What conditions need to be in place for an asset bubble to continue and how that applies to stocks, cryptocurrency, and houses.Topics covered include:How to determine if there is an asset bubbleWhat are microbubbles and anti-bubblesHow the cannabis stock bubble burstWhat is required to sustain an asset bubbleHow the current runup in home prices differs from the housing bubble in the mid-2000sWhat structural changes have led to the high valuations for U.S. stocksWhat is the Great Wealth Transfer and will it impact stock pricesThanks to Commonstock and LinkedIn for sponsoring the episode.For more information on this episode click here.Show NotesAll-Transactions House Price Index for Oakland-Berkeley-Livermore, CA (MSAD)—Federal Reserve Bank of St. LouisS&P/Case-Shiller CA-San Francisco Home Price Index—Federal Reserve Bank of St. LouisWhat Pops Stock Market Bubbles? Only Surprises, Rob Arnott Says by Vildana Hajric and Michael P. Regan—BloombergYes. It's a Bubble. So What? by Rob Arnott, Bradford Cornell, and Shane Shepherd—Research AffiliatesBubble, Bubble, Toil and Trouble by Rob Arnott, Bradford Cornell, and Shane Shepherd—Research AffiliatesWhat's really going on with San Francisco Walgreens closures? by Eric Ting—SFGATESF ranks high in property crime while it ranks low in arrests by Phil Matier—San Fransisco ChronicleZillow’s Algorithm-Fueled Buying Spree Doomed Its Home-Flipping Experiment by Patrick Clark—BloombergIn Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis – Xavier Gabaix and Ralph S.J. KoijenThe Great Wealth Transfer—Cerulli AssociatesHow Does Intergenerational Wealth Transmission Affect Wealth Concentration? by Laura Feiveson and John Sabelhaus—Board of Governors of the Federal Reserve SystemRelated Episodes226: How To Spot Asset Bubbles and What To Do About Them234: Index But Don’t Herd329: Meme Stocks, GameStop, Short Squeezes, and BubblesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How to decide whether it is worth it to hedge currency exposure when investing outside of your home country.Topics covered include:How currency exchange rates impact investment returnsWhat factors impact currency exchange ratesWhat are carry trades and how do they influence exchange ratesHow currency forward contracts workHow ETFs and funds hedge currency exposureWhat to consider when deciding whether to hedge foreign currency exposureThanks to Egnyte and Quartr for sponsoring the episode.For more information on this episode click here.Show NotesRising U.S. yields push yen to lowest in nearly 3 years by Saikat Chatterjee—ReutersCutting Volatility in Foreign Stocks While Remaining 100% Invested: Hedge the Currency? by Jeff Weniger and Jeremy Schwartz—WisdomTreeCarry Trade Comes Surging Back With Biggest Gains Since 2016 by Robert Fullem and Brody Ford—BloombergRelated Episodes209: Why Bother Investing Internationally?283: Why You Should Care About Carry TradesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How New York City and other metropolises will overcome the pandemic economic shock. Why do some cities thrive while others devolve into chaos? How we can develop the resiliency of thriving cities.Topics covered include:How New York and other cities have dealt with the pandemic economic shockWhy the city of Port au Prince in Haiti is strugglingWhy do cities fail less frequently than companiesHow we can replicate the rhythms and cycles of citiesHow most cities can evolve in response to the pandemic and we can tooThanks to Felix Gray and Alto CryptoIRA for sponsoring the episode.For more information on this episode click here.Show NotesLocal Area Unemployment Statistics - New York City— U.S. Bureau of Labor StatisticsScale: The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and Companies by Geoffrey B. WestThe Office Sector in New York City by Brian McElwain, Anita Yadavalli, and Amar Mehta—Office of the New York ComptrollerDesperate Haitians suffocate under growing power of gangs by Dánica Coto and Alberto Arce—The Associated PressCalifornia’s approach to gendered toys says a lot about the state’s political direction—The EconomistHB 389: Poor policy, poorly written, bad for rural Idaho by Geoffrey Wardle—Idaho Business ReviewHuman History Gets a Rewriteby By William Deresiewicz—The AtlanticThe Dawn of Everything: A New History of Humanity by David Graeber and David WengrowFour Thousand Weeks: Time Management for Mortals by Oliver BurkemanRelated Episodes171: The Extraordinary Impact of CitiesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why the new U.S.-based Bitcoin ETFs are a bad idea and will underperform Bitcoin.Topics covered include:What fund and ETF options are available for investing in BitcoinWhy the U.S. has only authorized Bitcoin ETFs that invest in Bitcoin futures even though there are closed-end funds that hold Bitcoin directlyWhat is there a regulatory battle surrounding cryptocurrencies?How closed-end funds differ from ETFsHow Bitcoin futures workWhy Bitcoin ETFs that invest in Bitcoin futures will lag the performance of owning Bitcoin directlyWhy investors should avoid the new U.S. Bitcoin ETFsThanks to Policygenius and Justworks for sponsoring the episode.For more information on this episode click here.Show NotesSEC Set to Allow Bitcoin Futures ETFs as Deadline Looms by Katherine Greifeld, Vildana Hajric, and Benjamin Bain—BloombergU.S. SEC Chair Gensler calls on Congress to help rein in crypto 'Wild West' Katanga Johnson—ReutersBitcoin Strategy ETF—ProSharesPurpose Bitcoin ETF—Purpose InvestmentsGrayscale® Bitcoin TrustOsprey Bitcoin TrustJacobi receives approval for "world’s first tier one" bitcoin ETF—Funds EuropeRemarks Before the Aspen Security Forum by Chair Gary Gensler—U.S. Securities and Exchange CommissionCoinbase abandons lending product after SEC pushback by Hannah Murphy and Stefania Palma—Financial TimesCoinbase calls for creation of dedicated crypto regulator by Hannah Murphy and Stefania Palma—Financial TimesFirst bitcoin futures ETF to make its debut Tuesday on the NYSE, ProShares says by Tanaya Macheel—CNBCRustication by Dennis J. Pogue—Mount Vernon Ladies' AssociationIs Thomas Jefferson’s Monticello Constructed of Rammed Earth?—Earth ArchitectureWhat is Roll Yield and How It Impacts Bitcoin, Commodity, and VIX ETF Returns—Money For the Rest of UsRelated Episodes355: Which Money Is Crazier: The U.S. Dollar or Bitcoin?319: Here Come Central Bank Digital CurrenciesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the economics of timeshare vacation rentals work, and why they can be a great fit for some individuals.Topics covered include:When were the first timeshares introducedWhat are the different timeshare ownership modelsWhy timeshares don't appreciate but fall in price after purchaseWhat are maintenance fees and why do they keep increasingWho is the target market for timeshares and how do timeshare companies market to themHow timeshare companies make moneyHow to sell your existing timeshareHow to buy a new timeshareThanks to Quartr and LinkedIn for sponsoring the episode.For more information on this episode click here.Show NotesThe ABC’s of PUD’s (Part II): The Basics of Timesharing—American Bar AssociationSecond Quarter 2021 Earnings Conference Call July 29, 2021—Marriott Vacations WorldwideInvestor Presentation July 2021—Marriott Vacations WorldwideSellMyTimeshareNow, LLCFirm to Pay $2.6M, Stop Making False Timeshare Claims—Claims JournalRelated Episodes24: Timeshares, Preppers and Permanent Portfolios57: Live Like A Local When TravelingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why the U.S. is closing in on both a debt default and a government shutdown. Topics covered include:How a government shutdown differs from a debt ceiling crisisWhy hasn't Congress passed legislation to fund the government and raise the debt limitHow refusing to increase the debt ceiling could impact Social SecurityHow big is the national debt and who owns itWhy we never know how much federal debt is too much: Japan vs the U.S.How federal debt is used and how it has led to financial innovationWhy countries default on their debtWhat are some of the challenges with central banks pegging interest rates and monetizing the debtWhat could cause the U.S. dollar to crash and