Tall Oaks Podcast

Markets can sparkle while the floorboards creak. In this episode, we sit down with Bob Elliott to explore how euphoric equity pricing sits on top of a softer real economy and what that means for portfolios heading into a distinctly late-cycle stretch. From the narrow leadership of mega-cap AI to the flat reality of equal-weighted benchmarks, we trace where expectations outran the data and where a reset could bite.We go deep on housing, replacing slogans with math. Affordability is stretched near historical extremes, and small declines in mortgage rates don't fix it. The conditions required for 2 to 3 percent mortgages likely imply a recessionary backdrop, weaker qualification, and rising supply—hardly the spark for a clean price boom. Treating homes as service assets rather than speculative vehicles helps cut through noise and aligns decisions with cash flow reality.We also decode the dollar: how two decades of cross-border equity flows reshaped FX, why the greenback increasingly correlates with U.S. equities, and where targeted global opportunities emerge when expectations are low and currencies cooperate. Inflation now hovers around 3 percent, but the structural story runs through debt. With developed markets carrying heavy public liabilities and fewer demographic tailwinds, the quiet pressure is for fiat to cheapen against hard assets over time.That's where gold reenters the conversation: a non-yielding currency without counterparty risk, under-owned by advisors, supported by central bank demand, and prone to convex moves when monetary buying overwhelms tight supply. The practical takeaway is clear: late-cycle resilience requires real diversification across independent return drivers and a tactical sleeve that can adapt as conditions change.KEY TOPICS:Elevated valuations vs softening demandNarrow market breadth and AI capex concentrationHousing affordability near extremesWhy lower mortgage rates don't guarantee higher pricesThe dollar's tie to equity flows and FX riskGold's role and central bank buying dynamicsDiversification across true return drivers👉 Subscribe, share with a friend who thinks diversification means "more stocks," and comment: what's the one change you're making to prepare for late-cycle markets?Find Du Charme Wealth Management here:https://ducharmewealth.comDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Setting The Nonconsensus Stage[00:08:40] Market Breadth And The AI Capex Divide[00:12:20] Late Cycle Signals And Weak Demand[00:22:30] What Lower Mortgage Rates Really Mean[00:33:00] The Dollar, Flows, And Global Equities[00:40:30] International Value And Currency Risk[00:52:00] Gold's Role, Flows, And Convexity[01:00:00] Central Banks, Scarcity, And Scrapping[01:13:20] Closing Thoughts And Listener Feedback @BobEUnlimited ​

Markets don't move in straight lines, and neither should your portfolio. In this episode, we dig into liquid alternatives as a practical way to add non-correlated return drivers alongside stocks, real estate, Bitcoin, and precious metals—especially when bonds may not deliver the cushion investors expect.We break down what liquid alts actually are: managed futures, trend systems, mean reversion, rate trades, currencies, and metals. Non-correlation isn't negative correlation—during stress, everything can dip together before dispersion returns. That's why expectations, risk controls, and discipline matter.We cover fees and taxes and why high fees can be worth it if the alpha is distinct. We also explore portable alpha and capital efficiency: holding your market exposure while allocating to a separate sleeve that aims to beat financing costs without hidden equity beta.Position sizing and volatility scaling are non-negotiable—"volatility is leverage" means you must adapt as markets move. Finally, the behavioral side: rebalancing into what feels bad to buy and trimming what feels great to hold. That discipline turns flexibility into outcomes when policy whipsaws traditional 60/40 thinking.KEY TOPICS:What liquid alts are and why liquidity mattersManaged futures, trend, and mean reversionNon-correlation vs negative correlationFees, taxes, and when costs are justifiedPortable alpha and capital efficiencyPosition sizing and volatility scalingRebalancing disciplineFind Du Charme Wealth Management here:https://ducharmewealth.comDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Defining Liquid Alternatives[00:04:57] Liquidity As A Rebalancing Tool[00:08:21] What Counts As A Liquid Alt[00:14:23] Managed Futures: Use Cases And Pain[00:22:35] Accessibility, Fees, And Manager Selection[00:27:06] Using Alts For Portable Alpha[00:31:20] Risks, Drawdowns, And Behavior[00:39:15] Avoiding Hidden Beta And Overlap[00:44:25] Daily Oversight And Active Management[00:49:25] Preparing For Next Topic And Closing

