What is causing the shortage of goods and workers? What should we do about it?Topics covered include:How a tree pandemic killed billions of American Chestnut treesHow a massive increase in demand has crippled the global supply, leading to an eight-fold increase in shipping costsWhy there are so many job openings and people quitting their jobsWhy the free market doesn't work as well for child daycareHow stimulus payments during the pandemic reduced poverty ratesWhat is the lying flat movementHow everything is in place for an extended period of high inflation even though the bond market still anticipates inflation will be transitoryWhy we should own real things and plan more downtimeThanks to Policygenius and Masterworks for sponsoring the episode.For more information on this episode click here.Show NotesThe Demise and Potential Revival of the American Chestnut by Kate Morgan—Sierra ClubU.S. Imports to Increase by 20% by End of 2021—Material Handling & LogisticsThe largest port in the US hit a new ship-backlog record every day last week, as 65 massive container boats float off the California coast by Grace Kay—Business InsiderThe World Is Still Short of Everything. Get Used to It. by Peter S. Goodman and Keith Bradsher—The New York Times‘Just Get Me a Box’: Inside the Brutal Realities of Supply Chain Hell by Brendan Murray—Bloomberg BusinessweekRising Shipping Costs Are Companies’ Latest Inflation Riddle by Thomas Gryta—The Wall Street JournalIncome, Poverty and Health Insurance Coverage in the United States: 2020—United States Census BureauEmployers Are Baffled as U.S. Benefits End and Jobs Go Begging by Katia Dmitrieva and Olivia Rockeman—BloombergJob Openings and Labor Turnover - July 2021—U.S. Bureau of Labor Statistics‘Lie Flat’ If You Want, But Be Ready to Pay the Price by Allison Schrager—Bloomberg‘Can’t Compete’: Why Hiring for Child Care Is a Huge Struggle by Claire Cain Miller—The New York TimesTreasury Releases Report Showing U.S. Childcare System Overburdens Families and Causes Shortages Due to Inadequate Supply—U.S. Department of the TreasuryRelated Episodes323: The Economy Is Not A Machine331: Why Do We Work So Much?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A regulatory crackdown and ideological campaign by the Chinese government has upended the Chinese stock market, which comprises close to 40% of emerging market indices. We evaluate what is going on and what investors should do.Topics covered include:How has the Chinese stock market performed in 2021Why has Cathie Wood and Ark Invest dramatically cut their Chinese stock exposureWhat are examples of regulatory changes in ChinaWhy the stocks of Chinese online tutoring companies that trade on the New York Stock Exchange fell 90% this yearWhat are variable interest entities (VIEs) and why they are a risky corporate structure for Chinese companiesHow a high private sector debt burden could lead to a banking crisis or contagion in ChinaWhat are ways investors can invest in emerging markets while having a smaller allocation to ChinaThanks to LinkedIn and Simplify ETFs for sponsoring the episode.For more information on this episode click here.Show NotesCathie Wood’s Ark cuts China positions ‘dramatically’ by Leo Lewis and Thomas Hale—Financial TimesBeijing to break up Ant’s Alipay and force creation of separate loans app by Sun Yu and Ryan McMorrow—Financial TimesChina’s dodgy-debt double act—The EconomistChina’s bid to stabilise its property market is causing jitters—The EconomistRelated Episodes218: Is China or the U.S. More Vulnerable?249: Should You Invest in India?328: Are You Underweight Chinese Stocks? Pros and Cons of Investing in ChinaSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the demand and supply drivers of home prices? What is the current status of those drivers and do they suggest a housing price crash is imminent, particularly given mortgage forbearance programs are ending?Topics covered include:How much have home prices appreciated in the past year compared to historical ratesWhat has driven the demand shock for housingWhy U.S. houses are so much more affordable compared to earlier periodsHow big is the housing shortage in the U.S.What could cause home prices to crashHow housing supply and demand drivers apply to local real estate marketsHow to purchase a home in a hot housing marketThanks to the Modern Finance podcast and Simplify ETFs for sponsoring the episode.For more information on this episode click here.Show NotesIn a forgotten town by the Salton Sea, newcomers build a bohemian dream Rory Carroll—The guardianFor One Weekend a Year, a Tiny Town on the Salton Sea Becomes a Mecca for Artists and Partiers by April Wong—Los Angeles MagazineElectric vehicles need batteries. Those need lithium. That’s where the Salton Sea comes in. by Elliot Spagat—Chicago Sun-TimesA shock is headed for the housing market by Lance Lambert—FortuneHousing Supply: A Growing Deficit—Freddie MacRelated Episodes235: What If Home Prices Always Declined258: How Financialization Pushes Up Home Prices317: How To Buy In A Hot Housing MarketSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why bother rebalancing your investment portfolio and what is the best method for doing so.Topics covered include:How a target asset allocation can get out of line if a portfolio is not rebalancedWhat is positive skewness and why it matters to portfolio investingWhat is volatility drag and how it can lead to lower end of period wealthWhat are the costs of rebalancingWhich rebalancing method if any has been the most effectiveThanks to Felix Gray glasses and Mint Mobile for sponsoring the episode.For more information on this episode click here.Show NotesLong-Horizon Stock Returns Are Positively Skewed by Adam Farago and Erik HjalmarssonPositively Skewed Distribution—Corporate Finance InstituteProspect Theory and Stock Market Anomalies by Nicholas Barberis, Lawrence J. Jin, and Baolian WangStrategic Rebalancing by Sandy Rattray, Nicolas Granger, Campbell R. Harvey, and Otto Van HemertPortfolio Rebalancing: Tradeoffs and Decisions by Xing Hong and Philipp Meyer-BraunsDiversification Returns, Rebalancing Returns and Volatility Pumping by Keith Cuthbertson, Simon Hayley, Nick Motson, and Dirk NitzscheGetting back on track: A guide to smart rebalancing by Jenna L. McNamee, Thomas Paradise, and Maria A. Bruno—VanguardSafe Haven: Investing for Financial Storms by Mark SpitznagelRelated Episodes313: No One Is Entirely a Buy and Hold Investor341: How to Overcome Investing Fears354: Now Is the Best Time Ever to Be an Individual InvestorSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We compare the U.S. dollar with Bitcoin on their key attributes to determine which is better for transactions and preserving wealth, which is most absurd and which has serious flaws.Topics covered include:How are new U.S. Dollars and Bitcoin createdHow much has the supply of each currency grownHow both the dollar and Bitcoin have had rule changesWhy Bitcoin transactions are faster than non-cash U.S. dollar transactionsWhy both the dollar and Bitcoin require add-on layers to facilitate transactionsHow tax treatment of a currency can encourage or discourage its use for paymentsWhy divisibility is a critical attribute of any currencyWhy Bitcoin has been as volatile as the Russian rubleWhy Bitcoin is energy inefficient while having built-in incentives to use renewable energyWhat will determine the long-term viability of Bitcoin and the U.S. dollarFor more information on this episode click here.SponsorsMasterworks - the premier platform for investing in blue chip artPolicygeniusShow NotesFederal Reserve Statistical Release: H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks, August 19, 2021Check Processing—Federal Reserve Bank of New YorkGold Reserve Act of 1934—Federal Reserve HistoryCreation of the Bretton Woods System—Federal Reserve HistoryFinancial Accounting Manual for Federal Reserve Banks, July 2021: Chapter 5. Federal Reserve Notes—Board of Governors of the Federal Reserve SystemFinancial Statements: Federal Reserve Bank of Kansas City; As of and for the Years Ended December 31, 2020 and 2019 and Independent Auditors’ ReportA Complete Guide to Understanding and Protecting Against Inflation—Money For the Rest of UsBitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto—BitcoinWhat is a fork?