Money For the Rest of Us

We explore six impacts of higher interest rates on housing, capital projects, stock buybacks, excess returns for stocks, bonds, and other asset classes, and individual opportunity costs.

Topics covered include:

• Where current interest rates stand
• Central banker predictions for how long cash yields will stay this high
• Why housing is the least affordable since the early 1980s
• Why new apartment building construction has collapsed
• What has been the excess return for stocks, bonds, and other asset classes when interest rates are higher and lower
• Why there will be fewer stock buybacks and how that can impact earnings per share
• Which alternative investments do better when short-term interest rates are higher
• Why financial opportunity costs have increased and how that should impact our investment and other financial decisions.

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Show Notes

Summary of Economic Projections—The Federal Reserve

The Apartment Market Is Hitting a Construction Lull by Will Parker—The Wall Street Journal

30-Year Fixed Rate Mortgage Average in the United States—FRED Economic Data

Americans Are Still Spending Like There’s No Tomorrow by Rachel Wolfe—The Wall Street Journal

Honey, the Fed Shrunk the Equity Premium by Portfolio Solutions Group—AQR

Companies ease off on share buybacks as rising interest rates push up costs by Nicholas Megaw—The Financial Times

Related Episodes

384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It?

435: Is It Better to Rent or Buy a House?

448: Where Are Interest Rates Headed Next? Insights from the Jackson Hole Symposium

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What are the economic and financial system early warning signs that we should heed rather than get caught up in fearmongering? When should we start to worry about ballooning budget deficits, the national debt, a currency collapse, or the stock market?

Topics covered include:

• Signals to monitor to see if things are falling apart
• How much government debt is too much and why interest rates are key
• Why central banks don't control the stock market
• Why the dollar remains dominant, and what has to change for it to plummet in value

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Show Notes

The Dawn of Everything: A New History of Humanity by David Graeber and David Wengrow—Macmillan

How Much Is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random House

U.S. National Deficit—Treasury.gov

Budget and Economic Data—Congressional Budget Office

Japan's growing debt mountain: Crisis, what crisis? by Andrew Sharp—Nikkei Asia

The Dollar: The World’s Reserve Currency by Anshu Siripurapu and Noah Berman—Council on Foreign Relations

Currency Composition of Official Foreign Exchange Reserves—International Monetary Fund

Total credit to non-bank borrowers by currency of denomination: US dollar—BIS

Wonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York Times

Revisiting the international role of the US dollar by Bafundi Maronoti—BIS

Related Episodes

404: Why Is the U.S. Dollar So Strong? Will It Continue?

416: Your Nation’s National Debt: 5 Things You Need To Know

433: What Happens If The U.S. Defaults On Its Debt? Here’s Why It Won’t

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Why you might want to lock in higher yields now, given real interest rates are the highest they have been in 15 years.

Topics covered include:

• What was covered this year at the Federal Reserve Jackson Hole Symposium
• What are the primary policy actions central banks take, and how do they influence interest rates
• What is the neutral real rate of interest, and why is it important
• Why new ideas are central to an increasing standard of living
• What would drive interest rates higher or lower from current levels
• Why now is an attractive time to lock in longer-term yields

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Show Notes

Jackson Hole Economic Policy Symposium: Structural Shifts in the Global Economy—Federal Reserve Bank of Kansas City

Policymaking in an age of shifts and breaks by Christine Lagarde—European Central Bank

Inflation: Progress and the Path Ahead by Jerome H. Powell—The Federal Reserve Bank

Structural Shifts in the Global Economy: Structural Constraints on Growth by Chad Syverson—Federal Reserve Bank of Kansas City

The Outlook for Long-Term Economic Growth by Charles I. Jones—Federal Reserve Bank of Kansas City

Living with High Public Debt by Serkan Arslanalp and Barry Eichengreen—Federal Reserve Bank of Kansas City

Monetary Policy and Innovation by Yueran Ma and Kaspar Zimmermann—Federal Reserve Bank of Kansas City

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David shares how thieves recently tried to smash and grab his luggage from his car while he was still inside it. He then explores property crime trends, whether they are increasing or decreasing, and why.

