Money For the Rest of Us
Money For the Rest of Us
A personal finance and investing podcast on money, how it works, how to invest it and how to live without worrying about it. J. David Stein is a former Chief Investment Strategist and money manager. For close to two decades, he has been teaching individuals and institutions how to invest and handle their finances in ways that are simple to understand. More info at moneyfortherestofus.com
- 23 minutes 18 secondsCrypto: Innovation or Insanity? Meme Coins, Hacks, and Strategic Bitcoin Reserves
We consider the incongruency of a U.S. Strategic Bitcoin Reserve, the latest crypto exchange hack, and how most participants lost money on the Trump meme coin. Given all that, we review some areas where cryptocurrency is helping individuals and businesses.
Topics Covered
- What is the U.S. Strategic Petroleum Reserve
- Why it makes little sense for the U.S. and individual states to create and participate in a Strategic Bitcoin Reserve
- What led to the latest and largest cryptocurrency exchange hack in history
- How financial and other data breaches impacted over 1 billion people last year, costing over $15 billion
- How quantum computers could disrupt the security of cryptocurrency and traditional financial systems
- Why most speculators lose money on meme coins
- What are some current ways cryptocurrency is helping individuals and businesses achieve greater financial stability and lower costs
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Show Notes
All Information (Except Text) for S.4912 - BITCOIN Act of 2024—Congress.gov
House Bill No. 4087—Michigan Legislature
2025 South Dakota Legislature House Bill 1202—South Dakota Legislature
State of Arizona Senate SB 1025—Arizona State Legislature
Quantum computers and the Bitcoin blockchain by Itan Barmes, Bram Bosch and Olaf Haalstra—Deloitte
Cost of a Data Breach Report 2024—IBM
ITRC Annual Data Breach Report—Identity Theft Resource Center
Post by @realDonaldTrump—Truth Social
Memecoin scandal rocks Argentina’s Javier Milei by Ciara Nugen—The Financial Times
Related Episodes
488: Should You Invest in an Ethereum ETF?
462: Now Should You Buy a Bitcoin ETF?
373: Are Stablecoins Safe? Should You Own Them?
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26 February 2025, 5:28 pm - 25 minutes 44 secondsUnlocking Hidden Returns: How Mortality Credits Boost Retirement Income
How using a deferred income annuity can increase retirement income compared to an immediate annuity or a bond ladder.
Topics covered include:
- How immediate annuities and deferred income annuities work
- What are mortality credits, and why they are a key diversifier
- Examples of how mortality credits lead to a 1% to 1.5% higher annualized return over several decades
- How to decide whether an annuity is right for you
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Show Notes
Related Episodes
464: More Ways to Lock in Higher Yields in Case Interest Rates Fall
455: Easier Investing, Richer Life: TIPS Ladders to Annuities
407: Worry-Free Retirement Investing
279: Why All Retirees Should Consider an Income Annuity
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19 February 2025, 4:44 pm - 19 minutes 32 secondsWhat Are Sovereign Wealth Funds and Does the U.S. Need One?
The U.S. and the UK each announced they were establishing sovereign wealth funds. We explore the purposes and types of sovereign wealth funds, how they invest, and some concerns with the U.S. establishing one.
Topics covered include:
- What are the four types of sovereign wealth funds, and why the U.S. doesn't fit the typical use case
- How sovereign wealth funds navigate between politics and generating high returns
- Why a U.S. sovereign wealth fund, depending on its size, could crowd out other investment capital, leading to lower investment returns
- How the U.S. federal government already invests in its economy without a sovereign wealth fund
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Show Notes
A Plan For Establishing A United States Sovereign Wealth Fund—The White House
International Forum of Sovereign Wealth Funds
Guardians releases 2024 Annual Report—NZ Super Fund
UK Wealth Fund Brings Government And Private Investment Together by Efraim Chalamish—Global Finance
2024 Invesco Global Sovereign Asset Management Study—Invesco
Top 100 Largest Sovereign Wealth Fund Rankings by Total Assets—Sovereign Wealth Fund Institute
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12 February 2025, 6:15 pm - 50 minutes 41 secondsContrarian Investing with GMO's Ben Inker - FEG Insight Bridge
This week on episode 510, we share a conversation between Ben Inker of GMO and Greg Dowling of FEG Investment Advisors on contrarian investing, deep value stocks, and the rise of passive investing. David introduces the episode by sharing his key takeaways from the discussion.
