ETFatlas: Mastering the Craft of Investing

In this second round with Larry Swedroe, we explore what evidence‑based investing really means in today’s late‑2025, AI‑driven markets. Larry explains why rising skill and technology shrink alpha, turning most active management into a loser’s game and pushing investors toward low‑cost factor strategies rather than stock‑picking “genius”. He discusses value, momentum, private credit and goodwill traps, shows why passive flows have not made it easier for active managers to win, and warns about high‑fee structures in the asset‑management industry. Larry also touches on quantum computing as a tail risk for financial systems and crypto, and argues that investors should stop chasing elusive alpha and instead build disciplined, diversified portfolios of proven factors and low‑correlation alternatives.Why alpha is shrinking in an AI‑driven, highly skilled market and why active management has become a loser’s game.​What investors can really learn from Warren Buffett and the value factor, especially in an intangible‑heavy economy.​Why passive flows haven’t made it easier for active managers to win, despite common claims to the contrary.​How combining value and momentum, and avoiding goodwill and private‑credit traps, can build more resilient portfolios.​How quantum computing could threaten financial systems and cryptocurrencies, reinforcing Larry’s skepticism toward crypto.​Why investors should shift from chasing alpha to building diversified exposure to proven factors and low‑correlation alternatives.​powered by ETFatlas.com

In this episode, we sit down with William Bengen, the legendary creator of the “4% Rule” that revolutionized retirement planning worldwide. Bill shares his unique journey from an MIT aerospace engineer to a financial planner, explaining how he used historical data to solve the “how much can I spend” dilemma. He dives deep into the critical concepts of “Sequence of Returns Risk” and explains why inflation is actually a more dangerous enemy to retirees than stock market crashes.The conversation explores his latest research, which updates the safe withdrawal rate to 4.7% (or higher) by utilizing what he calls the “Four Free Lunches” of investing. Bill also analyzes the current market environment of late 2025, discussing how high Shiller CAPE valuations and moderate inflation impact today’s withdrawal strategies. Beyond the numbers, he touches on the psychological aspects of spending, the validity of the FIRE movement, and his personal “four pillars” for a happy retirement. Finally, Bill shares a moving personal story about finding love again after loss, proving that retirement is about much more than just a spreadsheet.AgendaIntroduction to William Bengen: From aerospace engineering to the family bottling business and financial planning.The origin of the 4% Rule: How a lack of industry answers led to groundbreaking historical research.Sequence of Returns Risk: Why the order of investment returns matters more than the average.The Inflation Threat: Why permanent price increases are more damaging than temporary bear markets.Defining “SafeMax”: The philosophy of planning for the worst-case historical scenario.The “Four Free Lunches”: Diversification, Rebalancing, Asset Class Tilting, and Equity Glide Paths.Market Analysis 2025: Discussing high Shiller CAPE ratios and their impact on today’s withdrawal rates.The FIRE Movement: Can early retirees with 50-year horizons rely on the 4% rule?The “Underspending” Paradox: Why many retirees end up with more money than they started with.Alternative Strategies: The pros and cons of fixed-percentage withdrawals versus inflation-adjusted spending.Bengen vs. Morningstar: The difference between historical “SafeMax” data and forward-looking return forecasts.The Four Pillars of Retirement: Health, Friends/Family, Passions, and Finances.Personal Journey: Bill’s experience with grief, finding new love, and life as an aspiring novelist.powered by ETFatlas.com

This episode explains why consistently beating the stock market is extremely difficult, especially for active managers competing in today’s highly efficient markets. It shows how much of what looks like “alpha” can often be explained by exposure to well-documented risk factors such as value, quality, and low risk. AgendaWhy beating the market is so hard todayWhat academic research really says about alpha and active managersHow factor investing explains legendary track records like Warren Buffett’sPractical principles of evidence-based, low-cost, diversified investingHow to apply these ideas when building your own long-term portfoliopowered by ETFatlas.com

