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Episode 62: Happy Halloween—or is it? At this moment, some investors are probably chewing their fingernails down to nubs as they try to digest the latest frightening financial headlines. "Are Global Stock Markets Headed for a Crash?" "The American Dream of Owning a Home Is Out of Reach for Many as Mortgage Rates Soar (Again)" "The US Debt Tops a Record-Shattering $40 Trillion. Yes, with a T." Eek!! Those are actual headlines from recent articles in the financial media (and just a small sample). Hundreds more are just waiting to scare the bejabbers out of you. But as an investor, if you're worried about the current state of the stock and bond markets, the economy, or the latest geopolitical hot spots, headlines are the last place to look for reassurance. Many, if not most, are designed to make you afraid. The facts, on the other hand, will often do just the opposite. In Episode 62, a special Halloween episode of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, Wes Crill, Senior Client Solutions Director, and Jake DeKinder, Head of Client Communications, dress up … and then dress down the headline writers of America to help investors deflate the fear factor. LINKS FROM TODAY'S EPISODE: "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" Order the new book by Dimensional Founder David Booth https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor "The Informed Investor" on YouTube The Informed Investor - YouTube Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Wes Crill on LinkedIn https://www.linkedin.com/in/wes-crill-77a49417/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 61: The allure of index funds, such as broad diversification, low costs, and market-matching returns, may seem undeniable. But recent "reconstitution" in the indexes tracked by such funds tells a different story—one every investor should understand.   Most indexes undergo periodic rebalancing. As companies grow, shrink, or change their ranking within industries, indexes re-evaluate their securities lineups and make changes once, twice, or possibly four to fix times a year.   That may sound prudent, but the impact on investors can be painful.   Instead of rebalancing regularly as stock prices change, for instance, indexes stick to rigid rebalancing schedules. If you own a small cap index fund, this rigidity can lead to style drift: Over time your holdings may veer from your goal. Additionally, indexes tracking particular market segments may not hold the same stocks, leading to significant performance differences.   Many recent index changes occurred at the end of June. (See "Stock Indexes Are Changing. Is Your Portfolio Ready?" https://youtu.be/8WwLg0C2uP4?si=ecM62TcJm41WKkEi)   Checking on those changes today unearths some surprises. Take SpaceX. The company's massive initial public offering in June led some index providers to change their rules to allow SpaceX into their indexes. Yet several months later SpaceX's performance leaves plenty to be desired.   Numerous other landmines are associated with index reconstitutions. Since the changes are usually announced in advance, institutional investors often buy and sell those holdings before index funds, which can hurt fund returns. Also, investors targeting value or growth may be surprised to learn some value indexes contain growth stocks and vice versa; bothersome overlap is real.   What's the alternative? In Episode 61 of The Informed Investor podcast, Dimensional Head of Global Client Services Mark Gochnour, Co-Head of Product Specialists Rob Harvey, and Head of Client Communications Jake DeKinder take a second look at this year's changes to market indexes and explore how investors can surmount the substantial costs.   LINKS FROM TODAY'S EPISODE: "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" Order the new book by Dimensional Founder David Booth https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER   Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   "The Informed Investor" on YouTube The Informed Investor - YouTube   Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts   Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/   Rob Harvey on LinkedIn https://www.linkedin.com/in/robkharvey/   Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/   Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 60: Every two years, millions of investors probably ask themselves (and their advisors) whether looming elections demand changes to their investment portfolios. It's an understandable sentiment—and one that demands discussion. But the most important conclusion from these conversations should never change: Since the data doesn't show any strong connection between election results and stock market performance, it's best to vote with your ballot, not your portfolio. No matter how you slice, dice, or take a hatchet to the data, factor in your own political proclivities, or scream about what you think is totally wrong or right about the candidates, market prices have already incorporated all that information (and thousands of other developments, including numerous economic indicators) as investors consider what to do next. This is a well-researched theory of how capital markets work. The implication is that the stock market doesn't really care what you think about this year's midterm elections or the next presidential horse race. Need supporting evidence? Fourteen of 17 presidential terms since 1929, across administrations with both Democratic and Republican chief executives, ended with positive returns for the S&P 500 Index. