Money For the Rest of Us

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**Money For the Rest of Us**

A personal finance and investing podcast on money, how it works, how to invest it and how to live without worrying about it. J. David Stein is a former Chief Investment Strategist and money manager. For close to two decades, he has been teaching individuals and institutions how to invest and handle their finances in ways that are simple to understand. More info at moneyfortherestofus.com

Latest Episodes:

How to Better Manage Risk Sep 11, 2019

Show notes

What are the three steps to better manage risk and get what you really want.

Topics covered in this episode include:

Why goods and services that lessen risk tend to cost more.
What is the three-step process for assessing and managing risk.
Why defining the risk-free option or asset is critical to managing risk.
Why immediate annuities are the retirement risk-free option rather than a conservative investment portfolio.
What are the two types of risk and how do we mitigate them.
What is the difference between hedging and insuring against risk.

Thanks to Dashlane and The Great Courses Plus for sponsoring the episode.

For show notes and more information on this episode click here.

[0:17] Weighing the risk and knowing how to make a decision under uncertainty.
[5:00] Three steps for assessing and managing risk.
[9:11] Finding the risk-free asset in a retirement plan.
[14:36] Idiosyncratic & systemic risk.
[16:40] De-risking and using hedges to create a risk buffer.
[20:22] Identifying a sound insurance operation.
[23:36] Using flexibility as a risk management strategy.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How Capitalism Gets Off Track Sep 04, 2019

Show notes

How inequitable business models like those in the gig economy can lead to a financial crisis, more regulation, and doubts about the viability of the free-market system.

Topics covered in this episode include:

What is the expanded role of corporations according to leading chief executive officers.
What is the gig economy.
Takeaways from David’s recent experience delivering restaurant meals for Doordash including the huge liability many independent delivery drivers are unaware of.
Who covers the shortfall when the cost of operating a business is less than what consumers are willing to pay for the goods and services the businesses offer.
How more regulation results from businesses unfairly passing on costs to others.
How income inequality and debt can lead to a financial crisis.

Thanks to Policygenius and Sleep Number for sponsoring the episode.

For show notes and more information on this episode click here.

[0:18] Is Capitalism still working for everyone?
[2:12] David’s disappointing gig economy experience.
[6:53] The hidden cost of insurance in gig jobs.
[9:04] Who pays to close the financial gap created by gigs?
[14:27] The pitfalls of the gig economy.
[16:17] What makes capitalism work?
[19:29] Income inequality is a drag on the economy.
[23:09] The importance of calculating the entire cost.
[25:36] How your decisions can impact the health of the capitalist economy.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Using Momentum Investing and Trend Following Aug 28, 2019

Show notes

How momentum investing works, what are some of the challenges in implementing it, and how can individuals use momentum in their investment portfolios.

Topics covered in this episode include:

What is momentum investing and why does it theoretically deliver excess return.
Why do momentum strategies suffer through periods of horrendous losses.
Why high trading costs and selling a position can be challenges to successfully implementing momentum strategies.
What are examples of momentum oriented funds and ETFs.
How momentum can be used for making asset allocation decisions and adjusting portfolio risk.

Thanks to The Great Courses Plus and Netsuite for sponsoring the episode.

For show notes and more information on this episode click here.

[0:18] Momentum investing consistently outperforms the market.
[5:04] Why does momentum investing work?
[7:31] The three challenges of the momentum investing phenomena.
[12:50] What happens if investor behavior changes?
[14:24] Tactics for implementing momentum into your own portfolio.
[20:02] Using dual momentum to move in and out of asset classes.
[23:55] Utilizing momentum investing as a swing vote.
[28:01] How David uses momentum investing in his portfolio.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Invest Like a Tesla Aug 21, 2019

Show notes

How the composition of Tesla's autopilot software gives clues to how we should invest, recognizing there are no perfect algorithms for driving or investing.

In this episode you will learn:

Why Americans are afraid of self-driving cars.
How autonomous automobile software works.
Why people reject even the best possible algorithms.
What are examples of safety features and rules of thumb we should build into our investing process.
Why does everyone think a recession is coming soon even though there is little evidence currently.

