- 22 minutes 56 seconds10X Your Productivity While Doing Your Best Work
1. How to leverage general-purpose technologies to magnify your impact and produce your best work. 2. Why stocks could fall if AI fails to meet its lofty expectations, because earnings-per-share growth will disappoint.
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Show Notes
Ada Lovelace Already Answered the Big Questions About A.I. by Tala Schlossberg—The New York Times
Transcript
Topics Include:
- How to use AI to 10x your productivity and do your best work
- Jeff Bezos at AWS re:Invent 2012: focus on what won't change
- Building a 401(k) portfolio analysis tool with AI
- AI as a general-purpose technology: Ada Lovelace and Licklider
- How electricity, the internet and cell phones faded into the background
- How many AI tokens does a heavy Claude user use per week?
- What a $100 Claude Max plan really costs Anthropic
- SpaceX's 6-gigawatt data center and AI power demand
- Is there too much AI data center capacity? Chat vs. AI agents
- Stock market risk: record analyst earnings growth forecasts
- Fast earnings growth is followed by slower growth
- How investors use AI: listener survey results
- Ask the Archive: an AI chatbot built on our podcast archive - Why trusted sources matter for AI answers
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11 November 2026, 5:00 pm - 20 minutes 8 secondsStock Pickers Keep Losing, Who's Winning?
As indexing grows, active stock pickers are underperforming the market by increasingly large margins, even as their skill improves. In this episode, we explore why this is happening and consider whether active managers can outperform again. Finally, we explain how to position your portfolio using index funds and ETFs without overweighting the S&P 500 Index.
Topics include:
- Why active fund managers keep underperforming
- Michael Mauboussin's paradox of skill in investing
- How much of the stock market do index funds own?
- William Sharpe's arithmetic of active management
- Why index funds still have to trade
- Active vs. passive: stock pickers are lagging more than ever
- How index fund flows hurt active managers (Unterberg study)
- Example: how $100 of fund flows moves stock prices
- Who buys the stocks active managers sell?
- Do fund managers sell their best ideas during outflows?
- Who sells shares to index funds? Companies and insiders
- Will active management outperform again?
- Will retiring baby boomers crash the stock market? 19:38 How to invest when index funds drive stock prices
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Show Notes
Sharpening the Arithmetic of Active Management by Lasse Heje Pedersen—SSRN
We Now Know Who Really Benefited from the Index Revolution by Aaron Brown—Bloomberg
The Investing Mind by Michael J. Mauboussin—Harriman House
Who Clears the Market When Passive Investors Trade? by Marco Sammon and John J. Shim—SSRN
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28 October 2026, 5:30 pm - 13 minutes 53 secondsU.S. Stocks Might Not Be as Expensive as You Think
In this off-week bonus episode of Money for the Rest of Us, we look at the possibility that current U.S. stock valuations are justified and the market is not overvalued.
Topics covered include:
- Two ways to measure P/E ratios and which is more accurate
- How record profit margins are affecting P/E ratios
- How concentration risk is at an all-time high for U.S. stocks
- How the stock market's direction will depend on whether profit margins expand, contract, or stay the same.
- Where to invest to reduce an overconcentration in U.S. stocks.
Slides, transcript, and show notes also at: https://moneyfortherestofus.com/.
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21 October 2026, 10:00 pm - 25 minutes 49 secondsWhat If You Only Invested at Stock Market Peaks?
We analyze long-term stock returns when investing at market peaks and bottoms, and when stocks are cheap or expensive.
We also share what we think stocks will return over the next decade and why.
Finally, we simulate the investment outcomes for someone who invests $50 per week.
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14 October 2026, 5:00 pm - 8 minutes 37 secondsMoney for the Rest of Us Update and Survey
I provide a short update on Money for the Rest of Us and introduce our listener survey. All survey participants will get access to an exclusive podcast episode on my worst investing mistakes and what I learned.
Take the Money for the Rest of Us Listener Survey
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30 September 2026, 8:00 pm - 26 minutes 55 secondsSmall Gains, Big Losses: The Hidden Risk in Steady Income
In this episode, we explore why the income we earn isn't the same as the return. We show how option income strategies work, what their historical returns have been, what drives the return, and what reasonable return expectations are.
We show why option income strategies have a positive expected return while sports betting has a negative expected return.
Finally, we look at other areas where we confuse income with the total return.
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Show Notes
Variance Risk Premia by Peter Carr and Liuren Wu—NYU
Related Episodes
557: Don’t Fall in the Dividend Trap
549: Why Catastrophe Bonds Are Yielding 12%, and Should You Invest?
