Sound Investing The Last Step To Successful Investing
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Sep 3, 2025 Paul kicks things off with a listener's thought-provoking letter, exploring why their insights resonate more than those of investing legends. They delve into a captivating article on the evolution of financial advice, examining how math, history, and psychology intertwine in investing. The discussion underscores the well-trodden steps to success, while revealing two areas ripe for refinement: portfolio construction and fund selection. To aid listeners, Paul suggests three Boot Camp presentations to enhance their investment strategies.
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Listener's Transformative Email
- Aram, a resident physician, credited Paul Merriman with the biggest impact on his financial literacy.
- He invested equally across Merriman's All-World value and small-cap portfolios using best-in ETFs with a 60/40 U.S.-international split.
Three Pillars Of Successful Investing
- Ben Carlson argues successful investing requires math, history, and behavior knowledge.
- Understanding these areas helps you stay the course and capture stock market premiums.
1920s Boom And Long Recovery
- Paul recounts the 1914–1933 era: a roaring 1920s boom then a crash that erased gains back to 1915 levels.
- He notes the Dow didn't reach 1929 highs again until 1954, showing long recovery times.
