Money For the Rest of Us

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.SponsorsShopify - Sign up for a $1 per month trial periodLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesManaging Oneself by Peter F. Drucker—Harvard Business ReviewSoloing: Realizing Your Life's Ambition by Harriet Rubin—HarperCollinsSee 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 alternativeSponsorNetSuite – Get your free KPI checklistInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesBeyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice by Aizhan Anarkulova, Scott Cederburg, and Michael S. O'Doherty—SSRNThe Safe Withdrawal Rate: Evidence from a Broad Sample of Developed Markets by Aizhan Anarkulova, Scott Cederburg, Michael S. O'Doherty, and Richard W. Sias—SSRNRelated Episodes421: Beware of Survivorship Bias When Investing326: The New Math of Retirement Spending and Investing254: Should You Be 100% Invested In Stocks?250: Investing Rule One: Avoid RuinSee 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.  SponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesHow the World Really Works by Vaclav Smil—VikingThe Day the World Stops Shopping by J.B. Mackinnon—Harper CollinsEarth for All: A Survival Guide for Humanity by Sandrine Dixson-Declève, et al—Earth for AllBarbarian Days: A Surfing Life by William Finnegan—Penguin Random HouseTao te Ching: Power for the Peaceful by Lao Tzu (Author) and Marc Mullinax (Translator)—Fortress PressSee 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 returnsSponsorsNetSuite – Get your free KPI checklistsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesUS CEOs start to contemplate Trump, round 2 by Rana Foroohar—The Financial TimesEnd of an Era: The Coming Long-Run Slowdown in Corporate Profit Growth and Stock Returns by Michael Smolyansky—The Federal Reserve10-Year Stock Market Returns—Crestmont ResearchStock Average—Crestmont ResearchStock EPS Reality—Crestmont ResearchWhat Matters More for Emerging Markets Investors: Economic Growth or EPS Growth? by Jason Hsu Jay Ritter Phillip Wool Yanxiang Zhao—Portfolio Management ResearchNominal Gross Domestic Product for United States—FRED Economic DataThe Secretive Industry Devouring the U.S. Economy by Rogé Karma—The AtlanticKey Drivers Behind Widespread Adoption Of NAV Financing by Matthew K Kerfoot—ProskauerThe Inevitable Rise of NAV Financing by Patricia Teixeira and Anastasia Kaup—Ropes & GrayHAVE EXCHANGE-LISTED FIRMS BECOME LESS IMPORTANT FOR THE ECONOMY? by Frederik P. Schlingemann and René M. Stulz—NBERLBOs Make (More) Companies Go Bankrupt, Research Shows by Alicia McElhaney—Institutional InvestorLeveraged buyouts and financial distress by Brian Ayash and Mahdi Rastad—ScienceDirectSee 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 pointSponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeMoney 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesEveryday Chaos: Technology, Complexity, and How We're Thriving in a New World of Possibility by David Weinberger—Harvard Business Publishing EducationThe economic and market impact of artificial intelligence—Capital EconomicsThe Fight for the Soul of A.I. by David Brooks—The New York TimesHow a Fervent Belief Split Silicon Valley—and Fueled the Blowup at OpenAI by Robert McMillan and Deepa Seetharaman—The Wall Street JournalA.I. Belongs to the Capitalists Now by Kevin Roose—The New York TimesThe ‘AI doomers’ have lost this battle by Benedict Evans—The Financial TimesEffective Altruism80,000 HoursWhat is the AI alignment problem and how can it be solved? by Edd Gent—NewScientistSee 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.SponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsMoney 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 artMasterworks 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesCatching Up to FIMoney for the Rest of Us bookSee 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 CubaSponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesInternational tourism revenue, percent of GDP - Country rankings—The Global EconomyU.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—AirDNAWelcome to Hochatown, the Town Created by Airbnb by Julie Satow—The New York TimesShort-Term Rentals Attract Private Equity Seeking New Asset Class by Sean O'Neill—SkiftAs Cuba’s economic crisis deepens, citizens scramble to migrate by any means by Dave Sherwood—The Irish TimesCuba's worst economic crisis in decades forces people to get creative to survive by Eyder Peralta—NPRRelated Episodes93: Capitalism, Complexity and Cuba389: Is Airbnb Intensifying the Housing Crisis?449: The House of Cards: Evaluating Economic and Financial Warning SignsSee 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 annuitySponsorsNetSuite – Get your free KPI checklistsMonarch Money – Get an extended 30-day free trialInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesEffortless: Make It Easier to Do What Matters Most by Greg McKeownEssentialism: The Disciplined Pursuit of Less by Greg McKeownSkin in the Game by Nassim Nicholas TalebWorry-Free Investing: A Safe Approach to Achieving Your Lifetime Financial Goals by Zvi Bodie and Michael J. ClowesSafe Haven: Investing for Financial Storms by Mark SpitznagelA Complete Guide to Investing in I Bonds and TIPSTipsLadderSee 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 shipsSponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeMonarch Money – Get an extended 30-day free trialInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesHow to Invest Money E-bookRelated ContentComplete Guide to Mortgage REIT Investing - Money for the Rest of UsComplete Guide to Equity REIT Investing - Money for the Rest of UsEpisode 451: How Much Should You Invest in StocksSee 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 ratesSponsorsMoney 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 JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesThe 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—BloombergSecular stagnation is not over by Olivier Blanchard—Peterson Institute for International EconomicsA big problem looming for bond markets by TOMASZ WIELADEK—The Financial TimesEight centuries of global real interest rates - Paul Schmelzing - Bank of EnglandChanges in U.S. Family Finances from 2019 to 2022—The Federal ReserveA Complete Guide to Investing in I Bonds and TIPSRelated Episodes448: Where Are Interest Rates Headed Next? Insights from the Jackson Hole Symposium450: How Higher Interest Rates Alter Our Financial Blueprint452: Beyond Stocks: The Allure and Strategy of Credit InvestmentsSee 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 typesSponsorsDelete Me - Use code David20 to get 20% off- To get 20% off Delete Me go tohttps://joindeleteme.com/david20 and use Code David20Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeShow NotesSea Change - Memo by Howard MarksFurther Thoughts on Sea Change - Memo by Howard MarksInvestments MentionedSPDR 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 Content397: How to Invest Based on Cycles451: How Much Should You Invest in Stocks? The Art of Position Sizing in a Volatile Market423: A “Safe” 6% Yield: The Case for Investment Grade CLOsHow to Invest in Closed-End FundsMoney for the Rest of Us Closed-End Fund CourseSee 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 investingSponsorsDelete Me - Use code David20 to get 20% off - To get 20% off Delete Me go to https://joindeleteme.com/david20 and use Code David20Masterworks – invest in contemporary artMasterworks 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesHow to avoid a common investment mistake - Buttonwood - The EconomistThe Missing Billionaires: A Guide to Better Financial Decisions by Victor Haghani and James WhiteMoney For the Rest of Us List of Most Influential BooksCharles Feeney, Who Made a Fortune and Then Gave It Away, Dies at 92 - New York TimesElm Partners Coin Flip ExerciseEvaluating gambles using dynamics - O. Peters and M. Gell-Mann Related Content250: Investing Rule One - Avoid RuinWhy You Should Rebalance Your Portfolio196: How to Survive FinanciallySee 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.SponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeNetSuite – Get your free KPI checklistsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesSummary of Economic Projections—The Federal ReserveThe Apartment Market Is Hitting a Construction Lull by Will Parker—The Wall Street Journal30-Year Fixed Rate Mortgage Average in the United States—FRED Economic DataAmericans Are Still Spending Like There’s No Tomorrow by Rachel Wolfe—The Wall Street JournalHoney, the Fed Shrunk the Equity Premium by Portfolio Solutions Group—AQRCompanies ease off on share buybacks as rising interest rates push up costs by Nicholas Megaw—The Financial TimesRelated Episodes384: 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 SymposiumSee 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 valueSponsorsMoney 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 JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesThe Dawn of Everything: A New History of Humanity by David Graeber and David Wengrow—MacmillanHow Much Is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random HouseU.S. National Deficit—Treasury.govBudget and Economic Data—Congressional Budget OfficeJapan's growing debt mountain: Crisis, what crisis? by Andrew Sharp—Nikkei AsiaThe Dollar: The World’s Reserve Currency by Anshu Siripurapu and Noah Berman—Council on Foreign RelationsCurrency Composition of Official Foreign Exchange Reserves—International Monetary FundTotal credit to non-bank borrowers by currency of denomination: US dollar—BISWonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York TimesRevisiting the international role of the US dollar by Bafundi Maronoti—BISRelated Episodes404: Why Is the U.S. Dollar So Strong? Will It Continue?416: Your Nation’s National Debt: 5 Things You Need To Know433: What Happens If The U.S. Defaults On Its Debt? Here’s Why It Won’tSee 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 yieldsSponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeFactor - Use code david50 to get 50% off your meal orderInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesJackson Hole Economic Policy Symposium: Structural Shifts in the Global Economy—Federal Reserve Bank of Kansas CityPolicymaking in an age of shifts and breaks by Christine Lagarde—European Central BankInflation: Progress and the Path Ahead by Jerome H. Powell—The Federal Reserve BankStructural Shifts in the Global Economy: Structural Constraints on Growth by Chad Syverson—Federal Reserve Bank of Kansas CityThe Outlook for Long-Term Economic Growth by Charles