In Episode 406, David and Camden visit with Annie Duke about how to better manage our investment portfolios including when and what to sell. We also discuss a number of behavioral finance topics such as mental accounting, sunk costs, and goal myopia.Annie Duke is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book, Quit: The Power of Knowing When to Walk Away, was released on October 4, 2022. Her previous book, Thinking in Bets, is a national bestseller, and is highly influential on the investing philosophy of Money for the Rest of Us. As a former professional poker player, she has won more than $4 million in tournament poker, won a World Series of Poker Bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania.These days, Annie loves to dive deep into decision-making under uncertainty. As can be seen from her new book, her latest obsession is the topic of quitting.For more information on this episode click here.SponsorLinkedIn – Post your job for freeShow NotesThinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie DukeQuit: The Power of Knowing When to Walk Away by Annie DukeSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What is volatility and what causes it to rise and fall? How volatility itself contributes to more volatility such as in the example of the chaotic UK government bond market where long-term yields have increased by 4% in 2022.Topics covered include:How the role of volatility has changed in financial marketsWhat caused UK interest rates to spike and long-term bond investors to lose 50%What is liability-driven investmentWhat drives increases in volatility and volatility spikes and spillovers are more frequentHow to earn income from shorting volatility and what are the risksWhat we can learn when financial securities blow upFor more information on this episode click here.Episode SponsorsMasterworks – invest in contemporary art - **Net est. returns for all realized and unrealized offerings is 15.3%, from inception through 6/30/22.  See important Reg A and performance disclosures at masterworks.io/cdPolicygeniusShow NotesThe volatility virus strikes again by Eric Lonergan—Financial TimesHow ‘Liability-Driven’ Pension Funds Triggered UK Bond Panic by Loukia Gyftopoulou and Greg Ritchie—BloombergUK government debt and deficit: December 202—UK Office for National StatisticsMarkets are more fragile than investors think by Robin Wigglesworth—Financial TimesVolatility and the Alchemy of Risk: Reflexivity in the Shadows of Black Monday 1987—Artemis Capital ManagementWhat Caused the Volatility “Volmageddon” on 5-Feb-2018 by Vance Harwood—Six Figure InvestingGamma Explained—MerrillDelta Explained—MerrillInside Volatility Trading: Is VIX Backwardation Necessarily a Sign of a Future Down Market? by Scott BauerInvestments MentionedWisdomTree CBOE S&P500 PutWrite Strategy ETF (PUTW)Simplify Volatility Premium ETF (SVOL)Related Episodes159: What You Need To Know About Volatility283: Why You Should Care About Carry TradesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What has caused the U.S. dollar's currency exchange rate to be the strongest in twenty years? How a strong dollar leads to slower global economic growth and falling asset prices.Topics covered include:Why a strong dollar is a no-win situation for the rest of the worldWhy have inflation and interest rates increasedWhy recession risks are rising as central banks combat inflationWhy asset prices fall when interest rates riseWhat would cause the U.S. dollar to weaken from these levelsHow to protect against currency fluctuationsFor more information on this episode click here.SponsorsAura - protect your moneyPolicygeniusShow NotesWall St blames missteps at FedEx as parcel service fails to delivery Steff Chávez and Andrew Edgecliffe-Johnson—Financial TimesThe Global Dollar Cycle by Maurice Obstfeld and Haonan Zhou, BPEA Conference Drafts, September 8–9, 2022—Brookings Papers on Economic ActivityMonetary policy challenges posed by global liquidity by Hyun Song Shin—BISDollar beta and stock returns by Valentina Bruno, Ilhyock Shim and Hyun Song Shin—BISWonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York TimesRents Drop for First Time in Two Years After Climbing to Records by Will Parker—The Wall Street JournalStop looking for a bogeyman to explain sterling’s collapse by Kate Martin—Financial TimesBritish Pound / US Dollar Historical Reference Rates from Bank of England for 1975 to 2022—Pound Sterling LiveRelated Episodes215: Is A Dollar Collapse Coming?338: The National Debt, Inflation, and the U.S. Dollar—What Could Go Wrong?364: Should You Hedge Your International Stock Exposure Against Currency Fluctuations?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How risk perceptions and actions have changed over several years of the pandemic. How the pandemic's impacts continue to affect politics, the economy, financial markets, how we invest, and our personal lives.Topics covered include:Is the pandemic really over?What percentage of people continue to isolate at homeHow behaviors such as eating out and visiting friends have changed throughout the pandemic.How work has changed with the pandemicHas pandemic stimulus changed beliefs about the sustainability of the national debt leading to structural inflationHow productivity improvements could improve the national debt burdenWhat investment lessons has David learned from the pandemicFor more information on this episode click here.SponsorsLinkedIn – Post your job for freeExpress VPN – get three months free on VPN serviceShow NotesBiden’s claim that ‘pandemic is over’ complicates efforts to secure funding by Dan Diamond—The Washington PostCOVID-19 Dashboard—The Center for Systems Science and Engineering at Johns Hopkins UniversityAxios/Ipsos COVID-19 Poll – Wave 70, September 9–12, 2022Study: 163 Million People Dine Out at Least Once a Week—QSR MagazineU.S. Return-to-Office Rates Hit Pandemic High as More Employers Get Tougher By Peter Grant—The Wall Street JournalReassessing Constraints on the Economy and Policy; Panel Topic: An End to Pre-Pandemic Trends or Just a Temporary Interruption? by Valerie A. RameyInflation as a Fiscal Limit by Francesco Bianchi and Leonardo MelosiRelated Episodes333: How The Covid Shock Nearly Destroyed The Financial System400: What If High Inflation Doesn’t End?Investments MentionedSimplify Interest Rate Hedge ETF (PFIX)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 drivers that lead to higher student loan balances? Why a one-time student loan forgiveness program doesn't solve the problem of increasing student debt. What are some more viable longer-term solutions.Topics covered include:How big is the Biden Administration student debt forgiveness planHow big has the student debt burden grownWhy are borrowings for students increasingWhy Baby Boomers spent so much less on collegeHow are student loans accounted for by the U.S. federal governmentWhat is the impact on the deficit and potentially inflation of forgiving billions of dollars of student debtFor more information on this episode click here.Show NotesStudent Debt And The Federal Budget | How Student Loans Impact The U.S. Fiscal Outlook, November 2021—Bipartisan Policy CenterWhat the Student-Loan Debate Overlooks by Ronald Brownstein—The AtlanticSee the Average College Tuition in 2022-2023 by Emma Kerr and Sarah Wood—U.S. News & World ReportBiden’s Student-Debt Plan Could Chip Away at the Racial Wealth Gap by Sheelah Kolhatkar—The New YorkerIf your federal student loan payments are high compared to your income, you may want to repay your loans under an income-driven repayment plan—Federal Student AidWhat Does Student Debt Cancellation Mean for Federal Finances?—Committee for a Responsible Federal BudgetGovernment payments by program—Economic Research Service, U.S. Department of AgricultureProjected Lifetime Earnings by Major by Douglas A. Webber, December 1st, 2019Related Episodes245: Is College Worth It?307: Income Share Agreements—Good for Students or Investors?327: Is Student Loan Forgiveness A Good Idea?