Extra Qs

A year-end Boxing Day Q&A covering realistic downside expectations for global portfolios, the marginal value of adding international small-cap value, details for RetireMeet 2026, and a deeply skeptical look at Medicaid-compliant annuities. The common thread: diversification helps, simplicity usually wins, and when complexity shows up early, commissions are often lurking nearby.

0:04 Boxing Day confusion, goodwill, and a short-format holiday Q&A

1:07 Why this is a shorter, four-question episode to wrap the year

2:17 How much can a globally diversified stock portfolio really fall

3:06 Limits of global market data and why 2008 still sets expectations

4:11 Roughly 40% decline for global stocks in 2008 and how bonds softened the blow

4:54 Why worst-case scenarios are about expectations, not predictions

6:07 Listener portfolio with VXUS, AVUV, and SWTSX and whether to add AVDV

6:35 Balancing small-cap value exposure versus keeping things simple

7:56 Why a few basis points rarely justify added complexity

8:38 RetireMeet 2026 question and a well-earned jab at Tom’s joke delivery

10:02 RetireMeet 2026 details and early seat reservations

10:29 Event date and location: March 7, Bellevue at Meydenbauer

11:44 Medicaid-compliant annuities explained through a real family scenario

13:57 Why MCAs are usually last-resort tools, not early planning solutions

15:49 Concerns about elder law attorneys, incentives, and hidden commissions

16:35 What MCAs really do: income conversion, not asset protection

17:28 Why skepticism is healthy and shopping non-commission options matters

18:43 Closing thoughts on trust, incentives, and surviving another financial year