Does there need to be a loser for every winner when it comes to investing and economic growth?Topics covered include:What are zero-sum gamesHow trading can be a zero-sum gameWhy active management and seeking excess returns through security selections or country weights are zero-sum gamesWhy the U.S. stock market has outperformed the rest of the worldWhy economic growth overall is not a zero-sum game, but some aspects of the economy are zero-sum gamesFor more information on this episode click here.SponsorsGo to GetSunday.com/David to get a customized lawn plan and 50% off your first Sunday Lawn Care box.Use code MONEY10 to get 10% off on your NAPA Autoparts online order.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesWith the Odds on Their Side, They Still Couldn’t Beat the Market by Jeff Sommer—The New York TimesInternational Diversification—Still Not Crazy after All These Years by Cliff Asness, Antti Ilmanen, and Daniel Villalon—AQRThe (Time-Varying) Importance of Disaster Risk by Ivo Welch—The Financial Analysts' JournalThe Economics of Biodiversity: The Dasgupta Review by Dasgupta P.—GOV.UKWhy the economy is not a zero-sum game: a simple explanation by Nathan Mech—Acton InstituteDefending the Free Market: The Moral Case for a Free Economy by Robert SiricoRents: How Marketing Causes Inequality by Gerrit De GeestThe Threat of Rent Extraction in a Resource-constrained Future by Stratford B.—White Rose Research OnlineRelated Episodes421: Beware of Survivorship Bias When Investing426: Which is Best – Active or Passive, ETFs or Funds?430: How Should Personal and National Wealth Be Measured?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why you should allocate a small percentage of your assets to gold.Topics covered include:What is money, and how does gold fit with that definitionWhy central banks bought more gold last year than at any time since 1967Which central banks own the most gold and which are increasing their gold holdingsHow fast is the gold supply growing compared to the U.S. dollar money supplyHow financialization, greater leverage, and contagion risk should motivate us to consider goldFor more information on this episode click here.SponsorsHello Fresh – Use code 16david for 16 free meals with free shipping from Hello FreshNetSuite – the leading integrated cloud business software suiteInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesCentral banks load up on gold in response to rising geopolitical tensions by Daria Mosolova—The Financial TimesAbove-ground stocks—Gold HubCentral bank holdings—Gold HubDoes the Federal Reserve own or hold gold?—The Federal ReserveTrey Reik—LinkedInM2 and Components—FREDGold Charts R UsRelated Episodes37: Gold – Without the Hype and Politics53: Should You Invest In Bitcoin?59: Is Gold Money?263: Should You Invest In Gold?344: Why Should You Care About Shadow Banking?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How we measure wealth, riches, abundance, and well-being is more important today than ever.Topics covered include:How late 18th century philosophers Adam Smith and the Earl of Lauderdale defined wealth and the role of capital. Why they worried about income inequality and excess profitsWhat led to the dramatic increase in life expectancy and wealth in the 20th and 21st centuriesHow a long life expectancy and well-being can be attained at much lower levels of wealthWhy John Maynard Keynes was right about the expansion of the economy but wrong about how many hours we would workHow the U.S. expanded its wealth relative to the rest of world, and at what costWhy natural capital should be included in measuring wealthFor more information on this episode click here.SponsorsMoney Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session.Brooklinen Use code DAVID20 for $20 off plus free shippingInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesAn Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith—Early Modern TextsAbout Adam Smith—Adam Smith InstituteAn Inquiry Into the Nature and Origin of Public Wealth and Into the Means and Causes of Its Increase by The Earl of Lauderdale—McMaster UniversityPrinciples for Dealing with the Changing World Order: Why Nations Succeed and Fail by Ray Dalio—Simon & SchusterThe Economics of Biodiversity: The Dasgupta Review—GOV.UKLess Is More: How Degrowth Will Save the World by Jason Hickel—Penguin Random HouseEconomic Possibilities for Our Grandchildren by John Maynard Keynes—YaleAmerica’s economic outperformance is a marvel to behold—The EconomistHow Much is Enough? Money and the Good Life by Robert Skidelsky and Edward Skidelsky—Penguin Random House Related Episodes8: What If Everyone Worked Only Four Hours Per Day?142: Why Are Some Nations Wealthier Than Others?282: Is GDP the Best Measure of Happiness and Well-Being?300: Ray Dalio and the Changing World OrderSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With a total U.S. inflation rate of 14% in the past two years, we review how various inflation hedges performed over the past twenty-four months.Topics covered include:What were investors' and the Federal Reserve's inflation expectations two years agoWhat led to the big