Vanguard slashes fees again, pushing its average expense ratio down to six basis points. Don and Tom contrast that with outrageously expensive ETFs charging 2% to 14% annually, walk through why evidence-based factor funds cost a bit more than pure index funds, answer listener questions about international tilts and fund-of-funds rebalancing, and clarify why diversification across assets still matters more than fee-chasing alone.

0:04 Vanguard cuts fees again — average expense ratio now 0.06%

3:43 What expense ratios really are (and how many investors unknowingly overpay)

5:00 The shockers: ETFs charging 2% to 14% annually

11:13 Comparing Vanguard index costs vs. Avantis and Dimensional factor funds

14:41 Why anything above ~0.35% for passive/rules-based investing is likely too much

16:03 The “Militia” ETF: 14% fee, poker background, no real track record

19:46 Listener: Increasing international exposure inside IRA/Roth

21:35 Clarifying fund-of-funds vs. multiple funds for rebalancing

23:18 Why Avantis and Dimensional include mid-cap, REITs, and bonds

27:25 Evidence-based investing isn’t just about returns — it’s about correlation and volatility control

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