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In this episode of Talking Real Money, Don and Tom dig into the Washington State pension system’s heavy exposure to private equity, sparked by Jason Zweig’s Wall Street Journal reporting and a Seattle Times investigation. They explain why high fees, opaque valuations, and lack of liquidity make private equity especially dangerous for public retirement funds—and why Washington leads the nation in risk. The conversation expands to compare pension strategies across states, question governance and oversight, and warn retirees about the real-world consequences of excessive risk. Later, the hosts respond to a listener trapped in a high-fee, actively managed portfolio and variable annuity, illustrating how costs and complexity quietly erode wealth. The show wraps with practical retirement guidance inspired by Warren Buffett—simplify and protect—plus a discussion of converting mutual funds to ETFs for greater efficiency. 0:04 Show open, call-in invitation, and setup on private equity 0:32 Jason Zweig’s WSJ reporting on private equity fees and markups 1:25 Washington State pension’s heavy private equity exposure 3:23 Valuation and liquidity problems in private equity 4:35 Breakdown of WA pension assets (private equity + real estate) 5:18 Risks of market downturns and illiquidity 6:25 Who’s overseeing the pension fund and their qualifications 7:06 Concerns for Washington retirees and contributors 8:28 Board “experts” and potential conflicts of interest 9:55 Difficulty exiting private equity investments 11:06 Questioning reported 12.3% returns vs public markets 11:59 Call for political accountability and reform 12:50 Comparison to states using mostly public index funds 13:35 Why private equity suffers most in downturns 14:22 Comparison of pension private equity exposure by state 15:58 Rebalancing and “emperor’s clothes” concern 17:07 Caller Luke reacts to pension risks 18:11 Promotion of RetireMeet and retirement education 19:22 Warren Buffett’s retirement advice: simplify and protect 20:28 Risk reduction and advisor role in retirement 21:26 Fiduciary standards and conflicts of interest 22:55 Emphasis on simple, protective portfolios 23:07 Caller Jane asks about high advisory fees 24:40 Discussion of “active management” risks 26:12 Review of proposed funds and red flags 29:57 Analysis of high-fee, high-turnover portfolio 30:57 Concentration and volatility concerns 32:16 Variable annuity warning signs 33:37 Commission conflicts and surrender charges 33:57 Recommendation to change advisors 34:56 Recap of excessive fees and risks 36:33 Importance of honest warnings vs future losses 37:48 Question on converting Vanguard mutual funds to ETFs 38:52 Advantages of ETFs: cost, tax efficiency, liquidity Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Talking Real Money, Don and Tom take aim at “magical” high-yield investments, focusing on why junk bond funds often behave more like risky stocks than stable bonds. Drawing on research from Larry Swedroe, they explain how high fees, high turnover, and economic sensitivity undermine the appeal of high-yield funds—especially during recessions. They reinforce the core principle that higher returns always mean higher risk and argue that investors are usually better served taking risk in equities and safety in high-quality bonds. Listener questions cover HSAs in retirement, Roth IRAs for young investors, backdoor Roth conversions, and the Vanguard Star Fund. The episode closes with discussion of RetireMeet 2026 and the importance of long-term, disciplined investing. 0:04 Opening: Wanting high returns with no risk 1:02 Introduction to “magical” high-yield investments 1:10 Larry Swedroe’s research on junk bond funds 2:20 Investment-grade vs. high-yield bonds explained 4:29 Bankruptcy risk and bondholder losses 5:49 Returns, volatility, and stock-like behavior 6:36 Risk-adjusted returns and Sharpe ratios 7:47 Why passive beats active in junk bonds 8:35 2008 losses in high-yield funds 9:36 “Yield is for farmers” and risk perspective 10:42 Why higher yield always means higher risk 11:08 Bonds as portfolio ballast 12:17 Why equities are better for risk-taking 12:27 HSA investing for medical expenses 13:56 Roth IRA for grandson with long time horizon 15:18 Backdoor Roth conversion tax question 17:57 Vanguard Star Fund discussion 19:03 Active vs. index fund comparisons Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Friday Q&A episode, Don answers listener questions on handling backdoor Roth conversions with investment gains, whether Avantis or Vanguard makes more sense for bond investing, and why 529 plans have become even more attractive with new Roth rollover rules. He also tackles a puzzling report of inflated ETF pricing on Vanguard’s platform, urging further investigation, and reassures a listener concerned about AVGE’s diversification compared to VT. Along the way, Don emphasizes the importance of low fees in fixed income, the long-term logic behind factor investing, and the reality that taking additional risk is what creates the potential for higher returns. 