Money Lessons with Andrew Temte, PhD, CFA

In this episode of Money Lessons, Andy explores how dividends work and why they matter for investors building long-term wealth. He traces the history of dividends back to the Dutch East India Company's first payment in 1610—which was made in spices, not cash—and walks through the four key dates every dividend investor needs to understand. Andy also explains dividend yield, why some companies pay dividends while others don't, and how dividend-paying stocks fit into a broader portfolio strategy based on individual risk tolerance. AndrewTemte.com

In this episode of Money Lessons, Andy breaks down the three most common ways companies change their share structure. He explains how stock splits work — including Apple's five splits and Warren Buffett's famous refusal to split Berkshire Hathaway—and why reverse stock splits often signal trouble. He then explores share buybacks, how they boost earnings per share, and why investors need to look past the headline numbers to see whether real value is being created. The episode also covers dilution and why issuing new shares comes at a cost to existing shareholders. AndrewTemte.com

In this episode of Money Lessons, Andy explains what you actually own when you buy a share of stock. He explores the concept of the residual claim — why shareholders are last in line during bankruptcy but first to benefit when companies thrive — and walks through the four key rights of common stock ownership: voting, dividends, information, and the right to sell. The episode also covers the bankruptcy priority hierarchy and why the risk-return tradeoff of equity ownership has made stocks the primary engine of long-term wealth creation. AndrewTemte.com

In this episode of Money Lessons, Andy breaks down the three fundamental stock order types every investor needs to understand — market orders, limit orders, and stop orders. He explains how each order type works, when to use them, and the tradeoffs between speed, price control, and downside protection. The episode also covers order duration, how brokerages route your trades behind the scenes, and why regulators require brokerages to seek best execution on your behalf. Whether you're placing your first trade or refining your approach, understanding these tools helps you invest with intention. AndrewTemte.com

In this episode of Money Lessons, Andy explores the mechanics of stock trading, focusing on the concept of liquidity. He explains how liquidity affects stock prices, the role of specialists in maintaining market order, and the significance of the bid-ask spread. The conversation also covers the historical context of stock price quotations and the impact of decimalization on trading costs, emphasizing the importance of understanding these concepts for effective investing. AndrewTemte.com

In this episode of Money Lessons, Andy wraps up the fourteen-episode debt securities series by exploring how to actually build a bond portfolio. He covers the three roles bonds play in a portfolio — income, stability, and diversification — and walks through the practical differences between bond funds and individual bonds. The episode also introduces the bond ladder strategy, duration matching, and popular guidelines for determining how much of your portfolio should be in bonds. Whether you're decades from retirement or approaching it, this episode turns fourteen weeks of bond knowledge into a practical framework for action. AndrewTemte.com

In this episode of Money Lessons, Andy introduces the concept of duration in bond investing, explaining its significance in understanding how bond prices react to changes in interest rates. He discusses the historical context of duration, its mathematical underpinnings, and its practical implications for investors. The conversation highlights the importance of duration in managing interest rate risk and the role of advanced mathematics in financial decision-making. AndrewTemte.com

In this episode of Money Lessons, Andy explores the concept of the yield curve, its various shapes, and implications for the economy and investors. He discusses the normal upward slope of the yield curve, the significance of flat and inverted curves, and how these indicators can signal economic conditions and potential recessions. Andy also emphasizes the importance of understanding the yield curve for making informed investment decisions and interpreting financial news. #yieldcurves #bondmarkets #financialliteracy #personalfinance #financialeducation #moneylessons #recessionsignals

In this episode of Money Lessons, Andy explores the failures of credit ratings through historical examples, including the Penn Central bankruptcy, the Enron collapse, and the 2008 financial crisis. He discusses the inherent conflicts in the credit rating system, particularly the issuer-pay model, and the implications of these failures for investors. The episode concludes with lessons learned and the importance of using credit ratings as one of many tools in risk assessment. AndrewTemte.com

In this episode of Money Lessons, Andy discusses the world of credit ratings, explaining their significance in the bond market. He introduces the historical context of credit ratings, their development by John Moody, and how they provide a simplified measure of bond quality. The episode covers the different rating scales, the factors influencing ratings, and the implications of these ratings on investment decisions. Temte also highlights the importance of credit ratings in assessing default risk and the limitations inherent in the rating system. AndrewTemte.com

In this episode of Money Lessons, Andy explores the landscape of bond types, focusing on the reasons behind varying yields. He discusses Treasury bonds as the safest investment, corporate bonds and their associated risks, and municipal bonds with tax advantages. The conversation emphasizes the relationship between risk and return in bond investing, providing insights into how investors can make informed decisions based on their risk tolerance and investment goals. #financialliteracy #personalfinance #riskreturn #bondtypes #bondmarkets #interestrates #financialeducation

