Épisodes

  • Optimization, AI and Opting Out with Coco Krumme

    Optimization, AI and Opting Out with Coco Krumme
    Dec 18 2024

    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

    cocofolio.com

    Coco Krumme—LinkedIn

    Related Episode

    480: Beyond Faster (T+1) Trade Settlement: The Hidden Costs of Optimization

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    34 min
  • Indexing Bubble and Asset Class Returns Still Revert to the Mean

    Indexing Bubble and Asset Class Returns Still Revert to the Mean
    Dec 11 2024

    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

    The Greatest Scourge in Factorland: Revaluation Alpha = Fake Alpha (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?

    234: Index But Don’t Herd


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    31 min
  • U.S. Stocks Have Never Been This Overhyped or Expensive

    U.S. Stocks Have Never Been This Overhyped or Expensive
    Dec 4 2024
    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?SponsorsDelete Me – Use code David20 to get 20% offLegalZoom - Use code David10 to 10% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesAmerican productivity still leads the world—The EconomistThe Outlook for Long-Term Economic Growth by Charles I. Jones—Federal Reserve Bank of Kansas CityHow Much Will Global Warming Cool Global Growth? by Ishan B. Nath, Valerie A. Ramey, and Peter J. Klenow—UC San DiegoTechnology and demand drivers of productivity dynamics in developed and emerging market economies by Alistair Dieppe, Neville Francis, and Gene Kindberg-Hanlon—European Central BankCapitalism is in worse shape in Europe by Ruchir Sharma—The Financial TimesThe Mother of All Bubbles by Ruchir Sharma—The Financial TimesThe Curious Incident of the Elevated Profit Margins by James Montier—GMOFederal Surplus or Deficit [-] as Percent of Gross Domestic Product - FREDEuro area government deficit at 3.6% and EU at 3.5% of GDP—eurostatEnd of an era: The coming long-run slowdown in corporate profit growth and stock returns by Michael Smolyansky—Federal Reserve BoardShould investors just give up on stocks outside America?—The EconomistRelated Episodes500: The S&P 500 Index and the Decade Ahead499: What Makes an Economy Prosperous? Spotlight on Cuba and Argentina343: Why the Productivity Slowdown Could Lead to Lower Living StandardsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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    24 min
  • Should You Invest in Nuclear Energy?

    Should You Invest in Nuclear Energy?
    Nov 20 2024
    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 facilityHow much does nuclear energy contribute to global power generationWhy is demand for electricity acceleratingWhat are the advantages and challenges with nuclear energyWhat investment vehicles individuals can use to invest in nuclear energyEpisode SponsorsNetSuite Delete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesMicrosoft in deal for Three Mile Island nuclear power to meet AI demand by Myles McCormick and Jamie Smyth—The Financial TimesNuclear Power Was Once Shunned at Climate Talks. Now, It’s a Rising Star. by Brad Plumer—The New York TimesInside Diablo Canyon Nuclear Power Plant | BG2 w/ Bill Gurley & Brad Gerstner—YouTubeQ&A - Germany’s nuclear exit: One year after—Clean Energy WireFukushima Daiichi Accident—World Nuclear AssociationChernobyl Accident 1986—World Nuclear AssociationNuclear Energy in a Low-Carbon Energy Future—NEIElectricity Mid-Year Update - July 2024—IEAWhat is U.S. electricity generation by energy source?—U.S. Energy Information AdministrationHow old are U.S. nuclear power plants, and when was the newest one built?—U.S. Energy Information AdministrationGlobal price of Uranium—FREDInvestments MentionedPelican Energy PartnersSprott 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 Episodes469: 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?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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    21 min
  • Strategies and Systems Want Your Money

    Strategies and Systems Want Your Money
    Nov 13 2024

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

    Episode 500: The S&P 500 Index and the Decade Ahead
    Nov 6 2024

    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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    27 min
  • What Makes an Economy Prosperous? Spotlight on Cuba and Argentina

    What Makes an Economy Prosperous? Spotlight on Cuba and Argentina
    Oct 30 2024
    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 blackoutsWhy economic sanctions frequently don't workHow Argentina's President Millei is taking a "chainsaw" to the nation's economyWhy emerging markets will need to change their export-oriented growth trajectoryWhat are the risks to the long-term health of the U.S. economySponsorsMonarch Money – Get an extended 30-day free trialLegalZoom - Use code David10 to 10% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesCuba is out of supplies and out of ideas—The EconomistCuba 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 TimesWhy Economic Sanctions Backfire: The Role of Emigration in the Venezuelan Case by Nicolás Idrobo—SSRNThe Impact of the Cuban Adjustment Act on Cuban Immigrants in the US by Tamarys Bahamonde—SSRNHow is Javier Milei performing after nearly 11 months in office? by Michael Stott and Ciara Nugent—The Financial TimesThe weakest links in the global economy are on the mend by Ruchir Sharma—The Financial TimesArgentina’s poverty rate soars above 50% under Javier Milei by Ciara Nugent—The Financial TimesArgentina Inflation Slows to 2021 Levels in Win For Milei by Manuela Tobias—BloombergArgentina’s economy minister strikes defiant note on default risk by Ciara Nugent and Michael Stott—The Financial TimesArgentine Debt Rises Out of Distress Territory on Milei Reforms by Kevin Simauchi—BloombergArgentina Scrapped Its Rent Controls. Now the Market Is Thriving. by Ryan Dubé—The Wall Street JournalDeveloping Countries Can’t Count on Manufacturing to Supercharge Growth by Kai Schultz and Shruti Srivastava—BloombergRelated Episodes411: Is Emerging and Frontier Markets Investing Still Worth It? – With Asha Mehta409: What Is the IMF and Why Is It Controversial?233: Is An Emerging Markets Crisis Imminent?93: Capitalism, Complexity and CubaSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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    23 min
  • Ten Things I've Learned About Investing in the Past Decade

    Ten Things I've Learned About Investing in the Past Decade
    Oct 23 2024

    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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    30 min