Money For the Rest of Us

We analyze long-term stock returns when investing at market peaks and bottoms, and when stocks are cheap or expensive.We also share what we think stocks will return over the next decade and why.Finally, we simulate the investment outcomes for someone who invests $50 per week.Episode SlidesEpisode TranscriptSponsorsGet the free guide from NetSuite: Aligning for the Agentic Era: How AI Is Changing Everyday WorkDelete Me – Use code David20 to get 20% offOur Premium ProductsAsset CampMoney for the Rest of Us Plus See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

I provide a short update on Money for the Rest of Us and introduce our listener survey. All survey participants will get access to an exclusive podcast episode on my worst investing mistakes and what I learned.Take the Money for the Rest of Us Listener Survey 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 why the income we earn isn't the same as the return. We show how option income strategies work, what their historical returns have been, what drives the return, and what reasonable return expectations are.We show why option income strategies have a positive expected return while sports betting has a negative expected return.Finally, we look at other areas where we confuse income with the total return.SponsorsMoney for the Rest of Us Retirement Investing CohortDelete Me – Use code David20 to get 20% offOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesEpisode slide deckVariance Risk Premia by Peter Carr and Liuren Wu—NYUCross section of option returns and idiosyncratic stock volatility by Jie Cao and Bing Han—The Journal of Financial EconomicsThe Price of Correlation Risk: Evidence from Equity Options by Joost Driessen, Pascal J. Maenhout, Grigory Vilkov—SSRNCross-section of option returns and volatility by Amit Goyal and Alessio Saretto—The Journal of Financial…

Bad actors will use AI to disrupt the financial system, transportation networks, and utilities. We should prepare now for this inevitability. We share how in this episode. We also explain why the bull market in gold will likely continue.Topics covered include:Why the OpenAI agentic AI breach is so disturbingHow do we prepare for cyberattacksWhy gold should be one of the assets we hold apart from the financial systemHow the historical relationship between gold and real interest rates has broken downTo what extent are central banks selling dollars to buy goldHow gold ETF flows influence the gold priceSponsorsGet the free guide from NetSuite: Aligning for the Agentic Era: How AI Is Changing Everyday WorkDelete Me – Use code David20 to get 20% offOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesEpisode 564 Slide Deck with ChartsGold's Run Isn't Yet Done - Bhanu Baweja - Financial TimesBrief independent investigation of agents’ behavior, reasoning and collaboration in the OpenAI / Hugging Face…

The national debt exceeds $40 trillion, U.S. long-term Treasury yields are at 19-year highs, the U.S. Treasury Department is intervening in currency and bond markets. We unpack it all in this episode and show you how to position your investment portfolio to lock in higher yields and protect yourself from falling bond prices.SponsorsTry NetSuite for FreeDelete Me – Use code David20 to get 20% offOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesEpisode 563 Slide DeckDebt to the Penny - U.S. TreasuryHistorical debt and budget tables - U.S. White HouseAverage U.S. national debt interest rate - U.S. TreasuryTreasury Announces Increased Sizes of Nominal Long-End Liquidity Support Buybacks Beginning September 9 - U.S TreasuryAmerica’s Risky Debt: What Markets See That Policymakers Don’t - Hanno LustigRelated Episodes525: No More AAA – What the U.S. Debt Downgrade Means for Investors463: How to Lock in Higher Yields464: More Ways to Lock in Higher Yields See Privacy Policy at…

What are the steps to simplify your portfolio, given that it is likely spread across multiple accounts? We focus particularly on retirees, who have to weigh additional considerations like withdrawals, Roth conversions, and required minimum distributions.We also explore which areas of the stock and bond markets are attractive right now as you seek to simplify and/or rebalance your portfolio.SponsorsTry NetSuite for FreeDelete Me – Use code David20 to get 20% offShow Notes and Related ContentA Complete Guide to Investing in I Bonds and TIPS (2026)550: Asset Location: Where You Invest, Where You Live, What You Can AccessFree Investment Strategy ReportInsiders 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 Plus See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore the expected size of AI-related debt, which vehicles hold it, what could go wrong, and how to protect yourself.Topics covered include:How AI capex boom compares to other large booms and bustsWhat fixed income vehicles hold AI-linked debtWhat mechanisms are being used to transfer AI-debt risk.How circular finance is contributing to the AI infrastructure buildoutWhat could go wrong with the AI infrastructure buildout that could lead to losses on AI-related debtHow to tell what exposure you have to AI debtSponsorsDelete Me – Use code David20 to get 20% offNetSuite Insiders 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 NotesAI debt slide deck used for episodeRBC Weighs $2 Billion Risk Transfer to Hedge Data Center-Linked Loans by Esteban Duarte and Paula Sambo—BloombergHyperscalers Tap External Financing as AI Capex Outruns Cash Flow—FactSet InsightWhat…

