: Beyond Munis — New ETFs for Tax-Efficient Bond Investing 506: Should You Retire Early and Live Outside Your Home Country? With Joshua Sheats 425: How Profits Motivate Change Masterworks Disclosures Listeners get priority access to Masterworks at https://www.Masterworks.com/david Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation. Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
A new ETF allows individuals to earn income by insuring against natural disasters through investing in catastrophe bonds. We break down the historical returns, risk, fees, and structure of this intriguing investment opportunity. Topics covered include: What types of natural disasters are increasing How insurance companies use reinsurance and cat bonds to protect against extreme losses Why home insurance premium increases should be lower in 2026 How cat bonds are structured and what makes them a unique fixed income security What to consider in deciding to invest in cat bonds. Sponsors Gelt - Taxes Done Right Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Investments Mentioned Brookmont Catastrophic Bond ETF (ILS) Stone Ridge High Yield Reinsurance Risk Premium Fund (SHRIX and SHRMX) Show Notes Miami Is Entering a State of Unreality by Mario Alejandro Ariza—The Atlantic Historical Hurricane Tracks—NOAA LA fires dominated insured losses of $127bn in 2025, says Aon by Eva Xiao and Lee Harris—The Financial Times 2026 Climate and Catastrophe Insight—AON BERKSHIRE HATHAWAY INC. 2002 ANNUAL REPORT—Berkshire Hathaway When, Where and How Often Insurers Fail—PACICC Climate change presses on: Devastating wildfires and intense thunderstorms exacerbate losses for insurers—Munich RE Reinsurance buyers experience market softening as reinsurers grow capital following strong returns—Guy Carpenter Catastrophe bond sales hit record as insurers offload climate risks by Lee Harris and Ian Smith—The Financial Times Swiss Re Global Cat Bond Performance Index returns 11.40% for 2025—Artemis Catastrophe Bonds by Alexander Braun and Carolyn Kousky—Wharton See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We explore the forces likely to shape financial markets in 2026 and how to make better decisions as you pursue your goals this year. Topics covered include: The difference between intentions and resolutions Key behavioral biases and how to overcome them The cautionary tale of a private real estate fund that went public Is the affordability crisis real? The big test for AI in 2026 The financial and economic outlook for the year Sponsors Gelt - Taxes Done Right Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes A Slightly Better You in the New Year by Roland Fryer—The Wall Street Journal Paying Not to Go to the Gym by Stefano DellaVigna and Ulrike Malmendier—American Economic Association Handbook of Cognitive Biases—Federal Intelligence Service FIS Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over—Federal Reserve Bank of St. Louis America’s affordability crisis is (mostly) a mirage—The Economist When Your Private Fund Turns $1 Into 60 Cents by Jason Zweig—The Wall Street Journal Canadians Are Furious After Real Estate Funds Lock Up Their Money by Paula Sambo—Bloomberg Blue Rock TI+ Annual Report—Securities and Exchange Commission Which jobs have grown (and declined) fastest during your working life? by Andrew Van Dam—The Washington Post Is AI More Like a Mind or a Market? by Walter Frick—Bloomberg Don’t Fear the Bubble Bursting by Carl Benedikt Frey—The New York Times Related Episodes 484: 7 Steps to Living a Longer Life 414: Use Caution with Private REITs like Blackstone’s BREIT Masterworks Disclosures Listeners get priority access to Masterworks at https://www.Masterworks.com/david Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation. Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Should you borrow money to magnify returns in your 401 (k), IRA, or other tax-deferred retirement account? We examine Basic Capital, which allows investors to leverage their retirement account investments. We also explore how the wealthy don't use debt to generate wealth but to manage it. Sponsors Gelt - Taxes Done Right Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Basic Capital This 30-Year-Old’s Startup Is Bringing Leverage to 401(k) Savers by Suzanne Woolley—Bloomberg This startup is offering mortgages for 401(k)s by Liz Hoffman—Semafor Startup Failure by Elizabeth Pollman—SSRN Related Episodes 353: The Pros and Cons of Infinite Banking and Whole Life Insurance 238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