If the dollars in your account keep rising but buy you less each year, your measuring stick is lying to you. In this episode, we dig into the "denominator problem" of money—how debasement quietly raises the number of units required to buy the same home, car, or grocery basket—and map a framework for protecting real purchasing power when volatility strikes.We're joined by returning guest Aaron Olson to pressure-test a debasement-ready portfolio across five pillars: high-quality residential real estate, large-cap U.S. equities, precious metals, Bitcoin, and liquid alternatives. We get specific about why scarcity and network effects matter more than slogans, how bonds' contractual cash flows help but still pay you in debasing units, and where the illusion of safety hides in insured CDs and short-duration yield.Along the way, a VHS-to-streaming analogy makes "format risk" painfully clear: stability that depends on yesterday's format can disappear when the world shifts. Then we zoom in on Bitcoin. Aaron explains why fixed supply, global auditability, and neutral, decentralized governance differentiate it from both fiat currencies and most "crypto" projects with corporate-style roadmaps.We debate volatility, adoption risk, and the behavioral challenge of holding through 60 to 80 percent drawdowns. The practical takeaway: treat Bitcoin as a savings technology with a known supply schedule, size it with humility, and pair it with assets whose return drivers and liquidity profiles let you survive the path, not just admire the destination.KEY TOPICS:The denominator problem: measuring wealth in debasing unitsScarcity and network effects as core asset traitsWhy "safe" yields can be unsafe in real termsBitcoin's fixed supply vs fiat's unlimited printingSaving in Bitcoin vs speculating in crypto projectsPortfolio design for a debasement regimePosition sizing, liquidity, and time horizonsFormat risk and the VHS-to-streaming lessonIf you want a plan that thinks in purchasing power—not just balances—this conversation gives you a clear start.👉 Subscribe, share with a friend who's rethinking their allocation, and drop a comment: what's one action you'll take to defend your future buying power?Find Du Charme Wealth Management here:https://ducharmewealth.comDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Framing Debasement And Scarcity[00:09:15] Exchange Rates And Purchasing Power[00:15:20] Disclaimers And Risk Management[00:26:30] Safe Assets And The Illusion Of Safety[00:36:30] Why Bitcoin's Scarcity Matters[00:45:20] Network Effects Across Assets[00:53:10] Intrinsic vs Monetary Premium[01:00:20] Demand, Value, And Zero Risk[01:13:10] Predictability, Halving, And Auditability

Prices rise, dollars stretch less, and most people feel the squeeze long before they see it on a chart. In this episode, we break down a practical framework for preserving purchasing power with precious metals—separating useful hedges from costly myths and showing how structure, liquidity, and taxes make or break outcomes.Gold, silver, platinum, and palladium each play a role, but they aren't interchangeable and they definitely aren't all worth owning the same way. We start by defining debasement in real-life terms, then explain why metals became money in the first place: scarcity, durability, and the ability to store value without corroding. We revisit gold's performance in the post-gold-standard era and focus on what actually matters—how many ounces it takes to buy TVs, homes, and energy over time.We also cover a lesser-known advantage: pledging metals as collateral to access liquidity without selling during a breakout. For those seeking leverage, we dig into miners—outlining operational and jurisdiction risks, why indexing often beats single-stock bets, and how silver's commodity behavior demands careful sizing. Throughout, we connect global currency dynamics to local reality, clarifying the difference between a strong dollar index and a weak dollar in your grocery cart.Find Du Charme Wealth Management here:https://ducharmewealth.com[00:00:00] Disclaimers And Macro Frame[00:06:05] Why Metals Became Money[00:16:00] TVs, Houses, And Real Purchasing Power[00:23:00] Tips, Official Inflation, And Reality[00:30:20] Ways To Own Gold Safely[00:37:20] Using Gold As Collateral[00:48:00] Gold As Commodity Or Currency[00:50:10] Silver's Different Risk Profile[00:58:00] Boutique Advantage And Market Size[01:01:10] Wrap Up And Next: BitcoinDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