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Warren Buffet said, "Diversification makes very little sense for anyone that knows what they’re doing." He also said, "Diversification is a protection against ignorance..." Most of us need that protection against ignorance, yet diversification often makes us feel bad when some of our holdings don't do as well as others. We make the case why we should diversify anyway.Topics covered:Warren Buffet says it's crazy to own more than 30 stocks, but Berkshire Hathaway owns 48 stocksWhat does it mean to analyze a businessHow have U.S. stocks performed relative to non-U.S. stocks long-termWhat has driven the outperformance of U.S. stocks and what has to happen for it to continueWhat are examples of diversification plays just in case the U.S. faltersFor more information on this episode click here.Show NotesWarren Buffett and Diversification—GrahamValue.comThe Complete Berkshire Hathaway Portfolio by John Divine U.S. NewsThe Business Cycle Is Different Than The Economic Cycle - Crestmont ResearchEU Natural Gas—Trading EconomicsRelated Episodes254: Should You Be 100% Invested In Stocks?275: Are You Over Diversified?364: Should You Hedge Your International Stock Exposure Against Currency Fluctuations?SponsorMasterworks – invest in contemporary artSee important Regulation A disclosures at masterworks.io/cd   Since inception, Masterworks has sold six paintings from the collection. IRR is net of all fees and expenses and is presented on a deal-weighted basis, which assumes the same investment amount was made in each applicable offering. In certain cases, Masterworks may concede its fees and/or profit sharing in connection with the sale of a painting for the benefit of the shareholders. Net IRR was calculated assuming all fees and profit sharing to which Masterworks was entitled were charged to the issuer. IRR on sold artwork is not indicative of Masterworks’ overall performance or future results.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How economic wars, pandemics, and worker shortages could lead to years of high structural inflation. What needs to happen to avoid this dire inflation scenario.Topics covered include:What are the three inflation lessons Federal Reserve Chair Jerome Powell sharedWhat is inflation anchoringWhat caused the current period of high inflationHow China and Russia contributed to low inflation and why those trends have reversedHow behavior changes and productivity improvements can contribute to lower inflationHow to invest for an extended period of high inflationFor more information on this episode click here.Thanks to Policygenius for sponsoring the episode.Show NotesMonetary Policy and Price Stability, August 26, 2022, byChair Jerome H. Powell—Board of Governors of the Federal Reserve SystemFed's Kashkari: 'happy' with market reaction to Powell speech by Ann Saphir and Matthew Lewis—ReutersWar and Interest Rates by Zoltan Pozsar—Credit Suisse2nd Quarter Market Commentary, July 2022—Horizon KineticsBP Energy Outlook 2022Investments MentionedInvesco DB Commodity Tracking ETF (DBC)Horizons Kinetics Inflation Beneficiary ETF (INFL)Related Episodes342: Is Another Great Inflation Coming?384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It?395: How Population Trends Will Impact Growth, Inflation, Investing, and Well BeingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore examples of positive and negative unintended consequences, what causes them, and how to navigate a world where unanticipated things happen all of the time.Topics covered include:What leads to unintended consequencesWhat are some unintended consequences of QE and stimulus, price controls, tax incentives, gun legislation, and marijuana legalizationHow positive unintended consequences and order can arise from the bottom upHow recent climate legislation could lead to unintended consequencesWhy customers don't always know what they wantFor more information on this episode click here.Episode SponsorsLinkedIn – Post your job for freeShow NotesLarge rent increases squeeze metro Phoenix tenants by Associated Press—The Journal RecordUnintended Consequences by Karras Lambert and Christopher J. CoyneThe Seen, the Unseen, and the Unrealized: How Regulations Affect Our Everyday Lives by Per L. BylundNorway reconsiders electric car privileges by Chris Randall—electrive.comMore Guns, More Unintended Consequences: The Effects of Right-to-Carry on Criminal Behavior and Policing in Us Cities by John J. Donohue, Samuel Cai, Matthew Bondy, and Philip J. CookMarijuana Legalization and Fertility by Sarah PapichJapan’s latest alcohol advice: please drink more by Leo Lewis and Kana Inagaki—Financial TimesThe Poverty of Historicism by Karl PopperHow the New Climate Bill Would Reduce Emissions by Nadja Popovich and Brad Plumer—The New York TimesDemocrats Designed the Climate Law to Be a Game Changer. Here’s How. by Lisa Friedman—The New York TimesEconomists’ Statement on Carbon Dividends; The Largest Public Statement of Economists in History—Climate Leadership CouncilWhy We Don't Have a Carbon Tax by Paul Krugman—The New York TimesLean Startup and the Business Model: Experimentation Revisited by Teppo Felin, Alfonso Gambardella, Scott Stern, and Todd ZengerRelated Episodes158: How To Invest Like A Cockroach236: How Investors Cope With Radical UncertaintySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We analyze two listeners' portfolios. One who is close to retirement and considering hiring an outside money manager. The second is 45 and just sold a business and is trying to decide whether to fire Schwab's robo-advisor service and manage his portfolio on his own.Topics covered include:What elements are part of a financial planWhat to consider when researching an investment advisorWhat is a core-satellite investment approachWhy Schwab was fined $180 million for misleading its clients about the cash balance in its Intelligent Portfolios serviceHow to decide if an investment advisor is a good fitWhy no portfolio can be on autopilot, but they can be as simple as two ETFsFor more information on this episode click here.SponsorsExpress VPN - get three months free on VPN serviceMasterworks - Invest in contemporary artShow NotesSchwab Subsidiaries Misled Robo-Adviser Clients about Absence of Hidden Fees—SECCease-And-Desist Order Against Charles Schwab & Co, June 13, 2022—SECRelated Episodes92: What Robo-Advisors Recommend248: How to Avoid Investment Fraud303: How To Do Financial PlanningSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This episode edits and remasters two earlier episodes on investing based on cycles to focus on timeless investing principles.Topics covered include:What are different types of cyclesWhy do cycles have subjective start and end dates.Why do coincidences happen so often.How to position investment portfolios based on cycles.How luck and skill play a role in investing.Why it is better to invest based on calibrating risk rather than prediction.For more information on this episode click here.Show NotesWeiss ResearchWeiss Research SEC ActionFoundation For The Study of CyclesFluke: The Math and Myth of Coincidence by Joseph MazurA Spectral Analysis of World GDP Dynamics – Andrey V. Korotayev and Sergey V. TsirelHoward Marks – Yet Gain?Mastering The Market Cycle by Howard MarksRelated Episodes173: Should You Invest Based On Cycles224: Mastering the Market Cycle – Howard MarksSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why it is challenging to distinguish a legitimate multi-level marketing company from a pyramid scheme as hedge fund billionaire Bill Ackman found out in his losing campaign against Herbalife. How Forsage has taken pyramid and Ponzi schemes to a whole new level, and why the regulators can't shut it down.Topics covered include:What are multi-level marketing companies and how most MLM distributors are unsuccessfulWhat is the difference between a pyramid scheme and a Ponzi scheme and what are some examplesHow hedge fund Pershing Square Capital Management took on Herbalife and despite FTC and SEC actions, Herbalife continues to thrive.Why Forsage, a pyramid and Ponzi scheme on the blockchain, continues, despite SEC regulatory actionsWhy Bitcoin isn't a Ponzi schemeFor more information on this episode click here.SponsorsPolicygeniusMoney For the Rest of Us PlusShow NotesHerbalife Settlement With F.T.C. Ends Billionaires’ Battle by Matthew Goldstein and Alexandra Stevenson—The New York TimesMulti-Level Marketing Businesses and Pyramid Schemes—Federal Trade CommissionHerbalife International Settlement ComplaintHerbalife Settles With S.E.C., but Too Late for Hedge Fund Investor by Matthew Goldstein—The New York TimesConsistency is Key! Make Money Podcasting by Elsie Escobar—LibsynNovember Stats From Rob Walch—Podcast Business JournalFederal Trade Commission Returns More Than $149 Million To Consumers Harmed by AdvoCare Pyramid Scheme—Federal Trade CommissionFederal Trade Commission Returns More Than $23 Million To Consumers Deceived by Online Business Coaching Scheme MOBE—Federal Trade CommissionFTC Shuts Down Credit Repair Pyramid Scheme Financial Education Services, Which Bilked More Than $213 Million from Consumers—Federal Trade CommissionInvestor Alert: Ponzi Schemes Using Virtual Currencies—U.S. Securities and Exchange CommissionWhat is Forsage?—Forsage SupportRelated Episodes248: How to Avoid Investment Fraud253: Are IPOs the New Ponzi Scheme?