As Baby Boomers continue to retire, some analysts expect financial markets to feel the strain. We examine whether demographic shifts truly shape stock and bond returns, or what other factors matter more. Topics covered include: Will retiring baby boomers lead to lower stock prices or higher interest rates Some earlier demographic predictions and how they worked out How do natural interest rates reflect the demand and supply of capital Why demographics are only one factor that determines economic growth and financial market returns Sponsors Gelt - Taxes Done Right Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Zeihan Harry Dent Measuring the Natural Rate of Interest—Federal Reserve Bank of New York Distribution of Household Wealth in the U.S. since 1989—The Federal Reserve Related Episodes Related Episodes 487: Are We Heading for a 2030s Depression? Global Economic and Population Shifts 445: From Boom to Bust—Why China’s Stocks Lagged Behind Its Economy & Where to Invest Next 395: How Population Trends Will Impact Growth, Inflation, Investing and Well Being See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
David converses with best-selling author David Bach about preventing burnout through sabbaticals, moving to another country, why retirees should take Social Security as early as possible, and Bach's idea of a flat tax on IRA distributions. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes David Bach's IRA Flat Tax Idea Related Episode 506: Should You Retire Early and Live Outside Your Home Country? With Joshua Sheets See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Can you really make money sports betting on low-risk, high-probability events? Topics covered include: The growing size and influence of the U.S. sports betting market Recent sports betting scandals How sports betting odds work An intriguing low-risk approach to sports betting Why the low-risk sports betting approach is still gambling with a negative expected return Behavioral biases that encourage sports betting Revisiting the difference between investing, speculating, and gambling Episode Sponsor Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes https://info.lowstressbets.com/ How Do Betting Odds Work? by OC Staff—oddschecker Senate Commerce Committee Wants Answers on NBA Gambling Scandal—Senate Commerce Committee "US sports betting crisis grows as MLB’s Clase and Ortiz indicted over alleged rigged pitches" by Tom Lutz—The Guardian ESPN Will Not Let Failure Push It Out Of The Gambling Business by Chris Thompson—Defector 22% of All Americans, Half of Men 18-49, Have Active Online Sports Betting Account—Siena University Research Institute A Review of Sports Wagering & Gambling Addiction Studies Executive Summary—National Council on Problem Gambling How sports gambling took over prediction markets in the US by Sam Learner, Oliver Roeder and George Steer—The Financial Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What’s the difference between hoarding and investing? There’s a reason markets built on productive assets—like stocks and bonds—are far larger than hoarding markets such as gold and cryptocurrency. In this episode, David explores why that is, and shares why he recently bought Zcash, and how it’s both similar to and different from Bitcoin. Email Newsletters Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Money for the Rest of Us Substack Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Zcash CoinGecko The Largest Companies by Market Cap in October 2025—The Motley Fool (Accessed October 2025) DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network—Chainalysis Selling Gold in the Diamond District - Money for the Rest of Us Substack Related Episodes 532: Should Private Assets, Gold, and Crypto Be Investment Options in 401k and other Defined Contribution Plans? 513: Crypto—Innovation or Insanity? Meme Coins, Hacks, and Strategic Bitcoin Reserves 432: Are the Economy and Financial Markets Zero-Sum Games? 496: Are You Taking Enough Aspirational Risk? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How AI gets simple finance wrong, and how to make it work for you, not mislead you Topics covered include: How AI ignores the time value of money A detailed example of ChatGPT misleading by making a simple math mistake Some examples of opportunity costs and sunk costs when making financial decisions Understanding how AI works can help us use it more effectively Sponsors Claude.ai - Sign up for Claude today and get 50% off Claude Pro Money for the Rest of Us Plus Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Show Notes What Kind of a “PhD-level Expert” Is ChatGPT 5.0? I Tested It. by Gary Smith—Mind Matters Top US Army General Says He’s Letting ChatGPT Make Military Decisions by Joe Wilkins—Futurism Why Language Models Hallucinate by Adam Tauman Kalai, Ofir Nachum, et