How inflation numbers are manipulated to appear lower. How to change your mindset about inflation to get ahead of it.Topics covered include:How Inflation (PCE) Calculations Are ChangingWhy the CPE Changes Are SuspiciousThe Biggest Changes Ever to Inflation CalculationsWhat Causes InflationAI Buildout Is Boosting InflationHow Rising Income Can Overcome InflationInflation Is Currency DebasementMost Things Get Cheaper and Better Over TimePersonal Inflation Rate and RetirementWe Can Beat Inflation by Improving Our SkillsInflation Manipulation vs Inflation FabricationHow to Outsmart InflationSponsorsDelete Me – Use code David20 to get 20% offNetSuite Retirement Investing Webinar and Portfolio CohortInsiders 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 NotesPreview of the 2026 Annual Update of the National Economic Accounts—BEAThe Inflation Outlook by Governor Stephen I.…

David shares nine lessons a listener followed to become a millionaire.Topics covered include:The benefit of underspending on housingWhat rate of return and how much would you need to save to grow a portfolio to one million dollarsWhy historical studies of the S&P 500 returns are misleadingDavid's recent portfolio mistakeSponsorsDelete Me – Use code David20 to get 20% offNetSuite Retirement Investing Webinar and Portfolio CohortInsiders 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 PlusRelated Episodes498: What I Learned Investing in the Past Decade454: How To Invest – Ten Rules of Thumb for Individual Investors See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

SpaceX, Anthropic, and OpenAI are all going public. Why now? And what will their weight be in index funds? What other U.S. ETF options are there if you don't want to have such a high concentration in stocks tied to AI. And finally, if you do buy SpaceX, what would need to happen to earn a reasonable return on your investment?SponsorsDelete Me – Use code David20 to get 20% offNetSuite Retirement Investing Webinar and Portfolio CohortInsiders 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 NotesSpace Exploration Technologies Corp. Form S-1 Registration Statment Under the Securities Act of 1933—SECElon Musk Is Dropping a Boulder in a Kiddie Pool by Matteo Wong—The AtlanticPassive Aggressive: The Risks of Passive Investing Dominance by Chris Brightman and Campbell R. Harvey—SSRNPassive Investing and Market Quality by Philipp Höfler, Christian Schlag, and Maik…

We explore the free dividend fallacy and how it applies to option income strategies. We break down the return drivers of covered call ETFs and examine the long-term performance record and volatility. Finally, we explain why it's better to own a single stock than a single-stock covered call ETF, such as MSTY, NVDY, or TSLY, offered by YieldMax.Show NotesThe Dividend Disconnect - Samuel M. Hartzmark and David H. SolomonSam Hartzmark on Dividends - Meb Faber ResearchThe New American Hustle: Dividends Over Day Jobs - Denitsa Tsekova and Vildana Hajric - BloombergCovered Calls Uncovered - Roni Israelov and Lars N. Nielsen - Financial Analysts JournalVolatility Risk Premiums Embedded in Individual Equity Options: Some New Insights - Nikunj Kapadia and Gurdip singh BakshiSponsorsTake the Money for the Rest of Us book quiz to see which investing book is best for you.Delete Me – Use code David20 to get 20% offInvestment MentionedInvesco S&P 500 BuyWrite ETF (PBP)JPMorgan Equity Premium Income ETF (JEPI)WisdomTree…

