Don and Tom take on the ever-persistent phrase “This time it’s different,” as Bloomberg and NYT articles suggest AI, financial fragmentation, and inflation have permanently changed the investing game. The duo questions whether these changes actually warrant different investing behavior—or if they’re just the latest in a long line of panics dressed up as paradigm shifts. Along the way, they debate market melt-ups, the logic of diversification, and why equities pay more (hint: it’s not because they’re safe). Listeners call in with questions about ETFs in IRAs, Roth conversions later in life, and tax-savvy asset allocation across accounts.

0:04 Perspective from aging: we’ve heard “this time is different” before

1:58 AI panic, financial fragmentation, and inflation—Bloomberg’s argument

3:31 Don and Tom challenge claims of “new” market conditions

5:08 AI voice cameo: Cath makes her show debut

6:05 What should investors do if things are different?

9:00 NYT’s Jeff Sommer warns of a potential market “melt-up”

10:08 Irrational exuberance: unprofitable stocks soaring

12:57 Why risk still pays: stocks go up and down

15:02 Smooth ≠ profitable: bonds are boring, stocks reward fear

18:23 Listener asks: Why own international if U.S. wins?

20:34 Diversification vs. chasing past performance

23:42 Call: ETFs vs. mutual funds inside retirement accounts

29:36 Call: Should a 79-year-old convert to a Roth?

36:53 Call: Asset location strategy and inherited IRA cash flow

41:36 Don’s final advice: no tax tricks—just make a plan

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