—CoinbaseMapping the Major Bitcoin Forks by Ashley Viens—Visual CapitalistTotal Circulating Bitcoin Chart—BlockchainThere’s Enough Bitcoin For Everyone by Paul Opoku—NasdaqLightning Network: Scalable, Instant Bitcoin/Blockchain TransactionsCrypto Crime Summarized: Scams and Darknet Markets Dominated 2020 by Revenue, But Ransomware Is the Bigger Story—ChainalysisAmericans' Spending on Illicit Drugs Nears $150 Billion Annually; Appears to Rival What Is Spent on Alcohol by Beau Kilmer—RAND Corporation39% of PoW mining is powered by renewables – Cambridge University Cryptoasset study by Gareth Jenkinson—The Daily ChainBitcoin Energy Consumption Index—DigiconomistThe Bitcoin vs Visa Electricity Consumption Fallacy by Carlos Domingo—Hacker NoonEl Salvador Readies Bitcoin Rollout With 200 ATMs for Conversion by Michael D McDonald—BloombergRelated Episodes316: Paper, Rocks, or Digits—What Makes the Best Money335: Are Non-Fungible Tokens (NFTs) Good Investments?339: How To Make Money with BlockFi, Dai and the Evolving DeFi EcosystemSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the advantages and disadvantages individual investors have relative to professional investors. How individual investors can capitalize on their advantages without being overwhelmed by too many choices.Topics covered include:How much have fees and commissions dropped for individual investors in the past two decadesHow the overall objective of individual investors differs from professional investorsWhy the smaller scale at which individual investors operate provides an advantage relative to professional investorsWhat are some advantages that professional investors have relative to individual investorsHow having constraints and rules of thumb allow individual investors to generate better returns and be less overwhelmedWhat are some examples of rules of thumb that collectively form an investment philosophy and processThanks to Streak CRM for sponsoring the episode.For more information on this episode click here.Show NotesTrends in the Expenses and Fees of Funds, 2020—ICI Research Perspective March 2021 // VOL. 27, NO. 3Morningstar's Annual Fund Fee Study Finds Investors Saved Nearly $6 Billion in Fund Fees in 2019—MorningstarThe Reel Deal: The Stacked Benefits of a Reel Mower by John K. Hix and Simone Bailey—Rochester Reginal HealthHow to Invest in Closed-End Funds—Money For the Rest of UsPortfolio VisualizerThe Beauty of Everyday Things by Soetsu YanagiNoise: A Flaw in Human Judgment by Daniel Kahneman, Olivier Sibony, and Cass R. SunsteinRelated Episodes313: No One Is Entirely a Buy and Hold Investor332: What Is Tail Risk and Are You Taking Too Much Of It?341: How to Overcome Investing FearsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How permanent life insurance can be an effective tool for retirement planning.Topics covered include:What is the difference between term and whole life insuranceHow many people let their life insurance policies lapse each yearWhat are strengths that insurance companies have that are beneficial to individual investorsWhat are the benefits of whole life insurance policiesHow the infinite banking concept works and who should it be usedHow asset allocation should differ when investors have a whole life insurance policyWhat are concerns with whole life insuranceHow an integrative approach of using whole life, immediate annuities, and investments can lead to higher retirement spending levelsThanks to today's sponsors: Simplify ETFs and the all-new electric MINI Cooper SEFor more information on this episode click here.Show NotesArthur L. Williams Jr.—Wikipedia, Aug 10, 2021ACLI 2020 Life Insurers Fact Book—The American Council of Life InsurersPros And Cons Of Life Insurance For Children by Cameron Huddleston and Amy Danise—ForbesThe Four Approaches to Managing Retirement Income Risk by Wade D. PfauSafety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement (The Retirement Researcher Guide Series) by Wade D. PfauIntegrating Whole Life Insurance into a Retirement Income Plan: Emphasis on Cash Value as a Volatility Buffer Asset by Wade D. Pfau and Michael FinkeRelated Episodes279: Why All Retirees Should Consider an Income Annuity326: The New Math of Retirement Spending and Investing349: Forward and Reverse Mortgages: When To Take Them Out and When to Pay Them OffSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How owning fewer, more permanent things can lead to greater freedom and continued economic growth.Topics covered include:How a railroad company issued a bond that matured in 999 yearsWhy land and gold are the most permanent investmentsWhat is the oldest currency in useWhy fiat and cryptocurrencies are potentially worthlessWhy permanence is freedom and constantly craving more things limits freedomWhy do quality goods cost moreHow the volume of trash generation and the number of storage units are increasingWhy reducing the number of things we own is so difficult and how to go about doing itHow the economy could change as people own things longerThanks to Felix Gray Glasses and LinkedIn for sponsoring the episode.For more information on this episode click here.Show NotesBusiness & Finance: Freak FinanceBack to the future with long-term bonds by Franky Leeuwerck—Franky's Scripophily BlogSpotELMIRA AND WILLIAMSPORT RAIL ROAD COMPANY 500$ BOND, 1863—WorthPointThe Power of Gold: The History of an Obsession by Peter L. BernsteinHow much gold has been found in the world?—USGSThe oldest living thing on Earth by Marnie Chesterton—BBCWhat is the world's oldest currency?—CMC MarketsBitcoin, Currencies, and Fragility by Nassim Nicholas TalebSmall Is Beautiful: Economics as if People Mattered Bby E. F. SchumacherEvan KinoriGlasswingWant to Make It Big in Fashion? Think Small, Like Evan Kinori by Guy Trebay—The New York TimesArtists of Theory: Evan Kinori Interview by Isaac McKay-Randozzi—Theories of AtlantisNational Overview: Facts and Figures on Materials, Wastes and Recycling—United States Environmental Protection AgencyBasic Information about Landfill Gas—United States Environmental Protection AgencyThe Great Markdown Disaster w/ Evan Kinori—Corporate LunchMinimum by John PawsonEvan Kinori, Clothing Designer by Sean Hotchkiss—Faculty DepartmentStorage Wars—Seeking AlphaFrance Gave Teenagers $350 for Culture. They’re Buying Comic Books. by Aurelien Breeden—The New York TimesRelated Episodes278: You Have Permission to Spend262: Better Not Bigger, Circular Not Linear – How the Global Economy Is ChangingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the carbon emissions allowances and carbon offset markets are structured and how to invest in them.Topics covered include:How much greater are the levels of carbon dioxide in the atmosphere and how much have average temperatures increasedWhy industries and companies are seeking to cut their greenhouse gas emissionsHow cap and trade emissions trading systems workWhat are the demand and supply dynamics of tradable emission allowancesWhat has been the performance of tradeable emission allowancesHow ETFs invest in tradable emission allowancesHow the voluntary carbon offset market is structured and what are the demand and supply dynamicsWhy do companies make voluntary pledges to reduce their carbon footprintsWhat are the types of carbon offset projectsWhy it is more difficult to invest in carbon offset markets and how that is changingThe Money For the Rest of Us podcast is ad-supported, but you can support the show and listen to episodes ad-free by becoming a subscriber. Learn about subscribing here.Thanks to Policygenius and Mint Mobile for sponsoring the episode.For more information on this episode click here.Show NotesVital Signs: Carbon Dioxide—NasaGlobal Energy Perspective 2021—McKinsey & CompanyClimate Change: Global Temperature by Rebecca Lindsey and LuAnn Dahlman—NOAA2030 Climate Target Plan—European CommissionFAQs Carbon Markets & Indices—Intercontinental Exchange, Inc.Carbon trading: the ‘one-way’ bet for hedge funds by David Sheppard—Financial TimesKRBN KraneShares Global Carbon ETF—Krane SharesThe Regional Greenhouse Gas Initiative, Inc.Corporate Carbon Reduction Pledges: An Effective Tool to Mitigate Climate Change? by Stephen Comello, Julia Reichelstein, and Stefan ReichelsteinCarbon offset prices set to increase tenfold by 2030 by Michael Holder—GreenBizCarbon offsetting is essential to tackling climate change—The EconomistCheap cheats—The EconomistFuture Demand, Supply and Prices for Voluntary Carbon Credits – Keeping the Balance—Trove ResearchCarbon offsets gird for lift-off as big money gets close to nature by Susanna Twidale and Shadia Nasralla—ReutersCBL Global Emissions Offset Futures – Constract Specs—CME GroupCBL Nature-Based Global Emissions Offset (N-GEO) and CBL Global Emissions Offset (GEO) Futures ‒ Frequently Asked Questions—CME GroupCME Announces Global Emissions Offset Futures by Filipe Wallin Albuquerque—Nordic Sustainable Investment PlatformRelated Episodes251: Impact Investing and Intentionality262: Better Not Bigger, Circular Not Linear – How the Global Economy Is Changing340: 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.