Why we have to navigate investing, business, and life with a compass rather than a GPS. David also provides an update on what he has learned from hosting live portfolio cohorts and letting AI analyze his portfolio trades over the past 12 years.SponsorsSquare - Get up to $200 in hardwareDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesAlmost Reckless by Amy Smilovic—Penguin Random HouseRelated Episodes555: Five Practices That Have Shaped My Career127: Investing Is Wayfinding See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

I share five business practices that have carried me through asset bubbles, financial crises, business pivots, and now the rise of AI.Topics covered include:Recommended note-taking app and practicesRecommended periodicalsHow to get better ideasWhy we need to understand the probabilities when pursuing a new courseThe latest insights on AI, prediction markets, and other topicsSponsorsSquare - Get up to $200 in hardwareDelete Me – Use code David20 to get 20% offLive Portfolio Cohort - May 2026Insiders 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 NotesResearchers Asked LLMs for Strategic Advice. They Got “Trendslop” in Return. By Angelo Romasanta, Llewellyn D.W. Thomas and Natalia Levina—Harvard Business ReviewPaul KedroskyGregor Macdonald - Cold Eye EarthPrediction Market Accuracy: Crowd Wisdom or Informed Minority? By Roberto Gomez Cram, Yunhan Guo, Theis Ingerslev…

Please attend our live webinar on portfolio construction and rebalancing scheduled for Thursday, April 30th, at 12PM Eastern, 9AM Pacific time. I will cover the five steps to constructing and rebalancing a portfolio. I will also answer your questions.You can sign up for this special webinar at https://moneyfortherestofus.com/webinar/ See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why portfolio construction is messy, personal, and never perfect. We compare the pros and cons of several portfolio strategies, including target-date funds, risk parity, and role-based portfolios. We conclude with three AI-related fallacies that will help us better navigate the current moment.SponsorsSquare - Get up to $200 in hardwareDelete Me – Use code David20 to get 20% offLive Portfolio Cohort - May 2026Insiders 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 NotesMoney for the Rest of Us Live Portfolio CohortsWhy Everything Suddenly Is ‘Perfect’ by Paula Marantz Cohen—The Wall Street JournalYour Perfect Portfolio by Cullen Roche—Pan MacMillanMy Core Investment Values by Peter Lazaroff—Peter LazaroffShow Us Your Portfolio: Jared Dillian—Excess Returns: An Investing PodcastThe dystopian fantasy of uselessness by Stephen Cane—The Financial TimesInvestments…

In this mini episode, I share some examples of how I am using Claude Cowork and other tools to boost my productivity and build investment portfolio analysis tools. I also share more details on the live portfolio cohorts we will be holding next month.You can learn more about our live portfolio cohorts here.Show NotesI Saw Something New in San Francisco - Ezra Klein - New York Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the Iran conflict and other developments could lead to another major financial crisis. What is different today from 2008? Why trying to seed a revolution is so risky. And finally, what can we do to prepare ourselves for the next financial crisis?SponsorsDelete Me – Use code David20 to get 20% offLive Portfolio Cohort - May 2026Insiders 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 NotesRead Trump's full statement on Iran attacks—PBS NewsI Predicted the 2008 Financial Crisis. What Is Coming May Be Worse. By Richard Bookstaber—The New York TimesThe End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction By Richard BookstaberThe Poverty of Historicism By Karl PopperIran Is Trying to Defeat America in the Living Room By Karim Sadjadpour—The AtlanticIran war is the greatest threat to global energy ‘in history’, warns IEA By…

When is good enough actually good enough? AI is reshaping how I work and live. And a member with a portfolio that's beaten an all-in-one Vanguard LifeStrategy fund for ten years asks whether the complexity is worth it — or whether it's time to simplify.SponsorsMasterworks - Invest in multimillion-dollar artwork offeringsDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Upswing: How We Came Together a Century Ago and How We Can Do It Again by Robert Putnam—Simon &SchusterAn update on our model deprecation commitments for Claude Opus 3—AnthropicClaude's Corner—SubstackInvestments MentionedVanguard LifeStrategy Growth Fund Investor (VASGX)Related Episodes542: Don’t Take Financial Advice from AI491: The Five Layers of Investing419: How to Make Portfolio and Asset Allocation ChangesMasterworks DisclosuresListeners…