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global.) Investors shouldn't ignore elections, of course. But their portfolios may benefit from standing pat as politics rile and emotions rock and roll. In Episode 60 of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, Wes Crill, Senior Client Solutions Director, and Jake DeKinder, Head of Client Communications, interrogate common myths about the impact of elections on markets and offer sensible answers as investors head to the polls. LINKS FROM TODAY'S EPISODE: "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" Order the new book by Dimensional Founder David Booth https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor "The Informed Investor" on YouTube The Informed Investor - YouTube Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Wes Crill on LinkedIn https://www.linkedin.com/in/wes-crill-77a49417/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 59: What happens when you rethink how financial advice is delivered—and how an industry comes together?   Josh Brown, CEO of Ritholtz Wealth Management, talks about the evolution of modern wealth management, the changing role of financial advisors, and the story behind one of the industry's most distinctive events. Brown shares how his own career—from selling financial products to becoming a fee-based financial advisor—shaped his belief that advisors should sit on the same side of the table as their clients. He explains how that philosophy helped shape Ritholtz Wealth and its approach to advice, technology, communication, and client relationships.   The conversation also dives into why Brown and his partners created the Future Proof Festival after the pandemic. Their goal was to build something beyond the traditional conference: an experience centered on community, networking, purposeful meetings, and a more modern approach to bringing advisors, asset managers, technology companies, and other industry professionals together. Brown explains how the event evolved through experimentation, learning what attendees valued, and doubling down on what worked.   The discussion goes further into the forces reshaping wealth management, including AI, integrated technology, custody, direct indexing, and the growing importance of giving advisors more time to focus on clients rather than administrative tasks.   Brown also offers advice for financial advisors looking to grow: find what makes you different, develop a compelling story, and identify a specific audience you can genuinely serve. From building a business on the internet to using blogs, podcasts, television, and social media to reach investors, his message is consistent: the medium may change, but the mission of delivering valuable advice remains.   In Episode 59 of The Informed Investor, recorded live at the Future Proof Festival in Southern California, Dimensional's Mark Gochnour, Head of Global Client Services, and Jake DeKinder, Head of Client Communications sit down Josh Brown, CEO of Ritholtz Wealth Management, for a wide-ranging conversation about where financial advice has been, where it is heading, and what it takes to build a modern advisory business.   LINKS FROM TODAY'S EPISODE: "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" Order the new book by Dimensional Founder David Booth https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER   Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90   Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts   Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/   Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/   Josh Brown on LinkedIn https://www.linkedin.com/in/dtjb/   Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 58: Any financial professional who joined the industry a week after Black Monday—when the stock market suffered its biggest single-day loss—knows something about investment discipline.   Blaine Lourd, founder and CEO of Los Angeles-based LourdMurray, vividly remembers studying for a certification exam on that dark day, October 19, 1987, and then passing that exam a week later as the market began a long recovery.   Over the next four decades, Lourd has managed money for clients during economic expansions, contractions, and recessions, while both Republicans and Democrats controlled the presidency and Congress, and when wars broke out, the dot-com era boomed and busted, and credit default swaps became dirty words.   "If you can ignore all of that and you can stick with a plan that you can stick with, that is right for you, it's pretty hard not to make money and reach your goals," Lourd says. "To be a successful investor over time, as we've known forever, you don't have to make predictions. You don't have to do sector bets. You just have to really stay in your seat."   Discipline is a prerequisite for this approach—and FOMO is your enemy, according to Lourd, whose firm has roughly $8 billion under management.   In Episode 58 of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, speaks with Lourd at length about where and how investors can go right and wrong on the road to their financial destination.   LINKS FROM TODAY'S EPISODE: Stay Calm: Learn to Embrace Uncertainty in Investing and Life Order the new book by Dimensional Founder David Booth: https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER   Subscribe to the Stay Calm Investing Newsletter: https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   The Informed Investor: Feedback Survey: https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   The Informed Investor on YouTube: https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90   Dimensional Fund Advisors Shorts on YouTube: https://www.youtube.com/@dimensionalfundadvisors/shorts   Jake DeKinder on LinkedIn: https://www.linkedin.com/in/jake-d-4105b98   Blaine Lourd on LinkedIn: https://www.linkedin.com/in/blaine-lourd-1517aa17a/   Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 57: How much of your portfolio should really be invested in alternatives? For ultra-high-net-worth investors and families, alternative