In this compelling episode we welcome Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence and author of the bestselling book "The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions". Eric is one of the most recognized voices in the world of exchange-traded funds, combining deep financial expertise with an exceptional ability to communicate complex concepts in an accessible way.During our conversation, we explore the revolution that Jack Bogle sparked on Wall Street—a story about how one man created the first index fund and built one of the most important financial institutions of recent decades, Vanguard. Eric shares fascinating behind-the-scenes details from writing his book, including insights from three interviews he conducted with Bogle before his passing. As it turns out, Bogle didn't even know about the Efficient Market Hypothesis when he created the first index fund—his idea was born out of necessity and a serendipitous encounter with an article by Paul Samuelson.We also discuss the unique ownership structure of Vanguard – a mutual corporation that is the only organization in the world allowing investors to be owners of the firm managing their assets. This distinctive structure enabled systematic fee reductions over decades – from 60 basis points down to nearly zero costs today – and became a "delayed-action bomb" within the financial industry itself.Eric explains the complicated relationship between Bogle and ETFs. Although Bogle himself was skeptical of exchange-traded funds—fearing they would encourage excessive trading among investors—today Vanguard's ETFs, such as VTIand VOO, have become the world's largest funds and have effectively democratized the philosophy of cheap, passive investing on a scale that Bogle himself could never have imagined.We also discuss the future of active management, emerging categories of ETF products—ranging from "hot sauce" (thematic and speculative ETFs) to "boomer candy" (buffered funds designed to protect investors from losses)—as well as the revolution brought by spot Bitcoin ETFs. Eric calls the SEC's approval of these funds in January 2024 the "moon landing moment" for crypto, which kicked off an era of "suit coiners"—the institutional adoption of Bitcoin by the traditional finance world.Finally, Eric reveals details about his upcoming book, "Both Sides of the Coin" which aims to show how Bitcoin ETFs have transformed the investment landscape and why investors should take a fresh look at cryptocurrencies—even if they were skeptical about them before.AgendaIntroduction – Who is Eric Balchunas and how he became an ETF analyst at BloombergThe Genesis of "The Bogle Effect" – Why Eric decided to write about Jack BogleBogle's Underestimated Impact – Why he was the father not only of passive investing, but also of low costsThe Critical Role of Funds – How funds stand between investors and the value created by companiesWas Indexing Inevitable? Why the world would look different without BogleThe Genius of Vanguard's Ownership Structure – How mutual ownership transformed the industryBogle and the Efficient Market Hypothesis – How he arrived at the idea of an index fundThe Cost Matters Hypothesis – A simple message that reached millions of AmericansBogle and ETFs – A Complicated Relationship with the Product That Most Effectively Spread His PhilosophyPassive vs. Active – Is Passive Investing Really Passive?The End of Active Management? How the industry is evolving in the era of cheap index fundsHot Sauce and Boomer Candy – New Categories of ETF Products for Different Generations of InvestorsBitcoin ETFs as a Moon Landing Moment – Why the Approval of Spot Bitcoin ETFs Was a BreakthroughWhat Would Bogle Have Thought About Bitcoin? A Hypothetical Fourth Conversation with a LegendTokenization vs. ETFs – Which Technology Will Win in the Future?The New Book "Both Sides of the Coin" – What Eric Wants to Convey to Readers About the Crypto RevolutionKey People Mentioned in This EpisodeJack Bogle – Founder of Vanguard and creator of the first index fund. The central figure of Eric's book "The Bogle Effect" Bogle revolutionized investing by introducing the mutual ownership structure and championing low-cost index funds.Paul Samuelson – Nobel Prize-winning economist whose article in a finance journal inspired Bogle to create the first index fund. Samuelson called for someone to launch an index fund to provide a benchmark against active managers.Nate Most – Creator of the first ETF (SPY). He approached Bogle in the early 1990s asking to create an ETF based on Vanguard's index fund, but Bogle declined, fearing it would encourage excessive trading.Warren Buffett – Legendary investor and Berkshire Hathaway CEO. One of over 50 people Eric interviewed for "The Bogle Effect." Like Bogle, Buffett shares skepticism toward assets without cash flows and intrinsic value.Larry Fink – CEO of BlackRock. His company's filing for a spot Bitcoin ETF in 2023 marked a turning point for crypto legitimacy. BlackRock's involvement brought institutional credibility to Bitcoin investing.Michael Saylor – CEO of MicroStrategy, mentioned as an example of how the S&P 500 index committee has discretion to exclude companies that meet technical requirements.Zohran Mamdani – NYC Democratic mayoral candidate and socialist politician. Eric mentions him in the context of how currency debasement and housing affordability issues—similar to Bitcoin's appeal—influence election outcomes.powered by ETFatlas.com