The risks and opportunities of investing in startups on equity crowdfunding platforms.Topics covered include:Why do individual investors now have more access to startup investmentsWhat has been the historical performance of venture capital fundsHow most startups fail, leaving only a few startups to offset portfolio lossesWhat factors to consider when deciding on which startups to investWhy do startups have so many different share classesWhat platforms are available for individuals to invest in startupsWhy indexing by investing in every credible startup deal can lead to better performance than hand-selecting a few startupsBecome a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month. Subscribe here.Thanks to Streak and Masterworks for sponsoring the episode.For more information on this episode click here.Show NotesSquaring Venture Capital Valuations with Reality by Will Gornall and Ilya A. StrebulaevHow Do Venture Capitalists Make Decisions? by Paul A. Gompers, Will Gornall, Steven N. Kaplan, and Ilya A. StrebulaevWhat Are SPACs and Should You Invest in Them?—Money For the Rest of UsFirst Quarter 2021 Private Capital Quarterly Review—Fund Evaluation GroupFourth Quarter 2020 Private Capital Quarterly Review—Fund Evaluation GroupThe Pervasive, Head-Scratching, Risk-Exploding Problem With Venture Capital by Kamal Hassan, Monisha Varadan, and Claudia ZeisbergerVenture Outcomes are Even More Skewed Than You Think by Seth Levine—VC AdventureVenture Returns With Abe Othman of AngelList by Collin West—Kauffman FellowsPaul KedroskyRelated Episodes253: Are IPOs the New Ponzi Scheme?321: How to Analyze Complex InvestmentsSee 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 take out a home mortgage and whether to pay it off early. How reverse mortgages can be a helpful retirement tool.Topics covered include:Why it is more difficult to get a mortgage todayHow federal government mortgage guarantees lead to lower mortgage ratesHow to analyze whether to pay off your mortgage earlyThe differences between personal risk, market risk, and aspirational riskHow reverse mortgages work and how they can be useful as a retirement income toolWhat are the costs of reverse mortgagesBecome a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month. Subscribe here.Thanks to IPVanish and Raycon for sponsoring the episode.For more information on this episode click here.Show NotesQuarterly Report on Household Debt and Credit 2021 Q1—Federal Reserve Bank of New YorkSelling Guide: Lender Letter LL-2021-03, Impact of COVID-19 on Originations (03/11/2021)—Fannie Mae0Overreliance on Fannie and Freddie Violates Their Federal Charters by Norbert J. Michel, Ph.D.—The Heritage FoundationMortgage Debt and Asset Allocation, Video by Ben FelixPlus Episode 329: Robinhood, Mortgages and ETF Transparency—Money For The Rest of UsBeyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors by Ashvin B. ChhabraHow the HECM Program Works—U.S. Department of Housing and Urban DevelopmentIncorporating Home Equity into a Retirement Income Strategy by Wade D. PfauRelated Episodes44: Should You Pay Off Your Mortgage?238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages317: How To Buy In A Hot Housing MarketSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We answer over a dozen questions from listeners on investing, housing, retirement, business, podcast production, and more.Topics discussed include:The Endowment ModelTeaching children about investing4 influential investing booksThe difference between being an entrepreneur and investingThe balance between too much and too little efficiency and productivityWhat we learned about investing from the Covid crashHow asset allocation changes as one gets olderThe state and future of cryptocurrencyIs now the time to buy individual stocks given high valuations for indicesDonor-advised fundsFDIC insuranceMoney For the Rest of Us production time and expensesIs it possible to have too much invested in one ETFIs a house and investment and will there be a housing crashHow to worry less about moneyBecome a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month plus tax. Subscribe here.Thanks to Policygenius and Clear for sponsoring the episode. Use code David to get two months free with Clear.For more information on this episode click here.Related Episodes211: How To Navigate A Housing Bubble306: Three Approaches to Asset Allocation317: How To Buy In A Hot Housing MarketSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the risks and opportunities of investing in frontier equity markets?Topics covered include:What are the criteria used to determine whether a country's stock market is considered a frontier, emerging, or developed marketWhy some countries aren't included in any MSCI stock indexHow large are frontier markets in terms of population, economic output, and equity marketsHow frontier market's favorable demographic profile make them attractive, but might not lead to higher investment returnsWhat are the risks of investing in frontier marketsHow expensive or cheap are frontier marketsWhat have been frontier market's historical returns, volatility, and maximum drawdownsWhat are ways to invest in frontier marketsBecome a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month plus tax. Subscribe here.Thanks to Mint Mobile and LinkedIn for sponsoring the episode.For more information on this episode click here.Show NotesMSCI Market ClassificationMSCI 2020 Market Classification ReviewKuwait’s Move from Frontier to Emerging Market—MSCIFrontier markets Longer Term Investments (LTI) by Corinne de Boursetty—UBS (PDF download)Frontier Markets: A Comparative Analysis by Cliff Quisenberry—Investment & Wealth InstituteUrbanisation and Economic Growth: The Arguments and Evidence for Africa and Asia by Ivan Turok and Gordon McGranahanWhy globalists and frontier-market investors love Vietnam—The EconomistThe Effects of Board Structure on Corporate Performance: Evidence from East African Frontier Markets by Yilmaz Guney, Ahmet Karpuz, and Gabriel KombaRelated Episodes233: Is An Emerging Markets Crisis Imminent?328: Are You Underweight Chinese Stocks? Pros and Cons of Investing in China341: How to Overcome Investing FearsSee 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 owning an electric vehicle (EV) compared with an internal combustion engine (ICE) vehicle. Are electric vehicles worth it?Topics covered include:What is the total energy consumption for EVs versus ICE vehicles including energy expended to produce the vehicles and energy used to produce the electricity and refine the gasoline that run the vehicles.What vehicles weigh the most, ICE, EVs, or hybridsHow the mix of renewables and coal in the power grid impacts the energy impact of electric vehicles.What is the total cost of owning an electric vehicle compared with a similar model ICE vehicle.Become a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month plus tax. Subscribe here.Thanks to IPVanish and Raycon for sponsoring the episode.For more information on this episode click here.Show NotesThe Gregor LetterThe Greenhouse gases, Regulated Emissions, and Energy use in Technologies Model—Argonne National LaboratoryVehicle Cost Calculator—Alternative Fuels Data CenterEV vs. Gas: Which Cars Are Cheaper to Own? by Roberto Baldwin—Car and DriverBatteries For Electric Cars Speed Toward a Tipping Point by Ira Boudway—BloombergShow NotesThe Gregor LetterThe Greenhouse gases, Regulated Emissions, and Energy use in Technologies Model—Argonne National LaboratoryVehicle Cost Calculator—Alternative Fuels Data CenterEV vs. Gas: Which Cars Are Cheaper to Own? by Roberto Baldwin—Car and DriverBatteries For Electric Cars Speed Toward a Tipping Point by Ira Boudway—BloombergSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are ways to invest in water and is it an attractive investment?Topics covered include:How water rights work and how they have been overallocated in the Colorado River basin.Why agriculture uses the vast majority of water in the southwestern U.S. while contributing only a few percentage points to the region's gross domestic product.Why hedge fund manager Michael