Central bankers set policy with incomplete information, unobservable targets, and constant trade-offs between growth, inflation, and employment. In this episode, we delve into how the fight for Federal Reserve independence could impact markets, interest rates, and your financial future.

Topics covered include:

• What Federal Reserve Chair Powell said at the Fed's annual Jackson Hole Symposium
• What is the Federal Reserve's mission statement
• Why is it normal for U.S. presidents to disagree with the Federal Reserve's policy stance?
• Why attacking the Fed's independence is harmful and could lead to higher interest rates and a weakening dollar
• What causes inflation, and why is it difficult to know the correct level of interest rates

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Show Notes

2025 Statement on Longer-Run Goals and Monetary Policy Strategy—The Federal Reserve Board

Trump says U.S. interest rate is at least 3 points too high—Reuters

Trump warns of economic slowdown unless Fed cuts rates, triggering selloff by Howard Schneider and Ismail Shakil—Reuters

What is the neutral rate of interest? by Sam Boocker, Michael Ng, and David Wessel—Brookings

Trump Moves to Fire Fed’s Cook, Setting Up Historic Fight by Jonnelle Marte and Myles Miller—Bloomberg

Different Types of Central Bank Insolvency and the Central Role of Seignorage by R. Reis—Semantic Scholar

Powell's Econ 101: Jobs not inflation. And forget about the money supply by Howard Schneider—Reuters

Related Episodes

453: The Price of Money – 700 Years of Falling, Can Interest Rates Keep Rising?

312: What the Federal Reserve’s New Policies Mean For Your Finances

295: Federal Reserve Insolvency and Monetizing the National Debt

246: What Central Banks Don’t Know Should Concern You

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From the dot-com boom to today’s AI frenzy, bubbles follow a familiar script. This episode explores how to recognize them, what sustains them, and how to position your portfolio without getting swept up in the hype.

Topics covered:

• How U.S. stock markets are the most concentrated and most expensive of all time
• What constitutes a bubble and what sustains it
• How to invest during a bubble
• Changes David recently made in his portfolio in response to the AI bubble

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Show Notes

I'm Changing How I Manage My Money Because of AI by Hank Green—YouTube

% S&P 500 share of top 10 companies by market cap %—Apollo Academy

Charted: S&P 500 Market Concentration Over 145 Years by Kayla Zhu—Visual Capitalist

AI’s Moment and Insights from Themes Past by Anil Rao—MSCI

How Pimco Outmaneuvered Apollo and KKR to Win $29 Billion Meta Deal by Carmen Arroyo and Laura Benitez—Bloomberg

How to invest in a stock market bubble by Stuart Kirk—The Financial Times

Bubble, Bubble, Toil and Trouble by Rob Arnott, Bradford Cornell, and Shane Shepherd—Research Affiliates

Related Episodes

535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite 

503: U.S. Stocks Have Never Been This Overhyped or Expensive

500: The S&P 500 Index and the Decade Ahead

365: Why Some Asset Bubbles Don’t Burst

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A practical framework for making better decisions, managing risk, and finding opportunity in unpredictable environments. We contrast these principles with the massive $2.9 trillion AI data center build-out by Big Tech, which is betting big on a single superintelligence future. 

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Show Notes

Inside the relentless race for AI capacity—The Financial Times

Inside the AI race: can data centres ever truly be green?—The Financial Times

The Kanye/Data Center Crossover by Paul Kedrosky—Paul Kedrosky

Related Episodes

531: Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble?

520: Where Are We Heading?

501: Strategy and Systems Want Your Money

496: Are You Taking Enough Aspirational Risk?

492: The Power of Optionality: Small Bets, Big Payoffs

482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity

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Dave Thomas, CIO and Founder of long/short hedge fund, Atalan Capital Partners, shares why most hedge funds fail and the keys to being a long-term successful investor.

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Show Notes

FEG Insight Bridge episode page

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David converses with renowned illustrator and financial philosopher Carl Richards on the abstraction of money, attention capital, distinguishing risk from uncertainty, and the importance of taking microactions.

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Show Notes

Carl Richard's website, Behavior Gap

Your Money: Reimagining Wealth in 97 Simple Sketches by Carl Richards

Related Episodes

496: Are You Taking Enough Aspirational Risk?

394: How to Get Better at Risk Taking

135: Embrace the Messiness

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A new executive order could radically reshape retirement investing by allowing private equity, crypto, and gold in 401(k) plans. This episode examines the factors driving the demand for alternative assets in defined-contribution plans, the potential risks to everyday investors, and why fiduciary rules and financial literacy gaps still matter.