Thanks to WIX and Dashlane for sponsoring the episode.

For show notes and more information on this episode click here.

[0:17] The pervading fear of self-driving cars, despite their safety features.
[3:33] Why do people fear algorithms and prefer human decision-making?
[7:45] Algorithmic decision-making has proven to be most accurate.
[10:10] Automating your investing is like choosing an automated vehicle.
[12:06] Keeping within the guardrails of investing strategy.
[15:44] How to diversify your portfolio as an additional guardrail.
[17:31] Is a recession really looming on the horizon?
[20:16] Don’t maximize for perfect answers.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What Happens If U.S. Interest Rates Turn Negative? Aug 14, 2019

Show notes

What are negative interest rates, why they could come to the U.S. and what investors can do about it.

In this episode you will learn:

How negative interest rates are even possible.
How longer life spans, central bank actions, changing time preferences and the FIRE movement are contributing to negative interest rates.
What is the paradox of thrift.
How investors can earn a positive return on bonds even if interest rates are negative.
What are some indicators to watch for that could signal imminent negative interest rates in the U.S.
How individuals need to adjust their lifestyles in an era of negative interest rates.

Thanks to Peloton and The Great Courses Plus for sponsoring the episode.

For show notes and more information on this episode click here.

[0:20] Germany government bonds go negative for the first time.
[2:38] Understanding savings: the paradox of thrift.
[6:35] The concept of the individual choice and the perceived expense of saving.
[11:05] The savings glut could lead to negative interest rates in the U.S.
[14:40] Three reasons one would invest in negative-yielding bonds.
[18:38] Central banks are influencing the spread of negative-yielding bonds.
[20:29] What could happen to the U.S. economy if interest rates fell.
[22:11] Three factors David is looking at for an indication of falling interest rates.
[25:49] What we can do if U.S. interest rates go negative.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Should You Invest In Gold? Aug 07, 2019

Show notes

With gold at a six-year high, is now the time to invest? What determines the price of gold and what are ways one can invest in this precious metal? We also explore whether gold is an effective inflation hedge and store of value.

In this episode you’ll learn:

How has gold performed as an investment over different time periods.
How gold has outperformed inflation, but has not been a great inflation hedge.
What are the challenges to gold being a safe haven
How gold’s performance is driven by fear and momentum
Why gold is a speculation and not an investment.
Why Ray Dalio and Jim Grant recommend gold but Warren Buffett is more skeptical.
How to invest in gold via an ETF, physical coins or the gold futures market.

Thanks to WIX and Policygenius for sponsoring the episode.

For show notes and more information on this episode click here.

[0:18] Gold may not be as strong as it used to be.
[2:03] The performance of gold depends on when you bought it.
[3:46] Why do people own gold?
[4:15] Is gold actually a good inflation hedge?
[8:07] Using gold to build a safe haven.
[9:56] Investing in gold because it’s under-owned.
[10:46] The supply and demand characteristics of gold.
[12:25] The bandwagon effect of gold.
[17:00] Gold is a speculation—not an investment.
[19:10] Which asset will do best in an inflationary and distrusting economy?
[22:44] How should you invest in gold?

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Better Not Bigger, Circular Not Linear - How the Global Economy Is Changing Jul 31, 2019

Show notes

How a less energy intensive and more regenerative economy will allow the developing the world to advance without breaching ecological boundaries.

In this episode you’ll learn:

What is the difference between circular and linear supply chains.
What is doughnut economics?
What are adaptive preferences and how they led David to trade in a BMW 650i for a Toyota Prius.
How electric vehicles and the proliferation of solar panels are leading to a less energy-intensive economy.
How the reduction of litter is an example of changing culture.

Thanks to NetSuite and Dashlane for sponsoring the episode.

For show notes and more information on this episode click here.

[0:20] Creating a global economy that is better—not bigger.
[3:18] A circular economy is better than a linear one.
[6:20] The growth constraints of a circular economy.
[9:08] Being wise in our aspirations.
[12:55] David’s Tesla experience changed his perspective on investments.
[14:52] The power of energy transitions.
[18:02] Making more economical choices concerning energy transitions.
[20:04] How are we judging our well-being?
[23:07] Redefining what we consider beautiful.
[24:17] Making a better global economy begins with you.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Is Value Investing Dead? Jul 24, 2019

Show notes

Why has value investing underperformed growth investing for over twelve years and how to position your portfolio for the eventual rebound in value investing.