In this compelling episode of the ETFatlas podcast, host Jack Lempart sits down with Larry Swedroe, one of the most influential voices in evidence-based investing and author of 18 groundbreaking books on finance.Larry shares his remarkable journey from aspiring security analyst during the 1973-74 market crash to principal and director of research at Buckingham Strategic Wealth, where he spent nearly three decades revolutionizing how investors think about portfolio construction. Throughout the conversation, Larry explains how academic research has systematically converted what was once considered alpha into beta, revealing that strategies employed by legendary investors like Warren Buffett can now be replicated through low-cost systematic approaches.He discusses the dramatic decline in active managers generating statistically significant alpha—from 20% in 1998 to just 2% by 2011—and explores why the shrinking pool of uninformed investors has made markets increasingly efficient.Larry passionately advocates for his “big rocks” philosophy of life, emphasizing that the pursuit of marginal outperformance often comes at the expense of what truly matters: time with family, personal relationships, and living a well-balanced life. This episode offers invaluable insights for both novice and experienced investors seeking to understand the science of investing while maintaining perspective on life’s priorities.powered by ETFatlas.com

In this practical and inspiring ETFatlas podcast episode, host Jack Lempart welcomes Paul Merriman for a return conversation focused on the biggest mistakes beginner investors make—and how to avoid them.The discussion reveals why most investing errors are emotional, not technical. Paul emphasizes that successful investing is usually simple, though almost never easy.Paul Merriman draws on decades of experience as an educator, advisor, and founder of the Merriman Financial Education Foundation to spotlight key pitfalls:Trusting the wrong adviceStarting too late with investingLetting emotions drive decisionsChasing recent performancePaul’s conversation goes further, sharing actionable tips:How defensive investing and diversification protect you from major mistakesPractical ways to automate good habits and avoid behavioral biasesInsights from both US and European market examplesYou’ll also hear why academic research has shaped today’s best investment practices. Paul strongly advocates:Automating decisions wherever possibleBroad diversificationMaintaining discipline during market turbulenceListeners receive clear advice on keeping investing simple, avoiding high fees, and building portfolios designed to withstand uncertainty.The episode closes with tips for further reading—including free educational resources and helpful links—to support every investor’s learning journey.AgendaPaul Merriman’s journey from stockbroker to financial educator and foundation founder​Introduction to the most costly mistakes for beginners and how they can affect lifetime wealth​Why trusting the wrong advice is potentially the biggest error investors make​The importance of choosing academically sound, evidence-based sources over industry “experts” or neighbors​Analysis of how starting too late in investing can dramatically reduce future wealth​The emotional traps beginners face and the impact of behavioral biases on decision-making​The problem of performance chasing and recency bias in investment choices​Automating investments and the value of regular, disciplined contributions​Why diversification is considered “the only free lunch” in investing by experts​Advantages of keeping portfolios simple with solutions like target-date funds and low-cost ETFs​Examples illustrating the massive impact of investment fees over decades​The difference between defensive and offensive strategies in long-term market success​Real-world lessons from market history, including US, Europe, and Japan​How to avoid paralysis from choice overwhelm in a landscape of thousands of ETFs​powered by ETFatlas.com

