A primer on how the economic engine works through coordination between savers, investors, consumers, producers, governments and banks. How hoarding and unfair competition can lead to economic distortions.
Topics covered include:How spending and saving are connected including the paradox of thriftHow borrowing money can lead to higher income and savings and potentially to bubblesHow hoarding differs from investing and why too much hoarding can deprive businesses of capitalHow lightbulbs, grocery stores, and kitchen appliances could be examples of unfair competition and planned obsolescence.What role do we play as participants in this coordinated economic dance?
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Show Notes
Wait, Is Saving Good or Bad? The Paradox of Thrift—The Federal Reserve Bank of St. Louis
Rents: How Marketing Causes Inequality by Gerrit De Geest—Beccaria Books
FTC Challenges Kroger’s Acquisition of Albertsons—Federal Trade Commission
The Lifespan of Large Appliances Is Shrinking by Rachel Wolfe—The Wall Street Journal
Related Episodes
288: Will Early Retirements Crash the Economy?
222: Why We Overpay and How It Contributes To Income Inequality
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Mar 13
27 min
Berkshire Hathaway doesn't pay a dividend, its cash pile keeps growing, and Buffet says it's gotten too big to make acquisitions that can impact the company. Meanwhile, utility ETFs have a steady 3.5% dividend yield. Which will be the better-performing investment going forward?
Topics covered include:How has Berkshire Hathaway performed relative to the S&P 500 Index and other active managersWhy Warren Buffett believes Berkshire's electric utility holdings were a mistakeWhy California has some of the highest utility rates in the U.S.Why Berkshire Hathaway will eventually need to pay a dividend even though it doesn't currentlyGoing forward, will it be more profitable to invest in Berkshire Hathaway, a utility ETF, or an index fund
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Show Notes
Berkshire Hathaway 2023 Shareholder Letter
The Man Preparing for a Berkshire Hathaway Without Warren Buffett by Justin Baer—The Wall Street Journal
Warren Buffett admits Berkshire Hathaway’s days of ‘eye-popping’ gains are over by Eric Platt—The Financial Times
Active vs Passive Investment Management Barometer Report—Morningstar
Buffett sounds wildfire alarm as utilities industry enters new era by Eric Platt and Myles McCormick—The Financial Times
Paying for Electricity in California: How Residential Rate Design Impacts Equity and Electrification—Next10
Investments Mentioned
Berkshire Hathaway Inc Class B (BRK.B)
Vanguard Utilities ETF (VPU)
Related Episodes
466: Does Dividend Investing Still Work?
463 Plus: Model Portfolios, UK versus US Valuations, MCI Premium, and MFD Proxy Battle
444: Natural Disasters: Are They Truly Increasing?
242: Should You Let Warren Buffett Manage Your Money?
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Mar 6
25 min
Japan's stock market recently exceeded the all-time high first set in December 1989. That's 34 years of zero price appreciation for the stock market. What drove this lackluster performance, will it continue, and what can we learn from it?
Topics covered include:How big was Japan's stock bubble, and how much did it contribute to the stock market's underperformance over the past three decadesHow do Japan's demographic trends impact its economic challenges, and what are the solutionsWhy Japan's houses are built to depreciate in valueWhat lessons can we learn from Japan's extended bear market
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Show Notes
Japan’s Nikkei 225 index eclipses record high after 34 years by Leo Lewis—The Financial Times
Investors eye further gains after Nikkei breaks through 1989 high by Leo Lewis and Kana Inagaki—The Financial Times
Related Episodes
235: What If Home Prices Always Declined
178: Japan and the Impact of A Shrinking Population
73 Plus: Investing In Japan
38 Plus: Time Wealth and Japan
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Feb 28
52 min
How the ETF market is changing, why ETFs should be your preferred investment vehicle, and how to analyze ETFs to generate better investment performance.
Topics covered include:How large have fund flows been away from active mutual funds into ETFsHow big are the largest ETF families and how has their market share grownWhy the rise of active ETFs blurs the distinction between active and passive investingWhy there doesn't appear to be an indexing price bubble, but the rise of passive investing has impacted volatility and decreased stock price informativenessA framework for how to analyze markets and select ETFs for your portfolio
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Show Notes
Global Fund Flows Dominated by Fixed-Income and ETFs—Morningstar
It’s Official: Passive Funds Overtake Active Funds by Adam Sabban—Morningstar
ETF Issuer League Tables—VettaFi
Global ETF Market Facts: three things to know from Q3 2023 by Samara Cohen—iShares
Rise of Passive Investing - Effects on Price Level, Market Volatility, and Price Informativeness by Pawel Bednarek—SSRN
Investments Mentioned
SPDR® S&P 500® ETF Trust (SPY)
JPMorgan Equity Premium Income ETF (JEPI)
Avantis US Small Cap Value ETF (AVUV)
Related Episodes
426: Which is Best – Active or Passive, ETFs or Funds?
321: How to Analyze Complex Investments
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Feb 21
25 min
Stocks that grow their dividends have outperformed non-dividend-paying stocks over the long-term, but not in the past 5, 10, and 20 years. Why are non-dividend paying stocks outperforming dividend growers, and will it continue?
