Money For The Rest Of Us

How public equity REITs differ from private REITs. Why investors are selling out of private REITs and why private REIT sponsors like Blackstone and Starwood are limiting investors' ability to do so.Topics covered include:What are public and private real estate investment trustsWhy has Blackstone's BREIT been such a successWhy investors are trying to exit private REITsWhy commercial property values are fallingIs now a good time to invest in public and private REITs?For more information on this episode click here.SponsorsPolicygeniusLinkedIn – Post your job for freeShow NotesHow the gates closed on Blackstone’s runaway real estate vehicle by Antoine Gara, Sujeet Indap, and Kaye Wiggins—Financial TimesInvestors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values by Konrad Putzier and Peter Grant—The Wall Street JournalHow the gates closed on Blackstone’s runaway real estate vehicle by Antoine Gara, Sujeet Indap, and Kaye Wiggins—Financial TimesInvestors Yank Money From Commercial-Proper

How to solve the conundrum that consumption reductions lead to economic disasters while benefiting the environment.Topics covered include:Why consumption, fossil fuel usage, and carbon emissions keep growingHow fossil fuel consumption goes well beyond heating and transportation uses but is tied to agriculture, steel, and cement productionThe four times global consumption fell and the dire economic consequences that resultedHow the world is consuming twice as many resources as the planet can sustainHow the economy could still grow while reducing the environmental impactFor more information on this episode click here.SponsorsMasterClass - Get two annual memberships for the price of oneMasterworks – invest in contemporary artShow NotesHow the World Really Works: The Science Behind How We Got Here and Where We’re Going by Vaclav SmilThe Day the World Stops Shopping: How Ending Consumerism Saves the Environment and Ourselves by J.B. MackinnonGlobal Footprint NetworkRelated Episodes262: Better Not Bigger, Circ

What are the best options for safely investing cash.Topics covered include:High-yield savings accountsCertificates of DepositsGovernment BondsMoney Market Mutual FundsWhen should you invest in long-term bondsWhy some savings apps try to look like banks but they are notWhat happens when central banks lose moneyWhere not to deposit cash for safetyFor more information on this episode click here.SponsorsMasterClass - Get two annual memberships for the price of oneMoney App - Triple Your Paycheck GiveawayShow Notesa16z-backed Tellus wants to offer consumers a much better savings rate. Here’s how. by Mary Ann Azevedo—TechCrunchFactors Affecting Reserve Balances—U.S. Federal ReserveLiabilities and Capital: Liabilities: Earnings Remittances Due to the U.S. Treasury: Wednesday Level—FREDWhat if the Federal Reserve books losses because of its quantitative easing? by William B. English and Donald Kohn—BrookingsU.S. Banks Lost a Record $370 Billion in Deposits Last Quarter by David Benoit—The Wall Street JournalCryp

Camden and David converse with Asha Mehta, Managing Partner & CIO at Global Delta Capital about the bullish case for emerging and frontier market stocks as well as the risks.Topics covered include:How to go about investing in emerging marketsShould you invest in ChinaWhere are the most promising emerging and frontier marketsWhy aggregate emerging markets earnings have been lacklusterHow to balance quantitative analysis with subjective reasoningSponsorsMasterClass - Get two annual memberships for the price of oneMasterworks – invest in contemporary artShow NotesPower of Capital by Asha MehtaGlobal Delta CapitalSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the bankruptcy of FTX, the world's third-largest crypto exchange, undermines trust in cryptocurrency and decentralized finance, making it even more difficult for crypto to ever be taken seriously as a monetary alternative.Topics covered include:How FTX squandered its customers' depositsHow FTX is another example of a private money bank runHow traditional securities lending works and why it is very low risk compared to the highly speculative nature of cryptocurrency lending platformsHow FTX's demise is impacting numerous entities including Voyager, BlockFi, Bitcoin miners, venture capitalists, and many othersHow should individual investors store cryptocurrency, and does it even make sense to continue to own itFor more information on this episode click here.SponsorsLinkedIn – Post your job for freeMoney For the Rest of Us PlusShow NotesDon't Miss Out on Crypto: Larry David FTX CommercialThe spectacular implosion of crypto’s biggest star, explained by Emily Stewart—VoxDivisions in Sam Bankman-Fried’s Cr