I. Jones—Federal Reserve Bank of Kansas CityLiving with High Public Debt by Serkan Arslanalp and Barry Eichengreen—Federal Reserve Bank of Kansas CityMonetary Policy and Innovation by Yueran Ma and Kaspar Zimmermann—Federal Reserve Bank of Kansas CitySee 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 victimShow NotesChevron Oakland Hegenberger Rd—YelpMyths and Realities: Understanding Recent Trends in Violent Crime by Ames Grawert and Noah Kim—Brennan Center for JusticeReported property crime rate in the United States from 1990 to 2021—StatistaPandemic, Social Unrest, and Crime in U.S. Cities: Year-End 2022 Update—Council on Criminal JusticeCATALYTIC CONVERTER THEFTS NATIONWIDE SURGE ACCORDING TO NEW REPORT—Cision PR NewswireWhat the data says (and doesn’t say) about crime in the United States by John Gramlich—Pew Research CenterOakland’s crime rates are surging. Here’s how they compare with S.F. and other Bay Area cities by Susie Neilson—San Francisco ChronicleOAKLAND NAACP CALLS ON POLITICIANS TO CRACK DOWN ON CRIMINALS—California Policy CenterMoney under the mattress: economic crisis and crime by Eleni Kyrkopoulou, Alexandros Louka, and Kristin Fabbe—SSRNWhat Caused the Crime Decline? by Lauren-Brooke Eisen—Brennan Center for JusticeWhat’s Behind All This ‘Shrink’? by Jordyn Holman—The New York TimesRetail Theft Costs US Merchants Like Walmart and Target $100 Billion a Year—PYMNTSRetailers battle nearly $100 billion in shrink by Jason Straczewski—National Retail Federation2022 Retail Security Survey—National Retail FederationUS Retail Workers Are Fed Up and Quitting at Record Rates by Devin Leonard and Diana Bravo—BloombergSee 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 experiencesSponsorsMonarch Money - Get an extended 30-day free trialNetSuite - Get your free KPI checklistsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesDie with Zero: Getting All You Can with Your Money and Your Life by Bill PerkinsThe Pathless Path: Imaging a New Story for Work and Life by Paul MillerdFour Thousand Weeks: Time Management for Mortals by Oliver Burkeman Anderson Cooper Is Still Learning to Live With Loss by David Marchese—The New York TimesSee 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 tailwindsSponsorsUse code MONEY10 to get 10% off on your NAPA Autoparts online orderNordVPN – Click here for a special offerUse this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesState-Owned Enterprises Going Public: The Case of China by Xiaozu Wang, et al.—SSRNA Model of China's State Capitalism by Xi Li, et al.—SSRNHas China given up on state-owned enterprise reform? by Nicholas Borst—The InterpreterChina Regulator’s New Slogan Fuels Buying Spree in State Firms by Bloomberg News—BloombergInvestors sour on Beijing’s bid to boost state-owned enterprises by Sun Yu—The Financial TimesChina’s 40-Year Boom Is Over. What Comes Next? by Lingling Wei and Stella Yifan Xie—The Wall Street JournalWhat just happened: Storm clouds loom for China’s economy by Sebastian Mallaby, et al.—The Washington PostImminent end of ‘demographic dividend’: Share of India’s working age population set to fall by 2036 by Tca Sharad Raghavan—The PrintWhat’s Holding Back India’s Economic Ambitions? by Shan Li and Vibhuti Agarwal—The Wall Street JournalSee 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?SponsorsUse code MONEY10 to get 10% off on your NAPA Autoparts online order.Masterworks – invest in contemporary artMasterworks 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesWhy the fires in Hawaii have been so bad—The Economist CAMS: monitoring extreme wildfire emissions in 2022—CopernicusA human-driven decline in global burned area by N. Andela et al.—ScienceSeasonal Trend for Europe—CopernicusInsurers rack up $50bn in losses from natural catastrophes this year by Ian Smith—The Financial TimesWorld insurance market developments in 5 charts—Swiss Re InstituteWhen Disaster Strikes: Preparing for Climate Change by Seán Nolan and Krishna Srinivasan—IMFCalifornia insurance market rattled by withdrawal of major companies by Michael R. Blood—APRising Temperatures Are Wreaking Havoc Year-Round by Zahra Hirji, Rachael Dottle, and Denise Lu—BloombergClimate Change Information for Regional Impact and for Risk Assessment by Roshanka Ranasinghe, et al.—IPCCThe Science Before ScienceCO2 emissions (metric tons per capita)—The World BankRelated Episodes340: Climate Change, ESG, and What Should Investors Do?413: What if the World Stopped Shopping?442: Crisis-Proof Investing: Strategies for a Shaky FutureSee 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 yearsSponsorsUse code MONEY10 to get 10% off on your NAPA Autoparts online order.NetSuite – the leading integrated cloud business software suiteInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesAsset CampMoney for the Rest of Us PlusRelated Episodes102: What It Takes To Be A Value Investor261: 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 resilienceSponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeFactor - Use code david50 to get 50% off your meal orderInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesThe Third Wave by Alvin Toffler—Penguin Random HouseParcel shipping index 2022—Pitney BowesAmerica Is Drowning in Packages by Amanda Mull—The AtlanticHow to Spend Way Less Time on Email Every Day by Matt Plummer—Harvard Business ReviewWorld