investments have long been viewed as a path to diversification, exclusive access, and potentially higher returns. But are they always worth the complexity, illiquidity, fees, and taxes that come with them? We take a critical look at the world of alternatives—from hedge funds, private equity, and venture capital to private real estate and other non-public investments. We explore where returns actually come from, looking at the impact of enterprise risk, financial engineering, and manager skill, and examine whether those sources of return truly justify the additional costs and complexity. We also discuss the role of liquidity, diversification, taxation, manager selection, and investment purpose when evaluating alternatives. Are private investments genuinely less volatile, or do appraisal-based valuations simply make them look that way? And as access expands beyond institutions and ultra-wealthy families into vehicles such as 401(k) plans, are investors really gaining access to the same opportunities? Finally, we look at one of the original homes of alternative investing: endowments. If institutions with long time horizons, sophisticated investment teams, and access to top-tier managers have not consistently outperformed comparable public-market portfolios, what should individual investors conclude? In Episode 57 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, sits down with Jeff Coyle, founder and CEO of Libretto. The takeaway: Alternatives aren't inherently good or bad—they need to be deconstructed, evaluated, and compared against the public markets with a clear understanding of where the return comes from and what you're paying to get it. LINKS FROM TODAY'S EPISODE:  Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor "The Informed Investor" on YouTube The Informed Investor - YouTube Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Jeff Coyle on LinkedIn https://www.linkedin.com/in/jeffcoylelibretto Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 56: If you and your partner know what you really want out of life, will your investment strategy help you get there?   It absolutely should, say financial advisors Marc and Alison Campbell, who are based in Southern California.   The first step, naturally, is figuring out the first thing—what you really want, individually and collectively—before moving on to the second thing—a suitable strategy.   The Campbells, a married couple who met as MBA students, encourage clients to take personality tests (specifically, the Enneagram https://www.enneagraminstitute.com/type-descriptions/) and to rank where they stand on five essential "domains of life": money, career, health, relationships, and fun. The results inform how the advisors approach developing a financial plan for couples (or individuals) that goes beyond money.   In their work the Campbells stress the importance of living an "intentional life"—discovering who you are, what you desire, and how to get it.   Marc is a Certified Financial Planner. Alison is a Certified Financial Therapist and a former life coach. They believe combining those areas of expertise helps to create rewarding outcomes. "It was all based on one key insight," Marc says. "If a financial advisor had the information that a coach had about a person, the financial advisor would be better off. If a coach had the information a financial advisor had, they'd be better off. It's kind of like peanut butter and chocolate. Put them together, and it's a lot better."   In Episode 56 of The Informed Investor podcast, hosted by Dimensional's Mark Gochnour, Head of Global Client Services, the Campbells lay out their philosophy for applying a whole-life lens to financial advice in an effort to help couples achieve their goals.    LINKS FROM TODAY'S EPISODE:   "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" Order the new book by Dimensional Founder David Booth https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER   Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90   Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts   "In This Together" is for individuals and couples who want to work directly with Ali and Marc Campbell to pursue more intentional lives. https://www.lifealpha.co/inthistogether.html   "Life Alpha" is for financial advisors looking to extend their value proposition and improve satisfaction across all areas of their clients' lives. https://www.lifealpha.co/index.html   Marc Campbell Wealth Management at Farther is for people looking for financial advice and comprehensive wealth management. [email protected]   "Redefining Success for a Happier, More Authentic and Fulfilling Life" is Ali Campbell's book about her personal journey. https://www.amazon.com/Redefining-Success-Happier-Authentic-Fulfilling/dp/1641842962/ref=sr_1_1?crid=29C5H2KDX9525&dib=eyJ2IjoiMSJ9.zFcLAPJFnKZ2xBlDv1ij0C7lPgHPTEGoCkyiE8wUxPI._h4oF43kZASzYtjqiljksvHFPDTyCbnPEbxCQFIdSrY&dib_tag=se&keywords=redefining+success+alison+campbell&qid=1787694576&sprefix=redefining+success+alison+campbell%2Caps%2C181&sr=8-1   Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/   Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 55: Successful long-term investing is less about predicting the future and more about having the discipline to follow a clear, consistent investment philosophy. Randy Hardy, a financial advisor based in Chicago, shares lessons from more than two decades on both the institutional and advisory sides of the investment industry, explaining how a deep belief in market efficiency, diversification, rules-based investing, and disciplined portfolio management has shaped his approach to helping clients. Rather than chasing the latest market narrative, picking individual stocks, or attempting to time the market, he believes investors are best served by focusing on the things they