With longer-term U.S. interest rates rising and no plan to reduce the budget deficit, is a U.S. national debt crisis imminent? Topics covered include: Why S&P, Fitch, and now Moody's stripped the U.S. of its pristine AAA debt ratingHow the U.S. national debt dynamics compare to Greece, Italy, and JapanWhat are four things investors should monitor for signs that the national debt crisis is worsening or spiraling out of control Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Moody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable—Moody's Ratings Research Update: United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative—S&P Global Interest Expense and Average Interest Rates on the National Debt FY 2010 – FYTD 2025—FiscalData.Treasury.gov The Stark Math on the GOP Tax Plan: It Doesn’t Cut the Deficit by Richard Rubin—The Wall Street Journal The Long-Term Budget Outlook: 2025 to 2055—Congressional Budget Office Walmart says higher prices could hit this month due to tariffs by Natalie Sherman—BBC Post on May 17th, 2025; 7:27 AM by Donald J. Trump—Truth Social Walmart responds to Trump comment that retailer should ‘eat the tariffs’ by Kyler Swaim—The Hill What’s behind Japan’s High Government Debt? by  YiLi Chien and Ashley H. Stewart—Federal Reserve Bank of St. Louis Related Episodes 487: Are We Heading for a 2030s Depression? Global Economic and Population Shifts 479: National Debt Master Class Finale – What To Do See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How can we apply the same emergency measures that Harvard and other universities are using to navigate a financial crisis? Also, how universities invest their endowments and what their performance has been. Topics covered include: What has led to the financial crisis at HarvardWhat actions has the university takenHow do endowments invest and spend their fundsHow endowments maintain intergenerational equityHow we can apply the principles universities use in our own investing Sponsors NetSuite  LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Letter Sent to Harvard 2025-04-11—Harvard Harvard Response 2025-04-14—Harvard Trump Administration Will Freeze $2 Billion After Harvard Refuses Demands by Vimal Patel—The New York Times Should Harvard Be Tax Exempt? by The Editorial Board—The Wall Street Journal Fact Sheet: President Donald J. Trump Reforms Accreditation to Strengthen Higher Education—The White House At Grim Town Hall, Harvard Medical School Leaders Tell Staff to Expect Layoffs and Far-Reaching Cuts by Avani B. Rai and Saketh Sundar—The Harvard Crimson Can Harvard Use Its Endowment To Make Up For Federal Cuts? It’s Possible, but Not That Simple. by Avani B. Rai and Saketh Sundar—The Harvard Crimson Yale Weighs $850 Million Bond Sale Amid Trump’s Higher Education Attack by Elizabeth Rembert and Amanda Albright—Bloomberg Yale seeks to sell billions in private equity investments as political pressures from Trump mount by Liese Klein—CT Insider 2024 NACUBO-Commonfund Study of Endowments—NACUBO Endowments Face Liquidity Crunch Amid Market Pullback, Funding Cuts by Matt Toledo—Chief Investment Officer Big investors borrow against private equity holdings amid cash crunch by Amelia Pollard and Antoine Gara—The Financial Times Related Episodes 402: Why Student Debt Is So High and Forgiving It Doesn’t Fix the Problem 245: Is College Worth It? 180: Can You Outperform Harvard’s Endowment? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Discover how bond market ETFs have transformed investing — making bonds easier, cheaper, and more accessible than ever. We also explore how the bond market’s very composition has evolved. Episode Sponsors Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The total return strategy in bonds is far from dead by James Bianco—The Financial Times What I Learned in My First Year Managing Fixed-Income by Jim Bianco—Bianco Research Advisors ETFs are eating the bond market by Robin Wigglesworth and Will Schmitt—The Financial Times Related Episodes 463: How to Lock in Higher Yields in Case Interest Rates Fall 455: Easier Investing, Richer Life: TIPS Ladders to Annuities 418: Bond Investing Masterclass See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ali Akay, CIO of Carrhae Capital, answers why invest in emerging markets. He also shares with Greg Dowling of FEG insights on China, Mexico, South Korea, Argentina, Greece, Turkey, South Korea, and South Africa. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Emerging Unscathed: Featuring Ali Akay—FEG Insight Bridge Related Episodes 474: Are Emerging Markets Bonds a Once-in-a-Generation Opportunity? 