Money For the Rest of Us

It is not normal to want prices to rise and currencies to lose their purchasing power. We look at the advantages of stable currencies and prices. Topics covered include:What's more normal, an inflationary or deflationary mindset?Why it is more normal for prices to fall due to productivity increasesHow central banks seek to overcome productivity-induced deflation by increasing the money supplyHow inflation and ongoing currency debasement encourage debt, the financialization of housing, and keep unprofitable companies in businessHow gold, Bitcoin, stocks, real estate, and other assets help us overcome currency debasement Sponsors LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs NetSuite – Get your free KPI checklist Asset Camp Webinar Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Is Japan finally becoming a "normal" economy?—The Financial Times Broken Money by Lyn Alden A Complete Guide to Understanding and Protecting Against Inflation—Money for the Rest of Us Related Episodes 431: The Long-term Bullish Case for Gold 429: Which Inflation Protection Strategies Worked and Which Didn’t?  389: Is Airbnb Intensifying the Housing Crisis? 253: 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.

Some analysts suggest that now is an incredibly attractive entry point to invest in emerging market bonds. We look at how to do this and whether you should. Topics covered include:How emerging markets bonds have performed relative to U.S. bondsHow frequently have emerging markets bonds defaultedWhat is the difference between local currency and U.S. dollar-denominated emerging markets bondsWhy emerging markets nations are reformingWhat are the ways to invest in emerging markets bonds and what factors should you consider Sponsors Betterment - the automated investing and savings app Monarch Money – Get an extended 30-day free trial Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Emerging Local Debt: A Once-In-A-Generation Opportunity? by Victoria Courmes—GMO EM Sovereign Defaults at Record Level, but Rating Outlooks More Balanced—Fitch Ratings The big opportunity in emerging market debt by Victoria Courmes—The Financial Times Default Risk Fades in Emerging Markets as Riskiest Bonds Soar by Zijia Song, Giovanna Bellotti Azevedo, and Srinivasan Sivabalan—Bloomberg The weakest links in the global economy are on the mend by Ruchir Sharma—The Financial Times How to invest in closed-end funds - Money for the Rest of Us Investments Mentioned iShares JP Morgan USD Emerging Markets Bond ETF (EMB) iShares JP Morgan Emerging Markets Local Currency Bond ETF (LEMB) DoubleLine Low Duration Emerging Markets Fixed Income Fund (DELNX) DoubleLine Emerging Markets Fixed Income Fund (DLENX) Virtus Stone Harbor Emerging Markets Income ETF (EDF) DoubleLine Income Solutions Fund (DSL) Morgan Stanley Emerging Markets Debt Fund (MSD) Morgan Stanley Emerging Markets Domestic Debt Fund (MSD) Related Episodes 411: Is Emerging and Frontier Markets Investing Still Worth It? – With Asha Mehta How to Invest in Closed-End Funds See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this conversation with financial advisor Josh Jalinski, David shares his views on constructing and benchmarking portfolios, factor investing including growth versus value, and managing regret. We explore a number of asset classes and strategies including dividend investing, leveraged loans, closed-end funds, equity REITs, and China. We also discuss how to manage retirement assets. Sponsors NetSuite  Monarch Money – Get an extended 30-day free trial Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Josh Jalinksi - Financial Quarterback See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why most households are in better financial shape than prior to the pandemic, but remain frustrated at their lack of economic progress. Topics covered include:How consumer sentiment surveys are designed and their current findings.Reasons behind consumer frustration with increasing prices amidst declining inflation rates.The magnitude of the inflation shock and its underlying causes.The concept of reference prices and their significant role in shaping consumer sentiment.Factors contributing to the high levels of economic uncertainty among households.Key elements required for enhancing consumer confidence in their economic future.The political repercussions stemming from widespread economic dissatisfaction. Sponsors Betterment – the automated investing and savings app Long Angle is a private community of 2,500 very high net worth investors who leverage their collective expertise and scale to access and underwrite some of the world’s best alternative asset investments. Learn more here. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Surveys of Consumers—University of Michigan Consumer sentiment climbs amid split views on business outlook—University of Michigan The Purchasing Power of American Households—U.S. Department of the Treasury Unemployment Rate—St. Louis Fed We Still Don’t Believe How Much Things Cost by Rachel Wolfe and Rachel Louise Ensign—The Wall Street Journal It’s Been 30 Years Since Food Ate Up This Much of Your Income by Jesse Newman and Heather Haddon—The Wall Street Journal Consumers are increasingly pushing back against price increases — and winning by Christopher Rugaber—Yahoo! Finance Kraft Heinz ups ad spend, changes leadership by Christopher Lombardo—Strategy Many Americans Believe the Economy Is Rigged by Katherine J. Cramer and Johnathon D. Cohen—The New York Times Covid-19 Coronavirus Pandemic—Worldometer Related Episodes 380: How Stories Drive Our Happiness and Financial Success 294: How Stories Go Viral and Drive Economic Events 286: Coronavirus and the Financial Impact of Pandemics See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to use covered call and buy-write strategies to generate income while understanding the risks and having realistic return expectations. Topics covered include:How covered call strategies workHow much can you earn investing in covered call strategiesWhat are some numerical examples based on current option pricesHow covered call strategies can be used for both stock and bond ETFsWhat are some covered call ETF examples Sponsors Long Angle is a private community of 2,500 very high net worth investors who leverage their collective expertise and scale to access and underwrite some of the world’s best alternative asset investments. Learn more here. NetSuite  Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Investments Mentioned JP Morgan Equity Premium Income ETF (JEPI) JP Morgan Equity Premium Income Fund (JEPIX) Global X NASDAQ 100 Covered Call ETF (QYLD) Global X S&P 500® Covered Call ETF (XYLD) iShares 20+ Year Trs Bd Buywrt Stgy ETF (TLTW) WisdomTree PutWrite Strategy Fund (PUTW) Related Episodes 467: Unraveling the Truth About ETFs: Benefits, Analysis, and the Indexing Bubble Myth 418: Bond Investing Masterclass 321: How to Analyze Complex Investments See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A primer on how the economic engine works through coordination between savers, investors, consumers, producers, governments and banks. How hoarding and unfair competition can lead to economic distortions. Topics covered include:How spending and saving are connected including the paradox of thriftHow borrowing money can lead to higher income and savings and potentially to bubblesHow hoarding differs from investing and why too much hoarding can deprive businesses of capitalHow lightbulbs, grocery stores, and kitchen appliances could be examples of unfair competition and planned obsolescence.What role do we play as participants in this coordinated economic dance? Sponsors Betterment – the automated investing and savings app LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Wait, Is Saving Good or Bad? The Paradox of Thrift—The Federal Reserve Bank of St. Louis Rents: How Marketing Causes Inequality by Gerrit De Geest—Beccaria Books FTC Challenges Kroger’s Acquisition of Albertsons—Federal Trade Commission The Lifespan of Large Appliances Is Shrinking by Rachel Wolfe—The Wall Street Journal Related Episodes 288: Will Early Retirements Crash the Economy? 222: Why We Overpay and How It Contributes To Income Inequality See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Berkshire Hathaway doesn't pay a dividend, its cash pile keeps growing, and Buffet says it's gotten too big to make acquisitions that can impact the company. Meanwhile, utility ETFs have a steady 3.5% dividend yield. Which will be the better-performing investment going forward? Topics covered include:How has Berkshire Hathaway performed relative to the S&P 500 Index and other active managersWhy Warren Buffett believes Berkshire's electric utility holdings were a mistakeWhy California has some of the highest utility rates in the U.S.Why Berkshire Hathaway will eventually need to pay a dividend even though it doesn't currentlyGoing forward, will it be more profitable to invest in Berkshire Hathaway, a utility ETF, or an index fund Sponsors Shopify - Sign up for a $1 per month trial period NetSuite – Get your free KPI checklist Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Berkshire Hathaway 2023 Shareholder Letter The Man Preparing for a Berkshire Hathaway Without Warren Buffett by Justin Baer—The Wall Street Journal Warren Buffett admits Berkshire Hathaway’s days of ‘eye-popping’ gains are over by Eric Platt—The Financial Times Active vs Passive Investment Management Barometer Report—Morningstar Buffett sounds wildfire alarm as utilities industry enters new era by Eric Platt and Myles McCormick—The Financial Times Paying for Electricity in California: How Residential Rate Design Impacts Equity and Electrification—Next10 Investments Mentioned Berkshire Hathaway Inc Class B (BRK.B) Vanguard Utilities ETF (VPU) Related Episodes 466: Does Dividend Investing Still Work? 463 Plus: Model Portfolios, UK versus US Valuations, MCI Premium, and MFD Proxy Battle 444: Natural Disasters: Are They Truly Increasing?  242: Should You Let Warren Buffett Manage Your Money? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japan's stock market recently exceeded the all-time high first set in December 1989. That's 34 years of zero price appreciation for the stock market. What drove this lackluster performance, will it continue, and what can we learn from it? Topics covered include:How big was Japan's stock bubble, and how much did it contribute to the stock market's underperformance over the past three decadesHow do Japan's demographic trends impact its economic challenges, and what are the solutionsWhy Japan's houses are built to depreciate in valueWhat lessons can we learn from Japan's extended bear market Sponsors Monarch Money – Get an extended 30-day free trial Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Japan’s Nikkei 225 index eclipses record high after 34 years by Leo Lewis—The Financial Times Investors eye further gains after Nikkei breaks through 1989 high by Leo Lewis and Kana Inagaki—The Financial Times Related Episodes 235: What If Home Prices Always Declined 178: Japan and the Impact of A Shrinking Population 73 Plus: Investing In Japan 38 Plus: Time Wealth and Japan See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the ETF market is changing, why ETFs should be your preferred investment vehicle, and how to analyze ETFs to generate better investment performance. Topics covered include:How large have fund flows been away from active mutual funds into ETFsHow big are the largest ETF families and how has their market share grownWhy the rise of active ETFs blurs the distinction between active and passive investingWhy there doesn't appear to be an indexing price bubble, but the rise of passive investing has impacted volatility and decreased stock price informativenessA framework for how to analyze markets and select ETFs for your portfolio Sponsors Long Angle is a private community of 2,500 very high net worth investors who leverage their collective expertise and scale to access and underwrite some of the world’s best alternative asset investments. Learn more here. NetSuite – Get your free KPI checklist Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Global Fund Flows Dominated by Fixed-Income and ETFs—Morningstar It’s Official: Passive Funds Overtake Active Funds by Adam Sabban—Morningstar ETF Issuer League Tables—VettaFi Global ETF Market Facts: three things to know from Q3 2023 by Samara Cohen—iShares Rise of Passive Investing - Effects on Price Level, Market Volatility, and Price Informativeness by Pawel Bednarek—SSRN Investments Mentioned SPDR® S&P 500® ETF Trust (SPY) JPMorgan Equity Premium Income ETF (JEPI) Avantis US Small Cap Value ETF (AVUV) Related Episodes 426: Which is Best – Active or Passive, ETFs or Funds? 321: How to Analyze Complex Investments See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stocks that grow their dividends have outperformed non-dividend-paying stocks over the long-term, but not in the past 5, 10, and 20 years. Why are non-dividend paying stocks outperforming dividend growers, and will it continue? Topics covered include:What message do companies say when they initiate, grow, or cut their dividendWhat is dividend smoothingHow have dividend payers performed relative to non-dividend payersWhy have non-dividend payers, which are primarily growth stocks, outperformed dividend payersHow the payout ratio and return on equity impact dividend strategiesWhat are reasons to include dividend strategies in your portfolio Sponsors LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Betterment - the automated investing and savings app Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The dividend puzzle by Fischer Black—The Journal of Portfolio Management Can Dividend Investing Rise From the Dead? by Jon Sindreu—The Wall Street Journal Einhorn Says Markets ‘Fundamentally Broken’ By Passive, Quant Investing by Matthew Griffin—Bloomberg Your Mutual Fund Stinks. Can This Wall Street Invention Change That? by Jason Zweig—The Wall Street Journal Asset Camp Investments Mentioned WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS) WisdomTree Emerging Markets High Dividend ETF (DEM) Vanguard Dividend Appreciation ETF (VIG) iShares Core S&P 500 ETF (IVV) Related Episodes 429: Which Inflation Protection Strategies Worked and Which Didn’t?  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.