can control: their financial plan, asset allocation, diversification, costs, and behavior. The conversation also examines why staying disciplined can be so difficult. Concepts such as "start-date bias" and "portfolio variance risk" help explain why investors can become frustrated when their diversified portfolio doesn't behave like the S&P 500—or when someone who started investing at a different time has a dramatically different short-term experience. The key, however, is understanding that different starting points and periods of market volatility are part of the investing journey, not evidence that the philosophy is failing. We discuss why trying to avoid the market's worst days is nearly impossible, how market timing can undermine financial plans, and why a written investment plan can serve as a North Star during turbulent markets. Most importantly, the episode explores the critical distinction between investment returns and investor behavior: the returns may be available, but investors still have to stay invested long enough to capture them. In Episode 55 of The Informed Investor, Dimensional's Jake DeKinder, Head of Client Communications, sits down with Randy Hardy, President of Factor Wealth Management. Their conversation is about conviction, patience, and perspective—and why a simple, diversified investment strategy can be powerful precisely because it helps investors remain focused on their long-term goals rather than the noise of the moment.   LINKS FROM TODAY'S EPISODE: "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" Order the new book by Dimensional Founder David Booth https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER   Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   "The Informed Investor" on YouTube The Informed Investor - YouTube   Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts   Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98   Randy Hardy on LinkedIn https://www.linkedin.com/in/randy-hardy-0274091       Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 54: Do you have a plan for your wealth? And, if so, are you prepared to share that plan with your family?   These questions are especially important for high-net-worth families.   When millions of dollars are at stake, a family wealth plan should help address how the money will be invested for growth and preservation of capital—as well as how much can be spent safely, gifted to younger generations, and dedicated to philanthropy.   Sensible stuff. Yet Nirav Batavia, Co-Managing Partner at Forum, a financial advisory firm based near Chicago, says such plans should go beyond important financial details and guidelines. Family stories, values, and dreams should be included too.   "You can put in a lot of processes and a lot of frameworks, but it's not going to stick without the stories, the culture," he says. "How did that wealth get built? What happened to the great grandparents, the grandparents? How do you collect those stories and preserve them for future generations? It comes down to communication."   Put another way, family discussions are a key part of family wealth governance. But Batavia believes most wealthy families are not having those conversations as often as they should.   "The reality is a lot of us put a lot of effort into our business lives, into how we run our firms, how we build for the future, our career path," says Batavia, who has nearly 20 years of experience in financial services. "But a lot of times we don't put even 5% of that towards our family governance."   Intentionality drives governance, he says. Extensive family interaction is required, including age-appropriate sharing with kids. Working through difficult emotions may be necessary. Regular follow-ups then lead to ongoing adjustments as careers and wishes change, children become teens and adults, and portfolios increase in value.   In Episode 54 of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, picks Batavia's brain for tips on all the parameters of a family wealth plan that can last for generations.   LINKS FROM TODAY'S EPISODE:  "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" Order the new book by Dimensional Founder David Booth https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER   Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor   The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor    "The Informed Investor" on YouTube The Informed Investor - YouTube   Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts   Nirav Batavia on LinkedIn https://www.linkedin.com/in/niravbatavia/   Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/   Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 53: Are you familiar with "The Death of Equities," an infamous financial magazine headline from August 1979? If not, Weston Wellington, a former vice president at the global investing firm Dimensional Fund Advisors, may want a word. Wellington, who retired this year, frequently hailed this headline as a perfect example of "The Big Tease"—the financial media's insistence on delivering shameless stories about performance that often steer investors astray from sound investing principles like portfolio diversification. His goal was to help investors ignore the noise and recognize that people making predictions usually fail. Equities, needless to say but we'll do it anyway, weren't dead in 1979. From August 1 of that year through June 30, 2026, the annualized return of the S&P 500 Index was +12.4%. