Money For the Rest of Us

The national debt exceeds $40 trillion, U.S. long-term Treasury yields are at 19-year highs, the U.S. Treasury Department is intervening in currency and bond markets. We unpack it all in this episode and show you how to position your investment portfolio to lock in higher yields and protect yourself from falling bond prices. Sponsors Try NetSuite for Free Delete Me – Use code David20 to get 20% off Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Episode 563 Slide Deck Debt to the Penny - U.S. Treasury Historical debt and budget tables - U.S. White House Average U.S. national debt interest rate - U.S. Treasury Treasury Announces Increased Sizes of Nominal Long-End Liquidity Support Buybacks Beginning September 9 - U.S Treasury America’s Risky Debt: What Markets See That Policymakers Don’t - Hanno Lustig Related Episodes 525: No More AAA – What the U.S. Debt Downgrade Means for Investors 463: How to Lock in Higher Yields 464: More Ways to Lock in Higher Yields See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

What are the steps to simplify your portfolio, given that it is likely spread across multiple accounts? We focus particularly on retirees, who have to weigh additional considerations like withdrawals, Roth conversions, and required minimum distributions. We also explore which areas of the stock and bond markets are attractive right now as you seek to simplify and/or rebalance your portfolio. Sponsors Try NetSuite for Free Delete Me – Use code David20 to get 20% off Show Notes and Related Content A Complete Guide to Investing in I Bonds and TIPS (2026) 550: Asset Location: Where You Invest, Where You Live, What You Can Access Free Investment Strategy Report Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

We explore the expected size of AI-related debt, which vehicles hold it, what could go wrong, and how to protect yourself. Topics covered include: How AI capex boom compares to other large booms and busts What fixed income vehicles hold AI-linked debt What mechanisms are being used to transfer AI-debt risk. How circular finance is contributing to the AI infrastructure buildout What could go wrong with the AI infrastructure buildout that could lead to losses on AI-related debt How to tell what exposure you have to AI debt Sponsors Delete Me – Use code David20 to get 20% off NetSuite Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes AI debt slide deck used for episode RBC Weighs $2 Billion Risk Transfer to Hedge Data Center-Linked Loans by Esteban Duarte and Paula Sambo—Bloomberg Hyperscalers Tap External Financing as AI Capex Outruns Cash Flow—FactSet Insight What History Tells Us About The AI Investment Boom by Larry Swedroe—Financial Advisor Goldman Sachs Warns on AI’s Debt Tsunami — Is This the End of the AI Boom? by Rich Duprey—Yahoo! Finance Progress and peril by Pablo Hernández de Cos—BIS The Opportunities and Risks AI Presents for the Economy and Financial System by Governor Lisa D. Cook—The Federal Reserve Financial Stability Report by The Board of Governors of the Federal Reserve System—The Federal Reserve Financing the AI infrastructure boom: on- and off-balance sheet borrowing by Egemen Eren, Ingomar Krohn and Karamfil Todorov—BIS How AI debt financing impacts duration supply and interest rates by Hugo De Vere, Srini Ramaswamy and Seth Searls—Federal Reserve Bank of Dallas US Life Insurers Held $807 Billion of Hard-to-Sell Credit by Alexandre Rajbhandari—Bloomberg Insurers are funding AI infrastructure – NAIC wants to know if the ratings hold up by Paul Lucas—Insurance Business US Corporate Bonds Statistics—sifma See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

How inflation numbers are manipulated to appear lower. How to change your mindset about inflation to get ahead of it. Topics covered include: How Inflation (PCE) Calculations Are Changing Why the CPE Changes Are Suspicious The Biggest Changes Ever to Inflation Calculations What Causes Inflation AI Buildout Is Boosting Inflation How Rising Income Can Overcome Inflation Inflation Is Currency Debasement Most Things Get Cheaper and Better Over Time Personal Inflation Rate and Retirement We Can Beat Inflation by Improving Our Skills Inflation Manipulation vs Inflation Fabrication How to Outsmart Inflation Sponsors Delete Me – Use code David20 to get 20% off NetSuite Retirement Investing Webinar and Portfolio Cohort Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Preview of the 2026 Annual Update of the National Economic Accounts—BEA The Inflation Outlook by Governor Stephen I. Miran—U.S. Federal Reserve Toward A More Accurate Measure Of The Cost Of Living by The Advisory Commission To Study The Consumer Price Index —SSA A Complete Guide to Understanding and Protecting Against Inflation by David Stein—Money for the Rest of Us Live Retirement Portfolio Cohort—Money for the Rest of Us Related Episodes 475: Inflation’s Illusion: Debunking the Normalcy of Currency Debasement 429: Which Inflation Protection Strategies Worked and Which Didn’t? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