al—Arxiv Auto Loan Calculator—nerdwallet Related Episodes 538: Forests, Fakes, and the Fight for the Real 457: AI’s Fork in the Road: Societal Bliss or Existential Threat 450: How Higher Interest Rates Alter Our Financial Blueprint See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Are gold and silver up more than 50% in 2025 because investors fear currency debasement, or is this rally just the latest meme trade? In this episode, we explore the supply and demand forces behind gold and silver, discuss investing strategies, and outline what to watch to see if investors truly are worried about debasement. Sponsors Money for the Rest of Us Plus Claude.ai - Sign up for Claude today and get 50% off Claude Pro Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Show Notes The Great Debasement Debate Is Rippling Across World Markets by Ruth Carson, Naomi Tajitsu, and Masaki Kondo—Bloomberg How long will gold mania last?—Financial Times Dalio Echoes Griffin in Seeing Gold as Safer Than the US Dollar by Alexandra Semenova, Natalia Kniazhevich, and Lisa Abramowicz—Bloomberg Gold Reserves by Country—World Gold Council Gold's rise in central bank reserves appears unstoppable by Jamie McGeever—Reuters Above-ground stock—World Gold Council Gold Demand Trends: Q2 2025—World Gold Council Treasury Term Premia—Federal Reserve Bank of New York Trey Reik—LinkedIn Investments Mentioned iShares Gold Trust (IAU) SPDR Gold Trust (GLD) SPDR Gold MiniShares Trust (GLDM) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How to decide when to invest in municipal bonds versus new tax-efficient bond ETFs that don't invest in munis. We analyze several newer ETFs that earn bond-like returns while avoiding paying taxable income distributions. Sponsors Claude.ai - Sign up for Claude today and get 50% off Claude Pro Delete Me – Use code David20 to get 20% off Investments Mentioned Vanguard Tax-Exempt Bond ETF (VTEB) iShares 7-10 Year Treasury Bond ETF (IEF) JPMorgan Ultra-Short Municipal Income ETF (JMST) Alpha Architect 1-3 Month Box ETF (BOXX) F/m Compoundr U.S. Aggregate Bond ETF (CPAG) F/m Compoundr High Yield ETF (CPHY) NEOS Enhanced Income Aggregate Bond ETF (BNDI) NEOS Enhanced Income 1–3 Month T-Bill ETF (CSHI) Show Notes US municipal bond defaults and recoveries, 1970-2022 by Moody's Investor Service—Fidelity Five Reasons Municipals Have Rarely Defaulted by Matthew Norton—Bernstein 470 Plus: Annuities Correction, Europe versus U.S. Value Stocks, Analyzing BOXX, and Accredited Investor Rules—Money for the Rest of Us Cboe:BOXX | Investment case—alpha architect See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week there isn’t a regular Money for the Rest of Us episode, but David shares an update on what’s happening behind the scenes. He previews an exclusive Plus member livestream on the forces shaping the next decade, explains why there won’t be a new episode next week, and highlights fresh content available on YouTube, Instagram, LinkedIn, and Substack. David also reflects on consistency, community, and the process of writing his second book. Regular episodes return in October. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What happens when the money supply grows too slowly or too quickly? From gold-standard deflation to QE-driven inflation and inequality, we trace the lessons of monetary history, and what we can do today to protect ourselves in an age of infinite money. Topics covered include: How is the money supply measured, and why is it a subjective exercise What is an example of a negative money shock Why an optimal monetary policy would lead to deflation, and why that is a good thing What causes inflation How quantitative easing contributed to wealth inequality What is demurrage currency The unorthodox way Richard Nixon sought to combat high inflation and a strong dollar How to increase our wealth in an era of infinite money Sponsors LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Delete Me – Use code David20 to get 20% off Show Notes Distribution of Household Wealth in the U.S. since 1989—The Federal Reserve M2 (M2SL)—FRED Good Versus Bad Deflation: Lesson from the Gold Standard Era by Michael D. Bordo, John Landon Lane, and Angela Redish—NBER Speech by Richard Nixon (15 August 1971)—CVCE US - Total Market Cap Divided by M2 Money Supply—MacroMicro Did Quantitative Easing Increase Income Inequality? by Juan Antonio Montecino and Gerald Epstein—CEPWeb Does Quantitative Easing Affect Inequality: Evidence from the US - Nektarios Michail Demurrage currency—Wikipedia Debt: The First 5,000 Years by David Graeber Related Episodes 482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity 431: The Long-term Bullish Case for Gold 336: Own What Is Real See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