Burry invests in farmland instead of water rights.What ETFs are available to invest in waterWhat have the historical returns been for water stock investing, what are current valuations, and what is the expected long-term revenue growth.Become a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month plus tax. Subscribe here.Thanks to Blinkist and Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesBeyond the Signing by Laura Paskus—Water Education ColoradoWhere the Water Goes: Life and Death Along the Colorado River by David OwensWhat Happens When The Colorado River Runs Dry—Science FridayEditorial: There is no drought by The Times Editorial BoardNew Mexico’s coming megadrought highlights farmers’ control of water by Cody Nelson, Capital & Main—New Mexico Political ReportArizona | The Economic Contributions and Impacts of U.S. Food, Fiber, and Forest Industries—University of Arkansas Department of AgricultureU.S. Southwest, Already Parched, Sees ‘Virtual Water’ Drain Abroad by Diana Kruzman—Coyote GultchBrazil’s Worst Water Crisis in 91 Years Threatens Power Supplies by Walter Brandimarte and Gerson Freitas Jr—Bloomberg GreenDoes Arizona really use less water now than it did in 1957? by Andrew Nicla—azcentral.Arizona’s Groundwater Management Act at Forty: Tackling Unfinished Business by Kirsten H. Engel, Esther Loiseleur, Elise DrilhonMichael Burry, Real-Life Market Genius From The Big Short, Thinks Another Financial Crisis Is Looming—by Jessica Pressler—Intelligencer Global water crisis: Investing in water—FidelityRelated Episodes301: Use Caution with Alternative Investments334: How To Invest In Farmland336: Own What Is RealSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Half of the global financial system is made up of shadow banks. You have probably already used one. What are shadow banks and what to be wary of when using them.Topics covered include:What are the roles of shadow banksWhat are examples of shadow banksHow two shadow banks, Greensill Capital and Archegos Capital Management, contributed to billions of dollars in lossesHow China's massive use of shadow banks differs from the rest of the worldHow individuals investors can benefit from the careful use of shadow banks.Become a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month plus tax. Subscribe here.Thanks to Mint Mobile and Clear for sponsoring the episode. Use code David to get two months of Clear for free.For more information on this episode click here.Show NotesQ+A-What is shadow banking and why does it matter? by Michelle Martin—ReutersWhat You Need to Know About the Shadow Banking System Now by Craig Kirsner—KiplingerGlobal Monitoring Report on Non-Bank Financial Intermediation 2020—Financial Stability BoardHow fintech will eat into banks’ business—The EconomistWhy is supply-chain finance, as practised by Greensill Capital, risky?—The EconomistTokio Marine defends governance over Greensill exposure by Leo Lewis, Kana Inagaki, and Ian Smith—Financial TimesRelated Episodes304: A 15% Guaranteed Return? Lending on the Fringes of Finance305: Are Banks Safe?333: How The Covid Shock Nearly Destroyed The Financial System339: How To Make Money with BlockFi, Dai and the Evolving DeFi EcosystemSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why productivity growth is key to creating wealth. Why U.S. productivity growth is slowing, and what we can do to increase business and personal productivity.Topics covered include:How productivity is measured and how it relates to GDP, inflation, and living standardsHow productivity growth has led to more food, better health, better housing, and more consumer goods.What are potential reasons why productivity growth is slowingEvidence that work from home has led to lower productivityWhat individuals and businesses can do to increase productivityBecome a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month plus tax. Subscribe here.Thanks to LinkedIn and Hello Fresh for sponsoring the episode. Use code david12off for 12 free meals with free shipping from Hello Fresh.For more information on this episode click here.Show NotesThe Slowdown in Productivity Growth and Policies That Can Restore It by Emily Moss, Ryan Nunn, and Jay Shambaugh—The Hamilton ProjectThe technology-employment trade-off: Industry, automation, and income effects by Gene Kindberg-Hanlon—World Bank BlogsWill productivity and growth return after the COVID-19 crisis? by Jan Mischke, et al.—McKinsey & CompanyWork from Home & Productivity: Evidence from Personnel & Analytics Data on IT Professionals by Michael Gibbs, Friederike Mengel, Christoph Siemroth—Becker Friedman Institute for EconomicsThe Work of the Future: Building Better Jobs in an Age of Intelligent Machines by David Autor, David Mindell, and Elisabeth Reynolds—Massachusetts Institute of TechnologyHow to Stop Worrying and Love the Robot Apocalypse (Ep. 461) by Stephen J. Dubner, Produced by Zack Lapinski—FreakanomicsIs working from home bad for productivity? by Claire Jones—Financial TimesA World Without Email: Reimagining Work in an Age of Communication Overload by Cal NewportEffortless: Make It Easier to Do What Matters Most by Greg McKeownRelated Episodes142: Why Are Some Nations Wealthier Than Others?231: What Determines How Much You Make300: Ray Dalio and the Changing World Order331: Why Do We Work So Much?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How today's inflationary environment is similar and different from the great inflation of the 1970s. What are the best assets to protect your portfolio if the next great inflation is here.Topics covered include:How is inflation measured and why the pandemic made calculating inflation difficultWhat causes inflationWhy is inflation increasing currentlyWhat caused the great inflation of the 1970sWhich assets are best to own to protect against inflationBecome a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month plus tax. Subscribe here.Thanks to Blinkist and IPVanish for sponsoring the episode.For more information on this episode click here.Show NotesA Complete Guide to Understanding and Protecting Against Inflation—Money For The Rest of UsGreat Inflation 2.0? Lessons from the 1970s by Simon Macadam—Capital EconomicsWhen it comes to inflation, how much fortitude does the Fed have? by Sebastion Mallaby—Financial TimesIf Inflation Is Coming, Here Is What to Do About It by James Mackintosh—The Wall Street JournalA Complete Guide to Investing in TIPS and I Bonds—Money For The Rest of Us334 Plus: A New Inflation ETF, Inverse ETFs, and Excess CAPE Yields—Money For The Rest of UsIVOL ETF Analysis and Review—Money For The Rest of UsWhat is Roll Yield and How It Impacts Commodity and VIX ETF Returns—Money For The Rest of UsDIVIDENDS: THEORY AND EMPIRICAL EVIDENCE—Aaron Brask Capital, LLC.Related ContentA Complete Guide to Understanding and Protecting Against InflationA Complete Guide to Investing in TIPS and I BondsIVOL ETF Analysis and ReviewWhat is Roll Yield and How It Impacts Commodity and VIX ETF Returns336: Own What Is Real337: Why in the World Would You Own Bonds?338: The National Debt, Inflation, and the U.S. Dollar—What Could Go Wrong?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Seven ways to manage fear in order to improve your investing. How fear can be beneficial.Topics covered include:Why fear can be both helpful and harmfulWhy expected investment returns are lower from a year agoWhat are the drivers of asset class returnsWhat is a bucket approach to investing and why it can be helpfulWhat are ways to automate investingWhy getting an investment second opinion can be valuableWhy we can never avoid investing mistakesBecome a Subscriber and listen to the episode ad-free on Spotify or your preferred podcasting app. Only $4.99 per month plus tax. Subscribe here.Thanks to Raycon and Policygenius for sponsoring the episode.For more information on this episode click here.Show Notes“How do I get rid of the fear?” by Seth Godin—Seth's BlogThe Gift of Fear by Dharmavidya David Brazier—Tricycle: The Buddhist ReviewRelated Episodes254: Should You Be 100% Invested In Stocks?306: 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.