David shares nine lessons a listener followed to become a millionaire. Topics covered include: The benefit of underspending on housing What rate of return and how much would you need to save to grow a portfolio to one million dollars Why historical studies of the S&P 500 returns are misleading David's recent portfolio mistake Sponsors Delete Me – Use code David20 to get 20% off NetSuite Retirement Investing Webinar and Portfolio Cohort Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Related Episodes 498: What I Learned Investing in the Past Decade 454: How To Invest – Ten Rules of Thumb for Individual Investors See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

SpaceX, Anthropic, and OpenAI are all going public. Why now? And what will their weight be in index funds? What other U.S. ETF options are there if you don't want to have such a high concentration in stocks tied to AI. And finally, if you do buy SpaceX, what would need to happen to earn a reasonable return on your investment? Sponsors Delete Me – Use code David20 to get 20% off NetSuite Retirement Investing Webinar and Portfolio Cohort Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Space Exploration Technologies Corp. Form S-1 Registration Statment Under the Securities Act of 1933—SEC Elon Musk Is Dropping a Boulder in a Kiddie Pool by Matteo Wong—The Atlantic Passive Aggressive: The Risks of Passive Investing Dominance by Chris Brightman and Campbell R. Harvey—SSRN Passive Investing and Market Quality by Philipp Höfler, Christian Schlag, and Maik Schmeling—SSRN Investments Mentioned iShares Core S&P 500 ETF (IVV) Tema S&P 500 Historical Weight ETF Strategy (DSPY) Defiance Large Cap ex-Mag 7 (XMAG) Invesco S&P 500 Equal Weight (RSP) Invesco FTSE RAFI US 1000 (PRF) See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

We explore the free dividend fallacy and how it applies to option income strategies. We break down the return drivers of covered call ETFs and examine the long-term performance record and volatility. Finally, we explain why it's better to own a single stock than a single-stock covered call ETF, such as MSTY, NVDY, or TSLY, offered by YieldMax. Show Notes The Dividend Disconnect - Samuel M. Hartzmark and David H. Solomon Sam Hartzmark on Dividends - Meb Faber Research The New American Hustle: Dividends Over Day Jobs - Denitsa Tsekova and Vildana Hajric - Bloomberg Covered Calls Uncovered - Roni Israelov and Lars N. Nielsen - Financial Analysts Journal Volatility Risk Premiums Embedded in Individual Equity Options: Some New Insights - Nikunj Kapadia and Gurdip singh Bakshi Sponsors Take the Money for the Rest of Us book quiz to see which investing book is best for you. Delete Me – Use code David20 to get 20% off Investment Mentioned Invesco S&P 500 BuyWrite ETF (PBP) JPMorgan Equity Premium Income ETF (JEPI) WisdomTree Equity Premium Income Fund (WTPI) YieldMax TSLA Option Income Strategy ETF (TSLY) Tesla (TSLA) YieldMax NVDA Option Income Strategy ETF (NVDY) NVIDIA (NVDA ) YieldMax MSTR Option Income Strategy ETF (MSTY) Strategy (MSTR) Related Episodes 471: Unlocking Income—A Comprehensive Guide to Investing in Covered Call ETFs 466: Does Dividend Investing Still Work? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

Why we have to navigate investing, business, and life with a compass rather than a GPS. David also provides an update on what he has learned from hosting live portfolio cohorts and letting AI analyze his portfolio trades over the past 12 years. Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Almost Reckless by Amy Smilovic—Penguin Random House Related Episodes 555: Five Practices That Have Shaped My Career 127: Investing Is Wayfinding See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