inflation increaseWhy was the Federal Reserve forced to raise its policy rate by almost 5% in a yearHow successful were inflation-index bonds, stocks, commodities, and real estate in beating inflation over the past two yearsHow did two active ETFs that set out to protect against inflation performWhat is the current outlook for inflation, and what should investors doFor more information on this episode click here.SponsorsBrooklinen Use code DAVID20 for $20 off plus free shippingGo to GetSunday.com/David to get a customized lawn plan and 20% off your Sunday Lawn Care orderInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesCPI Inflation Calculator—U.S. Bureau of Labor StatisticsInflation Beneficiaries ETF—Horizon KineticsQuadratic Capital ManagementInvestments MentionediShares TIPS Bond ETF (TIP)Vanguard Short-term Inflation Protection Securities ETF (VTIP)Invesco DB Commodity Index Tracking Fund (DBC)Vanguard Total World Stock ETF (VT)Vanguard Total Stock Market ETF (VTI)WisdomTree U.S. High Dividend Fund (DHS)WisdomTree Global High Dividend Fund (DEW)Horizon Kinetics Inflation Beneficiaries ETF (INFL)Schwab U.S. REIT ETF (SCHH)Quadratic Interest Rate Volatility and Inflation Hedge ETF (IVOL)Related Episodes336: Own What Is Real342: Is Another Great Inflation Coming?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How accelerating bank deposit withdrawals could harm the economy, including real estate prices. How dollars slosh around the financial system but always seem to end up at the Federal Reserve.Topics covered include:How many deposits have left banks since the Silicon Valley Bank collapseHow much have banks borrowed from the Federal Reserve to meet deposit withdrawalsWhy exiting deposits are harming bank profits and causing them to make fewer loansHow the credit crunch could hurt commercial real estate valuesHow money market mutual funds differ from banksHow today's banking crisis is similar to the 1980s savings and loans crisisWhat should investors do to protect their wealthFor more information on this episode click here.SponsorsMasterworks – invest in contemporary artUse code MONEY10 to get 10% off on your NAPA Autoparts online order.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesFactors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks—The Federal ReserveAssets and Liabilities of Commercial Banks in the United States—The Federal ReserveAll U.S. Banks Net Interest Margin—BankRegDataCurrent Treasuries and Swap Rates—Chatham FinancialOptions trading surges as investors brace themselves for US regional bank volatility by Stephen Gandel and Nicholas Megaw and Colby Smith—The Financial TimesBank Turmoil Squeezes Borrowers, Raising Fears of a Slowdown by Jeanna Smialek—The New York TimesBanks' Demand for Reserves in the Face of Liquidity Regulations by Jane Ihrig—Federal Reserve Bank of St. LouisMoney Market Funds: Investment Holdings Detail—The Federal ReserveDeposit Outflows Shine Light on Fed Program That Pays Money-Market Funds by Eric Wallerstein and Nick Timiraos—The Wall Street JournalICI Research Perspective: Trends in the Expenses and Fees of Funds, 2022—Investment Company InstituteFAQs: Reverse Repurchase Agreement Operations—Federal Reserve Bank of New YorkUS Resolution Trust Corporation by Aidan Lawson and Lily Engbith—SSRNRelated Episodes270: Repo Rates Soared—Here’s Why It Matters333: How The Covid Shock Nearly Destroyed The Financial SystemSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What has been the impact on trade and the trade deficit since the U.S. implemented tariffs on steel, aluminum, and goods made in China?Topics covered include:Has the shipping backlog been reduced at U.S. portsWhat are the dangers of running too high of a trade deficitHow large is the U.S. trade deficitWhat has been the impact of U.S. tariffs on trade, domestic production, and pricesHow Chinese direct-to-consumer retail companies Shein and Temu are driving prices of goods ever lowerWhy consumers should demand greater visibility on how products they purchase are madeFor more information on this episode click here.SponsorsUse code MONEY10 to get 10% off on your NAPA online order.NetSuite – the leading integrated cloud business software suiteShow NotesThe ‘ship backup has ended’ at Los Angeles, Long Beach ports by Alejandra Salgado—Supply Chain DiveAmerica’s Trade Deficit Surged in 2022, Nearing $1 Trillion by Ana Swanson—The New York TimesIndustry study tracks China tariffs’ added costs to importers and consumers by Ben Unglesbee—Supply Chain DiveCosts of Trade Wars: The Distributional Consequences of US Section 301 Tariffs Against China by Kara M. Reynolds—SSRNCertain Effects of Section 232 and 301 Tariffs Reduced Imports and Increased Prices and Production in Many U.S. Industries by USITC—United States International Trade CommissionEconomic Impact of Section 232 and 301 Tariffs on U.S. Industries by USITC—United States International Trade CommissionThe other Chinese apps taking the US and UK by storm by Chelsea Bailey—BBCSecretive Shein Founders Build $40 Billion Fortune in Rapid Fashion by Venus Feng and Pei Yi Mak—BloombergShein sets ambitious revenue target ahead of IPO by Rachel Douglass—Fashion UnitedShein copycats chase its explosive growth by Eleanor Olcott, Qianer Liu, and Gloria Li—The Financial TimesTemu’s Big Haul by Ella Apostoaie—The Wire ChinaThe High Price of Fast Fashion by Dana Thomas—The Wall Street JournalStealing More than Just Designs: Utilizing Environmental Law as a Remedy to Design Piracy by Fast Fashion Brands by Spencer Kluth—SSRNShein’s Cotton Tied to Chinese Region Accused of Forced Labor by Sheridan Prasso—BloombergWorn: A People's History of Clothing by Sofi Thanhauser—Penguin Random HouseMore than ever, our clothes are made of plastic. Just washing them can pollute the oceans. by Brian Resnick—VoxRelated Episodes212: Trade Wars Increase Prices and Poverty413: What if the World Stopped Shopping?