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

29 minutes 21 seconds

Strategies and Systems Want Your Money

We explore what strategy and systems are and how we craft and change them. We consider how investment strategies and financial systems have changed over the decades and why this matters to your financial decisions.
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Show Notes
Ruminating on Asset Allocation by Howard Marks—Oaktree Capital
Michael E. Porter—Harvard Business School
This Is Strategy by Seth Godin—Simon & Schuster
Victor Meets the Boglehead by Victor Haghani & James White—VettaFi Advisor Perspectives
Static vs Dynamic Asset Allocation; Victor Meets the Boglehead—Bogleheads.org
Tim Cook on Why Apple’s Huge Bets Will Pay Off By Ben Cohen—The Wall Street Journal
Related Episodes
491: The Five Layers of Investing
451: How Much Should You Invest in Stocks? The Art of Position Sizing in a Volatile Market
420: Does a 60/40 Balanced Portfolio Still Work?
397: How To Invest Based on Cycles
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13 November 2024, 6:20 pm
27 minutes 23 seconds

Episode 500: The S&P 500 Index and the Decade Ahead

In the 500th episode of Money for the Rest of Us, we focus on the S&P 500 Index. How has the index changed, and why have U.S. stocks performed so well? Will U.S. stocks only return 3% in the next decade, as Goldman Sachs predicts.
We also discuss major themes covered on Money for the Rest of Us over 500 episodes and what are our plans for the future. Thanks for being a part of Money for the Rest of Us over the past decade.
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Show Notes
Select Sector Indices Consultation on Constituent Weightings Calculations – Results—S&P Global
What Does an Election Year Mean for the Market?—S&P Global
The Great Rotation: A potential unwinding of hyper-concentration in the US may favor balanced global portfolios by Brian Chingono—Verdad
The Great Rotation (Part 2): The United States’ outsize weighting in commercial indices appears unjustified by its share of global GDP by Brian Chingono—Verdad
Decade of Big S&P 500 Gains Is Over, Goldman Strategists Say by Sagarika Jaisinghani—Bloomberg
David Stein LinkedIn Post—LinkedIn
Vanguard warns investors over company stake limits by Steve Johnson, Will Schmitt, and Brooke Masters—The Financial Times
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6 November 2024, 6:16 pm
22 minutes 43 seconds

What Makes an Economy Prosperous? Spotlight on Cuba and Argentina
We explore eight things that contribute to a healthy, growing economy and where Cuba and Argentina have fallen short.
Topics covered include:
- Why Cuba continues to have rolling energy blackouts
- Why economic sanctions frequently don't work
- How Argentina's President Millei is taking a "chainsaw" to the nation's economy
- Why emerging markets will need to change their export-oriented growth trajectory
- What are the risks to the long-term health of the U.S. economy
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Show Notes
Cuba is out of supplies and out of ideas—The Economist
Cuba plunged into crisis by long power blackouts by Ed Augustin—The Financial Times
Power Outage Plunges All of Cuba Into Darkness by Frances Robles—The New York Times
Why Economic Sanctions Backfire: The Role of Emigration in the Venezuelan Case by Nicolás Idrobo—SSRN
The Impact of the Cuban Adjustment Act on Cuban Immigrants in the US by Tamarys Bahamonde—SSRN
How is Javier Milei performing after nearly 11 months in office? by Michael Stott and Ciara Nugent—The Financial Times
The weakest links in the global economy are on the mend by Ruchir Sharma—The Financial Times
Argentina’s poverty rate soars above 50% under Javier Milei by Ciara Nugent—The Financial Times
Argentina Inflation Slows to 2021 Levels in Win For Milei by Manuela Tobias—Bloomberg
Argentina’s economy minister strikes defiant note on default risk by Ciara Nugent and Michael Stott—The Financial Times
Argentine Debt Rises Out of Distress Territory on Milei Reforms by Kevin Simauchi—Bloomberg
Argentina Scrapped Its Rent Controls. Now the Market Is Thriving. by Ryan Dubé—The Wall Street Journal
Developing Countries Can’t Count on Manufacturing to Supercharge Growth by Kai Schultz and Shruti Srivastava—Bloomberg
Related Episodes
411: Is Emerging and Frontier Markets Investing Still Worth It? – With Asha Mehta
409: What Is the IMF and Why Is It Controversial?
233: Is An Emerging Markets Crisis Imminent?
93: Capitalism, Complexity and Cuba

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30 October 2024, 6:36 pm
30 minutes 24 seconds