411: Is Emerging and Frontier Markets Investing Still Worth It? – With Asha Mehta See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S has traditionally been a safe haven for investing, but that hasn't been the case in 2025. We explore three economic and narrative regimes and consider why we may be witnessing a shift after 12 years of U.S. outperformance. Topics covered include: What was the narrative and economic and financial performance from 1995-2001, 2002-2012, and 2012 -2024.How the performance of the U.S. dollar impacted returnsWhy did economic forecasters predict the U.S. national debt would be paid off in 2011, and why were they wrong?Signs that the current economic and financial narrative is shifting. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Testimony of Chairman Alan Greenspan Outlook for the federal budget and implications for fiscal policy Before the Committee on the Budget, U.S. Senate January 25, 2001—The Federal Reserve Board Federal Surplus or Deficit [-] as Percent of Gross Domestic Product—FRED Economic Data Nonfarm Business Sector: Labor Productivity (Output per Hour) for All Workers—FRED Economic Data Narrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller—Princeton University Press Donald Trump vs Mr Market by Tim Harford—The Financial Times Tourism boycott? Europe travel to US drops in wake of Trump presidency by Talyta França & Alessio Dell'Anna, Mert Can Yilmaz—euronews Trump’s Trade Offensive Threatens America’s Financial Primacy by Nick Timiraos, Jack Pitcher, and Chelsey Dulaney—The Wall Street Journal Related Episodes 519: Is This the End of Globalization and Free Trade? 380: How Stories Drive Our Happiness and Financial Success See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, we explore what it means to invest in a non-ergodic world—where time, not averages, determines outcomes. We unpack concepts like volatility drag, ensemble vs. time averages, and the implications for portfolio strategy, while also reflecting on how AI and zero-click search are reshaping business and investor behavior. Topics covered include: What is ergodicity and why it mattersHow path dependency and emerging phenomena disrupt the long-termHow podcasting and blogging has changedWhat is the future of Money for the Rest of Us Episode Sponsors NetSuite  LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Wayback Machine: jdstein.com Probabilities and Payoffs: The Practicalities and Psychology of Expected Value by Michael J. Mauboussin and Dan Callahan, CFA—Morgan Stanley The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb—Penguin Random House The 60% Problem — How AI Search Is Draining Your Traffic by Tor Constantino, MBA—Forbes Hollywood Is Cranking Out Original Movies. Audiences Aren’t Showing Up. by Ben Fritz—The Wall Street Journal How Late Night TV Is Downsizing by Alex Weprin and Rick Porter—The Hollywood Reporter ‘Severance’ Surpasses ‘Ted Lasso’ To Become Apple TV+’s Most Watched Series With Season 2 Launch by Nellie Andreeva—Deadline List of most watched television broadcasts in the United States—Wikipedia Tao te Ching by Lao Tzu (Author), Marc Mullinax (Translator)—fortress press Why AI Might Not Take All Our Jobs—If We Act Quickly by Justin Lahart—The Wall Street Journal Elon Musk and the Dangerous Myth of Omnigenius by Gautam Mukunda—Bloomberg Related Episodes 492: The Power of Optionality: Small Bets, Big Payoffs 484: 7 Steps to Living a Longer Life 482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What will the impact be now that the U.S. has one of the highest tariff rates in the world? Topics covered include: Why the Trump administration raised tariffsHow the last round of U.S. tariffs led to higher prices and lower economic growthFour ways the world remains close to record connectivityWho have been the winners and losers from global tradeWhat will be the impact of this trade war Episode Sponsors Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The economic consequences of Mr Trump – looking for clarity in the tariffs chaos by Neil Shearing—Capital Economics Tariff rate, most favored nation, simple mean, all products (%)—World Bank Group Donald Trump’s tariffs will fix a broken system by Peter Navarro—The Financial Times DHL Global Connectedness Tracker—DHL Objective Knowledge: An Evolutionary Approach by Karl R. Popper—Oxford University Press GDP per capita (constant 2015 US$)—World Bank Group JOSEPH E. STIGLITZ, GLOBALIZATION AND ITS DISCONTENTS REVISITED: ANTI-GLOBALIZATION IN THE ERA OF TRUMP, NEW YORK: W.W. NORTON & COMPANY, 2018 by Lino Sau—Annals of the Fondazione Luigi Einaudi FIFTY YEARS OF GROWTH IN AMERICAN CONSUMPTION, INCOME, AND WAGES by Bruce Sacerdote—National Bureau of Economic Research Real Median