0:04 Friday Q&A intro and plea for more listener questions 1:44 Backdoor Roth with gains—how to handle taxable growth 6:01 Avantis vs. Vanguard for bond funds and why fees matter more in fixed income 8:00 Using 529 plans for kids and new Roth rollover rules 11:19 Odd ETF pricing on Vanguard and why it makes no sense 13:38 AVGE vs. VT diversification concerns and factor investing explained 18:24 Risk, factor tilts, and long-term expectations Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom examine the long disciplinary history of former broker James Tuberosa and his attempt to reinvent himself as a registered investment advisor through a newly formed firm, highlighting how fiduciary language can be used to mask conflicts driven by insurance commissions. They walk listeners through the importance of reading Form ADV disclosures and explain how regulatory gaps allow questionable practices to continue. The episode reinforces the principle of “buyer beware” before shifting to listener questions on saving for major expenses, evaluating high-fee annuities for elderly retirees, Roth IRA investing for young adults, and the advantages modern investors enjoy from lower costs and better diversification. The show closes with reflections on financial literacy, generational investing improvements, and a preview of RetireMeet 2026. 0:05 Opening and setup: broker misconduct story 0:10 James Tuberosa’s career and long record of complaints 1:14 FINRA expulsion and failed expungement lawsuit 2:42 How complaints get quietly “settled” 3:51 Shift from broker to RIA status 4:49 Skyview Pinnacle and the “clean” front 5:48 Using fiduciary language as marketing cover 7:17 Why insurance escapes SEC oversight 8:22 Conflicts disclosed in ADV 9:19 Why disclosures matter 10:47 Warning signs: promises and product pitching 12:01 Weakness of fiduciary protection 13:08 Ethical failures at large firms 14:38 Fiduciary vs. commission contradiction 15:36 Why reading ADVs protects investors 16:17 Transition to listener questions 17:16 Sinking funds: investing vs. saving 18:40 Planning for major home repairs 19:36 Elderly couple and complex annuity 21:01 Risks of high-fee variable annuities 22:36 Best Roth IRA investment for young adults 23:24 Advantages for today’s investors 24:58 Lower costs and better diversification today 26:38 Historical perspective on investing access 28:10 Listener engagement and contact info Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom break down why hedge funds’ so-called “comeback” doesn’t justify their massive fees, showing how simple index portfolios continue to outperform. They challenge the idea of allocating even small amounts to speculative assets like Bitcoin, emphasizing academic research and real-world risk. The show covers Roth TSP strategies for young federal employees, the importance of international diversification, and why overcomplicated portfolios rarely add value. They also dismantle “Power of Zero” and life insurance retirement schemes, exposing their sales-driven motives. Throughout, Don and Tom reinforce their core message: disciplined saving, diversification, and simplicity beat hype, sales pitches, and emotional investing every time. 0:20 How the live radio show becomes a “magical” podcast and why Don controls the edit 1:55 Wall Street Journal hedge fund article feels like advertising 3:28 Hedge fund returns vs. outrageous fees 4:59 How simple 60/40 and 80/20 portfolios beat hedge funds 6:43 Jason in Sammamish and the Tesla/Bitcoin debate 8:11 Why speculative investing hurts regular savers 10:56 Bitcoin, hype, and institutional money myths 11:45 Bessenbinder research and why stock picking fails 13:09 Why money decisions stay emotional 14:03 Micro-cap stock failure rates 15:11 Roth TSP matching and young federal employees 16:32 When Roth vs. traditional makes sense 19:21 Mad Men, old computers, and optimism about the future 21:45 Asset allocation for young investors and AVUV vs. global funds 23:52 Why international investing matters 25:21 The case for simple one-fund portfolios 27:45 Advisors pushing annuities and insurance 29:14 Why LIRPs and “Power of Zero” plans are dangerous 34:43 Exposing insurance-driven “tax-free retirement” marketing 34:55 RetireMeet preview and upcoming events 36:39 Voice-to-text tools and listener questions Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom kick off the show with weekend banter and nostalgia about checkbooks before diving into why buying and selling a home remains one of life’s biggest—and most misunderstood—financial decisions. Using a Wall Street Journal quiz, they explore smart pricing, commission negotiations, low-cost home improvements, inspections, seasonal pricing patterns, and even haunted-house disclosures. Along the way, callers ask about life insurance planning, tax-managed accounts, umbrella insurance, and retirement income strategy. The episode emphasizes realistic expectations, low-cost investing, diversification, and avoiding unnecessary fees, while reminding listeners that simple, disciplined decisions usually beat flashy financial “solutions.” 