In this episode of Money Lessons, Andy discusses the concept of yield on bonds, explaining their significance in evaluating investment returns. He breaks down various yield measures, including nominal yield, current yield, and yield to maturity, highlighting their differences and importance in bond investment. The episode also covers callable bonds and the hierarchy of yield measures, providing listeners with a comprehensive understanding of how to compare bonds effectively. AndrewTemte.com

In this SPECIAL EPISODE of Money Lessons, Andy discusses the implications of the U.S. government's interest in acquiring Greenland, arguing that such a move could exacerbate global tensions, undermine the country's financial stability, and have direct negative consequences for the average citizen. He emphasizes the importance of maintaining strong global alliances, particularly in light of the U.S.'s significant national debt, which stands at over $38 trillion. Temte warns that escalating tensions could lead to foreign governments selling U.S. Treasury bonds, destabilizing financial markets and increasing borrowing costs for both the government and consumers. AndrewTemte.com

In this episode of Money Lessons, Andy discusses the world of bonds, explaining their mechanics, pricing, and the INVERSE relationship between interest rates and bond prices. He emphasizes the importance of understanding these concepts for making informed investment decisions and introduces the topic of yield, which will be explored in the next episode.

In this episode of Money Lessons, Andy explores the evolution of bond markets from the aftermath of World War II to the present day. He discusses the regulatory reforms that laid the groundwork for modern bond investing, the rise of institutional investors, the transformation brought by electronic trading, and the impact of globalization. Andy highlights how these changes have democratized bond investing, making it accessible to ordinary investors and creating a diverse and liquid market. AndrewTemte.com

In this episode of Money Lessons, Andy explores the historical context and implications of the bond market collapse during the Great Depression, the subsequent regulatory reforms, and their lasting impact on today's financial landscape. He discusses the failures of the credit rating system, the introduction of the Trust Indenture Act of 1939, and the significance of the Glass-Steagall Act in protecting investors. The episode concludes with a reflection on the ongoing debate surrounding regulation in financial markets. #financialliteracy #moneylessons

In this episode of Money Lessons, Andy explores the evolution of corporate bond markets, highlighting their historical significance, the role of credit ratings, and the legal protections that make corporate lending viable. He emphasizes the importance of understanding corporate bonds as a stable investment option compared to stocks, and discusses the current state of the bond market. #financialliteracy #bondmarkets #corporatebonds #financialhistory #personalfinance

In this episode of Money Lessons, Andy explores the complexities of sovereign debt, focusing on historical examples of nations that have defaulted on their obligations. He discusses the immediate relief that defaults may provide, but emphasizes the long-term consequences, including loss of credibility, economic isolation, and political instability. The episode highlights the importance of understanding the implications of broken promises in government borrowing and sets the stage for future discussions on corporate debt.

In this episode of Money Lessons, Andy explores the evolution of sovereign debt from its early origins in ancient Mesopotamia to its transformation into a systematic foundation for modern nation-states. He discusses the role of the Fugger family in early sovereign lending, the impact of the Glorious Revolution on government borrowing, and the establishment of the Bank of England, which revolutionized the way governments manage debt. Temte emphasizes the importance of institutional credibility in sovereign lending and warns of the risks of complacency in borrowing practices.

This episode of Money Lessons with Andrew Temte explores the evolution of equity investing, highlighting how technology has transformed stock ownership from an exclusive privilege to a widely accessible opportunity. Andy discusses the historical context of investing, the impact of regulatory changes, and the rise of online trading platforms. The conversation emphasizes the importance of financial literacy in navigating this new landscape, where accessibility does not guarantee wisdom in investment decisions.

** News Flash ** The Saturday Morning Muse is now MONEY LESSONS with Andrew Temte, PhD, CFA! Since the beginning of 2025, the show has been focused on the topic of financial literacy and we’ll be creating financial literacy lessons for the foreseeable future! In this episode of Money Lessons, Andy discusses the evolution of equity securities markets, focusing on mutual funds and index funds. He explains how these investment vehicles democratized access to the stock market, allowing ordinary Americans to achieve diversification and participate in equity markets. The episode highlights the historical context of mutual funds, the revolutionary impact of index funds, and the future of investing with technology. #financialliteracy #moneylessons #mutualfunds #stockmarket #personalfinance #indexfunds #diversification

In this episode of Saturday Morning Muse, Andy explores the evolution of financial markets, focusing on the investor optimism of the 1920s, the catastrophic market crash of 1929, and the subsequent regulatory reforms that shaped modern securities laws. The discussion highlights the role of margin trading, the impact of speculation, and the necessity for investor protection through regulatory oversight. You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. https://youtu.be/w9v5Evl_rl4 Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 Here’s the link to the article on my website: https://www.andrewtemte.com/a-crash-sparks-the-rise-of-market-regulation #smoothawley #crashof1929 #economichistory #stockmarket #financialliteracy #personalfinance #financialeducation #margintrading #greatdepression #sec

In this episode of Saturday Morning Muse, Andy explores the evolution of financial literacy and the impact of information technology on stock trading. He discusses how the telegraph revolutionized communication in the 19th century, enabling faster and more efficient trading. The introduction of the stock ticker further democratized access to market information, but also led to new challenges such as manipulation and speculation.