Humans are wired to feel regret. Here's how to learn from financial regret to become a better investor. Topics covered include:What cognitive biases make feelings of financial regret unavoidableWe analyze two regret case studies - one from David and one from a Plus memberWhy do we avoid big regrets but manage through small onesFive cognitive tricks to help manage financial regrets Sponsors NetSuite – Get your free KPI checklist Long Angle is a private community of 2,500 very high net worth investors who leverage their collective expertise and scale to access and underwrite some of the world’s best alternative asset investments. Learn more here. Money for the Rest of Us listener survey Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb—Penguin Random House Related Content 448: Where Are Interest Rates Headed Next? Insights from the Jackson Hole Symposium 408: Is Success Due to Hard Work, Talent, or Luck? What Is Risk vs Uncertainty? 53: Should You Invest In Bitcoin? Investments Mentioned Vanguard Long-Term Bond ETF (BLV) Vanguard Extended Duration Trs ETF (EDV) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Professional investors and other market participants are lousy at forecasting interest rates. Here are three more options to lock in higher yields today. Topics covered include:The risk of buying long-term bonds and ETFs to benefit from falling yieldsHow volatility drag has impacted a long-term bond ETF like TLTWhy interest rates won't go up just because the government issues more bondsHow CDs, fixed annuities, and zero-coupon bonds workWe compare and contrast the seven fixed-income options reviewed in this two-part series Sponsors Monarch Money – Get an extended 30-day free trial Money for the Rest of Us listener survey Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Investors may be getting the Federal Reserve wrong, again—The Economist Today's Best Multi-Year Guaranteed Annuities—Immediate Annuities Zero-Coupon Treasuries Flew Off Shelves During October Yield Surge by Elizabeth Stanton—Bloomberg Investments Mentioned iShares 20+ Year Treasury Bond ETF (TLT) Invesco BulletShares 2029 Corporate Bond ETF (BSCT) Related Episodes 463: How to Lock in Higher Yields in Case Interest Rates Fall 418: Bond Investing Masterclass See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With cash yields expected to fall, here's how you can keep your portfolio income elevated by purchasing longer-term individual bonds and bullet ETFs Topics covered include:How future short-term interest rates, inflation expectations, and term premiums impact long-term interest ratesHow each of those rate drivers contributed to the close to 1% drop in interest rates in the past three monthsHow yield to maturity is our guide to locking in a fixed return using individual bonds or bullet ETFsHow bullet ETFs work and what are some examplesWhat are callable bonds and how to analyze themHow to analyze municipal bondsWhy we might want to lock in higher yields today Sponsors Betterment - the automated investing and savings app Money for the Rest of Us listener survey Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Term Premium on a 10 Year Zero Coupon Bond—FRED Economic Data Investments Mentioned Vanguard Total Bond Market ETF (BND) Invesco BulletShares 2030 Corporate Bond ETF (BCSU) iShares iBonds Dec 2026 Term Trust ETF (IBTG) Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV) Related Episodes 455: Easier Investing, Richer Life: TIPS Ladders to Annuities 453: The Price of Money – 700 Years of Falling, Can Interest Rates Keep Rising? 452: Beyond Stocks: The Allure and Strategy of Credit Investments 448: Where Are Interest Rates Headed Next? Insights from the Jackson Hole Symposium 418: Bond Investing Masterclass See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore reasons for buying Bitcoin using one of the new Bitcoin ETFs. We also consider the risks. Topics covered include:Why the SEC finally decided to approve spot Bitcoin ETFsWhat are the fees and structure of these new Bitcoin ETFsHow Bitcoin is similar and different from the fiat money systemWhere Bitcoin fits in an investment portfolio Sponsors Long Angle is a private community of 2,500 very high net worth investors who leverage their collective expertise and scale to access and underwrite some of the world’s best alternative asset investments. Learn more here. NetSuite – Get your free KPI checklist Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Statement on the Approval of Spot Bitcoin Exchange-Traded Products - SEC Coinbase at the Center of Bitcoin ETF Draws Envy and Risks - Bloomberg Federal Reserve Balance Sheet Related Episodes 362: Should You Invest in a Bitcoin ETF? 355: Which Money Is Crazier: The U.S. Dollar or Bitcoin? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The intricate dance between profession, risk, lifestyle, and luck in determining how net worth grows. Topics covered include:The various factors that shape the growth of net worth, including professional choices, risk tolerance, and lifestyle decisions.David Stein's personal account of how these elements influenced the trajectory of his financial growth.Insights into the range of net worth increases observed in 2023, driven by the performance of financial markets.The importance of focusing on one's output quality and personal journey of wealth creation, rather than fixating on comparisons with others' net worth. Sponsors Shopify - Sign up for a $1 per month trial period LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Managing Oneself by Peter F. Drucker—Harvard Business Review Soloing: Realizing Your Life's Ambition by Harriet Rubin—HarperCollins See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The pros and cons of investing your retirement assets 100% in equity, including half in international stocks. Why the 4% spending rule is too aggressive.Why historical asset class return studies that use only U.S. data are biasedHow researchers build a broader database to study retirement outcomes and spending ratesHow a 100% stock portfolio performed compared to balanced portfolios and target date fundsWhy investors should have half their assets in international stocksWhy a 4% spending rule is too high, and what is the alternative Sponsor NetSuite – Get your free KPI checklist Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice by Aizhan Anarkulova, Scott Cederburg, and Michael S. O'Doherty—SSRN The Safe Withdrawal Rate: Evidence from a Broad Sample of Developed Markets by Aizhan Anarkulova, Scott Cederburg, Michael S. O'Doherty, and Richard W. Sias—SSRN Related Episodes 421: Beware of Survivorship Bias When Investing 326: The New Math of Retirement Spending and Investing 254: Should You Be 100% Invested In Stocks? 250: Investing Rule One: Avoid Ruin See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We close out 2023 by answering your questions on active vs passive management, market timing, investing for status, what we learned from Charlie Munger, thoughts on a coming recession, worst investment mistakes, recent books that changed us, and more.   Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes How the World Really Works by Vaclav Smil—Viking The Day the World Stops Shopping by J.B. Mackinnon—Harper Collins Earth for All: A Survival Guide for Humanity by Sandrine Dixson-Declève, et al—Earth for All Barbarian Days: A Surfing Life by William Finnegan—Penguin Random House Tao te Ching: Power for the Peaceful by Lao Tzu (Author) and Marc Mullinax (Translator)—Fortress Press See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Do the impressive returns in public and private markets stem from strategic financial engineering or reflect actual economic growth?How corporate profit growth is linked to economic growth, even though corporate profits are more volatileHow interest rates, tax rates, and stock buybacks influence corporate profits and stock returnsWhy there are fewer publicly traded stocksHow the increase in leveraged buyouts has impacted the economyHow private equity funds use financial engineering to boost returns Sponsors NetSuite – Get your free KPI checklists LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes US CEOs start to contemplate Trump, round 2 by Rana Foroohar—The Financial Times End of an Era: The Coming Long-Run Slowdown in Corporate Profit Growth and Stock Returns by Michael Smolyansky—The Federal Reserve 10-Year Stock Market Returns—Crestmont Research Stock Average—Crestmont Research Stock EPS Reality—Crestmont Research What Matters More for Emerging Markets Investors: Economic Growth or EPS Growth? by Jason Hsu Jay Ritter Phillip Wool Yanxiang Zhao—Portfolio Management Research Nominal Gross Domestic Product for United States—FRED Economic Data The Secretive Industry Devouring the U.S. Economy by Rogé Karma—The Atlantic Key Drivers Behind Widespread Adoption Of NAV Financing by Matthew K Kerfoot—Proskauer The Inevitable Rise of NAV Financing by Patricia Teixeira and Anastasia Kaup—Ropes & Gray HAVE EXCHANGE-LISTED FIRMS BECOME LESS IMPORTANT FOR THE ECONOMY? by Frederik P. Schlingemann and René M. Stulz—NBER LBOs Make (More) Companies Go Bankrupt, Research Shows by Alicia McElhaney—Institutional Investor Leveraged buyouts and financial distress by Brian Ayash and Mahdi Rastad—ScienceDirect See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

One year after the release of ChatGPT, we explore the positive and negative paths AI could take and what individuals can do to assist with a positive outcome. Topics covered include:How David uses AI to increase his personal productivityThe societal and economic impacts of AI, including its potential to enhance corporate profitability and individual productivityChanges at OpenAI's executive level are examined, highlighting a shift in the organization's direction and philosophyWhat is Effective Altruism and why is it so focused on the catastrophic risks of AIWhat are the phases that would lead to a singularity in which AI poses a threat to humanityWhy AI is still in the early stages, and how should individuals, businesses and regulators treat it at this point Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Everyday Chaos: Technology, Complexity, and How We're Thriving in a New World of Possibility by David Weinberger—Harvard Business Publishing Education The economic and market impact of artificial intelligence—Capital Economics The Fight for the Soul of A.I. by David Brooks—The New York Times How a Fervent Belief Split Silicon Valley—and Fueled the Blowup at OpenAI by Robert McMillan and Deepa Seetharaman—The Wall Street Journal A.I. Belongs to the Capitalists Now by Kevin Roose—The New York Times The ‘AI doomers’ have lost this battle by Benedict Evans—The Financial Times Effective Altruism 80,000 Hours What is the AI alignment problem and how can it be solved? by Edd Gent—NewScientist See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this bonus episode, David visits with Bill Yount and Becky Heptig of the Catching Up to Fi podcast in a wide-ranging discussion on investing using a systematic checklist approach. Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Catching Up to FI Money for the Rest of Us book 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 economic and cultural benefits of tourism. What are the downsides to too much tourism. How to find the right balance. Topics covered include:How short-term rentals have changed tourismHow cities grapple with too many short-term rentalsWhat is the outlook for short-term rentalsHow much does tourism contribute to economic outputHow can tourism be harmful and helpfulThe example of Cuba Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes International tourism revenue, percent of GDP - Country rankings—The Global Economy U.S. Travel and Tourism Satellite Account for 2017–2021 by Sarah Osborne—Journal of US Bureau of Economic Analysis 2023 Short-Term Rental Mid-Year Outlook—AirDNA Welcome to Hochatown, the Town Created by Airbnb by Julie Satow—The New York Times Short-Term Rentals Attract Private Equity Seeking New Asset Class by Sean O'Neill—Skift As Cuba’s economic crisis deepens, citizens scramble to migrate by any means by Dave Sherwood—The Irish Times Cuba's worst economic crisis in decades forces people to get creative to survive by Eyder Peralta—NPR Related Episodes 93: Capitalism, Complexity and Cuba 389: Is Airbnb Intensifying the Housing Crisis? 449: The House of Cards: Evaluating Economic and Financial Warning Signs 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 pros and cons of partially funding retirement expenses with an inflation-indexed bond ladder versus an immediate annuity? There is a big downside to TIPS ladders that many investors don't realize. Topics covered include:Why the stock market is more risky than many people realizeIs it too late to invest in TIPS as one advisor suggestsHow TIPS and TIPS ladders workHow immediate annuities workThe pros and cons of a TIPS ladder versus an immediate annuity Sponsors NetSuite – Get your free KPI checklists Monarch Money – Get an extended 30-day free trial Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Effortless: Make It Easier to Do What Matters Most by Greg McKeown Essentialism: The Disciplined Pursuit of Less by Greg McKeown Skin in the Game by Nassim Nicholas Taleb Worry-Free Investing: A Safe Approach to Achieving Your Lifetime Financial Goals by Zvi Bodie and Michael J. Clowes Safe Haven: Investing for Financial Storms by Mark Spitznagel A Complete Guide to Investing in I Bonds and TIPS TipsLadder See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We discuss ten rules of thumb for individual investors to consider when saving and investing for and in retirement.Don't use institutional hand-me-downsStay close to home baseBeware of dragon riskMind your investment seasonsCatch the popping cornWatch for market swarmsTrack the economic windsFollow the traffic lightsDiversify your basketsDon't burn your ships Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Monarch Money – Get an extended 30-day free trial Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes How to Invest Money E-book Related Content Complete Guide to Mortgage REIT Investing - Money for the Rest of Us Complete Guide to Equity REIT Investing - Money for the Rest of Us Episode 451: How Much Should You Invest in Stocks See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Interest rates have been sliding for seven centuries. Dive into the historical forces driving this trend and examine whether the recent interest rate spike is just a blip on the radar. Topics covered include:How the supply of savings and the demand to borrow impact interest ratesWhy have interest rates been falling for over 700 years, and what might have changed recently to propel rates higherHow lower rates have helped households increase their net worth and reduce their financial vulnerabilityWhat are some lower-risk ways to take advantage of higher interest rates Sponsors Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes The Price of Money Is Going Up, and It’s Not Because of the Fed by Jamie Rush, Martin Ademmer, Maeva Cousin, Tom Orlik, and Rich Miller—Bloomberg Secular stagnation is not over by Olivier Blanchard—Peterson Institute for International Economics A big problem looming for bond markets by TOMASZ WIELADEK—The Financial Times Eight centuries of global real interest rates - Paul Schmelzing - Bank of England Changes in U.S. Family Finances from 2019 to 2022—The Federal Reserve A Complete Guide to Investing in I Bonds and TIPS Related Episodes 448: Where Are Interest Rates Headed Next? Insights from the Jackson Hole Symposium 450: How Higher Interest Rates Alter Our Financial Blueprint 452: Beyond Stocks: The Allure and Strategy of Credit Investments See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why investing in non-investment grade bonds, leveraged loans, and preferred stocks is potentially more compelling than investing in common stocks at present. Topics covered include:Why Howard Marks told institutional clients to sell stocks and buy high-yield bonds insteadThe contractual agreements comprising bonds, leveraged loans, and preferred stock give them an advantage relative to common stocksHow preferred equity exhibits attributes of both bonds and common stocksWhat is the expected return and risks for high-yield bonds, leveraged loans, and preferred stockHow do we invest in these three asset types Sponsors Delete Me - Use code David20 to get 20% off- To get 20% off Delete Me go tohttps://joindeleteme.com/david20 and use Code David20 Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Show Notes Sea Change - Memo by Howard Marks Further Thoughts on Sea Change - Memo by Howard Marks Investments Mentioned SPDR Bloomberg High Yield Bond ETF (JNK) iShares iBoxx High Yield Corporate Bond ETF (HYG) Invesco Senior Loan ETF (BKLN) iShares Preferred Stock ETF (PFF) Virtus Seix Senior Loan ETF (SEIX) DoubleLine Flexible Income Fund (DFLEX) BlackRock Debt Strategies Fund (DSU) Barings Corporate Investors Fund (MCI) Related Content 397: How to Invest Based on Cycles 451: How Much Should You Invest in Stocks? The Art of Position Sizing in a Volatile Market 423: A “Safe” 6% Yield: The Case for Investment Grade CLOs How to Invest in Closed-End Funds Money for the Rest of Us Closed-End Fund Course See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Our allocation to risky assets should vary based on the expected return, volatility, risk aversion, and how much we can earn risk-free. That means we should be taking less risk right now. Listen to learn why. Topics covered include:Why there are so few billionairesWhy the hedge fund Long Term Capital Management implodedWhy how much to invest is more important than where to investHow the Merton share formula can assist with determining what percent of our wealth to invest in risky assetsWhy are expected outcomes so much greater than the median outcome and why it matters to our investing Sponsors Delete Me - Use code David20 to get 20% off - To get 20% off Delete Me go to https://joindeleteme.com/david20 and use Code David20 Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes How to avoid a common investment mistake - Buttonwood - The Economist The Missing Billionaires: A Guide to Better Financial Decisions by Victor Haghani and James White Money For the Rest of Us List of Most Influential Books Charles Feeney, Who Made a Fortune and Then Gave It Away, Dies at 92 - New York Times Elm Partners Coin Flip Exercise Evaluating gambles using dynamics - O. Peters and M. Gell-Mann Related Content 250: Investing Rule One - Avoid Ruin Why You Should Rebalance Your Portfolio 196: How to Survive Financially See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore six impacts of higher interest rates on housing, capital projects, stock buybacks, excess returns for stocks, bonds, and other asset classes, and individual opportunity costs. Topics covered include:Where current interest rates standCentral banker predictions for how long cash yields will stay this highWhy housing is the least affordable since the early 1980sWhy new apartment building construction has collapsedWhat has been the excess return for stocks, bonds, and other asset classes when interest rates are higher and lowerWhy there will be fewer stock buybacks and how that can impact earnings per shareWhich alternative investments do better when short-term interest rates are higherWhy financial opportunity costs have increased and how that should impact our investment and other financial decisions. Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code NetSuite – Get your free KPI checklists Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Summary of Economic Projections—The Federal Reserve The Apartment Market Is Hitting a Construction Lull by Will Parker—The Wall Street Journal 30-Year Fixed Rate Mortgage Average in the United States—FRED Economic Data Americans Are Still Spending Like There’s No Tomorrow by Rachel Wolfe—The Wall Street Journal Honey, the Fed Shrunk the Equity Premium by Portfolio Solutions Group—AQR Companies ease off on share buybacks as rising interest rates push up costs by Nicholas Megaw—The Financial Times Related Episodes 384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It? 435: Is It Better to Rent or Buy a House? 448: Where Are Interest Rates Headed Next? Insights from the Jackson Hole Symposium 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 economic and financial system early warning signs that we should heed rather than get caught up in fearmongering? When should we start to worry about ballooning budget deficits, the national debt, a currency collapse, or the stock market? Topics covered include:Signals to monitor to see if things are falling apartHow much government debt is too much and why interest rates are keyWhy central banks don't control the stock marketWhy the dollar remains dominant, and what has to change for it to plummet in value Sponsors Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. LinkedIn Jobs - Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes The Dawn of Everything: A New History of Humanity by David Graeber and David Wengrow—Macmillan How Much Is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random House U.S. National Deficit—Treasury.gov Budget and Economic Data—Congressional Budget Office Japan's growing debt mountain: Crisis, what crisis? by Andrew Sharp—Nikkei Asia The Dollar: The World’s Reserve Currency by Anshu Siripurapu and Noah Berman—Council on Foreign Relations Currency Composition of Official Foreign Exchange Reserves—International Monetary Fund Total credit to non-bank borrowers by currency of denomination: US dollar—BIS Wonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York Times Revisiting the international role of the US dollar by Bafundi Maronoti—BIS Related Episodes 404: Why Is the U.S. Dollar So Strong? Will It Continue? 416: Your Nation’s National Debt: 5 Things You Need To Know 433: What Happens If The U.S. Defaults On Its Debt? Here’s Why It Won’t See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why you might want to lock in higher yields now, given real interest rates are the highest they have been in 15 years. Topics covered include:What was covered this year at the Federal Reserve Jackson Hole SymposiumWhat are the primary policy actions central banks take, and how do they influence interest ratesWhat is the neutral real rate of interest, and why is it importantWhy new ideas are central to an increasing standard of livingWhat would drive interest rates higher or lower from current levelsWhy now is an attractive time to lock in longer-term yields Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Factor - Use code david50 to get 50% off your meal order Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Jackson Hole Economic Policy Symposium: Structural Shifts in the Global Economy—Federal Reserve Bank of Kansas City Policymaking in an age of shifts and breaks by Christine Lagarde—European Central Bank Inflation: Progress and the Path Ahead by Jerome H. Powell—The Federal Reserve Bank Structural Shifts in the Global Economy: Structural Constraints on Growth by Chad Syverson—Federal Reserve Bank of Kansas City The Outlook for Long-Term Economic Growth by Charles I. Jones—Federal Reserve Bank of Kansas City Living with High Public Debt by Serkan Arslanalp and Barry Eichengreen—Federal Reserve Bank of Kansas City Monetary Policy and Innovation by Yueran Ma and Kaspar Zimmermann—Federal Reserve Bank of Kansas City See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David shares how thieves recently tried to smash and grab his luggage from his car while he was still inside it. He then explores property crime trends, whether they are increasing or decreasing, and why. Topic covers include:How thieves have stolen luggage from the same gas station multiple times per dayWhat have property crime rates been in the U.S. over the past few decades and since the end of the pandemicWhat are reasons property crime rises and fallsWhat is inventory shrink and how is it impacting retailersWhat can we do to reduce the risk of being a crime victim Show Notes Chevron Oakland Hegenberger Rd—Yelp Myths and Realities: Understanding Recent Trends in Violent Crime by Ames Grawert and Noah Kim—Brennan Center for Justice Reported property crime rate in the United States from 1990 to 2021—Statista Pandemic, Social Unrest, and Crime in U.S. Cities: Year-End 2022 Update—Council on Criminal Justice CATALYTIC CONVERTER THEFTS NATIONWIDE SURGE ACCORDING TO NEW REPORT—Cision PR Newswire What the data says (and doesn’t say) about crime in the United States by John Gramlich—Pew Research Center Oakland’s crime rates are surging. Here’s how they compare with S.F. and other Bay Area cities by Susie Neilson—San Francisco Chronicle OAKLAND NAACP CALLS ON POLITICIANS TO CRACK DOWN ON CRIMINALS—California Policy Center Money under the mattress: economic crisis and crime by Eleni Kyrkopoulou, Alexandros Louka, and Kristin Fabbe—SSRN What Caused the Crime Decline? by Lauren-Brooke Eisen—Brennan Center for Justice What’s Behind All This ‘Shrink’? by Jordyn Holman—The New York Times Retail Theft Costs US Merchants Like Walmart and Target $100 Billion a Year—PYMNTS Retailers battle nearly $100 billion in shrink by Jason Straczewski—National Retail Federation 2022 Retail Security Survey—National Retail Federation US Retail Workers Are Fed Up and Quitting at Record Rates by Devin Leonard and Diana Bravo—Bloomberg See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to balance saving, investing, and spending for a fulfilling life. Why you will probably reach your peak net worth sooner than you think and should start drawing down your nest egg earlier. Why we can't optimize for a fulfilling life but can still have one. Topics covered include:How to estimate how much to spend from your retirement assets so you die with zeroWhat is time bucketing and why it doesn't work for everyoneHow to balance the fear of making a change with the fear of missing outThe difference between making deliberate choices and maximizing our experiencesSponsors Monarch Money - Get an extended 30-day free trial NetSuite - Get your free KPI checklists Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Die with Zero: Getting All You Can with Your Money and Your Life by Bill Perkins The Pathless Path: Imaging a New Story for Work and Life by Paul Millerd Four Thousand Weeks: Time Management for Mortals by Oliver Burkeman  Anderson Cooper Is Still Learning to Live With Loss by David Marchese—The New York Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Three additional insights to help you confidently invest in fixed income. First, what are the different measures of bond yields, and which is best? Second, how to estimate the return for a bond ETF or fund and how long do you have to own it to achieve that annualized return? Finally, we explore a bond type that yields more than U.S. Treasuries, has never defaulted, and has the implicit guarantee of the U.S. government. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How badly has China's stock market performed except for one remarkable decadeWhat are the economic and governance factors that contributed to the underperformanceWhy it's too soon to write off China despite the structural headwindsWhat are the factors that contribute to economic growth and a robust stock market, and which emerging market countries display those factorsWhat are some ETFs to invest in countries with favorable economic tailwinds Sponsors Use code MONEY10 to get 10% off on your NAPA Autoparts online order NordVPN – Click here for a special offer Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes State-Owned Enterprises Going Public: The Case of China by Xiaozu Wang, et al.—SSRN A Model of China's State Capitalism by Xi Li, et al.—SSRN Has China given up on state-owned enterprise reform? by Nicholas Borst—The Interpreter China Regulator’s New Slogan Fuels Buying Spree in State Firms by Bloomberg News—Bloomberg Investors sour on Beijing’s bid to boost state-owned enterprises by Sun Yu—The Financial Times China’s 40-Year Boom Is Over. What Comes Next? by Lingling Wei and Stella Yifan Xie—The Wall Street Journal What just happened: Storm clouds loom for China’s economy by Sebastian Mallaby, et al.—The Washington Post Imminent end of ‘demographic dividend’: Share of India’s working age population set to fall by 2036 by Tca Sharad Raghavan—The Print What’s Holding Back India’s Economic Ambitions? by Shan Li and Vibhuti Agarwal—The Wall Street Journal See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

From raging wildfires to devastating floods, how are these natural events reshaping our financial landscape? What if anything, should we be doing with our investments as a result? Topics covered include:The devastating Maui wildfire: What are the factors that led to one of the deadliest wildfires in US history.Global wildfire trends: Are they really increasing? The data might surprise you.The role of insurance companies: Learn how the giants of the reinsurance world, like Swiss Re and Munich Re, are navigating the increasing number of natural disasters.The complex interplay of climate change, urban expansion, and human choicesWhy IPCC is not highly confident regarding some weather impacts of climate change due to the natural variability in weather patterns.What should individuals do when there is a lack of details regarding a long-term potential threat? Sponsors Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Why the fires in Hawaii have been so bad—The Economist CAMS: monitoring extreme wildfire emissions in 2022—Copernicus A human-driven decline in global burned area by N. Andela et al.—Science Seasonal Trend for Europe—Copernicus Insurers rack up $50bn in losses from natural catastrophes this year by Ian Smith—The Financial Times World insurance market developments in 5 charts—Swiss Re Institute When Disaster Strikes: Preparing for Climate Change by Seán Nolan and Krishna Srinivasan—IMF California insurance market rattled by withdrawal of major companies by Michael R. Blood—AP Rising Temperatures Are Wreaking Havoc Year-Round by Zahra Hirji, Rachael Dottle, and Denise Lu—Bloomberg Climate Change Information for Regional Impact and for Risk Assessment by Roshanka Ranasinghe, et al.—IPCC The Science Before Science CO2 emissions (metric tons per capita)—The World Bank Related Episodes 340: Climate Change, ESG, and What Should Investors Do? 413: What if the World Stopped Shopping? 442: Crisis-Proof Investing: Strategies for a Shaky Future See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We share five things we have learned about stock index valuations, earnings, currency, and why value investing isn't dead. Topics covered include:How index providers divide the stock universe into large and small, growth and valueThe difference between the price-to-earnings ratio and earnings yield and which is betterHow earnings volatility can impact annual earnings growth and what to use to estimate future earningsHow value stocks often grow earnings faster than growth stocksHow value has outperformed growth in the last three years Sponsors Use code MONEY10 to get 10% off on your NAPA Autoparts online order. NetSuite – the leading integrated cloud business software suite Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Asset Camp Money for the Rest of Us Plus Related Episodes 102: What It Takes To Be A Value Investor 261: Is Value Investing Dead? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Given climate change and other risks, how should you invest for the next forty years? Topics covered include:What predictions from the last forty years came true and which didn'tWhy the next forty years will have a lot of similarities to the last forty years despite the promise of AIWhy the scale and complexity of the world make big transitions away from oil, cement, and natural gas unlikelyWhy economic growth and consumption will likely continue leading to positive investment returnsHow should our portfolios and lifestyle be structured to build resilience Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Factor - Use code david50 to get 50% off your meal order Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes The Third Wave by Alvin Toffler—Penguin Random House Parcel shipping index 2022—Pitney Bowes America Is Drowning in Packages by Amanda Mull—The Atlantic How to Spend Way Less Time on Email Every Day by Matt Plummer—Harvard Business Review World Population Prospects—United Nations Department of Economic and Social Affairs Global Climate Change Vital Signs—NASA Congestion Pricing Plan in New York City Clears Final Federal Hurdle by Ana Ley—The New York Times New Jersey Sues Over Congestion Pricing in New York City by Ana Ley—The New York Times How the World Really Works by Vaclav Smil—Penguin Random House Does Sam Altman Know What He's Creating? by Ross Andersen—The Atlantic The Economic Cost of Houston’s Heat: ‘I Don’t Want to Be Here Anymore’ by Rachel Wolfe and Amara Omeokwe—The Wall Street Journal SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors—U.S. Securities and Exchange Commission SEC’s Climate-Disclosure Rule Isn’t Here, but It May as Well Be, Many Businesses Say by Richard Vanderford—The Wall Street Journal Market Myopia's Climate Bubble by Madison Condon—Boston University School of Law What Really Happens to the Clothes You Donate by Oliver Franklin-Wallis—GQ OpenAI's Sam Altman launches Worldcoin crypto project by Anna Tong—Reuters Worldcoin’s premise is a disturbing one by Tabby Kinder—The Financial Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In 2005, Congress debated giving U.S. workers private savings accounts to invest their Social Security contributions in the stock and bond markets. Sixteen years later, we review how that would have worked out for workers. Other topics discussed include:How the public and private sectors are both critical for a functioning social security systemsWhich countries pay the highest social security benefitsHow have other privatized social security plans worked out around the worldHow workers prefer defined contribution plans even though they are worse off than if defined benefit plans were still widely availableHow worried should we be about aging populations and rising dependency ratiosWhy Social Security won't go away Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Factor - Use code david50 to get 50% off your meal order Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Greenspan "There is nothing to prevent the government from creating as much money as it wants."—YouTube Estimated Financial Effects of the "Social Security Personal Savings Guarantee and Prosperity Act of 2005" by Stephen C. Goss—Social Security Administration Social Security Quick Calculator—Social Security Administration The average 401(k) balance by age by Pau Deer—Empower CBO’s 2022 Long-Term Projections for Social Security—Congressional Budget Office Policy Basics: Top Ten Facts about Social Security—Center On Budget and Policy Priorities Evaluation of Four Decades of Pension Privatization in Latin America, 1980-2020: Promises and Reality by Carmelo Mesa-Lago—SSRN Population Age Structure and Secular Secular Stagnation: The Long Run Evidence by Joseph Kopecky—SSRN Does Human Capital Compensate for Depopulation? by M. Siskova, Michael Kuhn, Klaus Prettner, Alexia Fürnkranz-Prskawetz—SSRN How Much Do Public Employees Value Defined Benefit versus Defined Contribution Retirement Benefits? by Oliver Giesecke and Joshua D. Rauh—SSRN See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to mitigate the risk of investing on crowdfunding platforms where there is little transparency on the underlying financial health of the platform company. Topics covered include:What is the platform economyHow blitzscaling and an over-reliance on venture capital funding led to Peer Street's bankruptcyWhat happens next for investors on Peer Street's platformsHow individuals and businesses can mitigate the risk of investing or conducting business on platforms Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Amazon: Independent Sellers In The U.S. Sold More Than 4.1 Billion Products in 2022 by SGB Media—SGB Media PeerStreet LinkedIn Post by Brett Crosby—LinkedIn Crowdfunding platform PeerStreet files for bankruptcy by Flávia Furlan Nunes—Housingwire AI Was Q2’s Big Hope To Reverse The Global Venture Funding Slowdown. It Wasn’t Enough by Gené Teare—Crunchbase VC finds its footing as headwinds weaken by James Thorn—PitchBook PitchBook-NVCA Venture Monitor—PitchBook Cases FAQ—Stretto Real estate debt marketplace PeerStreet files for bankruptcy by Matt Carter—inman BlockFi Bet Big on FTX and Alameda Even After Seeing Infamous Balance Sheet, Creditors Say by Jack Schickler—CoinDesk Related Episodes 253: Are IPOs the New Ponzi Scheme? 301: Use Caution with Alternative Investments 393: What Happens If Your Brokerage Firm Goes Bankrupt See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

