Talking Real Money - Investing Talk

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Ep. 1686: Melt-Up or Melt-Down? Jul 15, 2025

Show notes

Don and Tom take on the ever-persistent phrase “This time it’s different,” as Bloomberg and NYT articles suggest AI, financial fragmentation, and inflation have permanently changed the investing game. The duo questions whether these changes actually warrant different investing behavior—or if they’re just the latest in a long line of panics dressed up as paradigm shifts. Along the way, they debate market melt-ups, the logic of diversification, and why equities pay more (hint: it’s not because they’re safe). Listeners call in with questions about ETFs in IRAs, Roth conversions later in life, and tax-savvy asset allocation across accounts.
0:04 Perspective from aging: we’ve heard “this time is different” before
1:58 AI panic, financial fragmentation, and inflation—Bloomberg’s argument
3:31 Don and Tom challenge claims of “new” market conditions
5:08 AI voice cameo: Cath makes her show debut
6:05 What should investors do if things are different?
9:00 NYT’s Jeff Sommer warns of a potential market “melt-up”
10:08 Irrational exuberance: unprofitable stocks soaring
12:57 Why risk still pays: stocks go up and down
15:02 Smooth ≠ profitable: bonds are boring, stocks reward fear
18:23 Listener asks: Why own international if U.S. wins?
20:34 Diversification vs. chasing past performance
23:42 Call: ETFs vs. mutual funds inside retirement accounts
29:36 Call: Should a 79-year-old convert to a Roth?
36:53 Call: Asset location strategy and inherited IRA cash flow
41:36 Don’s final advice: no tax tricks—just make a plan
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Ep. 1685: Income Generation Jul 14, 2025

Show notes

Tom returns from his surprise Canadian adventure and the duo dive into the age-old retirement question: How do I get my money out? They break down the three most common withdrawal strategies—dividends, total return, and hybrid—and make the case for why a well-managed total return strategy usually comes out on top. Listener questions cover Roth IRA gifts to a niece, inherited IRA distribution rules, Paul Merriman’s small-cap stance, and whether long-term care insurance is a smart bet or an emotional security blanket.
0:04 Tom’s Canadian re-entry, Uber tally, and chocolate croissant confessions
1:27 Intro to retirement income strategies: the great withdrawal confusion
2:52 Strategy #1: Living off dividends—why it’s flawed and risky
5:19 Strategy #2: Total return—rebalancing for sustainable income
8:07 Strategy #3: Hybrid approach—Don’s skeptical take
10:51 Listener Q&A: Best way to gift a Roth IRA to a 30-year-old niece
12:01 IRA inheritance rule: what happens if the inheritor dies
13:33 Paul Merriman’s international small-cap comment clarified
16:44 Federal retiree asks about withdrawal order; daughter’s international allocation
24:28 Long-term care insurance: practical planning or expensive gamble?
27:35 How to get a free, pressure-free portfolio review from the team
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Ep. 1684: Big Q&A DAY Jul 11, 2025

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Don tackles six listener questions in a rare full-stack Q&A Friday. He breaks down a shady universal life insurance pitch, dismantles the myth of “smart” market timing with limit orders, and offers clarity on Roth conversions, rebalancing strategies, and inherited IRA hacks. A master class in how to stop making dumb money moves.
0:04 Intro – Friday Q&A episode with a goal: 6 questions in one show
1:18 How to ask your questions (and why spoken questions get on air)
2:55 Rachel (NC): Friend sold a $7,000+/yr universal life policy — is it a scam? (Yes)
4:09 Breakdown of how much goes to commissions, costs, and investments in year one
6:44 Better choice: Buy term and invest the difference
8:47 Backdoor Roth IRA Timing: Can I convert a 2025 non-deductible IRA in 2026 and still have it count for 2025? (Sort of, but not really)
11:08 Andrew: Used a limit order during market dip to rebalance — did it work or just get lucky?
14:22 Why timing systems (even “disciplined” ones) fail over time
15:23 S&P 500 Addition Bump: Can you profit from companies added to the index? (Unlikely)
17:37 Tesla example and the dangers of trying to front-run institutional traders
18:22 Casey in Albuquerque: What does rebalancing really mean? (All of it—stocks/bonds, small/large, U.S./intl.)
21:21 Eric: Can you offset inherited IRA RMDs by making IRA/401(k) contributions with that income? (Yes, if within limits)
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Ep. 1683: Vanguard's Advisor Alpha Jul 10, 2025

