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Women are consistently outperforming men in investment returns—by about four basis points—yet they're starting later and investing less. This fascinating paradox lies at the heart of our conversation with financial services veteran Megan Smith, who brings decades of experience in alternative investments and client advising to the table.

"Investing is more about patience and consistency than it is about number crunching," Smith reveals, challenging the notion that successful investing requires complex mathematical skills. Instead, she points to women's tendency to be less emotional about their investments and more focused on long-term goals as key factors in their outperformance.

With women currently controlling 32% of global wealth—a figure projected to rise dramatically as wealth transfers from older generations occur—the conversation around women and investing has never been more relevant. Smith shares personal insights from her journey from marketing to sales in financial services, highlighting how her father's simple advice to maximize her 401(k) contributions shaped her financial future: "You'll never see the money, therefore you don't need it."

The democratization of alternative investments emerges as another crucial theme, as assets once reserved for institutional investors become increasingly available to individual investors. Smith offers thoughtful guidance on how millennials and Gen X investors should approach alternatives differently than boomers, emphasizing that time horizon is everything when considering less liquid investments. Her perspective on crowdfunding platforms, values-based investing, and the risks of including alternatives in 401(k) plans provides a balanced view for investors of all experience levels.

Whether you're just starting your investment journey or looking to refine your strategy, Smith's practical advice—start early, maximize employer matches, and develop a thirst for financial knowledge—offers a roadmap for success. Tune in to discover how you can build a portfolio that aligns with both your financial goals and personal values.

As mentioned on the podcast, here is the link to a charity Megan Smith supports:

https://impactmelanoma.org

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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Gene Natali, CFA, joins us to discuss his mission to solve America's financial literacy crisis through his innovative platform Troutwood and his bestselling book "The Missing Semester." We explore how technology can scale financial education and planning to reach millions of Americans who lack basic financial knowledge despite good jobs and education.

• Gene's journey from institutional asset management to becoming a financial literacy champion
• The inspiration behind "The Missing Semester" which has reached over one million readers
• How Troutwood's platform connects planning, engagement and incentives in one unified system
• The $14 trillion retirement shortfall in America and how the finance industry has failed average Americans
• Why financial education must focus on action rather than just knowledge
• The importance of secure AI in maintaining trust in financial guidance
• Community connection to investing makes financial markets more relatable
• The need for financial habits to become as automatic as brushing your teeth
• Why the "delta" (taking action vs doing nothing) matters more than "alpha" (investment outperformance)
• Creating centers of excellence for financial literacy across institutions

Help someone you know who's having financial challenges by sharing Troutwood's tools with them. If everyone reaches out to two or three people, we can start to make a real difference!

https://www.troutwood.com/troutwood-basic

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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Joe Sroka of NovaPoint Capital shares his journey from West Point graduate and military officer to financial advisor, explaining how military discipline informs his investment approach for clients.

• From buying savings bonds during military service to becoming a financial advisor at Merrill Lynch
• West Point education provided strong math and analytical skills that transferred well to finance
• NovaPoint specializes in dividend growth investing rather than high-yield strategies
• Uses covered call options to enhance income and create a disciplined sell methodology
• Targets companies raising dividends consistently, indicating disciplined financial management
• Firm values: experience, discipline, and integrity guide all client relationships
• Willing to accommodate client preferences while maintaining overall portfolio risk parameters
• Regular charitable giving to veterans' organizations including Children of Fallen Patriots
• Personally serves as treasurer for the US Army Ranger Association
• Emphasizes financial education and engagement with clients and family members

Check out NovaPoint Capital to learn more about our approach to dividend growth investing and disciplined risk management.

NovaPoint: https://novapointcapital.com/

Children of Fallen Patriots: https://www.fallenpatriots.org/

Special Operations Medical Association: https://specialoperationsmedicine.org/ 

Wreath Across America via Johns Creek: https://www.wreathsacrossamerica.org/pages/168142/overview/?Sid=168142%7C14806%7C0%7C4

U.S. Army Ranger Association: https://ranger.org/

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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What if your investment dollars could create positive change while still generating competitive returns? In this eye-opening conversation, financial expert Mimi Locke joins hosts Steve Davenport and Glenn Miller to explore the world of values-aligned investing and women's financial empowerment.

Mimi shares her journey from being the lone woman in a room of 60 stockbrokers to co-leading courses for Invest for Better, a nonprofit helping women align their portfolios with their personal values. She dispels the persistent myth that investing according to your principles means sacrificing performance, explaining how even traditional energy companies are pivoting toward sustainable practices.

The conversation delves into the unique financial challenges women face—earning less, experiencing career interruptions for caregiving, and needing retirement funds to last through longer lifespans. When women step away from careers to care for family members, they don't just lose immediate income; they miss crucial years of retirement contributions and Social Security credits, creating compounding disadvantages that affect long-term security.