How businesses, households, governments, asset managers, and investors interact in unpredictable ways to address the risks and opportunities related to climate change and other global trends. Why ESG investing goes beyond just buying an ESG fund or ETF.Topics covered include:What are incentives, constraints, opportunities, and risks faced by businesses, households, governments, asset managers, and investors when deciding what to do.What is ESG and sustainable investingWhat are the different levels of sustainable investing practiced by investors and asset managersHow investors can benefit from emerging technologies to combat climate changeThanks to Mint Mobile and Clear for sponsoring the episode. Use code David for two months free of Clear.For more information on this episode click here.Show NotesThe Beauty of Everyday Things by Soetsu Yanagi (affiliate link)Darmstadt Definition of Sustainable Investments by Johannes Hoffmann, Gerhard Scherhorn, Timo Busch (eds.)—Wuppertal InstituteFACT SHEET: President Biden Sets 2030 Greenhouse Gas Pollution Reduction Target Aimed at Creating Good-Paying Union Jobs and Securing U.S. Leadership on Clean Energy Technologies, APRIL 22, 2021—The White HouseCDP Climate CharityDrawdown Framework—Project Drawdown‘I Will Get Very Serious About ESG — But Not Yet,’ Allocators Claim by Amy Whyte—Institutional InvestorHow Sensitive are Optimal Fully Renewable Power Systems to Technology Cost Uncertainty? by Behrang Shirizadeh, Quentin Perrier, and Philippe QuirionTechno-optimism, behaviour change and planetary boundaries by Adair Turner—Keele World Affairs Lectures on SustainabilityActivate Your Money: Invest to Grow Your Wealth and Build a Better World 1st Edition by Janine Firpo (affiliate link)Making Sense Podcast 244 - Food, Climate, and Pandemic Risk—Sam HarrisWhy Invest in Disruptive Innovation?—Ark InvestRelated Episodes77: Does Ethical Investing Outperform the Market?118: Are Renewable Energy ETFs a Good Investment?140: How Climate Change Could Impact Your Investments and Your Life251: Impact Investing and IntentionalitySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What is decentralized finance and how it is seeking to solve the shortcomings of centralized finance. How BlockFi and MakerDAO, early entrants in the DeFi space work. How to earn up to a 9% yield with cryptocurrency lending.Topics covered include:How centralized finance differs from decentralized finance (DeFi)What are the shortcomings of centralized finance and why decentralized finance is more inclusiveWhat are the key elements of DeFiHow Ethereum smart contracts workHow MakerDao and Dai work and replicate many aspects of the modern financial systemHow BlockFi operates using overcollateralized and undercollateralized loansWhat are the risks of cryptocurrency lending using BlockFi and DaiThanks to LinkedIn and Truebill for sponsoring the episode.For more information on this episode click here.Show NotesCrypto Lending Interest Rates for April 2021—DeFi RateDeFi and the Future of Finance by Campbell R. Harvey, Ashwin Ramachandran, and Joey SantoroMillions Lost: The Top 19 DeFi Cryptocurrency Hacks of 2020 by Anton Tarasov—Crypto BriefingBitcoin Lending & Borrowing w/ BlockFi’s Zac Prince & Mark Yusko—Bitcoin Fundamentals by the Investor's Podcast NetworkBlockFi lands a $350M Series D at a $3B valuation for its fast-growing crypto-lending platform by Mary Ann Azevedo—Tech CrunchBlockFi Hacked Following SIM Swap Attack, But Says No Funds Lost by Graham Cluley—TripwireMaker Protocol Full Guide: How to Make Money with DAI by Evan Ezquer—Asia Crypto TodayDeFi Leader MakerDAO Weighs Emergency Shutdown Following ETH Price Drop by Brady Dale and William Foxley—CoinDeskCelsius Network Interest Rates, Explained—CelsiusWhat Crypto Lender Celsius Isn’t Telling Its Depositors by Nate DiCamillo—CoinDeskRelated Episodes304​: A 15% Guaranteed Return? Lending on the Fringes of Finance319: Here Come Central Bank Digital Currencies335: Are Non-Fungible Tokens Good Investments?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With a ballooning U.S. federal budget deficit, a growing national debt, and double digit increases in the money supply, is it time to bet against the dollar?Topics covered include:What is driving the double digit increases in U.S. home pricesWhy hasn't inflation spiked in line with rising home pricesWhat is the velocity of money and why is it fallingWhat are three schools of thought regarding what causes inflationWhat is the average interest rate and maturity schedule of the U.S. national debtHow the Bank of Amsterdam is an example of how central banks can go insolvent and shut downWhy the dollar has an exorbitant privilegeThanks to Policygenius and Hello Fresh for sponsoring the episode. Use code david12off for 12 free meals with free shipping from Hello Fresh.For more information on this episode click here.Show NotesWhere Did Americans Move in 2020? by Janelle Cammenga—Tax FoundationVelocity of M2 Money Stock (M2V) Chart—Federal Reserve Bank of St. LouisFederal Surplus or Deficit [-] as Percent of Gross Domestic Product (FYFSGDA188S) Chart—Federal Reserve Bank of St. LouisHow the CPI measures price change of Owners’ equivalent rent of primary residence (OER) and Rent of primary residence (Rent)—U.S. Bureau of Labor StatisticsConsumer Price Index – March 2021—U.S. Bureau of Labor StatisticsTable 1 (2017 – 2018 Weights). Relative importance of components in the Consumer Price Indexes: U.S. city average, December 2020—U.S. Bureau of Labor StatisticsInflation and Debt by John H. Cochrane, Fall 2011—National AffairsUS Government Finance: Debt by Dr. Edward Yardeni and Mali Quintana—Yardeni Research, Inc.Can the Central Bank Alleviate Fiscal Burdens? by Ricardo Reis—London School of Economics and Political ScienceBIS Working Papers No 902 An early stablecoin? The Bank of Amsterdam and the governance of money by Jon Frost, Hyun Song Shin, and Peter Wierts—Bank of International SettlementsEXCHANGE ARRANGEMENTS ENTERING THE 21ST CENTURY: WHICH ANCHOR WILL HOLD? by Ethan Ilzetzki, Carmen M. Reinhart, and Kenneth S. RogoffRelated Episodes and ContentA Complete Guide to Understanding and Protecting Against Inflation287: What Causes Hyperinflation and How To Prepare For It295: Federal Reserve Insolvency and Monetizing the National DebtSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With interest rates rising does it still make sense to own bonds? Yes. This episode explores the role of bonds including why they are more effective at hedging stock losses than protective put options.Topics covered include:David's business and investment philosophyHow bond funds have performed in 2021Three disparate views on the direction of interest rates from Capital Economics, Ray Dalio, and Hoisington Investment Management CompanyHow to invest in China bondsWhy owning bonds is cheaper and more effective at hedging stock market losses than put optionsHow covered call strategies workHow to decide on your allocation to bonds versus stocksThanks to Mint Mobile for sponsoring the episode.For more information on this episode click here.Show NotesWhat I think, not what I thought – Jason FriedWhy in the World Would You Own Bonds When… – Ray DalioExplainer: Foreign access to China’s $16 trillion bond market – ReutersThe True Cost of Hedging S&P Downside - Movement CapitalRevisiting Covered Calls and Protective Puts: A Tale of Two Strategies – Bryan FolticePathetic Protection: The Elusive Benefits of Protective Puts – Roni IsraelovRelated Episodes302: Investing Is Not Knowing255: With Interest Rates Falling, Why Do You Own Bonds?225: How To Invest in BondsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There has never been this much money in the world. Now is the time to own real property.Topics covered include:How to buy something with BitcoinHow cryptocurrencies are similar and different from fiat currenciesWhat is legal tenderWhy there has never been this much money in the worldWhy central banks can control interest rates but not inflationWhat real property should investors ownThanks to Truebill and Babbel for sponsoring the episode. Use code David for Babbel to get an additional three months free.For more information on this episode click here.Show NotesThe Power of Gold: The History of an Obsession by Peter L. BernsteinIRS Virtual Currency Guidance Announcement 2014-21—Internal Revenue ServiceLegal Tender Status—U.S. Department of the TreasuryIndia to propose cryptocurrency ban, penalising miners, traders - source by Aftab Ahmed, Nupur Anand—ReutersExecutive Order 6102—Requiring Gold Coin, Gold Bullion and Gold Certificates to Be Delivered to the Government by Franklin D. Roosevelt—The American Presidency ProjectTotal Circulating Bitcoin—Blockchain ChartsFederal Reserve statistical release: Factors Affecting Reserve Balances, March 18, 2021—United States Federal ReserveMoney Stock Measures – H.6 Release, March 23, 2021—Board of Governors of the Federal Reserve SystemM2 Money Stock/Gross Domestic