In this enlightening conversation, Jack Lempart welcomes Robert Carver—a former portfolio manager at AHL, one of the world's largest systematic hedge funds. Rob managed multi-billiondollar portfolios before transitioning to independent trading and authorship, bringing deep industry insights to individual investors.The interview tackles one of the biggest questions facing everyday investors: Should people try active trading, or is building a simple, sensible portfolio the smarter way? Carver shares honest, actionable advice rooted in his own professional experience and investment research, explaining why most individuals struggle to beat the market as traders and how ETFs can simplify long-term financial success. Topics include concrete approaches for building diversified portfolios, managing risk in turbulent times, practical tips for rebalancing, and ways to avoid costly mistakes.Listeners also learn how to spot hidden fees and marketing pitfalls, diversify globally, and decide when "simple" might need to evolve into something more sophisticated.AgendaWhy most individual investors should avoid active trading The three deadly mistakes that destroy trading performance: overconfidence, over-trading, and excessive leverageRobert's three essential questions framework: what to invest in, how much to invest, and when to make changesPractical ETF portfolio construction strategies for different investment amountsBeyond stocks and bonds: incorporating commodities, real estate, and international markets through ETFsSimple rebalancing strategies that minimize costs while maintaining discipline during market volatilityInternational diversification: managing currency risk and global exposureHidden costs in ETF investing and red flags to avoid when selecting fundsWhen simple portfolios might not be enough: graduation criteria for more sophisticated approachesFinal advice for building habits that protect against emotional investing mistakespowered by ETFatlas.com

Episode AgendaGuest Introduction: Ramin, founder of PensionCraftOverview of current investment environmentKey market trends and sources of uncertaintyAnalysis of global diversification—benefits and pitfallsETF selection: criteria and practical tipsRisks associated with concentration in thematic or sector ETFsPerspectives on long-term investing mindsetAsset allocation strategies in periods of volatilityPersonal anecdotes on navigating difficult marketsCommon listener questions addressedConcluding thoughts on building robust portfoliosEpisode SummaryIn this episode, the host interviews Ramin from PensionCraft, who shares practical insights on investing amid market uncertainty and changing trends. The discussion opens with a review of recent global economic developments and focuses on how diversification can help mitigate risk, but also why it is important to avoid concentrations in popular themes or sectors. Ramin illustrates the use of ETFs for efficient asset allocation and highlights criteria for choosing funds that suit different investor profiles. Throughout the conversation, he underscores the value of maintaining a long-term perspective, especially during periods of heightened volatility. Personal experiences and listener questions enrich the dialogue, offering actionable guidance for building resilient investment strategies. The episode closes with recommendations for thoughtful portfolio construction and continuous learning.powered by ETFatlas.compowered by ETFatlas.com

Episode AgendaIntroduction to Jerry Parker: Journey from accounting to Turtle Trader and trend following pioneerKey principles and psychological challenges of trend following taught by Richard Dennis and Bill EckhardtEvolution of market selection and diversification in modern systematic tradingRole of ETFs in democratizing access to managed futures and trend following strategies for retail investorsClassic trend following vs. passive investing, including portfolio construction, performance and key learning moments from Parker’s careerEpisode SummaryIn this episode of the ETFatlas podcast, host Jack Lampart welcomes legendary trend follower Jerry Parker to discuss his remarkable journey from accounting to becoming a renowned trading expert. Jerry shares insights from the famous Turtle Experiment, reflecting on the disciplined, rules-based strategy that shaped his career and many others in systematic trading. The conversation explores the core principles of trend following, the importance of taking small losses and letting profits run, and how psychological discipline remains crucial for long-term success. Jerry details the evolution of trend following, its application across hundreds of markets, and the growing accessibility of these strategies through ETFs and mutual funds. He addresses misconceptions about trend following, highlights its diversification benefits, and contrasts passive investing with systematic, active approaches. Throughout, Jerry emphasizes education, transparency, and the need to prioritize process over short-term results. The episode is packed with practical advice for retail and institutional investors alike, making the case for including trend following in every portfolio.powered by ETFatlas.compowered by ETFatlas.com