In this episode of Saturday Morning Muse, Andy explores the evolution of stock markets, focusing on the democratization of equity investments through railroads in the 19th century. He discusses the rise of “the market” as an economic barometer, the impact of the Panic of 1873, the creation of the first stock market indices, and the fundamental shift in understanding investment versus speculation, culminating in the principles established by the “father of financial analysis,” Benjamin Graham.

In this episode of Saturday Morning Muse, Andy explores the evolution of equity ownership and stock trading from the Dutch East India Company to the establishment of the London Stock Exchange. He discusses the challenges of informal trading, the catastrophic South Sea Bubble, and the eventual need for organized stock markets, highlighting the principles that govern modern financial markets today.

In this episode of Saturday Morning Muse, Andy explores the evolution of financial markets, focusing on the innovations of the Dutch Republic in the early 1600s. He discusses the limitations of previous equity ownership models and how the establishment of the Dutch East India Company (VOC) revolutionized investment through the introduction of transferable shares and a secondary market. You can find The Saturday Morning Muse on your favorite podcast streaming platform as well as out on YouTube. https://youtu.be/SIVkx7_Td78 Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 Here’s the link to the article on my website: https://www.andrewtemte.com/saturday-morning-muse/the-dutch-east-india-company #financialliteracy #personalfinance #StockMarket #EquitySecurities #EconomicHistory #FinancialHistory #VOC #Liquidity

In this episode of Saturday Morning Muse, Andy explores the historical evolution of stock ownership, beginning with the Roman Publicani and the Venetian Commenda. He discusses how these early systems of equity ownership laid the groundwork for modern financial practices through capital pooling and risk spreading for investment in major infrastructure projects and trading expeditions. #financialliteracy #personalfinance #StockMarket #EquitySecurities #EconomicHistory #FinancialHistory #CapitalPooling

In this episode of Saturday Morning Muse, Andy explores the evolution of insurance and its democratization in the late 19th century. He discusses how industrial life insurance, expanded property coverage, and the rise of automobile insurance transformed the industry into a mass market service accessible to ordinary families. Andy highlights the significant innovations that made insurance affordable and essential, as well as the role of insurance companies as major institutional investors in the early 20th century.

In this episode of Saturday Morning Muse, Andy explores the origins of modern insurance, focusing on Edward Lloyd's Coffee House in the 1680s. He discusses how Lloyd's transformed the insurance landscape by introducing innovative practices such as syndicated underwriting, the publication of shipping news, and the establishment of a systematic reinsurance market.

In this episode of Saturday Morning Muse, Andy explores the evolution of insurance, tracing its origins from ancient civilizations to modern practices. He discusses how early merchants shared risks to protect their goods, the development of mutual aid societies in medieval Europe, and the establishment of formal insurance contracts. The conversation culminates in the recognition of the need for systematic fire insurance following the Great Fire of London, setting the stage for the emergence of modern insurance marketplaces. #Insurance #economichistory #financialliteracy #risksharing #greatfireoflondon #mutualaidsocieties

In this episode of Saturday Morning Muse, Andy explores the dual nature of compound interest, highlighting its potential to build wealth while also revealing its darker side through the lens of compound debt. The discussion emphasizes the importance of understanding how compound interest works in both investing and borrowing contexts, particularly in relation to credit card debt. Temte provides practical advice on managing debt and making informed financial decisions to harness the power of compound interest for wealth building.

In this episode of Saturday Morning Muse, Andy explores the concept of compound interest, its historical significance, and practical applications for building wealth. He explains the mathematics behind compound interest, introduces the Rule of 72 for estimating investment growth, and illustrates the impact of small daily expenses on long-term wealth accumulation through the 'latte effect.' Andy emphasizes the importance of time and consistency in investing, particularly for young investors, and warns about the dangers of high-interest debt.

In this episode of Saturday Morning Muse, Andy explores the concept of compound interest, discussing its historical significance and mathematical foundations. He introduces Benjamin Franklin's experiment with compounding, the contributions of mathematicians like Edmund Halley and Leonhard Euler, and the implications of compounding in both wealth creation and destruction, illustrated by the Tulip Mania and government debt crises. The episode emphasizes the importance of patience and long-term thinking in financial growth.