Product—Federal Reserve Bank of St. LouisMonthly Budget Review: Summary for Fiscal Year 2020—Congressional Budget OfficeA Fed With No Fear of Inflation Should Scare Investors by James Mackintosh—The Wall Street JournalBiden Administration Officials Put Together $3 Trillion Economic Plan by Ken Thomas and Andrew Duehren—The Wall Street JournalTurkey faces a currency crisis after Erdogan sacks his central banker—The EconomistRelated Episodes295: Federal Reserve Insolvency and Monetizing the National Debt316: Paper, Rocks, or Digits—What Makes the Best Money322: Why Currency Exchange Rates MatterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How do non-fungible tokens work, what are the risks, and how do NFTs fit within the landscape of investments.Topics covered include:Investing in physical art versus cryptoartHow NFTs work on the ethereum blockchainHow Ethereum differs from BitcoinWhat is the purpose of investing and are NFTs investmentsHow much energy do cryptocurrencies and the financial system consumeWhat are the risks of NFTsThanks to Amazon Pharmacy and SmartAsset for sponsoring the episode.For more information on this episode click here.Show NotesWant to Buy an NFT? Here’s What to Know by Amber Burton—The Wall Street JournalFrom Crypto Art to Trading Cards, Investment Manias Abound by Erin Griffith—The New York TimesNFTs, explained by Mitchell Clark—The VergeHERE IS THE ARTICLE YOU CAN SEND TO PEOPLE WHEN THEY SAY “BUT THE ENVIRONMENTAL ISSUES WITH CRYPTOART WILL BE SOLVED SOON, RIGHT?” by Everest Pipkin39% of PoW mining is powered by renewables – Cambridge University Cryptoasset study by Gareth Jenkinson—The Daily ChainCambridge Bitcoin Electricity Consumption IndexBitcoin Energy Consumption Index—DigiconomistEthereum Energy Consumption Index (beta)—DigiconomistThe Bitcoin vs Visa Electricity Consumption Fallacy by Carlos Domingo—Hacker NoonHow much would you pay for a virtual sofa? by Anne Quito—QuartzThe Wisdom of Finance: Discovering Humanity in the World of Risk and Return by Mihir DesaiTechno-optimism, behaviour change and planetary boundaries by Adair Turner—Keele World Affairs Lectures on SustainabilityRelated Episodes167: Is Bitcoin Better At Money Than The Dollar?182: Was Tulipmania Just Like Bitcoin?228: How Tokenization Will Radically Change InvestingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How much can you earn investing in farmland and what are the risks? What are the ways to invest in farmland?Topics covered include:What determines farmland investment returnsHow much has U.S. farmland appreciated historicallyHow much income does farmland investing generateWhy the amount of U.S. farmland is shrinkingHas another commodity supercycle startedWhy U.S. farmers are dependent on exportsWhat are farmland investing risksWhat farmland investment vehicles are availableHow to evaluate a farmland investment opportunityThanks to LinkedIn and Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesFarmland Values, Land Ownership, and Returns to Farmland, 2000-2016 by Christopher Burns, Nigel Key, Sarah Tulman, Allison Borchers, and Jeremy Weber—United States Department of AgricultureLand Values 2020 Summary—United States Department of AgricultureFarming and Farm Income—Economic Research Service United States Department of AgricultureAgricultural Markets and Prices: Towards 2025—Organisation for Economic Co-operation and DevelopmentU.S. Agricultural Trade at a Glance—Economic Research Service United States Department of AgricultureWhy Invest In Farmland?—AcreTraderFarmTogetherFarmland Index Posts First Negative Return in 19 Years by Mike Walsten—Pro FarmerNCREIF Farmland Property IndexLumber Prices Are Soaring. Why Are Tree Growers Miserable? by Ryan Dezember and Vipal Monga—The Wall Street JournalPistachio industry looks to reposition product amid supply boom by John Cox—The Bakersfield CaliforniaRelated Episodes218: Is China or the U.S. More Vulnerable?232: Is It Time To Invest In Commodities?328: Are You Underweight Chinese Stocks? Pros and Cons of Investing in ChinaSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why the Federal Reserve had to step in again to sop runs on money market mutual funds and keep the financial system from imploding.Topics covered include:What are the differences between shocks and vulnerabilitiesWhat are the four main vulnerabilities the Federal Reserve monitorsHow deleveraging and demands for liquidity lead to market stressesWhat are the types of money market funds and how were they impacted by the Covid 19 shockHow was Treasury bond trading impacted by the Covid shockWhy the Federal Reserve stepped in to stop the market contagion from spreadingWhat are the downsides to central bank interventionsWhat individual investors can do to protect against future shocksThanks to Mint Mobile and Truebill for sponsoring the episode.For more information on this episode click here.Show NotesPresident’s Working Group on Financial Markets Releases Report on Money Market Funds—U.S. Department of the TreasuryReport of the President’s Working Group on Financial Markets: Overview of Recent Events and Potential Reform Options for Money Market Funds, December 2020—U.S. Department of the TreasuryU.S. Credit Markets Interconnectedness and the Effects of the COVID-19 Economic Shock by S.P. Kothari, Dalia Blass, Alan Cohen, Sumit Rajpal, and SEC Research Staff—U.S. Securities and Exchange CommissionFinancial Stability Report November 2020—Board of Governors of the Federal Reserve SystemHow Vanguard Overhauled a Prime Money Fund by Bernice Napach—ThinkAdvisorOvernight Index Swap by James Chen—InvestopediaCash Viewpoint: What do Variable Rate Demand Notes do for Your Money Market Fund—InvescoRelated Episodes270: Repo Rates Soared—Here’s Why It Matters291: How To Survive the Coronavirus (COVID-19) Shutdown305: Are Banks Safe?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When should you protect against rare, but extreme events? When should you self-insure? Under what circumstance should you sell tail risk protection to others?Topics covered include:How tail events differ from tail riskWhy volatility is not the best measure of risk for individualsWhat does it cost to protect against large stock market lossesWhy younger investors can take more risk due to their human capitalHow does the profit wheel options strategy workHow the catastrophic power outage in Texas exemplifies tail riskWhy individuals need to build more reserves because the economic system is too efficient and vulnerable to breakdownsThanks to SmartAsset and Babbel for sponsoring the episode. Use code DAVID for Babbel to get three months free.For more information on this episode click here.Show NotesAverage Weather in San Antonio Texas, United States—Weather SparkUpdate on the CBOE BuyWrite and PutWrite Option Indexes, October 2018—Asset Consulting GroupThe Texas Freeze: Why the Power Grid Failed Katherine Blunt and Russell Gold—The Wall Street JournalHis Lights Stayed on During Texas’ Storm. Now He Owes $16,752 by Giulia McDonnell Nieto del Rio, Nicholas Bogel-Burroughs, and Ivan Penn—The New York TimesWhen More Is Not Better: Overcoming America’s Obsession with Economic Efficiency by Roger L. MartinRelated Episodes250: Investing Rule One—Avoid Ruin283: Why You Should Care About Carry Trades321: How to Analyze Complex Investments323: The Economy Is Not A MachineSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to structure employment so workers are more creative, productive, and happier.Topics include:What percentage of employees work at home due to the pandemicHow many hours per week do men and women work in both paid employment and unpaid caregivingHow workers have been allocating the time saved by not commutingWhy the economy would still prosper if we worked only four hours per dayWhat is the cult of efficiencyWhat is the difference between leisure and amusementWhy employers reward busyness at workHow work can be more satisfying and createThanks to LinkedIn and Policygenius for sponsoring the episode.For more information on this episode click here.Show Notes60 million fewer commuting hours per day: How Americans use time saved by working from home by Jose Maria Barrero, Nick Bloom and Steven J. DavisMental health: C-suite struggles in the pandemic by Rachel Ranosa—Human Resources DirectorDeep Work (Rules for Focused Success in a Distracted World) by Cal NewportIn Praise of Idleness by Bertrand Russell—Harper's MagazineDo Nothing: How to Break Away from Overworking, Overdoing, and Underliving by Celeste HeadleeAristotle's Nicomachean Ethics by Aristotle translated by Robert C. Bartlett and Susan D. CollinsRest: Why You Get More Done When You Work Less by Alex Soojung-Kim PangThe Art of the Siesta by Thierry PaquotWhen More Is Not Better: Overcoming America's Obsession with Economic Efficiency by Roger L. MartinRelated Episodes107: Work, Freedom and Leaving A Legacy184: Massive Job Losses Are Inevitable But There Will Still Be Work323: The Economy Is Not A MachineSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why has silver jumped to its highest price in eight years. What you need to know to invest in silver.Topics covered include:What drove the huge spike in silver purchasesHow silver differs from meme stocksHow hedge funds are positioned with regard to silverWhat are three ways to invest in silverWhat is the annual demand and supply for silverWhat are the reasons to own silverHow good has silver been as an inflation hedgeWhat is the gold-silver ratio and how to use itWhat happened when the Hunt brothers tried to corner the silver marketWhat evidence is there that the silver market is manipulatedThanks to Mint Mobile for sponsoring the episode.For more information on this episode click here.Show NotesSilver Prices Surge to Eight-Year High Amid Reddit-Fueled Frenzy by Eddie Spence, Jake Lloyd-Smith, and Yvonne Yue Li—Bloombergr/wallstreetbetsSilver price retreats rapidly in blow to new retail buyers by Henry Sanderson and Neil Hume‘What’d You Miss?’ Full Show (02/01/2021)—BloombergSilver Price Chart—BullionVaultSilver Supply and Demand—The Silver InstituteUnderstanding Futures Expiration & Contract Roll—CME GroupSilver $50: Three Years After the “Shortage” by Miguel Perez-Santalla—BullionVaultJPMorgan Admits Spoofing by 15 Traders, Two Desks in Record Deal by Tom Schoenberg and Matt Robinson—BloombergCME Hikes Silver Margins After Prices Surge to Eight-Year High by Yvonne Yue LiSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How coordinated buying by retail investors has turned the table on Wall Street. Are there signs of a market bubble?Topic covered include:What are meme stocksWhy GameStop's stock (GME) has soared to over $300 from $17 in less than a monthWhat are short squeezes and gamma squeezes and how they can push up a stock priceHow short-sellers including hedge funds are losing big against individual investors on the wallstreetbets subredditIs coordinated buying of options and stocks by individual investors illegal?How market flows into stocks are taking precedence over fundamental dataIs the stock market in a bubble and how does the current market environment compare to the 1999 Internet bubble and the 2006 housing bubble?Thanks to Truebill for sponsoring the episodeFor more information on this episode click here.Show Notesr/wallstreetbetsFOR POSTERITY—Almost Daily Grants 1.25.21GameStop can’t stop going up by Jamie Powell—Financial TimesReddit: bull attack by Jamie Powell and Philip Stafford—Financial TimesHow WallStreetBets Pushed GameStop Shares to the Moon by Brandon Kochkodin—BloombergSubmit Your Pick for the Next Meme Stock Here posted by u/AssPowers 2/18/20—r/wallstreetbets17 CFR § 240.10b-5 - Employment of manipulative and deceptive devices.—Legal Information InstituteHow'd You Guys Manage to Win so Big it Made These Old Guys Drown in Their Tears? posted by u/bawse 1/24/21—r/wallstreetbetsFive Things You Need to Know to Start Your Day by Cormac Mullen and Tracy Alloway—BloombergTweet by Paul Kedrosky (@pkedrosky) on 1/25/21Baupost’s Seth Klarman compares investors to ‘frogs in boiling water’ by Ortenca Aliaj and Eric Platt—Financial TimesUS stock rally drives ‘ludicrous index’ towards dotcom era heights by Eric Platt—Financial TimesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Most global stock ETFs, funds and indices have only about 5% invested in China even though China has the second-largest economy in the world. What are the pros and cons of increasing your allocation to Chinese stocks.Topics covered include:Why has China's economy rebounded faster than other countriesWhat are Chinese A-share stocksHow large are China's economy and stock marketWhat are four threats that could derail the performance of Chinese stocksHow individuals can invest in China's stock market including A-sharesThanks to SmartAsset for sponsoring the episode.For more information on this episode click here.Show NotesChinese shares: should you increase the amount in your portfolio? by Sam Dickens—IG GroupChina A-Shares Definition by Troy Segal—InvestopediaChina’s Economy Powers Ahead While the Rest of the World Reels by Stella Yifan Xie, Eun-Young Jeong and Mike Cherney—The Wall Street JournalChina Still Grew and Fueled Its Rise as Covid-19 Shook the Global Economy by Jonathan Cheng—The Wall Street JournalWith Americans Stuck at Home, Trade With China Roars Back by Ana Swanson—The New York TimesBuffett Indicator: China Stock Market Valuations and Expected Future Returns—GuruFocus.comMSCI Deletions Trigger Rush to Sell Chinese Telecom Stocks by Jeanny Yu and Sofia Horta e CostaExecutive Order on Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies—The White HouseNon-SDN Communist Chinese Military Companies List as of January 08, 2021—U.S. Department of the TreasuryMSCI ACWI Index (USD) December 31, 2020—MSCIHow China Lost Patience With Jack Ma, Its Loudest Billionaire by Lulu Yilun Chen and Coco Liu—BloombergChina Clampdown on Big Tech Puts More Billionaires on Notice by Zheping Huang and Coco Liu—BloombergChina’s College Graduates Can’t Find Jobs. The Solution: Grad School. by Vivian WangSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Should the U.S. cancel $10,000 or more of student loan debt per borrower? What would be the economic and financial impact? Why the student loan system is broken and how to fix it.Topics covered include:How large and what is the growth rate of U.S. student loan balancesWhat are the projections for student loan lossesWhat are the pros and cons of forgiving student loansWhat would be the impact on federal finances of canceling student loansWhy the U.S. government is already technically insolventHow student loan programs should be restructuredThanks to LinkedIn and Policygenius for sponsoring the episode.For more information on this episode click here.Show NotesStudent Loans Owned and Securitized, Outstanding—Federal Reserve Bank of St. LouiseSenate majority gives Biden path to student loan forgiveness by Sylvan Lane—The HillSchumer pressures Biden to bypass Congress to cancel $50,000 in student debt per borrower by Annie Nova—CNBCBiden will call on Congress to forgive $10,000 in student debt for all borrowers by Annie Nova—CNBCOutreach From Borrowers Could Overwhelm Student Loan System When Pandemic Pauses End by: Sarah Sattelmeyer and Lexi West—PEWFinancial Report of the United States Government FY 2019Warren makes case to Fed chair for canceling student loan debt by Naomi Jagoda—The HillStudent Loan Losses Seen Costing U.S. More Than $400 Billion by Josh Mitchell—The Wall Street JournalFinal Monthly Treasury Statement Receipts and Outlays of the United States Government For Fiscal Year 2020 Through September 30, 2020, and Other Periods—U.S. Department of the TreasuryAverage Student Loan Debt at Graduation by Mark Kantrowitz—Savingforcollege.comProfile Of The Labor Force By Educational Attainment by Vernon Brundage, Jr.—U.S. Bureau of Labor StatisticsMillennial life: How young adulthood today compares with prior generations by Kristen Bialkin and Richard Fry—PEW Research CenterForgiving Student Debt Isn’t a Great Stimulus Plan by Noah Smith—BloombergAverage annual salary of bachelor's degree recipients employed full time 1 year after graduation, by field of study: Selected years, 1976 through 2001—National Center for Education StatisticsNACE Salary Survey Winter 2020—National Associations of Colleges and EmployersAustralia’s student loan problem is a teachable moment for the U.S. by Jason Delisle and Alex Usher—BrookingsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How should individuals invest and spend in retirement with interest rates so low, stock valuations high, and inflation uncertain. Why retirement managed payout funds and income replacement funds failed.Topics covered include:How managed payout and income replacement funds compare to immediate annuitiesWhy Vanguard and Fidelity changed the objective of their retiree focused income replacement and managed payout fundsHow fixed annuities workHow retirees should combine annuities with multi-asset class portfolios to ensure a successful retirementWhy the 4% retirement spending rule is not appropriate for all investors all of the time.Why inflation is the biggest determinant of how much retirees can spendWhy is there so much controversy over the current and future inflation rateThanks to Mint Mobile and Truebill for sponsoring the episode.Show Note LinksVanguard Throws in the Towel on Its Managed Payout Fund by Daren Fonda—Barron'sGenerating Retirement Income Isn’t Easy, Even for Vanguard by Reshma Kapadia—Barron'sToday's Best Multi-Year Guaranteed Annuities (MYGAs)—ImmediateAnnuities.comOpinion: The inventor of the ‘4% rule’ just changed it Brett Arends—MarketWatchThe Price of Tomorrow: Why Deflation is the Key to an Abundant Future by Jeff BoothAlternate Inflation Charts—John Williams' Shadow Government StatisticsAmericans Are Richer Than We Think by By Phil Gramm and John F. Early—The Wall Street JournalFor 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.