AI models like ChatGPT could lead to massive productivity gains, accelerated economic growth, and higher stock returns. Here's how to invest in AI. Topics covered include:How workers are already using AI models like ChatGPT to boost productivityWhy ChatGPT is better at search than Google for certain queriesHow AI models will change the economic narrativeWhat are ways to invest in AI, including specific ETFs For more information on this episode click here. Sponsors NetSuite – the leading integrated cloud business software suite Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Show Notes Sarah Silverman Sues OpenAI and Meta Over Copyright Infringement by Zachary Small—The New York Times ChatGPT saw its first-ever user decline in June by Igor Bonifacic—Engadget A New Chat Bot Is a ‘Code Red’ for Google’s Search Business by Nico Grant and Cade Metz—The New York Times How to get a handle on AI’s many implications for economies and markets by Neil Shearing—Capital Economics Lessons From the Catastrophic Failure of the Metaverse by Kate Wagner—The Nation To Drive AI, Chip Makers Stack ‘Chiplets’ Like Lego Blocks by Yang Jie—The Wall Street Journal Investments Mentioned iShares Semiconductor ETF (SOXX) Roundhill Generative AI & Technology ETF (CHAT) Robo Global® Artificial Intelligence ETF (THNQ) iShares Robotics & Artificial Intelligence Multisector ETF (IRBO) iShares Exponential Technologies ETF (XT) Vanguard Total World Stock ETF (VT) Related Episodes 184: Massive Job Losses Are Inevitable, But There Will Still Be Work 198: Capitalism Is Creation 256: Will Artificial Intelligence Change Investing? 417: Will Generative AI Replace Your Job? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Camden and Bret sit down with Ramit Sethi, host of Netflix’s hit show, “How to Get Rich”, author of the New York Times bestseller, “I Will Teach You To Be Rich” and host of the popular “I Will Teach You To Be Rich” podcast. He is known for his unconventional insights on money psychology and his no-nonsense approach to designing and living a rich life.  Ramit’s financial philosophy is centered around several key principles, including the importance of automating your finances, using money psychology to prioritize your “money dials,” and focusing on $30,000 questions instead of $3 ones. Topics covered include:What it means to live outside the spreadsheet and have a rich lifeThe importance of learning how to spend, not just save and investApproaching investing when you don’t come from an investment background and what to do if you are feeling behind For more information on this episode click here. Episode Sponsors NordVPN – Click here for a special offer Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Show Notes I Will Teach You to Be Rich Related Episodes 278: You Have Permission to Spend 437: How to Live Like You Are Already Retired See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to create and sustain a life of freedom and happiness you don't want to retire from. Topics covered include:What are the physical and mental aspects of living like you are already retiredWhat is the good life, and what are the basic goods that contribute to itHow we handle time is the key to the good life and living like we are already retired For more information on this episode click here. Sponsors Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Politics by Aristotle How Much is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random House Cormac McCarthy Had a Remarkable Literary Career. It Could Never Happen Now. by Dan Sinykin—The New York Times Soloing: Realizing Your Life's Ambition by Harriet Rubin—HarperCollins Saving Time: Discovering a Life Beyond the Clock by Jenny Odell—Penguin Random House An Early Resurrection: Life in Christ Before You Die by Adam S. Miller—Deseret Book Four Thousand Weeks: Time Management for Mortals by Oliver Burkeman—Macmillan Publishers Time Surfing Related Episodes 19: Live Like You’re Already Retired 117: The Retirement Journey 371: Find Your Retirement Investing and Living Style 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 performance and investment prospects for carbon, SPACs, silver, convertible bonds, and frontier markets. Topics covered:What has been the performance of these five asset types since they were discussed on the podcast two to three years agoWhat are the underlying performance drivers and expected returns going forwardWhich asset types are most and least attractive For more information on this episode click here. Sponsors Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Initial Public Offerings: Updated Statistics by Jay R. Ritter—Warrington College of Business, University of Florida Two SPAC ETFs Close in One Month, Suggesting End to Wall Street Boom by Emily Graffeo—Bloomberg Investments Mentioned Vanguard Total World Stock Market ETF (VT) SPAC and New Issue ETF (SPCX) iShares Convertible Bond ETF (ICVT) iShares Silver Trust (SLV) ProShares Ultra Silver (AGQ) iShares Fronter and Select EM ETF (FM) Kraneshares Global Carbon ETF (KRBN) Related Content 318: What Are SPACs and Should You Invest in Them? 330: Is Silver the Next GameStop? How to Invest in Silver A Complete Guide To Investing In Convertible Bonds The Opportunity and Risk of Frontier Markets What You Need to Know About Carbon Investing and its Effect on Climate Change 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 whether to rent a house or apartment or purchase a home or condo. What has been the financial return from owning a house? Topics covered include:How much have home prices increased in major cities since 1980What drove the greater than 50% jump in home prices in some U.S. cities since 2020Why there aren't more new starter homesWhat will it take for the housing shortage to abate so houses can be more affordableWhy now could be a more advantageous time to rent versus buyWhat academics estimate the long-term return is for owning a house, and why the calculations are incompleteHow to determine what your total cost of ownership is for buying a house in order to compare it to renting For more information on this episode click here. Sponsors NetSuite – the leading integrated cloud business software suite Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes The housing theory of everything by John Myers & Ben Southwood & Sam Bowman—Works in Progress Irish property: the boom that shows no signs of slowing by Jude Webber—The Financial Times Whatever Happened to the Starter Home? by Emily Badger—The New York Times The Housing Revolution Is Coming by M. Nolan Gray—The Atlantic In Today’s Housing Market, It’s Timing Over Location by Joe Pinsker—The Wall Street Journal The Rate of Return on Real Estate: Long-Run Micro-Level Evidence by David Chambers, Christophe Spaenjers, and Eva Steiner—Oxford Academic The Rate of Return on Everything, 1870–2015 by Òscar Jordà, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor—National Bureau of Economic Research See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why equity real estate investment trusts should be part of your investment portfolio despite the office sector's struggles. Topics covered include:Why some office REITs are down 30% in 2023, and owners are walking away from buildingsHow commercial mortgages differ from residential mortgagesThe broad sector diversification found within equity REIT ETFsWhat have equity REITs performed long-term and what drove those returnsWhat is a reasonable return expectation for equity REITsWhy equity REIT prices adjust more quickly than private real estate valuesWhy you should be wary of private REITs For more information on this episode click here. Sponsors Brooklinen - Get 20% off for their Memorial Day weekend sale Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Slow Return to Work Pummels Office Stocks by Peter Grant—The Wall Street Journal REITs Likely to Attract Growing Interest from Private Real Estate Funds by Sarah Borchersen-Keto—Nareit Related Content 414: Use Caution with Private REITs like Blackstone’s BREIT A Complete Guide to Equity REIT Investing 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 grave consequences if the U.S. debt ceiling isn't increased and the government defaults? What would the Federal Reserve and the Executive Branch do to prevent default if Congress doesn't act? Topics covered include:What are the potential impacts of a U.S. default on the stock and bond markets, and the overall economyWhat causes the U.S. to have a perennial debt ceiling crisisWhy it is uncertain when the U.S. government would run out of money to meet its obligationsWhat the Biden Administration could do to prevent a defaultWhat the Federal Reserve could do to prevent a defaultGiven the ongoing crisis, should you shift assets from stocks to cash? For more information on this episode click here. Sponsors Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Masterworks’ offerings are filed with the SEC, view all past and current offerings here. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes The Debt Limit Since 2011—Congressional Research Service 7 doomsday scenarios if the U.S. crashes through the debt ceiling by Jeff Stein—The Washington Post A debt ceiling default would send the U.S. housing market back into a deep freeze by Jeff Tucker—Zillow Why is federal spending so hard to cut? — Recurring debt ceiling fights will only be solved by budget reform by Linda Bilmes—Brookings Debt Limit Default Is Default, Even Under a “Prioritization” Scheme by Richard Kogan—Center on Budget and Policy Priorities Why I Changed My Mind on the Debt Limit by Laurence H. Tribe—The New York Times The Trillion-Dollar Coin Might Be the Least Bad Option by Annie Lowrey—The Atlantic If U.S. again risks default, Fed has 'loathsome' playbook by Ann Saphir—Reuters Related Episodes 169: The Debt Ceiling—What Happens If the U.S. Defaults 416: Your Nation’s National Debt: 5 Things You Need To Know See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Does there need to be a loser for every winner when it comes to investing and economic growth? Topics covered include:What are zero-sum gamesHow trading can be a zero-sum gameWhy active management and seeking excess returns through security selections or country weights are zero-sum gamesWhy the U.S. stock market has outperformed the rest of the worldWhy economic growth overall is not a zero-sum game, but some aspects of the economy are zero-sum games For more information on this episode click here. Sponsors Go to GetSunday.com/David to get a customized lawn plan and 50% off your first Sunday Lawn Care box. Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes With the Odds on Their Side, They Still Couldn’t Beat the Market by Jeff Sommer—The New York Times International Diversification—Still Not Crazy after All These Years by Cliff Asness, Antti Ilmanen, and Daniel Villalon—AQR The (Time-Varying) Importance of Disaster Risk by Ivo Welch—The Financial Analysts' Journal The Economics of Biodiversity: The Dasgupta Review by Dasgupta P.—GOV.UK Why the economy is not a zero-sum game: a simple explanation by Nathan Mech—Acton Institute Defending the Free Market: The Moral Case for a Free Economy by Robert Sirico Rents: How Marketing Causes Inequality by Gerrit De Geest The Threat of Rent Extraction in a Resource-constrained Future by Stratford B.—White Rose Research Online Related Episodes 421: Beware of Survivorship Bias When Investing 426: Which is Best – Active or Passive, ETFs or Funds? 430: How Should Personal and National Wealth Be Measured? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why you should allocate a small percentage of your assets to gold. Topics covered include:What is money, and how does gold fit with that definitionWhy central banks bought more gold last year than at any time since 1967Which central banks own the most gold and which are increasing their gold holdingsHow fast is the gold supply growing compared to the U.S. dollar money supplyHow financialization, greater leverage, and contagion risk should motivate us to consider gold For more information on this episode click here. Sponsors Hello Fresh – Use code 16david for 16 free meals with free shipping from Hello Fresh NetSuite – the leading integrated cloud business software suite Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Central banks load up on gold in response to rising geopolitical tensions by Daria Mosolova—The Financial Times Above-ground stocks—Gold Hub Central bank holdings—Gold Hub Does the Federal Reserve own or hold gold?—The Federal Reserve Trey Reik—LinkedIn M2 and Components—FRED Gold Charts R Us Related Episodes 37: Gold – Without the Hype and Politics 53: Should You Invest In Bitcoin? 59: Is Gold Money? 263: Should You Invest In Gold? 344: Why Should You Care About Shadow Banking? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How we measure wealth, riches, abundance, and well-being is more important today than ever. Topics covered include:How late 18th century philosophers Adam Smith and the Earl of Lauderdale defined wealth and the role of capital. Why they worried about income inequality and excess profitsWhat led to the dramatic increase in life expectancy and wealth in the 20th and 21st centuriesHow a long life expectancy and well-being can be attained at much lower levels of wealthWhy John Maynard Keynes was right about the expansion of the economy but wrong about how many hours we would workHow the U.S. expanded its wealth relative to the rest of world, and at what costWhy natural capital should be included in measuring wealth For more information on this episode click here. Sponsors Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Brooklinen Use code DAVID20 for $20 off plus free shipping Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith—Early Modern Texts About Adam Smith—Adam Smith Institute An Inquiry Into the Nature and Origin of Public Wealth and Into the Means and Causes of Its Increase by The Earl of Lauderdale—McMaster University Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail by Ray Dalio—Simon & Schuster The Economics of Biodiversity: The Dasgupta Review—GOV.UK Less Is More: How Degrowth Will Save the World by Jason Hickel—Penguin Random House Economic Possibilities for Our Grandchildren by John Maynard Keynes—Yale America’s economic outperformance is a marvel to behold—The Economist How Much is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random House  Related Episodes 8: What If Everyone Worked Only Four Hours Per Day? 142: Why Are Some Nations Wealthier Than Others? 282: Is GDP the Best Measure of Happiness and Well-Being? 300: Ray Dalio and the Changing World Order See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With a total U.S. inflation rate of 14% in the past two years, we review how various inflation hedges performed over the past twenty-four months. Topics covered include:What were investors' and the Federal Reserve's inflation expectations two years agoWhat led to the big inflation increaseWhy was the Federal Reserve forced to raise its policy rate by almost 5% in a yearHow successful were inflation-index bonds, stocks, commodities, and real estate in beating inflation over the past two yearsHow did two active ETFs that set out to protect against inflation performWhat is the current outlook for inflation, and what should investors do For more information on this episode click here. Sponsors Brooklinen Use code DAVID20 for $20 off plus free shipping Go to GetSunday.com/David to get a customized lawn plan and 20% off your Sunday Lawn Care order Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes CPI Inflation Calculator—U.S. Bureau of Labor Statistics Inflation Beneficiaries ETF—Horizon Kinetics Quadratic Capital Management Investments Mentioned iShares TIPS Bond ETF (TIP) Vanguard Short-term Inflation Protection Securities ETF (VTIP) Invesco DB Commodity Index Tracking Fund (DBC) Vanguard Total World Stock ETF (VT) Vanguard Total Stock Market ETF (VTI) WisdomTree U.S. High Dividend Fund (DHS) WisdomTree Global High Dividend Fund (DEW) Horizon Kinetics Inflation Beneficiaries ETF (INFL) Schwab U.S. REIT ETF (SCHH) Quadratic Interest Rate Volatility and Inflation Hedge ETF (IVOL) Related Episodes 336: Own What Is Real 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.

