Most of what people believe about investing is wrong, and the wrong beliefs are expensive. Paul Merriman, founder of The Merriman Financial Education Foundation, has spent sixty years around markets and more than forty of them teaching people how to invest. He opens this conversation with Jack Lempart by naming his own biggest mistake: a scarcity mindset that has kept him fifty-fifty in stocks at eighty-two, when by his own reckoning he should probably be fully invested. From there the myths come apart one by one, with numbers attached: why the casino comparison runs exactly backwards, what a hundred dollars a month from a first paycheck compounds into (about three million dollars at eight percent, and thirty-seven million at the twelve percent Paul says is possible in small cap value), and why only about one active manager in ten or twenty beats the index over the long run with no way to spot them in advance. Paul also explains what actually sits inside an ETF once you stop treating the wrapper as the product, why a half-US, half-international portfolio changed when the returns arrived rather than how large they were, and why the small cap value premium has gone missing four times in roughly a century for stretches averaging seventeen years. This is an episode for anyone who has ever said "it's a bad time to invest", "I don't have enough to start" or "I'm not smart enough for this", and for the experienced investor quietly losing faith in a lagging strategy. It ends with the one thing Merriman asks you to do tomorrow morning with your coffee: list what you can actually control, and automate everything you can.

Agenda

• Sixty years, one persistent mistake, and the casino myth. Paul's own scarcity mindset, and why the odds comparison with a casino is backwards.
• "I don't have enough" and "I'm not smart enough". A hundred dollars a month, a thirteen-year-old doing compounding math, and what the Mensa investment club proves about IQ and returns.
• "It's a bad time to invest", and star managers versus the index. Why waiting feels smart and costs so much, what the scoreboard says about active funds, and Bill Miller's fifteen good years followed by a terrible decade.
• Inside the ETF wrapper, and the home bias question. The bottle versus its contents (which index, how many stocks, costs, reconstitution), why half-US and half-international changed the timing rather than the total, and the top ten names sitting in a quarter of a cap-weighted world fund.
• Small cap value, factor funerals, and one thing to do tomorrow. Seventeen-year droughts, where the premium actually comes from, and the single action for tomorrow morning.

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In this in‑depth conversation, Irish financial educator Dan shares his journey from auditing global funds at PwC to building Honest.ie, a platform devoted to independent personal‑finance education. Drawing on his background as a chartered accountant and tax adviser, Dan explains how he translates complex financial ideas into simple, actionable advice for ordinary people. The discussion covers everything from budgeting, debt, and housing decisions to ETF investing, pensions, and tax efficiency. Dan also opens up about what “honesty” means in practice — staying free from product bias while building trusted tools and educational content. Listeners learn how to create a simple, lasting financial system, avoid common behavioural traps, and take advantage of pensions as a powerful wealth‑building tool. Throughout, he argues that independence, transparency, and consistency matter more than chasing the next market trend.

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This in‑depth conversation with JL Collins traces his journey from early lessons watching his self‑employed father struggle, through his own decision in his twenties to live on half his income and relentlessly invest the rest. Jack and JL unpack the core ideas behind The Simple Path to Wealth: F‑You Money as the foundation of freedom, the power of very high savings rates, and why a single broad US index fund like VTSAX (or its ETF twin VTI) sits at the center of his philosophy.

They explore contested topics such as concentrating in US stocks versus global diversification, whether two asset classes (stocks and bonds) are really enough, and why JL remains skeptical of gold, real estate empires, and complex alternative strategies. Drawing on stories from Pathfinders, JL shares real‑world examples of late starters and ordinary earners who reached financial independence far faster than they thought possible, simply by committing to the path and letting compounding work.

The episode closes with a deep dive into the 4% rule, withdrawal strategies in retirement, and JL’s broader views on lifestyle inflation, defining “enough”, and what he hopes his legacy will be for future generations of investors.