Household Income in the United States—FRED Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over—FRED Consumer Price Index for All Urban Consumers: Food in U.S. City Average/Median Household Income in the United States—FRED Trump’s Love for Tariffs Began in Japan’s ’80s Boom By Jim Tankersley and Mark Landler—The New York Times Related Episodes 515: Tariffs and the Mar-a-Lago Accord: What Trump Really Wants 516: What Trump Wants Part 2 – How Trade Deficits and Capital Flows Can Harm or Help Countries 427: Did the Tariffs Work? The Trade War Five Years Later 212: Trade Wars Increase Prices and Poverty See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Greg Dowling of FEG interviews Max Belmont, a gold specialist and portfolio manager at First Eagle Investments. Greg and Max discuss the historical, philosophical, and practical reasons for owning gold. Topics covered include: Where does gold’s reputation as a safe haven come from, and why it trades differently than other commodities.How gold differs from other asset classes including Bitcoin, which is sometimes referred to as digital gold.How we should think about gold when including it in our investment portfolios. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Golden Age with Max Belmont - FEG Insight Bridge episode page Related Episodes 431: The Long-term Bullish Case for Gold 316: Paper, Rocks, or Digits—What Makes the Best Money 263: Should You Invest In Gold? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We compare three approaches to closed-end fund investing: Opportunistic trading, the buy and hold income factory, and a systematic approach of selling closed-end funds after 5% gains. We also explore the pros and cons of closed-end funds relative to open-end mutual funds and ETFs. Episode Sponsors Stawberry.me NetSuite  Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Closed-End Fund Market, 2023—Investment Company Institute The Income Factory: An Investor’s Guide to Consistent Lifetime Returns by Steven Bavaria—McGraw-Hill Companies Retirement Money Secrets: A Financial Insider's Guide to Income Independence by Steve Selengut—RIC LLC How to Invest in Closed-End Funds—Money for the Rest of Us Investing in Closed-End Funds Course—Money for the Rest of Us See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How trade deficits are making the U.S. poorer, while in the past they have made the U.S. wealthier. Topics covered include: Two ways countries can increase their competitivenessHow savings always equals investmentWhy excess savings flows to the U.S. leading to a drop in U.S. domestic savingsWhy the U.S. current trade situation could lead to a debt crisis Episode Sponsors NetSuite  LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Why U.S. Debt Must Continue to Rise by Michael Pettis—Carnegie Endowment Could Trump devalue the dollar with a "Mar-a-Lago Accord"? by Paul Diggle and Luke Bartholomew—Aberdeen Investments A User’s Guide to Restructuring the Global Trading System by Stephen Miran—Hudson Bay Capital Is Peter Navarro Wrong on Trade? by Michael Pettis—Carnegie Endowment Related Episodes 515: Tariffs and the Mar-a-Lago Accord: What Trump Really Wants 470: How the Economy Really Works: Savings, Investing, Consuming and Market Distortions 144: Trade Deficits Aren’t Always Bad. Trade Wars Are. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the Trump administration is using tariffs as a negotiating tool to weaken the U.S. dollar and increase the global competitiveness of U.S. manufacturers. Topics covered include: Why U.S. stocks are falling, and recession risk is increasingHow the U.S. dollar as the reserve currency is becoming a burden on the U.S.How the Trump administration aims to reduce its trade deficit and make it less attractive for foreign governments to own U.S. assetsWhat are the risks of trying to weaken the U.S. dollar Episode Sponsors Delete Me – Use code David20 to get 20% off Stawberry.me Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Stock Market News, March 10, 2025: Nasdaq Falls 4% After Trump Doesn't Rule Out Recession by Caitlin McCabe and Krystal Hur—The Wall Street Journal Trump Says US Economy Faces ‘Transition,’ Avoids Recession Call by María Paula Mijares Torres—Bloomberg Is the U.S. Heading for a Recession? Here’s What the Experts Say by Caitlin McCabe—The Wall Street Journal Mark Carney Wins Canada Liberal Contest, Will Succeed Trudeau in Days by Brian Platt and Laura Dhillon Kane—Bloomberg Entering the Fall 2024 | Alarming Signs? - Fireside Chat with Scott Bessent by Simplify Asset Management—YouTube A User’s Guide to Restructuring the Global Trading System by Stephen Miran—Hudson Bay Capital Could Trump devalue the dollar with a "Mar-a-Lago Accord"? by Paul Diggle and Luke Bartholomew—Aberdeen Investments Wonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York Times On the Persistence of the China Shock by David Autor, David Dorn, and Gordon H. Hanson—NBER Manufacturing, value added (% of GDP)—World Bank Data Group | Prosperity Data360 Council of Economic Advisors Chair Nominee Stephen Miran’s Critique of the Global Monetary System—Part I by Steven B. Kamin—AEI Using Stock Returns to Assess the Aggregate Effect of the U.S.