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Show Notes

Trump Executive Order to Help Open Up 401(k)s to Private Markets by Miriam Gottfried, Dylan Tokar, and Matt Wirz—The Wall Street Journal

Donald Trump set to open US retirement market to crypto investments by Antoine Gara, Jamie John, and Stephanie Stacey—The Financial Times

U.S. Labor Department Allows Private Equity in 401(k) Plans by Chris Cumming—The Wall Street Journal

U.S. Department of Labor Supplement Statement on Private Equity in Defined Contribution Plan Designated Investment Alternatives—U.S. Department of Labor

State Street New TDF Includes Private Assets by PSCA Net Staff—PSCA

The Power of Private Markets by Robert Crothers et al.—BlackRock

UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT OPINION No. 22-16268

The Relentless Ask: Private Markets Are Eating the World by Michael Batnick—The Irrelevant Investor

Don’t Buy Into This Easy Fix for Stock-Market Craziness by Jason Zweig—The Wall Street Journal

The Private Equity Boom Is Leaving Midsize Players Behind by Preeti Singh and Laura Benitez—Bloomberg

401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them—U.S. Government Accountability Office

DEFINED CONTRIBUTION PLANS AND THE CHALLENGE OF FINANCIAL ILLITERACY by Jill E. Fisch, Annamaria Lusardi, and Andrea Hasler—Cornell

On Endowments and Unintended Consequences by Paul Kedrosky—Paul Kedrosky

Related Episodes

509: How to Invest in Private Credit / Direct Lending?

497: How to Fix the Retirement Savings Crisis

490: Should You Invest in Private Equity?

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We explore the compelling questions surrounding artificial intelligence. Will AI create more new jobs than it destroys? Is AI already destroying jobs? Are we seeing overinvestment in companies and infrastructure in the AI space? Is there evidence that AI has increased productivity?

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Show Notes

Behind the Curtain: A white-collar bloodbath by Jim VandeHei and Mike Allen—Axios

Yuval Noah Harari Statement - Post by Nunki08—Reddit

Challenger Report June 2025—Challenger, Gray & Christmas

Entry level jobs fall by nearly a third since ChatGPT launch by Karl Matchett—The Independent

Strategic Insights for M&A in the Evolving AI Market—S&P Global

Nvidia Becomes First Public Company Worth $4 Trillion by Tripp Mickle—The New York Times

Silicon Valley is racing to build the first $1trn unicorn—The Economist

How to use generative AI to augment your workforce by Betsy Vereckey—MIT Management

Humans must remain at the heart of the AI story by Marc Benioff—The Financial Times

The AI Industry Is Radicalizing by Matteo Wong—The Atlantic

TASKS, AUTOMATION, AND THE RISE IN U.S. WAGE INEQUALITY by DARON ACEMOGLU AND PASCUAL RESTREPO—Econometrica

MyPillow CEO’s lawyers fined for AI-generated court filing in Denver defamation case by Olivia Prentzel—The Colorado Sun

Which Workers Will A.I. Hurt Most: The Young or the Experienced? by Noam Scheiber—The New York Times

Generative AI at Work by Erik Brynjolfsson, Danielle Li, Lindsey Raymond—Oxford Academic

The Illusion of Thinking: Understanding the Strengths and Limitations of Reasoning Models via the Lens of Problem Complexity by Parshin Shojaee et al.—Apple

Related Episodes

507: Where You Live Matters – How Geography Contributes to Wealth

457: AI’s Fork in the Road: Societal Bliss or Existential Threat

439: How and Why to Invest in AI

417: Will Generative AI Replace Your Job?

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How the investing landscape is being reshaped by the global race for critical minerals.

Topics covered in this conversation between FEG's Greg Dowling and private equity firm Kinterra Capital's co-founders, Cheryl Brandon and Kamal Toor include:

• How mining and mineral processing work
• What are critical minerals, what is driving the demand for them, and will it continue
• How the rise of passive management has led to underinvestment in mining
• How to reconcile care for the environment and the need to mine critical minerals
• What are the attributes that contribute to successful private capital investments
• Why querying ChatGPT is insufficient to get up to speed on an investing topic, and what to do instead.

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Show Notes

FEG Insight Bridge episode page with transcript

Kinterra Capital

Related Episodes

526: The Future of Power: Energy at a Crossroads with Scott Harland

384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It?

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We examine how robo-advisors have evolved over the past decade to determine if their services justify the fees they charge.

Topics covered include:

• How large are the top 5 robo-advisors
• Robo-advisor fees
• Robo-advisor holdings
• Why robo-advisors are turning toward direct indexing for tax loss harvesting
• How much excess return does tax loss harvesting generate
• Who can benefit from using robo-advisors

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Show Notes

The Tax Benefits of Direct Indexing, and How They Are Affected by the Biden Tax Plan by Nathan Sosner et al.—SSRN

An Empirical Evaluation of Tax-Loss Harvesting Alpha by Shomesh Chaudhuri et al.—SSRN

Related Episodes

398: When Should You Hire An Investment Advisor? Two Case Studies

92: What Robo-Advisors Recommend

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How our spending, investing, and life strategy change as our net worth grows. We consider how skill, luck, discipline, relationships, and AI can allow us to ascend and, in some cases, descend the wealth ladder.

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Show Notes

Of Dollars and Data - Nick Maggiulli

The Wealth Ladder by Nick Maggiulli

Ritzholz Wealth Management

Related Episodes

461: How Much Should Your Net Worth Grow Each Year?

252: How to Become Wealthy

119: Investing Won't Make You Rich

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