Topics covered include:What message do companies say when they initiate, grow, or cut their dividendWhat is dividend smoothingHow have dividend payers performed relative to non-dividend payersWhy have non-dividend payers, which are primarily growth stocks, outperformed dividend payersHow the payout ratio and return on equity impact dividend strategiesWhat are reasons to include dividend strategies in your portfolio
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Show Notes
The dividend puzzle by Fischer Black—The Journal of Portfolio Management
Can Dividend Investing Rise From the Dead? by Jon Sindreu—The Wall Street Journal
Einhorn Says Markets ‘Fundamentally Broken’ By Passive, Quant Investing by Matthew Griffin—Bloomberg
Your Mutual Fund Stinks. Can This Wall Street Invention Change That? by Jason Zweig—The Wall Street Journal
Asset Camp
Investments Mentioned
WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS)
WisdomTree Emerging Markets High Dividend ETF (DEM)
Vanguard Dividend Appreciation ETF (VIG)
iShares Core S&P 500 ETF (IVV)
Related Episodes
429: Which Inflation Protection Strategies Worked and Which Didn’t?
342: Is Another Great Inflation Coming?
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Feb 14
28 min
Humans are wired to feel regret. Here's how to learn from financial regret to become a better investor.
Topics covered include:What cognitive biases make feelings of financial regret unavoidableWe analyze two regret case studies - one from David and one from a Plus memberWhy do we avoid big regrets but manage through small onesFive cognitive tricks to help manage financial regrets
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Show Notes
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb—Penguin Random House
Related Content
448: Where Are Interest Rates Headed Next? Insights from the Jackson Hole Symposium
408: Is Success Due to Hard Work, Talent, or Luck?
What Is Risk vs Uncertainty?
53: Should You Invest In Bitcoin?
Investments Mentioned
Vanguard Long-Term Bond ETF (BLV)
Vanguard Extended Duration Trs ETF (EDV)
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Feb 7
26 min
Professional investors and other market participants are lousy at forecasting interest rates. Here are three more options to lock in higher yields today.
Topics covered include:The risk of buying long-term bonds and ETFs to benefit from falling yieldsHow volatility drag has impacted a long-term bond ETF like TLTWhy interest rates won't go up just because the government issues more bondsHow CDs, fixed annuities, and zero-coupon bonds workWe compare and contrast the seven fixed-income options reviewed in this two-part series
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Show Notes
Investors may be getting the Federal Reserve wrong, again—The Economist
Today's Best Multi-Year Guaranteed Annuities—Immediate Annuities
Zero-Coupon Treasuries Flew Off Shelves During October Yield Surge by Elizabeth Stanton—Bloomberg
Investments Mentioned
iShares 20+ Year Treasury Bond ETF (TLT)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
Related Episodes
463: How to Lock in Higher Yields in Case Interest Rates Fall
418: Bond Investing Masterclass
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Jan 31
27 min
With cash yields expected to fall, here's how you can keep your portfolio income elevated by purchasing longer-term individual bonds and bullet ETFs
Topics covered include:How future short-term interest rates, inflation expectations, and term premiums impact long-term interest ratesHow each of those rate drivers contributed to the close to 1% drop in interest rates in the past three monthsHow yield to maturity is our guide to locking in a fixed return using individual bonds or bullet ETFsHow bullet ETFs work and what are some examplesWhat are callable bonds and how to analyze themHow to analyze municipal bondsWhy we might want to lock in higher yields today
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Show Notes
Term Premium on a 10 Year Zero Coupon Bond—FRED Economic Data
Investments Mentioned
Vanguard Total Bond Market ETF (BND)
Invesco BulletShares 2030 Corporate Bond ETF (BCSU)
iShares iBonds Dec 2026 Term Trust ETF (IBTG)
Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)
Related Episodes
455: Easier Investing, Richer Life: TIPS Ladders to Annuities
453: The Price of Money – 700 Years of Falling, Can Interest Rates Keep Rising?
452: Beyond Stocks: The Allure and Strategy of Credit Investments
448: Where Are Interest Rates Headed Next? Insights from the Jackson Hole Symposium
418: Bond Investing Masterclass
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Jan 24
29 min
We explore reasons for buying Bitcoin using one of the new Bitcoin ETFs. We also consider the risks.
Topics covered include:Why the SEC finally decided to approve spot Bitcoin ETFsWhat are the fees and structure of these new Bitcoin ETFsHow Bitcoin is similar and different from the fiat money systemWhere Bitcoin fits in an investment portfolio
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Show Notes
Statement on the Approval of Spot Bitcoin Exchange-Traded Products - SEC
Coinbase at the Center of Bitcoin ETF Draws Envy and Risks - Bloomberg
Federal Reserve Balance Sheet
Related Episodes
362: Should You Invest in a Bitcoin ETF?
355: Which Money Is Crazier: The U.S. Dollar or Bitcoin?
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Jan 17
27 min
The intricate dance between profession, risk, lifestyle, and luck in determining how net worth grows.
Topics covered include:The various factors that shape the growth of net worth, including professional choices, risk tolerance, and lifestyle decisions.David Stein's personal account of how these elements influenced the trajectory of his financial growth.Insights into the range of net worth increases observed in 2023, driven by the performance of financial markets.The importance of focusing on one's output quality and personal journey of wealth creation, rather than fixating on comparisons with others' net worth.
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Show Notes
Managing Oneself by Peter F. Drucker—Harvard Business Review
Soloing: Realizing Your Life's Ambition by Harriet Rubin—HarperCollins
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Jan 10
26 min
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