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How slowing population growth and an eventual population peak will lead to competition for foreign workers, potentially higher inflation, and ultimately the need to transition to a steady-state economy rather than one based on constantly producing more.Topics covered include:How longevity and birthrates impact population growthWhat areas of the world are seeing population increases versus declinesWhy high income countries will need more immigrants in order to sustain their population levelsWhen is global population expected to peak and at what levelWill greater dependency ratios lead to higher inflationWhat is the difference between growth and developmentHow slowing population growth will impact investmentsWhy the world will need to transition to a steady-state economy focused on well-being rather than growthFor more information on this episode click here.SponsorsLinkedIn Jobs - post your job for freeMoney For the Rest of Us PlusShow NotesWorld Population Prospects 2022: Summary of Results—United Nations Department of Economy and Social AffairsFive Key Findings from the 2022 UN Population Prospects by Hannah Ritchie, et al.Germany Plans to Simplify Immigration Rules to Combat Labour Shortage—Schengen VisaHigh Cost Deters IT Gurus from Filling Luxembourg Jobs by Kate OglesbyAnother Beautiful Italian Town Is Selling €1 Homes—This Time, No Deposit Required by Cailey RizzoWill Inflation Make a Comeback as Populations Age? by Olli RehnThe Great Demographic Reversal: Ageing Societies, Wanting Inequality, and an Inflation Revival by Charles Goodhart and Manoj PradhanThe Enduring Link Between Demography and Inflation by Mikael Juselius and Elöd TakátsUnions Are Now a Lifestyle Choice for Some Young, Aspirational Workers, Says Walter Olson—The EconomistEconomics for a Full World by Herman DalyThis Pioneering Economist Says Our Obsession with Growth Must End by David MarcheseThe Environmental Kuznets Curve by David I. SternSmall Is Beautiful: Economics as if People Mattered by Ernst F. SchumacherSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Five ways we can better take and manage risk.Topics covered include:How likely is it that China will invade Taiwan and the stock market will fall 80%Why experts tend to be humble and don't make specific predictionsWhat is the difference between risk and uncertainty, and between loss capacity and loss aversionWhat factors impact our degree of loss aversion and loss toleranceWhy the economy needs more risk takers rather than rentiersFor more information on this episode click here.SponsorsMasterworks - invest in modern artReal VisionShow NotesInvestor Risk Profiling: An Overview by Joachim Klement, CFA—CFA Institute Research FoundationLooming Large or Seeming Small? Attitudes Towards Losses in a Representative Sample by Jonathan Chapman, et al.The Global Impacts of Climate Change on Risk Preferences by Wesley Howden and Remy LevinDoes Mood Take the Front Seat in Determining the Financial Risk-Taking Propensity of Individuals? Evidence from India by Crystal Glenda Rodrigues and Gopalakrishna B. VVenture Capital AUM at Record High of $2tn—Preqin10 Key Facts About the Capital Markets by Katie Kolchin, CFA—SIFMARelated EpisodesWhat Is Risk vs Uncertainty?268: How To Better Manage Risk350: How to Invest in Startups on Equity Crowdfunding Platforms?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How protected are you if the brokerage firm where you hold your stocks, bonds, and crypto assets files for bankruptcy? Why you shouldn't store your crypto assets with an online broker.Topics covered include:How traditional brokerage firms protect their client assets in case of bankruptucyHow cryptocurrency brokers, such as Voyager, mistreat their clients in bankruptcy proceedingsWhat is the safest way to hold cryptocurrencyFor more information on this episode click here.SponsorsKeeper - keep your passwords safePolicygeniusMoney For the Rest of Us PlusShow NotesVoyager To Acquire Circle Invest Retail Digital Asset Business From Circle Internet Financial—CisionWelcome, Circle Invest! Voyager Acquires Circle Invest's Retail Customers—VoyagerCrypto lender Voyager Digital files for bankruptcy by Shivam Patel, Sinead Cruise, and Tom Wilson—ReutersCrypto lender Voyager addresses customer anger in first bankruptcy hearing by Dietrich Knauth—ReutersIf a Brokerage Firm Closes Its Doors—FINRACrypto Broker Voyager Digital Says Three Arrows Capital Hasn’t Repaid $666 Million in Loans by Vicky Ge Huang—The Wall Street JournalFrom $10 billion to zero: How a crypto hedge fund collapsed and dragged many investors down with it by MacKenzie Sigalos—NCBCRopes & GrayUpdate on Customer USD and Crypto—VoyagerInvestors lament potentially lost ‘millions’ on Voyager bankruptcy by Brian Quarmby—CointelegraphCoinbase Quarterly ReportCFTC Charges MF Global Inc., MF Global Holdings Ltd., Former CEO Jon S. Corzine, and Former Employee Edith O’Brien for MF Global’s Unlawful Misuse of Nearly One Billion Dollars of Customer Funds and Related Violations—Commodity Futures Trading CommissionRelated Episodes387: Why Most Money Fails392: What Is Money and How to Use ItSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David and his son Camden conclude their conversation about money.Topics covered include:A review of money principles discussed in Part 1How money is createdHow money is energyWhy bank runs occurHow cryptocurrency fails as moneyHow money is debt backed by debtFor more information on this episode click here.SponsorsPolicygeniusMoney For the Rest of Us PlusSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David and his son Camden hold a conversation about money, its attributes, how it's created, and how money differs from investments.Topics covered include:How our earliest money memories impact our views on moneyThe difference between public and private moneyWhat are the two primary attributes of moneyWhy money should be accepted with no questions askedHow some countries use more cash than othersHow money differs from investingWhy private money can be riskyFor more information on this episode click here.Show NotesFree email course and PDF on how to beat inflationSponsorsLinkedIn – Post your job for freeReal VisionSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Three things investors can do to survive this bear market and thrive in its aftermath.Topics discussed include:What are bear markets, how often do they occur, and how long do they lastHow the current bear market differs from previous onesHow severe have losses been for various asset classesHow have asset class long-term expected returns changed since last November when the sell-off beganWhat actions can investors take to make it through this bear market and take advantage of opportunitiesFor more information on this episode click here.Episode SponsorsLinkedIn - Post your job for freeReal VisionShow NotesUS Leading Indicators, Updated: Friday, June 17, 2022—The Conference BoardInvestment Mentioned In this EpisodeThe Vanguard Total World Stock Market ETF (VT)ARK Innovation ETF (ARKK)iShares Edge MSCI Intl Value Factor ETF (IVLU)Vanguard Total Bond Market ETF (BND)iShares 20+ Year Treasury Bond ETF (TLT)Related Episodes306: Three Approaches to Asset Allocation326: The New Math of Retirement Spending and InvestingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the show, David shares some investing lessons from fly fishing and introduces our new course on How To Invest in Closed-End Funds.Between now and the end of June get 25% off the course. You can learn more here.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How big index fund and ETF providers have increased their sway over publicly-traded companies while potentially discouraging competition. What can be done about it?Topics covered include:How market share for assets under management has become increasingly concentrated with big fund complexes like Vanguard and BlackRockWhat is a fiduciary relationship and how do asset managers serve as fiduciariesWhy do investors in index funds and ETFs have no input as to how fund sponsors vote on shareholder proposalsWhat percentage of outstanding shares do Vanguard and BlackRock own of publicly traded companies like Apple, Target, or gun manufacturersHow Vanguard and BlackRock use engagement and voting policies to influence publicly traded companies, particularly when it comes to climate risk and diversityHow ownership by Vanguard and BlackRock in publicly-traded companies in the same industry could discourage competition.What can be done through regulation or through individual action to reduce Vanguard and BlackRock's influenceFor more information on this episode click here.SponsorsPolicygenius - save over 50% on life insuranceWealthfront - get your first $5,000 managed for free for lifeShow NotesWhat BlackRock, Vanguard and State Street Are Doing to the Economy by Farhad Manjoo—The New York TimesInvestment Company Fact BookWorld's Top Asset Management Firms—ADV RatingWest Virginia Treasury Drops BlackRock Over Stance on Climate Risk by Alicia McElhaney—Institutional InvestorHow an Organized Republican Effort Punishes Companies for Climate Action by David Gelles and Hiroko Tabuchi—The New York TimesThe Future of Corporate Governance Part I: The Problem of Twelve by John C. Coates, IVLarry Fink’s 2022 Letter to CEOs: The Power of CapitalismBlackRock's gun money by Dan Primack—AxiosInvestment Stewardship 2021 Annual Report—VanguardProxy Voting Policy for U.S. Portfolio CompaniesAnticompetitive Effects of Common Ownership by José Azar, Martin C. Schmalz, and Isabel TecuCommon Ownership and Industry Profitability: A Crossindustry View by Haifeng Wang, Jan-Carl Plagge, James Rowley, Roger A Aliaga-DiazHow ESG investing came to a reckoning by Harriet Agnew, Adrienne Klasa and Simon Mundy—Financial TimesRelated Episodes148: Is Your Financial Advisor Loyal to You?234: Index But Don’t Herd340: Climate Change, ESG, and What Should Investors Do?