I share five business practices that have carried me through asset bubbles, financial crises, business pivots, and now the rise of AI. Topics covered include: Recommended note-taking app and practices Recommended periodicals How to get better ideas Why we need to understand the probabilities when pursuing a new course The latest insights on AI, prediction markets, and other topics Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Researchers Asked LLMs for Strategic Advice. They Got “Trendslop” in Return. By Angelo Romasanta, Llewellyn D.W. Thomas and Natalia Levina—Harvard Business Review Paul Kedrosky Gregor Macdonald - Cold Eye Earth Prediction Market Accuracy: Crowd Wisdom or Informed Minority? By Roberto Gomez Cram, Yunhan Guo, Theis Ingerslev Jensen, and Howard Kung U.S. Soldier Charged With Using Classified Information To Profit From Prediction Market Bets—Office of Public Affairs, U.S. Department of Justice 64% of business books are profitable. That’s the bottom line from our study of Business Book ROI.—Josh Bernoff Libsyn Statistics, visualized—Livewire Labs The Big Bang: A.I. Has Created a Code Overload By Mike Isaac and Erin Griffith—The New York Times High earners race ahead on AI as workplace divide widens By Madhumita Murgia and John Burn-Murdoch—Financial Times Related Episodes 496: Are You Taking Enough Aspirational Risk? 535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

Please attend our live webinar on portfolio construction and rebalancing scheduled for Thursday, April 30th, at 12PM Eastern, 9AM Pacific time. I will cover the five steps to constructing and rebalancing a portfolio. I will also answer your questions. You can sign up for this special webinar at https://moneyfortherestofus.com/webinar/ See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

Why portfolio construction is messy, personal, and never perfect. We compare the pros and cons of several portfolio strategies, including target-date funds, risk parity, and role-based portfolios. We conclude with three AI-related fallacies that will help us better navigate the current moment. Sponsors Square - Get up to $200 in hardware Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Money for the Rest of Us Live Portfolio Cohorts Why Everything Suddenly Is ‘Perfect’ by Paula Marantz Cohen—The Wall Street Journal Your Perfect Portfolio by Cullen Roche—Pan MacMillan My Core Investment Values by Peter Lazaroff—Peter Lazaroff Show Us Your Portfolio: Jared Dillian—Excess Returns: An Investing Podcast The dystopian fantasy of uselessness by Stephen Cane—The Financial Times Investments Mentioned State Street Bridgewater All Weather ETF (ALLW) RPAR Risk Parity ETF (RPAR) AQR Multi-Asset Fund (AQRIX) Related Episodes 491: The Five Layers of Investing 306: Three Approaches to Asset Allocation See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

In this mini episode, I share some examples of how I am using Claude Cowork and other tools to boost my productivity and build investment portfolio analysis tools. I also share more details on the live portfolio cohorts we will be holding next month. You can learn more about our live portfolio cohorts here. Show Notes I Saw Something New in San Francisco - Ezra Klein - New York Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

How the Iran conflict and other developments could lead to another major financial crisis. What is different today from 2008? Why trying to seed a revolution is so risky. And finally, what can we do to prepare ourselves for the next financial crisis? Sponsors Delete Me – Use code David20 to get 20% off Live Portfolio Cohort - May 2026 Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Read Trump's full statement on Iran attacks—PBS News I Predicted the 2008 Financial Crisis. What Is Coming May Be Worse. By Richard Bookstaber—The New York Times The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction By Richard Bookstaber The Poverty of Historicism By Karl Popper Iran Is Trying to Defeat America in the Living Room By Karim Sadjadpour—The Atlantic Iran war is the greatest threat to global energy ‘in history’, warns IEA By Malcom Moore—Financial Times ‘Once and for All’ Means Never By Thomas L. Friedman—The New York Times AI Isn’t Coming for Everyone’s Job By Adam Ozimek—The Atlantic Related Episodes 291: How To Survive the Coronavirus (COVID-19) Shutdown 377: What If It’s Different This Time? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