Ten Things I've Learned About Investing in the Past Decade
In episode 498, David shares how his investing has changed over the past ten years and lessons you can apply to your portfolio.
1. Document Your Journey
2. Keep Experimenting
3. Be Willing to Adopt New Asset Classes
4. Be Very Patient
5. Trade Less, Focus On Long-term Drivers
6. Monetary Diversification
7. Don't Focus on Relative Performance
8. Ignore the Noise
9. Take Your Time
10. There Is No Right Way to Invest
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Show Notes
The Investor Podcast 668: What I Learned About Investing w/ Stig Brodersen
Related Episodes
454: How To Invest – Ten Rules of Thumb for Individual Investors
423: A “Safe” 6% Yield: The Case for Investment Grade CLOs
372: When Should You Sell An Investment?
336: Own What Is Real
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23 October 2024, 6:10 pm
25 minutes 20 seconds

How to Fix the Retirement Savings Crisis
Why 401k and other defined contribution schemes are flawed, leading to a generation of workers unprepared for retirement. What are the solutions to fix the mess.
Topics
- Why 401k and other defined contributions haven't worked, despite their popularity
- Why defined benefit pension plans declined
- Why 401k plans are treated like emergency funds
- How to combine the best of 401k and defined benefit pension plans
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Show Notes
The Shift that Redefined Retirement Security by Shashwat Vidhu Sher—SSRN
Was the 401(k) a Mistake? by Michael Steinberger—The New York Times Magazine
Who Has Retirement Accounts? New Data Reveal Inequality in Retirement Account Ownership by Maria G. Hoffman, Mark A. Klee and Briana Sullivan—United States Census Bureau
U.S. Retirement Assets: Data in Brief—Congressional Research Service
Where do my CPP contributions go?—CPP Investments
Related Episodes
460: Should You Be Invested 100% in Stocks Before and During Retirement? A Recent Study Says Yes.
441: What If Social Security Had Been Privatized?
279: Why All Retirees Should Consider an Income Annuity

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16 October 2024, 4:45 pm
25 minutes 45 seconds

Are You Taking Enough Aspirational Risk?
Why we need distinct risk buckets: balancing our natural loss aversion with the allure of opportunities that offer the potential for massive upside.
Topics covered include:
- What is modern portfolio theory, and what are some of its flaws
- Why so many people have gotten wealthy by being undiversified
- How to balance personal risk, market risk, and aspirational risk
- How prospect theory explains our attraction to positively skewed opportunities
- Why most people won't get wealthy unless they take some aspirational risk
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Show Notes
Portfolio Selection by Harry Markowitz—The Journal of Finance, Vol. 7, No. 1. (Mar., 1952), pp. 77-91
Safety First and the Holding of Assets by A. D. Roy—Econometrica, Vol. 20, No. 3 (Jul., 1952), pp. 431-449
The Misbehavior of Markets: A Fractal View of Financial Turbulence by Benoit Mandelbrot and Richard L. Hudson—Hachette Book Group
Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors by Ashvin B. Chhabra—The Journal of Wealth Managment, Vol. 7, No. 4, pp 8-34, Spring 2005
The Wealth of Households: 2021: Current Population Reports by Briana Sullivan, Donald Hays, and Neil Bennett—Census.gov
Average, Median, Top 1%, and all United States Net Worth Percentiles—DQYDJ
PROSPECT THEORY AND STOCK MARKET ANOMALIES by Nicholas C. Barberis, Lawrence J. Jin, and Baolian Wang—NBER WORKING PAPER SERIES
Related Episodes
82: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity
460: Should You Be Invested 100% in Stocks Before and During Retirement? A Recent Study Says Yes.
421: Beware of Survivorship Bias When Investing
Investing Rule One: Avoid Ruin
229: Stop Maximizing Your Returns Using Modern Portfolio Theory

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9 October 2024, 6:00 pm
27 minutes 30 seconds

Plus episode excerpts: ETF Size, the Long-term Impact of QE, and Stock Market Inelasticity

This week on the podcast, we share excerpts from Plus episode 484 on ETF size and the impact of QE, as well as Plus episode 493 on stock market inelasticity.
You can learn more about Money for the Rest of Us Plus here.
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2 October 2024, 4:16 pm
28 minutes 7 seconds