inflation to soarThanks to Alto CryptoIRA and LinkedIn for sponsoring the episode.For more information on this episode click here.Show NotesAmerica’s debt ceiling is a disaster, though fiscal rules can help—The EconomistTreasury Bulletin, September 2021—Bureau of the Fiscal ServiceMajor Foreign Holding of Treasury Securities—Department of the Treasury/Federal Reserve BoardFed official warns of ‘extreme’ market reaction unless debt ceiling raised by Lauren Fedor, Colby Smith and James Politi - The Financial TimesRepublicans Are Playing a Dangerous Game With Debt by Michael R. Strain—The New York TimesExplainer: What happens when the U.S. federal government shuts down? by Jason Lange—ReutersJanet Yellen Says Treasury Could Exhaust Cash Reserves by Oct. 18 if Debt Limit Isn’t Raised by Nick Timiraos and Kate Davidson—The Wall Street JournalJanet Yellen: Congress, Raise the Debt Limit by Janet Yellen—The Wall Street JournalDevin Carroll on YouTubeIn Defense of Public Debt by Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James MitchenerDifferent Types of Central Bank Insolvency and the Central Role of Seignorage by R. ReisHow do central banks control inflation? A guide for the perplexed by Laura Castillo-Martinez and Ricardo Reis—London School of Economics and Political ScienceCan the Central Bank Alleviate Fiscal Burdens? by Ricardo Reis—London School of Economics and Political ScienceRelated Episodes295: Federal Reserve Insolvency and Monetizing the National Debt338: The National Debt, Inflation, and the U.S. Dollar—What Could Go Wrong?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What is causing the shortage of goods and workers? What should we do about it?Topics covered include:How a tree pandemic killed billions of American Chestnut treesHow a massive increase in demand has crippled the global supply, leading to an eight-fold increase in shipping costsWhy there are so many job openings and people quitting their jobsWhy the free market doesn't work as well for child daycareHow stimulus payments during the pandemic reduced poverty ratesWhat is the lying flat movementHow everything is in place for an extended period of high inflation even though the bond market still anticipates inflation will be transitoryWhy we should own real things and plan more downtimeThanks to Policygenius and Masterworks for sponsoring the episode.For more information on this episode click here.Show NotesThe Demise and Potential Revival of the American Chestnut by Kate Morgan—Sierra ClubU.S. Imports to Increase by 20% by End of 2021—Material Handling & LogisticsThe largest port in the US hit a new ship-backlog record every day last week, as 65 massive container boats float off the California coast by Grace Kay—Business InsiderThe World Is Still Short of Everything. Get Used to It. by Peter S. Goodman and Keith Bradsher—The New York Times‘Just Get Me a Box’: Inside the Brutal Realities of Supply Chain Hell by Brendan Murray—Bloomberg BusinessweekRising Shipping Costs Are Companies’ Latest Inflation Riddle by Thomas Gryta—The Wall Street JournalIncome, Poverty and Health Insurance Coverage in the United States: 2020—United States Census BureauEmployers Are Baffled as U.S. Benefits End and Jobs Go Begging by Katia Dmitrieva and Olivia Rockeman—BloombergJob Openings and Labor Turnover - July 2021—U.S. Bureau of Labor Statistics‘Lie Flat’ If You Want, But Be Ready to Pay the Price by Allison Schrager—Bloomberg‘Can’t Compete’: Why Hiring for Child Care Is a Huge Struggle by Claire Cain Miller—The New York TimesTreasury Releases Report Showing U.S. Childcare System Overburdens Families and Causes Shortages Due to Inadequate Supply—U.S. Department of the TreasuryRelated Episodes323: The Economy Is Not A Machine331: Why Do We Work So Much?