The show kicks off with a sardonic take on turf wars between delivery drivers—yes, really—before diving into third-quarter market returns, investor behavior, and asset class performance. Don and Tom remind listeners (again) that sticking with a diversified portfolio beats timing markets or following headline noise. Listeners call in about Social Security strategies, inheritance accounts for minors, and what to do with large sums of cash in retirement. The show wraps with a smart look at ETF-to-mutual fund conversions and why the old-school fund industry is getting left in the dust.

0:11 Delivery turf wars joke and quarter-end reflections

1:40 Fears vs. reality: inflation, jobs, and trade wars

2:16 Q3 returns: U.S. stocks +8%, EM +9.6%, silver tops, cocoa flops

3:09 What you had to do to earn those returns: be invested, diversified, and ignore noise

5:13 Don scolds investors still avoiding value and international stocks

6:11 Chocolate aside, it’s been a strong year for stocks and bonds

7:42 Promo: Why guessing isn’t a retirement plan

7:51 Don recovers from a cough; Tom lists worst Q3 performers (lean hogs!)

9:13 Listener Chad argues for claiming Social Security early if you can earn 3%

11:08 Don crunches the math: break-even at age 81–82 if invested at 3%

12:57 Survivor benefits and why waiting helps your spouse

13:57 Don jokes about his wife stealing his life force and living to 112

14:54 Vaccine banter and intro to next caller

15:56 Caller Michael from Burien sells a condo, asks where to put $300k

19:07 Don and Tom suggest municipal bonds like VTEB for tax-free yield

20:20 Michael quotes a great retirement planning aphorism

20:29 Shift to ETF inflows and the downfall of mutual funds

29:13 Vanguard’s tax-free conversion model and Dimensional’s exemptive relief

30:49 What this shift means for investors with taxable accounts

31:17 Mutual funds may soon be the next buggy whips

32:22 Listener Connie asks: do you really get back Social Security withheld when working before FRA?

33:14 Tom and Don clarify: benefit adjusted later, but no “refund”

34:37 Caller Susan from Connecticut: what to do with $250k in cash

36:52 Don: You don’t need more products—you need a real financial plan

39:17 Flat-fee plans and how to find a true fiduciary

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