Want a clear-eyed view of real estate without the hype? We cut through the myths that make property feel safer than it is and break down the forces that actually move returns: inflation, interest rates, and the brutally simple math of affordability. From the power of a 30-year fixed mortgage to the headwinds facing today's buyers, we show when housing is a genuine hedge and when it's just an expensive way to buy stress.We draw a sharp line between beta and alpha. Beta is buying the market—rentals that "should work" if rates fall and rents rise. Alpha is earned through local knowledge, zoning paths, smarter contracts, and density plays that unlock value. If your deal can't afford a property manager, it's not passive income—it's a job. We dive into turnover math, vacancy risk, and why one empty month can erase a year of slim cash flow.We also tackle overlooked hazards: insurance markets shifting under wildfire risk, liability that sits on your shoulders, and policy changes like rent controls or rising property taxes that act like a stealth wealth tax. Then there's leverage—the real engine of real estate returns. Fixed-rate debt converts modest appreciation into meaningful equity growth over time, but it cuts both ways. That's why disciplined underwriting and diversification across markets and property types matter.One more critical point: avoid using self-directed IRAs for direct rentals. You give up tax benefits, introduce compliance landmines, and blunt the very leverage that makes property compelling. Through it all, one principle holds: it's always a great time to buy a great deal, and a bad time to buy a bad one.KEY TOPICS:Inflation and rates as primary return driversHomeownership as a long-term hedge with fixed mortgagesAffordability math: prices, rates, and wagesMarket outlook: slow grind with fewer tailwindsRising insurance and liability risksPolicy threats: rent controls and property tax hikesWhy property management is a must-have costHonest turnover and vacancy mathBeta vs alpha: local edge beats broad market exposureSelf-directed IRA traps to avoidDiversifying across markets and property typesFind Du Charme Wealth Management here:https://ducharmewealth.comDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Disclaimers And Opening[00:06:00] Own Your Home As Long-Term Hedge[00:12:05] Headwinds And Slow-Grind Thesis[00:18:15] Overlooked Risks: Insurance And Liability[00:24:05] Diversification Beyond Real Estate[00:29:20] Underwriting Turnover And True Cash Flow[00:35:30] Beta Versus Alpha In Practice[00:41:00] Gold Versus Housing: The Leverage Lesson[00:52:00] How We Help And Final Takeaway

What do you actually own when you buy a stock? It's not just paper—it's a legal claim on real assets, real cash flows, and real pricing power. In this episode, we break down why large cap U.S. equities can defend purchasing power in a debasement cycle, and how they fit into a complete portfolio strategy.When inflation runs, the difference between fixed-dollar promises and earnings that adjust with prices becomes everything. We walk through equity ownership from the ground up: Walmart's inventory and floors, McDonald's prime real estate, the pricing power that lets businesses pass costs forward. Then we get practical about diversification—why single-stock bets are fragile, how low-cost broad funds spread risk across cycles, and where large companies' scale and global reach create resilience.We also tackle the large vs small cap debate, explain why many U.S. giants earn nearly half their revenue overseas (giving you global exposure without currency risk), and show how market structure favors mega caps for hands-off investors. Currency risk can quietly undo a great foreign pick, so we break down the two-step challenge of international investing and why dollar-based households often benefit from U.S. multinationals.And because no single asset wins every regime, we frame equities as one piece of a broader debasement hedge—alongside precious metals, Bitcoin, real estate, and bonds for near-term needs.KEY TOPICS:What equity ownership actually means legally and economicallyWhy pricing power beats fixed coupons under inflationDiversification benefits over single-stock heroicsLarge cap advantages: scale, liquidity, global footprintsEmbedded international exposure in U.S. multinationalsCurrency risk and why dollars still dominate for U.S. investorsEquities as part of a complete debasement hedge strategyFind Du Charme Wealth Management here:https://ducharmewealth.comDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] What Stock Ownership Really Means[00:06:36] Equity Rights Versus Bonds' Fixed Dollars[00:10:20] Real Estate Parallels And Business Basics[00:15:23] Why Tilt To Large U.S. Companies[00:20:43] Everyday Reliance On Mega Brands[00:26:05] International Exposure Inside U.S. Large Caps[00:28:12] FX Headwinds And Hedging Lessons[00:31:20] Careers CTA And Listener Outreach

