In this eye-opening episode, we challenge the conventional wisdom that capital preservation is the "safe" choice for conservative investors. Drawing from Howard Marks' latest insights, we reveal how an obsessive focus on protecting principal can ironically lead to the very outcome investors fear most: permanent loss of purchasing power and failure to meet long-term financial goals.

Through compelling real-world examples, we demonstrate how "ultra-safe" portfolios have historically underperformed during periods of high inflation, leaving supposedly conservative investors watching their purchasing power steadily erode. We dive deep into the psychology of risk aversion, examining how the fear of short-term volatility often blinds investors to more insidious long-term risks.

Featured guest Jane Chen, former CIO of Capital Preservation Partners, shares her dramatic transformation from a "safety-at-all-costs" advocate to a more nuanced approach after watching her clients consistently fall short of their retirement goals despite "winning" the capital preservation game. We'll explore the mathematics of purchasing power, the role of inflation as a silent portfolio killer, and why even Warren Buffett has called inflation a "gigantic corporate tapeworm."

Whether you're a retiree focused on preserving wealth, a financial advisor helping clients navigate risk decisions, or simply someone who's always favored the "safe" option, this episode will transform how you think about the relationship between risk and safety in investing. From the hidden dangers of money market funds to the surprising resilience of "risky" assets over multi-decade periods, we'll equip you with a framework for thinking beyond simple capital preservation to true wealth preservation.