Agenda:Karsten Jeske’s road to FIRE – professional background (economist, Fed, BNY Mellon), move from Germany to the U.S., and motivations for early retirement.FIRE pillars and planning – first steps, debunking myths, the 4% rule and its adjustments, sequence-of-returns risk, and the impact of market valuations (CAPE).Investment strategy – stock/bond allocation, views on gold, alternative assets, small-cap value, and global index investing.Options as an income source – selling short-term S&P 500 put/call options to generate extra cash flow in retirement and mitigate sequence risk.Life after retirement – daily routine, travel, projects (blog, SWR tools, possible book), and future plans.In this episode we interview Karsten Jeske, known in the FIRE community as "Big Ern" from EarlyRetirementNow.com.Karsten shares his background as an economist, his experience working at the Federal Reserve and in asset management, and what led him to pursue financial independence and early retirement. He explains the origins and nuances of the "4% rule" and the importance of customizing withdrawal strategies based on individual needs and market conditions.The discussion covers sequence of returns risk, optimal asset allocations, and how valuation metrics like the CAPE ratio impact retirement success. Karsten talks about his option-selling strategy for added portfolio income and its role in mitigating sequence risk.The episode busts myths about FIRE being only for high earners and addresses common misconceptions about frugality.Karsten describes the advantages of his Safe Withdrawal Rate Toolkit and how listeners can use it to plan retirements more accurately.Daily life in early retirement, including travel, family, and volunteering, are also highlighted. He reflects on how his views have evolved since leaving full-time work and the importance of adaptability and diversification. Listeners gain practical advice for starting and sustaining a FIRE journey—rooted in data, realism, and flexibility.powered by ETFatlas.compowered by ETFatlas.com

Agenda✅ Gary Antonacci’s investment journey and the origins of momentum investing✅ Understanding absolute vs. relative momentum and why they matter✅ The dual momentum strategy: mechanics, benefits, and real-world results✅ Common pitfalls and behavioral challenges in rule-based investing✅ Practical advice for investors looking to implement momentum strategiesIn today’s episode, we’re thrilled to sit down with Gary Antonacci, a true pioneer in the field of momentum investing and the mind behind the acclaimed Dual Momentum strategy. With over four decades of experience and an MBA from Harvard, Gary has seen it all—from the depths of bear markets to the excitement of bull runs.We kick things off by exploring Gary’s own investment journey, including how he weathered turbulent markets and why he became fascinated with momentum as a market phenomenon. Gary breaks down the difference between absolute and relative momentum, explaining how each plays a crucial role in building robust, adaptive portfolios. You’ll learn how the Dual Momentum approach combines these two forces, allowing investors to capitalize on strong trends while managing risk and avoiding the biggest market drawdowns.But it’s not just theory—Gary shares practical insights into how these strategies have performed historically, including their resilience during volatile periods and their ability to outperform traditional buy-and-hold methods. We also discuss the psychological hurdles investors face, why so many struggle to stick with rule-based strategies, and how to avoid the most common behavioral traps.Whether you’re new to momentum investing or looking to refine your approach, Gary’s advice is both actionable and inspiring. He highlights the importance of diversification, sticking with your chosen models, and always keeping an open mind to new research and techniques. By the end of this episode, you’ll have a clear understanding of what makes Dual Momentum so powerful—and how you can start applying these principles to your own investment journey. Get ready to rethink what’s possible in your portfolio!powered by ETFatlas.compowered by ETFatlas.com