From salmon leaping along the Vancouver Island coast to fake bands on Spotify, this episode explores the divide between the physical and digital economy, and what lumber markets, managed forests, and everyday life teach us about staying connected to the real. Topics covered include: How timber investing works and why it is reflective of how industries evolve What percent of economic output is physical versus digital, and how has that changed over the past fifty years How households spend their leisure time Why live events stand out in an AI-infested world Does it matter if ad images, videos, and podcasts are fake? Why we need to stay connected to the real Sponsors Claude.ai - Sign up for Claude today and get 50% off Claude Pro Delete Me – Use code David20 to get 20% off Show Notes Lumber Prices Are Flashing a Warning Sign for the U.S. Economy by Ryan Dezember—The Wall Street Journal Lumber Price—Trading Economics J.Crew used A.I. to counterfeit their own vibes—Blackbird Spylane American Time Use Survey Summary—U.S. Bureau of Labor Statistics Related Episodes 535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite 531: Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble? 60: Are You Hoarding Or Investing? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Central bankers set policy with incomplete information, unobservable targets, and constant trade-offs between growth, inflation, and employment. In this episode, we delve into how the fight for Federal Reserve independence could impact markets, interest rates, and your financial future. Topics covered include: What Federal Reserve Chair Powell said at the Fed's annual Jackson Hole Symposium What is the Federal Reserve's mission statement Why is it normal for U.S. presidents to disagree with the Federal Reserve's policy stance? Why attacking the Fed's independence is harmful and could lead to higher interest rates and a weakening dollar What causes inflation, and why is it difficult to know the correct level of interest rates Sponsor LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 2025 Statement on Longer-Run Goals and Monetary Policy Strategy—The Federal Reserve Board Trump says U.S. interest rate is at least 3 points too high—Reuters Trump warns of economic slowdown unless Fed cuts rates, triggering selloff by Howard Schneider and Ismail Shakil—Reuters What is the neutral rate of interest? by Sam Boocker, Michael Ng, and David Wessel—Brookings Trump Moves to Fire Fed’s Cook, Setting Up Historic Fight by Jonnelle Marte and Myles Miller—Bloomberg Different Types of Central Bank Insolvency and the Central Role of Seignorage by R. Reis—Semantic Scholar Powell's Econ 101: Jobs not inflation. And forget about the money supply by Howard Schneider—Reuters Related Episodes 453: The Price of Money – 700 Years of Falling, Can Interest Rates Keep Rising? 312: What the Federal Reserve’s New Policies Mean For Your Finances 295: Federal Reserve Insolvency and Monetizing the National Debt 246: What Central Banks Don’t Know Should Concern You See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
From the dot-com boom to today’s AI frenzy, bubbles follow a familiar script. This episode explores how to recognize them, what sustains them, and how to position your portfolio without getting swept up in the hype. Topics covered: How U.S. stock markets are the most concentrated and most expensive of all time What constitutes a bubble and what sustains it How to invest during a bubble Changes David recently made in his portfolio in response to the AI bubble Sponsor LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes I'm Changing How I Manage My Money Because of AI by Hank Green—YouTube % S&P 500 share of top 10 companies by market cap %—Apollo Academy Charted: S&P 500 Market Concentration Over 145 Years by Kayla Zhu—Visual Capitalist AI’s Moment and Insights from Themes Past by Anil Rao—MSCI How Pimco Outmaneuvered Apollo and KKR to Win $29 Billion Meta Deal by Carmen Arroyo and Laura Benitez—Bloomberg How to invest in a stock market bubble by Stuart Kirk—The Financial Times Bubble, Bubble, Toil and Trouble by Rob Arnott, Bradford Cornell, and Shane Shepherd—Research Affiliates Related Episodes 535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite 503: U.S. Stocks Have Never Been This Overhyped or Expensive 500: The S&P 500 Index and the Decade Ahead 365: Why Some Asset Bubbles Don’t Burst See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