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This comprehensive presentation challenges the common assumption that investing exclusively in U.S. equities through the S&P 500 is the optimal choice, instead advocating for a globally diversified approach using ETFs like MSCI ACWI. While acknowledging that U.S. stocks have delivered superior returns (10.48% CAGR vs. 8.95% for developed markets) over the past 100 years and currently represent 60%+ of global market capitalization, we emphasizes that historical dominance is no guarantee of future performance—citing Japan's decline from 30% to 5% of global market cap as a cautionary tale.

The core argument centers on portfolio survival rather than maximization: a globally diversified portfolio naturally maintains significant U.S. exposure while hedging against the concentration risk of being fully invested in a single country. For passive investors seeking simplicity and peace of mind, the recommendation is to hold a market-cap-weighted global index like MSCI ACWI or FTSE All-World, which provides both the growth potential of U.S. markets and protection across multiple geographic regions. The key insight is that diversification doesn't mean abandoning conviction in high-performing markets—it means owning the entire market structure rather than betting everything on one horse.

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The episode explains why traditional schooling teaches many abstract subjects but almost no practical money skills, even though everyone must manage money for decades. It shows how even “small” inflation, like 3% per year, slowly destroys the value of cash, so doing nothing is actually losing money. Because of this, we are all forced to invest and choose between different assets like stocks, bonds, real estate, and managed futures.We argue that stock picking and trying to “beat the market” usually fails, even for professionals, mainly because markets are very efficient and fees are high. Instead, the proposed solution is simple index investing: buying ETFs that own the whole market and letting the index automatically remove losers and add winners. A “boring” diversified portfolio of global stocks, managed futures, and bonds, rebalanced once a year, has historically delivered strong returns with manageable risk.

The key edge is not being smart, but being disciplined, ignoring the news, and avoiding behavioural mistakes like panic selling, overconfidence, and FOMO.

Agenda

• Why traditional education fails to teach practical finance
• How inflation forces everyone to invest
• Why active stock picking and “being smart” usually do not work
• The case for index investing and a simple diversified portfolio
• Discipline, behaviour, and the “slow money, big results” mindset

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In this second round with Larry Swedroe, we explore what evidence‑based investing really means in today’s late‑2025, AI‑driven markets. Larry explains why rising skill and technology shrink alpha, turning most active management into a loser’s game and pushing investors toward low‑cost factor strategies rather than stock‑picking “genius”. He discusses value, momentum, private credit and goodwill traps, shows why passive flows have not made it easier for active managers to win, and warns about high‑fee structures in the asset‑management industry. Larry also touches on quantum computing as a tail risk for financial systems and crypto, and argues that investors should stop chasing elusive alpha and instead build disciplined, diversified portfolios of proven factors and low‑correlation alternatives.

• Why alpha is shrinking in an AI‑driven, highly skilled market and why active management has become a loser’s game.​
• What investors can really learn from Warren Buffett and the value factor, especially in an intangible‑heavy economy.​
• Why passive flows haven’t made it easier for active managers to win, despite common claims to the contrary.​
• How combining value and momentum, and avoiding goodwill and private‑credit traps, can build more resilient portfolios.​
• How quantum computing could threaten financial systems and cryptocurrencies, reinforcing Larry’s skepticism toward crypto.​
• Why investors should shift from chasing alpha to building diversified exposure to proven factors and low‑correlation alternatives.​

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In this episode, we sit down with William Bengen, the legendary creator of the “4% Rule” that revolutionized retirement planning worldwide. Bill shares his unique journey from an MIT aerospace engineer to a financial planner, explaining how he used historical data to solve the “how much can I spend” dilemma. He dives deep into the critical concepts of “Sequence of Returns Risk” and explains why inflation is actually a more dangerous enemy to retirees than stock market crashes.

The conversation explores his latest research, which updates the safe withdrawal rate to 4.7% (or higher) by utilizing what he calls the “Four Free Lunches” of investing. Bill also analyzes the current market environment of late 2025, discussing how high Shiller CAPE valuations and moderate inflation impact today’s withdrawal strategies. Beyond the numbers, he touches on the psychological aspects of spending, the validity of the FIRE movement, and his personal “four pillars” for a happy retirement. Finally, Bill shares a moving personal story about finding love again after loss, proving that retirement is about much more than just a spreadsheet.