Topic covers include:

• How thieves have stolen luggage from the same gas station multiple times per day
• What have property crime rates been in the U.S. over the past few decades and since the end of the pandemic
• What are reasons property crime rises and falls
• What is inventory shrink and how is it impacting retailers
• What can we do to reduce the risk of being a crime victim

Show Notes

Chevron Oakland Hegenberger Rd—Yelp

Myths and Realities: Understanding Recent Trends in Violent Crime by Ames Grawert and Noah Kim—Brennan Center for Justice

Reported property crime rate in the United States from 1990 to 2021—Statista

Pandemic, Social Unrest, and Crime in U.S. Cities: Year-End 2022 Update—Council on Criminal Justice

CATALYTIC CONVERTER THEFTS NATIONWIDE SURGE ACCORDING TO NEW REPORT—Cision PR Newswire

What the data says (and doesn’t say) about crime in the United States by John Gramlich—Pew Research Center

Oakland’s crime rates are surging. Here’s how they compare with S.F. and other Bay Area cities by Susie Neilson—San Francisco Chronicle

OAKLAND NAACP CALLS ON POLITICIANS TO CRACK DOWN ON CRIMINALS—California Policy Center

Money under the mattress: economic crisis and crime by Eleni Kyrkopoulou, Alexandros Louka, and Kristin Fabbe—SSRN

What Caused the Crime Decline? by Lauren-Brooke Eisen—Brennan Center for Justice

What’s Behind All This ‘Shrink’? by Jordyn Holman—The New York Times

Retail Theft Costs US Merchants Like Walmart and Target $100 Billion a Year—PYMNTS

Retailers battle nearly $100 billion in shrink by Jason Straczewski—National Retail Federation

2022 Retail Security Survey—National Retail Federation

US Retail Workers Are Fed Up and Quitting at Record Rates by Devin Leonard and Diana Bravo—Bloomberg

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How to balance saving, investing, and spending for a fulfilling life. Why you will probably reach your peak net worth sooner than you think and should start drawing down your nest egg earlier. Why we can't optimize for a fulfilling life but can still have one.

Topics covered include:

• How to estimate how much to spend from your retirement assets so you die with zero
• What is time bucketing and why it doesn't work for everyone
• How to balance the fear of making a change with the fear of missing out
• The difference between making deliberate choices and maximizing our experiences

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Show Notes

Die with Zero: Getting All You Can with Your Money and Your Life by Bill Perkins

The Pathless Path: Imaging a New Story for Work and Life by Paul Millerd

Four Thousand Weeks: Time Management for Mortals by Oliver Burkeman 

Anderson Cooper Is Still Learning to Live With Loss by David Marchese—The New York Times

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Three additional insights to help you confidently invest in fixed income. First, what are the different measures of bond yields, and which is best? Second, how to estimate the return for a bond ETF or fund and how long do you have to own it to achieve that annualized return? Finally, we explore a bond type that yields more than U.S. Treasuries, has never defaulted, and has the implicit guarantee of the U.S. government.

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• How badly has China's stock market performed except for one remarkable decade
• What are the economic and governance factors that contributed to the underperformance
• Why it's too soon to write off China despite the structural headwinds
• What are the factors that contribute to economic growth and a robust stock market, and which emerging market countries display those factors
• What are some ETFs to invest in countries with favorable economic tailwinds

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Show Notes

State-Owned Enterprises Going Public: The Case of China by Xiaozu Wang, et al.—SSRN

A Model of China's State Capitalism by Xi Li, et al.—SSRN

Has China given up on state-owned enterprise reform? by Nicholas Borst—The Interpreter

China Regulator’s New Slogan Fuels Buying Spree in State Firms by Bloomberg News—Bloomberg

Investors sour on Beijing’s bid to boost state-owned enterprises by Sun Yu—The Financial Times

China’s 40-Year Boom Is Over. What Comes Next? by Lingling Wei and Stella Yifan Xie—The Wall Street Journal

What just happened: Storm clouds loom for China’s economy by Sebastian Mallaby, et al.—The Washington Post

Imminent end of ‘demographic dividend’: Share of India’s working age population set to fall by 2036 by Tca Sharad Raghavan—The Print

What’s Holding Back India’s Economic Ambitions? by Shan Li and Vibhuti Agarwal—The Wall Street Journal

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From raging wildfires to devastating floods, how are these natural events reshaping our financial landscape? What if anything, should we be doing with our investments as a result?