Show notes

Don is joined by Mike DeJoseph from Vanguard to unpack the meaning and real-world impact of Advisor’s Alpha—Vanguard’s research showing how good financial advisors can add up to 3% annually in net value to client portfolios. They break down the origins of the concept (internally coined back in 2001), clarify what alpha actually means, and dig into where that added value comes from: behavioral coaching, tax-efficient strategies, lower costs, smarter withdrawal planning, and disciplined asset allocation. Mike emphasizes that unlike investment alpha, which is a zero-sum game, advisor alpha is a positive-sum benefit rooted in planning and emotional guidance. They challenge misleading marketing from high-fee brokers, expose the damage of poor advisor behavior, and highlight what separates a “good” advisor from a truly great one—namely, those who align clients’ values with their money. The conversation ends with a forward look at AI’s role in advice: not replacing advisors, but augmenting their ability to listen, guide, and support clients like financial therapists.
0:04 Don introduces rare guest: Mike DeJoseph of Vanguard
0:35 The origin of Vanguard’s Advisor’s Alpha paper
1:27 What is alpha? And what makes it positive for advisors
2:49 Advisor value beyond investment products
3:36 Explaining alpha in terms of benchmarks and behavior
5:05 Why investment alpha is rare, but advisor alpha isn’t
6:25 Positive-sum vs. zero-sum advice outcomes
7:37 Misunderstanding the 3% alpha number
9:48 Behavior, taxes, and cost drag reduce investor returns
11:06 How advisors improve tax allocation and drawdown
11:55 3% does not include asset allocation or manager selection
12:06 Why active manager outperformance remains elusive
13:17 Vanguard’s history with active management and costs
14:45 Active equity vs. active bond management
16:14 What makes an advisor “great,” not just good
17:39 Helping clients align money with values
18:27 Behavioral coaching during market downturns
21:07 Holistic financial advice vs. performance promises
21:47 Why 100% fiduciary advisors are rare—and how to spot one
22:45 Advisor compensation models: from commission to fees
24:06 Shocking stat: commissions down from 80% to 10% since 2010
25:16 How smart investors forced the industry to change
26:44 What a 3% fee does to advisor alpha
28:34 Overcharging kills word-of-mouth trust
29:43 What bad advisor behavior looks like
31:45 Vanguard’s approach to advisor education and ethics
33:41 Where the industry goes next: better advice, better business
34:19 AI’s role in improving advice, not replacing it
36:36 Tech that enhances human connection and insight
37:22 The future: more therapist, less product-seller
37:55 Final advice: if they talk about returns, walk away
38:44 Mike reflects on working with great advisors—and Vanguard’s mission
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Ep. 1682: Burgers for Bitcoin Jul 09, 2025