How the International Monetary Fund, the world's economic firefighter, works for global monetary cooperation and prosperity while using its own made-up currency, the SDR.Topics covered include:What was the Bretton Woods monetary system that led to the formation of the IMF and the World BankHow the World Bank and IMF differWhat does the IMF doHow the IMF creates its own money out of thin airWhy does Argentina, the IMF's largest borrower, keep defaulting on its debt obligation including those to the IMFWhy the IMFs negotiating tactics are controversialFor more information on this episode click here.SponsorsAura, the new standard in digital safety PolicygeniusShow NotesCreation of the Bretton Woods System, July 1944—Federal Reserve HistoryThe World BankInternational Monetary FundSterling devalued and the IMF loan—Cabinet Papers, The National ArchiveTotal IMF Credit Outstanding, Movement From November 01, 2022 to November 07, 2022—IMFWhy you can’t technically default on the IMF by Izabella Kaminska—Fina

How to survive in a world where luck and randomness play a pivotal role.Topics covered include:What are power lawsWhat are the narrative fallacy and hindsight biasWhat are examples of domains where randomness has contributed to successWhat are ways to distinguish investing skill from luckHow sixth-century philosopher Boethius had an accurate view of chanceWhat are ways we can benefit from good luck while protecting ourselves from bad luckFor more information on this episode click here.SponsorsCopperMoney For the Rest of Us PlusShow NotesRedacted messages to and from Elon Musk—Delaware’s Court of ChanceryElon Musk’s Texts Shatter the Myth of the Tech Genius by Charlie Warzel—The AtlanticTalent Versus Luck: The Role of Randomness In Success and Failure by Alessandro Pluchino, Alessio Emanuele Biondo, and Andrea RapisardaSusan AlexandraWelcome to Susan Alexandra’s Dream World by Sophia Herring—Clever, Architectural DigestThe Fashion Set Can’t Get Enough of Susan Alexandra’s Colorful, Kitschy Designs by Noah

How to use laddered inflation-indexed bonds (i.e., TIPS), CDs, fixed annuities, and fixed index annuities to meet retirement living expenses while worrying less about running out of money.Topics covered include:How individuals can use liability-driven investment strategiesWhy now is the best opportunity to buy Treasury Inflation Protection Securities in 15 yearsHow to use bond laddersHow deferred fixed and deferred variable annuities workHow to analyze fixed index annuitiesFor more information on this episode click here.Show NotesWorry-Free Investing by Zvi Bodie and Michael J. ClowesMarket Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis, Inflation-Indexed—FREDMarket Yield on U.S. Treasury Securities at 5-Year Constant Maturity, Quoted on an Investment Basis, Inflation-Indexed—FREDNew 5-year TIPS auctions with a real yield of 1.732%, highest in 15 years—TIPSwatchComplete List of Multi-Year Guaranteed Annuities (MYGAs),

In Episode 406, David and Camden visit with Annie Duke about how to better manage our investment portfolios including when and what to sell. We also discuss a number of behavioral finance topics such as mental accounting, sunk costs, and goal myopia.Annie Duke is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book, Quit: The Power of Knowing When to Walk Away, was released on October 4, 2022. Her previous book, Thinking in Bets, is a national bestseller, and is highly influential on the investing philosophy of Money for the Rest of Us. As a former professional poker player, she has won more than $4 million in tournament poker, won a World Series of Poker Bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a profe

What is volatility and what causes it to rise and fall? How volatility itself contributes to more volatility such as in the example of the chaotic UK government bond market where long-term yields have increased by 4% in 2022.Topics covered include:How the role of volatility has changed in financial marketsWhat caused UK interest rates to spike and long-term bond investors to lose 50%What is liability-driven investmentWhat drives increases in volatility and volatility spikes and spillovers are more frequentHow to earn income from shorting volatility and what are the risksWhat we can learn when financial securities blow upFor more information on this episode click here.Episode SponsorsMasterworks – invest in contemporary art - **Net est. returns for all realized and unrealized offerings is 15.3%, from inception through 6/30/22.  See important Reg A and performance disclosures at masterworks.io/cdPolicygeniusShow NotesThe volatility virus strikes again by Eric Lonergan—Financial TimesHow ‘Liability-Dri