A practical framework for making better decisions, managing risk, and finding opportunity in unpredictable environments. We contrast these principles with the massive $2.9 trillion AI data center build-out by Big Tech, which is betting big on a single superintelligence future. Episode Sponsors LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Inside the relentless race for AI capacity—The Financial Times Inside the AI race: can data centres ever truly be green?—The Financial Times The Kanye/Data Center Crossover by Paul Kedrosky—Paul Kedrosky Related Episodes 531: Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble? 520: Where Are We Heading? 501: Strategy and Systems Want Your Money 496: Are You Taking Enough Aspirational Risk? 492: The Power of Optionality: Small Bets, Big Payoffs 482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Dave Thomas, CIO and Founder of long/short hedge fund, Atalan Capital Partners, shares why most hedge funds fail and the keys to being a long-term successful investor. Episode Sponsor Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes FEG Insight Bridge episode page See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
David converses with renowned illustrator and financial philosopher Carl Richards on the abstraction of money, attention capital, distinguishing risk from uncertainty, and the importance of taking microactions. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Carl Richard's website, Behavior Gap Your Money: Reimagining Wealth in 97 Simple Sketches by Carl Richards Related Episodes 496: Are You Taking Enough Aspirational Risk? 394: How to Get Better at Risk Taking 135: Embrace the Messiness See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
A new executive order could radically reshape retirement investing by allowing private equity, crypto, and gold in 401(k) plans. This episode examines the factors driving the demand for alternative assets in defined-contribution plans, the potential risks to everyday investors, and why fiduciary rules and financial literacy gaps still matter. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Trump Executive Order to Help Open Up 401(k)s to Private Markets by Miriam Gottfried, Dylan Tokar, and Matt Wirz—The Wall Street Journal Donald Trump set to open US retirement market to crypto investments by Antoine Gara, Jamie John, and Stephanie Stacey—The Financial Times U.S. Labor Department Allows Private Equity in 401(k) Plans by Chris Cumming—The Wall Street Journal U.S. Department of Labor Supplement Statement on Private Equity in Defined Contribution Plan Designated Investment Alternatives—U.S. Department of Labor State Street New TDF Includes Private Assets by PSCA Net Staff—PSCA The Power of Private Markets by Robert Crothers et al.—BlackRock UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT OPINION No. 22-16268 The Relentless Ask: Private Markets Are Eating the World by Michael Batnick—The Irrelevant Investor Don’t Buy Into This Easy Fix for Stock-Market Craziness by Jason Zweig—The Wall Street Journal The Private Equity Boom Is Leaving Midsize Players Behind by Preeti Singh and Laura Benitez—Bloomberg 401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them—U.S. Government Accountability Office DEFINED CONTRIBUTION PLANS AND THE CHALLENGE OF FINANCIAL ILLITERACY by Jill E. Fisch, Annamaria Lusardi, and Andrea Hasler—Cornell On Endowments and Unintended Consequences by Paul Kedrosky—Paul Kedrosky Related Episodes 509: How to Invest in Private Credit / Direct Lending? 497: How to Fix the Retirement Savings Crisis 490: Should You Invest in Private Equity? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We explore the compelling questions surrounding artificial intelligence. Will AI create more new jobs than it destroys? Is AI already destroying jobs? Are we seeing overinvestment in companies and infrastructure in the AI space? Is there evidence that AI has increased productivity? Sponsors Money for the Rest of Us Plus Asset Camp Show Notes Behind the Curtain: A white-collar bloodbath by Jim VandeHei and Mike Allen—Axios Yuval Noah Harari Statement - Post by Nunki08—Reddit Challenger Report June 2025—Challenger, Gray & Christmas Entry level jobs fall by nearly a third since ChatGPT launch by Karl Matchett—The Independent Strategic Insights for M&A in the Evolving AI Market—S&P Global Nvidia Becomes First Public Company Worth $4 Trillion by Tripp Mickle—The New York Times Silicon Valley is racing to build the first $1trn unicorn—The Economist How to use generative AI to augment your workforce by Betsy Vereckey—MIT Management Humans must remain at the heart of the AI story by Marc Benioff—The Financial Times The AI Industry Is Radicalizing by Matteo Wong—The Atlantic TASKS, AUTOMATION, AND THE RISE IN U.S. WAGE INEQUALITY by DARON ACEMOGLU AND PASCUAL RESTREPO—Econometrica MyPillow CEO’s lawyers fined for AI-generated court filing in Denver defamation case by Olivia Prentzel—The Colorado Sun Which Workers Will A.I. Hurt Most: The Young or the Experienced? by Noam Scheiber—The New York Times Generative AI at Work by Erik Brynjolfsson, Danielle Li, Lindsey Raymond—Oxford Academic The Illusion of Thinking: Understanding the Strengths and Limitations of Reasoning Models via the Lens of Problem Complexity by Parshin Shojaee et al.