Bogleheads On Investing Podcast
Episode 63: Dr. William Bernstein on TIPS, asset allocation, and four deep risks, host Rick Ferri
Oct 29, 2023
Dr. William Bernstein, retired neurologist and investment adviser, discusses Treasury Inflation Protected Securities (TIPS), asset allocation, four deep risks, and the cost of income inequality with host Rick Ferri. They also explore the four pillars of investing, measuring the equity risk premium, wealth and trust factors, and give personal finance advice for an Uber driver. The podcast dispels myths about individual stock investors outperforming the market and promotes Bogleheads platforms and resources.
45:47
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Quick takeaways
- Wealth tends to dissipate over generations due to factors like exponential population growth and estate taxes, contributing to wealth redistribution.
- Investing in assets like value stocks and commodities-producing stocks can help mitigate deep risk caused by factors like inflation, deflation, confiscation, or war.
Deep dives
Important points for the Uber driver
If I were speaking to an Uber driver who was looking for personal finance advice, I would recommend the following: 1) Save 15% of your before-tax salary if you can. 2) Keep your expenditures down. 3) Avoid trading stocks and bonds and instead invest passively. 4) Be cautious of advice from friends and family and rely on more reliable sources of information. 5) Don't pay too much attention to headlines, as by the time something is in the news, it has already been reflected in the price.
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