FEG Investment Advisor is David's former institutional advisory firm, where he worked for 17 years, before founding Money for the Rest of Us. Greg Dowling is Chief Investment Officer of FEG, and David's former business partner and colleague.
Topics discussed in the episode include:
- How experienced professionals can have a significant influence on one's career, such as the impact Jeremy Grantham and David Swenson had on Ben's career
- The impact of the rise of passive investing
- Investment opportunities in quality and deep-value stocks
- The distinct risks of the high concentration in large-cap tech stocks
Show Notes
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Related Episodes
491: The Five Layers of Investing
419: How to Make Portfolio and Asset Allocation Changes
401: Why Diversifying Your Portfolio Feels Awful
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5 February 2025, 6:25 pm - 26 minutes 20 secondsHow to Invest in Private Credit / Direct Lending
We explore what private credit, or direct lending, is and how to invest in it. We also show how it is similar and different from investing in leverage loans and CLOs.
Topics covered include:
- Why more companies are staying private
- How private credit differs from the leverage loan market
- Why private credit is growing so rapidly
- What are the benefits to private credit investing
- What are liquid and less liquid ways to invest in private credit
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Show Notes
The Credit Markets Go Dark by Jared A. Ellias and Elisabeth de Fontenay—SSRN
The Lost Promise of Private Ordering by Cathy Hwang, Yaron Nili, and Jeremy McClane—SSRN
Investments Mentioned
VanEck BDC Income ETF (BIZD)
Barings Corporate Investors Fund (MCI)
Long Angle
Cliffwater Enhanced Lending Fund
BlackRock Private Credit Fund (BDEBT)
BondBloxx Private Credit CLO ETF (PCMM)
Virtus Seix AAA Private Credit CLO ETF (PCLO)
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29 January 2025, 6:10 pm - 23 minutes 2 secondsWho Should Bear the Cost? Socialized versus Market-Based Risk Management
Natural disasters are becoming more severe and costly—who should bear the financial burden? We explore the tension between socialized risk and market-based insurance.
Topics covered include:
- The surprisingly large percentage of natural disaster losses that are uninsured
- Why natural disaster severity is increasing
- A deep dive into the complexity of the home insurance market, including state-run home insurance plans
- How California has tried to update its home insurance regulations, leading to potentially greater coverage but higher premiums
- How socialized insurance relieves the cost burden to consumers but can also lead to riskier behavior and adverse risk selection
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Show Notes
The World Is Getting Riskier. Americans Don’t Want to Pay for It. by Greg Ip—The Wall Street Journal
Related Episodes
481: How to Navigate the Crippling Home Insurance Crisis
444: Natural Disasters: Are They Truly Increasing?
Investments Mentioned
Stone Ridge High Yield Reinsurance Risk Premium fund (SHRMX)
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22 January 2025, 6:24 pm - 26 minutes 7 secondsWhere You Live Matters - How Geography Contributes to Wealth
How geography contributes to economic growth and can increase or lower the cost of living.