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore whether long-term and short-term single-family home rentals are contributing to higher rents, higher home prices, and a housing shortage. What are the options for investing in this space and should we?Topics covered include:What is financializationWhat are examples of how financialization and government policy has impacted housingHow homeownership rates vary around the worldHow much of a presence do equity REITs have in the single-family home rental spaceHow a housing shortage and more vacation rentals show up in vacancy ratesHow short-term rentals can magnify the housing shortageWhat are options for investing in single-family home rentalsFor more information on this episode click here.SponsorsMasterworks - Invest in contemporary paintingsReal Vision - be one of the first to learn about Real Vision's new investing and trading educationShow NotesFinancialization and the World Economy by Gerald A. EpsteinHousing Vacancies and Homeownership (CPS/HVS)—United States Census BureauList of countries by home ownership rate—WikipediaThe Evolution of Homeownership Rates in Selected OECD Countries: Demographic and Public Policy Influences by Dan Andrews and Aida Caldera Sánchez—OECD Journal: Economic StudiesBest Places to Invest in Vacation Rentals in 2021 & 2022—AirDNAAirbnbs Outnumber New York City Apartments in Hot Market by Michael Tobin—BloombergAIRBNB Airbnb Enables “Split Stays” to Ease Inventory Woes by Mitra Sorrells—WITAmid Tucson housing shortage, Airbnbs fill up whole apartment buildings by Carol Ann Alaimo—Tucson.comVacation Rental Industry Statistics—iPropertyManagement.comAverage Airbnb Occupancy Rates By City [2022]—AllTheRoomsInvestments MentionedAmerican Homes 4 Rent (AMH)Invitation Homes (INVH)Sun Communities Inc (SUI)ArrivedRoofstockRelated Episodes154: Do Homeowner Tax Breaks Cause Homelessness?238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages258: How Financialization Pushes Up Home Prices357: Is a Housing Crash Coming?370 Plus: Investing in Latin America Stocks, TIPS, and Single-Family Rental HomesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How financial markets and the economy performed last time the Federal Reserve took away the punch bowl by raising its policy rate and pursuing quantitative tightening. Things worked out fine that time. Will it be different this time?Topics covered include:Where did the phrase take away the punch bowl come fromHow central bank actions can slow the economy and lower inflation.The difference between having cash and having wealthHow quantitative easing and quantitative tightening workWhat happened last time the Federal Reserve pursued quantitative tighteningFor more information on this episode click here.SponsorsFarmTogether - Your farmland investment managerLinkedIn - Post your job for freeShow NotesAddress before the New York Group of the Investment Bankers Association of America on October 19, 1955, by William McChesney Martin, Jr.—FRASERM2—Federal Reserve Economic DataAssets: Total Assets: Total Assets: Wednesday Level—Federal Reserve Economic DataAssets: Securities Held Outright: U.S. Treasury Securities: All: Wednesday Level—Federal Reserve Economic DataAmericans Reported Strong Personal Finances Late Last Year, Fed Finds by David Harrison—The Wall Street Journal270: Repo Rates Soared—Here’s Why It MattersRelated Episodes270: Repo Rates Soared—Here’s Why It Matters295: Federal Reserve Insolvency and Monetizing the National Debt312: What the Federal Reserve’s New Policies Mean For Your FinancesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How should you approach money given most of it either collapses or loses its purchasing power due to inflation.Get our free six-day email course on how to beat inflation.Topics covered include:How supposedly safe savings apps collapsed, wiping out users' savingsWhy algorithmic stablecoins keep failing and why they are not black swansWhat it takes for money to be successfulHow money differs from investmentsFor more information on this episode click here.SponsorsComposer automated traded platformWealthfront - get your first $5,000 managed for free for lifeShow NotesIntellabridgePower Women: Maria Eagleton, Mastercard-incubated Blockchain Company, is setting An Example For Women in Cryptocurrency by Shruti Sood—Morning Lazziness@kashdefi, Twitter post, May 7th, 2022 7:54 AM@kashdefi, Twitter post, May 8th, 2022 10:42 AMTerraCryptocurrency TerraUSD Plunges as Investors Bail by Caitlin Ostroff, Elaine Yu, and Paul Kiernan—The Wall Street JournalCryptocurrency TerraUSD Falls to 11 Cents, Creator Announces Rescue Plan by Paul Vigna—The Wall Street Journal@kashdefi, Twitter post, May 9th, 2022 8:57 PM@kashdefi, Twitter post, May 9th, 2022 9:07 PM@kashdefi, Twitter post, May 12th, 2022 11:01 PMIntellabridge Announces Kash 2.0 and Kash Treasury Product Update—IntellabridgeThere are 99 problems and Tether ain’t $1 by Bryce Elder—Financial TimesTether cuts holdings of commercial paper, says majority of exposure in Treasuries -CTO—ReutersInvestors withdraw over $7 billion from tether, raising fresh fears about stablecoin’s backing by Ryan Browne—CNBCRelated Episodes333: How The Covid Shock Nearly Destroyed The Financial System373: Are Stablecoins Safe? Should You Own Them?384 Plus: Survey Follow Up, A Stablecoin Collapse, and Trying to Analyze Ripple (unlocked for non Plus members)See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are examples of when it makes sense to pay more than the usual price or fair value for an item or asset?Topics covered include:Why we are willing to pay a premium for convenience, scarcity, status and to avoid wasteWhat is the difference between net asset value and book valueWhy business development companies can sell at a premiumWhy farmland REITs sell at a premiumWhy closed-end funds sell at a premiumHow to decide whether to pay a premium or notFor more information on this episode click here.SponsorsMasterworks - invest in contemporary artKeeper - keep your passwords safeShow NotesThe Fall of Netflix and Overlooked Assets W/ David Stein—The Investor's Podcast 445Hercules CapitalGladstone Land CorporationThe Gabelli Utility Trust—Gabelli FundsRelated Content381: Investing in Business Development Companies (BDCs) and other Niche Assets That Trade on Stock ExchangesHow to Invest in Closed-End FundsGuide to Farmland InvestingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With many of the largest tech stocks falling over 20% year-to-date, is now the time to invest? Has the market changed to where tech investing is a safe bet?Topics covered include:What happened to NetflixWhat contributed to the astounding performance of large tech stocks since 2013How the largest contributors to overall stock market performance are always changingWhy the largest tech companies could fall even more from today's levelWhat are the valuations and sentiment toward large tech stocksWhat is complexity economics and how does it influence technologyHow younger investors and fractional trading have influenced the stock marketWhy stock splits are less effective today in driving up share pricesFor more information on this episode click here.SponsorsPolicygenius - save over 50% on life insuranceOurCrowd - the fastest-growing venture capital communityShow NotesNetflix stock plunges as subscribers quit by Julianne Pepitone and Aaron Smith—CNN MoneyNetflix Explores a Version With Ads as Subscriber Base Shrinks by Joe Flint and Denny Jacob—The Wall Street JournalNo, you did not see the Netflix mess coming by Robert Armstrong—Financial TimesFANMAG: Because FAANGs Are So Yesterday—DimensionalComplexity and the Economy by W. Brian ArthurRising Risk of Stagflation by Chris Brightman—Research Affiliates"Fractional Trading" by Zhi Da, Vivian W. Fang, and Wenwei Lin"Attention Induced Trading and Returns: Evidence from Robinhood Users" by Brad M. Barber, Xing Huang, Terrance Odean, and Christopher SchwarzRetail Raw: Wisdom of