—Apple Related Episodes 507: Where You Live Matters – How Geography Contributes to Wealth 457: AI’s Fork in the Road: Societal Bliss or Existential Threat 439: How and Why to Invest in AI 417: Will Generative AI Replace Your Job? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How the investing landscape is being reshaped by the global race for critical minerals. Topics covered in this conversation between FEG's Greg Dowling and private equity firm Kinterra Capital's co-founders, Cheryl Brandon and Kamal Toor include: How mining and mineral processing work What are critical minerals, what is driving the demand for them, and will it continue How the rise of passive management has led to underinvestment in mining How to reconcile care for the environment and the need to mine critical minerals What are the attributes that contribute to successful private capital investments Why querying ChatGPT is insufficient to get up to speed on an investing topic, and what to do instead. Episode Sponsors Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes FEG Insight Bridge episode page with transcript Kinterra Capital Related Episodes 526: The Future of Power: Energy at a Crossroads with Scott Harland 384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We examine how robo-advisors have evolved over the past decade to determine if their services justify the fees they charge. Topics covered include: How large are the top 5 robo-advisors Robo-advisor fees Robo-advisor holdings Why robo-advisors are turning toward direct indexing for tax loss harvesting How much excess return does tax loss harvesting generate Who can benefit from using robo-advisors Sponsors Asset Camp LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Tax Benefits of Direct Indexing, and How They Are Affected by the Biden Tax Plan by Nathan Sosner et al.—SSRN An Empirical Evaluation of Tax-Loss Harvesting Alpha by Shomesh Chaudhuri et al.—SSRN Related Episodes 398: When Should You Hire An Investment Advisor? Two Case Studies 92: What Robo-Advisors Recommend See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How our spending, investing, and life strategy change as our net worth grows. We consider how skill, luck, discipline, relationships, and AI can allow us to ascend and, in some cases, descend the wealth ladder. Sponsors NetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Of Dollars and Data - Nick Maggiulli The Wealth Ladder by Nick Maggiulli Ritzholz Wealth Management Related Episodes 461: How Much Should Your Net Worth Grow Each Year? 252: How to Become Wealthy 119: Investing Won't Make You Rich See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Circle Invest, one of the leading stablecoin providers, just went public, and its stock price has tripled. We delve into the growth of stablecoins, their applications, and the associated risks. We also discuss the surprising political pushback against central bank digital currencies. Episode Sponsors Delete Me – Use code David20 to get 20% off NetSuite Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Top Stablecoin Tokens by Market Capitalization—CoinMarketCap Runs and Flights to Safety: Are Stablecoins the New Money Market Funds? by Kenechukwu Anadu et al—New York Fed Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933—SEC Why Crypto Stablecoins Still Worry the Fed by Olga Kharif and Yueqi Yang—Bloomberg Central Bank Digital Currency Tracker—Atlantic Council STRENGTHENING AMERICAN LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY—The White House Stablecoins and monetary sovereignty: the ball is in Europe’s court by Ignazio Angeloni—The Financial Times Related Episodes 488: Should You Invest in an Ethereum ETF? 424: Are More Bank Runs Coming? The Collapse of Silicon Valley Bank 387: Why Most Money Fails 373: Are Stablecoins Safe? Should You Own Them? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