How historical and expected returns for university endowments can guide us in setting reasonable return expectations. We also analyze managed futures strategies to see how they work, how they have performed, and how to use them in your investment portfolio.Insiders 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 Notes2025 NACUBO-Commonfund Study of Endowments (NCSE) Results—NACUBOPrinceton University cuts expectation for endowment returns by Sun Yu—The Financial TimesDemystifying Managed Futures by Brian K. Hurst, Yao Hua Ooi, and Lasse H. Pedersen—AQRInvestments MentionedAQR Managed Futures Strategy Fund I (AQMIX)iMGP DBi Managed Futures Strategy ETF (DBMF)KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM)WisdomTree Managed Futures Strategy Fund (WTMF)First Trust Managed Futures Strategy Fund (FMF)Return Stacked US Stocks & Managed Futures ETF…

In this episode, we look at asset location, how to decide which investments belong in taxable, tax-deferred, and tax-free accounts, how where we live shapes the opportunities available to us, and how capital ultimately expands our choices.SponsorsGelt - Taxes Done RightMasterworks - Invest in multimillion-dollar artwork offeringsDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Hidden Healthcare Infrastructure Americans Cross the Border to Find—Kogod School of BusinessFARMWORKER SERVICE CENTER PROPOSAL AND ACTION PLAN FOR THE CITY OF CALEXICO AND IMPERIAL VALLEY by JAVIER MORENO—CalexicoLocation as an Asset by Adrien Bilal and Esteban Rossi-Hansberg—PrincetonIt Is Not Climate Denial But Adaptation Denial That Holds Us Back by Mathis Wackernagel and Peter Raven—SSRNThe Overlooked Edge: The Case for Asset…

A new ETF allows individuals to earn income by insuring against natural disasters through investing in catastrophe bonds. We break down the historical returns, risk, fees, and structure of this intriguing investment opportunity.Topics covered include:What types of natural disasters are increasingHow insurance companies use reinsurance and cat bonds to protect against extreme lossesWhy home insurance premium increases should be lower in 2026How cat bonds are structured and what makes them a unique fixed income securityWhat to consider in deciding to invest in cat bonds.SponsorsGelt - Taxes Done RightDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusInvestments MentionedBrookmont Catastrophic Bond ETF (ILS)Stone Ridge High Yield Reinsurance Risk Premium Fund (SHRIX and SHRMX)Show NotesMiami Is Entering a State of Unreality by…

We explore the forces likely to shape financial markets in 2026 and how to make better decisions as you pursue your goals this year.Topics covered include:The difference between intentions and resolutionsKey behavioral biases and how to overcome themThe cautionary tale of a private real estate fund that went publicIs the affordability crisis real?The big test for AI in 2026The financial and economic outlook for the yearSponsorsGelt - Taxes Done RightMasterworks - Invest in multimillion-dollar artwork offeringsDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesA Slightly Better You in the New Year by Roland Fryer—The Wall Street JournalPaying Not to Go to the Gym by Stefano DellaVigna and Ulrike Malmendier—American Economic AssociationHandbook of Cognitive Biases—Federal Intelligence Service FISEmployed full time:…

Should you borrow money to magnify returns in your 401 (k), IRA, or other tax-deferred retirement account?We examine Basic Capital, which allows investors to leverage their retirement account investments.We also explore how the wealthy don't use debt to generate wealth but to manage it. SponsorsGelt - Taxes Done RightInsiders 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 NotesBasic CapitalThis 30-Year-Old’s Startup Is Bringing Leverage to 401(k) Savers by Suzanne Woolley—BloombergThis startup is offering mortgages for 401(k)s by Liz Hoffman—SemaforStartup Failure by Elizabeth Pollman—SSRNRelated Episodes353: The Pros and Cons of Infinite Banking and Whole Life Insurance238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As Baby Boomers continue to retire, some analysts expect financial markets to feel the strain. We examine whether demographic shifts truly shape stock and bond returns, or what other factors matter more.Topics covered include:Will retiring baby boomers lead to lower stock prices or higher interest ratesSome earlier demographic predictions and how they worked outHow do natural interest rates reflect the demand and supply of capitalWhy demographics are only one factor that determines economic growth and financial market returnsSponsorsGelt - Taxes Done RightDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesZeihanHarry DentMeasuring the Natural Rate of Interest—Federal Reserve Bank of New YorkDistribution of Household Wealth in the U.S. since 1989—The Federal ReserveRelated EpisodesRelated Episodes487: Are We Heading…