In this episode you will learn:

The difference between growth and value investing and why value investing outperforms growth investing over the long-term.
How value and growth indices are constructed and how they differ from fundamental indexing.
What are the risks and opportunities of investing in concentrated, deep-value managers.
Why value investing will eventually rebound.

Thanks to WIX and Sleep Number for sponsoring the episode.

For show notes and more information on this episode click here.

[0:18] What is value investing?
[2:07] A historical look at growth vs. value yields.
[5:41] The return of the value stock in the early 2000s.
[11:07] The twelve and a half years of underperforming value stocks.
[13:09] The sectors controlling the performance of value and growth stocks.
[15:01] Better understanding the indices.
[20:31] Using fundamentally weighted indices to balance your portfolio.
[23:10] Are underperforming managers struggling because of poor skills or because of unfavored strategies?
[29:20] While value may be difficult to predict, it isn’t dead.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Is This Why Interest Rates Are Falling and the Global Economy Slowing? Jul 17, 2019

Show notes

Has the off-shore dollar market in terms of dollar financing and currency hedging gotten so big that it can dictate Federal Reserve monetary policy including the expected short-term interest rate cut by the Fed at its July 2019 open market committee meeting? In other words, has the Federal Reserve lost its ability to conduct monetary policy and control interest rates as it sees fit and is now in search of other tools?

In this episode you’ll learn:

Why the Federal Reserve is puzzled by how U.S. interest rates are behaving.
How the large but opaque off-shore dollar lending and currency hedging market could be strengthening the dollar, slowing the global economy and pushing down interest rates.
What is leading to a global dollar shortage.
Why the Federal Reserve is researching other policy tools.
What investors can do to protect against uncertainty regarding the dollar

Thanks to ButcherBox and Policygenius for sponsoring the episode.

For show notes and more information on this episode click here.

[0:20] The suspected outcome of the Federal Reserve Committee Meeting on July 30th and 31st.
[3:04] Is the Federal Reserve’s inconsistency, in this case, something to fear?
[6:31] The influence of offshore U.S. dollars on the Federal Reserve.
[9:10] The issue of undocumented offshore dollar-denominated debt.
[12:06] The ramifications of the inability of the global supply chain to access the dollars they need.
[15:21] Banks are less willing to lend dollars while also demanding more “pristine” collateral.
[18:36] The complexity of the global U.S. dollar matrix.
[21:06] Steps to take to cushion your portfolio against any ramifications of a lower Federal Reserve interest rate.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Will The Libra Cryptocurrency Revolutionize Money? Jul 10, 2019

Show notes

Will Facebook's Libra Cryptocurrency transform money as we know it or is it "the most invasive and dangerous form of surveillance devised thus far?" How does the Libra compare to Bitcoin and the U.S. dollar in terms of the attributes of money.

In this episode you’ll learn:

What is the Libra and how does it differ from Bitcoin.
What are the different attributes of money.
What is proof of work and proof of stake for cryptocurrencies.
What is the difference between permissionless and permission-based systems for cryptocurrency.

Thanks to WIX and Peloton for sponsoring the episode. Use code MONEY for Peloton.

For show notes and more information on this episode click here.

[0:17] Praise and criticism of the Libra.
[1:56] What defines money, and does the Libra match up?
[3:53] Proof of work vs. Proof of stake: Libra vs. Cryptocurrency.
[9:52] The role of Libra BFT: creating a permission-less and sustainable currency.
[12:30] Libra’s claim that it has intrinsic value by being backed by assets.
[16:00] Measuring the reserves and political power of Libra.
[17:46] How new money is created by Libra compared to other currencies.
[21:05] Who makes up the Libra validators?
[22:36] Possible issues with taxes and regulation.
[24:42] Comparing libra to other cryptocurrencies and the U.S. dollar.

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