Show notes

Don and Tom kick off this episode by responding to a one-star Apple Podcast reviewer who promised to upgrade to five stars—if they correct their allegedly false Bitcoin claims. Challenge accepted. Don clarifies his earlier “nobody uses Bitcoin” remark by digging into the actual numbers: only 15,000 businesses worldwide accept it, out of over 359 million—roughly 0.0004%, making it statistically more rare than a lightning strike. They also break down the real costs of converting Bitcoin to dollars: while some exchanges charge under 1%, Bitcoin ATMs routinely charge 5–25% in fees, with total costs sometimes exceeding 30%. Then, a listener calls in with a ChatGPT-generated portfolio featuring VUG, VEA, SMH, and AXON. Don tears it apart for being tech-heavy, overly concentrated, and missing broad market exposure—ironically, even ChatGPT agrees with him. Listeners also get advice on why ETFs are gradually replacing mutual funds, when (if ever) annuities make sense, and why indexed annuities are the financial industry’s version of timeshares: opaque, overpriced, and always sold, never bought. Despite the facts and the humor, Don doubts his five-star redemption is coming—but if Greg’s Mowing and Septic accepts Bitcoin, there’s still hope.
0:26 Don confronts repeat negative podcast reviewers
1:35 NavRep’s public offer: “Correct your Bitcoin lies and I’ll give 5 stars”
2:31 Bitcoin rebuttal: 15,000 businesses accept it—out of 359 million
5:13 Teaser: Bitcoin conversion fees part 2 coming up after the break
6:26 Don admits his imprecise “nobody accepts Bitcoin” claim
8:19 Clearing up the 8% Bitcoin conversion fee claim—context was ATMs
9:49 Bitcoin ATM fees average 17.5%, sometimes hit 30%
11:04 Exchange conversion under 1% is possible—but not for quick cash
13:10 Volatility and impracticality still make Bitcoin a poor currency
16:00 ChatGPT jokes: “Beer at a Baptist wedding” & “Greg the mower”
16:49 Caller Jason asks ChatGPT for a portfolio; Don and Tom cringe
17:46 ChatGPT suggested a tech-heavy, overly concentrated portfolio
20:40 Better suggestions: VT, AVGE, DFAW—not VUG/SMH/AXON
21:50 Don’s GPT criticizes Jason’s GPT: “No bonds, no value, no real estate”
23:43 Caller Scott nails TRM’s philosophy and nearly retires Don
26:12 The rare “pros” of annuities—and their bigger downsides
28:24 Indexed annuities: regular income taxed as ordinary income
30:02 Betting against the house: how annuity math favors insurers
31:44 Caller Jane asks if ETFs are better than mutual funds
32:05 ETF settlement is faster, but that’s not a reason to choose
33:30 Vanguard accounts support ETFs beyond their own funds
34:51 Updated: mutual funds now settle T+1, ETFs also T+1
36:26 Jane warned about National Life Group’s indexed annuity pitch
37:07 Why Don hates indexed annuities: high fees, low returns, opaque structure
39:27 Still selling like hotcakes: $27B in indexed annuities sold Q1 2025
40:35 Wrap-up: annuities remain unethical despite legality and popularity
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Ep. 1681: Annuity University Jul 08, 2025

Show notes

In this hard-hitting episode, Don and Tom expose “Retirement Planning University”—a slick, misleading marketing operation posing as a legitimate educational program. Despite hosting seminars at respected universities, the organization isn’t accredited and exists primarily to funnel attendees into high-commission indexed annuities sold by Strategic Wealth Investment Group. The duo break down the tangled relationships, the legal gray zones (including a likely violation of Florida law), and the wildly under-disclosed conflicts buried deep in Form ADV filings. Plus: a call from a skeptical listener about global diversification, a backdoor Roth update in response to H.R.1, a heartwarming tribute to Tom’s mother-in-law, and a brutal real-world annuity pitch targeting grieving beneficiaries. This one hits hard.
0:04 Thunder and fireworks, then a storm of a different kind: fake financial education
1:20 “Retirement Planning University” is not accredited—possibly illegal in Florida
2:38 Florida law: using “university” in a name can be a crime
4:21 Strategic Wealth Investment Group funnels money into their “nonprofit”
6:27 Don breaks down Form 990 and discovers $6.3M in funding with 1.8% used for education
8:50 A never-before-seen conflict disclosure: over a page of indexed annuity conflicts
11:02 Universities that rent space to these events—should they be ashamed?
13:56 Don confesses: used ChatGPT to surface filings, laws, and charity reports faster
15:40 Final verdict: it’s not education—it’s a sophisticated lead funnel
17:18 Caller Jack: Is VT too concentrated in tech megacaps like Apple and Nvidia?
19:22 Don: It’s still globally diversified, but yes, value/small tilts help
21:57 A heartfelt tribute to Tom’s mother-in-law and her one smart money move: LTC insurance
23:01 Caller Mark: Does the new tax bill kill backdoor Roths?
27:18 Don runs the full 900-page bill through GPT—no mention of Roth changes
28:56 Sidebar: elderly elephant tourists and Romanian bear selfies
30:36 Caller Mary: Advisor pitching a 1035 annuity swap to dodge IRMA
34:42 Don and Tom: Just pay the IRMA bump—don’t buy another bad annuity
36:44 The IRMA fear is way overblown; it’s just one year
39:18 Why aren’t these practices banned? Because regulators are stretched thin
40:12 Don taught real adult education classes—but the next “educator” was a broker
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Ep. 1680: Brokers and Models Jul 07, 2025