David converses with best-selling author David Bach about preventing burnout through sabbaticals, moving to another country, why retirees should take Social Security as early as possible, and Bach's idea of a flat tax on IRA distributions.Insiders 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 NotesDavid Bach's IRA Flat Tax IdeaRelated Episode506: Should You Retire Early and Live Outside Your Home Country? With Joshua Sheets See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Can you really make money sports betting on low-risk, high-probability events?Topics covered include:The growing size and influence of the U.S. sports betting marketRecent sports betting scandalsHow sports betting odds workAn intriguing low-risk approach to sports bettingWhy the low-risk sports betting approach is still gambling with a negative expected returnBehavioral biases that encourage sports bettingRevisiting the difference between investing, speculating, and gamblingEpisode SponsorDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow Noteshttps://info.lowstressbets.com/How Do Betting Odds Work? by OC Staff—oddscheckerSenate Commerce Committee Wants Answers on NBA Gambling Scandal—Senate Commerce Committee"US sports betting crisis grows as MLB’s Clase and Ortiz indicted over alleged rigged pitches" by Tom Lutz—The…

What’s the difference between hoarding and investing? There’s a reason markets built on productive assets—like stocks and bonds—are far larger than hoarding markets such as gold and cryptocurrency. In this episode, David explores why that is, and shares why he recently bought Zcash, and how it’s both similar to and different from Bitcoin.Email NewslettersGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterMoney for the Rest of Us SubstackOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesZcashCoinGeckoThe Largest Companies by Market Cap in October 2025—The Motley Fool (Accessed October 2025)DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network—ChainalysisSelling Gold in the Diamond District - Money for the Rest of Us SubstackRelated Episodes532: Should Private Assets, Gold, and Crypto Be Investment Options in 401k and other Defined Contribution Plans?513: Crypto—Innovation or Insanity? Meme…

How AI gets simple finance wrong, and how to make it work for you, not mislead youTopics covered include:How AI ignores the time value of moneyA detailed example of ChatGPT misleading by making a simple math mistakeSome examples of opportunity costs and sunk costs when making financial decisionsUnderstanding how AI works can help us use it more effectivelySponsorsClaude.ai - Sign up for Claude today and get 50% off Claude ProMoney for the Rest of Us PlusInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterShow NotesWhat Kind of a “PhD-level Expert” Is ChatGPT 5.0? I Tested It. by Gary Smith—Mind MattersTop US Army General Says He’s Letting ChatGPT Make Military Decisions by Joe Wilkins—FuturismWhy Language Models Hallucinate by Adam Tauman Kalai, Ofir Nachum, et al—ArxivAuto Loan Calculator—nerdwalletRelated Episodes538: Forests, Fakes, and the Fight for the Real457: AI’s Fork in the Road: Societal Bliss or Existential…

Are gold and silver up more than 50% in 2025 because investors fear currency debasement, or is this rally just the latest meme trade? In this episode, we explore the supply and demand forces behind gold and silver, discuss investing strategies, and outline what to watch to see if investors truly are worried about debasement.SponsorsMoney for the Rest of Us PlusClaude.ai - Sign up for Claude today and get 50% off Claude ProInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterShow NotesThe Great Debasement Debate Is Rippling Across World Markets by Ruth Carson, Naomi Tajitsu, and Masaki Kondo—BloombergHow long will gold mania last?—Financial TimesDalio Echoes Griffin in Seeing Gold as Safer Than the US Dollar by Alexandra Semenova, Natalia Kniazhevich, and Lisa Abramowicz—BloombergGold Reserves by Country—World Gold CouncilGold's rise in central bank reserves appears unstoppable by Jamie McGeever—ReutersAbove-ground stock—World…