Agenda

• Introduction to William Bengen: From aerospace engineering to the family bottling business and financial planning.
• The origin of the 4% Rule: How a lack of industry answers led to groundbreaking historical research.
• Sequence of Returns Risk: Why the order of investment returns matters more than the average.
• The Inflation Threat: Why permanent price increases are more damaging than temporary bear markets.
• Defining “SafeMax”: The philosophy of planning for the worst-case historical scenario.
• The “Four Free Lunches”: Diversification, Rebalancing, Asset Class Tilting, and Equity Glide Paths.
• Market Analysis 2025: Discussing high Shiller CAPE ratios and their impact on today’s withdrawal rates.
• The FIRE Movement: Can early retirees with 50-year horizons rely on the 4% rule?
• The “Underspending” Paradox: Why many retirees end up with more money than they started with.
• Alternative Strategies: The pros and cons of fixed-percentage withdrawals versus inflation-adjusted spending.
• Bengen vs. Morningstar: The difference between historical “SafeMax” data and forward-looking return forecasts.
• The Four Pillars of Retirement: Health, Friends/Family, Passions, and Finances.
• Personal Journey: Bill’s experience with grief, finding new love, and life as an aspiring novelist.

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This episode explains why consistently beating the stock market is extremely difficult, especially for active managers competing in today’s highly efficient markets. It shows how much of what looks like “alpha” can often be explained by exposure to well-documented risk factors such as value, quality, and low risk. 

Agenda

• Why beating the market is so hard today
• What academic research really says about alpha and active managers
• How factor investing explains legendary track records like Warren Buffett’s
• Practical principles of evidence-based, low-cost, diversified investing
• How to apply these ideas when building your own long-term portfolio

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In this compelling episode we welcome Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence and author of the bestselling book "The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions". Eric is one of the most recognized voices in the world of exchange-traded funds, combining deep financial expertise with an exceptional ability to communicate complex concepts in an accessible way.
During our conversation, we explore the revolution that Jack Bogle sparked on Wall Street—a story about how one man created the first index fund and built one of the most important financial institutions of recent decades, Vanguard. Eric shares fascinating behind-the-scenes details from writing his book, including insights from three interviews he conducted with Bogle before his passing. As it turns out, Bogle didn't even know about the Efficient Market Hypothesis when he created the first index fund—his idea was born out of necessity and a serendipitous encounter with an article by Paul Samuelson.
We also discuss the unique ownership structure of Vanguard – a mutual corporation that is the only organization in the world allowing investors to be owners of the firm managing their assets. This distinctive structure enabled systematic fee reductions over decades – from 60 basis points down to nearly zero costs today – and became a "delayed-action bomb" within the financial industry itself.
Eric explains the complicated relationship between Bogle and ETFs. Although Bogle himself was skeptical of exchange-traded funds—fearing they would encourage excessive trading among investors—today Vanguard's ETFs, such as VTIand VOO, have become the world's largest funds and have effectively democratized the philosophy of cheap, passive investing on a scale that Bogle himself could never have imagined.
We also discuss the future of active management, emerging categories of ETF products—ranging from "hot sauce" (thematic and speculative ETFs) to "boomer candy" (buffered funds designed to protect investors from losses)—as well as the revolution brought by spot Bitcoin ETFs. Eric calls the SEC's approval of these funds in January 2024 the "moon landing moment" for crypto, which kicked off an era of "suit coiners"—the institutional adoption of Bitcoin by the traditional finance world.
Finally, Eric reveals details about his upcoming book, "Both Sides of the Coin" which aims to show how Bitcoin ETFs have transformed the investment landscape and why investors should take a fresh look at cryptocurrencies—even if they were skeptical about them before.