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.) Wellington started working at Dimensional in 1995. Dimensional Co-CEO Dave Butler, who started working for the firm the same year, describes him as a "true trailblazer" and a "naturally gifted communicator." One of Wellington's favorite pastimes was clipping all the attention-grabbing headlines trumpeting brazen predictions and pointing out how wrong they were for the benefit of Dimensional's clients. Another of his favorite headlines—"Why iPod Can't Save Apple"—was published in April 2004. Today, Apple's market value is roughly $4.5 trillion. Communicating investing fundamentals was always important for Wellington. "Weston was not only a great presenter—he was also a great teacher," Butler says. He was particularly fond of this lesson when it came to financial advice: People want to believe the future is predictable, but it's not. In Episode 53 of The Informed Investor podcast, the first of Season 2, Dimensional's Mark Gochnour, Head of Global Client Services, and Scott Bosworth, Head of the Speakers Bureau, engage Wellington on the folly of financial media and what investors can do to tune out the nonsense. LINKS FROM TODAY'S EPISODE:  Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Weston Wellington on LinkedIn https://www.linkedin.com/in/weston-wellington-8bb58943/ Scott Bosworth on LinkedIn https://www.linkedin.com/in/sbosworth/ Learn more https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

Episode 52: People in their 20s, 30s, and 40s don't have it easy when trying to figure out the best ways to spend, save, and protect their money. Life often comes at you fast. New relationships, new jobs, new family members, new homes, new bank accounts, all wrapped up in new worries. Kelly Klingaman, Founder and CEO of Kelly Klingaman Financial Planning in Austin, Texas, has some advice. A lot, actually. While Klingaman specializes in advisory services for high-achieving professional women and their families, she believes most young people can benefit from straightforward financial strategies that can help you take control and gain financial peace of mind. When it comes to spending, she recommends a three-bucket system: one for fixed expenses like rent, one for flexible weekly expenses like groceries, and one for nonmonthly spending like vacations. Then, each bucket should get its own bank account so bucket income and outlays can be tracked, and preferably by both partners if you're in a relationship. On the saving front, Klingaman recommends that Gen Z, Millennials, and Gen X should try to put away 10%–20% of their income, both for meeting nonmonthly spending needs and for retirement planning. The money, she says, should be invested in a combination of tax-advantaged 401(k), HSA, and Roth accounts as well as taxable brokerage accounts, depending on one's assets and cash flow needs. And this advice just scratches the surface. Klingaman also weighs in on insurance, estate planning (yes, even young people should get that started), owning versus renting, and much more. In Episode 52 of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, asks Klingaman all the "must do" money questions on the minds of Gen Z, Millennials, and Gen X (and maybe the parents of all three). LINKS FROM TODAY'S EPISODE:  Preorder "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" https://www.staycalminvesting.com/preorder Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360  The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90  Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Kelly Klingaman on LinkedIn https://www.linkedin.com/in/kelly-klingaman/ Learn more at https://www.dimensional.com/

Episode 51: Why do many investors pull their hair out worrying about where the stock market is headed? Dimensional Founder and Chairman David Booth knows it's an ongoing problem. He also believes it's unnecessary. In his new book, "Stay Calm: Learn to Embrace Uncertainty in Investing and Life," Booth points out that most people already know more about investing than they think. So worrying about it doesn't make much sense. The book will be available September 1, 2026. "Investing is about making decisions under uncertainty. That's most of what life is. You've been doing it since before you can remember with every job change and every move," Booth says. Writing the book is Booth's attempt to share what he has spent 50 years learning. "There are people losing sleep over their financial future who've never had access to these ideas. That's what I'm trying to fix," he says. One of those ideas is letting the market work for you. That means relying on what capital markets can deliver—in the past 100 years, for instance, the S&P 500 gained roughly +10% per year on an annualized basis—instead of trying to predict where they're going. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.) In Episode 51 of The Informed Investor podcast, David Booth joins Dimensional's Jake DeKinder, Head of Client Communications, to discuss "Stay Calm" and the power of its "stress-less" approach to investing. Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio. LINKS FROM TODAY'S EPISODE: Preorder "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" https://www.staycalminvesting.com/preorder Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ David Booth on LinkedIn https://www.linkedin.com/in/david-g-booth/ Learn more at https://www.dimensional.com/