Topics covered include:

• The devastating Maui wildfire: What are the factors that led to one of the deadliest wildfires in US history.
• Global wildfire trends: Are they really increasing? The data might surprise you.
• The role of insurance companies: Learn how the giants of the reinsurance world, like Swiss Re and Munich Re, are navigating the increasing number of natural disasters.
• The complex interplay of climate change, urban expansion, and human choices
• Why IPCC is not highly confident regarding some weather impacts of climate change due to the natural variability in weather patterns.
• What should individuals do when there is a lack of details regarding a long-term potential threat?

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Masterworks – invest in contemporary art

Masterworks Disclosure:

“net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd 

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Show Notes

Why the fires in Hawaii have been so bad—The Economist

CAMS: monitoring extreme wildfire emissions in 2022—Copernicus

A human-driven decline in global burned area by N. Andela et al.—Science

Seasonal Trend for Europe—Copernicus

Insurers rack up $50bn in losses from natural catastrophes this year by Ian Smith—The Financial Times

World insurance market developments in 5 charts—Swiss Re Institute

When Disaster Strikes: Preparing for Climate Change by Seán Nolan and Krishna Srinivasan—IMF

California insurance market rattled by withdrawal of major companies by Michael R. Blood—AP

Rising Temperatures Are Wreaking Havoc Year-Round by Zahra Hirji, Rachael Dottle, and Denise Lu—Bloomberg

Climate Change Information for Regional Impact and for Risk Assessment by Roshanka Ranasinghe, et al.—IPCC

The Science Before Science

CO2 emissions (metric tons per capita)—The World Bank

Related Episodes

340: Climate Change, ESG, and What Should Investors Do?

413: What if the World Stopped Shopping?

442: Crisis-Proof Investing: Strategies for a Shaky Future

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We share five things we have learned about stock index valuations, earnings, currency, and why value investing isn't dead.

Topics covered include:

• How index providers divide the stock universe into large and small, growth and value
• The difference between the price-to-earnings ratio and earnings yield and which is better
• How earnings volatility can impact annual earnings growth and what to use to estimate future earnings
• How value stocks often grow earnings faster than growth stocks
• How value has outperformed growth in the last three years

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Show Notes

Asset Camp

Money for the Rest of Us Plus

Related Episodes

102: What It Takes To Be A Value Investor

261: Is Value Investing Dead?

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Given climate change and other risks, how should you invest for the next forty years?

Topics covered include:

• What predictions from the last forty years came true and which didn't
• Why the next forty years will have a lot of similarities to the last forty years despite the promise of AI
• Why the scale and complexity of the world make big transitions away from oil, cement, and natural gas unlikely
• Why economic growth and consumption will likely continue leading to positive investment returns
• How should our portfolios and lifestyle be structured to build resilience

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Show Notes

The Third Wave by Alvin Toffler—Penguin Random House

Parcel shipping index 2022—Pitney Bowes

America Is Drowning in Packages by Amanda Mull—The Atlantic

How to Spend Way Less Time on Email Every Day by Matt Plummer—Harvard Business Review

World Population Prospects—United Nations Department of Economic and Social Affairs

Global Climate Change Vital Signs—NASA

Congestion Pricing Plan in New York City Clears Final Federal Hurdle by Ana Ley—The New York Times

New Jersey Sues Over Congestion Pricing in New York City by Ana Ley—The New York Times

How the World Really Works by Vaclav Smil—Penguin Random House

Does Sam Altman Know What He's Creating? by Ross Andersen—The Atlantic

The Economic Cost of Houston’s Heat: ‘I Don’t Want to Be Here Anymore’ by Rachel Wolfe and Amara Omeokwe—The Wall Street Journal

SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors—U.S. Securities and Exchange Commission

SEC’s Climate-Disclosure Rule Isn’t Here, but It May as Well Be, Many Businesses Say by Richard Vanderford—The Wall Street Journal

Market Myopia's Climate Bubble by Madison Condon—Boston University School of Law

What Really Happens to the Clothes You Donate by Oliver Franklin-Wallis—GQ

OpenAI's Sam Altman launches Worldcoin crypto project by Anna Tong—Reuters

Worldcoin’s premise is a disturbing one by Tabby Kinder—The Financial Times

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In 2005, Congress debated giving U.S. workers private savings accounts to invest their Social Security contributions in the stock and bond markets. Sixteen years later, we review how that would have worked out for workers.