How accelerating bank deposit withdrawals could harm the economy, including real estate prices. How dollars slosh around the financial system but always seem to end up at the Federal Reserve. Topics covered include:How many deposits have left banks since the Silicon Valley Bank collapseHow much have banks borrowed from the Federal Reserve to meet deposit withdrawalsWhy exiting deposits are harming bank profits and causing them to make fewer loansHow the credit crunch could hurt commercial real estate valuesHow money market mutual funds differ from banksHow today's banking crisis is similar to the 1980s savings and loans crisisWhat should investors do to protect their wealth For more information on this episode click here. Sponsors Masterworks – invest in contemporary art Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks—The Federal Reserve Assets and Liabilities of Commercial Banks in the United States—The Federal Reserve All U.S. Banks Net Interest Margin—BankRegData Current Treasuries and Swap Rates—Chatham Financial Options trading surges as investors brace themselves for US regional bank volatility by Stephen Gandel and Nicholas Megaw and Colby Smith—The Financial Times Bank Turmoil Squeezes Borrowers, Raising Fears of a Slowdown by Jeanna Smialek—The New York Times Banks' Demand for Reserves in the Face of Liquidity Regulations by Jane Ihrig—Federal Reserve Bank of St. Louis Money Market Funds: Investment Holdings Detail—The Federal Reserve Deposit Outflows Shine Light on Fed Program That Pays Money-Market Funds by Eric Wallerstein and Nick Timiraos—The Wall Street Journal ICI Research Perspective: Trends in the Expenses and Fees of Funds, 2022—Investment Company Institute FAQs: Reverse Repurchase Agreement Operations—Federal Reserve Bank of New York US Resolution Trust Corporation by Aidan Lawson and Lily Engbith—SSRN Related Episodes 270: Repo Rates Soared—Here’s Why It Matters 333: How The Covid Shock Nearly Destroyed The Financial System See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What has been the impact on trade and the trade deficit since the U.S. implemented tariffs on steel, aluminum, and goods made in China? Topics covered include:Has the shipping backlog been reduced at U.S. portsWhat are the dangers of running too high of a trade deficitHow large is the U.S. trade deficitWhat has been the impact of U.S. tariffs on trade, domestic production, and pricesHow Chinese direct-to-consumer retail companies Shein and Temu are driving prices of goods ever lowerWhy consumers should demand greater visibility on how products they purchase are made For more information on this episode click here. Sponsors Use code MONEY10 to get 10% off on your NAPA online order. NetSuite – the leading integrated cloud business software suite Show Notes The ‘ship backup has ended’ at Los Angeles, Long Beach ports by Alejandra Salgado—Supply Chain Dive America’s Trade Deficit Surged in 2022, Nearing $1 Trillion by Ana Swanson—The New York Times Industry study tracks China tariffs’ added costs to importers and consumers by Ben Unglesbee—Supply Chain Dive Costs of Trade Wars: The Distributional Consequences of US Section 301 Tariffs Against China by Kara M. Reynolds—SSRN Certain Effects of Section 232 and 301 Tariffs Reduced Imports and Increased Prices and Production in Many U.S. Industries by USITC—United States International Trade Commission Economic Impact of Section 232 and 301 Tariffs on U.S. Industries by USITC—United States International Trade Commission The other Chinese apps taking the US and UK by storm by Chelsea Bailey—BBC Secretive Shein Founders Build $40 Billion Fortune in Rapid Fashion by Venus Feng and Pei Yi Mak—Bloomberg Shein sets ambitious revenue target ahead of IPO by Rachel Douglass—Fashion United Shein copycats chase its explosive growth by Eleanor Olcott, Qianer Liu, and Gloria Li—The Financial Times Temu’s Big Haul by Ella Apostoaie—The Wire China The High Price of Fast Fashion by Dana Thomas—The Wall Street Journal Stealing More than Just Designs: Utilizing Environmental Law as a Remedy to Design Piracy by Fast Fashion Brands by Spencer Kluth—SSRN Shein’s Cotton Tied to Chinese Region Accused of Forced Labor by Sheridan Prasso—Bloomberg Worn: A People's History of Clothing by Sofi Thanhauser—Penguin Random House More than ever, our clothes are made of plastic. Just washing them can pollute the oceans. by Brian Resnick—Vox Related Episodes 212: Trade Wars Increase Prices and Poverty 413: What if the World Stopped Shopping? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David has a fascinating discussion with Kristof Gleich about active management, indexing, and how ETFs and mutual funds really work. Topics covered include:Should individual investors even try to select active mutual fundsIs there an indexing bubbleWhy are there so many new ETFsShould we be worried about an ETF flash crashWhat do ETF market makers and authorized participants doDo SEC yields for international equity mutual funds and ETFs reflect the impact of dividend withholding taxes As the president and CIO of Harbor Capital Advisors, Inc. Kristof Gleich oversees all Investment, Distribution & Marketing and Executive Office functions at Harbor. He provides insight while helping lead Harbor’s strategic growth plan. Previously, Kristof was a managing director and global head of manager selection at JP Morgan Chase & Co. He has a degree in Physics from University of Bristol.  Thanks to NAPA and Sunday Lawn Care for sponsoring the episode. Use code MONEY10 to get 10% off on your NAPA Autoparts online order. Go here to GetSunday.com/David to get a customized lawn plan and 20% off your Sunday Lawn Care order Related Episodes 321: How to Analyze Complex Investments 311: Did ETFs Pass the 2020 Market Collapse Stress Test? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

"If something is profitable, it will be done," says Martin Wolf of the Financial Times. We explore how profits will drive the energy transition and how and where water from the Colorado River is used. Topics covered include:How profits have led to higher energy market share for natural gas and renewal energyWhat is hindering a faster transition to renewablesWhat is contributing to a water shortage in the southwestern U.S,. and how will it be resolvedWhy big infrastructure projects often aren't the best solution to solve a problemWhy some regulation is helpful For more information on this episode click here. Show Notes The market can deliver the green transition by Martin Wolf—The Financial Times Where the Water Goes: Life and Death Along the Colorado River by David Owen—Penguin Random House Economics may take us to net zero all on its own by John Burn-Murdoch—The Financial Times The Gregor Letter by Gregor Macdonald—Substack The Inflation Reduction Act: Here's what's in it—McKinsey & Company Management of the Colorado River: Water Allocations, Drought, and the Federal Role by Charles V. Stern and Pervaze A. Sheikh—Congressional Research Service The Supreme Court wrestles with questions over the Navajo Nation's water rights by Becky Sullivan—NPR As the Colorado River Shrinks, Washington Prepares to Spread the Pain by Christopher Flavelle—The New York Times Can Western States Agree on the Future of the Colorado River? by Matt Vasilogambros—Pew A matter of priorities by DeEtte Person—Know Your Water News Average monthly water prices in the United States as of July 2022, by selected state—Statista Election to Designate AMA for the Douglas Basin—Arizona Department of Water Resources Arizona Is in a Race to the Bottom of Its Water Wells, With Saudi Arabia’s Help by Natalie Koch—The New York Times Arizona gets serious about piping water from Mexico in nonbinding desalination resolution by Brandon Loomis—AZ Central Episode Sponsor Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Related Episodes 399: Unintended Consequences Impact Everything 345: Investing in Water See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What caused Silicon Valley Bank to collapse in only 44 hours, and how likely will the contagion spread, leading to other bank failures? Topics covered include:How losses on bonds blew up SVB's balance sheetHow is Silicon Valley Bank similar and different than other regional banksWhat the FDIC and Federal Reserve are trying do to restore confidence and stop bank runsHow a weakening of the Frank-Dodd bank regulation act set the stage for SVB's failureWhy bailing out uninsured depositors is controversialThree scenarios of what might happen nextActions we can take to protect ourselves when private money fails For more information on this episode click here. Sponsors Masterworks – invest in contemporary art Money for the Rest of Us Plus membership Show Notes Silicon Valley Bank launches $2.25bn share sale to shore up capital base by Joshua Franklin and Antoine Gara—The Financial Times US Bank Capital Regulation: History and Changes Since the Financial Crisis by John Walter—Economic Quarterly SVB's 44-Hour Collapse Was Rooted in Treasury Bets During the Pandemic by Brian Chappatta—Bloomberg Remarks by FDIC Chairman Martin Gruenberg at the Institute of International Bankers—FDIC How Silicon Valley Turned on Silicon Valley Bank by Ben Foldy, Rachel Louise Ensign, and Justin Baer—The Wall Street Journal SEC Filings Details—Silicon Valley Bank FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California—FDIC Uninsured Silicon Valley Bank depositors seek fire sale of assets by Joshua Franklin, Sujeet Indap, Colby Smith, and George Hammond—The Financial Times Join Statement by Treasury, Federal Reserve, and FDIC—Federal Reserve FDIC Acts to Protect All Depositors of the former Silicon Bank, Santa Clara, California—FDIC US regulators are setting a dangerous precedent on SVB by Sheila Bair—The Financial Times Back-to-Back Bank Collapses Came After Deregulatory Push by David Enrich—The New York Times Will another bank fall? by Robert Armstrong—The Financial Times Shares in US regional banks close sharply lower over fears of deposit flight by Jennifer Hughes, James Fontanella-Khan, Ortenca Aliaj, and Brooke Masters—The Financial Times Charles Schwab shares drop 12% even as the firm defends financial position by Yun Li—CNBC Related Episodes 405: When Volatility Spikes, Financial Things Break 392: What Is Money and How to Use It 305: 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.