How to decide when to invest in municipal bonds versus new tax-efficient bond ETFs that don't invest in munis.We analyze several newer ETFs that earn bond-like returns while avoiding paying taxable income distributions.SponsorsClaude.ai - Sign up for Claude today and get 50% off Claude ProDelete Me – Use code David20 to get 20% offInvestments MentionedVanguard Tax-Exempt Bond ETF (VTEB)iShares 7-10 Year Treasury Bond ETF (IEF)JPMorgan Ultra-Short Municipal Income ETF (JMST)Alpha Architect 1-3 Month Box ETF (BOXX)F/m Compoundr U.S. Aggregate Bond ETF (CPAG)F/m Compoundr High Yield ETF (CPHY)NEOS Enhanced Income Aggregate Bond ETF (BNDI)NEOS Enhanced Income 1–3 Month T-Bill ETF (CSHI)Show NotesUS municipal bond defaults and recoveries, 1970-2022 by Moody's Investor Service—FidelityFive Reasons Municipals Have Rarely Defaulted by Matthew Norton—Bernstein470 Plus: Annuities Correction, Europe versus U.S. Value Stocks, Analyzing BOXX, and Accredited Investor Rules—Money for the Rest of UsCboe:BOXX | Investment…

This week there isn’t a regular Money for the Rest of Us episode, but David shares an update on what’s happening behind the scenes. He previews an exclusive Plus member livestream on the forces shaping the next decade, explains why there won’t be a new episode next week, and highlights fresh content available on YouTube, Instagram, LinkedIn, and Substack. David also reflects on consistency, community, and the process of writing his second book. Regular episodes return in October. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What happens when the money supply grows too slowly or too quickly? From gold-standard deflation to QE-driven inflation and inequality, we trace the lessons of monetary history, and what we can do today to protect ourselves in an age of infinite money.Topics covered include:How is the money supply measured, and why is it a subjective exerciseWhat is an example of a negative money shockWhy an optimal monetary policy would lead to deflation, and why that is a good thingWhat causes inflationHow quantitative easing contributed to wealth inequalityWhat is demurrage currencyThe unorthodox way Richard Nixon sought to combat high inflation and a strong dollarHow to increase our wealth in an era of infinite moneySponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsDelete Me – Use code David20 to get 20% offShow NotesDistribution of Household Wealth in the U.S. since 1989—The Federal ReserveM2 (M2SL)—FREDGood Versus Bad Deflation: Lesson from the Gold Standard Era by Michael D. Bordo, John…

From salmon leaping along the Vancouver Island coast to fake bands on Spotify, this episode explores the divide between the physical and digital economy, and what lumber markets, managed forests, and everyday life teach us about staying connected to the real.Topics covered include:How timber investing works and why it is reflective of how industries evolveWhat percent of economic output is physical versus digital, and how has that changed over the past fifty yearsHow households spend their leisure timeWhy live events stand out in an AI-infested worldDoes it matter if ad images, videos, and podcasts are fake?Why we need to stay connected to the realSponsorsClaude.ai - Sign up for Claude today and get 50% off Claude ProDelete Me – Use code David20 to get 20% offShow NotesLumber Prices Are Flashing a Warning Sign for the U.S. Economy by Ryan Dezember—The Wall Street JournalLumber Price—Trading EconomicsJ.Crew used A.I. to counterfeit their own vibes—Blackbird SpylaneAmerican Time Use Survey Summary—U.S. Bureau…

Central bankers set policy with incomplete information, unobservable targets, and constant trade-offs between growth, inflation, and employment. In this episode, we delve into how the fight for Federal Reserve independence could impact markets, interest rates, and your financial future.Topics covered include:What Federal Reserve Chair Powell said at the Fed's annual Jackson Hole SymposiumWhat is the Federal Reserve's mission statementWhy is it normal for U.S. presidents to disagree with the Federal Reserve's policy stance?Why attacking the Fed's independence is harmful and could lead to higher interest rates and a weakening dollarWhat causes inflation, and why is it difficult to know the correct level of interest ratesSponsorLinkedIn 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 Notes2025…