In this episode of Saturday Morning Muse, Andy delves into the basics of investment returns, emphasizing the importance of understanding different types of returns such as nominal, real, holding period, and total returns. The discussion also touches on the historical development of return calculations and the significance of the compound annual growth rate (CAGR) in comparing investments over time. Andy encourages listeners to be informed and critical of marketing materials that may present misleading return figures. #financialliteracy #investmentreturns #interestrates #personalfinance

In this episode of Saturday Morning Muse, Andy explores the concept of inflation, its historical context, and the implications of monetary policy on everyday life. He discusses the various types of inflation, including demand-pull, cost-push, monetary, and expectational inflation, and illustrates these concepts with historical examples, particularly the Great Recoinage of 1696. Andy emphasizes the importance of understanding inflation to make informed financial decisions and highlights the complexities of monetary policy. #financialliteracy #personalfinance #inflation #economichistory #macroeconomics #purchasingpower #deflation

In this episode of Saturday Morning Muse, Andy explores the historical tension between the moral objections to charging interest and the economic necessity for credit. It traces the evolution of interest from ancient civilizations, through religious prohibitions, to modern acceptance, highlighting the innovative financial practices that emerged to reconcile these conflicting views. The discussion emphasizes the ongoing challenge of balancing the need for credit markets with concerns about exploitation and inequality.

In this episode of Saturday Morning Muse, Andy discusses the concept of interest, exploring its fundamental role in economics as the price of time. He explains how interest rates are determined by factors such as inflation, real returns, and risk compensation. The discussion also covers the calculation of simple interest and the implications of understanding interest for personal financial decisions. Temte highlights the historical moral dilemmas surrounding interest and emphasizes its significance in modern economic systems.

In this episode of the Saturday Morning Muse, Andy explores the introduction of the banknote by the Bank of England in 1694, which revolutionized modern finance by standardizing currency and formally establishing government currency backing. This historical narrative connects the evolution of banking practices to the currency we use today.

In this episode of Saturday Morning Muse, Andy explores the evolution of banking from the Knights Templar to the Medici family, highlighting key innovations, market opportunities, and lessons learned from history. It emphasizes the importance of transparency, political integration, and diversification in financial practices, while drawing parallels to modern banking and financial technology.

In this episode of Saturday Morning Muse, Andy explores the historical roots of banking, tracing its origins back to the Crusades and the role of the Knights Templar. He discusses how the need for secure wealth storage during the Crusades led to the development of early banking practices, including the issuance of letters of credit. The conversation also delves into the evolution of usury laws and their implications for modern banking, highlighting the ongoing relevance of these historical developments in today's financial landscape.

In this episode of Saturday Morning Muse, Andy Temte explores the evolution of currency from promissory notes to modern fiat money, emphasizing the role of trust in the value of currency. He introduces the concept of banking, its characteristics, and importance in the economy. Andy also touches on the Great Recession, highlighting the consequences of poor risk management in banking.

In this episode of Saturday Morning Muse, Andrew Temte explores the evolution of currency, starting from ancient Rome's coinage to the introduction of paper currency through promissory notes. He discusses the significance of these financial instruments in facilitating trade and their role in economic systems. The conversation also touches on the transition to fiat money and the implications of trust in currency value.

In this episode of Saturday Morning Muse, Andrew Temte delves into the history of money, focusing on the evolution of coinage from ancient Rome to modern monetary policy. He discusses the significance of financial literacy, the role of governments in establishing trust in currency, and the implications of currency debasement and inflation. The episode concludes with a reflection on the responsibilities of modern central banks in managing economic activity. Here’s the link to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/saturday-morning-muse/id1741154728 #financialliteracy #dadjokes #historyofmoney #romancoins #romanempire #debasement #inflation #macroeconomics #centralbanks #currencyvalue

In this special Father's Day edition of Saturday Morning Muse, Andrew Temte reflects on the essential role of fathers in shaping their children's lives. He shares a top 10 list of skills that every dad should focus on, emphasizing the importance of self-love, emotional intelligence, and financial literacy. Temte encourages fathers to embrace their journey of continuous improvement and to model these skills for their children, highlighting that being a dad is a lifelong learning experience.

In this episode of the Saturday Morning Muse, Andrew Temte discusses the evolution of money, emphasizing the critical role of trust and confidence in economic systems. He explores how governments have historically been involved in issuing money to enhance trust, referencing the Code of Hammurabi as an early legal framework. The conversation also touches on the U.S. dollar's status as a reserve currency and the implications of the US national debt on global trust in the currency.