How leveraged loans and CLOs work and how to invest in them. What are the risks and opportunities with the new CLO ETFs. Topics covered include:What are the characteristics of leveraged loans and how David has invested in them in the past, both professionally and personally.Why LIBOR reference rate for leveraged loans is being phased outWhat is the current investing climate for leveraged loansHow collateralized loan obligation workWhy insurance companies are fighting over CLOsWhat are the different ways to invest in CLOs For more information on this episode click here. Show Notes Companies, Lenders Clash Over Loan Spreads in Switch from Libor by Mark Maurer—The Wall Street Journal Libor: The Spider Network—The Wall Street Journal Collateralized Loan Obligations (CLOs) Primer by Jennifer Johnson—NAIC and The Center for Insurance Policy Research Investing In The Middle: Tapping Into Opportunities in Middle Market Lending—AllianceBernstein Top 10 US CLO Managers: CLO AUM (30 Nov 2022)—CLO Research Default, Transition, and Recovery: 2021 Annual Global Leveraged Loan CLO Default And Rating Transition Study—S&P Global Ratings U.S. BSL CLO And Leveraged Finance Quarterly: Is Winter Coming? by Stephen Anderberg, Daniel Hu, Et al.—S&P Global Ratings Risk Assessment of Structured Securities - CLOs by Eric Kolchinsky, Charles A. Therriault, Marc Perlman—National Association of Insurance Commissioners (NAIC) Monthly US CLO Index - December 2022—Fitch Ratings Private equity-backed insurers under US scrutiny over risky loans by Antoine Gara and Sujeet Indap—The Financial Times Private Equity Taps Insurers' Cash to Speed Up Growth by Matt Wirz and Leslie Scism—The Wall Street Journal Investments Mentioned​ Virtus Seix Floating Rate Income Fund (SAMBX) Virtus Seix Senior Loan ETF (SEIX)​ Invesco Senior Loan ETF (BKLN)​ DoubleLine Flexible Income Fund (DFLEX)​ BlackRock Debt Strategies Fund (DSU) BlackRock AAA CLO ETF (CLOA) iShares Treasury Floating Rate Bond ETF (TFLO)​​ Janus AAA CLO ETF (JAAA) Janus B-BBB CLO ETF (JBB)​ VanEck CLO ETF (CLOI) Eaglepoint Credit Company (ECC) Oxford Lane Capital Corp (OXLC) Related Episodes 305: Are Banks Safe? 206: Be Bear Aware of Bank Loans See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Do activist hedge funds including Carl Icahn's add value? Should you invest in Icahn Enterprises L.P., a conglomerate with a 15% dividend yield and a stake in Carl Icahn's hedge fund? Topics covered include:How Icahn Enterprises' (IEP) investment performance compares to Berkshire HathawayHow to analyze individual stocks and why it is challengingWhat are activist hedge funds and do they make a positive performance differenceWhat are the risks and opportunities of investing in IEP For more information on this episode click here. Sponsors Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. NetSuite – the leading integrated cloud business software suite Show Notes Icahn Enterprises L.P. The Activism of Carl Icahn and Bill Ackman by Jason D. Schloetzer and Richard Lee—SSRN The Long-Term Effects of Hedge Fund Activism by Lucian A. Bebchuk, Alon Brav, Wei Jiang—SSRN Did They Live Happily Ever After? The Fate of Restructured Firms After Hedge Fund Activism by Jongha Lim and Wonik Choi—SSRN Related Episodes 242: Should You Let Warren Buffett Manage Your Money? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why long-term U.S. stock market outperformance could be because it has avoided major catastrophes. Does an over-reliance on historical U.S. stock returns when modeling retirement outcomes lead to spending rates that are too high? Topics covered include:Why you might consider earthquake insuranceWhat is survivorship bias and what are some examplesWhy the U.S. is an outlier when it comes to stock market performanceWhy the 4% retirement spending rule might be too highIf the 4% spending rule is too high, what can retirees do instead to have enough for retirementWhy the size and scale of the U.S. economy provide some resistance to catastrophes For more information on this episode click here. Thanks to our Sponsors Shopify Masterworks – invest in contemporary art Show Notes Homefacts Survivorship Bias—Matt Rickard Is The United States A Lucky Survivor: A Hierarchical Bayesian Approach by Jules H. van Binsbergen, Et al.—SSRN The Financial History of Emerging Markets: New Indices by Bryan Taylor—SSRN The (Time-Varying) Importance of Disaster Risk by Ivo Welch—Financial Analyst Journal The Safe Withdrawal Rate: Evidence from a Broad Sample of Developed Markets by Aizhan Anarkulova, Et al.—SSRN The 2.7% Rule for Retirement Spending by Ben Felix—YouTube Trends in Retirement and Retirement Income Choices by Tiaa Participants: 2000–2018 by Jeffrey R. Brown, Et al.—SSRN Related Episodes 250: Investing Rule One: Avoid Ruin 326: The New Math of Retirement Spending and Investing 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 pros and cons of a simple stock and bond portfolio consisting of two funds or ETFs? Given U.S. stocks have significantly outperformed the rest of the world over the past decade, is there even a role for non-U.S. stocks in your investment portfolio? Topics covered include:How have 60/40 and similar portfolios performed over the long-termWhat are the advantages and disadvantages of a 60/40 portfolioWhat is the expected return of a 60/40 portfolio and what should be included?What has contributed to U.S. stocks outperforming non-U.S. stocks over the past decadeWhy have emerging markets stocks done so poorlyWhat has to happen for U.S. stocks to continue to outperform non-U.S. stocks For more information on this episode click here. Sponsors Use this link to post your job for free on LinkedIn Jobs. Go here to sign up for the free weekly Money For the Rest of Us Insiders Guide email newsletter Show Notes BlackRock vs. Goldman in the Fight Over 60/40 by James Mackintosh—The Wall Street Journal Battered 60-40 portfolios face another challenging year by Adrienne Klasa—Financial Times The case for the 60/40 portfolio in equities and bonds by Erin Browne—Financial Times Investors wonder if the 60/40 portfolio has a future by Michael Mackenzie—Financial Times Has the tried and tested 60/40 strategy soured? by Maya Bhandari—Financial Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We consider four case studies in which individuals struggle to decide what to do with their investment portfolios. Topics include:Why it's so difficult to reenter the stock market after sitting on the sidelines and what to do insteadWhat are the risks of having a too aggressive portfolio allocation in retirement and what to do insteadWhat to do when an investment strategy has worked really well but you feel it is time to make a changeHow to decide on an appropriate portfolio mix after a significant financial change You can learn more about Money for the Rest of Us Plus here. For more information on this episode click here. Related Episodes 306: Three Approaches to Asset Allocation 401: Why Diversifying Your Portfolio Feels Awful Show Notes Case studies were pulled from the following Plus episodes: 287 Plus: Coronavirus Update, Mid Month Investment Conditions and Overcoming the Fear of Investing 306 Plus: Member Profile, Bond Investing, and Emerging Technology 310 Plus: Mid Month Update and a Member Wants to Reallocate from Growth Stocks 331 Plus: Member Profile, Tail Risk Protection, Rental Real Estate as Bond Substitute, and YYY ETF See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What you need to know to confidently invest in bonds. Topics covered include:Key components of bond investing include face value, coupon rates, yield-to-maturity, duration, and convexityHow to decide between owning longer-term or short-term bondsHow to decide whether to own individual bonds or bond funds and ETFsWhen to use active bond management versus bond indexingHow bullet bond ETFs work and when to use themHow to know when to invest in municipal bonds and corporate bondsWhen should you own foreign bondsShould you own bonds in taxable or tax-deferred accountsA bond case study based on current interest rates For more information on this episode click here. Sponsors Money Pickle - Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Fundrise - The largest direct-to-investor alternative investment platform in the U.S. Show Notes A Complete Guide to Investing in I Bonds and TIPS—Money for the Rest of Us Investments Mentioned iShares 20+ Year Treasury Bond ETF (TLT) Vanguard Short-Term Treasury ETF (VGSH) iShares® iBonds® Dec 2025 Term Treasury ETF (IBTF) iShares® iBonds® Dec 2025 Term Corporate ETF (IBDQ) Vanguard Total Bond Market Index Fund ETF (BND) Doubleline Total Return Bond Fund (DBLTX) Related Episodes 337: Why in the World Would You Own Bonds? 378 Plus: A Frustrating Time To Invest and Did Bulletshares Underperform? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How sophisticated AI apps from OpenAI and other companies create articles, art, and other works that have never existed. How generative AI will impact business owners, employees, students, and financial markets. Topics include:How AI is creating personal finance articles and other creative worksChatGPT's attempt at writing a script for the Money For the Rest of Us podcastHow ChatGPT and other large language models workWhat are the risks and flaws of generative AIHow can we adapt and take advantage of generative AI For more information on this episode click here. Sponsors Masterworks – invest in contemporary art NetSuite - the leading integrated cloud business software suite Show Notes We Are Here To Create: A Conversation with Kai-Fu Lee—Edge CNET Is Quietly Publishing Entire Articles Generated by AI by Frank Landymore—Futurism CNET Money—CNET Should You Break a CD Early for a Better Rate by AI engine and edited by Jaclyn DeJohn—CNET NerdWallet, Inc. Q3 2022 Earnings Call—NerdWallet OpenAI The Backstory of ChatGPT Creator OpenAI by Berber Jin and Miles Kruppa—The Wall Street Journal GPT-3.5 + ChatGPT: An illustrated overview by Alan D. Thompson—Life Architect AI-generate answers temporarily banned on coding Q&A site Stack Overflow by James Vincent—The Verge Alarmed by A.I. Chatbots, Universities Start Revamping How They Teach by Kalley Huang—The New York Times A Coming-Out Part for Generative A.I., Silicon Valley's New Craze by Kevin Roose—The New York Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We analyze the worrisome national debt situation in the U.S., UK, and Japan and consider what will determine the likelihood of default Topics covered include:How big is the national debt in the U.S., UK, and JapanWhy Japan and UK interest rates have increasedWhen do federal government debts jump the mostWhat two numbers are key to whether a level of national debt is sustainableWhat are five ways indebted countries have reduced the relative size of their debtWhy quantitative easing is not a solution to a national debt crisis For more information on this episode click here. Sponsors Shopify Fundrise Show Notes Debt to the Penny—U.S. Treasury Fiscal Data Federal Debt and the Debt Limit in 2022—Congressional Research Service Can the Central Bank Alleviate Fiscal Burdens? by Ricardo Reis—London School of Economics and Political Science UK government debt and deficit: June 2022—Office for National Statistics Japan's Experience with Yield Curve Control by Matthew Higgins and Thomas Klitgaard—Liberty Street Economics What is the national debt?—U.S. Treasury Fiscal Data Major Foreign Holder of Treasury Securities—Treasury International Capital System, U.S. Treasury The Liquidation of Government Debt by Carmen M. Reinhart and M. Belen Sbrancia—International Monetary Fund Related Episodes 295: Federal Reserve Insolvency and Monetizing the National Debt 338: The National Debt, Inflation, and the U.S. Dollar—What Could Go Wrong? 360: Will the U.S. Default? Debt Ceilings, Government Shutdowns, and the National Debt See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We kick off 2023 by answering your questions on making portfolio changes, risk tolerance, the strong dollar, inflation and retirement, influential books, and other topics. For more information on this episode click here. Episode Sponsors Thanks to LinkedIn for sponsoring the episode. Use this link to post your job for free on LinkedIn Jobs. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How public equity REITs differ from private REITs. Why investors are selling out of private REITs and why private REIT sponsors like Blackstone and Starwood are limiting investors' ability to do so. Topics covered include:What are public and private real estate investment trustsWhy has Blackstone's BREIT been such a successWhy investors are trying to exit private REITsWhy commercial property values are fallingIs now a good time to invest in public and private REITs? For more information on this episode click here. Sponsors Policygenius LinkedIn – Post your job for free Show Notes How the gates closed on Blackstone’s runaway real estate vehicle by Antoine Gara, Sujeet Indap, and Kaye Wiggins—Financial Times Investors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values by Konrad Putzier and Peter Grant—The Wall Street Journal How the gates closed on Blackstone’s runaway real estate vehicle by Antoine Gara, Sujeet Indap, and Kaye Wiggins—Financial Times Investors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values by Konrad Putzier and Peter Grant—The Wall Street Journal Property Insights: Roller Coaster by Michael Knott—Green Street Rising Interest Rates Threaten to Expose Office Buildings’ Inflated Values by Konrad Putzier—The Wall Street Journal Why Blackstone’s $69 Billion Property Fund Is Signaling Pain Ahead for Real Estate Industry by John Gittelsohn and Patrick Clark—Bloomberg Blackstone’s $70 Billion Real Estate Fund for Retail Investors Is Losing Steam by Dawn Lim and John Gittelsohn—Bloomberg Related Episodes 183: How To Invest In Commercial Real Estate 230: Use Caution With Real Estate Crowdfunding See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to solve the conundrum that consumption reductions lead to economic disasters while benefiting the environment. Topics covered include:Why consumption, fossil fuel usage, and carbon emissions keep growingHow fossil fuel consumption goes well beyond heating and transportation uses but is tied to agriculture, steel, and cement productionThe four times global consumption fell and the dire economic consequences that resultedHow the world is consuming twice as many resources as the planet can sustainHow the economy could still grow while reducing the environmental impact For more information on this episode click here. Sponsors MasterClass - Get two annual memberships for the price of one Masterworks – invest in contemporary art Show Notes How the World Really Works: The Science Behind How We Got Here and Where We’re Going by Vaclav Smil The Day the World Stops Shopping: How Ending Consumerism Saves the Environment and Ourselves by J.B. Mackinnon Global Footprint Network Related Episodes 262: Better Not Bigger, Circular Not Linear – How the Global Economy Is Changing 282: Is GDP the Best Measure of Happiness and Well-Being? 340: Climate Change, ESG, and What Should Investors Do? 395: How Population Trends Will Impact Growth, Inflation, Investing, and Well Being See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the best options for safely investing cash. Topics covered include:High-yield savings accountsCertificates of DepositsGovernment BondsMoney Market Mutual FundsWhen should you invest in long-term bondsWhy some savings apps try to look like banks but they are notWhat happens when central banks lose moneyWhere not to deposit cash for safety For more information on this episode click here. Sponsors MasterClass - Get two annual memberships for the price of one Money App - Triple Your Paycheck Giveaway Show Notes a16z-backed Tellus wants to offer consumers a much better savings rate. Here’s how. by Mary Ann Azevedo—TechCrunch Factors Affecting Reserve Balances—U.S. Federal Reserve Liabilities and Capital: Liabilities: Earnings Remittances Due to the U.S. Treasury: Wednesday Level—FRED What if the Federal Reserve books losses because of its quantitative easing? by William B. English and Donald Kohn—Brookings U.S. Banks Lost a Record $370 Billion in Deposits Last Quarter by David Benoit—The Wall Street Journal Crypto Lender BlockFi Follows FTX Into Bankruptcy by Alexander Gladstone—The Wall Street Journal Related Episodes 304: A 15% Guaranteed Return? Lending on the Fringes of Finance 392: What Is Money and How to Use It 410: Is Cryptocurrency Dead? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Camden and David converse with Asha Mehta, Managing Partner & CIO at Global Delta Capital about the bullish case for emerging and frontier market stocks as well as the risks. Topics covered include:How to go about investing in emerging marketsShould you invest in ChinaWhere are the most promising emerging and frontier marketsWhy aggregate emerging markets earnings have been lacklusterHow to balance quantitative analysis with subjective reasoning For more information on this episode click here. Sponsors MasterClass - Get two annual memberships for the price of one Masterworks – invest in contemporary art Show Notes Power of Capital by Asha Mehta Global Delta Capital Related Episodes 249: Should You Invest in India? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the bankruptcy of FTX, the world's third-largest crypto exchange, undermines trust in cryptocurrency and decentralized finance, making it even more difficult for crypto to ever be taken seriously as a monetary alternative. Topics covered include:How FTX squandered its customers' depositsHow FTX is another example of a private money bank runHow traditional securities lending works and why it is very low risk compared to the highly speculative nature of cryptocurrency lending platformsHow FTX's demise is impacting numerous entities including Voyager, BlockFi, Bitcoin miners, venture capitalists, and many othersHow should individual investors store cryptocurrency, and does it even make sense to continue to own it For more information on this episode click here. Sponsors LinkedIn – Post your job for free Money For the Rest of Us Plus Show Notes Don't Miss Out on Crypto: Larry David FTX Commercial The spectacular implosion of crypto’s biggest star, explained by Emily Stewart—Vox Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet by Ian Allison—CoinDesk FTX held less than $1bn in liquid assets against $9bn in liabilities by Antoine Gara, Kadhim Shubber, and Joshua Oliver—Financial Times FTX balance sheet, revealed by FT Alphaville—Financial Times FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall by Vicky Ge Huang, Alexander Osipovich, and Patricia Kowsmann—The Wall Street Journal After FTX: Rebuilding Trust in Crypto’s Founding Mission by Noelle Acheson—CoinDesk How Sam Bankman-Fried’s Crypto Empire Collapsed by David Yaffe-Bellany—The New York Times Exclusive: At least $1 billion of client funds missing at failed crypto firm FTX by Angus Berwick—Reuters Investors Who Put $2 Billion Into FTX Face Scrutiny, Too by Erin Griffith and David Yaffe-Bellany—The New York Times FTX signs deal with option to buy BlockFi for up to $240 mln by Niket Nishant and Aditya Soni—Reuters Voyager Digital and Voyager Official Committee of Unsecured Creditors Provide Update on Reorganization Plan—Cision Crypto lender BlockFi says it has significant exposure to FTX by Manya Saini and Shailesh Kuber—Reuters Coinbase Quarterly Earnings Related Episodes 393: What Happens If Your Brokerage Firm Goes Bankrupt See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the International Monetary Fund, the world's economic firefighter, works for global monetary cooperation and prosperity while using its own made-up currency, the SDR. Topics covered include:What was the Bretton Woods monetary system that led to the formation of the IMF and the World BankHow the World Bank and IMF differWhat does the IMF doHow the IMF creates its own money out of thin airWhy does Argentina, the IMF's largest borrower, keep defaulting on its debt obligation including those to the IMFWhy the IMFs negotiating tactics are controversial For more information on this episode click here. Sponsors Aura, the new standard in digital safety  Policygenius Show Notes Creation of the Bretton Woods System, July 1944—Federal Reserve History The World Bank International Monetary Fund Sterling devalued and the IMF loan—Cabinet Papers, The National Archive Total IMF Credit Outstanding, Movement From November 01, 2022 to November 07, 2022—IMF Why you can’t technically default on the IMF by Izabella Kaminska—Financial Times Implications of the IMF's SDR Allocation for Australia and the Global Economy by Ben Hollebon and Kate Hickie—Reserve Bank of Australia The IMF cannot solve Argentina’s dysfunction—The Economist IMF Executive Board Completes Second Review of the Extended Arrangement Under the Extended Fund Facility for Argentina—IMF The IMF: The World’s Controversial Financial Firefighter—by Jonathan Masters, Andrew Chatzky, and Anshu Siripurapu—Council on Foreign Relations Related Episodes 233: Is An Emerging Markets Crisis Imminent? 322: Why Currency Exchange Rates Matter? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to survive in a world where luck and randomness play a pivotal role. Topics covered include:What are power lawsWhat are the narrative fallacy and hindsight biasWhat are examples of domains where randomness has contributed to successWhat are ways to distinguish investing skill from luckHow sixth-century philosopher Boethius had an accurate view of chanceWhat are ways we can benefit from good luck while protecting ourselves from bad luck For more information on this episode click here. Sponsors Copper Money For the Rest of Us Plus Show Notes Redacted messages to and from Elon Musk—Delaware’s Court of Chancery Elon Musk’s Texts Shatter the Myth of the Tech Genius by Charlie Warzel—The Atlantic Talent Versus Luck: The Role of Randomness In Success and Failure by Alessandro Pluchino, Alessio Emanuele Biondo, and Andrea Rapisarda Susan Alexandra Welcome to Susan Alexandra’s Dream World by Sophia Herring—Clever, Architectural Digest The Fashion Set Can’t Get Enough of Susan Alexandra’s Colorful, Kitschy Designs by Noah Lehava—Coveteur Quantifying the evolution of individual scientific impact by Roberta Sinatra et al. What's in a Surname? The Effects of Surname Initials on Academic Success by Liran Einav and Leeat Yariv Middle names make you look smarter—University of Southhampton Admission to Selective Schools, Alphabetically by Štěpán Jurajda and Daniel Münich It Pays to Be Herr Kaiser: Germans With Noble-Sounding Surnames More Often Work as Managers Than as Employees by Raphael Silberzahn and Eric Luis Uhlmann The relative-age effect and career success: Evidence from corporate CEOs by Qianqian Du, Huasheng Gao, Maurice D. Levi The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb Were Those Great Returns the Result of Skill — or Just Luck? by Julie Segal—Institutional Investor Related Episodes 323: The Economy Is Not A Machine See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to use laddered inflation-indexed bonds (i.e., TIPS), CDs, fixed annuities, and fixed index annuities to meet retirement living expenses while worrying less about running out of money. Topics covered include:How individuals can use liability-driven investment strategiesWhy now is the best opportunity to buy Treasury Inflation Protection Securities in 15 yearsHow to use bond laddersHow deferred fixed and deferred variable annuities workHow to analyze fixed index annuities For more information on this episode click here. Show Notes Worry-Free Investing by Zvi Bodie and Michael J. Clowes Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis, Inflation-Indexed—FRED Market Yield on U.S. Treasury Securities at 5-Year Constant Maturity, Quoted on an Investment Basis, Inflation-Indexed—FRED New 5-year TIPS auctions with a real yield of 1.732%, highest in 15 years—TIPSwatch Complete List of Multi-Year Guaranteed Annuities (MYGAs), October 26, 2022—ImmediateAnnuities.com Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement by Wade Pfau A Complete Guide to Investing in TIPS and I Bonds—Money for the Rest of Us Episode Sponsors Express VPN – get three months free on VPN service Aura, the new standard in digital safety Related Episodes 279: Why All Retirees Should Consider an Income Annuity 326: The New Math of Retirement Spending and Investing See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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. Sponsor LinkedIn – Post your job for free Show Notes Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke Quit: The Power of Knowing When to Walk Away by Annie Duke See 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 up For more information on this episode click here. Episode Sponsors Masterworks – 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/cd Policygenius Show Notes The volatility virus strikes again by Eric Lonergan—Financial Times How ‘Liability-Driven’ Pension Funds Triggered UK Bond Panic by Loukia Gyftopoulou and Greg Ritchie—Bloomberg UK government debt and deficit: December 202—UK Office for National Statistics Markets are more fragile than investors think by Robin Wigglesworth—Financial Times Volatility and the Alchemy of Risk: Reflexivity in the Shadows of Black Monday 1987—Artemis Capital Management What Caused the Volatility “Volmageddon” on 5-Feb-2018 by Vance Harwood—Six Figure Investing Gamma Explained—Merrill Delta Explained—Merrill Inside Volatility Trading: Is VIX Backwardation Necessarily a Sign of a Future Down Market? by Scott Bauer Investments Mentioned WisdomTree CBOE S&P500 PutWrite Strategy ETF (PUTW) Simplify Volatility Premium ETF (SVOL) Related Episodes 159: What You Need To Know About Volatility 283: Why You Should Care About Carry Trades See 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 fluctuations For more information on this episode click here. Sponsors Aura - protect your money Policygenius Show Notes Wall St blames missteps at FedEx as parcel service fails to delivery Steff Chávez and Andrew Edgecliffe-Johnson—Financial Times The Global Dollar Cycle by Maurice Obstfeld and Haonan Zhou, BPEA Conference Drafts, September 8–9, 2022—Brookings Papers on Economic Activity Monetary policy challenges posed by global liquidity by Hyun Song Shin—BIS Dollar beta and stock returns by Valentina Bruno, Ilhyock Shim and Hyun Song Shin—BIS Wonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York Times Rents Drop for First Time in Two Years After Climbing to Records by Will Parker—The Wall Street Journal Stop looking for a bogeyman to explain sterling’s collapse by Kate Martin—Financial Times British Pound / US Dollar Historical Reference Rates from Bank of England for 1975 to 2022—Pound Sterling Live Related Episodes 215: 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 pandemic For more information on this episode click here. Sponsors LinkedIn – Post your job for free Express VPN – get three months free on VPN service Show Notes Biden’s claim that ‘pandemic is over’ complicates efforts to secure funding by Dan Diamond—The Washington Post COVID-19 Dashboard—The Center for Systems Science and Engineering at Johns Hopkins University Axios/Ipsos COVID-19 Poll – Wave 70, September 9–12, 2022 Study: 163 Million People Dine Out at Least Once a Week—QSR Magazine U.S. Return-to-Office Rates Hit Pandemic High as More Employers Get Tougher By Peter Grant—The Wall Street Journal Reassessing Constraints on the Economy and Policy; Panel Topic: An End to Pre-Pandemic Trends or Just a Temporary Interruption? by Valerie A. Ramey Inflation as a Fiscal Limit by Francesco Bianchi and Leonardo Melosi Related Episodes 333: How The Covid Shock Nearly Destroyed The Financial System 400: What If High Inflation Doesn’t End? Investments Mentioned Simplify 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 debt For more information on this episode click here. Show Notes Student Debt And The Federal Budget | How Student Loans Impact The U.S. Fiscal Outlook, November 2021—Bipartisan Policy Center What the Student-Loan Debate Overlooks by Ronald Brownstein—The Atlantic See the Average College Tuition in 2022-2023 by Emma Kerr and Sarah Wood—U.S. News & World Report Biden’s Student-Debt Plan Could Chip Away at the Racial Wealth Gap by Sheelah Kolhatkar—The New Yorker If 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 Aid What Does Student Debt Cancellation Mean for Federal Finances?—Committee for a Responsible Federal Budget Government payments by program—Economic Research Service, U.S. Department of Agriculture Projected Lifetime Earnings by Major by Douglas A. Webber, December 1st, 2019 Related Episodes 245: 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. falters For more information on this episode click here. Show Notes Warren Buffett and Diversification—GrahamValue.com The Complete Berkshire Hathaway Portfolio by John Divine U.S. News The Business Cycle Is Different Than The Economic Cycle - Crestmont Research EU Natural Gas—Trading Economics Related Episodes 254: Should You Be 100% Invested In Stocks? 275: Are You Over Diversified? 364: Should You Hedge Your International Stock Exposure Against Currency Fluctuations? Sponsor Masterworks – invest in contemporary art See 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 inflation For more information on this episode click here. Thanks to Policygenius for sponsoring the episode. Show Notes Monetary Policy and Price Stability, August 26, 2022, byChair Jerome H. Powell—Board of Governors of the Federal Reserve System Fed's Kashkari: 'happy' with market reaction to Powell speech by Ann Saphir and Matthew Lewis—Reuters War and Interest Rates by Zoltan Pozsar—Credit Suisse 2nd Quarter Market Commentary, July 2022—Horizon Kinetics BP Energy Outlook 2022 Investments Mentioned Invesco DB Commodity Tracking ETF (DBC) Horizons Kinetics Inflation Beneficiary ETF (INFL) Related Episodes 342: 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 Being See 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 want For more information on this episode click here. Episode Sponsors LinkedIn – Post your job for free Show Notes Large rent increases squeeze metro Phoenix tenants by Associated Press—The Journal Record Unintended Consequences by Karras Lambert and Christopher J. Coyne The Seen, the Unseen, and the Unrealized: How Regulations Affect Our Everyday Lives by Per L. Bylund Norway reconsiders electric car privileges by Chris Randall—electrive.com More 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. Cook Marijuana Legalization and Fertility by Sarah Papich Japan’s latest alcohol advice: please drink more by Leo Lewis and Kana Inagaki—Financial Times The Poverty of Historicism by Karl Popper How the New Climate Bill Would Reduce Emissions by Nadja Popovich and Brad Plumer—The New York Times Democrats Designed the Climate Law to Be a Game Changer. Here’s How. by Lisa Friedman—The New York Times Economists’ Statement on Carbon Dividends; The Largest Public Statement of Economists in History—Climate Leadership Council Why We Don't Have a Carbon Tax by Paul Krugman—The New York Times Lean Startup and the Business Model: Experimentation Revisited by Teppo Felin, Alfonso Gambardella, Scott Stern, and Todd Zenger Related Episodes 158: How To Invest Like A Cockroach 236: How Investors Cope With Radical Uncertainty See 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 ETFs For more information on this episode click here. Sponsors Express VPN - get three months free on VPN service Masterworks - Invest in contemporary art Show Notes Schwab Subsidiaries Misled Robo-Adviser Clients about Absence of Hidden Fees—SEC Cease-And-Desist Order Against Charles Schwab & Co, June 13, 2022—SEC Related Episodes 92: What Robo-Advisors Recommend 248: How to Avoid Investment Fraud 303: How To Do Financial Planning See 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 Notes Weiss Research Weiss Research SEC Action Foundation For The Study of Cycles Fluke: The Math and Myth of Coincidence by Joseph Mazur A Spectral Analysis of World GDP Dynamics – Andrey V. Korotayev and Sergey V. Tsirel Howard Marks – Yet Gain? Mastering The Market Cycle by Howard Marks Related Episodes 173: Should You Invest Based On Cycles 224: Mastering the Market Cycle – Howard Marks See 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 scheme For more information on this episode click here. Sponsors Policygenius Money For the Rest of Us Plus Show Notes Herbalife Settlement With F.T.C. Ends Billionaires’ Battle by Matthew Goldstein and Alexandra Stevenson—The New York Times Multi-Level Marketing Businesses and Pyramid Schemes—Federal Trade Commission Herbalife International Settlement Complaint Herbalife Settles With S.E.C., but Too Late for Hedge Fund Investor by Matthew Goldstein—The New York Times Consistency is Key! Make Money Podcasting by Elsie Escobar—Libsyn November Stats From Rob Walch—Podcast Business Journal Federal Trade Commission Returns More Than $149 Million To Consumers Harmed by AdvoCare Pyramid Scheme—Federal Trade Commission Federal Trade Commission Returns More Than $23 Million To Consumers Deceived by Online Business Coaching Scheme MOBE—Federal Trade Commission FTC Shuts Down Credit Repair Pyramid Scheme Financial Education Services, Which Bilked More Than $213 Million from Consumers—Federal Trade Commission Investor Alert: Ponzi Schemes Using Virtual Currencies—U.S. Securities and Exchange Commission What is Forsage?