When is good enough actually good enough? AI is reshaping how I work and live. And a member with a portfolio that's beaten an all-in-one Vanguard LifeStrategy fund for ten years asks whether the complexity is worth it — or whether it's time to simplify. Sponsors Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Upswing: How We Came Together a Century Ago and How We Can Do It Again by Robert Putnam—Simon &Schuster An update on our model deprecation commitments for Claude Opus 3—Anthropic Claude's Corner—Substack Investments Mentioned Vanguard LifeStrategy Growth Fund Investor (VASGX) Related Episodes 542: Don’t Take Financial Advice from AI 491: The Five Layers of Investing 419: How to Make Portfolio and Asset Allocation Changes Masterworks Disclosures Listeners get priority access to Masterworks at https://www.Masterworks.com/david Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation. Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd . See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

How historical and expected returns for university endowments can guide us in setting reasonable return expectations. We also analyze managed futures strategies to see how they work, how they have performed, and how to use them in your investment portfolio. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 2025 NACUBO-Commonfund Study of Endowments (NCSE) Results—NACUBO Princeton University cuts expectation for endowment returns by Sun Yu—The Financial Times Demystifying Managed Futures by Brian K. Hurst, Yao Hua Ooi, and Lasse H. Pedersen—AQR Investments Mentioned AQR Managed Futures Strategy Fund I (AQMIX) iMGP DBi Managed Futures Strategy ETF (DBMF) KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM) WisdomTree Managed Futures Strategy Fund (WTMF) First Trust Managed Futures Strategy Fund (FMF) Return Stacked US Stocks & Managed Futures ETF (RSST) Related Episodes 524: Facing a Financial Squeeze: What Harvard’s Response Can Teach the Rest of Us 204: Why Are Investment Returns So Low? 180: Can You Outperform Harvard’s Endowment? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

In this episode, we look at asset location, how to decide which investments belong in taxable, tax-deferred, and tax-free accounts, how where we live shapes the opportunities available to us, and how capital ultimately expands our choices. Sponsors Gelt - Taxes Done Right Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Hidden Healthcare Infrastructure Americans Cross the Border to Find—Kogod School of Business FARMWORKER SERVICE CENTER PROPOSAL AND ACTION PLAN FOR THE CITY OF CALEXICO AND IMPERIAL VALLEY by JAVIER MORENO—Calexico Location as an Asset by Adrien Bilal and Esteban Rossi-Hansberg—Princeton It Is Not Climate Denial But Adaptation Denial That Holds Us Back by Mathis Wackernagel and Peter Raven—SSRN The Overlooked Edge: The Case for Asset Location in Managed Portfolios—Morningstar Revisiting the conventional wisdom regarding asset location by Sachin Padmawar and Daniel Jacobs—Vanguard Asset location for equity by Sachin Padmawar and Daniel Jacobs—Vanguard This powerful strategy can create more spendable wealth by Tom Lenkiewicz—J.P. Morgan Asset location strategies for tax efficient investing—BlackRock What would Yale do? Implementing after-tax asset allocation by Frances Walsh and Patrick Geddes—BlackRock Related Episodes 540: Beyond Munis — New ETFs for Tax-Efficient Bond Investing 506: Should You Retire Early and Live Outside Your Home Country? With Joshua Sheats 425: How Profits Motivate Change Masterworks Disclosures Listeners get priority access to Masterworks at https://www.Masterworks.com/david Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation. Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd . See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