What has caused the U.S. dollar's currency exchange rate to be the strongest in twenty years? How a strong dollar leads to slower global economic growth and falling asset prices.Topics covered include:Why a strong dollar is a no-win situation for the rest of the worldWhy have inflation and interest rates increasedWhy recession risks are rising as central banks combat inflationWhy asset prices fall when interest rates riseWhat would cause the U.S. dollar to weaken from these levelsHow to protect against currency fluctuationsFor more information on this episode click here.SponsorsAura - protect your moneyPolicygeniusShow NotesWall St blames missteps at FedEx as parcel service fails to delivery Steff Chávez and Andrew Edgecliffe-Johnson—Financial TimesThe Global Dollar Cycle by Maurice Obstfeld and Haonan Zhou, BPEA Conference Drafts, September 8–9, 2022—Brookings Papers on Economic ActivityMonetary policy challenges posed by global liquidity by Hyun Song Shin—BISDollar beta and stock returns by V

How risk perceptions and actions have changed over several years of the pandemic. How the pandemic's impacts continue to affect politics, the economy, financial markets, how we invest, and our personal lives.Topics covered include:Is the pandemic really over?What percentage of people continue to isolate at homeHow behaviors such as eating out and visiting friends have changed throughout the pandemic.How work has changed with the pandemicHas pandemic stimulus changed beliefs about the sustainability of the national debt leading to structural inflationHow productivity improvements could improve the national debt burdenWhat investment lessons has David learned from the pandemicFor more information on this episode click here.SponsorsLinkedIn – Post your job for freeExpress VPN – get three months free on VPN serviceShow NotesBiden’s claim that ‘pandemic is over’ complicates efforts to secure funding by Dan Diamond—The Washington PostCOVID-19 Dashboard—The Center for Systems Science and Engineering at Johns Ho

What are the drivers that lead to higher student loan balances? Why a one-time student loan forgiveness program doesn't solve the problem of increasing student debt. What are some more viable longer-term solutions.Topics covered include:How big is the Biden Administration student debt forgiveness planHow big has the student debt burden grownWhy are borrowings for students increasingWhy Baby Boomers spent so much less on collegeHow are student loans accounted for by the U.S. federal governmentWhat is the impact on the deficit and potentially inflation of forgiving billions of dollars of student debtFor more information on this episode click here.Show NotesStudent Debt And The Federal Budget | How Student Loans Impact The U.S. Fiscal Outlook, November 2021—Bipartisan Policy CenterWhat the Student-Loan Debate Overlooks by Ronald Brownstein—The AtlanticSee the Average College Tuition in 2022-2023 by Emma Kerr and Sarah Wood—U.S. News & World ReportBiden’s Student-Debt Plan Could Chip Away

Warren Buffet said, "Diversification makes very little sense for anyone that knows what they’re doing." He also said, "Diversification is a protection against ignorance..." Most of us need that protection against ignorance, yet diversification often makes us feel bad when some of our holdings don't do as well as others. We make the case why we should diversify anyway.Topics covered:Warren Buffet says it's crazy to own more than 30 stocks, but Berkshire Hathaway owns 48 stocksWhat does it mean to analyze a businessHow have U.S. stocks performed relative to non-U.S. stocks long-termWhat has driven the outperformance of U.S. stocks and what has to happen for it to continueWhat are examples of diversification plays just in case the U.S. faltersFor more information on this episode click here.Show NotesWarren Buffett and Diversification—GrahamValue.comThe Complete Berkshire Hathaway Portfolio by John Divine U.S. NewsThe Business Cycle Is Different Than The Economic Cycle - Crestmont ResearchEU Natural Gas—Trad

How economic wars, pandemics, and worker shortages could lead to years of high structural inflation. What needs to happen to avoid this dire inflation scenario.Topics covered include:What are the three inflation lessons Federal Reserve Chair Jerome Powell sharedWhat is inflation anchoringWhat caused the current period of high inflationHow China and Russia contributed to low inflation and why those trends have reversedHow behavior changes and productivity improvements can contribute to lower inflationHow to invest for an extended period of high inflationFor more information on this episode click here.Thanks to Policygenius for sponsoring the episode.Show NotesMonetary Policy and Price Stability, August 26, 2022, byChair Jerome H. Powell—Board of Governors of the Federal Reserve SystemFed's Kashkari: 'happy' with market reaction to Powell speech by Ann Saphir and Matthew Lewis—ReutersWar and Interest Rates by Zoltan Pozsar—Credit Suisse2nd Quarter Market Commentary, July 2022—Horizon KineticsBP Energy Outl

