Talking Real Money - Investing Talk

The “Buggy Whip Theory” is a reminder that even when investors correctly see the future coming, they rarely know which company—or which part of a new industry—will actually win. Don and Tom trace the lesson from ice delivery and buggy whips to streaming, airlines, and artificial intelligence. They also explain why rebalancing is portfolio maintenance rather than market timing, what falling municipal-bond prices really mean, and how to calculate international exposure as a percentage of the s...

Bond prices are falling as yields rise—and that does not mean diversification has failed. Don and Tom explain why high-quality bonds can decline when stocks and the economy are strong, why that behavior is normal, and why chasing high-yield or “alternative” bond funds can quietly turn the conservative side of a portfolio into more stock-market risk. They also answer questions about Roth conversions after required minimum distributions have begun, whether conversion taxes should ever come fro...

Don and Tom compare the S&P 500 with total-market and globally diversified investing, explain the danger of home bias, and show why owning more of the world can reduce concentration risk. Then they answer questions about Roth conversions, bond-fund losses, CD ladders, and matching a risk score to a stock-bond allocation. 00:00 Oktoberfest musical intro 01:23 S&P 500 versus the whole market 04:18 Why global diversification matters 09:07 Home bias around the world 13:11 A lost decade f...

Don tackles listener questions about growth versus value stocks, choosing the right time to retire, Medicaid and estate-planning concerns, the problems with infinite-banking whole-life policies, when annuities may make sense, and how mutual-fund distributions affect share prices. 00:00 Zeuhll musical intro 01:08 Friday Q&A begins 03:51 Growth stocks versus value stocks 07:43 Choosing the right month to retire 11:29 A parent’s home, Medicaid, and estate planning 14:52 Infinite banking and...

Don and Tom unpack what financial advice should cost after a retired couple discovers they’re paying $31,000 a year. They compare fee-only, fee-based, and commission models, explain how hidden fund expenses compound the damage, and show why every advisor should disclose the full all-in cost. Listener questions cover the Avantis balanced fund, building retirement income from a total-return portfolio, and where bonds belong across taxable and retirement accounts. They also compare qualified c...

The biggest drag on an investment portfolio may be the investor. Don and Tom examine the behavior gap—the difference between what investments earn and what people actually keep after fear, greed, overconfidence, and badly timed decisions take their toll. They explain why market timing so often means selling after prices fall and returning only after the recovery is obvious. Missing even a handful of the market's best days can dramatically reduce long-term wealth, while a disciplined plan help...

One lucky streak can feel like investing genius—but anecdotes are not evidence. Don and Tom examine leveraged ETFs such as TQQQ, the brutal losses leverage can magnify, and why surviving a good run does not prove a strategy is sound. They answer a federal employee’s question about the TSP C, S, and I funds, explaining why a favorable 2003–2025 backtest cannot tell us what comes next and why diversification is still about reducing concentration risk. Then they dissect slick “hybrid pension” an...

Don and Tom examine the promises behind fixed, indexed, and immediate annuities—and why the word ‘guaranteed’ deserves closer scrutiny. They explain how insurers invest policyholder money, what state guaranty pools actually cover, and why complexity can hide both cost and risk. Listener questions cover when to claim Social Security, how delaying benefits can protect a surviving spouse, the interaction between Social Security COLAs and Medicare Part B premiums, and where TIPS may—or may not—be...

Six listener questions drive this Friday edition, starting with whether a pre-retirement car purchase belongs on a 401(k) withdrawal. Don explains why preserving tax-deferred growth usually matters more than trying to micromanage one year's tax bracket. The conversation moves through realistic return assumptions, global diversification, and the cleanest way to donate appreciated stock. Don also weighs the risks and costs of a non-traded real estate fund and reviews a thoughtfully conservative...

Winter comes for markets, too. Don and Tom ask the useful question before the next bear market arrives: will your portfolio—and your nerves—be ready? They revisit painful declines, concentrated bets, and why a plan matters most when selling feels irresistible. They explain how rebalancing, a sensible mix of stocks and bonds, and tax-loss harvesting can help investors respond with discipline. Your risk tolerance is only half the equation; there is no prize for taking more risk than your goals ...

Exciting investments often arrive wrapped in a great story—and hide a much bigger risk. Don and Tom revisit Financial Physics Rule 10, explain the price of chasing sizzle, and separate investing from speculation. Then they answer whether quarterly advisor check-ins are reasonable and why a sound portfolio should not require constant tinkering. They close with a conservative IRA allocation question and the tradeoffs among U.S. stocks, global diversification, and short- versus broad-term bonds...

Americans’ 401(k) balances are hitting records—but nearly one in five workers has an outstanding plan loan. Don and Tom explain why a properly sized emergency fund should protect retirement savings from life’s inevitable surprises. They also show why TLT and other long-term Treasury funds are not cash substitutes: when rates move, long-duration bonds can swing like stocks. A diversified bond allocation, regular rebalancing, and clear buckets matter more than chasing today’s yield. Then they...

Financial advice is everywhere, but useful investing guidance is strangely hard to find. Don and Tom sort through the stock-picking headlines, social-media hype, and finfluencers who turn excitement and fear into clicks. Then Randy sends an annuity sales presentation that makes some very large claims. The guys examine the unsupported numbers, the misleading comparisons, and why a prospectus matters more than a polished pitch. Plus, is a rising equity glide path really a cornerstone of retir...