—Forsage Support Related Episodes 248: How to Avoid Investment Fraud 253: 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 growth For more information on this episode click here. Sponsors LinkedIn Jobs - post your job for free Money For the Rest of Us Plus Show Notes World Population Prospects 2022: Summary of Results—United Nations Department of Economy and Social Affairs Five Key Findings from the 2022 UN Population Prospects by Hannah Ritchie, et al. Germany Plans to Simplify Immigration Rules to Combat Labour Shortage—Schengen Visa High Cost Deters IT Gurus from Filling Luxembourg Jobs by Kate Oglesby Another Beautiful Italian Town Is Selling €1 Homes—This Time, No Deposit Required by Cailey Rizzo Will Inflation Make a Comeback as Populations Age? by Olli Rehn The Great Demographic Reversal: Ageing Societies, Wanting Inequality, and an Inflation Revival by Charles Goodhart and Manoj Pradhan The Enduring Link Between Demography and Inflation by Mikael Juselius and Elöd Takáts Unions Are Now a Lifestyle Choice for Some Young, Aspirational Workers, Says Walter Olson—The Economist Economics for a Full World by Herman Daly This Pioneering Economist Says Our Obsession with Growth Must End by David Marchese The Environmental Kuznets Curve by David I. Stern Small Is Beautiful: Economics as if People Mattered by Ernst F. Schumacher See 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 rentiers For more information on this episode click here. Sponsors Masterworks - invest in modern art Real Vision Show Notes Investor Risk Profiling: An Overview by Joachim Klement, CFA—CFA Institute Research Foundation Looming 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 Levin Does Mood Take the Front Seat in Determining the Financial Risk-Taking Propensity of Individuals? Evidence from India by Crystal Glenda Rodrigues and Gopalakrishna B. V Venture Capital AUM at Record High of $2tn—Preqin 10 Key Facts About the Capital Markets by Katie Kolchin, CFA—SIFMA Related Episodes What Is Risk vs Uncertainty? 268: How To Better Manage Risk 350: 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 cryptocurrency For more information on this episode click here. Sponsors Keeper - keep your passwords safe Policygenius Money For the Rest of Us Plus Show Notes Voyager To Acquire Circle Invest Retail Digital Asset Business From Circle Internet Financial—Cision Welcome, Circle Invest! Voyager Acquires Circle Invest's Retail Customers—Voyager Crypto lender Voyager Digital files for bankruptcy by Shivam Patel, Sinead Cruise, and Tom Wilson—Reuters Crypto lender Voyager addresses customer anger in first bankruptcy hearing by Dietrich Knauth—Reuters If a Brokerage Firm Closes Its Doors—FINRA Crypto Broker Voyager Digital Says Three Arrows Capital Hasn’t Repaid $666 Million in Loans by Vicky Ge Huang—The Wall Street Journal From $10 billion to zero: How a crypto hedge fund collapsed and dragged many investors down with it by MacKenzie Sigalos—NCBC Ropes & Gray Update on Customer USD and Crypto—Voyager Investors lament potentially lost ‘millions’ on Voyager bankruptcy by Brian Quarmby—Cointelegraph Coinbase Quarterly Report CFTC 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 Commission Related Episodes 387: Why Most Money Fails 392: What Is Money and How to Use It See 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 debt For more information on this episode click here. Sponsors Policygenius Money For the Rest of Us Plus See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 risky For more information on this episode click here. Show Notes Free email course and PDF on how to beat inflation Sponsors LinkedIn – Post your job for free Real Vision See 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 opportunities For more information on this episode click here. Episode Sponsors LinkedIn - Post your job for free Real Vision Show Notes US Leading Indicators, Updated: Friday, June 17, 2022—The Conference Board Investment Mentioned In this Episode The 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 Episodes 306: Three Approaches to Asset Allocation 326: The New Math of Retirement Spending and Investing See 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 influence For more information on this episode click here. Sponsors Policygenius - save over 50% on life insurance Wealthfront - get your first $5,000 managed for free for life Show Notes What BlackRock, Vanguard and State Street Are Doing to the Economy by Farhad Manjoo—The New York Times Investment Company Fact Book World's Top Asset Management Firms—ADV Rating West Virginia Treasury Drops BlackRock Over Stance on Climate Risk by Alicia McElhaney—Institutional Investor How an Organized Republican Effort Punishes Companies for Climate Action by David Gelles and Hiroko Tabuchi—The New York Times The Future of Corporate Governance Part I: The Problem of Twelve by John C. Coates, IV Larry Fink’s 2022 Letter to CEOs: The Power of Capitalism BlackRock's gun money by Dan Primack—Axios Investment Stewardship 2021 Annual Report—Vanguard Proxy Voting Policy for U.S. Portfolio Companies Anticompetitive Effects of Common Ownership by José Azar, Martin C. Schmalz, and Isabel Tecu Common Ownership and Industry Profitability: A Crossindustry View by Haifeng Wang, Jan-Carl Plagge, James Rowley, Roger A Aliaga-Diaz How ESG investing came to a reckoning by Harriet Agnew, Adrienne Klasa and Simon Mundy—Financial Times Related Episodes 148: Is Your Financial Advisor Loyal to You? 234: Index But Don’t Herd 340: 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 rentals For more information on this episode click here. Sponsors Masterworks - Invest in contemporary paintings Real Vision - be one of the first to learn about Real Vision's new investing and trading education Show Notes Financialization and the World Economy by Gerald A. Epstein Housing Vacancies and Homeownership (CPS/HVS)—United States Census Bureau List of countries by home ownership rate—Wikipedia The Evolution of Homeownership Rates in Selected OECD Countries: Demographic and Public Policy Influences by Dan Andrews and Aida Caldera Sánchez—OECD Journal: Economic Studies Best Places to Invest in Vacation Rentals in 2021 & 2022—AirDNA Airbnbs Outnumber New York City Apartments in Hot Market by Michael Tobin—Bloomberg AIRBNB Airbnb Enables “Split Stays” to Ease Inventory Woes by Mitra Sorrells—WIT Amid Tucson housing shortage, Airbnbs fill up whole apartment buildings by Carol Ann Alaimo—Tucson.com Vacation Rental Industry Statistics—iPropertyManagement.com Average Airbnb Occupancy Rates By City [2022]—AllTheRooms Investments Mentioned American Homes 4 Rent (AMH) Invitation Homes (INVH) Sun Communities Inc (SUI) Arrived Roofstock Related Episodes 154: Do Homeowner Tax Breaks Cause Homelessness? 238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages 258: How Financialization Pushes Up Home Prices 357: Is a Housing Crash Coming? 370 Plus: Investing in Latin America Stocks, TIPS, and Single-Family Rental Homes See 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 tightening For more information on this episode click here. Sponsors FarmTogether - Your farmland investment manager LinkedIn - Post your job for free Show Notes Address before the New York Group of the Investment Bankers Association of America on October 19, 1955, by William McChesney Martin, Jr.—FRASER M2—Federal Reserve Economic Data Assets: Total Assets: Total Assets: Wednesday Level—Federal Reserve Economic Data Assets: Securities Held Outright: U.S. Treasury Securities: All: Wednesday Level—Federal Reserve Economic Data Americans Reported Strong Personal Finances Late Last Year, Fed Finds by David Harrison—The Wall Street Journal 270: Repo Rates Soared—Here’s Why It Matters Related Episodes 270: Repo Rates Soared—Here’s Why It Matters 295: Federal Reserve Insolvency and Monetizing the National Debt 312: What the Federal Reserve’s New Policies Mean For Your Finances See 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 investments For more information on this episode click here. Sponsors Composer automated traded platform Wealthfront - get your first $5,000 managed for free for life Show Notes Intellabridge Power 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 AM Terra Cryptocurrency TerraUSD Plunges as Investors Bail by Caitlin Ostroff, Elaine Yu, and Paul Kiernan—The Wall Street Journal Cryptocurrency 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 PM Intellabridge Announces Kash 2.0 and Kash Treasury Product Update—Intellabridge There are 99 problems and Tether ain’t $1 by Bryce Elder—Financial Times Tether cuts holdings of commercial paper, says majority of exposure in Treasuries -CTO—Reuters Investors withdraw over $7 billion from tether, raising fresh fears about stablecoin’s backing by Ryan Browne—CNBC Related Episodes 333: How The Covid Shock Nearly Destroyed The Financial System 373: 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 not For more information on this episode click here. Sponsors Masterworks - invest in contemporary art Keeper - keep your passwords safe Show Notes The Fall of Netflix and Overlooked Assets W/ David Stein—The Investor's Podcast 445 Hercules Capital Gladstone Land Corporation The Gabelli Utility Trust—Gabelli Funds Related Content 381: Investing in Business Development Companies (BDCs) and other Niche Assets That Trade on Stock Exchanges How to Invest in Closed-End Funds Guide to Farmland Investing See 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 prices For more information on this episode click here. Sponsors Policygenius - save over 50% on life insurance OurCrowd - the fastest-growing venture capital community Show Notes Netflix stock plunges as subscribers quit by Julianne Pepitone and Aaron Smith—CNN Money Netflix Explores a Version With Ads as Subscriber Base Shrinks by Joe Flint and Denny Jacob—The Wall Street Journal No, you did not see the Netflix mess coming by Robert Armstrong—Financial Times FANMAG: Because FAANGs Are So Yesterday—Dimensional Complexity and the Economy by W. Brian Arthur Rising 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 Schwarz Retail 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 Research Related Episodes 261: Is Value Investing Dead? 298: The Stock Market Is Not the Economy See 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 market For more information on this episode click here. Sponsors LinkedIn - post your job for free by using this link Policygenius Show Notes Jeff Currie on the 'Volatility Trap' Keeping Commodity Prices So High - Odd Lots - Bloomberg NGP Energy Capital Research—Strategas Securities The Energy Blame Game and Other False Narratives—Energy Income Partners Related Episodes 296: Why Negative Prices Exist and What Can They Teach Us 340: Climate Change, ESG, and What Should Investors Do? 351: How to Profit From Carbon Investing While Combatting Climate Change 382: Is A Famine Next? Food Inflation, Food Riots, and Investing in Commodities and Other Real Things See 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 arena For more information on this episode click here. Sponsors OurCrowd - Invest in pre-vetted startups FarmTogether - Invest in farmland Show Notes Weekly Market Pulse: Time To Get Contrarian? by Joseph Y. Calhoun III—Alhambra Investment BofA Says Fund Managers Most Gloomy on Record on Recession Woes by Nikos Chrysoloras—Bloomberg Hot Economy, Rising Inflation: The Fed Has Never Successfully Fixed a Problem Like This by Jon Hilsenrath and Nick Timiraos—The Wall Street Journal Tightening risks recession but inaction would be worse by Neil Shearing—Capital Economics Seeing What's Next: Using the Theories of Innovation to Predict Industry Change by Clayton M. Christensen, Scott D. Anthony, and Erik A. Roth Related Episodes 261: Is Value Investing Dead? 266: Using Momentum Investing and Trend Following See 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 months For more information on this episode click here. Episode Sponsors Composer automated trading platform Policygenius Show Notes Ukraine War Threatens to Cause a Global Food Crisis by Jack Nicas—The New York Times Russia’s invasion of Ukraine is causing record-high food prices—The Economist As sanctions bite Russia, fertilizer shortage imperils world food supply by Tom Polansek and Ana Mano—Reuters All That’s Stopping a Full-Blown Food Crisis? Rice by Javier Blas—The Washington Post Packaged-food firms are running out of room to raise prices—The Economist Prospective Plantings, March 31, 2022—USDA Related Episodes 232: Is It Time To Invest In Commodities? 309: Investments to Fight Financial Repression 312: What the Federal Reserve’s New Policies Mean For Your Finances 336: Own What Is Real 338: 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. Sponsors Wealthfront - get your first $5,000 managed for free for life LinkedIn - post your first job for free Show Notes New York Stock Exchange (NYSE)—Corporate Finance Institute Off-Exchange Trading To Continue To Grow In US by Shanny Basar—Traders Magazine How We Analyzed Wall Street Block Trades by Liz Hoffman, Corrie Driebusch, and Tom McGinty—The Wall Street Journal U.S. Institutional Equity Trading Commissions Jump 25% to $8.9BN in 2021, According to Bloomberg Intelligence—Bloomberg Largest stock exchange operators worldwide as of December 2021, by market capitalization of listed companies—Statista Total Market Value of U.S. Stock Market—Siblis Research ETFGI 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—ETFGI REIT Industry Financial Snapshot—Nareit Mortgage REITs—Nareit Closed-End Fund Assets and Net Issuance—Investment Company Institute Investor Bulletin: American Depositary Receipts—U.S. Securities and Exchange Commission What is an ADR?—Stock Market MBA Direct Lenders in the U.S. Middle Market by Tetiana Davydiuk, Tatyana Marchuk, and Samuel Rosen Business Development Companies (BDCs)—Levin Law Related Episodes 318: 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.