We explore examples of positive and negative unintended consequences, what causes them, and how to navigate a world where unanticipated things happen all of the time.Topics covered include:What leads to unintended consequencesWhat are some unintended consequences of QE and stimulus, price controls, tax incentives, gun legislation, and marijuana legalizationHow positive unintended consequences and order can arise from the bottom upHow recent climate legislation could lead to unintended consequencesWhy customers don't always know what they wantFor more information on this episode click here.Episode SponsorsLinkedIn – Post your job for freeShow NotesLarge rent increases squeeze metro Phoenix tenants by Associated Press—The Journal RecordUnintended Consequences by Karras Lambert and Christopher J. CoyneThe Seen, the Unseen, and the Unrealized: How Regulations Affect Our Everyday Lives by Per L. BylundNorway reconsiders electric car privileges by Chris Randall—electrive.comMore Guns, More Unintended Consequen

We analyze two listeners' portfolios. One who is close to retirement and considering hiring an outside money manager. The second is 45 and just sold a business and is trying to decide whether to fire Schwab's robo-advisor service and manage his portfolio on his own.Topics covered include:What elements are part of a financial planWhat to consider when researching an investment advisorWhat is a core-satellite investment approachWhy Schwab was fined $180 million for misleading its clients about the cash balance in its Intelligent Portfolios serviceHow to decide if an investment advisor is a good fitWhy no portfolio can be on autopilot, but they can be as simple as two ETFsFor more information on this episode click here.SponsorsExpress VPN - get three months free on VPN serviceMasterworks - Invest in contemporary artShow NotesSchwab Subsidiaries Misled Robo-Adviser Clients about Absence of Hidden Fees—SECCease-And-Desist Order Against Charles Schwab & Co, June 13, 2022—SECRelated Episodes92: What Robo-Ad

This episode edits and remasters two earlier episodes on investing based on cycles to focus on timeless investing principles.Topics covered include:What are different types of cyclesWhy do cycles have subjective start and end dates.Why do coincidences happen so often.How to position investment portfolios based on cycles.How luck and skill play a role in investing.Why it is better to invest based on calibrating risk rather than prediction.Show NotesWeiss ResearchWeiss Research SEC ActionFoundation For The Study of CyclesFluke: The Math and Myth of Coincidence by Joseph MazurA Spectral Analysis of World GDP Dynamics – Andrey V. Korotayev and Sergey V. TsirelHoward Marks – Yet Gain?Mastering The Market Cycle by Howard MarksSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why it is challenging to distinguish a legitimate multi-level marketing company from a pyramid scheme as hedge fund billionaire Bill Ackman found out in his losing campaign against Herbalife. How Forsage has taken pyramid and Ponzi schemes to a whole new level, and why the regulators can't shut it down.Topics covered include:What are multi-level marketing companies and how most MLM distributors are unsuccessfulWhat is the difference between a pyramid scheme and a Ponzi scheme and what are some examplesHow hedge fund Pershing Square Capital Management took on Herbalife and despite FTC and SEC actions, Herbalife continues to thrive.Why Forsage, a pyramid and Ponzi scheme on the blockchain, continues, despite SEC regulatory actionsWhy Bitcoin isn't a Ponzi schemeFor more information on this episode click here.SponsorsPolicygeniusMoney For the Rest of Us PlusShow NotesHerbalife Settlement With F.T.C. Ends Billionaires’ Battle by Matthew Goldstein and Alexandra Stevenson—The New York TimesMulti-Leve

How slowing population growth and an eventual population peak will lead to competition for foreign workers, potentially higher inflation, and ultimately the need to transition to a steady-state economy rather than one based on constantly producing more.Topics covered include:How longevity and birthrates impact population growthWhat areas of the world are seeing population increases versus declinesWhy high income countries will need more immigrants in order to sustain their population levelsWhen is global population expected to peak and at what levelWill greater dependency ratios lead to higher inflationWhat is the difference between growth and developmentHow slowing population growth will impact investmentsWhy the world will need to transition to a steady-state economy focused on well-being rather than growthFor more information on this episode click here.SponsorsLinkedIn Jobs - post your job for freeMoney For the Rest of Us PlusShow NotesWorld Population Prospects 2022: Summary of Results—United Nations