0:04 Weekend open, call-in invite, “no annuity” guarantee, check-writing nostalgia 1:24 Don discovers last checks were written in 2019–2021 2:45 Home buying/selling as life’s biggest transaction 3:20 Overpricing your house and “it’s worth what someone pays” 4:24 WSJ real estate quiz: pricing strategy in slow markets 6:14 Break, banter, and commission quiz setup 7:04 Real estate commissions are negotiable 8:10 Selling by owner and staging realities 9:14 Caller Dustin: debt-free at 27, life insurance, DIY vs advisors 12:41 Planning for life insurance proceeds and beneficiaries 14:06 Zillow estimates and home values 14:43 Caller Joey: SMAs and tax-loss strategies 17:31 Capital gains, housing exemptions, and SMA practicality 19:16 Caller Beth: umbrella insurance for homeowners 22:02 Caller Ron: retirement income, stable value funds, RMDs 25:06 Diversification beyond the S&P 500 26:50 Returning to WSJ real estate quiz 27:43 Best ROI upgrades: paint and curb appeal 28:23 Pre-listing inspections 29:44 When home prices peak (June) 31:09 Haunted houses and disclosure laws 33:43 Listener portfolio: AVGE, AVGV, bonds Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle fears about U.S. national debt by breaking down who actually owns it (mostly Americans), why “China owns us” is wildly overstated, and why rising interest costs matter more than sensational headlines. They explain why government debt isn’t a looming foreclosure scenario, how interest payments circulate back to investors, and why politics often distorts financial decision-making. The show also covers 60/40 portfolio resilience, the real role of bonds, listener questions on AVGE and DFAW, investing simplicity, and a nostalgic detour into Spam keys and Mad Men—ending with encouragement for disciplined, long-term investing. 0:05 National debt fears and the “Mr. Potter foreclosing America” analogy 0:27 Holiday movies, Home Alone sequels, and It’s a Wonderful Life 1:13 Who really owns U.S. debt and why it matters 2:50 Japan, UK, and China holdings explained 4:02 Why foreign selling wouldn’t crash the economy 5:13 Most U.S. debt is owned domestically 5:31 Interest payments now exceeding military spending 6:18 What debt interest really costs households 7:19 Why investors shouldn’t panic over government debt 8:15 Politics vs. rational investing decisions 9:55 Debt, taxes, and what society is willing to give up 11:28 Historical tax rates and Mad Men economics 12:37 Military spending and post-WWII budgets 13:22 60/40 portfolios and market downturn protection 14:43 Worst historical declines for balanced portfolios 16:37 Long-term resilience of diversified investing 17:51 Bonds: income vs. volatility control 19:08 Spam keys, Hormel, and changing industries 20:52 AVGE, DFAW, and Apella portfolio structure 22:29 Simplicity vs. complexity in investing 23:47 Podcast longevity and download estimates Learn more about your ad choices. Visit megaphone.fm/adchoices

In this listener-driven episode, Don, Tom, and advisor Roxy Butner tackle a wide range of investing questions, starting with the explosive growth of ETFs and why many new funds—especially active, leveraged, and thematic products—may be risky for long-term investors. They discuss whether and how to exit expensive inherited mutual funds, how to use low-income years for tax planning, and why capital gains can still trigger taxes even in sabbatical years. The team reviews a complex multi-fund portfolio, explains the pros and cons of adding growth tilts, and dives into behavioral finance—offering practical ways to resist over-tinkering. They close with guidance for investing inherited money later in life, emphasizing purpose, risk tolerance, and family planning, and preview the upcoming RetireMeet event. 