Other topics discussed include:

• How the public and private sectors are both critical for a functioning social security systems
• Which countries pay the highest social security benefits
• How have other privatized social security plans worked out around the world
• How workers prefer defined contribution plans even though they are worse off than if defined benefit plans were still widely available
• How worried should we be about aging populations and rising dependency ratios
• Why Social Security won't go away

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Show Notes

Greenspan "There is nothing to prevent the government from creating as much money as it wants."—YouTube

Estimated Financial Effects of the "Social Security Personal Savings Guarantee and Prosperity Act of 2005" by Stephen C. Goss—Social Security Administration

Social Security Quick Calculator—Social Security Administration

The average 401(k) balance by age by Pau Deer—Empower

CBO’s 2022 Long-Term Projections for Social Security—Congressional Budget Office

Policy Basics: Top Ten Facts about Social Security—Center On Budget and Policy Priorities

Evaluation of Four Decades of Pension Privatization in Latin America, 1980-2020: Promises and Reality by Carmelo Mesa-Lago—SSRN

Population Age Structure and Secular Secular Stagnation: The Long Run Evidence by Joseph Kopecky—SSRN

Does Human Capital Compensate for Depopulation? by M. Siskova, Michael Kuhn, Klaus Prettner, Alexia Fürnkranz-Prskawetz—SSRN

How Much Do Public Employees Value Defined Benefit versus Defined Contribution Retirement Benefits? by Oliver Giesecke and Joshua D. Rauh—SSRN

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How to mitigate the risk of investing on crowdfunding platforms where there is little transparency on the underlying financial health of the platform company.

Topics covered include:

• What is the platform economy
• How blitzscaling and an over-reliance on venture capital funding led to Peer Street's bankruptcy
• What happens next for investors on Peer Street's platforms
• How individuals and businesses can mitigate the risk of investing or conducting business on platforms

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Show Notes

Amazon: Independent Sellers In The U.S. Sold More Than 4.1 Billion Products in 2022 by SGB Media—SGB Media

PeerStreet

LinkedIn Post by Brett Crosby—LinkedIn

Crowdfunding platform PeerStreet files for bankruptcy by Flávia Furlan Nunes—Housingwire

AI Was Q2’s Big Hope To Reverse The Global Venture Funding Slowdown. It Wasn’t Enough by Gené Teare—Crunchbase

VC finds its footing as headwinds weaken by James Thorn—PitchBook

PitchBook-NVCA Venture Monitor—PitchBook

Cases FAQ—Stretto

Real estate debt marketplace PeerStreet files for bankruptcy by Matt Carter—inman

BlockFi Bet Big on FTX and Alameda Even After Seeing Infamous Balance Sheet, Creditors Say by Jack Schickler—CoinDesk

Related Episodes

253: Are IPOs the New Ponzi Scheme?

301: Use Caution with Alternative Investments

393: What Happens If Your Brokerage Firm Goes Bankrupt

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AI models like ChatGPT could lead to massive productivity gains, accelerated economic growth, and higher stock returns. Here's how to invest in AI.

Topics covered include:

• How workers are already using AI models like ChatGPT to boost productivity
• Why ChatGPT is better at search than Google for certain queries
• How AI models will change the economic narrative
• What are ways to invest in AI, including specific ETFs

For more information on this episode click here.

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Masterworks – invest in contemporary art

Masterworks Disclosure:

“net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd 

Show Notes

Sarah Silverman Sues OpenAI and Meta Over Copyright Infringement by Zachary Small—The New York Times

ChatGPT saw its first-ever user decline in June by Igor Bonifacic—Engadget

A New Chat Bot Is a ‘Code Red’ for Google’s Search Business by Nico Grant and Cade Metz—The New York Times

How to get a handle on AI’s many implications for economies and markets by Neil Shearing—Capital Economics

Lessons From the Catastrophic Failure of the Metaverse by Kate Wagner—The Nation

To Drive AI, Chip Makers Stack ‘Chiplets’ Like Lego Blocks by Yang Jie—The Wall Street Journal

Investments Mentioned

iShares Semiconductor ETF (SOXX)

Roundhill Generative AI & Technology ETF (CHAT)

Robo Global® Artificial Intelligence ETF (THNQ)

iShares Robotics & Artificial Intelligence Multisector ETF (IRBO)

iShares Exponential Technologies ETF (XT)

Vanguard Total World Stock ETF (VT)

Related Episodes

184: Massive Job Losses Are Inevitable, But There Will Still Be Work

198: Capitalism Is Creation

256: Will Artificial Intelligence Change Investing?