Each participant shares their personal "money story," revealing how childhood experiences shape our financial behaviors. Mimi describes growing up with a Depression-era father who emphasized saving "just in case," while the hosts reflect on their own financial journeys and how those experiences influenced their approaches to money management.

Whether you're interested in gender-lens investing, environmental impact, or simply aligning your portfolio with your values, this episode provides practical insights for making your money work harder—both for your future and for the causes you care about. As Mimi notes, the key is starting small: even modest investments in alignment with your values can create meaningful change.

Ready to take control of your financial future while supporting what matters most to you? Visit investforbetter.org to explore resources and courses designed to empower investors at every level of experience.

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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When politics collides with economic data, investors face a troubling dilemma: can we trust the numbers that drive markets? The unprecedented firing of the Bureau of Labor Statistics head by President Trump signals a concerning shift in how government economic data might be manipulated for political gain.

The BLS produces critical labor and inflation statistics that power Federal Reserve decisions and investment strategies worldwide. Now, this foundational data source carries an asterisk. As Clem Miller pointedly observes, "Don't trust the BLS data going forward because it's subject to a potentially high degree of manipulation." This isn't merely political theater—it represents a fundamental challenge to economic transparency.

Fortunately, we're entering an era where alternatives exist. Private sector solutions like ADP's employment data, sophisticated web scraping, and AI-powered analytics offer potentially more accurate and timely economic indicators. Major financial institutions possess unprecedented visibility into consumer spending and wage patterns through anonymized data. The future may belong to investment firms willing to embrace these alternative data streams rather than relying on potentially compromised government statistics.

For skeptical investors, this represents both challenge and opportunity. Those who recognize this shift early can gain an information advantage by questioning traditional sources and diversifying their data inputs. Whether you're managing a portfolio or simply trying to understand market movements, adapting to this new data landscape might prove essential for navigating today's politically charged economic environment.

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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Joe Ryu, manager of Prospect Capital's private real estate credit fund, shares his journey from investment banking through the Great Financial Crisis to his current role in real estate credit investing. He explains how private credit offers attractive risk-adjusted returns through specialized financing structures that combine agency lending with subordinated positions.

• Real estate private credit involves loans on commercial properties that don't freely trade, typically accessed through institutional investors
• Private credit investments often offer higher returns with less volatility than public market equivalents, though with reduced liquidity
• Prospect Capital's strategy creates value by partnering with Freddie Mac to provide borrowers with competitive financing while maintaining conservative risk profiles
• Unlike many competitors who use fund-level leverage, Prospect's approach avoids taking on additional debt at the fund level
• Private credit valuations are more straightforward than equity valuations since loans are only impaired if property values fall below loan amounts
• Focusing on stabilized, cash-flowing multifamily properties reduces risk compared to development projects or challenged office assets
• The real estate capital stack typically includes senior debt (60-70%), subordinated debt/preferred equity (10-15%), and equity (25-30%)

Join us for our next episode as we continue exploring alternative investment opportunities that can help diversify your portfolio while aligning with your financial goals.

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Please check out our other podcasts:

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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What does the market look like through the eyes of a seasoned Wall Street veteran? Adam Parker, founder of Trivariate Research and CNBC contributor, joins us to share his institutional perspective on today's investment landscape.

The conversation begins with Adam's surprising take on political developments – while headlines focus on tariffs and tax policy, institutional investors are looking elsewhere. He shares what's really dominating client conversations and why certain sectors remain largely immune to policy shifts. As he puts it, "I think investors just didn't focus on it that much."

We dive deep into the AI revolution, with Adam providing a framework for categorizing companies in four distinct ways: direct revenue beneficiaries, productivity winners, businesses impregnable to disruption, and those vulnerable to AI-driven obsolescence. His unique insights come from systematic analysis of earnings calls using natural language processing to identify trends before they become obvious. Remember – in November 2022, major investment banks made zero mentions of AI in their outlook documents, yet within six months, we witnessed the largest upward sales revision of any mega-cap in history with NVIDIA.

Perhaps most contrarian is Adam's take on international investing. He dismisses the recent European outperformance as "a temporary trade that's already over," explaining why structural differences make US equities structurally superior: "The reason Europe is cheaper is because it's worse. It's the same reason Motel 6 is cheaper than the Four Seasons."

Throughout our conversation, Adam emphasizes his core investment philosophy: "The two things that matter most to investing are changes to perceptions about growth and changes to perception about rates." This simple yet powerful framework helps explain market movements and provides clarity amid complexity.

Whether you're managing a large portfolio or just beginning your investment journey, you'll appreciate Adam's no-nonsense perspective, combining statistical rigor with practical wisdom gained from decades on Wall Street. Visit trivectorresearch.com to access Adam's insights for individual investors and financial advisors.