the Robinhood Crowd and the COVID Crisis by Ivo Welch (NBER Working Paper No. 27866. September 2020, Revised October 2020)—National Bureau of Economic ResearchRelated Episodes261: Is Value Investing Dead?298: The Stock Market Is Not the EconomySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What causes secular bull and bear markets in commodities. What factors suggest a new commodities bull market has started and how can investors participate. What are the risks.Topics include:What is a bull and bear marketHow long have earlier commodity bull and bear markets lasted and what were the returnsWhat led to the current commodity bear market that began in 2011How shareholder revolts and ESG mandates have contributed to reduced investment in the commodities space, contributing to the rebound in commodity pricesWhy natural gas prices are so much higher in Europe than the U.S.How the shift to electric vehicles is driving the demand for commoditiesWhat are five ways to participate in a commodities bull marketFor more information on this episode click here.SponsorsLinkedIn - post your job for free by using this linkPolicygeniusShow NotesJeff Currie on the 'Volatility Trap' Keeping Commodity Prices So High - Odd Lots - BloombergNGP Energy CapitalResearch—Strategas SecuritiesThe Energy Blame Game and Other False Narratives—Energy Income PartnersRelated Episodes296: Why Negative Prices Exist and What Can They Teach Us340: Climate Change, ESG, and What Should Investors Do?351: How to Profit From Carbon Investing While Combatting Climate Change382: Is A Famine Next? Food Inflation, Food Riots, and Investing in Commodities and Other Real ThingsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How contrarians combine value and momentum to take positions opposite what the consensus believes. What is the consensus view in today's financial markets and how are contrarians positioned.Topics covered include:Five attributes of successful investorsWhy does the consensus expect stagflationHow central banks have performed in previous tightening cyclesThree reasons central banks tightening results in a recessionWhen have interest rates peaked in prior tightening cyclesHow stocks tend to do well when investors get extremely pessimisticWhat are examples of contrarian investments in the current market environmentHow contrarian opportunities involve both value and momentumWhat are some additional examples of being contrarian outside of the investment arenaFor more information on this episode click here.SponsorsOurCrowd - Invest in pre-vetted startupsFarmTogether - Invest in farmlandShow NotesWeekly Market Pulse: Time To Get Contrarian? by Joseph Y. Calhoun III—Alhambra InvestmentBofA Says Fund Managers Most Gloomy on Record on Recession Woes by Nikos Chrysoloras—BloombergHot Economy, Rising Inflation: The Fed Has Never Successfully Fixed a Problem Like This by Jon Hilsenrath and Nick Timiraos—The Wall Street JournalTightening risks recession but inaction would be worse by Neil Shearing—Capital EconomicsSeeing What's Next: Using the Theories of Innovation to Predict Industry Change by Clayton M. Christensen, Scott D. Anthony, and Erik A. RothRelated Episodes261: Is Value Investing Dead?266: Using Momentum Investing and Trend FollowingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why food costs are soaring and what we can do about it. Why inflation rates could start to drop. Why commodity futures, including agriculture futures, have been lousy inflation hedges, and what has worked better.Topics covered include:Previous investment recommendations by Money For the Rest of Us to combat inflationWhy commodity futures hedge against unexpected inflation but have underperformed inflation over the long-termA recommended ETF for investing in commodity futuresWhat is causing the jump in food prices and fertilizerWhy the risk of food shortages is increasing and what are remedies to solve itWhy agriculture price increases don't always lead to higher food costs at the storeWhy inflation rates could slow in the coming monthsFor more information on this episode click here.Episode SponsorsComposer automated trading platform Policygenius Show NotesUkraine War Threatens to Cause a Global Food Crisis by Jack Nicas—The New York TimesRussia’s invasion of Ukraine is causing record-high food prices—The EconomistAs sanctions bite Russia, fertilizer shortage imperils world food supply by Tom Polansek and Ana Mano—ReutersAll That’s Stopping a Full-Blown Food Crisis? Rice by Javier Blas—The Washington PostPackaged-food firms are running out of room to raise prices—The EconomistProspective Plantings, March 31, 2022—USDARelated Episodes232: Is It Time To Invest In Commodities?309: Investments to Fight Financial Repression312: What the Federal Reserve’s New Policies Mean For Your Finances336: Own What Is Real338: The National Debt, Inflation, and the U.S. Dollar—What Could Go Wrong?342: Is Another Great Inflation Coming?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We review the ten asset categories that trade on major stock exchanges, many of which are smaller niches in which individual investors have an edge over institutional investors.How to invest in business development companies, a small segment of the markets that has returned 9% annualized with dividend yields of 8%.Topics covered include:How securities trading has changed and why are there so many trading platformsWhy do institutions still pay trading commissionsWhen did stock exchanges start and which are the largestWhat are direct and indirect investment vehiclesWhat are the ten asset types that trade on stock exchangesHow to invest in business development companies (BDCs)For more information on this episode click here.SponsorsWealthfront - get your first $5,000 managed for free for lifeLinkedIn - post your first job for freeShow NotesNew York Stock Exchange (NYSE)—Corporate Finance InstituteOff-Exchange Trading To Continue To Grow In US by Shanny Basar—Traders MagazineHow We Analyzed Wall Street Block Trades by Liz Hoffman, Corrie Driebusch, and Tom McGinty—The Wall Street JournalU.S. Institutional Equity Trading Commissions Jump 25% to $8.9BN in 2021, According to Bloomberg Intelligence—BloombergLargest stock exchange operators worldwide as of December 2021, by market capitalization of listed companies—StatistaTotal Market Value of U.S. Stock Market—Siblis ResearchETFGI reports the ETFs industry in the United States ended 2021 with record high assets of US$7.21 trillion and record net inflows of US $919.78 billion—ETFGIREIT Industry Financial Snapshot—NareitMortgage REITs—NareitClosed-End Fund Assets and Net Issuance—Investment Company InstituteInvestor Bulletin: American Depositary Receipts—U.S. Securities and Exchange CommissionWhat is an ADR?—Stock Market MBADirect Lenders in the U.S. Middle Market by Tetiana Davydiuk, Tatyana Marchuk, and Samuel RosenBusiness Development Companies (BDCs)—Levin LawRelated Episodes318: What Are SPACs and Should You Invest in Them?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stories determine economic and financial outcomes, both our own and the world in aggregate. Here's how to craft and follow stories that will lead to better financial outcomes and greater happiness.Topics covered include:How financial narratives give us the confidence to take action in the face of uncertainty and potential lossHow the greater the stakes, the more we rely on anecdotal evidence rather than statisticsIs the world more stable and predictable or in a constant state of disorderHow stories determine what we buy and aspire to and how marketers try to influence those storiesHow stories of fear and greed influenced economic outcomes in the 1920s and 1930sHow more precise stories lead to greater confidence and potentially to manipulation.How to get off the hedonic treadmill in order to be happierThanks to OurCrowd and Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesJoseph Campbell & The Hero’s Journey by Tamlorn Chase—Odyssey OnlinePanarchy: Understanding Transformations in Human and Natural Systems by Lance H. GundersonHorisaki Design & HandelOptimizing SKU Selection for Promotional Display Space at Grocery Retailers by Pak Et al.The Role of Sentiment in the Economy of the 1920s by Kabiri Et al.Monetary Policy and the Management of Uncertainty: A Narrative Approach by Bank of England Publications Et al.Impressed by Numbers: The Extent to Which Novice Investors Favor Precise Numerical Information in a Context of Uncertainty by Batteux Et al.When poignant stories outweigh cold hard facts: A meta-analysis of the anecdotal bias by Freling Et al.Narrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. ShillerWalgreens replaced some fridge doors with screens. And some shoppers absolutely hate it by Nathaniel Meyersohn—CNNSupermarket Facts—FMIHow To Want Less by Arthur C. Brooks—The AtlanticRelated