417: Will Generative AI Replace Your Job?

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Camden and Bret sit down with Ramit Sethi, host of Netflix’s hit show, “How to Get Rich”, author of the New York Times bestseller, “I Will Teach You To Be Rich” and host of the popular “I Will Teach You To Be Rich” podcast. He is known for his unconventional insights on money psychology and his no-nonsense approach to designing and living a rich life. 

Ramit’s financial philosophy is centered around several key principles, including the importance of automating your finances, using money psychology to prioritize your “money dials,” and focusing on $30,000 questions instead of $3 ones.

Topics covered include:

• What it means to live outside the spreadsheet and have a rich life
• The importance of learning how to spend, not just save and invest
• Approaching investing when you don’t come from an investment background and what to do if you are feeling behind

For more information on this episode click here.

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Masterworks – invest in contemporary art

Masterworks Disclosure:

“net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd 

Show Notes

I Will Teach You to Be Rich

Related Episodes

278: You Have Permission to Spend

437: How to Live Like You Are Already Retired

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How to create and sustain a life of freedom and happiness you don't want to retire from.

Topics covered include:

• What are the physical and mental aspects of living like you are already retired
• What is the good life, and what are the basic goods that contribute to it
• How we handle time is the key to the good life and living like we are already retired

For more information on this episode click here.

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Show Notes

Politics by Aristotle

How Much is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random House

Cormac McCarthy Had a Remarkable Literary Career. It Could Never Happen Now. by Dan Sinykin—The New York Times

Soloing: Realizing Your Life's Ambition by Harriet Rubin—HarperCollins

Saving Time: Discovering a Life Beyond the Clock by Jenny Odell—Penguin Random House

An Early Resurrection: Life in Christ Before You Die by Adam S. Miller—Deseret Book

Four Thousand Weeks: Time Management for Mortals by Oliver Burkeman—Macmillan Publishers

Time Surfing

Related Episodes

19: Live Like You’re Already Retired

117: The Retirement Journey

371: Find Your Retirement Investing and Living Style

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We review the performance and investment prospects for carbon, SPACs, silver, convertible bonds, and frontier markets.

Topics covered:

• What has been the performance of these five asset types since they were discussed on the podcast two to three years ago
• What are the underlying performance drivers and expected returns going forward
• Which asset types are most and least attractive

For more information on this episode click here.

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Masterworks – invest in contemporary art

Masterworks Disclosure:

“net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd 

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Show Notes

Initial Public Offerings: Updated Statistics by Jay R. Ritter—Warrington College of Business, University of Florida

Two SPAC ETFs Close in One Month, Suggesting End to Wall Street Boom by Emily Graffeo—Bloomberg

Investments Mentioned

Vanguard Total World Stock Market ETF (VT)

SPAC and New Issue ETF (SPCX)

iShares Convertible Bond ETF (ICVT)

iShares Silver Trust (SLV)

ProShares Ultra Silver (AGQ)

iShares Fronter and Select EM ETF (FM)

Kraneshares Global Carbon ETF (KRBN)

Related Content

318: What Are SPACs and Should You Invest in Them?

330: Is Silver the Next GameStop? How to Invest in Silver

A Complete Guide To Investing In Convertible Bonds

The Opportunity and Risk of Frontier Markets

What You Need to Know About Carbon Investing and its Effect on Climate Change

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How to decide whether to rent a house or apartment or purchase a home or condo. What has been the financial return from owning a house?

Topics covered include:

• How much have home prices increased in major cities since 1980
• What drove the greater than 50% jump in home prices in some U.S. cities since 2020
• Why there aren't more new starter homes
• What will it take for the housing shortage to abate so houses can be more affordable
• Why now could be a more advantageous time to rent versus buy
• What academics estimate the long-term return is for owning a house, and why the calculations are incomplete
• How to determine what your total cost of ownership is for buying a house in order to compare it to renting

For more information on this episode click here.