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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Stablecoins represent a fascinating middle ground in the crypto universe - digital tokens backed by real dollars, designed to provide stability in the notoriously volatile cryptocurrency landscape. Steve Davenport and Clem Miller take you on a deep dive into this evolving ecosystem, examining the regulatory framework established by the recently passed Genius Act and what it means for companies like Circle that have gone public.

The conversation reveals the surprising vulnerabilities of stablecoin issuers, particularly their exposure to interest rate fluctuations. When Circle's stock soared from $45 to nearly $200 before retreating, investors weren't buying more backing assets - they were speculating on future revenue streams at multiples far exceeding traditional financial institutions. This creates a precarious situation where shareholder value could evaporate if interest rates decline, as regulations prevent these companies from hedging against such risks.

We explore the crucial distinction between investing in stablecoin companies versus holding the coins themselves, unpacking why shareholders have no claim to the underlying reserves that back the coins. The discussion extends to government involvement in cryptocurrency, raising important questions about the wisdom of establishing crypto reserves with taxpayer dollars. Are we legitimizing activities without fully understanding their implications? Should governments be speculating in digital assets? The answers aren't simple, but they're essential for anyone navigating this rapidly evolving financial landscape. Whether you're curious about crypto or actively investing, this episode provides clarity amidst the intentionally complex terminology that often surrounds digital currencies.

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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The political theatrics behind Trump's "Big Beautiful Bill" mask a troubling economic reality that could reshape America's fiscal landscape for years to come. This massive 900-page legislation, passed by the narrowest of margins, reveals how calculated political maneuvering drives fiscal policy more than sound economic principles.

Diving deep into the mechanics of the bill, we uncover how the administration strategically front-loaded tax benefits while pushing Medicare and Medicaid cuts beyond the 2026 midterm elections. The raised SALT deduction cap from $10,000 to $40,000 primarily benefits wealthy Americans in high-tax states – a surprising reversal from Trump's previous stance that suggests political calculation rather than ideological consistency. Meanwhile, tax relief on overtime pay and tips provides immediate benefits to working Americans that will be highly visible during campaign season.

The macroeconomic implications are concerning. With an estimated $3.5 trillion price tag, this legislation substantially increases America's already troubling national debt. The combination of fiscal expansion and proposed tariffs creates inflationary pressure that could force the Federal Reserve to maintain higher interest rates despite Trump's public pressure for cuts. For everyday Americans hoping to buy homes or finance major purchases, this could mean persistently high borrowing costs. For investors, bond markets may react with higher yields, potentially causing significant price declines for those holding longer-duration fixed income securities.

Most troubling is the distributional impact: analysis suggests the top 10-20% of Americans will see benefits between $6,000-$20,000, while the bottom 20% may experience a net loss of $5,000-$6,000 once all provisions are implemented. This regressive outcome stands in stark contrast to the populist messaging that typically accompanies such legislation and represents a significant departure from traditional Republican fiscal conservatism.

Want to understand how these sweeping changes might affect your financial future and investment strategy? Subscribe now for our continued analysis of evolving economic policies and their market implications.

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.

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Tariffs have moved from economic policy to political weapons, and smart investors need to understand the real impacts on markets and portfolios.

In this eye-opening exploration of the tariff landscape, we break down the fundamentals of international trade policy and how it affects your investments. From the recent 50% tariff on Brazil (imposed for political reasons) to the unrealistic expectation of "90 deals in 90 days," we cut through the rhetoric to reveal what's actually happening in global trade negotiations.

The conversation tackles a critical misconception: who actually pays for tariffs? Despite claims that tariffs are paid by foreign countries, the reality is they're taxes on US importers. We explore how these costs get distributed between companies, suppliers, and consumers depending on profit margins and market conditions. Using examples from Nike sneakers to Walmart's thin-margin business model, we illustrate how tariff impacts vary dramatically across industries.

We also examine why important commodities like copper are produced abroad rather than domestically. The challenges of developing new mines, semiconductor plants, and manufacturing facilities require years of investment – making immediate high tariffs disruptive rather than constructive. Instead, we discuss how smart economic alliances with resource-rich friendly nations might better serve American interests.

For investors navigating this complex environment, we offer practical advice for portfolio positioning. With markets near all-time highs, we suggest selective investments in technology companies less affected by tariffs, potential opportunities in energy infrastructure (particularly LNG production), and maintaining balance with lower-beta investments including gold ETFs and cash positions.

What does the future hold for tariffs and trade policy? Will we see the current rhetoric translate into lasting economic change, or will pragmatism eventually prevail? Listen now to gain the perspective you need to make informed investment decisions in an increasingly unpredictable world.

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Please check out our other podcasts:

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.