A new ETF allows individuals to earn income by insuring against natural disasters through investing in catastrophe bonds. We break down the historical returns, risk, fees, and structure of this intriguing investment opportunity. Topics covered include: What types of natural disasters are increasing How insurance companies use reinsurance and cat bonds to protect against extreme losses Why home insurance premium increases should be lower in 2026 How cat bonds are structured and what makes them a unique fixed income security What to consider in deciding to invest in cat bonds. Sponsors Gelt - Taxes Done Right Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Investments Mentioned Brookmont Catastrophic Bond ETF (ILS) Stone Ridge High Yield Reinsurance Risk Premium Fund (SHRIX and SHRMX) Show Notes Miami Is Entering a State of Unreality by Mario Alejandro Ariza—The Atlantic Historical Hurricane Tracks—NOAA LA fires dominated insured losses of $127bn in 2025, says Aon by Eva Xiao and Lee Harris—The Financial Times 2026 Climate and Catastrophe Insight—AON BERKSHIRE HATHAWAY INC. 2002 ANNUAL REPORT—Berkshire Hathaway When, Where and How Often Insurers Fail—PACICC Climate change presses on: Devastating wildfires and intense thunderstorms exacerbate losses for insurers—Munich RE Reinsurance buyers experience market softening as reinsurers grow capital following strong returns—Guy Carpenter Catastrophe bond sales hit record as insurers offload climate risks by Lee Harris and Ian Smith—The Financial Times Swiss Re Global Cat Bond Performance Index returns 11.40% for 2025—Artemis Catastrophe Bonds by Alexander Braun and Carolyn Kousky—Wharton See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

We explore the forces likely to shape financial markets in 2026 and how to make better decisions as you pursue your goals this year. Topics covered include: The difference between intentions and resolutions Key behavioral biases and how to overcome them The cautionary tale of a private real estate fund that went public Is the affordability crisis real? The big test for AI in 2026 The financial and economic outlook for the year Sponsors Gelt - Taxes Done Right Masterworks - Invest in multimillion-dollar artwork offerings Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes A Slightly Better You in the New Year by Roland Fryer—The Wall Street Journal Paying Not to Go to the Gym by Stefano DellaVigna and Ulrike Malmendier—American Economic Association Handbook of Cognitive Biases—Federal Intelligence Service FIS Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over—Federal Reserve Bank of St. Louis America’s affordability crisis is (mostly) a mirage—The Economist When Your Private Fund Turns $1 Into 60 Cents by Jason Zweig—The Wall Street Journal Canadians Are Furious After Real Estate Funds Lock Up Their Money by Paula Sambo—Bloomberg Blue Rock TI+ Annual Report—Securities and Exchange Commission Which jobs have grown (and declined) fastest during your working life? by Andrew Van Dam—The Washington Post Is AI More Like a Mind or a Market? by Walter Frick—Bloomberg Don’t Fear the Bubble Bursting by Carl Benedikt Frey—The New York Times Related Episodes 484: 7 Steps to Living a Longer Life 414: Use Caution with Private REITs like Blackstone’s BREIT Masterworks Disclosures Listeners get priority access to Masterworks at https://www.Masterworks.com/david Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index. Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation. Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd . See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

Should you borrow money to magnify returns in your 401 (k), IRA, or other tax-deferred retirement account? We examine Basic Capital, which allows investors to leverage their retirement account investments. We also explore how the wealthy don't use debt to generate wealth but to manage it. Sponsors Gelt - Taxes Done Right Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Basic Capital This 30-Year-Old’s Startup Is Bringing Leverage to 401(k) Savers by Suzanne Woolley—Bloomberg This startup is offering mortgages for 401(k)s by Liz Hoffman—Semafor Startup Failure by Elizabeth Pollman—SSRN Related Episodes 353: The Pros and Cons of Infinite Banking and Whole Life Insurance 238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

As Baby Boomers continue to retire, some analysts expect financial markets to feel the strain. We examine whether demographic shifts truly shape stock and bond returns, or what other factors matter more. Topics covered include: Will retiring baby boomers lead to lower stock prices or higher interest rates Some earlier demographic predictions and how they worked out How do natural interest rates reflect the demand and supply of capital Why demographics are only one factor that determines economic growth and financial market returns Sponsors Gelt - Taxes Done Right Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Zeihan Harry Dent Measuring the Natural Rate of Interest—Federal Reserve Bank of New York Distribution of Household Wealth in the U.S. since 1989—The Federal Reserve Related Episodes Related Episodes 487: Are We Heading for a 2030s Depression? Global Economic and Population Shifts 445: From Boom to Bust—Why China’s Stocks Lagged Behind Its Economy & Where to Invest Next 395: How Population Trends Will Impact Growth, Inflation, Investing and Well Being See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .