Tom Cock takes the reins while Don visits family, leading a live call-in show that covers liquidity risks in private investments and university endowments, skepticism over deferred income annuities, housing sale costs, Vanguard ETF gaps, the importance of diversification beyond the S&P 500, and why long-term investing discipline beats reacting to short-term volatility. Callers ask about annuities, real estate commissions, balanced ETFs, 100% stock allocations, and Wellington vs. total market strategies, with Tom stressing global diversification, risk awareness, and building portfolios for real life rather than chasing products or peer pressure.

0:04 Tom hosts solo, Don away visiting his mom

0:51 Liquidity lessons from elite college endowments and alternatives

2:56 Why liquidity matters for retirement and emergencies

6:21 Caller Rich: $2M assets, pension, Social Security, annuity concerns, Tom warns against deferred income annuities

11:46 Caller Will: real estate commissions after lawsuits, Tom says budget ~10% of sale price

15:09 Tom warns about too-good-to-be-true “8% guarantees”

16:26 Caller Catherine: asks why Vanguard lacks a balanced ETF; Tom suggests DIY mix or wait for rollout

21:40 Tom stresses ignoring TikTok “advice” and staying the course; examples of small-cap rebounds

25:31 Global small/value stocks outperform S&P this year—own them all

26:49 Caller Joe: 100% S&P 500 allocation in retirement accounts; Tom warns about concentration, suggests global diversification

32:56 Caller Alan: Wellington Fund vs. more equities; Tom favors index funds and broader global exposure

37:28 Risk quiz, portfolio planning, and building for your own needs vs. peer influence

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