Population Prospects—United Nations Department of Economic and Social AffairsGlobal Climate Change Vital Signs—NASACongestion Pricing Plan in New York City Clears Final Federal Hurdle by Ana Ley—The New York TimesNew Jersey Sues Over Congestion Pricing in New York City by Ana Ley—The New York TimesHow the World Really Works by Vaclav Smil—Penguin Random HouseDoes Sam Altman Know What He's Creating? by Ross Andersen—The AtlanticThe Economic Cost of Houston’s Heat: ‘I Don’t Want to Be Here Anymore’ by Rachel Wolfe and Amara Omeokwe—The Wall Street JournalSEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors—U.S. Securities and Exchange CommissionSEC’s Climate-Disclosure Rule Isn’t Here, but It May as Well Be, Many Businesses Say by Richard Vanderford—The Wall Street JournalMarket Myopia's Climate Bubble by Madison Condon—Boston University School of LawWhat Really Happens to the Clothes You Donate by Oliver Franklin-Wallis—GQOpenAI's Sam Altman launches Worldcoin crypto project by Anna Tong—ReutersWorldcoin’s premise is a disturbing one by Tabby Kinder—The Financial TimesSee 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 awaySponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeFactor - Use code david50 to get 50% off your meal orderUse this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesGreenspan "There is nothing to prevent the government from creating as much money as it wants."—YouTubeEstimated Financial Effects of the "Social Security Personal Savings Guarantee and Prosperity Act of 2005" by Stephen C. Goss—Social Security AdministrationSocial Security Quick Calculator—Social Security AdministrationThe average 401(k) balance by age by Pau Deer—EmpowerCBO’s 2022 Long-Term Projections for Social Security—Congressional Budget OfficePolicy Basics: Top Ten Facts about Social Security—Center On Budget and Policy PrioritiesEvaluation of Four Decades of Pension Privatization in Latin America, 1980-2020: Promises and Reality by Carmelo Mesa-Lago—SSRNPopulation Age Structure and Secular Secular Stagnation: The Long Run Evidence by Joseph Kopecky—SSRNDoes Human Capital Compensate for Depopulation? by M. Siskova, Michael Kuhn, Klaus Prettner, Alexia Fürnkranz-Prskawetz—SSRNHow Much Do Public Employees Value Defined Benefit versus Defined Contribution Retirement Benefits? by Oliver Giesecke and Joshua D. Rauh—SSRNSee 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 platformsSponsorsMadison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo CodeUse code MONEY10 to get 10% off on your NAPA Autoparts online order.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesAmazon: Independent Sellers In The U.S. Sold More Than 4.1 Billion Products in 2022 by SGB Media—SGB MediaPeerStreetLinkedIn Post by Brett Crosby—LinkedInCrowdfunding platform PeerStreet files for bankruptcy by Flávia Furlan Nunes—HousingwireAI Was Q2’s Big Hope To Reverse The Global Venture Funding Slowdown. It Wasn’t Enough by Gené Teare—CrunchbaseVC finds its footing as headwinds weaken by James Thorn—PitchBookPitchBook-NVCA Venture Monitor—PitchBookCases FAQ—StrettoReal estate debt marketplace PeerStreet files for bankruptcy by Matt Carter—inmanBlockFi Bet Big on FTX and Alameda Even After Seeing Infamous Balance Sheet, Creditors Say by Jack Schickler—CoinDeskRelated Episodes253: Are IPOs the New Ponzi Scheme?301: Use Caution with Alternative Investments393: What Happens If Your Brokerage Firm Goes BankruptSee 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 ETFsFor more information on this episode click here.SponsorsNetSuite – the leading integrated cloud business software suiteMasterworks – invest in contemporary artMasterworks 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 NotesSarah Silverman Sues OpenAI and Meta Over Copyright Infringement by Zachary Small—The New York TimesChatGPT saw its first-ever user decline in June by Igor Bonifacic—EngadgetA New Chat Bot Is a ‘Code Red’ for Google’s Search Business by Nico Grant and Cade Metz—The New York TimesHow to get a handle on AI’s many implications for economies and markets by Neil Shearing—Capital EconomicsLessons From the Catastrophic Failure of the Metaverse by Kate Wagner—The NationTo Drive AI, Chip Makers Stack ‘Chiplets’ Like Lego Blocks by Yang Jie—The Wall Street JournalInvestments MentionediShares 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 Episodes184: Massive Job Losses Are Inevitable, But There Will Still Be Work198: Capitalism Is Creation256: 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 behindFor more information on this episode click here.Episode SponsorsNordVPN – Click here for a special offerUse code MONEY10 to get 10% off on your NAPA Autoparts online order.Masterworks – invest in contemporary artMasterworks 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 NotesI Will Teach You to Be RichRelated Episodes278: You Have Permission to Spend437: How to Live Like You Are Already RetiredSee 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 retiredFor more information on this episode click here.SponsorsMoney 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesPolitics by AristotleHow Much is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random HouseCormac McCarthy Had a Remarkable Literary Career. It Could Never Happen Now. by Dan Sinykin—The New York TimesSoloing: Realizing Your Life's Ambition by