Markets don't just move—they stampede when liquidity thins and algorithms chase the same signals. In this episode, Robert from Hedgeye breaks down why flows are overpowering fundamentals in 2025, and what that means for your positioning heading into 2026.We're in Quad 2: growth and inflation both edging higher. That backdrop favors AI, copper, uranium, and precious metals—but it also creates dangerous crowding in inelastic markets where moves get amplified fast. You'll learn why gold can hit new highs while the dollar firms, how to hedge intelligently without killing your hard-asset exposure, and why the credit behind AI data centers deserves closer scrutiny.We also tackle global allocation through a currency lens (are you buying real growth or just FX translation?), risk management when stops don't work, and how to size positions using signals and volatility instead of narratives. The goal isn't calling tops—it's staying on the right side of the move long enough to matter, then trimming when the tape tells you to.KEY TOPICS:Quad 2 dynamics into early 2026Why gold and the dollar can rise togetherAI, hard assets, and capital flow leadershipInelastic markets amplifying rallies and drawdownsPractical hedging with dynamic position sizingCurrency math driving international returnsProcess over valuation for timing entries and exitsFind Du Charme Wealth Management here:https://ducharmewealth.comDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Welcome, Disclaimers, And Setup[00:04:43] 2025 Setup: Quad Two Outlook[00:08:28] What's Working: Hard Assets And AI[00:15:20] AI Data Centers, Credit, And Risk[00:23:00] International vs US: Currency Matters[00:30:12] Deficits, Money Supply, And Assets[00:38:08] Inelastic Markets And Big Drawdowns[00:42:00] Speed Of Flows And Auto-Liquidations[00:49:40] Dynamic Allocation Over 60/40

We reframe risk as the threat of losing purchasing power and lay out a practical, adaptable plan for a higher‑inflation world. The five‑part framework blends real estate, US large caps, scarcity assets, and true liquid alts with sizing and liquidity planning that protect real life cash needs.• defining debasement and why it feels like “the dollar is crashing”• why post‑COVID inflation pressures challenge the 60/40 playbook• using the 30‑year fixed mortgage to harness inflation tailwinds• structural flows and pricing power in large‑cap US equities• precious metals and Bitcoin as finite‑supply hedges• liquid alternatives with non‑equity return drivers• planning for liquidity so you avoid forced selling• right‑sizing positions and setting realistic expectations• when bonds are tools, not default core holdings• redefining risk as purchasing power shortfallPlease just go ahead and reach out to us. You can get us on our website, ducharmwealth.com, and we look forward to talking to you.Find Du Charme Wealth Management here:https://ducharmewealth.comDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Risk, Inflation, And Purchasing Power[00:08:56] The 60/40 Problem And Correlation Shifts[00:14:11] Case For Levered High‑Quality Housing[00:23:49] Precious Metals And Bitcoin As Scarcity Assets[00:33:11] What Liquid Alternatives Really Mean[00:38:15] Beyond Diversification: Planning And Sizing[00:42:36] Bonds' Role In A Debasement Cycle[00:47:08] Redefining Risk And Staying Dynamic