0:04 Intro, listener questions, and why “ETF” is not “EFT” 0:27 ETF growth in 2025 and the rise of active and leveraged funds 1:31 Why most new ETFs worry Tom (active, leverage, speculation) 2:04 Choosing the right ETF: costs, indexing, and long-term focus 3:16 Roxy joins and the listener Q&A begins 3:54 Inherited AIVSX: taxes, donating shares, and switching to ETFs 7:04 Why traditional mutual funds are tax-inefficient 8:14 Sabbatical year strategy and capital gains misconceptions 10:39 When to involve a tax professional 11:31 Portfolio mix: VOO, Avantis, international, and value tilts 12:17 Why adding VUG may increase risk 14:57 Asset location challenges and rebalancing problems 15:22 Behavioral finance: resisting the urge to tinker 19:21 How often to check your portfolio 20:10 Discipline, rules, and systematic investing 21:11 Inherited $300K at age 79: purpose and next-generation planning 23:40 Building a taxable portfolio for heirs 24:40 RetireMeet preview and featured speakers Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom open with sports banter and TV talk before diving into state-run retirement savings programs, explaining how auto-enrollment boosts participation and what fees and investment options really look like. They discuss why forced saving works, why Roth structures make sense, and how these plans compare to traditional IRAs. The conversation shifts to the emotional side of retirement, emphasizing purpose, “mattering,” and the mental health risks of disengagement. Listener calls cover annuity sales masquerading as fiduciary advice, helping a widowed parent invest conservatively, and managing old 401(k)s. The show closes with a thoughtful discussion of advisor fee models, self-management, and why planning and tax strategy matter more as retirement approaches. 0:04 Show intro, Broncos talk, Mad Men, and settling in 2:02 Retirement as the biggest lifetime expense 2:47 State-run retirement plans and auto-enrollment 3:47 Who really pays for “free” state plans 4:09 Why Roth-style saving makes sense 6:25 OregonSaves fees and State Street target-date funds 8:07 Limited investment choices in most retirement plans 9:24 Florida has no state savings plan 9:33 WSJ article on purpose and meaning in retirement 11:12 “Mattering” and being needed after retirement 12:19 Longevity after age 65 14:30 Retirement without a plan vs. needing structure 15:36 Depression and suicide risks in older retirees 16:52 Caller: “Fiduciary” selling indexed annuity 17:40 Why annuity pitches violate fiduciary duty 20:20 Knowing yourself before retiring 21:18 Caller: Helping widowed mother invest safely 22:33 When CDs and Treasuries make sense 23:47 Using brokerage CD ladders 26:34 Sports updates and listener mail 27:36 Old 401(k)s and consolidation 30:43 Listener saved $100K/year in advisory fees 31:47 AUM vs hourly vs flat-fee advisors 34:47 Subscription advisors and limited portfolios 35:51 Why advice matters more in retirement Learn more about your ad choices. Visit megaphone.fm/adchoices

A chaotic but revealing game-show-style opening leads into a sharp lesson on why market trivia doesn’t matter nearly as much as discipline. Tom and Don walk through eye-opening 2025 market stats, including the real impact of the Magnificent Seven, international stocks’ outperformance, and a surprising Bitcoin result, before pivoting to listener calls on risk aversion in retirement, tax drag in fixed income, ETF vs. mutual fund structure, pensions as “bond substitutes,” and the fear of poorly timed rollovers. The episode reinforces a consistent theme: markets anticipate, investors overthink, and long-term success comes from diversification, cost control, and building portfolios around real human behavior—not headlines. 0:04 Cold open and chaotic “What Do You Know?” game show setup 1:58 S&P 500 return vs. performance without the Magnificent Seven 5:16 Magnificent Seven’s staggering 10-year return 5:48 International stocks outperform U.S. stocks in 2025 7:35 Retired caller weighs SGOV vs. VTEB and tax efficiency 10:01 Risk aversion, inflation fears, and when bonds actually belong 13:11 CD ladders as a stability alternative to bond funds 14:27 Clean energy ETFs rise despite negative policy headlines 16:41 Colombia emerges as best-performing global stock market 18:02 Bitcoin’s surprising full-year decline in 2025 19:02 Why none of this market trivia actually matters 20:28 ETFs vs. mutual funds explained simply and clearly 24:44 Why fund companies resist ETF conversions 27:13 Pension income vs. bonds in portfolio construction 31:20 AI voice experiment and margin rate reality check 32:02 Fear of rolling over 401(k)s and “hodgepodge-itis” Learn more about your ad choices. Visit megaphone.fm/adchoices