Harriet Rubin—HarperCollinsSaving Time: Discovering a Life Beyond the Clock by Jenny Odell—Penguin Random HouseAn Early Resurrection: Life in Christ Before You Die by Adam S. Miller—Deseret BookFour Thousand Weeks: Time Management for Mortals by Oliver Burkeman—Macmillan PublishersTime SurfingRelated Episodes19: Live Like You’re Already Retired117: The Retirement Journey371: Find Your Retirement Investing and Living StyleSee 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 attractiveFor more information on this episode click here.SponsorsMasterworks – invest in contemporary artMasterworks 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesInitial Public Offerings: Updated Statistics by Jay R. Ritter—Warrington College of Business, University of FloridaTwo SPAC ETFs Close in One Month, Suggesting End to Wall Street Boom by Emily Graffeo—BloombergInvestments MentionedVanguard 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 Content318: What Are SPACs and Should You Invest in Them?330: Is Silver the Next GameStop? How to Invest in SilverA Complete Guide To Investing In Convertible BondsThe Opportunity and Risk of Frontier MarketsWhat You Need to Know About Carbon Investing and its Effect on Climate ChangeSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 rentingFor more information on this episode click here.SponsorsNetSuite – the leading integrated cloud business software suiteUse code MONEY10 to get 10% off on your NAPA Autoparts online order.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesThe housing theory of everything by John Myers & Ben Southwood & Sam Bowman—Works in ProgressIrish property: the boom that shows no signs of slowing by Jude Webber—The Financial TimesWhatever Happened to the Starter Home? by Emily Badger—The New York TimesThe Housing Revolution Is Coming by M. Nolan Gray—The AtlanticIn Today’s Housing Market, It’s Timing Over Location by Joe Pinsker—The Wall Street JournalThe Rate of Return on Real Estate: Long-Run Micro-Level Evidence by David Chambers, Christophe Spaenjers, and Eva Steiner—Oxford AcademicThe Rate of Return on Everything, 1870–2015 by Òscar Jordà, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor—National Bureau of Economic ResearchSee 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 REITsFor more information on this episode click here.SponsorsBrooklinen - Get 20% off for their Memorial Day weekend saleMoney 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesSlow Return to Work Pummels Office Stocks by Peter Grant—The Wall Street JournalREITs Likely to Attract Growing Interest from Private Real Estate Funds by Sarah Borchersen-Keto—NareitRelated Content414: Use Caution with Private REITs like Blackstone’s BREITA Complete Guide to Equity REIT InvestingSee 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.SponsorsUse code MONEY10 to get 10% off on your NAPA Autoparts online order.Masterworks – invest in contemporary artMasterworks 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesThe Debt Limit Since 2011—Congressional Research Service7 doomsday scenarios if the U.S. crashes through the debt ceiling by Jeff Stein—The Washington PostA debt ceiling default would send the U.S. housing market back into a deep freeze by Jeff Tucker—ZillowWhy is federal spending so hard to cut? — Recurring debt ceiling fights will only be solved by budget reform by Linda Bilmes—BrookingsDebt Limit Default Is Default, Even Under a “Prioritization” Scheme by Richard Kogan—Center on Budget and Policy PrioritiesWhy I Changed My Mind on the Debt Limit by Laurence H. Tribe—The New York TimesThe Trillion-Dollar Coin Might Be the Least Bad Option by Annie Lowrey—The AtlanticIf U.S. again risks default, Fed has 'loathsome' playbook by Ann Saphir—ReutersRelated Episodes169: The Debt Ceiling—What Happens If the U.S. Defaults416: Your Nation’s National Debt: 5 Things You Need To KnowSee 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 gamesFor more information on this episode click here.SponsorsGo 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 NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesWith the Odds on Their Side, They Still Couldn’t Beat the Market by Jeff Sommer—The New York TimesInternational Diversification—Still Not Crazy after All These Years by Cliff Asness, Antti Ilmanen, and Daniel Villalon—AQRThe (Time-Varying) Importance of Disaster Risk by Ivo Welch—The Financial Analysts' JournalThe Economics of Biodiversity: The Dasgupta Review by Dasgupta P.—GOV.UKWhy the economy is not a zero-sum game: a simple explanation by Nathan Mech—Acton InstituteDefending the Free Market: The Moral Case for a Free Economy by Robert SiricoRents: How Marketing Causes Inequality by Gerrit De GeestThe Threat of Rent Extraction in a Resource-constrained Future by Stratford B.—White Rose Research OnlineRelated Episodes421: Beware of Survivorship Bias When Investing426: 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 goldFor more information on this episode click here.SponsorsHello Fresh – Use code 16david for 16 free meals with free shipping from Hello FreshNetSuite – the leading integrated cloud business software suiteInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesCentral banks load up on gold in response to rising geopolitical tensions by Daria Mosolova—The Financial TimesAbove-ground stocks—Gold HubCentral bank holdings—Gold HubDoes the Federal Reserve own or hold gold?