From wildfires to AI-driven demand surges, the power grid is under pressure—and so is the investment landscape around it. Scott Harland of Rockland Capital visits with Greg Dowling of FEG to explore the risks, opportunities, and critical shifts shaping the future of energy. Topics covered include: The necessity of a balanced energy mix, including traditional and renewable energy sources How the private sector is playing a larger role in building out energy infrastructure Rising energy demand from data centers and AI, and how that demand can be met Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Hungry, Hungry, Hyperscalers with Scott Harlan - FEG Insight Bridge Related Episodes 502: Should You Invest in Nuclear Energy? 469: Which Will Perform Better: Berkshire Hathaway or Utility Stocks? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
With longer-term U.S. interest rates rising and no plan to reduce the budget deficit, is a U.S. national debt crisis imminent? Topics covered include: Why S&P, Fitch, and now Moody's stripped the U.S. of its pristine AAA debt rating How the U.S. national debt dynamics compare to Greece, Italy, and Japan What are four things investors should monitor for signs that the national debt crisis is worsening or spiraling out of control Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Moody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable—Moody's Ratings Research Update: United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative—S&P Global Interest Expense and Average Interest Rates on the National Debt FY 2010 – FYTD 2025—FiscalData.Treasury.gov The Stark Math on the GOP Tax Plan: It Doesn’t Cut the Deficit by Richard Rubin—The Wall Street Journal The Long-Term Budget Outlook: 2025 to 2055—Congressional Budget Office Walmart says higher prices could hit this month due to tariffs by Natalie Sherman—BBC Post on May 17th, 2025; 7:27 AM by Donald J. Trump—Truth Social Walmart responds to Trump comment that retailer should ‘eat the tariffs’ by Kyler Swaim—The Hill What’s behind Japan’s High Government Debt? by YiLi Chien and Ashley H. Stewart—Federal Reserve Bank of St. Louis Related Episodes 487: Are We Heading for a 2030s Depression? Global Economic and Population Shifts 479: National Debt Master Class Finale – What To Do See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How can we apply the same emergency measures that Harvard and other universities are using to navigate a financial crisis? Also, how universities invest their endowments and what their performance has been. Topics covered include: What has led to the financial crisis at Harvard What actions has the university taken How do endowments invest and spend their funds How endowments maintain intergenerational equity How we can apply the principles universities use in our own investing Sponsors NetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Letter Sent to Harvard 2025-04-11—Harvard Harvard Response 2025-04-14—Harvard Trump Administration Will Freeze $2 Billion After Harvard Refuses Demands by Vimal Patel—The New York Times Should Harvard Be Tax Exempt? by The Editorial Board—The Wall Street Journal Fact Sheet: President Donald J. Trump Reforms Accreditation to Strengthen Higher Education—The White House At Grim Town Hall, Harvard Medical School Leaders Tell Staff to Expect Layoffs and Far-Reaching Cuts by Avani B. Rai and Saketh Sundar—The Harvard Crimson Can Harvard Use Its Endowment To Make Up For Federal Cuts? It’s Possible, but Not That Simple. by Avani B. Rai and Saketh Sundar—The Harvard Crimson Yale Weighs $850 Million Bond Sale Amid Trump’s Higher Education Attack by Elizabeth Rembert and Amanda Albright—Bloomberg Yale seeks to sell billions in private equity investments as political pressures from Trump mount by Liese Klein—CT Insider 2024 NACUBO-Commonfund Study of Endowments—NACUBO Endowments Face Liquidity Crunch Amid Market Pullback, Funding Cuts by Matt Toledo—Chief Investment Officer Big investors borrow against private equity holdings amid cash crunch by Amelia Pollard and Antoine Gara—The Financial Times Related Episodes 402: Why Student Debt Is So High and Forgiving It Doesn’t Fix the Problem 245: Is College Worth It? 180: Can You Outperform Harvard’s Endowment? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Discover how bond market ETFs have transformed investing — making bonds easier, cheaper, and more accessible than ever. We also explore how the bond market’s very composition has evolved. Episode Sponsors Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The total return strategy in bonds is far from dead by James Bianco—The Financial Times What I Learned in My First Year Managing Fixed-Income by Jim Bianco—Bianco Research Advisors ETFs are eating the bond market by Robin Wigglesworth and Will Schmitt—The Financial Times Related Episodes 463: How to Lock in Higher Yields in Case Interest Rates Fall 455: Easier Investing, Richer Life: TIPS Ladders to Annuities 418: Bond Investing Masterclass See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.