I recently sat down with Steve Chen on his Boldin Your Money podcast for a wide-ranging conversation about evidence-based investing — and why it matters more than ever in a world of speculation, hype, and constant financial noise. We covered my early days as a stockbroker in the 1960s, the psychology that trips investors up in downturns, how low-cost index funds transformed personal finance, factor investing and small-cap value, and why younger investors are being pulled toward gambling-like behavior through apps, crypto, and prediction markets. Whether you're just starting out or planning for retirement, I think you'll find it time well spent.
KEY TOPICS DISCUSSED • The difference between investing and speculation • Why staying the course is emotionally difficult • Wall Street incentives and investor behavior • The origins of index fund investing • Factor investing and small-cap value explained • Why diversification matters long term • Rebalancing strategies and portfolio management • Financial literacy and generational investing habits • Why gambling behavior is becoming normalized • How AI tools like ChatGPT and Claude are changing education • The psychology behind successful long-term investors
TIMESTAMPS 00:00 Introduction 02:55 Paul Merriman's start in investing 05:20 Wall Street incentives and conflicts of interest 08:35 Why investing is harder than it looks 12:25 Investing vs speculation 15:40 Why people panic during market crashes 17:30 The psychology of staying the course 19:10 Generational wealth and financial literacy 23:40 The case for index funds 28:45 Factor investing explained 32:30 The four-fund portfolio strategy 36:00 Rebalancing and long-term returns 38:00 ChatGPT, Claude, and financial education 42:15 Market valuations and investor behavior 45:30 Building wealth intentionally 49:00 Gambling culture and modern investing 51:45 Teaching financial literacy to younger generations 54:00 Final thoughts on long-term investing
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