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A regulatory crackdown and ideological campaign by the Chinese government has upended the Chinese stock market, which comprises close to 40% of emerging market indices. We evaluate what is going on and what investors should do.Topics covered include:How has the Chinese stock market performed in 2021Why has Cathie Wood and Ark Invest dramatically cut their Chinese stock exposureWhat are examples of regulatory changes in ChinaWhy the stocks of Chinese online tutoring companies that trade on the New York Stock Exchange fell 90% this yearWhat are variable interest entities (VIEs) and why they are a risky corporate structure for Chinese companiesHow a high private sector debt burden could lead to a banking crisis or contagion in ChinaWhat are ways investors can invest in emerging markets while having a smaller allocation to ChinaThanks to LinkedIn and Simplify ETFs for sponsoring the episode.For more information on this episode click here.Show NotesCathie Wood’s Ark cuts China positions ‘dramatically’ by Leo Lewis and Thomas Hale—Financial TimesBeijing to break up Ant’s Alipay and force creation of separate loans app by Sun Yu and Ryan McMorrow—Financial TimesChina’s dodgy-debt double act—The EconomistChina’s bid to stabilise its property market is causing jitters—The EconomistRelated Episodes218: Is China or the U.S. More Vulnerable?249: Should You Invest in India?328: Are You Underweight Chinese Stocks? Pros and Cons of Investing in ChinaSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the demand and supply drivers of home prices? What is the current status of those drivers and do they suggest a housing price crash is imminent, particularly given mortgage forbearance programs are ending?Topics covered include:How much have home prices appreciated in the past year compared to historical ratesWhat has driven the demand shock for housingWhy U.S. houses are so much more affordable compared to earlier periodsHow big is the housing shortage in the U.S.What could cause home prices to crashHow housing supply and demand drivers apply to local real estate marketsHow to purchase a home in a hot housing marketThanks to the Modern Finance podcast and Simplify ETFs for sponsoring the episode.For more information on this episode click here.Show NotesIn a forgotten town by the Salton Sea, newcomers build a bohemian dream Rory Carroll—The guardianFor One Weekend a Year, a Tiny Town on the Salton Sea Becomes a Mecca for Artists and Partiers by April Wong—Los Angeles MagazineElectric vehicles need batteries. Those need lithium. That’s where the Salton Sea comes in. by Elliot Spagat—Chicago Sun-TimesA shock is headed for the housing market by Lance Lambert—FortuneHousing Supply: A Growing Deficit—Freddie MacRelated Episodes235: What If Home Prices Always Declined258: How Financialization Pushes Up Home Prices317: How To Buy In A Hot Housing MarketSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why bother rebalancing your investment portfolio and what is the best method for doing so.Topics covered include:How a target asset allocation can get out of line if a portfolio is not rebalancedWhat is positive skewness and why it matters to portfolio investingWhat is volatility drag and how it can lead to lower end of period wealthWhat are the costs of rebalancingWhich rebalancing method if any has been the most effectiveThanks to Felix Gray glasses and Mint Mobile for sponsoring the episode.For more information on this episode click here.Show NotesLong-Horizon Stock Returns Are Positively Skewed by Adam Farago and Erik HjalmarssonPositively Skewed Distribution—Corporate Finance InstituteProspect Theory and Stock Market Anomalies by Nicholas Barberis, Lawrence J. Jin, and Baolian WangStrategic Rebalancing by Sandy Rattray, Nicolas Granger, Campbell R. Harvey, and Otto Van HemertPortfolio Rebalancing: Tradeoffs and Decisions by Xing Hong and Philipp Meyer-BraunsDiversification Returns, Rebalancing Returns and Volatility Pumping by Keith Cuthbertson, Simon Hayley, Nick Motson, and Dirk NitzscheGetting back on track: A guide to smart rebalancing by Jenna L. McNamee, Thomas Paradise, and Maria A. Bruno—VanguardSafe Haven: Investing for Financial Storms by Mark SpitznagelRelated Episodes313: No One Is Entirely a Buy and Hold Investor341: How to Overcome Investing Fears354: Now Is the Best Time Ever to Be an Individual InvestorSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.