Episodes294: How Stories Go Viral and Drive Economic EventsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week, we revisit a classic episode released five years ago. In a newly recorded introduction, David shares the background on the episode and why he chose to release it again in its newly edited form.Topics covered include:The availability heuristic and confirmation biasHow to deal with extreme events when most days are just like the day beforeHow chaos and unpredictability is used as a leadership strategyWhy do we need a point of view to guide our actions when investingHow to manage financially in a increasingly complex and risky worldShow NotesUncertainty – Lawrence M. Krauss – EdgeRegression To the Mean – James J. O’Donnell – EdgeExcerpts from Seth Klarman’s 2016 year end letter to his clients as quoted in the New York TimesMessy: The Power of Disorder To Transform Our Lives – Tim HarfordSeth Godin Course on Presenting To PersuadeUltra-Easy Money: Digging The Hole Deeper? – William R. WhiteSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How societies have functioned without leaders, including leaderless megacities that survived over 800 years.Topics covered include:Is geopolitics more like chess or pokerWhy analysts think Putin will soon agree to a settlement with UkraineDo most development occur from the top-down or bottom-upWhat are some examples of leaderless societies and organizationsHow social capital and enforcement mechanisms allow the world to function without leaders telling everyone what to doHow companies are struggling with the workplace of the future and the role of leadershipWhy do we need more leadership and fewer bossesThanks to Mint Mobile and Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesThe Next 100 Years: A Forecast for the 21st Century by George FriedmanThinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie DukePossible Outcomes of the Russo-Ukrainian War and China’s Choice—U.S.-China Perception MonitorWhy Is Leadership Important? by Eric Beato—Babson Thought & ActionDo We Need Leaders? by Jimmy Guterman_Harvard Business Review Home3 Reasons Why We Need Leaders—Jonathan SandlingIf We’re All Talented People, Why Do We Still Need a Leader? by Angelina Phebus—LifehackTrust, Associational Life and Economic Performance by Stephen KnackIs hybrid work the worst of both worlds?—The EconomistThe Dawn of Everything: A New History of Humanity by David Graeber, David WengrowRelated Episodes203: Is Investing More Like Poker or Chess?280: Travel and the Trust EconomySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Will the world experience both inflation and subpar economic growth at the same time?Topics covered include:What is inflation and what causes itWhat have been the largest contributors to recent high inflationWhy does not everyone experience inflation in the same wayWhy inflation measures are subjectiveWhat are long-term deflationary forces faces the global economyWhat is stagflation and what causes itHow do we monitor stagflation to see if it is comingThanks to FarmTogether and LinkedIn for sponsoring the episodeFor more information on this episode click here.Show NotesConsumer Price Index News Release February 10, 2022—U.S. Bureau of Labor StatisticsAlternate Inflation Charts—John Williams' Shadow Government StatisticsOPEC chief says there's 'no capacity in the world' that could replace Russia's 7 million barrels a day in oil supply-Adam Morgan McCarthy—Markets InsiderSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What can we do to prepare if the Russian-Ukraine war gets even worse?Topics covered include:How risk and uncertainty differ as does how we manage themWhat we can learn from Ukraine and Russian citizens on dealing with uncertaintyWhat will be the financial impact of the sanctions against Russia and the ruble collapseWhy and how we should all prepare for potential cyberattacksWhy now is the time to make sure you have an appropriate asset allocationHow holding dollars, euros, or stablecoin can help protect against currency collapsesWhat we can do to help UkraineThanks to Masterworks and Policygenius for sponsoring the episodeFor more information on this episode click here.Show NotesJPMorgan Says Selling Stocks Now Carries Too Much Risk by Nikos Chrysoloras—BloombergUkraine conflict: Dread in Kyiv as huge Russian convoy advances by Lyse Doucet—BBCRussia launches fierce rocket attack on Ukrainian city of Kharkiv by Guy Chazan, John Reed, Max Seddon, Henry Foy, John Paul Rathbone, and Demetri Sevastopulo—Financial TimesHow new sanctions could cripple Russia’s economy—The EconomistRussian c.bank orders block on foreign clients' bids to sell Russian securities - document—ReutersUkraine invasion: Russians feel the pain of international sanctions by Anastasia Stognei and Simon Fraser—BBCThe dire predictions about a Russian cyber onslaught haven’t come true in Ukraine. At least not yet. by Joseph Menn and Craig Timberg—The Washington PostHackers Breached Colonial Pipeline Using Compromised Password by William Turton and Kartikay Mehrotra—Bloomberg‘Yes, He Would’: Fiona Hill on Putin and Nukes by Maura Reynolds—PoliticoRelated Episodes229: Tail Events and Tail Risk332: What Is Risk vs Uncertainty?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 the investing scale and timeframe that works best for your temperament.Topics covered include:How stocks perform in the days and weeks following catastrophic eventsWhat are some potential financial impacts of Russia's invasion into UkraineHow complex systems operate at different scales and timeframesWhat are examples of different scales and timeframes for investingHow tactical asset allocation strategies workWhy schema and rules of thumb develop and how do they get passed onHow to decide on which investment approach works best for youThanks to Mint Mobile and LinkedIn for sponsoring the episode.For more information on this episode click here.Show NotesNikkei 225 Index - 67 Year Historical Chart—MacrotrendsPanarchy: Understanding Transformations in Human and Natural Systems by Lance H. Gunderson (Editor)Allocate SmartlyProtective Asset Allocation (PAA): A Simple Momentum-Based Alternative for Term Deposits by Wouter J. Keller and Jan Willem KeuningTrying Not to Try: The Art and Science of Spontaneity by Edward SlingerlandRelated Episodes203: Is Investing More Like Poker or Chess?266: Using Momentum Investing and Trend Following374: Lifecycle Investing, Risk Parity Portfolios, and Why Stocks Are Riskier in the Long RunSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Key takeaways from one of the greatest personal finance novels of all time.Topics covered include:Why it is easier to keep doing the same old thingWhy partners should discuss their financesWhy debt can be suffocatingWhy leverage can be dangerousOne of the most satisfying ways to give away wealthThanks to OurCrowd and Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesMiddlemarch by George EliotMiddlemarch Book Summary—StonoryRebecca Mead/"'Middlemarch' and Me"—The New Yorker (Video)See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How lifecycle investing and risk parity portfolios can assist you in having sufficient assets to retire. What are the two types of time diversification and why is one flawed?Topics covered include:What is settled work and what are some examplesHow does lifecycle investing work and should you consider itWhy investing in stocks and other volatile asset classes is riskier over longer holding periodsWhat are risk-parity portfolios and how to evaluate themThanks to Masterworks for sponsoring the episode.For more information on this episode click here.Show NotesThe moral calculations of a billionaire by Eli Saslow—The Washington PostLife-Cycle Investing and Leverage: Buying Stock on Margin Can Reduce Retirement Risk by Ian Ayres and Barry J. NalebuffLifecycle Investing - Leveraging when young, Forum Discussion by Steve Reading on bogleheads.orgWhat Practitioners Need to Know… About Time Diversification (corrected March 2015) by Mark Kritzman—Financial Analysts Journal Volume 71, Number 1Wishful Thinking About the Risk of Stocks in the Long Run: Consequences for Defined Contribution and Defined Benefit Retirement Plans by Zvi BodiePension Obligation Bonds: Know Their Appeal and Pitfalls by Todd Tauzer—SegalShrinkage Estimation in Risk Parity Portfolios by Nabil Alkafri and Christoph FreyPortfolio ChartsHow to Invest in Closed-End Funds—Money For the Rest of UsRelated EpisodesHow to Invest in Closed-End FundsWhy You Should Rebalance Your Portfolio306: Three Approaches to Asset AllocationSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How stablecoins are similar and different from other monetary assets. What are stablecoin risks. Why central bank digital currencies are one of the biggest threats to stablecoins.Topics covered include:Why