—The Federal ReserveTrey Reik—LinkedInM2 and Components—FREDGold Charts R UsRelated Episodes37: Gold – Without the Hype and Politics53: 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 wealthFor more information on this episode click here.SponsorsMoney 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 shippingInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesAn Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith—Early Modern TextsAbout Adam Smith—Adam Smith InstituteAn Inquiry Into the Nature and Origin of Public Wealth and Into the Means and Causes of Its Increase by The Earl of Lauderdale—McMaster UniversityPrinciples for Dealing with the Changing World Order: Why Nations Succeed and Fail by Ray Dalio—Simon & SchusterThe Economics of Biodiversity: The Dasgupta Review—GOV.UKLess Is More: How Degrowth Will Save the World by Jason Hickel—Penguin Random HouseEconomic Possibilities for Our Grandchildren by John Maynard Keynes—YaleAmerica’s economic outperformance is a marvel to behold—The EconomistHow Much is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random House Related Episodes8: 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 OrderSee 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 doFor more information on this episode click here.SponsorsBrooklinen Use code DAVID20 for $20 off plus free shippingGo to GetSunday.com/David to get a customized lawn plan and 20% off your Sunday Lawn Care orderInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesCPI Inflation Calculator—U.S. Bureau of Labor StatisticsInflation Beneficiaries ETF—Horizon KineticsQuadratic Capital ManagementInvestments MentionediShares 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 Episodes336: Own What Is Real342: 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 wealthFor more information on this episode click here.SponsorsMasterworks – invest in contemporary artUse code MONEY10 to get 10% off on your NAPA Autoparts online order.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesFactors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks—The Federal ReserveAssets and Liabilities of Commercial Banks in the United States—The Federal ReserveAll U.S. Banks Net Interest Margin—BankRegDataCurrent Treasuries and Swap Rates—Chatham FinancialOptions trading surges as investors brace themselves for US regional bank volatility by Stephen Gandel and Nicholas Megaw and Colby Smith—The Financial TimesBank Turmoil Squeezes Borrowers, Raising Fears of a Slowdown by Jeanna Smialek—The New York TimesBanks' Demand for Reserves in the Face of Liquidity Regulations by Jane Ihrig—Federal Reserve Bank of St. LouisMoney Market Funds: Investment Holdings Detail—The Federal ReserveDeposit Outflows Shine Light on Fed Program That Pays Money-Market Funds by Eric Wallerstein and Nick Timiraos—The Wall Street JournalICI Research Perspective: Trends in the Expenses and Fees of Funds, 2022—Investment Company InstituteFAQs: Reverse Repurchase Agreement Operations—Federal Reserve Bank of New YorkUS Resolution Trust Corporation by Aidan Lawson and Lily Engbith—SSRNRelated Episodes270: Repo Rates Soared—Here’s Why It Matters333: How The Covid Shock Nearly Destroyed The Financial SystemSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 madeFor more information on this episode click here.SponsorsUse code MONEY10 to get 10% off on your NAPA online order.NetSuite – the leading integrated cloud business software suiteShow NotesThe ‘ship backup has ended’ at Los Angeles, Long Beach ports by Alejandra Salgado—Supply Chain DiveAmerica’s Trade Deficit Surged in 2022, Nearing $1 Trillion by Ana Swanson—The New York TimesIndustry study tracks China tariffs’ added costs to importers and consumers by Ben Unglesbee—Supply Chain DiveCosts of Trade Wars: The Distributional Consequences of US Section 301 Tariffs Against China by Kara M. Reynolds—SSRNCertain 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 CommissionEconomic Impact of Section 232 and 301 Tariffs on U.S. Industries by USITC—United States International Trade CommissionThe other Chinese apps taking the US and UK by storm by Chelsea Bailey—BBCSecretive Shein Founders Build $40 Billion Fortune in Rapid Fashion by Venus Feng and Pei Yi Mak—BloombergShein sets ambitious revenue target ahead of IPO by Rachel Douglass—Fashion UnitedShein copycats chase its explosive growth by Eleanor Olcott, Qianer Liu, and Gloria Li—The Financial TimesTemu’s Big Haul by Ella Apostoaie—The Wire ChinaThe High Price of Fast Fashion by Dana Thomas—The Wall Street JournalStealing More than Just Designs: Utilizing Environmental Law as a Remedy to Design Piracy by Fast Fashion Brands by Spencer Kluth—SSRNShein’s Cotton Tied to Chinese Region Accused of Forced Labor by Sheridan Prasso—BloombergWorn: A People's History of Clothing by Sofi Thanhauser—Penguin Random HouseMore than ever, our clothes are made of plastic. Just washing them can pollute the oceans. by Brian Resnick—VoxRelated Episodes212: Trade Wars Increase Prices and Poverty413: 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 taxesAs 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 orderRelated Episodes321: How to Analyze Complex Investments311: 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 helpfulFor more information on this episode click here.Show NotesThe