544: Sports Betting Is Not Investing
Article: Tail Events and Tail Risk
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23 September 2026, 4:00 pm - 25 minutes 38 secondsThe Financial System Will Be Hacked and How to Prepare For It
Bad actors will use AI to disrupt the financial system, transportation networks, and utilities. We should prepare now for this inevitability. We share how in this episode. We also explain why the bull market in gold will likely continue.
Topics covered include:
- Why the OpenAI agentic AI breach is so disturbing
- How do we prepare for cyberattacks
- Why gold should be one of the assets we hold apart from the financial system
- How the historical relationship between gold and real interest rates has broken down
- To what extent are central banks selling dollars to buy gold
- How gold ETF flows influence the gold price
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Show Notes
Episode 564 Slide Deck with Charts
Gold's Run Isn't Yet Done - Bhanu Baweja - Financial Times
Related Episodes
541: Debasement Fears or Meme Fever? What’s Driving the Gold and Silver Rally
563: Why Interest Rates Keep Rising and What to Do About It
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9 September 2026, 5:00 pm - 27 minutes 38 secondsBond Market Chaos: Why Interest Rates Keep Rising and What to Do About It
The national debt exceeds $40 trillion, U.S. long-term Treasury yields are at 19-year highs, the U.S. Treasury Department is intervening in currency and bond markets. We unpack it all in this episode and show you how to position your investment portfolio to lock in higher yields and protect yourself from falling bond prices.
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Show Notes
Debt to the Penny - U.S. Treasury
Historical debt and budget tables - U.S. White House
Average U.S. national debt interest rate - U.S. Treasury
America’s Risky Debt: What Markets See That Policymakers Don’t - Hanno Lustig
Related Episodes
525: No More AAA – What the U.S. Debt Downgrade Means for Investors
463: How to Lock in Higher Yields
464: More Ways to Lock in Higher Yields
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26 August 2026, 4:30 pm - 26 minutes 59 seconds5 Steps to Simplify Your Investment Portfolio
What are the steps to simplify your portfolio, given that it is likely spread across multiple accounts? We focus particularly on retirees, who have to weigh additional considerations like withdrawals, Roth conversions, and required minimum distributions.
We also explore which areas of the stock and bond markets are attractive right now as you seek to simplify and/or rebalance your portfolio.
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Show Notes and Related Content
A Complete Guide to Investing in I Bonds and TIPS (2026)
550: Asset Location: Where You Invest, Where You Live, What You Can Access
Free Investment Strategy Report
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12 August 2026, 4:00 pm - 26 minutes 38 secondsHow to Navigate the AI Debt Bubble
We explore the expected size of AI-related debt, which vehicles hold it, what could go wrong, and how to protect yourself.
Topics covered include:
- How AI capex boom compares to other large booms and busts
- What fixed income vehicles hold AI-linked debt
- What mechanisms are being used to transfer AI-debt risk.
- How circular finance is contributing to the AI infrastructure buildout
- What could go wrong with the AI infrastructure buildout that could lead to losses on AI-related debt
- How to tell what exposure you have to AI debt
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Show Notes
AI debt slide deck used for episode
Hyperscalers Tap External Financing as AI Capex Outruns Cash Flow—FactSet Insight
What History Tells Us About The AI Investment Boom by Larry Swedroe—Financial Advisor
Progress and peril by Pablo Hernández de Cos—BIS
US Life Insurers Held $807 Billion of Hard-to-Sell Credit by Alexandre Rajbhandari—Bloomberg
US Corporate Bonds Statistics—sifma
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29 July 2026, 4:00 pm - 25 minutes 53 secondsIs Inflation Manipulated? If So, What to Do About It
How inflation numbers are manipulated to appear lower. How to change your mindset about inflation to get ahead of it.
Topics covered include:
- How Inflation (PCE) Calculations Are Changing
- Why the CPE Changes Are Suspicious
- The Biggest Changes Ever to Inflation Calculations
- What Causes Inflation
- AI Buildout Is Boosting Inflation
- How Rising Income Can Overcome Inflation
- Inflation Is Currency Debasement
- Most Things Get Cheaper and Better Over Time
- Personal Inflation Rate and Retirement
- We Can Beat Inflation by Improving Our Skills
- Inflation Manipulation vs Inflation Fabrication
- How to Outsmart Inflation
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Show Notes
Preview of the 2026 Annual Update of the National Economic Accounts—BEA
The Inflation Outlook by Governor Stephen I. Miran—U.S. Federal Reserve
Live Retirement Portfolio Cohort—Money for the Rest of Us
Related Episodes
475: Inflation’s Illusion: Debunking the Normalcy of Currency Debasement
429: Which Inflation Protection Strategies Worked and Which Didn’t?
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