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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
- 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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4 December 2024, 6:57 pm - 20 minutes 40 secondsShould You Invest in Nuclear Energy?
Why has there been renewed interest in nuclear power generation in the last couple of years, and how can we invest in it?
Topics covered include:
- Why did Microsoft sign an agreement to reopen a nuclear reactor at the infamous Three Mile Island nuclear facility
- How much does nuclear energy contribute to global power generation
- Why is demand for electricity accelerating
- What are the advantages and challenges with nuclear energy
- What investment vehicles individuals can use to invest in nuclear energy
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Show Notes
Inside Diablo Canyon Nuclear Power Plant | BG2 w/ Bill Gurley & Brad Gerstner—YouTube
Q&A - Germany’s nuclear exit: One year after—Clean Energy Wire
Fukushima Daiichi Accident—World Nuclear Association
Chernobyl Accident 1986—World Nuclear Association
Nuclear Energy in a Low-Carbon Energy Future—NEI
Electricity Mid-Year Update - July 2024—IEA
What is U.S. electricity generation by energy source?—U.S. Energy Information Administration
Investments Mentioned
Pelican Energy Partners
Sprott Physical Uranium Trust Performance (SRUUF)
GlobalX Uranium ETF (URA)
VanEck Uranium and Nuclear ETF (NLR)
Sprott Uranium Miners ETF (URNM)
Sprott Junior Uranium Miners ETF (URNJ)
Related Episodes
469: Which Will Perform Better: Berkshire Hathaway or Utility Stocks?
384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It?
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20 November 2024, 6:11 pm - 29 minutes 21 secondsStrategies 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 secondsEpisode 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
Decade of Big S&P 500 Gains Is Over, Goldman Strategists Say by Sagarika Jaisinghani—Bloomberg
David Stein LinkedIn Post—LinkedIn
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6 November 2024, 6:16 pm - 22 minutes 43 secondsWhat 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
The Impact of the Cuban Adjustment Act on Cuban Immigrants in the US by Tamarys Bahamonde—SSRN
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
Argentine Debt Rises Out of Distress Territory on Milei Reforms by Kevin Simauchi—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 secondsTen 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.
- Document Your Journey
- Keep Experimenting
- Be Willing to Adopt New Asset Classes
- Be Very Patient
- Trade Less, Focus On Long-term Drivers
- Monetary Diversification
- Don't Focus on Relative Performance
- Ignore the Noise
- Take Your Time
- 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?
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23 October 2024, 6:10 pm - 25 minutes 20 secondsHow 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
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 secondsAre 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
Average, Median, Top 1%, and all United States Net Worth Percentiles—DQYDJ
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 secondsPlus 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 - More Episodes? Get the App
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