market can deliver the green transition by Martin Wolf—The Financial TimesWhere the Water Goes: Life and Death Along the Colorado River by David Owen—Penguin Random HouseEconomics may take us to net zero all on its own by John Burn-Murdoch—The Financial TimesThe Gregor Letter by Gregor Macdonald—SubstackThe Inflation Reduction Act: Here's what's in it—McKinsey & CompanyManagement of the Colorado River: Water Allocations, Drought, and the Federal Role by Charles V. Stern and Pervaze A. Sheikh—Congressional Research ServiceThe Supreme Court wrestles with questions over the Navajo Nation's water rights by Becky Sullivan—NPRAs the Colorado River Shrinks, Washington Prepares to Spread the Pain by Christopher Flavelle—The New York TimesCan Western States Agree on the Future of the Colorado River? by Matt Vasilogambros—PewA matter of priorities by DeEtte Person—Know Your Water NewsAverage monthly water prices in the United States as of July 2022, by selected state—StatistaElection to Designate AMA for the Douglas Basin—Arizona Department of Water ResourcesArizona Is in a Race to the Bottom of Its Water Wells, With Saudi Arabia’s Help by Natalie Koch—The New York TimesArizona gets serious about piping water from Mexico in nonbinding desalination resolution by Brandon Loomis—AZ CentralEpisode SponsorMoney 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 Episodes399: Unintended Consequences Impact Everything345: Investing in WaterSee 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 failsFor more information on this episode click here.SponsorsMasterworks – invest in contemporary artMoney for the Rest of Us Plus membershipShow NotesSilicon Valley Bank launches $2.25bn share sale to shore up capital base by Joshua Franklin and Antoine Gara—The Financial TimesUS Bank Capital Regulation: History and Changes Since the Financial Crisis by John Walter—Economic QuarterlySVB's 44-Hour Collapse Was Rooted in Treasury Bets During the Pandemic by Brian Chappatta—BloombergRemarks by FDIC Chairman Martin Gruenberg at the Institute of International Bankers—FDICHow Silicon Valley Turned on Silicon Valley Bank by Ben Foldy, Rachel Louise Ensign, and Justin Baer—The Wall Street JournalSEC Filings Details—Silicon Valley BankFDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California—FDICUninsured Silicon Valley Bank depositors seek fire sale of assets by Joshua Franklin, Sujeet Indap, Colby Smith, and George Hammond—The Financial TimesJoin Statement by Treasury, Federal Reserve, and FDIC—Federal ReserveFDIC Acts to Protect All Depositors of the former Silicon Bank, Santa Clara, California—FDICUS regulators are setting a dangerous precedent on SVB by Sheila Bair—The Financial TimesBack-to-Back Bank Collapses Came After Deregulatory Push by David Enrich—The New York TimesWill another bank fall? by Robert Armstrong—The Financial TimesShares 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 TimesCharles Schwab shares drop 12% even as the firm defends financial position by Yun Li—CNBCRelated Episodes405: When Volatility Spikes, Financial Things Break392: What Is Money and How to Use It305: 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 CLOsFor more information on this episode click here.Show NotesCompanies, Lenders Clash Over Loan Spreads in Switch from Libor by Mark Maurer—The Wall Street JournalLibor: The Spider Network—The Wall Street JournalCollateralized Loan Obligations (CLOs) Primer by Jennifer Johnson—NAIC and The Center for Insurance Policy ResearchInvesting In The Middle: Tapping Into Opportunities in Middle Market Lending—AllianceBernsteinTop 10 US CLO Managers: CLO AUM (30 Nov 2022)—CLO ResearchDefault, Transition, and Recovery: 2021 Annual Global Leveraged Loan CLO Default And Rating Transition Study—S&P Global RatingsU.S. BSL CLO And Leveraged Finance Quarterly: Is Winter Coming? by Stephen Anderberg, Daniel Hu, Et al.—S&P Global RatingsRisk 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 RatingsPrivate equity-backed insurers under US scrutiny over risky loans by Antoine Gara and Sujeet Indap—The Financial TimesPrivate Equity Taps Insurers' Cash to Speed Up Growth by Matt Wirz and Leslie Scism—The Wall Street JournalInvestments 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 Episodes305: Are Banks Safe?206: Be Bear Aware of Bank LoansSee 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 IEPFor more information on this episode click here.SponsorsMoney 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 suiteShow NotesIcahn Enterprises L.P.The Activism of Carl Icahn and Bill Ackman by Jason D. Schloetzer and Richard Lee—SSRNThe Long-Term Effects of Hedge Fund Activism by Lucian A. Bebchuk, Alon Brav, Wei Jiang—SSRNDid They Live Happily Ever After? The Fate of Restructured Firms After Hedge Fund Activism by Jongha Lim and Wonik Choi—SSRNRelated Episodes242: 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 catastrophesFor more information on this episode click here.Thanks to our SponsorsShopifyMasterworks – invest in contemporary artShow NotesHomefactsSurvivorship Bias—Matt RickardIs The United States A Lucky Survivor: A Hierarchical Bayesian Approach by Jules H. van Binsbergen, Et al.—SSRNThe Financial History of Emerging Markets: New Indices by Bryan Taylor—SSRNThe (Time-Varying) Importance of Disaster Risk by Ivo Welch—Financial Analyst JournalThe Safe Withdrawal Rate: Evidence from a Broad Sample of Developed Markets by Aizhan Anarkulova, Et al.