‑China Trade War by Mary Amiti, Matthieu Gomez, Sang Hoon Kong, and David E. Weinstein—Federal Reserve Bank of New York Two cheers for Germany’s fiscal reform by Neil Shearing—Capital Economics Related Episodes 404: Why Is the U.S. Dollar So Strong? Will It Continue? 322: Why Currency Exchange Rates Matter See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on episode 514, we share a conversation between Howard Smith of Indus Capital and Greg Dowling of FEG Investment Advisors on why Japan could surprise investors over the next decade with strong investment returns. David introduces the episode by sharing his key takeaways from the discussion. FEG Investment Advisor is David's former institutional advisory firm, where he worked for 17 years, before founding Money for the Rest of Us. Greg Dowling is Chief Investment Officer of FEG, and David's former business partner and colleague. Topics covered in the episode include: The false narrative that Japan is a difficult place to invest with subpar returnsWhy Japan's national debt problem is not as worrisome as the U.S. national debtWhy the Japanese yen is tremendously undervaluedHow Japan's corporate governance has improvedOpportunities in Japanese technology industries Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes FEG Episode page Indus Capital Berkshire Hathaway 2024 Annual Letter Related Episodes 468: Lessons from Japan’s 34 Years of Stock Market Underperformance 235: What If Home Prices Always Declined 178: Japan and the Impact of A Shrinking Population See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We consider the incongruency of a U.S. Strategic Bitcoin Reserve, the latest crypto exchange hack, and how most participants lost money on the Trump meme coin. Given all that, we review some areas where cryptocurrency is helping individuals and businesses. Topics Covered What is the U.S. Strategic Petroleum ReserveWhy it makes little sense for the U.S. and individual states to create and participate in a Strategic Bitcoin ReserveWhat led to the latest and largest cryptocurrency exchange hack in historyHow financial and other data breaches impacted over 1 billion people last year, costing over $15 billionHow quantum computers could disrupt the security of cryptocurrency and traditional financial systemsWhy most speculators lose money on meme coinsWhat are some current ways cryptocurrency is helping individuals and businesses achieve greater financial stability and lower costs Episode Sponsors Delete Me – Use code David20 to get 20% off Stawberry.me Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes All Information (Except Text) for S.4912 - BITCOIN Act of 2024—Congress.gov House Bill No. 4087—Michigan Legislature 2025 South Dakota Legislature House Bill 1202—South Dakota Legislature State of Arizona Senate SB 1025—Arizona State Legislature Quantum computers and the Bitcoin blockchain by Itan Barmes, Bram Bosch and Olaf Haalstra—Deloitte Bybit Hack, Crypto’s Biggest Ever, Spoils Coinbase’s SEC Victory Party by Olga Kharif, Muyao Shen, and Emily Nicolle—Bloomberg Cost of a Data Breach Report 2024—IBM ITRC Annual Data Breach Report—Identity Theft Resource Center Post by @realDonaldTrump—Truth Social Trump Meme Early Investors in Donald Trump’s Memecoin May Have Been Tipped Off, Experts Claim by Joel Khalili—Wired Exclusive: Trump's meme coin made nearly $100 million in trading fees, as small traders lost money by Tom Wilson and Michelle Conlin—Reuters Memecoin scandal rocks Argentina’s Javier Milei by Ciara Nugen—The Financial Times Tether Brings Its $140B USDT Stablecoin to Bitcoin and Lightning Networks by Krisztian Sandor—CoinDesk Related Episodes 488: Should You Invest in an Ethereum ETF? 462: Now Should You Buy a Bitcoin ETF? 410: Is Cryptocurrency Dead? 373: Are Stablecoins Safe? Should You Own Them? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How using a deferred income annuity can increase retirement income compared to an immediate annuity or a bond ladder. Topics covered include: How immediate annuities and deferred income annuities workWhat are mortality credits, and why they are a key diversifierExamples of how mortality credits lead to a 1% to 1.5% higher annualized return over several decadesHow to decide whether an annuity is right for you Episode Sponsors NetSuite  LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Post: No, really. Deferred income annuities (DIAs) are superior to SPIAs in every way by Boglehead User "GoWithTheCashFlow"—Bogleheads Actuarial Life Table—SSA TIPSLadder Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement by Wade D. Pfau—Retirement Researcher Related Episodes 464: More Ways to Lock in Higher Yields in Case Interest Rates Fall 455: Easier Investing, Richer Life: TIPS Ladders to Annuities 407: Worry-Free Retirement Investing 279: Why All Retirees Should Consider an Income Annuity See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. and the UK each announced they were establishing sovereign wealth funds. We explore the purposes and types of sovereign wealth funds, how they invest, and some concerns with the U.S. establishing one. Topics covered include: What are the four types of sovereign wealth funds, and why the U.S. doesn't fit the typical use caseHow sovereign wealth funds navigate between politics and generating high returnsWhy a U.S. sovereign wealth fund, depending on its size, could crowd out other investment capital, leading to lower investment returnsHow the U.S. federal government already invests in its economy without a sovereign wealth fund Episode Sponsors Delete Me – Use code David20 to get 20% off LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Fact Sheet: President Donald J. Trump Orders Plan for a United States Sovereign Wealth Fund—The White House A Plan For Establishing A United States Sovereign Wealth Fund—The White House International Forum of Sovereign Wealth Funds Sovereign Wealth Funds: Past, Present and Future by Salman Bahooab, Ilan Alonb, and Andrea Paltrinieria—ScienceDirect Guardians releases 2024 Annual Report—NZ Super Fund UK Wealth Fund Brings Government And Private Investment Together by Efraim Chalamish—Global Finance 2024 Invesco Global Sovereign Asset Management Study—Invesco Top 100 Largest Sovereign Wealth Fund Rankings by Total Assets—Sovereign Wealth Fund Institute The Importance and Perspectives of Sovereign Wealth Funds in the Globalised Economy by Jan Černohorský and Kateřina Tesnerová—SHS Conferences See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on episode 510, we share a conversation between Ben Inker of GMO and Greg Dowling of FEG Investment Advisors on contrarian investing, deep value stocks, and the rise of passive investing. David introduces the episode by sharing his key takeaways from the discussion. FEG Investment Advisor is David's former institutional advisory firm, where he worked for 17 years, before founding Money for the Rest of Us. Greg Dowling is Chief Investment Officer of FEG, and David's former business partner and colleague. Topics discussed in the episode include: How experienced professionals can have a significant influence on one's career, such as the impact Jeremy Grantham and David Swenson had on Ben's careerThe impact of the rise of passive investingInvestment opportunities in quality and deep-value stocksThe distinct risks of the high concentration in large-cap tech stocks Show Notes FEG episode page Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Related Episodes 491: The Five Layers of Investing 419: How to Make Portfolio and Asset Allocation Changes 401: Why Diversifying Your Portfolio Feels Awful See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore what private credit, or direct lending, is and how to invest in it. We also show how it is similar and different from investing in leverage loans and CLOs. Topics covered include: Why more companies are staying privateHow private credit differs from the leverage loan marketWhy private credit is growing so rapidlyWhat are the benefits to private credit investingWhat are liquid and less liquid ways to invest in private credit Sponsors Stawberry.me Acorns Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Credit Markets Go Dark by Jared A. Ellias and Elisabeth de Fontenay—SSRN The Lost Promise of Private Ordering by Cathy Hwang, Yaron Nili, and Jeremy McClane—SSRN Investments Mentioned VanEck BDC Income ETF (BIZD) Barings Corporate Investors Fund (MCI) Long Angle Cliffwater Enhanced Lending Fund BlackRock Private Credit Fund (BDEBT) BondBloxx Private Credit CLO ETF (PCMM) Virtus Seix AAA Private Credit CLO ETF (PCLO) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Natural disasters are becoming more severe and costly—who should bear the financial burden? We explore the tension between socialized risk and market-based insurance. Topics covered include: The surprisingly large percentage of natural disaster losses that are uninsuredWhy natural disaster severity is increasingA deep dive into the complexity of the home insurance market, including state-run home insurance plansHow California has tried to update its home insurance regulations, leading to potentially greater coverage but higher premiumsHow socialized insurance relieves the cost burden to consumers but can also lead to riskier behavior and adverse risk selectionEpisode Sponsors Asset Camp NetSuite  Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes California wildfires: What we know about L.A.