the Federal Reserve and other central banks are exploring issuing their own digital currenciesWhat is the difference between public and private moneyHow deposit insurance and central bank actions prevent runs on private moneyHow money market mutual funds are a type of stablecoinHow true stablecoins and algorithmic stablecoins differWhat is driving the demand for stablecoinsWhat are the risks of stablecoinsThanks to LinkedIn and Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesMoney and Payments: The U.S. Dollar in the Age of Digital Transformation January 2022—Board of Governors of the Federal Reserve SystemTaming Wildcat Stablecoins by Gary B. Gorton and Jeffery ZhangMoney Stock Measures - H.6 Release—Board of Governors of the Federal Reserve SystemTop Stablecoin Tokens by Market Capitalization—CoinMarketCapTransparency—TetherReport on Stable Coins, November 2021—Various US AgenciesBuilt to Fail: The Inherent Fragility of Algorithmic StablecoinsDr. Ryan ClementsThe Quest for a Truly Decentralized Stablecoin by Brady Dale—Coin DeskCryptocurrency Doesn’t Amount to Much by Steve H. Hanke and Matt Sekerke—The Wall Street JournalRelated Episodes319: Here Come Central Bank Digital Currencies339: How To Make Money with BlockFi, Dai, and the Evolving DeFi Ecosystem333: How The Covid Shock Nearly Destroyed The Financial SystemSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore four reasons to sell an asset with a focus on the Ark Innovation ETF, Bitcoin, and equity REITs. We also put the current stock market sell-off into historical perspective.Topics covered include:What are lousy reasons to sell an investmentWhat is a sell disciplineWhat are four good reasons to sell an investmentWhy and why not to invest in the Ark Innovation ETF (ARKK)Why growth stocks are getting crushed in the current market sell-offHow frequently does the stock market correct by more than 10%Thanks to Mint Mobile for sponsoring the episode.For more information on this episode click here.Show NotesBitcoin Bounces Back After Falling Below $33,000 by Anna Hirtenstein—The Wall Street JournalSelling Out, Memos From Howard Marks—Oaktree Capital ManagementHere's Cathie Wood's advice to her fund's investors after a 58% sell-off in Ark's flagship ETF by Matthew Fox—Markets InsiderRelated Episodes291: How To Survive the Coronavirus (COVID-19) Shutdown302: Investing is Not KnowingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the pros and cons of the four approaches to managing retirement savings. How to implement a bucketing or time segmentation retirement investing approach.Topics covered include:Why it takes time to find a retirement pattern that fitsHow retirement investing is a balance between safety-first and probability-based as well as maintaining optionality and committing.How total return investing differs from a safety-first approachWhat are products allow for a risk floor but also provide some potential growthHow a time segmentation or bucket approach to retirement investing worksThanks to Policygenius and Masterworks for sponsoring the episode.For more information on this episode click here.Show NotesRetirement Planning Guidebook: Navigating the Important Decisions for Retirement Success (The Retirement Researcher Guide Series) by Wade PfauA Model Approach to Selecting a Personalized Retirement Income Strategy by Alejandro Murguia and Wade D. PfauThe Four Approaches to Managing Retirement Income Risk by Wade D. PfauBuild Ladders With iBonds® ETFs—iSharesRelated Episodes279: Why All Retirees Should Consider an Income Annuity306: Three Approaches to Asset Allocation326: The New Math of Retirement Spending and InvestingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Small and mid-cap stocks have underperformed large-cap stocks for over a decade. Is now the time to increase your allocation?Topics covered include:How big are small and mid-cap stocksHow have small and mid-cap stocks performed relative to large-cap stocksHow have active small and mid-cap managers performed relative to indexing optionsAre bigger IPOs contributing to small and mid-cap stocks underperformanceHow expensive or cheap are small-cap stocks relative to large-capWhat is the capital asset pricing model and how do academics use it to identify outperforming factorsHow value, momentum, and quality drive small-cap stock outperformanceHow to invest in small and mid-cap stocksThanks to Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesThe Morningstar Active/Passive BarometerInitial Public Offerings: Updated Statistics January 5, 2022, by Jay R. Ritter—Warrington College of Business, University of FloridaThe Nexus of Anomalies-Stock Returns-Asset Pricing Models: The International Evidence by Rahul Roy and Shijin SanthakumarThe Cross-Section of Stock Returns before 1926 (And Beyond) by Guido Baltussen, Bart van Vliet, and Pim van VlietFactor Timing: Keep It Simple by Michael Aked—Research AffiliatesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We answer listener questions in our final episode of 2021.Topics covered include:Estimating financial market returns in the next thirty yearsInvesting in artWhether stocks will no longer existHow to start investingFidelity's new Bitcoin ETFHow mutual funds are pricedHow to teach family members about investingVolatility versus drawdownsHow to face the uncertainty of crashing stocks, rising interest rates, and numerous other economic and financial threatsDavid's four most recent investments he made in his personal portfolioThanks to Policygenius and OurCrowd for sponsoring the episode.For more information on this episode click here.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What is Web 3.0 and how will it transform the world? How you can invest your time and money in decentralized autonomous organizations and other Web3 projects.Topics covered include:What are Web 1.0, Web 2.0, and Web 3.0 and how do they differWhat are decentralized autonomous organizations (DAOs)How DAOs operate and what are some examplesHow to register one's Web 3.0 user nameHow the Ethereum network, a major part of Web3, is changingHow to participate and invest in DAOs and other Web3 projectsThanks to LinkedIn and Commonstock for sponsoring the episode.For more information on this episode click here.Show NotesDecentralized autonomous organizations (DAOs)—EthereumState of the DAOs #0 | Oct 6th, 2021 by BanklessDAO Writers Guild—BanklessDAODecentralized Autonomous Organizations;The New Coordination Frontier by Calvinme—MediumOrganization Legos: The State of DAO Tooling by Nichanan Kesonpat—MediumOpenOrgs.infoSnapshotDeepDAOENSUniswap ProtocolGas and Fees—EthereumUltra Sound MoneyProof of Stake (PoS)—EthereumWhat Is the Metaverse, Exactly? by Eric Ravenscraft—WiredChris Dixon and Naval Ravikant — The Wonders of Web3, How to Pick the Right Hill to Climb, Finding the Right Amount of Crypto Regulation, Friends with Benefits, and the Untapped Potential of NFTs (#542)—The Tim Ferris ShowRelated Episodes339: How To Make Money with BlockFi, Dai and the Evolving DeFi EcosystemNFTs—Money For the Rest of Us Topic IndexSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How different asset classes and investment strategies have performed during periods of unexpectedly high inflation. While trend and momentum strategies have performed the best, what are some of the challenges with implementing those strategies.Topics covered include:What has led to today's high inflation environment and why it is uniqueHow current demographic and technology trends are disinflationaryHow many inflationary regimes have there been in the pastHow stocks, residential housing, commodities, collectibles performed during high inflation environments.How trend following and momentum have been the best performing strategy during high inflation environments.Which trend following and momentum approaches have worked best for individual investors.How managed futures strategies workThanks to OurCrowd and Egnyte for sponsoring the episode. Here is more information on Money For the Rest of Us Plus.For more information on this episode click here.Show NotesUS Budget Deficit Hits $2.77 Trillion in 2021, 2nd Highest by Associated Press—U.S. News & World ReportIndia says nationwide birthrates drop below key ‘replacement rate’ by Gerry Shih—The Washington PostThe Best Strategies for Inflationary Times by Henry Neville Et al. Trend Following: Equity and Bond Crisis Alpha by Carl Hamill, Sandy Rattray, and Otto Van HemertAQR hedge fund suffers $10bn in outflows by Laurence Fletcher—Financial TimesIs There a Replication Crisis in Finance? Theis Ingerslev Jensen, Bryan T. Kelly, and Lasse Heje PedersenRelated Episodes266: Using Momentum Investing and Trend Following342: Is Another Great Inflation Coming?