Episode 50: Is investing in exchange-traded funds or mutual funds an either/or choice? Not anymore. Thanks to the recent debut of actively managed ETF share classes—which are tacked onto mutual funds—investors will get multiple access points to an increasing number of  fund strategies. Not many funds currently offer an active ETF share class. But that's likely to change in the months and years ahead. The SEC greenlighted actively managed ETF share classes in 2025, and numerous fund companies have publicly stated that they may offer them. Traditionally, the choice between an ETF or a mutual fund has largely depended on the use case. For example, assuming the underlying investment propositions and fees were similar, an investor might use mutual funds in their defined contribution retirement plan, such as a 401(k), and ETFs in their personal brokerage accounts. Alternatively, investors who value the ability to trade intraday might go for ETFs, while those who prefer the simplicity of trading at the end-of-day net asset value (NAV) might select the mutual fund. Now, one actively managed fund can serve both applications using the same investment process—and all investors can potentially reap significant benefits. For example, portfolio turnover arising from cash flows into either the mutual fund or ETF share class can be used for strategic rebalancing to increase expected returns across both share classes. And all shareholders stand to benefit from lower transaction costs and greater tax efficiency through rebalancing from transactions in the ETF share class. Plus, once the fund industry develops the necessary infrastructure, investors can look forward to nontaxable conversions between traditional share classes and ETF share classes. In Episode 50 of The Informed Investor, Dimensional's Jake DeKinder, Head of Client Communications, David Kavanaugh, Global Head of Investment Operations, and Isabelle Williams, Deputy Head of Investment Solutions, break down this revolutionary change in the fund industry and discuss the advantageous implications for fund investors. LINKS FROM TODAY'S EPISODE:  Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ David Kavanaugh on LinkedIn https://www.linkedin.com/in/david-kavanaugh-59855a4/ Isabelle Williams on LinkedIn https://www.linkedin.com/in/isabellewilliams/ Learn more at https://www.dimensional.com/ For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360

Episode 49: Why is market timing so alluring for so many investors? Probably because a perfect timing strategy—assuming it's out there and it works—promises huge rewards. In theory. But there's a huge caveat. A perfect timing strategy would have required perfect foresight—correctly predicting when stocks will rise or fall. That's a tall order when you consider that most professional forecasters miss the mark. https://www.dimensional.com/us-en/insights/reality-check-capital-market-assumptions-vs-actual-returns While perfect foresight isn't necessarily required for all other market-timing strategies, evidence to support their effectiveness is limited. Fortunately, there is one timing strategy that tends to reward most investors who stick with it, and it's probably the easiest to implement: simply holding a diversified portfolio for the long run. From 1926 to 2025, the S&P 500, a broad market proxy, delivered positive returns in almost 75% of calendar years while gaining an annualized 10.5% in that 100-year span. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.) In Episode 49 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Katie Hendrix, Asset Allocation Research Director, and Jake DeKinder, Head of Client Communications, examine both the psychological attraction of market timing and the data for and against it. LINKS FROM TODAY'S EPISODE:  Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Kaitlin Hendrix on LinkedIn https://www.linkedin.com/in/katie-hendrix-57a30226/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/ For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360

Episode 48: Does "index reconstitution" help or hurt everyday investors? The phrase refers to periods when stock indexes are rebalanced—when stocks are added to or dropped from an index (like the S&P 500 or Russell 2000 Index), often annually, semiannually, or quarterly. If you own index funds, which attempt to track the returns of indexes, reconstitution events may take a hidden bite out of your returns. The problem is that index funds tend to buy and sell the same things when index providers reconstitute their indexes, creating a massive demand for liquidity that can reduce value for investors. Research by Dimensional shows that average daily trading volume for stocks added or deleted tends to rise 20x to 50x higher over the following days and weeks. https://www.dimensional.com/us-en/insights/measuring-the-costs-of-index-reconstitution-a-global-perspective This process typically begins when index providers publicly announce changes ahead of time. Sophisticated traders such as hedge funds will get ahead of these trades, acting as liquidity providers to index funds. This typically pushes prices up before index funds buy and down before they sell. As a result, index fund managers systematically buy high and sell low, cutting into performance for both the index fund and the index itself. But these trading costs are not reflected in the fund expense ratio, and they affect both your investment and the index, creating a hidden cost for investors. Another potential cost of reconstitution is what's known as style drift. This phenomenon occurs when a fund's holdings drift from the targeted objective or asset class—often due to infrequent rebalancing. While the characteristics of individual stocks evolve every day, holding a stale roster of names due to infrequent rebalancing may lead investors to miss out on opportunities for outperformance. Fortunately, everyday investors don't have to settle for the hidden costs and the lower return potential tied to index reconstitution. In Episode 48 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Rob Harvey, Co-Head of Product Specialists, and Jake DeKinder, Head of Client Communications, explain how index reconstitution events impact your investment opportunities and what investors can do to help minimize the potential costs. LINKS FROM TODAY'S EPISODE:  Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube [update with live link] Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Rob Harvey on LinkedIn https://www.linkedin.com/in/robkharvey/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/