The Best New Strategy is Old

Talking Real Money - Investing Talk

When markets get bumpy, emotions take the wheel—and that’s exactly why Don spends this solo episode reminding listeners that logic, evidence, and simplicity still win in the long run. He digs into why private investments aren't the magic they claim to be (even when Vanguard jumps in), why diversification still beats sexy strategies, and how the best “alternative” to bad investing is simply building a solid plan and sticking to it. Listener calls explore structured products, the Sharpe ratio, reverse mortgages, and how to spot a real fiduciary in the wild.

• 0:04 Money mistakes, solo hosting, and listener calls
• 1:17 Market volatility and emotional reactions
• 2:07 Logic and evidence beat financial “magic”
• 3:11 Vanguard’s alt fund and private asset hype
• 4:28 Private equity: opaque pricing, no liquidity
• 6:16 High-cost alternatives underdeliver
• 7:41 Vanguard alt fund: high fees, weak returns
• 9:13 Caller: staying long-term with S&P 500
• 10:20 Don: diversify beyond S&P with VT
• 11:30 Sharpe ratio explained; structured product skepticism
• 13:08 Structured notes: high fees, poor transparency
• 15:00 Fama quote: Few new ideas ever work
• 16:03 Caller: What does Berkshire Hathaway actually do?
• 17:23 Buffett builds value—why you can’t replicate it
• 20:08 You already own Berkshire in index funds
• 21:37 Caller: does currency manipulation matter?
• 23:32 Short answer: not really
• 25:45 Ignore most financial news—it’s just noise
• 27:22 Don flying solo this week
• 27:57 Caller: how to find a real fiduciary
• 31:16 Why Don doesn’t do meetings, and where to get help
• 36:12 Caller: reverse mortgages and property financing
• 39:55 Trusts and protecting assets—call a lawyer

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