From the dot-com boom to today’s AI frenzy, bubbles follow a familiar script. This episode explores how to recognize them, what sustains them, and how to position your portfolio without getting swept up in the hype.Topics covered:How U.S. stock markets are the most concentrated and most expensive of all timeWhat constitutes a bubble and what sustains itHow to invest during a bubbleChanges David recently made in his portfolio in response to the AI bubbleSponsorLinkedIn 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 NotesI'm Changing How I Manage My Money Because of AI by Hank Green—YouTube% S&P 500 share of top 10 companies by market cap %—Apollo AcademyCharted: S&P 500 Market Concentration Over 145 Years by Kayla Zhu—Visual CapitalistAI’s Moment and Insights from Themes Past by Anil Rao—MSCIHow…

A practical framework for making better decisions, managing risk, and finding opportunity in unpredictable environments. We contrast these principles with the massive $2.9 trillion AI data center build-out by Big Tech, which is betting big on a single superintelligence future. Episode SponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesInside the relentless race for AI capacity—The Financial TimesInside the AI race: can data centres ever truly be green?—The Financial TimesThe Kanye/Data Center Crossover by Paul Kedrosky—Paul KedroskyRelated Episodes531: Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble?520: Where Are We Heading?501: Strategy and Systems Want Your Money496: Are You Taking Enough Aspirational Risk?492:…

Dave Thomas, CIO and Founder of long/short hedge fund, Atalan Capital Partners, shares why most hedge funds fail and the keys to being a long-term successful investor.Episode SponsorDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesFEG Insight Bridge episode page See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David converses with renowned illustrator and financial philosopher Carl Richards on the abstraction of money, attention capital, distinguishing risk from uncertainty, and the importance of taking microactions.Insiders 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 NotesCarl Richard's website, Behavior GapYour Money: Reimagining Wealth in 97 Simple Sketches by Carl RichardsRelated Episodes496: Are You Taking Enough Aspirational Risk?394: How to Get Better at Risk Taking135: Embrace the Messiness See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A new executive order could radically reshape retirement investing by allowing private equity, crypto, and gold in 401(k) plans. This episode examines the factors driving the demand for alternative assets in defined-contribution plans, the potential risks to everyday investors, and why fiduciary rules and financial literacy gaps still matter.Insiders 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 NotesTrump Executive Order to Help Open Up 401(k)s to Private Markets by Miriam Gottfried, Dylan Tokar, and Matt Wirz—The Wall Street JournalDonald Trump set to open US retirement market to crypto investments by Antoine Gara, Jamie John, and Stephanie Stacey—The Financial TimesU.S. Labor Department Allows Private Equity in 401(k) Plans by Chris Cumming—The Wall Street JournalU.S. Department of Labor Supplement Statement on Private Equity in Defined Contribution Plan…

We explore the compelling questions surrounding artificial intelligence. Will AI create more new jobs than it destroys? Is AI already destroying jobs? Are we seeing overinvestment in companies and infrastructure in the AI space? Is there evidence that AI has increased productivity?SponsorsMoney for the Rest of Us PlusAsset CampShow NotesBehind the Curtain: A white-collar bloodbath by Jim VandeHei and Mike Allen—AxiosYuval Noah Harari Statement - Post by Nunki08—RedditChallenger Report June 2025—Challenger, Gray & ChristmasEntry level jobs fall by nearly a third since ChatGPT launch by Karl Matchett—The IndependentStrategic Insights for M&A in the Evolving AI Market—S&P GlobalNvidia Becomes First Public Company Worth $4 Trillion by Tripp Mickle—The New York TimesSilicon Valley is racing to build the first $1trn unicorn—The EconomistHow to use generative AI to augment your workforce by Betsy Vereckey—MIT ManagementHumans must remain at the heart of the AI story by Marc Benioff—The Financial TimesThe AI…

How the investing landscape is being reshaped by the global race for critical minerals.Topics covered in this conversation between FEG's Greg Dowling and private equity firm Kinterra Capital's co-founders, Cheryl Brandon and Kamal Toor include:How mining and mineral processing workWhat are critical minerals, what is driving the demand for them, and will it continueHow the rise of passive management has led to underinvestment in miningHow to reconcile care for the environment and the need to mine critical mineralsWhat are the attributes that contribute to successful private capital investmentsWhy querying ChatGPT is insufficient to get up to speed on an investing topic, and what to do instead.Episode SponsorsDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesFEG Insight Bridge episode page with transcriptKinterra…