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Show Notes

The housing theory of everything by John Myers & Ben Southwood & Sam Bowman—Works in Progress

Irish property: the boom that shows no signs of slowing by Jude Webber—The Financial Times

Whatever Happened to the Starter Home? by Emily Badger—The New York Times

The Housing Revolution Is Coming by M. Nolan Gray—The Atlantic

In Today’s Housing Market, It’s Timing Over Location by Joe Pinsker—The Wall Street Journal

The Rate of Return on Real Estate: Long-Run Micro-Level Evidence by David Chambers, Christophe Spaenjers, and Eva Steiner—Oxford Academic

The Rate of Return on Everything, 1870–2015 by Òscar Jordà, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor—National Bureau of Economic Research

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Why equity real estate investment trusts should be part of your investment portfolio despite the office sector's struggles.

Topics covered include:

• Why some office REITs are down 30% in 2023, and owners are walking away from buildings
• How commercial mortgages differ from residential mortgages
• The broad sector diversification found within equity REIT ETFs
• What have equity REITs performed long-term and what drove those returns
• What is a reasonable return expectation for equity REITs
• Why equity REIT prices adjust more quickly than private real estate values
• Why you should be wary of private REITs

For more information on this episode click here.

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Show Notes

Slow Return to Work Pummels Office Stocks by Peter Grant—The Wall Street Journal

REITs Likely to Attract Growing Interest from Private Real Estate Funds by Sarah Borchersen-Keto—Nareit

Related Content

414: Use Caution with Private REITs like Blackstone’s BREIT

A Complete Guide to Equity REIT Investing

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What are the grave consequences if the U.S. debt ceiling isn't increased and the government defaults? What would the Federal Reserve and the Executive Branch do to prevent default if Congress doesn't act?

Topics covered include:

• What are the potential impacts of a U.S. default on the stock and bond markets, and the overall economy
• What causes the U.S. to have a perennial debt ceiling crisis
• Why it is uncertain when the U.S. government would run out of money to meet its obligations
• What the Biden Administration could do to prevent a default
• What the Federal Reserve could do to prevent a default
• Given the ongoing crisis, should you shift assets from stocks to cash?

For more information on this episode click here.

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Masterworks – invest in contemporary art

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“net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd 

Masterworks’ offerings are filed with the SEC, view all past and current offerings here.

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Show Notes

The Debt Limit Since 2011—Congressional Research Service

7 doomsday scenarios if the U.S. crashes through the debt ceiling by Jeff Stein—The Washington Post

A debt ceiling default would send the U.S. housing market back into a deep freeze by Jeff Tucker—Zillow

Why is federal spending so hard to cut? — Recurring debt ceiling fights will only be solved by budget reform by Linda Bilmes—Brookings

Debt Limit Default Is Default, Even Under a “Prioritization” Scheme by Richard Kogan—Center on Budget and Policy Priorities

Why I Changed My Mind on the Debt Limit by Laurence H. Tribe—The New York Times

The Trillion-Dollar Coin Might Be the Least Bad Option by Annie Lowrey—The Atlantic

If U.S. again risks default, Fed has 'loathsome' playbook by Ann Saphir—Reuters

Related Episodes

169: The Debt Ceiling—What Happens If the U.S. Defaults

416: Your Nation’s National Debt: 5 Things You Need To Know

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Does there need to be a loser for every winner when it comes to investing and economic growth?

Topics covered include:

• What are zero-sum games
• How trading can be a zero-sum game
• Why active management and seeking excess returns through security selections or country weights are zero-sum games
• Why the U.S. stock market has outperformed the rest of the world
• Why economic growth overall is not a zero-sum game, but some aspects of the economy are zero-sum games

For more information on this episode click here.

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Show Notes

With the Odds on Their Side, They Still Couldn’t Beat the Market by Jeff Sommer—The New York Times

International Diversification—Still Not Crazy after All These Years by Cliff Asness, Antti Ilmanen, and Daniel Villalon—AQR

The (Time-Varying) Importance of Disaster Risk by Ivo Welch—The Financial Analysts' Journal

The Economics of Biodiversity: The Dasgupta Review by Dasgupta P.—GOV.UK

Why the economy is not a zero-sum game: a simple explanation by Nathan Mech—Acton Institute

Defending the Free Market: The Moral Case for a Free Economy by Robert Sirico

Rents: How Marketing Causes Inequality by Gerrit De Geest

The Threat of Rent Extraction in a Resource-constrained Future by Stratford B.—White Rose Research Online

Related Episodes

421: Beware of Survivorship Bias When Investing

426: Which is Best – Active or Passive, ETFs or Funds?

430: How Should Personal and National Wealth Be Measured?

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