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
Episodes
We examine how robo-advisors have evolved over the past decade to determine if their services justify the fees they charge.
Topics covered include:
- How large are the top 5 robo-advisors
- Robo-advisor fees
- Robo-advisor holdings
- Why robo-advisors are turning toward direct indexing for tax loss harvesting
- How much excess return does tax loss harvesting generate
- Who can benefit from using robo-advisors
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How our spending, investing, and life strategy change as our net worth grows. We consider how skill, luck, discipline, relationships, and AI can allow us to ascend and, in some cases, descend the wealth ladder.
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Circle Invest, one of the leading stablecoin providers, just went public, and its stock price has tripled. We delve into the growth of stablecoins, their applications, and the associated risks. We also discuss the surprising political pushback against central bank digital currencies.
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From wildfires to AI-driven demand surges, the power grid is under pressure—and so is the investment landscape around it. Scott Harland of Rockland Capital visits with Greg Dowling of FEG to explore the risks, opportunities, and critical shifts shaping the future of energy.
Topics covered include:
- The necessity of a balanced energy mix, including traditional and renewable energy sources
- How the private sector is playing a...
With longer-term U.S. interest rates rising and no plan to reduce the budget deficit, is a U.S. national debt crisis imminent?
Topics covered include:
- Why S&P, Fitch, and now Moody's stripped the U.S. of its pristine AAA debt rating
- How the U.S. national debt dynamics compare to Greece, Italy, and Japan
- What are four things investors should monitor for signs that the national debt crisis is worsening or spiraling out o...
How can we apply the same emergency measures that Harvard and other universities are using to navigate a financial crisis? Also, how universities invest their endowments and what their performance has been.
Topics covered include:
- What has led to the financial crisis at Harvard
- What actions has the university taken
- How do endowments invest and spend their funds
- How endowments maintain intergenerational equity
- How we can appl...
Discover how bond market ETFs have transformed investing — making bonds easier, cheaper, and more accessible than ever. We also explore how the bond market’s very composition has evolved.
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Ali Akay, CIO of Carrhae Capital, answers why invest in emerging markets. He also shares with Greg Dowling of FEG insights on China, Mexico, South Korea, Argentina, Greece, Turkey, South Korea, and South Africa.
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Show Notes
The U.S has traditionally been a safe haven for investing, but that hasn't been the case in 2025. We explore three economic and narrative regimes and consider why we may be witnessing a shift after 12 years of U.S. outperformance.
Topics covered include:
- What was the narrative and economic and financial performance from 1995-2001, 2002-2012, and 2012 -2024.
- How the performance of the U.S. dollar impacted returns
- Why did ec...
In this episode, we explore what it means to invest in a non-ergodic world—where time, not averages, determines outcomes. We unpack concepts like volatility drag, ensemble vs. time averages, and the implications for portfolio strategy, while also reflecting on how AI and zero-click search are reshaping business and investor behavior.
Topics covered include:
- What is ergodicity and why it matters
- How path dependency and eme...
What will the impact be now that the U.S. has one of the highest tariff rates in the world?
Topics covered include:
- Why the Trump administration raised tariffs
- How the last round of U.S. tariffs led to higher prices and lower economic growth
- Four ways the world remains close to record connectivity
- Who have been the winners and losers from global trade
- What will be the impact of this trade war
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Greg Dowling of FEG interviews Max Belmont, a gold specialist and portfolio manager at First Eagle Investments. Greg and Max discuss the historical, philosophical, and practical reasons for owning gold.
Topics covered include:
- Where does gold’s reputation as a safe haven come from, and why it trades differently than other commodities.
- How gold differs from other asset classes including Bitcoin, which is sometimes referred...
We compare three approaches to closed-end fund investing: Opportunistic trading, the buy and hold income factory, and a systematic approach of selling closed-end funds after 5% gains.
We also explore the pros and cons of closed-end funds relative to open-end mutual funds and ETFs.
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How trade deficits are making the U.S. poorer, while in the past they have made the U.S. wealthier.
Topics covered include:
- Two ways countries can increase their competitiveness
- How savings always equals investment
- Why excess savings flows to the U.S. leading to a drop in U.S. domestic savings
- Why the U.S. current trade situation could lead to a debt crisis
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How the Trump administration is using tariffs as a negotiating tool to weaken the U.S. dollar and increase the global competitiveness of U.S. manufacturers.
Topics covered include:
This week on episode 514, we share a conversation between Howard Smith of Indus Capital and Greg Dowling of FEG Investment Advisors on why Japan could surprise investors over the next decade with strong investment returns. David introduces the episode by sharing his key takeaways from the discussion.
FEG Investment Advisor is David's former institutional advisory firm, where he worked for 17 years, before founding Money for...
We consider the incongruency of a U.S. Strategic Bitcoin Reserve, the latest crypto exchange hack, and how most participants lost money on the Trump meme coin. Given all that, we review some areas where cryptocurrency is helping individuals and businesses.
Topics Covered
- What is the U.S. Strategic Petroleum Reserve
- Why it makes little sense for the U.S. and individual states to create and participate in a Strategic Bitcoi...
How using a deferred income annuity can increase retirement income compared to an immediate annuity or a bond ladder.
Topics covered include:
- How immediate annuities and deferred income annuities work
- What are mortality credits, and why they are a key diversifier
- Examples of how mortality credits lead to a 1% to 1.5% higher annualized return over several decades
- How to decide whether an annuity is right for you
Epis...
The U.S. and the UK each announced they were establishing sovereign wealth funds. We explore the purposes and types of sovereign wealth funds, how they invest, and some concerns with the U.S. establishing one.
Topics covered include:
- What are the four types of sovereign wealth funds, and why the U.S. doesn't fit the typical use case
- How sovereign wealth funds navigate between politics and generating high returns
- Why a U.S....
This week on episode 510, we share a conversation between Ben Inker of GMO and Greg Dowling of FEG Investment Advisors on contrarian investing, deep value stocks, and the rise of passive investing. David introduces the episode by sharing his key takeaways from the discussion.
FEG Investment Advisor is David's former institutional advisory firm, where he worked for 17 years, before founding Money for the Rest of Us. Greg Dow...
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