We examine how robo-advisors have evolved over the past decade to determine if their services justify the fees they charge.Topics covered include:How large are the top 5 robo-advisorsRobo-advisor feesRobo-advisor holdingsWhy robo-advisors are turning toward direct indexing for tax loss harvestingHow much excess return does tax loss harvesting generateWho can benefit from using robo-advisorsSponsorsAsset CampLinkedIn 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 NotesThe Tax Benefits of Direct Indexing, and How They Are Affected by the Biden Tax Plan by Nathan Sosner et al.—SSRNAn Empirical Evaluation of Tax-Loss Harvesting Alpha by Shomesh Chaudhuri et al.—SSRNRelated Episodes398: When Should You Hire An Investment Advisor? Two Case Studies92: What Robo-Advisors Recommend See Privacy Policy at…

How our spending, investing, and life strategy change as our net worth grows. We consider how skill, luck, discipline, relationships, and AI can allow us to ascend and, in some cases, descend the wealth ladder.SponsorsNetSuite 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesOf Dollars and Data - Nick MaggiulliThe Wealth Ladder by Nick MaggiulliRitzholz Wealth ManagementRelated Episodes461: How Much Should Your Net Worth Grow Each Year?252: How to Become Wealthy119: Investing Won't Make You Rich See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Circle Invest, one of the leading stablecoin providers, just went public, and its stock price has tripled. We delve into the growth of stablecoins, their applications, and the associated risks. We also discuss the surprising political pushback against central bank digital currencies.Episode SponsorsDelete Me – Use code David20 to get 20% offNetSuite Insiders 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 NotesTop Stablecoin Tokens by Market Capitalization—CoinMarketCapRuns and Flights to Safety: Are Stablecoins the New Money Market Funds? by Kenechukwu Anadu et al—New York FedAmendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933—SECWhy Crypto Stablecoins Still Worry the Fed by Olga Kharif and Yueqi Yang—BloombergCentral Bank Digital Currency Tracker—Atlantic CouncilSTRENGTHENING AMERICAN LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY—The…

From wildfires to AI-driven demand surges, the power grid is under pressure—and so is the investment landscape around it. Scott Harland of Rockland Capital visits with Greg Dowling of FEG to explore the risks, opportunities, and critical shifts shaping the future of energy.Topics covered include:The necessity of a balanced energy mix, including traditional and renewable energy sourcesHow the private sector is playing a larger role in building out energy infrastructureRising energy demand from data centers and AI, and how that demand can be metInsiders 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 NotesHungry, Hungry, Hyperscalers with Scott Harlan - FEG Insight BridgeRelated Episodes502: Should You Invest in Nuclear Energy?469: Which Will Perform Better: Berkshire Hathaway or Utility Stocks? See Privacy Policy at https://art19.com/privacy and California Privacy…

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 controlInsiders 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 NotesMoody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable—Moody's RatingsResearch Update: United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative—S&P GlobalInterest Expense and Average Interest Rates on the National Debt FY 2010 – FYTD 2025—FiscalData.Treasury.govThe Stark Math on the GOP Tax…

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 investingSponsorsNetSuite 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesLetter Sent to Harvard 2025-04-11—HarvardHarvard Response 2025-04-14—HarvardTrump Administration Will Freeze $2 Billion After Harvard Refuses Demands by Vimal Patel—The New York TimesShould Harvard Be Tax Exempt? by The Editorial Board—The Wall Street…

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 SponsorsDelete 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 newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe total return strategy in bonds is far from dead by James Bianco—The Financial TimesWhat I Learned in My First Year Managing Fixed-Income by Jim Bianco—Bianco Research AdvisorsETFs are eating the bond market by Robin Wigglesworth and Will Schmitt—The Financial TimesRelated Episodes463: How to Lock in Higher Yields in Case Interest Rates Fall455: Easier Investing, Richer Life: TIPS Ladders to Annuities418: 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 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 NotesEmerging Unscathed: Featuring Ali Akay—FEG Insight BridgeRelated Episodes474: 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 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 NotesTestimony 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 BoardFederal Surplus or Deficit [-] as…