—SSRNThe 2.7% Rule for Retirement Spending by Ben Felix—YouTubeTrends in Retirement and Retirement Income Choices by Tiaa Participants: 2000–2018 by Jeffrey R. Brown, Et al.—SSRNRelated Episodes250: Investing Rule One: Avoid Ruin326: The New Math of Retirement Spending and InvestingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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. stocksFor more information on this episode click here.SponsorsUse 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 newsletterShow NotesBlackRock vs. Goldman in the Fight Over 60/40 by James Mackintosh—The Wall Street JournalBattered 60-40 portfolios face another challenging year by Adrienne Klasa—Financial TimesThe case for the 60/40 portfolio in equities and bonds by Erin Browne—Financial TimesInvestors wonder if the 60/40 portfolio has a future by Michael Mackenzie—Financial TimesHas the tried and tested 60/40 strategy soured? by Maya Bhandari—Financial TimesSee 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 changeYou can learn more about Money for the Rest of Us Plus here.For more information on this episode click here.Related Episodes306: Three Approaches to Asset Allocation401: Why Diversifying Your Portfolio Feels AwfulShow NotesCase studies were pulled from the following Plus episodes:287 Plus: Coronavirus Update, Mid Month Investment Conditions and Overcoming the Fear of Investing306 Plus: Member Profile, Bond Investing, and Emerging Technology310 Plus: Mid Month Update and a Member Wants to Reallocate from Growth Stocks331 Plus: Member Profile, Tail Risk Protection, Rental Real Estate as Bond Substitute, and YYY ETFSee 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 ratesFor more information on this episode click here.SponsorsMoney 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 NotesA Complete Guide to Investing in I Bonds and TIPS—Money for the Rest of UsInvestments MentionediShares 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 Episodes337: 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 AIFor more information on this episode click here.SponsorsMasterworks – invest in contemporary artNetSuite - the leading integrated cloud business software suiteShow NotesWe Are Here To Create: A Conversation with Kai-Fu Lee—EdgeCNET Is Quietly Publishing Entire Articles Generated by AI by Frank Landymore—FuturismCNET Money—CNETShould You Break a CD Early for a Better Rate by AI engine and edited by Jaclyn DeJohn—CNETNerdWallet, Inc. Q3 2022 Earnings Call—NerdWalletOpenAIThe Backstory of ChatGPT Creator OpenAI by Berber Jin and Miles Kruppa—The Wall Street JournalGPT-3.5 + ChatGPT: An illustrated overview by Alan D. Thompson—Life ArchitectAI-generate answers temporarily banned on coding Q&A site Stack Overflow by James Vincent—The VergeAlarmed by A.I. Chatbots, Universities Start Revamping How They Teach by Kalley Huang—The New York TimesA Coming-Out Part for Generative A.I., Silicon Valley's New Craze by Kevin Roose—The New York TimesSee 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 defaultTopics 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 crisisFor more information on this episode click here.SponsorsShopify FundriseShow NotesDebt to the Penny—U.S. Treasury Fiscal DataFederal Debt and the Debt Limit in 2022—Congressional Research ServiceCan the Central Bank Alleviate Fiscal Burdens? by Ricardo Reis—London School of Economics and Political ScienceUK government debt and deficit: June 2022—Office for National StatisticsJapan's Experience with Yield Curve Control by Matthew Higgins and Thomas Klitgaard—Liberty Street EconomicsWhat is the national debt?—U.S. Treasury Fiscal DataMajor Foreign Holder of Treasury Securities—Treasury International Capital System, U.S. TreasuryThe Liquidation of Government Debt by Carmen M. Reinhart and M. Belen Sbrancia—International Monetary FundRelated Episodes295: Federal Reserve Insolvency and Monetizing the National Debt338: 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 DebtSee 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 SponsorsThanks 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.SponsorsPolicygeniusLinkedIn – Post your job for freeShow NotesHow the gates closed on Blackstone’s runaway real estate vehicle by Antoine Gara, Sujeet Indap, and Kaye Wiggins—Financial TimesInvestors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values by Konrad Putzier and Peter Grant—The Wall Street JournalHow the gates closed on Blackstone’s runaway real estate vehicle by Antoine Gara, Sujeet Indap, and Kaye Wiggins—Financial TimesInvestors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values by Konrad Putzier and Peter Grant—The Wall Street JournalProperty Insights: Roller Coaster by Michael Knott—Green StreetRising Interest Rates Threaten to Expose Office Buildings’ Inflated Values by Konrad Putzier—The Wall Street JournalWhy Blackstone’s $69 Billion Property Fund Is Signaling Pain Ahead for Real Estate Industry by John Gittelsohn and Patrick Clark—BloombergBlackstone’s $70 Billion Real Estate Fund for Retail Investors Is Losing Steam by Dawn Lim and John Gittelsohn—BloombergRelated Episodes183: How To Invest In Commercial Real Estate230: Use Caution With Real Estate CrowdfundingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.