Agenda✅  Introduction to Managed Futures and Trend Following✅  The Creation and Philosophy Behind Managed Futures ETF✅  Replication Strategy and Its Advantages✅  Managed Futures in Portfolio Construction✅  Future Outlook: Geopolitical Uncertainty and Market VolatilityIn this enlightening episode of the ETFAtlas.com podcast, host Jack Lempart sits down with Andrew Beer to explore the world of managed futures and their growing importance in modern portfolio construction. Andrew Beer, with his extensive background in hedge fund management, shares his journey from traditional hedge funds to creating accessible, ETF-based strategies for a broader audience. He explains the concept of managed futures, emphasizing their role as a standalone allocation that can provide crucial diversification benefits, especially during periods when traditional assets like stocks and bonds underperform. The conversation delves into the creation of managed futures ETFs, highlighting their unique approach to replicating hedge fund strategies through a systematic, non-discretionary method. Beer elaborates on the advantages of this replication strategy, including lower costs and improved accessibility for retail investors. He draws parallels between the ETF revolution sparked by John Bogle and the potential for managed futures ETFs to democratize sophisticated hedge fund strategies. A significant portion of the discussion focuses on the challenges faced by traditional 60/40 portfolios and how managed futures can address these issues. Beer argues that the investment landscape is changing dramatically, with many long-held assumptions being challenged. He posits that managed futures strategies, particularly trend following, are well-positioned to capitalize on these shifts and provide valuable diversification. The podcast also touches on the expansion of managed futures ETFs into European markets, highlighting the complexities of global distribution and the efforts to make the strategy more accessible to international investors. Beer shares insights into the structural differences between U.S. and European markets and how these impact ETF adoption. Towards the end, the conversation turns to the current geopolitical climate and its potential impact on managed futures strategies. Beer offers a nuanced perspective, explaining how both information changes and sentiment shifts can affect market trends and strategy performance. Throughout the episode, Beer emphasizes the importance of fee reduction as a form of alpha and the need for investment strategies to adapt to changing market conditions. He presents managed futures as a valuable tool for navigating uncertain times, potentially offering protection and opportunities when traditional assets struggle. This episode provides listeners with a comprehensive understanding of managed futures, their implementation through ETFs, and their potential role in modern portfolio management. It's an essential listen for investors, advisors, and anyone interested in exploring innovative approaches to diversification and risk management in today's complex financial landscape.powered by ETFatlas.compowered by ETFatlas.com

Wes Gray discusses how military discipline shaped his systematic investing approach, emphasizing process-driven strategies to combat emotional decision-making. Alpha Architect prioritizes investor education and transparent, evergreen factor-based ETFs like QVAL (value) and QMOM (momentum), which target well-researched market anomalies. The firm’s niche ETFs, such as CAOS (tail risk hedging) and HIDE (managed futures), aim to diversify portfolios against fast/slow market crashes. Gray advocates simplicity in factor design to avoid overfitting, while acknowledging challenges in predicting cyclical shifts between strategies. He critiques passive investing’s inherent biases toward mega-cap growth stocks, favoring factor diversification instead. His personal portfolio combines global equities, managed futures, and tail-risk insurance to offset business-related beta exposure. Gray views market efficiency as a blend of mispricing and risk compensation, stressing cost/tax efficiency in execution. Alpha Architect’s BOXX ETF innovates cash management by leveraging derivatives for incremental yield. Finally, he urges investors to adopt disciplined processes, leveraging tools like ETF databases for due diligence.Key topics covered in this episode:✅ Introduction to Wes Gray and Alpha Architect, including his military background and its influence on investing approach✅ Alpha Architect's investment philosophy, focusing on systematic, process-driven strategies and emphasis on investor education and transparency✅ Core ETF offerings: QVAL and QMOM, discussing value and momentum factor strategies, design principles, and methodology✅ Niche ETF products: CAOS and HIDE, covering tail risk hedging and managed futures strategies for portfolio diversification in different market conditions✅ Factor investing approach, emphasizing simplicity in factor design and addressing challenges of timing factor rotations✅ Critique of passive investing, highlighting concentration risks in cap-weighted indices and arguments for factor diversification✅ Wes Gray's personal portfolio construction, balancing global equities, managed futures, and tail-risk insurance, considering business-related beta exposure✅ Market efficiency debate, discussing the blend of mispricing and risk compensation, and the importance of cost and tax efficiency in execution✅ Innovation in cash management: BOXX ETF, leveraging derivatives for yield enhancement and addressing challenges in the short-term fixed income space✅ Advice for investors on the importance of disciplined processes and utilizing tools like ETF databases for due diligencepowered by ETFatlas.compowered by ETFatlas.com