The Federal Reserve Cut Interest Rates. What Should We Do Now?
What does the Federal Reserve's policy rate cut mean for our portfolios? Will interest rates keep falling? What changes should we make?
Topics include:
- What determines interest rates, and where are those drivers currently
- What is the best estimate of bond returns
- How duration works and why it changes
- What are some current fixed income investment options
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Show Notes
Asset Camp
FedWatch—CME Group
Summary of Economic Projections—US Federal Reserve
Investors may be getting the Federal Reserve wrong, again—The Economist
Term Premium on a 10 Year Zero Coupon Bond—Federal Reserve Bank of St. Louis
Yield to Maturity Is Always Received as Promised by Richard J. Cebula
and Bill Z. Yang—Journal of Economics and Finance
The Truth about Yield by Jason Bove and Mark Willauer—J.P. Morgan
Related Episodes
464: More Ways to Lock in Higher Yields in Case Interest Rates Fall
463: How to Lock in Higher Yields in Case Interest Rates Fall
455: Easier Investing, Richer Life: TIPS Ladders to Annuities
418: Bond Investing Masterclass

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25 September 2024, 6:07 pm
24 minutes

When to Sell Equity or Borrow: A Guide for Homeowners, Students, and Artists
How do home equity investments, income share agreements, and music royalties work, and how can you participate?
Topics covered include:
- How a home equity investment differs from a home mortgage
- What is the cost of home equity investments
- How funding education through income share agreements has changed
- Why artists sell royalties to their work
- How individuals can invest in music royalties
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Show Notes
Unlock Product Guide—Unlock
Point and Atalaya Capital Management Close Oversubscribed $141 Million Home Equity Investment Rated Securitization—Global Newswire
What Colleges Should Know About Income Share Agreements and Private Education Loan Requirements by Rich Williams—Homeroom
CFPB settles claims against operator of training program arising out of income share agreements by John L. Culhane, Jr. & Thomas Burke—Consumer Finance Monitor
Bond market: Bowie Bonds and the Evolution of the Bond Market—Faster Capital
Related Episodes
493: The Housing Affordability Crisis: What Caused It and How to Fix It
349: Forward and Reverse Mortgages: When To Take Them Out and When to Pay Them Off
307: Income Share Agreements—Good for Students or Investors?

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18 September 2024, 4:39 pm
23 minutes 54 seconds

The Housing Affordability Crisis: What Caused It and How to Fix It
What caused the 40% price increase in houses and rents, and what are governments doing to try to fix the problem.
Topics covered include:
- Why 50% of the global population is frustrated with the lack of affordable housing
- How the housing collapse as part of the Great Financial Crisis contributed to today's affordability crisis
- How central bank QE programs have magnified the housing crisis
- How restrictive zoning and short-term rentals contribute to the housing crisis
- What governments are doing to encourage more housing supply
- What individuals can do until housing becomes more affordable
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Show Notes
Concern over housing costs hits record high across rich nations by Valentina Romei and Sam Fleming—The Financial Times
Home Price to Median Household Income Ratio (US)—Longtermtrends
Home Ownership Affordability Monitor—Federal Reserve Bank of Atlanta
AMERICA'S RENTAL HOUSING 2024—Joint Center for Housing Studies of Harvard University
America retains “rent burdened” status—Moody's
U.S. 2024 and 2025 Mid-Year Outlook Report—AirDNA
ARIZONA’S NEW HOUSING LAWS EXPLAINED—Tempe YIMBY
What Kalamazoo (Yes, Kalamazoo) Reveals About the Nation’s Housing Crisis by Conor Dougherty—The New York Times
How Rent Controls Are Deepening the Dutch Housing Crisis by Cagan Koc and Sarah Jacob—Bloomberg
Related Episodes
389: Is Airbnb Intensifying the Housing Crisis?
357: Is a Housing Crash Coming?
238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages

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11 September 2024, 5:08 pm
22 minutes 31 seconds

The Power of Optionality: Small Bets, Big Payoffs
In this episode, we explore the concept of optionality—how small, strategic decisions can lead to outsized rewards with limited downside risk. From ancient philosophy to modern financial strategies, discover how recognizing and seizing options can unlock opportunities in both life and investing.
Topics covered include:
- How call and put options work
- The difference between American and European style options and why it matters
- Why options are positively skewed
- Examples of using optionality in business and life
- Why it can be challenging to commit when an option is "in the money"
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Show Notes
Antifragile by Nassim Nicholas Taleb—Penguin Random House
The Wisdom Of Finance: Discovering Humanity in the World of Risk and Return by Mihir Desai—Harper Academic
Refuse to Choose!: Use All of Your Interests, Passions, and Hobbies to Create the Life and Career of Your Dreams—Penguin Random House
An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk by Allison Schrager—Penguin Random House
Related Episodes
482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity
268: How To Better Manage Risk
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4 September 2024, 6:02 pm
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