Markets don’t erase risk—they convert it. We take that idea and rebuild a portfolio playbook for a debasement era, where traditional bonds feel shaky, equities look priced for exogenous gains, and investors are piling into gold, Bitcoin, and “boomer candy” buffered ETFs. We unpack what each tool actually does: the three jobs bonds used to do, why gold protects purchasing power but can’t fund groceries, how Bitcoin’s inelastic supply plus ETF flows can drive hyperbolic moves, and where structured products smooth the ride while quietly deleting the income you need in retirement.We get practical about funding real life. If you’re retiring into the wrong year of a 10‑year cycle, you can’t depend on selling principal during a 20% drawdown. That’s where endogenous return—cash flows from within contracts—earns its keep. We contrast hedged equity and buffered ETFs with a simple beta/cash mix, call out the half‑beta reality many products deliver, and explain when behavior and taxes justify overlays. On the opportunity side, we map contrarian signals: underallocated advisors, crowded shorts, and what euphoria actually looks like before the music stops. Small‑cap value’s long winters and sudden springs remind us that returns arrive in lumps; the job is staying funded and sane until they do.We also zoom out to decision design. Spot the real Ponzi red flags (steady high monthly “income,” key‑person trading, hidden leverage) and size speculation like a venture bet, not a paycheck. Then apply portfolio thinking to your calendar: outsource low‑ROI tasks to buy family time and reduce injury risk in your “go‑go” years, and be intentionally frugal or intentionally spendy in line with your values. Want more unvarnished research and planning help from people who live this every day? Subscribe, share with a friend who needs a better plan, and leave a review to tell us which risk you’re choosing on purpose.Find Du Charme Wealth Management here:https://ducharmewealth.com/[00:00:00] Risk As Energy, Not Elimination[00:04:50] Why Gold Helps And Where It Fails[00:09:30] Positioning, Euphoria, And Contrarian Signals[00:14:20] Small Value, Lumpy Returns, And Patience[00:19:05] Buffered ETFs, Hedged Equity, And Hidden Tradeoffs[00:23:45] Behavior, Beta, And Portfolio Construction[00:31:10] Intentional Frugality And Risk In RetirementDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

The name Tall Oaks isn’t branding fluff; it’s a promise rooted in a family farm, two brick pillars, and a plaque that reminded us every day that great things grow slowly. We’re opening the door wider with a rebrand designed to welcome learners at every stage—those ready for a full planning relationship and those just starting to build their financial footing—so more people can access steady, no-hype education.We lay out what Tall Oaks stands for today: stability over sizzle, education over noise, and a toolkit that spans investing, behavioral finance, insurance basics, estate planning, and tax-aware choices. Expect conversations with first-time homebuyer pros and seasoned hedge fund managers, honest takes on crypto and real estate, and a filter against clickbait. The test for every topic is simple: does this help someone build, preserve, or pass on wealth? If you value reasonable expectations, thoughtful risk, and plans you can actually stick to, you’re in the right place.We also extend two invitations. Advisors who align with deep planning and client-first values—reach out and connect. Listeners with questions or topics—send them. Share links you’re unsure about and ask, “Is this legit?” We’ll bring clear thinking and long-term perspective to every answer. If this resonates, follow the show, share it with a friend, and leave a quick review so more people can find Tall Oaks and start planting their own.Find Du Charme Wealth Management here:https://ducharmewealth.com/[00:00:00] Disclaimers & New Purpose[00:00:51] Why Rebrand to Tall Oaks[00:03:02] The Family Origin Story[00:05:11] The Farm, Vision, and Risk[00:07:35] The Sweet Corn MBA[00:09:10] Saving, Interest, and First Stocks[00:10:32] Lessons That Shape a Career[00:10:33] Invitation to Fellow Advisors[00:11:00] Intergenerational Wealth in Practice[00:12:26] Why Tall Oaks Matters[00:14:05] Long-Term Thinking Over Hype[00:16:20] Education First, Topics Ahead[00:20:35] Listener Questions & How to Engage[00:22:00] Gratitude and Next ChapterDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.