In this insightful interview with ETFatlas.com, Rick Ferri, a renowned figure in the investment world, shares his wisdom on index investing and financial advice. Drawing from his extensive experience, Ferri discusses the principles of successful investing, the importance of simplicity in portfolio management, and his critique of traditional fee structures in the financial industry. He also reflects on the lasting impact of John Bogle’s philosophy and offers valuable guidance for both individual investors and financial advisors. This conversation provides a wealth of knowledge for anyone looking to navigate the complex world of investing with clarity and purpose.Key topics covered in this episode:✅ Rick Ferri’s transition from Marine Corps fighter pilot to investment expert✅ The three pillars of successful investing: philosophy, strategy, and discipline✅ Critique of active management and complex investment strategies✅ The benefits and misconceptions of index investing✅ Ferri’s perspective on managed futures and trend-following ETFs✅ The importance of simplicity in portfolio construction✅ Criticism of asset under management (AUM) fees and advocacy for hourly consulting✅ Reflections on John Bogle’s influence and the “majesty of simplicity” in investing✅ The democratization of wealth-building through index funds✅Advice for investors on developing a sound investment philosophy and strategy📖 Chapters:0:00 Introduction and Rick Ferri's Background3:09 The Three Pillars of Successful Investing5:56 Index Investing vs Passive Investing10:29 The Myth of "Everyone Indexing"14:57 Managed Futures and Trend Following ETFs20:38 Active Strategies vs Indexing for Individual Investors23:31 Avoiding Portfolio Tinkering26:28 The Problem with Complex Portfolios29:59 Critique of Asset Under Management (AUM) Fees35:26 Lessons from John Bogle38:04 Closing Thoughts and Where to Follow Rick Ferripowered by ETFatlas.compowered by ETFatlas.com

In this insightful conversation, renowned financial expert Paul Merriman shares his wealth of knowledge and experience in investing. He discusses his journey from stockbroker to founding his own investment advisory firm, and eventually establishing the Merriman Financial Education Foundation. Paul delves into various topics, including:✅ The importance of data-driven investing and understanding the math behind it✅ His meeting with John Bogle and their differing philosophies on investing✅ The case for small cap value investing and its historical performance✅ The challenges of market timing and the benefits of portfolio diversification✅ The emergence of ETFs and trend following strategiesPaul's passion for financial education shines through as he emphasizes the significance of making informed investment decisions for long-term success. Whether you're a seasoned investor or just starting out, this conversation offers valuable insights into building a robust investment strategy.📖 Chapters:00:00:00 Introduction and ETFatlas.com00:03:30 Paul's early career and transition to investing00:08:50 Founding an investment advisory company00:13:05 Transition to financial education00:19:20 The importance of data-driven investing00:23:05 Meeting with John Bogle and differing philosophies00:29:20 The importance of having more than enough for retirement00:32:50 Teaching young people about investing as a business00:36:20 The magic of compound interest in investing00:45:50 The case for small cap value investing00:54:40 Trend following strategies and ETFs powered by ETFatlas.compowered by ETFatlas.compowered by ETFatlas.com