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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 Sponsors Long Angle is a private community of 2,500 very high net worth investors who leverage their collective expertise and scale to access and underwrite some of the world’s best alternative asset investments. Learn more here. NetSuite – Get your free KPI checklist Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 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 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Sponsors LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Betterment - the automated investing and savings app Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The 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? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Sponsors NetSuite – Get your free KPI checklist Long Angle is a private community of 2,500 very high net worth investors who leverage their collective expertise and scale to access and underwrite some of the world’s best alternative asset investments. Learn more here. Money for the Rest of Us listener survey Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 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) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Sponsors Monarch Money – Get an extended 30-day free trial Money for the Rest of Us listener survey Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 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 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Sponsors Betterment - the automated investing and savings app Money for the Rest of Us listener survey Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 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 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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 Sponsors Long Angle is a private community of 2,500 very high net worth investors who leverage their collective expertise and scale to access and underwrite some of the world’s best alternative asset investments. Learn more here. NetSuite – Get your free KPI checklist Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 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? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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. Sponsors Shopify - Sign up for a $1 per month trial period LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Managing Oneself by Peter F. Drucker—Harvard Business Review Soloing: Realizing Your Life's Ambition by Harriet Rubin—HarperCollins See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The pros and cons of investing your retirement assets 100% in equity, including half in international stocks. Why the 4% spending rule is too aggressive.Why historical asset class return studies that use only U.S. data are biasedHow researchers build a broader database to study retirement outcomes and spending ratesHow a 100% stock portfolio performed compared to balanced portfolios and target date fundsWhy investors should have half their assets in international stocksWhy a 4% spending rule is too high, and what is the alternative Sponsor NetSuite – Get your free KPI checklist Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice by Aizhan Anarkulova, Scott Cederburg, and Michael S. O'Doherty—SSRN The Safe Withdrawal Rate: Evidence from a Broad Sample of Developed Markets by Aizhan Anarkulova, Scott Cederburg, Michael S. O'Doherty, and Richard W. Sias—SSRN Related Episodes 421: Beware of Survivorship Bias When Investing 326: The New Math of Retirement Spending and Investing 254: Should You Be 100% Invested In Stocks? 250: Investing Rule One: Avoid Ruin See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We close out 2023 by answering your questions on active vs passive management, market timing, investing for status, what we learned from Charlie Munger, thoughts on a coming recession, worst investment mistakes, recent books that changed us, and more.   Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes How the World Really Works by Vaclav Smil—Viking The Day the World Stops Shopping by J.B. Mackinnon—Harper Collins Earth for All: A Survival Guide for Humanity by Sandrine Dixson-Declève, et al—Earth for All Barbarian Days: A Surfing Life by William Finnegan—Penguin Random House Tao te Ching: Power for the Peaceful by Lao Tzu (Author) and Marc Mullinax (Translator)—Fortress Press See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Do the impressive returns in public and private markets stem from strategic financial engineering or reflect actual economic growth?How corporate profit growth is linked to economic growth, even though corporate profits are more volatileHow interest rates, tax rates, and stock buybacks influence corporate profits and stock returnsWhy there are fewer publicly traded stocksHow the increase in leveraged buyouts has impacted the economyHow private equity funds use financial engineering to boost returns Sponsors NetSuite – Get your free KPI checklists LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes US CEOs start to contemplate Trump, round 2 by Rana Foroohar—The Financial Times End of an Era: The Coming Long-Run Slowdown in Corporate Profit Growth and Stock Returns by Michael Smolyansky—The Federal Reserve 10-Year Stock Market Returns—Crestmont Research Stock Average—Crestmont Research Stock EPS Reality—Crestmont Research What Matters More for Emerging Markets Investors: Economic Growth or EPS Growth? by Jason Hsu Jay Ritter Phillip Wool Yanxiang Zhao—Portfolio Management Research Nominal Gross Domestic Product for United States—FRED Economic Data The Secretive Industry Devouring the U.S. Economy by Rogé Karma—The Atlantic Key Drivers Behind Widespread Adoption Of NAV Financing by Matthew K Kerfoot—Proskauer The Inevitable Rise of NAV Financing by Patricia Teixeira and Anastasia Kaup—Ropes & Gray HAVE EXCHANGE-LISTED FIRMS BECOME LESS IMPORTANT FOR THE ECONOMY? by Frederik P. Schlingemann and René M. Stulz—NBER LBOs Make (More) Companies Go Bankrupt, Research Shows by Alicia McElhaney—Institutional Investor Leveraged buyouts and financial distress by Brian Ayash and Mahdi Rastad—ScienceDirect See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

One year after the release of ChatGPT, we explore the positive and negative paths AI could take and what individuals can do to assist with a positive outcome. Topics covered include:How David uses AI to increase his personal productivityThe societal and economic impacts of AI, including its potential to enhance corporate profitability and individual productivityChanges at OpenAI's executive level are examined, highlighting a shift in the organization's direction and philosophyWhat is Effective Altruism and why is it so focused on the catastrophic risks of AIWhat are the phases that would lead to a singularity in which AI poses a threat to humanityWhy AI is still in the early stages, and how should individuals, businesses and regulators treat it at this point Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Everyday Chaos: Technology, Complexity, and How We're Thriving in a New World of Possibility by David Weinberger—Harvard Business Publishing Education The economic and market impact of artificial intelligence—Capital Economics The Fight for the Soul of A.I. by David Brooks—The New York Times How a Fervent Belief Split Silicon Valley—and Fueled the Blowup at OpenAI by Robert McMillan and Deepa Seetharaman—The Wall Street Journal A.I. Belongs to the Capitalists Now by Kevin Roose—The New York Times The ‘AI doomers’ have lost this battle by Benedict Evans—The Financial Times Effective Altruism 80,000 Hours What is the AI alignment problem and how can it be solved? by Edd Gent—NewScientist See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this bonus episode, David visits with Bill Yount and Becky Heptig of the Catching Up to Fi podcast in a wide-ranging discussion on investing using a systematic checklist approach. Sponsors Madison Trust Self-Directed IRA - Go Here to Learn More and Get Your $100 Off Promo Code LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Money Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session. Masterworks – invest in contemporary art Masterworks Disclosure: “net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd  Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter. Show Notes Catching Up to FI Money for the Rest of Us book See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.