Don't Let a Scary Economy Cause Bad Retirement Decisions (E130)
About this episode
Jesse and Cullen discuss the mechanics of the monetary system and how understanding it can lead to better investment decisions.
Jesse is joined by Cullen Roche—financial writer, macro thinker, and founder of Discipline Funds—for a clear-eyed conversation about how money actually works, why so much financial commentary gets it wrong, and how investors can make better decisions by understanding the plumbing beneath markets. Together, they unpack the core mechanics of the modern monetary system, including how government spending, deficits, and interest rates function in practice rather than theory, and why fears around debt and inflation are often oversimplified or misapplied. Cullen explains the crucial distinction between households and currency issuers, challenges common narratives around money printing and fiscal irresponsibility, and outlines how misconceptions about macroeconomics can lead investors to poor asset allocation decisions. The discussion also explores portfolio construction through the lens of economic regimes, the role of cash and bonds as stabilizers rather than return drivers, and why discipline and risk management matter more than prediction. Throughout, Jesse and Cullen emphasize that understanding monetary operations is not about forecasting markets, but about grounding financial…
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