Financial advisor Devin Carroll, in an article on MarketWatch, put together a list of seven Social Security myths, one of which concerns the perception that Social Security is a right. He shows that Supreme Court decisions have clarified that Social Security is not a right that is earmarked to the beneficiary. This podcast (6:06) argues that both demographics and economics make it hard to imagine how Congress will not exercise its prerogative to cut benefits by at least 25 percent by 2035.
Learn more about your ad choices. Visit megaphone.fm/adchoices

The media has been reporting that the Yale Endowment has been bested by its peers in the past year, but such a horserace approach completely ignores the fund’s objectives and proven track record. This podcast (5:22) suggests that the endowment’s 2020 asset-allocation targets offer an encouraging picture of its future performance, particularly its large risk-free reserves and its pronounced demotion of U.S. stocks.
Learn more about your ad choices. Visit megaphone.fm/adchoices

A Schwab survey of its own plan participants reveals that Gen Xers, aged 39 to 54, are stretched thin, saving little but expect to require large sums for retirement. This group is also heavily indebted. This podcast (5:24) argues that a situation this drastic requires massive re-framed thinking in order to make adjustments that would otherwise seem painful be seen instead as beneficial.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Looking at a benchmark like the S&P 500 can lead to numerous unhappy misinterpretations, including apple to orange comparisons; distraction from personal goals; and a failure to view one’s portfolio through the prism of asset allocation. This podcast (4:36) argues that advisors who choose an asset allocation that matches their client’s goals, and look at performance over a market cycle, are extremely likely to see an on-target return, and that a client who is educated about this is a happy client.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Bond yields are low across the board, and this unappetizing menu comes at precisely the time that investors are eager to increase their allocations to fixed-income. This podcast (5:58) argues that advisors must counsel their clients to accept a straightforward investment in fixed-income, as it is, without resorting to the danger zone of risky investments masked as safe ones.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Seeking Alpha’s Mike Taylor and Daniel Shvartsman conclude their review of Joel Greenblatt’s approach to value investing. In this final installment (38:56), they discuss Greenblatt’s emphasis on investors doing their own research, borrowing ideas from other investors, and to that end, look at Greenblatt’s favorite investment books. They also hone in on Greenblatt’s core philosophy, which is that the value of investing is to give you time and options later on in life.
Learn more about your ad choices. Visit megaphone.fm/adchoices

My esteemed Seeking Alpha colleagues Mike Taylor and Daniel Shvartsman continue their review of Joel Greenblatt’s approach to value investing. In this third of four installments (47:21), they analyze Greenblatt’s take on bankruptcies, LEAPs, restructurings, and still 'odder' corners of the market. In particular, Greenblatt discusses when to hold and when to sell, and embraces leverage.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Advisors and brokerage firms are selling all sorts of things in the name of retirement security, and some of it is concerning. In effect, they’re selling what investors want to buy, but not what they need, and it will surely cost them in the end. This podcast (5:32) argues that upholders of responsible financial advice must raise their flags for a confused investing public to see where they can get some genuine help.
Learn more about your ad choices. Visit megaphone.fm/adchoices

A ThinkAdvisor interview with Professor Shachar Kariv brings some much needed clarity to determining client desires regarding risk vs. return, today vs. tomorrow and legacy matters.This podcast (5:25) shares (and concurs with) Kariv’s view that negotiating trade-offs is key to client self-knowledge and the advisor’s knowledge of the client. I also offer my view of the most difficult of these trade-offs.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Investors have lost their fear of inflation, a natural consequence of a decade of disinflation. But, this podcast (18:03) argues that advisors must protect clients during retirements that might last 30 years, which even low inflation will not leave unscathed. Moreover, there are reasons to prepare for high inflation, including high government debt whose eventual monetization could trigger hyperinflation.
Learn more about your ad choices. Visit megaphone.fm/adchoices