Show notes

Is your portfolio built by a broker or a model? Don and Tom break down the surprisingly persistent patterns of old-school broker portfolios—loaded with local stocks, overpriced “index” funds, and actively managed everything—versus the growing adoption of model portfolios based on actual research (not just a hunch and a handshake). Along the way, they torch high-fee index fund imposters, answer smart listener questions on global diversification, CD ladders, tax traps in variable annuities, and even debate whether a Japanese WWII bomber should really be called “Jill.” Oh, and Tom reads a brutal Apple Podcast review… and takes it like a champ.
0:04 Dumb money habits and the rise of model portfolios
1:23 Bellevue vs Florida weather showdown
2:34 Classic broker-built portfolio ingredients
3:55 Sprinkling in overpriced “index” funds
5:50 What a model portfolio is (and isn’t)
6:53 Structure vs speculation: why models matter
8:31 Global diversification as a simple model
9:18 The difference between advice and product-pushing
10:24 When “index” doesn’t mean cheap: top offender list
11:55 The 2.33% RIDEX fund shame parade
13:02 The Jill bomber sidetrack takes flight
13:54 Listener Laura’s AVDE allocation dilemma
15:40 Two-fund model: Avantis U.S. + international
17:00 Logistical pronunciation issues and Bolden software
18:42 Rate assumptions for planning software
19:35 Tom’s humor gets roasted in a 5-star review
20:52 Listener Carol’s CD ladder tax question
22:38 Timing vs safety: the truth about “dry powder”
24:36 Mitchell’s $550K variable annuity dilemma
26:10 Why annuity gains aren’t capital gains
27:01 Low-cost annuity, but still no step-up
28:11 The opaque, intentionally confusing nature of insurance
29:41 Scheduling complaints and Don’s one-day-off fantasy
32:12 Programming note: no podcast on market holidays
34:04 Calls, questions, and Jill Bomber sign-off chaos
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Ep. 1679: Solar Scams, Pig Butchers Jul 04, 2025

Show notes

In this fast-moving, fraud-fighting episode of Talking Real Money, Tom Cock is joined by longtime consumer advocate Herb Weisbaum (aka The ConsumerMan) to expose two of the fastest-growing scams in the U.S.: predatory solar sales and the “pig butchering” crypto scam. Herb details the dangerous combination of shady sales reps and shadowy financing pushing overpriced, underperforming solar systems door-to-door. Then, the duo dives into long-con crypto scams, deepfake romance cons, and the weaponization of AI for fraud. Herb doesn’t hold back—calling crypto “sheer stupidity” and buy-now-pay-later schemes a gateway to regret. It’s a wild, enlightening ride full of practical advice and a few laughs at the crooks’ expense.
0:44 The ConsumerMan joins the show—cape at the dry cleaner, fraud cape that is
1:30 Solar sales scams: door-to-door hustlers + shady financiers
2:37 Solar “deals” that aren’t: pressure sales, fake savings, buried contract terms
5:35 Solar installations gone wrong—and sometimes never installed at all
6:55 Why good contractors don’t knock on doors
8:20 Know the difference between credits and cash—solar isn’t “free”
9:26 Pig butchering crypto scams explained
10:40 Fake trading platforms that “show” fake returns
11:50 AI-powered fraud: deepfake voices, faces, and video chats
13:26 Romance scams that clean people out—millions lost
14:15 Don’t respond to unsolicited texts or calls—ever
15:11 Former SEC officials: crypto exists for crime and tax evasion
16:44 Crypto isn’t investment—it’s gambling with digital vapor
17:25 Insurance crisis: companies fleeing, premiums surging
18:41 Regulators letting insurers raise rates without scrutiny
19:29 Consumer quiz: what to do first if you’re scammed
21:18 Why you should never pay with Zelle or a debit card
22:30 Getting teens a credit card the right way
23:43 Coming soon: Buy Now, Pay Later scams (Costco’s in now too)
24:48 Where to find Herb’s work—Checkbook, Consumerpedia, and ConsumerMan
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Ep. 1678: Gen Z's Retirement Edge? Jul 02, 2025

