In this week’s episode we discuss:-our personal journeys: Steve and Pete -the 9 different personality types and your underlying money motivations -typical spending patterns in middle age-how your spending patterns might change in retirement-our ‘3 Wells of Wealth’ model-Well 1 (living) – because expenses compound negatively-Well 2 (lifestyle) – medium-term liquid investments in stocks, bonds, and cash-Well 3 (legacy – compounding long term)-the 4Fs model: finding your route to happiness in retirement-designing your ideal day and lifestyle -our parents’ generation: the pension, annuities etc. -changing life expectancy-the kids and leaving a legacyThanks for listening!Download a free chapter from our book ’Low Rates, High Returns’https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriartyhttps://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.

In this week’s episode we discuss:-Bogleheads, and why is market timing such a contentious issue? -how to work the numbers: follow trends not stories -alternatives to slippery P/E ratios-why investing is not a get rich quick scheme -why you should always buy low-why stock traders get sucked in every cycle by the lure of quick profits -never accept unsolicited financial advice!-the CAPE ratio-the buy and hold view-why even rebalancing and dollar cost averaging is a form of timing the market-changing allocation with age is also a form of timing the market – even if automatic it’s still timing the market Books mentioned:Ben Stein and Phil DeMuth – Yes, You Can Time the Market! John Bogle – The Little Book of Commonsense InvestingThanks for listening!Download a free chapter from our book ’Low Rates, High Returns’https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriartyhttps://twitter.com/SGM63\

See acast.com/privacy for privacy and opt-out information.

In this week’s episode we discuss:-our personal stories, and working with pre-retirees in 2006-our personal journeys with superannuation and then SMSFs-our 3 Cs model: cost, choice, and control-how much is enough? when is it cost effective to self-manage your super?-getting educated and learning the skills-being in charge of your own destiny-what type of investments go in SMSF for long term-how to invest: at ages 30, 40, 50, and 60 -what about property in SMSFs? The pitfalls, and is it ever a good idea? Thanks for listening!Download a free chapter from our book ’Low Rates, High Returns’https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriartyhttps://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.

In this week’s episode we discuss:-real estate: more millionaires, tax breaks, and a stable long-term investment, but…-the great debate! Property, shares, or both? -our personal experiences in property: Steve and Pete-base rates and regression to the mean, long term returns vs. inflation-why interest rates are like gravity for real estate investments-personal goals and ‘Well’ 3 investments-leverage, concentration, and illiquidity, real estate’s greatest strengths can also be its weaknesses-leverage: the good and the bad-financial freedom: No debt, ‘rent to own’-investing in REITS-putting property into your personal context and holistic NLW planThanks for listening!Download a free chapter from our book ’Low Rates, High Returns’https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriartyhttps://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.

One thing all successful investors have in common is that they develop their own systematic approach.If you don’t have a systematic approach to investing, you will surely fail. Some of the points we cover in this episode:-Staying in your lane-You either invest using gut feelings, or have a process-Focussing on process over outcomes: is both difficult and easy-Why developing the systematic approach is the hard part-Why you must develop your own written plan-People are patterns – the 8 timeless principles of investing-Nothing makes u question your system like a bad run-Don’t be influenced by your social circle...or social media!-Read widely, talk to experienced investors, developing a system takes timeBooks mentionedThe Road to Wigan Pier, George OrwellThanks for listening!Download a free chapter from our book ’Low Rates, High Returns’ https://www.lowrateshighreturns.com/podcastPete Wargent https://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriarty https://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.

To become a better investor you need to have a rigorous process of analysing your decisions, and objectively determining whether results have been due to skill or luck.Here we discuss distinguishing between processes versus outcomes.Some of the points we cover in this episode:-The importance of practice and repetition-Why great investors analyse their mistakes rigorously-How to become less emotional as an investor over time -The predictive ability (or otherwise) of experts-One hit wonders!-What are base rates and why are they useful?Books mentioned:Thinking Fast and Slow, Daniel KahnemanSuccess Equation: Untangling Skill and Luck in Business, Sports, and Investing, Michael J. MauboussinThanks for listening!Download a free chapter from our book ’Low Rates, High Returns’ https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/ https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriarty https://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.

We discuss the Kelly Criterion and the psychology of maximising your long-term wealth…and how to approach your wealth goal safely.Some of the points we cover in this episode include: -The prince and the pauper: diminishing marginal utility-Why we should become more risk averse as we approach our wealth goal-Arithmetic versus logarithmic returns -Compounded returns: Buffett versus the S&P 500 1965-2019 -Exponential returns and why the rich get richer -Objective versus subjective approaches to Kelly investing -Betting what you’re emotionally comfortable with Books and research mentionedDaniel Bernoulli – expected utility hypothesis (diminishing marginal utility) Thanks for listening!Download a free chapter from our book ’Low Rates, High Returns’https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriartyhttps://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.

We discuss social physics and the potential perils of groupthink.Some of the points we cover in this episode include:-What is groupthink and why does it exist?-Why we like to run with the bulls-Why we like to think we’re all different (but we really aren’t) -The critical role of leverage in market cycles-PLUs: people like usBooks mentionedThe Art of Contrary Thinking, Humphrey NeillCritical Mass, Philip BallForecast: What Physics, Meteorology, and Natural Sciences can teach us about Economics, Mark BuchananThanks for listening!Download a free chapter from our book ’Low Rates, High Returns’https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriartyhttps://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.

If you want to manage your own money, you need to be able to think independently rather than being influenced by too many sources. We discuss what influences our decision-making, and the two different ways of making a decision.That is, individually, or as part of a group. Some of the points we cover in this episode include:-How we are influenced by the media and our social circle-How to disseminate information more carefully-Being wary of narrative economics -The Myers-Briggs test versus the Enneagram Assessment-How the brain creates emotions -Influence fads -Social physics: why we don’t always act as individuals in our own self-interest-Why this cycle has echoes of the dotcom bubble?Books referencedIrrational Exuberance, Robert ShillerHow Emotions are Made, Lisa Feldman BarrettDevil Take the Hindmost, Edward ChancellorExtraordinary Popular Delusions and the Madness of Crowds, Charles MackayMastering the Market Cycle: Howard MarksThanks for listening!Download a free chapter from our book ’Low Rates, High Returns’https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriartyhttps://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.

If you want to be a successful investor, then naturally you need to take a position on future events. Yet making predictions is difficult, especially when they are about the future!Some of the points we cover in this episode include:-The history of some very wrong predictions-The problem with ‘expert predictions’ on the economy and markets-Prediction biases: recency bias and priming-How can you be a better predictor?-Can the crowd ever be wise? -The Superinvestors of Graham and DoddsvilleBooks mentioned:The Wisdom of Crowds, James SurowieckiSuperforecasting: The Art of Science of Prediction, Philip TetlockThinking Fast and Slow, Daniel KahnemanThe Base Rate Book: Integrating the Past to Better Anticipate the Future, Michael Mauboussin The Black Swan, Nassim Nicholas TalebThe Superinvestors or Graham and Doddsville, Warren Buffett, Hermes Magazine, Columbia Business SchoolThanks for listening!Download a free chapter from our book ’Low Rates, High Returns’https://www.lowrateshighreturns.com/podcastPete Wargenthttps://www.petewargent.com/https://www.linkedin.com/in/pete-wargent-37228322/Stephen Moriartyhttps://twitter.com/SGM63

See acast.com/privacy for privacy and opt-out information.