Topics covered include:
- Why living in a developing country like Costa Rica is still relatively expensive
- How Amazon and e-commerce platforms lower the cost of living
- Why we should consider slowing down our rate of consumption
- How geography is impacting the rollout of AI
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Show Notes
World Data Country Comparison: Costa Rica & USA
Why is Gas so Expensive in Costa Rica? by Sarah Jordan—The Tico Times
United States eCommerce Sales Growth (2018 to Q3 2024) by Jason—SellersCommerce
The Era of Finance CEOs Running Retailers Is Over by Amanda Mull—Bloomberg
AI set to fuel surge in new US gas power plants by Amanda Chu and Jamie Smyth—The Financial Times
What happened to the artificial-intelligence revolution?—The Economist
Liebreich: Generative AI – The Power and the Glory by Michael Liebreich—BloombergNEF
Related Episodes
444: Natural Disasters: Are They Truly Increasing?
413: What if the World Stopped Shopping?
151: Amazon Impacts Everything
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15 January 2025, 7:06 pm - 39 minutes 15 secondsShould You Retire Early and Live Outside Your Home Country? with Joshua Sheets
In episode 506, Joshua shares the pros and cons of living outside of your home country. He convinces David why he needs more than one passport. Finally, Joshua makes a strong case for not retiring, and if one does, under what circumstances.
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Show Notes
https://www.radicalpersonalfinance.com
Related Episodes
446: Die with Zero: Why You Should Start Spending Now
437: How to Live Like You Are Already Retired
371: Find Your Retirement Investing and Living Style
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8 January 2025, 7:55 pm - 34 minutes 23 secondsOptimization, AI and Opting Out with Coco Krumme
In our final episode of the year, I converse with author and data scientist Coco Krumme about the benefits and costs of optimization in finance, industry, and our daily lives. We explore AI and its overlap with optimization. We also consider the pros and cons of life optimization and finally discuss the extreme challenge of opting out.
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Show Notes
Optimal Illusions: The False Promise of Optimization by Coco Krumme—Penguin Random House
Related Episode
480: Beyond Faster (T+1) Trade Settlement: The Hidden Costs of Optimization
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18 December 2024, 4:54 pm - 30 minutes 30 secondsIndexing Bubble and Asset Class Returns Still Revert to the Mean
How asset class returns move in cycles with periods of above-average returns followed by periods of lower returns. How has the rise of passive indexing led to higher stock valuations, and what does that mean for markets?
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Show Notes
The Equity Risk Premium: Nine Myths (JPM Series) by Rob Arnott—Research Affiliates
PASSIVE INVESTING AND THE RISE OF MEGA-FIRMS by Hao Jiang, Dimitri Vayanos, and Lu Zheng—NBER
Limits to Diversification: Passive Investing and Market Risk by Lily H. Fang, et al.—SSRN
Related Episodes
503: U.S. Stocks Have Never Been This Overhyped or Expensive
500: The S&P 500 Index and the Decade Ahead
468: Lessons from Japan’s 34 Years of Stock Market Underperformance
390: Are BlackRock and Vanguard Too Big and Powerful?
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11 December 2024, 6:45 pm - 23 minutes 56 secondsU.S. Stocks Have Never Been This Overhyped or Expensive
What are the tangible and intangible factors that have contributed to long-term U.S. stock market outperformance compared to the rest of the world? Despite these advantages, why might we still want to continue to be globally diversified?
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Show Notes
American productivity still leads the world—The Economist
The Outlook for Long-Term Economic Growth by Charles I. Jones—Federal Reserve Bank of Kansas City
Capitalism is in worse shape in Europe by Ruchir Sharma—The Financial Times
The Mother of All Bubbles by Ruchir Sharma—The Financial Times
The Curious Incident of the Elevated Profit Margins by James Montier—GMO
Federal Surplus or Deficit [-] as Percent of Gross Domestic Product - FRED
Euro area government deficit at 3.6% and EU at 3.5% of GDP—eurostat
Should investors just give up on stocks outside America?—The Economist
Related Episodes
500: The S&P 500 Index and the Decade Ahead
499: What Makes an Economy Prosperous? Spotlight on Cuba and Argentina
343: Why the Productivity Slowdown Could Lead to Lower Living Standards
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