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With oil, natural gas, coal, and gasoline at the highest prices in eight years, we consider if there is an energy crisis due to an over-reliance on renewable energy sources.Topics covered include:How high have prices risen for oil, gasoline, natural gas, and coalWhy rising energy prices is a multifaceted problem as illustrated by coalHow the global energy mix has changed for power productionWhy investment capital is flowing to renewable energy projects rather than fossil fuel projectsWhy a clean energy transition leads to more volatile fossil fuel pricesHow higher oil prices lead to greater adoption of electric vehiclesHow renewable energy combined with battery technology will create lead to energy on-demand solutionsThanks to Egnyte and Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesUS coal prices jump to highest level since 2009 by Myles McCormick—Financial TimesChina’s Energy Crisis Complicates Its Plans for Climate Announcements Ahead of COP26 by Sha Hua and Keith Zhai—The Wall Street JournalChina’s Coal War With Australia Fuels Shortage at Home by Chuin-Wei Yap—The Wall Street JournalChina’s Coal Shortage Threatens Farmers in India and Truckers in South Korea by Jiyoung Sohn in Seoul and Vibhuti Agarwal—The Wall Street JournalThe Gregor LetterPresident Jimmy Carter - Report to the Nation on Energy (Video)Share of renewables, low-carbon sources and fossil fuels in power generation, World 1990-2019—IEAOil 2021: Analysis and forecast to 2026—IEACoal—IEAStatement on recent developments in natural gas and electricity markets—IEARenewable energy firms warn of difficult conditions amid slow winds by Jasper Jolly—The GuardianGlobal EV sales rise 80% in 2021, as automakers including Ford, GM commit to zero emissions: BNEF by Robert Walton—Utility DiveEveryday DriverIn 1900, Ladies’ Home Journal Publishes 28 Predictions for the Year 2000 by Josh Jones—Open CultureHere’s what’s in the infrastructure bill that Biden signed today By Emily Cochrane, Christopher Flavelle, and Alan Rappeport—The New York TimesBattery Storage in the United States: An Update on Market Trends—U.S. Energy Information AdministrationMetals may become the new oil in net-zero emissions scenario by Lukas Boer, Andrea Pescatori, Martin Stuermer, Nico Valckx—Vox EU, CERPRelated Episodes346: Should You Buy an Electric Car or Truck?What You Need to Know About Carbon Investing and its Effect on Climate ChangeSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What conditions need to be in place for an asset bubble to continue and how that applies to stocks, cryptocurrency, and houses.Topics covered include:How to determine if there is an asset bubbleWhat are microbubbles and anti-bubblesHow the cannabis stock bubble burstWhat is required to sustain an asset bubbleHow the current runup in home prices differs from the housing bubble in the mid-2000sWhat structural changes have led to the high valuations for U.S. stocksWhat is the Great Wealth Transfer and will it impact stock pricesThanks to Commonstock and LinkedIn for sponsoring the episode.For more information on this episode click here.Show NotesAll-Transactions House Price Index for Oakland-Berkeley-Livermore, CA (MSAD)—Federal Reserve Bank of St. LouisS&P/Case-Shiller CA-San Francisco Home Price Index—Federal Reserve Bank of St. LouisWhat Pops Stock Market Bubbles? Only Surprises, Rob Arnott Says by Vildana Hajric and Michael P. Regan—BloombergYes. It's a Bubble. So What? by Rob Arnott, Bradford Cornell, and Shane Shepherd—Research AffiliatesBubble, Bubble, Toil and Trouble by Rob Arnott, Bradford Cornell, and Shane Shepherd—Research AffiliatesWhat's really going on with San Francisco Walgreens closures? by Eric Ting—SFGATESF ranks high in property crime while it ranks low in arrests by Phil Matier—San Fransisco ChronicleZillow’s Algorithm-Fueled Buying Spree Doomed Its Home-Flipping Experiment by Patrick Clark—BloombergIn Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis – Xavier Gabaix and Ralph S.J. KoijenThe Great Wealth Transfer—Cerulli AssociatesHow Does Intergenerational Wealth Transmission Affect Wealth Concentration? by Laura Feiveson and John Sabelhaus—Board of Governors of the Federal Reserve SystemRelated Episodes226: How To Spot Asset Bubbles and What To Do About Them234: Index But Don’t Herd329: Meme Stocks, GameStop, Short Squeezes, and BubblesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to decide whether it is worth it to hedge currency exposure when investing outside of your home country.Topics covered include:How currency exchange rates impact investment returnsWhat factors impact currency exchange ratesWhat are carry trades and how do they influence exchange ratesHow currency forward contracts workHow ETFs and funds hedge currency exposureWhat to consider when deciding whether to hedge foreign currency exposureThanks to Egnyte and Quartr for sponsoring the episode.For more information on this episode click here.Show NotesRising U.S. yields push yen to lowest in nearly 3 years by Saikat Chatterjee—ReutersCutting Volatility in Foreign Stocks While Remaining 100% Invested: Hedge the Currency? by Jeff Weniger and Jeremy Schwartz—WisdomTreeCarry Trade Comes Surging Back With Biggest Gains Since 2016 by Robert Fullem and Brody Ford—BloombergRelated Episodes209: Why Bother Investing Internationally?283: Why You Should Care About Carry TradesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How New York City and other metropolises will overcome the pandemic economic shock. Why do some cities thrive while others devolve into chaos? How we can develop the resiliency of thriving cities.Topics covered include:How New York and other cities have dealt with the pandemic economic shockWhy the city of Port au Prince in Haiti is strugglingWhy do cities fail less frequently than companiesHow we can replicate the rhythms and cycles of citiesHow most cities can evolve in response to the pandemic and we can tooThanks to Felix Gray and Alto CryptoIRA for sponsoring the episode.For more information on this episode click here.Show NotesLocal Area Unemployment Statistics - New York City— U.S. Bureau of Labor StatisticsScale: The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and Companies by Geoffrey B. WestThe Office Sector in New York City by Brian McElwain, Anita Yadavalli, and Amar Mehta—Office of the New York ComptrollerDesperate Haitians suffocate under growing power of gangs by Dánica Coto and Alberto Arce—The Associated PressCalifornia’s approach to gendered toys says a lot about the state’s political direction—The EconomistHB 389: Poor policy, poorly written, bad for rural Idaho by Geoffrey Wardle—Idaho Business ReviewHuman History Gets a Rewriteby By William Deresiewicz—The AtlanticThe Dawn of Everything: A New History of Humanity by David Graeber and David WengrowFour Thousand Weeks: Time Management for Mortals by Oliver BurkemanRelated Episodes171: The Extraordinary Impact of CitiesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why the new U.S.-based Bitcoin ETFs are a bad idea and will underperform Bitcoin.Topics covered include:What fund and ETF options are available for investing in BitcoinWhy the U.S. has only authorized Bitcoin ETFs that invest in Bitcoin futures even though there are closed-end funds that hold Bitcoin directlyWhat is there a regulatory battle surrounding cryptocurrencies?How closed-end funds differ from ETFsHow Bitcoin futures workWhy Bitcoin ETFs that invest in Bitcoin futures will lag the performance of owning Bitcoin directlyWhy investors should avoid the new U.S. Bitcoin ETFsThanks to Policygenius and Justworks for sponsoring the episode.For more information on this episode click here.Show NotesSEC Set to Allow Bitcoin Futures ETFs as Deadline Looms by Katherine Greifeld, Vildana Hajric, and Benjamin Bain—BloombergU.S. SEC Chair Gensler calls on Congress to help rein in crypto 'Wild West' Katanga Johnson—ReutersBitcoin Strategy ETF—ProSharesPurpose Bitcoin ETF—Purpose InvestmentsGrayscale® Bitcoin TrustOsprey Bitcoin TrustJacobi receives approval for "world’s first tier one" bitcoin ETF—Funds EuropeRemarks Before the Aspen Security Forum by Chair Gary Gensler—U.S. Securities and Exchange CommissionCoinbase abandons lending product after SEC pushback by Hannah Murphy and Stefania Palma—Financial TimesCoinbase calls for creation of dedicated crypto regulator by Hannah Murphy and Stefania Palma—Financial TimesFirst bitcoin futures ETF to make its debut Tuesday on the NYSE, ProShares says by Tanaya Macheel—CNBCRustication by Dennis J. Pogue—Mount Vernon Ladies' AssociationIs Thomas Jefferson’s Monticello Constructed of Rammed Earth?—Earth ArchitectureWhat is Roll Yield and How It Impacts Bitcoin, Commodity, and VIX ETF Returns—Money For the Rest of UsRelated Episodes355: Which Money Is Crazier: The U.S. Dollar or Bitcoin?319: Here Come Central Bank Digital CurrenciesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.