Most retirees aren’t spending anywhere near what they safely could — often barely 2% of their savings — and that hesitation may be costing them the very retirement they worked for. Don and Tom make the case for permission to spend, walking through why flexible withdrawal strategies beat rigid rules, how the “go-go / slow-go / no-go” years actually play out, and why fear of future healthcare costs often leads to unnecessary deprivation today. Listener questions cover tilted portfolios inspired by Paul Merriman, early-retirement home financing decisions, inheritance timing versus helping kids now, and whether ACATS fraud fears are overblown. The through-line: have a real plan, update it annually, and then — finally — live it. 0:04 You did everything right — now spend some of the darn money 1:06 Retirees spending only ~2% of savings (why this happens) 2:03 Permission to spend is harder than permission to save 3:16 Go-go, slow-go, no-go years (and why front-loading joy matters) 4:34 Healthcare fear vs. actual retirement guardrails 6:19 Helping kids before inheritance (when it matters most) 6:35 Why “winging it” works for some — and fails for most 7:58 Flexible percentage withdrawals vs. fixed rules 8:59 Vacations, Hawaii, and spending after strong market years 10:55 Great Wolf Lodge economics (and parental survival strategies) 13:00 Listener Q: Portfolio tilts (US, SCV, international, EM) 15:49 Listener Q: Downsizing early, mortgages vs. IRA withdrawals 18:34 Liquidity matters more than interest rates pre-59½ 21:15 Retirement planning as a map, not a spreadsheet 21:46 Listener Q: ACATS fraud fears and account security 24:40 Why total safety often makes life worse, not better Learn more about your ad choices. Visit megaphone.fm/adchoices

This Friday Q&A covers real-world money decisions with real consequences, including how to invest life-insurance proceeds after a spouse’s death, why dividend-and-leverage strategies promoted online are fundamentally dangerous, and how inherited IRA rules actually work under the IRS’s 10-year framework. Don also tackles long-term HSA investing, explains why the 4% rule isn’t a one-size-fits-all solution (especially when advisor fees are involved), and even demonstrates an AI-generated version of himself to explore whether good advice can outlive the human delivering it. Equal parts practical guidance, hard math, and skeptical humor. 0:04 Friday Q&A returns, holiday illness, and how to submit questions 1:04 Investing life-insurance proceeds after a spouse’s death 1:45 Why portfolio allocation depends on income need, taxes, and risk tolerance 3:05 Why a fee-only fiduciary is essential for survivor planning 3:49 Living off dividends using leverage and margin 5:03 Why “paycheck into brokerage + leverage” strategies are dangerous 7:43 Dividend cuts, margin risk, and downturn math reality 9:29 Inherited IRA rules when the original owner had begun RMDs 11:32 The 10-year rule, annual RMDs, and IRS life-expectancy tables 12:48 Listener appreciation and the value of taking money seriously 14:01 How to invest an HSA that won’t be used for years 15:09 Adjusting the 4% rule when paying an advisor 15:54 AI voice demo, advisor value, and Vanguard’s Advisor Alpha Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement income doesn’t have to mean hoarding assets or obsessing over leaving an inheritance. In this episode of Talking Real Money, Don and Tom dig into a topic that still makes many investors flinch: reverse mortgages. Using recent research and real-world planning logic, they walk through why modern reverse mortgages aren’t the shady last-ditch option they once were, how they can reduce cash-flow stress, and when they may (or may not) make sense as part of a broader retirement plan. Along the way, they tackle myths about heirs losing the house, unpack the true costs, and explain why being “house rich and cash poor” is a real planning problem. The show also answers listener questions on bond ladders using iShares iBonds ETFs, critiques Vanguard’s newer fixed-income ETF BNDF, and closes with a reminder that yield chasing — even from respected firms — still carries risk. 0:04 Retirement isn’t about dying rich — it’s about spending your money on you 0:25 Why inheritance shouldn’t be the primary goal (with one important exception) 1:21 Shirt colors, corporate culture, and the last people still wearing white dress shirts 2:48 Smoking everywhere: airplanes, hospitals, grocery stores — and why it mattered financially 4:12 Disney jokes, expensive vacations, and setting the tone 5:08 Introducing the real topic: reverse mortgages 5:15 Why reverse mortgages still scare people — and why that reputation exists 6:44 How FHA regulation changed the reverse-mortgage landscape 7:21 Are reverse mortgages really a “last resort”? 