-area fires, what caused them, who is affected and more by Tim Stelloh, Marlene Lenthang, Rebecca Cohen and Phil Helsel—NBC News Climate change is showing its claws: The world is getting hotter, resulting in severe hurricanes, thunderstorms and floods—Munich RE Shaping the Future of Wildfire Insurance in California: New Insights from the Most Comprehensive Wildfire Risk Model in the Market by Firas Saleh—Moody's Insurers’ Rule Change Puts California Homeowners on the Hook for L.A. Fire by Jean Eaglesham and Sara Randazzo—The Wall Street Journal Commissioner Lara issues landmark regulation to expand insurance access for Californians amid growing climate risks—California Department of Insurance California Was Already in Home-Insurance Crisis Before Los Angeles Infernos by Jean Eaglesham and Joe Flint—The Wall Street Journal The World Is Getting Riskier. Americans Don’t Want to Pay for It. by Greg Ip—The Wall Street Journal Reinsurers little exposed to LA fires after retreat from disaster risks by Lee Harris—The Financial Times A Survey of Residual Market Plan Assessment and Recoupment Mechanisms by Nancy Watkins, Robert Lee, and Rehan Siddique—Milliman Related Episodes 481: How to Navigate the Crippling Home Insurance Crisis 444: Natural Disasters: Are They Truly Increasing?  Investments Mentioned Stone Ridge High Yield Reinsurance Risk Premium fund (SHRMX) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How geography contributes to economic growth and can increase or lower the cost of living. Topics covered include: Why living in a developing country like Costa Rica is still relatively expensiveHow Amazon and e-commerce platforms lower the cost of livingWhy we should consider slowing down our rate of consumptionHow geography is impacting the rollout of AI Episode Sponsors LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs NetSuite  Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Market Research in Costa Rica: Costa Rica is a strong market in Central America providing many benefits.—SIS International Research & Strategy World Data Country Comparison: Costa Rica & USA Why is Gas so Expensive in Costa Rica? by Sarah Jordan—The Tico Times The Trailblazers: Inter-American Highway 1940 - 1957 by Norman Wood—U.S. Department of Transportation Federal Highway Administration Highway History United States eCommerce Sales Growth (2018 to Q3 2024) by Jason—SellersCommerce The Era of Finance CEOs Running Retailers Is Over by Amanda Mull—Bloomberg AI set to fuel surge in new US gas power plants by Amanda Chu and Jamie Smyth—The Financial Times What happened to the artificial-intelligence revolution?—The Economist Liebreich: Generative AI – The Power and the Glory by Michael Liebreich—BloombergNEF Related Episodes 444: Natural Disasters: Are They Truly Increasing?  413: What if the World Stopped Shopping? 151: Amazon Impacts Everything See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In episode 506, Joshua shares the pros and cons of living outside of your home country. He convinces David why he needs more than one passport. Finally, Joshua makes a strong case for not retiring, and if one does, under what circumstances. Episode Sponsors Delete Me – Use code David20 to get 20% off Acorns Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes https://www.radicalpersonalfinance.com Related Episodes 446: Die with Zero: Why You Should Start Spending Now 437: How to Live Like You Are Already Retired 371: Find Your Retirement Investing and Living Style See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In our final episode of the year, I converse with author and data scientist Coco Krumme about the benefits and costs of optimization in finance, industry, and our daily lives. We explore AI and its overlap with optimization. We also consider the pros and cons of life optimization and finally discuss the extreme challenge of opting out. Episode Sponsors NetSuite  Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Optimal Illusions: The False Promise of Optimization by Coco Krumme—Penguin