Agenda

• Introduction – Who is Eric Balchunas and how he became an ETF analyst at Bloomberg
• The Genesis of "The Bogle Effect" – Why Eric decided to write about Jack Bogle
• Bogle's Underestimated Impact – Why he was the father not only of passive investing, but also of low costs
• The Critical Role of Funds – How funds stand between investors and the value created by companies
• Was Indexing Inevitable? Why the world would look different without Bogle
• The Genius of Vanguard's Ownership Structure – How mutual ownership transformed the industry
• Bogle and the Efficient Market Hypothesis – How he arrived at the idea of an index fund
• The Cost Matters Hypothesis – A simple message that reached millions of Americans
• Bogle and ETFs – A Complicated Relationship with the Product That Most Effectively Spread His Philosophy
• Passive vs. Active – Is Passive Investing Really Passive?
• The End of Active Management? How the industry is evolving in the era of cheap index funds
• Hot Sauce and Boomer Candy – New Categories of ETF Products for Different Generations of Investors
• Bitcoin ETFs as a Moon Landing Moment – Why the Approval of Spot Bitcoin ETFs Was a Breakthrough
• What Would Bogle Have Thought About Bitcoin? A Hypothetical Fourth Conversation with a Legend
• Tokenization vs. ETFs – Which Technology Will Win in the Future?
• The New Book "Both Sides of the Coin" – What Eric Wants to Convey to Readers About the Crypto Revolution

Key People Mentioned in This Episode

• Jack Bogle – Founder of Vanguard and creator of the first index fund. The central figure of Eric's book "The Bogle Effect" Bogle revolutionized investing by introducing the mutual ownership structure and championing low-cost index funds.
• Paul Samuelson – Nobel Prize-winning economist whose article in a finance journal inspired Bogle to create the first index fund. Samuelson called for someone to launch an index fund to provide a benchmark against active managers.
• Nate Most – Creator of the first ETF (SPY). He approached Bogle in the early 1990s asking to create an ETF based on Vanguard's index fund, but Bogle declined, fearing it would encourage excessive trading.
• Warren Buffett – Legendary investor and Berkshire Hathaway CEO. One of over 50 people Eric interviewed for "The Bogle Effect." Like Bogle, Buffett shares skepticism toward assets without cash flows and intrinsic value.
• Larry Fink – CEO of BlackRock. His company's filing for a spot Bitcoin ETF in 2023 marked a turning point for crypto legitimacy. BlackRock's involvement brought institutional credibility to Bitcoin investing.
• Michael Saylor – CEO of MicroStrategy, mentioned as an example of how the S&P 500 index committee has discretion to exclude companies that meet technical requirements.
• Zohran Mamdani – NYC Democratic mayoral candidate and socialist politician. Eric mentions him in the context of how currency debasement and housing affordability issues—similar to Bitcoin's appeal—influence election outcomes.

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In this compelling episode of the ETFatlas podcast, host Jack Lempart sits down with Larry Swedroe, one of the most influential voices in evidence-based investing and author of 18 groundbreaking books on finance.
Larry shares his remarkable journey from aspiring security analyst during the 1973-74 market crash to principal and director of research at Buckingham Strategic Wealth, where he spent nearly three decades revolutionizing how investors think about portfolio construction. Throughout the conversation, Larry explains how academic research has systematically converted what was once considered alpha into beta, revealing that strategies employed by legendary investors like Warren Buffett can now be replicated through low-cost systematic approaches.
He discusses the dramatic decline in active managers generating statistically significant alpha—from 20% in 1998 to just 2% by 2011—and explores why the shrinking pool of uninformed investors has made markets increasingly efficient.
Larry passionately advocates for his “big rocks” philosophy of life, emphasizing that the pursuit of marginal outperformance often comes at the expense of what truly matters: time with family, personal relationships, and living a well-balanced life. This episode offers invaluable insights for both novice and experienced investors seeking to understand the science of investing while maintaining perspective on life’s priorities.

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