How convertible bonds work, why they gained 50% in 2020 and outperformed stocks over the past five years. Why Vanguard shut down their convertible bond mutual funds.Topics discussed include:How big is the convertible bond marketWhy companies issue convertible bondsHow convertible bonds work and how to analyze themWhy convertible bonds have performed so wellWhat is a reasonable expected return for convertible bonds and what are the risksWhat are ways to invest in convertible bondsThanks to Netsuite for sponsoring the episode. Take the Money For the Rest of Us listener survey.Show NotesA Plunge and a Recovery Drives a Top-Performing Year in Convertibles by Andrew Bary—Barron'sConvertible Bond Indices: An Overview by SPDR EMEA ETF Strategy Team—State Street Global AdvisorsCONVERTIBLE SECURITIES: Structures, Valuation, Market Environment, and Asset Allocation by John P. Calamos, Sr with contributions from Eli Pars—Calamos InvestmentsTesla, Inc. 2.00% Convertible Senior Notes due 2024 (the “Convertible Notes Offering”) Issuer Free Writing Prospectus—U.S. Securities and Exchange CommissionRisk and Return in Convertible Arbitrage: Evidence from the Convertible Bond Market by Vikas Agarwal, William Fung, Yee Cheng Loon, and Narayan Y. NaikThe Fluctuating Maturities of Convertible Bonds by Patrick Verwijmeren, and Antti YangConvertible Bond Arbitrage by George Long—Eureka HedgeFor more information on this episode click here.Also, go here to learn more about Money For the Rest of Us Plus membership.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A review of how the pandemic, financial markets, and government policy evolved in 2020 to make for an unforgettable year.Topics covered include:Why the Covid-19 pandemic ranks as the second worst in modern historyWhat is the difference between risk and uncertainty and how our investing should be different when dealing with uncertaintyWhat portfolio changes did David make in 2020 and how should he have invested if he had perfect foresightWhy speculative assets such as gold and cryptocurrencies have performed so well in 2020Why high savings rate and pent up demand provides a tailwind for the economyHow to invest and live when the future is unknowableThanks to Policygenius and LinkedIn for sponsoring the episode.Show Notes286: Coronavirus and the Financial Impact of Pandemics291: How To Survive the Coronavirus (COVID-19) ShutdownMadame Vivelda—Saturday Night LiveWhat Is Risk vs Uncertainty?—Money For the Rest of Us Guide299: Has the Pandemic Changed You?Personal Saving Rate—Federal Reserve Bank of St. Louis302: Investing is Not Knowing310: Why the Stock Market and Economy Are Rebounding So QuicklyHow 700 Epidemiologists Are Living Now, and What They Think Is Next by Margot Sanger-Katz, Claire Cain Miller, and Quoctrung Bui—The New York TimesPaul McCartney Is Still Trying to Figure Out Love by David Marchese—New York Times MagazineFor more information on this episode click here.Also, go here to learn more about Money For the Rest of Us Plus membership.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the drive for efficiency leads to greater wealth concentration and threatens capitalism. What can be done about it.Topics covered include:Why income growth has slowed for the middle classWhy the economy now follows a power-law distribution rather than a normal distribution, leading to skewed outcomesWhy the economy is a complex adaptive system rather than a machineHow the type of job you have and the company you work for affects your incomeWhy greater efficiency increases the risk of catastrophic collapsesWhat are ways to balance efficiency with resiliencyShow NotesChanges in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances—The Board of Governors of the Federal ReserveHow America Banks: Household Use of Banking and Financial Services—Federal Deposit Insurance CorporationWhen More Is Not Better: Overcoming America’s Obsession with Economic Efficiency by Roger L. MartinHow The Economic Machine Works by Ray Dalio—VideoFor more information on this episode click here.Also, go here to learn more about Money For the Rest of Us Plus membership.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How a nation's balance of payments impacts its currency exchange rate as evidenced by Turkey and other countries.Topics covered include:What is a nation's balance of payments, its current account, and its capital accountHow an individual's personal financial flows are similar to those of a countryWhat is causing the currency crisis in Turkey and LebanonWhy gold imports have increased by 150% in TurkeyWhat is the Triffin dilemma or paradox and how does it impact the United StatesWhat individuals can do to manage currency risksThanks to The Great Courses Plus and Policygenius for sponsoring the episode.For show notes and 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.

How to determine whether you should invest in a complex investment such as an actively managed ETF that uses option strategies.Topics covered include:A recent investment David made that he shouldn't haveWhat is the volatility risk premium and how to invest in itWhy there have been over 200 new ETFs and ETNs launched in the U.S. in 2020Why some ETF sponsors launch lower cost versions of ETFs that compete with their existing offerings.What questions to answer as part of analyzing a complex investmentWhy there is always a catch to ETFs such as the Innovators Stacker and Ultra Buffer ETF series that can make them seem too good to be true.A simpler way to lower portfolio risk without using complex option-based ETFs.Thanks to Netsuite and LinkedIn for sponsoring the episode.For show notes and 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.

As we await the U.S. presidential election results, we review the results of the Trump Administration's economic policies to see if Americans are better off financially than they were four years ago.Topics covered include:Why pollsters and election models can be wrongWhy the state of the economy often drives election outcomesWhat has been the economic impact of the 2017 Tax Cuts and Jobs ActWhat has been the impact of the U.S. trade war with ChinaHow have poverty and health insurance costs changed under the Trump AdministrationWhat has been the growth of federal regulations under the Trump AdministrationHow have stocks performed during the Trump AdministrationWhy we shouldn't let whoever wins the presidency ruin our lifeThanks to Policygenius and Tempo for sponsoring the episode. Use code David with Tempo for $100 offFor show notes and 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.

How central bank digital currencies would work, what is the motivation to create them and what are the risks.Topics covered include:What percentage of central banks are working on a digital currency and plan to issue one soonWhat are the two kinds of money that central banks currently issue and how would a central bank digital currency differHow central bank digital currencies would be similar and different from Bitcoin and other cryptocurrenciesWhat are the benefits and risks of central bank digital currenciesWhat are the design principles that major central banks proposed for their digital currenciesWhat percentage of central banks currently have the legal authority to issue their own digital currencyThanks to Gen Z Green podcast and Masterworks for sponsoring the episode. Use code David for Masterworks to skip the wait list.For show notes and 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.

How special purpose acquisition companies work, what their performance has been and what are the ways to invest.Topics covered include:How much money has been raised in SPAC initial public offerings and who are some of the better known sponsorsWhat are the benefits of a SPAC acquisition compared to a traditional initial public offeringHow SPACs work from the initial IPO to the acquisition of a private companyHow have SPACs performed so poorlyHow a new SPAC ETF is structuredAn intriguing way to invest in SPACs that potentially could outperformThanks to Tempo and NetSuite for sponsoring the episode. Use code David to save $100 on Tempo.For show notes and 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.

U.S. home prices are on fire and sales are skyrocketing. Here are 8 rules of thumb for buying a house in a hot housing market when there are multiple bidders over the asking price.Topics covered include:What are the latest metrics on U.S. home sales, prices, and valuationsWhy are homes sales increasing and prices soaring and how likely are they to fallWhy David is buying a different house (again) in a hot housing marketWhat are rules of thumb that can help us find the right house without paying too muchThanks to The Great Courses Plus and Policygenius for sponsoring the episode.For show notes and 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.

This episode is an interview that Fund Evaluation Group LLC held with David as part of their FEG Insight Bridge podcast series.Topics covered include:What David did and learned at FEGWhat goes into making the Money For the Rest of Us podcastCentral banking and the Federal ReserveInvesting in gold and cryptocurrenciesCurrent investment conditionsFavorite investing booksSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the elements of a successful monetary system.Topics covered include:The stone currency of YapThe fiat currency of ancient ChinaWhy money requires trust, accounting and tokensWhy too much money can lead to inflation and too little to deflationWhy the best money is useless other than as moneyThanks to LinkedIn and Candid for sponsoring the episode.For show notes and 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.

How ultra-low interest rates support higher stock market valuations but also make the investment environment more challenging. Is there a stock market bubble?Topics covered include:How expensive are stocks on an absolute basis and relative to bondsWhat are examples of individual investor enthusiasm for stocksWhy stock valuations and prices increase when interest rates fallWhy lower interest rates make it more difficult for central banks to support stocks during a downturnWhy TIPs might be a better choice for a long-term bond allocationWhy deglobalization is a reason to increase the geographic diversification of stock portfoliosHow investors can make invest decisions without having an informational edgeThanks to Masterworks and Policygenius for sponsoring the episode.For show notes and 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 are four principles individuals can follow to achieve their financial and career goals this decade despite the rough start in 2020.Why we have to be willing to share our journey with others so that they are vested in our storyWhy it's important to focus on areas where we have momentumHow to prudently use leverage in order to build an assetThe importance of urgency, hope, and putting on an event so that we can achieve our business goalsHow asset allocation and portfolio holdings differ depending on the time horizon for the pool of moneyWhy we need more control of investing outcomes when the time horizon is shortThanks to NetSuite and Trends for sponsoring the episode.For show notes and 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 are the numerous decisions individuals have to make in managing their investments portfolios.Topics covered include:Why individual investors in order to build and preserve wealth should invest like family offices and university endowmentsWhy even buy and hold investors make portfolio changesWhat are examples of the numerous decisions individuals have to make in overseeing their investment portfoliosHow badly has value investing underperformed growth investingHow are mindset should change when it comes to investingThanks to Policygenius and Chili for sponsoring the episode.For show notes and 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.