Random House cocofolio.com Coco Krumme—LinkedIn Related Episode 480: Beyond Faster (T+1) Trade Settlement: The Hidden Costs of Optimization See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How asset class returns move in cycles with periods of above-average returns followed by periods of lower returns. How has the rise of passive indexing led to higher stock valuations, and what does that mean for markets? Sponsors NetSuite - Download the CFO’s Guide to AI and Machine Learning LegalZoom - Use code David10 to 10% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Equity Risk Premium: Nine Myths (JPM Series) by Rob Arnott—Research Affiliates The Greatest Scourge in Factorland: Revaluation Alpha = Fake Alpha (JPM Series) by Rob Arnott—Research Affiliates PASSIVE INVESTING AND THE RISE OF MEGA-FIRMS by Hao Jiang, Dimitri Vayanos, and Lu Zheng—NBER Limits to Diversification: Passive Investing and Market Risk by Lily H. Fang, et al.—SSRN Related Episodes 503: U.S. Stocks Have Never Been This Overhyped or Expensive 500: The S&P 500 Index and the Decade Ahead 468: Lessons from Japan’s 34 Years of Stock Market Underperformance 390: Are BlackRock and Vanguard Too Big and Powerful? 234: Index But Don’t Herd See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the tangible and intangible factors that have contributed to long-term U.S. stock market outperformance compared to the rest of the world? Despite these advantages, why might we still want to continue to be globally diversified? Sponsors Delete Me – Use code David20 to get 20% off LegalZoom - Use code David10 to 10% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes American productivity still leads the world—The Economist The Outlook for Long-Term Economic Growth by Charles I. Jones—Federal Reserve Bank of Kansas City How Much Will Global Warming Cool Global Growth? by Ishan B. Nath, Valerie A. Ramey, and Peter J. Klenow—UC San Diego Technology and demand drivers of productivity dynamics in developed and emerging market economies by Alistair Dieppe, Neville Francis, and Gene Kindberg-Hanlon—European Central Bank Capitalism is in worse shape in Europe by Ruchir Sharma—The Financial Times The Mother of All Bubbles by Ruchir Sharma—The Financial Times The Curious Incident of the Elevated Profit Margins by James Montier—GMO Federal Surplus or Deficit [-] as Percent of Gross Domestic Product - FRED Euro area government deficit at 3.6% and EU at 3.5% of GDP—eurostat End of an era: The coming long-run slowdown in corporate profit growth and stock returns by Michael Smolyansky—Federal Reserve Board Should investors just give up on stocks outside America?—The Economist Related Episodes 500: The S&P 500 Index and the Decade Ahead 499: What Makes an Economy Prosperous? Spotlight on Cuba and Argentina 343: Why the Productivity Slowdown Could Lead to Lower Living Standards See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why has there been renewed interest in nuclear power generation in the last couple of years, and how can we invest in it? Topics covered include: Why did Microsoft sign an agreement to reopen a nuclear reactor at the infamous Three Mile Island nuclear facilityHow much does nuclear energy contribute to global power generationWhy is demand for electricity acceleratingWhat are the advantages and challenges with nuclear energyWhat investment vehicles individuals can use to invest in nuclear energy Episode Sponsors NetSuite  Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Microsoft in deal for Three Mile Island nuclear power to meet AI demand by Myles McCormick and Jamie Smyth—The Financial Times Nuclear Power Was Once Shunned at Climate Talks. Now, It’s a Rising Star. by Brad Plumer—The New York Times Inside Diablo Canyon Nuclear Power Plant | BG2 w/ Bill Gurley & Brad Gerstner—YouTube Q&A - Germany’s nuclear exit: One year after—Clean Energy Wire Fukushima Daiichi Accident—World Nuclear Association Chernobyl Accident 1986—World Nuclear Association Nuclear Energy in a Low-Carbon Energy Future—NEI Electricity Mid-Year Update - July 2024—IEA What is U.S. electricity generation by energy source?—U.S. Energy Information Administration How old are U.S. nuclear power plants, and when was the newest one built?—U.S. Energy Information Administration Global price of Uranium—FRED Investments Mentioned Pelican Energy Partners Sprott Physical Uranium Trust Performance (SRUUF) GlobalX Uranium ETF (URA) VanEck Uranium and Nuclear ETF (NLR) Sprott Uranium Miners ETF (URNM) Sprott Junior Uranium Miners ETF (URNJ) Related Episodes 469: Which Will Perform Better: Berkshire Hathaway or Utility Stocks? 384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.