8:14 Using home equity to improve lifestyle, not just survive retirement 8:52 Are reverse mortgages expensive? Breaking down the real costs 10:53 Lending limits, age factors, and how much equity you can actually access 12:39 When the upfront costs make sense — and when they don’t 14:35 Myth busted: heirs can still inherit the home 15:08 You still own your house — it’s just a mortgage with no monthly payment 16:18 Reverse mortgages as liquidity, not a wealth-building tool 16:33 The importance of planning before touching home equity 16:45 $35 trillion locked in U.S. home equity — and why paying off mortgages isn’t always smart 17:57 Downsizing versus staying put: another option entirely 19:59 Listener question: simplifying a complex bond ladder 21:17 Using iShares iBonds ETFs to build a disciplined bond ladder 22:32 The risk of breaking the ladder when rates change 23:41 Listener question: Vanguard’s BNDF ETF 24:44 Why chasing yield in bond funds can backfire 26:06 Gimmicks, relevance, and Vanguard’s shift away from leadership 26:33 RetireMeet 2026 preview and registration details Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode dismantles the myth of “one-size-fits-all retirement,” arguing that retirement isn’t a date, an age, or a lifestyle—it’s a personal transition that demands both an income plan and a purpose plan. Don and Tom explore the growing trend of “un-retiring,” why fear and economic anxiety are lousy motivators for going back to work, and how a lack of planning fuels unnecessary worry later in life. Listener questions cover smart uses of 529-to-Roth conversions, parking large sums of cash, Roth strategies for young investors, rebuilding emergency funds without sabotaging retirement, and why converting Vanguard mutual funds to ETFs in taxable accounts is often a no-brainer. The through-line is clear: stop predicting the future, stop reacting emotionally, and build flexible plans that let your money support the life you actually want. 0:04 Retirement isn’t a script, a date, or a finish line 0:56 The myth of “retire at 65 and stop living” 1:20 The rise of “un-retiring” and why Disney hires retirees 3:22 Fear-based reasons people go back to work 4:28 Why retirees often worry more, not less 5:10 Studies showing how many retirees expect to work again 6:38 Income plans vs. purpose plans in retirement 7:16 The Dalai Lama, retirement, and dark humor 8:16 Using leftover 529 money for a future Roth IRA 10:31 Anton Chekhov’s The Bet and money as a moral test 12:08 Parking $3.5M: T-bills vs. high-yield savings 14:30 Why holding massive cash piles is usually a mistake 16:21 Interest-rate predictions and the illusion of certainty 19:17 How (and where) people actually listen to podcasts 21:02 Mortgage rates under 6% and why context matters 23:15 Roth IRAs for young investors and compounding reality 25:12 VT vs. AVGE vs. AVGV for long-term simplicity 27:51 Disney’s $60B expansion and what it says about costs 31:07 Rebuilding emergency funds without derailing retirement 33:32 Converting Vanguard mutual funds to ETFs in taxable accounts 35:20 Why small tax efficiencies matter over decades Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom C**k and Don McDonald kick off 2026 with a sharp, skeptical look at portfolio simplicity—what it really means, what it doesn’t, and why promises like “no sacrifice in returns” should always raise an eyebrow. Using a Morningstar article as a springboard, they dig into active vs. index funds, one-fund and target-date strategies, and the behavioral traps that complexity creates. Listener calls drive deeper discussions around Avantis funds (AVGE vs. AVGV), value tilts, international exposure, Fidelity’s zero-fee funds, and when simplicity actually beats sophistication. Along the way: holiday viruses, Jeopardy ETF fails, Tesla-as-a-value-stock arguments (sort of), and a reminder that knowing yourself as an investor matters more than chasing the “perfect” allocation. 0:04 Holiday hangover, fake presence, and welcoming 2026 1:27 Simplicity in investing and why complexity isn’t intelligence 1:44 Morningstar’s “simplify your portfolio” claim—skepticism engaged 3:01 Active funds vs. index funds (and Morningstar’s awkward contradiction) 3:56 One-fund vs. multi-fund portfolios and why rebalancing is hard 5:24 Target-date funds as delegation for real humans 7:32 Hodgepodge-itis vs. fewer funds, fewer mistakes 8:52 Listener call: Roth IRA for an 8-year-old and AVGE vs. AVGV 12:20 Value tilt, international exposure, and long time horizons 13:44 AVGE vs. AVGV performance—why short-term results don’t settle debates 16:57 VT compared to Avantis—diversification without tilts 17:32 Fidelity Zero funds—what’s free and what’s the catch 20:00 Jason from Sammamish: value, growth, Tesla, and confidence 23:36 SPY vs. SPYM and when cheap is just cheap 25:46 Listener call: escaping a Fidelity managed large-cap portfolio 29:58 What to say when an advisor tries to keep your money 31:24 Jeopardy contestants miss “ETF” (yes, really) 33:46 AVGE vs. VT—tilts, belief systems, and picking your poison Learn more about your ad choices. Visit megaphone.fm/adchoices