Show notes

Gen Z may just be schooling the rest of us in retirement savings—sort of. Don breaks down why the kids are all right… and also why they’re misled. Auto-enrollment rules, social media misinformation, and shaky FinTok advice are all under the microscope. He then tackles smart ETF choices for young investors, questions about windfall investing and burial plots, the overhyped Shell-BP merger rumor, the madness of MicroStrategy’s crypto-fueled valuation, and how to responsibly (and legally) cash out decades-old gold holdings. Plus, Don dishes out practical planning wisdom and allergic sniffles from sunny Florida.
0:04 Gen Z’s surprising retirement savings rate—and why it’s not the whole story
1:06 Auto-enrollment in 401(k)s and how it changed everything
2:34 Gen Z’s financial education: more access, but less understanding?
3:49 The rise (and danger) of FinTok as a financial advice source
5:00 Over 70% of FinTok advice is misleading or incomplete
6:15 Back in studio—Don on allergies, Alpha kids, and social media scams
8:29 Chase “glitch” scam and other Gen Z-targeted bad advice
10:11 Credit Karma: Gen Z scams and IRS audits are shockingly high
11:17 Call: Should a granddaughter’s IRA stay in VOO or add tech/growth?
12:48 Why Don avoids sector funds like Infotech, even for young investors
13:45 The trouble with chasing recent winners like VOOG
14:29 Historical returns: value > growth, despite recent performance
15:47 Call: $20k–25k Nordstrom stock sale—spend, save, or invest?
17:59 Burial plots vs. emergency fund: Don’s (very real) take
20:42 CDs for older investors: short-term, safe, sensible
21:48 Call: Shell buying BP? Not likely—and Don calls the hype
23:35 BP’s politics and price already reflect takeover speculation
25:02 Inheriting BP stock: should you take the exit opportunity?
26:13 UK resistance to selling BP to a Dutch firm like Shell
26:56 Individual stocks = concentrated risk, even for giants like BP
28:09 Reminder: Every financial move should be part of a real plan
29:05 Roth conversions, tax brackets, and portfolio rebalancing
31:08 MicroStrategy’s insane Bitcoin play—and why it’s all risk
32:23 Company worth 40% more than its Bitcoin holdings—why?
33:28 Don warns: short selling and options are for gamblers only
34:00 Call: 59-year-old IT director wants to invest $5K/month wisely
35:21 Max the 401(k), use Roth IRA next, and build long-term wealth
36:47 Portfolio diversification with risk-based allocation
37:27 Call: Selling gold bought in the ’80s—how to handle taxes
39:47 How to recreate gold purchase records if you’ve lost receipts
40:55 Debunking the “three coins per month tax-free” myth
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Ep. 1677: Highs Hype Jul 01, 2025

Show notes

The market hit another “all-time high”—shocking no one. Don dismantles the myth that record highs are reasons to panic or pull back, reminding listeners that long-term investing and diversification remain undefeated. He breaks down the actual recent S&P 500 data, explains why global diversification matters (even when it lags), and skewers both single-stock overconfidence and scammy ETFs promising outrageous yields. Listener calls dig into retirement withdrawal strategy, Roth conversion tactics, and why brokerage accounts might not always be necessary.
0:04 Market hits all-time high again… surprise!
0:39 Should you invest when the market is at an all-time high?
1:43 Don takes live calls—money questions welcome
2:11 S&P 500 update: fastest bounce in history
3:55 Surprise stock leaders: not the Magnificent Seven
5:13 Why diversification matters—again
9:30 All-time highs are normal—and necessary
11:21 Global stocks vs. U.S.: less volatile, less exciting
13:20 Palantir millionaire: savvy or lucky? (Spoiler: probably lucky)
16:55 Overconcentration risk—even with the S&P 500
18:07 Fixed income + discipline = real-life smoother ride
18:53 Caller Don in Covington: timing Roth withdrawals and big expenses
21:43 Withdrawal order: Taxable → Traditional IRA → Roth
23:50 Investing = confusing or clear. Your pick.
24:39 Caller Dave in Gig Harbor: 529-to-Roth confusion cleared up
27:31 529s just got even better for long-term wealth building
29:52 Back to solo Don: Tom’s in Normandy
30:27 Jason Zweig warns about shady 200% yield ETFs
33:08 How Tesla YieldMax ETF lost 80% while claiming a “62% yield”
34:44 If it sounds too good to be true… skip it
36:00 Listener question: Should cash be counted in your 70/30 allocation?
38:12 The role of cash in reducing volatility and funding withdrawals
39:01 Caller Mark in Connecticut: Do I even need a brokerage account?
41:59 Roth as dual-purpose tool: liquidity + long-term compounding
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