The Best New Strategy is Old
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