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Less Risk Can Cost More
Don flies solo on this episode of Talking Real Money, fielding calls and calling out the nonsense in fancy investment gimmicks. From market-neutral funds to buffered ETFs, he lays out the case for simplicity, diversification, and discipline over complexity and high fees. Along the way, he compares real-world returns of flashy funds to the humble Vanguard Balanced Index, explains the math behind risk and reward, and gently teases listeners dabbling in covered calls and premium farming. With real estate worries, Schwab steak dinners, and Tesla bulls turned cautious, this episode is classic Don: blunt, funny, and laser-focused on keeping it real… money.
0:04 Friendly welcome and a call for co-hosting help as Don flies solo
1:16 Call-in number shared, and Don apologizes for occasionally sounding political
3:01 Markets are volatile—skip the politics, let’s talk practical moves
3:59 Media fear-mongering and the pitch for “alternatives”
5:13 Barron's & WSJ pitch fancy stuff—Don calls it gimmickry
7:15 Long-term market history shows why patience wins
8:54 The Campbell Systematic Macro Fund vs Vanguard Balanced Index
11:20 Comparing performance, risk, and costs—spoiler: Vanguard wins
12:45 Complexity benefits salespeople, not investors
13:33 Jim from Tacoma asks about “buffered ETFs”
14:02 Don explains buffered ETFs, costs, and gimmick risk
16:23 The danger of complex products with little upside
17:41 Expense ratios and risk in buffered funds vs Vanguard again
19:34 Greg from Florida gets pitched “Schwab Personalized Indexing” over grouper
22:15 Direct indexing: useful, but only for big portfolios
23:20 Planning is more powerful than piecemeal strategies
25:58 High costs, tax strategies, and why a real plan matters
28:00 Laura in Olympia asks about selling her home to retire
29:24 Market timing fears and the power of diversification
30:59 Passive income myth and the burden of managing property
31:56 Adjusting risk with age and leaning on fiduciary advice
33:14 Real estate market is strong—Don gives Laura confidence
34:34 Jason from Sammamish—the “Tesla Bull”—asks about premium farming
36:01 Writing covered calls to buy into VONG—Don offers cautious perspective
37:51 Don’s stockbroker days and every strategy eventually failing
39:09 Covered calls as fun, not a serious strategy—Don doesn’t want copycats
39:52 Don signs off with a reminder: invest simply, plan wisely, and stop guessing
Learn more about your ad choices. Visit megaphone.fm/adchoices
View all episodes
By Don McDonald
4.5
711711 ratings
Don flies solo on this episode of Talking Real Money, fielding calls and calling out the nonsense in fancy investment gimmicks. From market-neutral funds to buffered ETFs, he lays out the case for simplicity, diversification, and discipline over complexity and high fees. Along the way, he compares real-world returns of flashy funds to the humble Vanguard Balanced Index, explains the math behind risk and reward, and gently teases listeners dabbling in covered calls and premium farming. With real estate worries, Schwab steak dinners, and Tesla bulls turned cautious, this episode is classic Don: blunt, funny, and laser-focused on keeping it real… money.
0:04 Friendly welcome and a call for co-hosting help as Don flies solo
1:16 Call-in number shared, and Don apologizes for occasionally sounding political
3:01 Markets are volatile—skip the politics, let’s talk practical moves
3:59 Media fear-mongering and the pitch for “alternatives”
5:13 Barron's & WSJ pitch fancy stuff—Don calls it gimmickry
7:15 Long-term market history shows why patience wins
8:54 The Campbell Systematic Macro Fund vs Vanguard Balanced Index
11:20 Comparing performance, risk, and costs—spoiler: Vanguard wins
12:45 Complexity benefits salespeople, not investors
13:33 Jim from Tacoma asks about “buffered ETFs”
14:02 Don explains buffered ETFs, costs, and gimmick risk
16:23 The danger of complex products with little upside
17:41 Expense ratios and risk in buffered funds vs Vanguard again
19:34 Greg from Florida gets pitched “Schwab Personalized Indexing” over grouper
22:15 Direct indexing: useful, but only for big portfolios
23:20 Planning is more powerful than piecemeal strategies
25:58 High costs, tax strategies, and why a real plan matters
28:00 Laura in Olympia asks about selling her home to retire
29:24 Market timing fears and the power of diversification
30:59 Passive income myth and the burden of managing property
31:56 Adjusting risk with age and leaning on fiduciary advice
33:14 Real estate market is strong—Don gives Laura confidence
34:34 Jason from Sammamish—the “Tesla Bull”—asks about premium farming
36:01 Writing covered calls to buy into VONG—Don offers cautious perspective
37:51 Don’s stockbroker days and every strategy eventually failing
39:09 Covered calls as fun, not a serious strategy—Don doesn’t want copycats
39:52 Don signs off with a reminder: invest simply, plan wisely, and stop guessing
Learn more about your ad choices. Visit megaphone.fm/adchoices
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