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David has a fascinating discussion with Kristof Gleich about active management, indexing, and how ETFs and mutual funds really work.Topics covered include:Should individual investors even try to select active mutual fundsIs there an indexing bubbleWhy are there so many new ETFsShould we be worried about an ETF flash crashWhat do ETF market makers and authorized participants doDo SEC yields for international equity mutual funds and ETFs reflect the impact of dividend withholding taxesAs the president and CIO of Harbor Capital Advisors, Inc. Kristof Gleich oversees all Investment, Distribution & Marketing and Executive Office functions at Harbor. He provides insight while helping lead Harbor’s strategic growth plan.Previously, Kristof was a managing director and global head of manager selection at JP Morgan Chase & Co. He has a degree in Physics from University of Bristol. Thanks to NAPA and Sunday Lawn Care for sponsoring the episode.Use code MONEY10 to get 10% off on your NAPA Autoparts online order.Go here to GetSunday.com/David to get a customized lawn plan and 20% off your Sunday Lawn Care orderRelated Episodes321: How to Analyze Complex Investments311: Did ETFs Pass the 2020 Market Collapse Stress Test?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

"If something is profitable, it will be done," says Martin Wolf of the Financial Times. We explore how profits will drive the energy transition and how and where water from the Colorado River is used.Topics covered include:How profits have led to higher energy market share for natural gas and renewal energyWhat is hindering a faster transition to renewablesWhat is contributing to a water shortage in the southwestern U.S,. and how will it be resolvedWhy big infrastructure projects often aren't the best solution to solve a problemWhy some regulation is helpfulFor more information on this episode click here.Show NotesThe market can deliver the green transition by Martin Wolf—The Financial TimesWhere the Water Goes: Life and Death Along the Colorado River by David Owen—Penguin Random HouseEconomics may take us to net zero all on its own by John Burn-Murdoch—The Financial TimesThe Gregor Letter by Gregor Macdonald—SubstackThe Inflation Reduction Act: Here's what's in it—McKinsey & CompanyManagement of the Colorado River: Water Allocations, Drought, and the Federal Role by Charles V. Stern and Pervaze A. Sheikh—Congressional Research ServiceThe Supreme Court wrestles with questions over the Navajo Nation's water rights by Becky Sullivan—NPRAs the Colorado River Shrinks, Washington Prepares to Spread the Pain by Christopher Flavelle—The New York TimesCan Western States Agree on the Future of the Colorado River? by Matt Vasilogambros—PewA matter of priorities by DeEtte Person—Know Your Water NewsAverage monthly water prices in the United States as of July 2022, by selected state—StatistaElection to Designate AMA for the Douglas Basin—Arizona Department of Water ResourcesArizona Is in a Race to the Bottom of Its Water Wells, With Saudi Arabia’s Help by Natalie Koch—The New York TimesArizona gets serious about piping water from Mexico in nonbinding desalination resolution by Brandon Loomis—AZ CentralEpisode SponsorMoney Pickle – Schedule a free 45-minute video chat with a vetted financial advisor and ask them anything about your financial situation. Go here to schedule your free session.Related Episodes399: Unintended Consequences Impact Everything345: Investing in WaterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What caused Silicon Valley Bank to collapse in only 44 hours, and how likely will the contagion spread, leading to other bank failures?Topics covered include:How losses on bonds blew up SVB's balance sheetHow is Silicon Valley Bank similar and different than other regional banksWhat the FDIC and Federal Reserve are trying do to restore confidence and stop bank runsHow a weakening of the Frank-Dodd bank regulation act set the stage for SVB's failureWhy bailing out uninsured depositors is controversialThree scenarios of what might happen nextActions we can take to protect ourselves when private money failsFor more information on this episode click here.SponsorsMasterworks – invest in contemporary artMoney for the Rest of Us Plus membershipShow NotesSilicon Valley Bank launches $2.25bn share sale to shore up capital base by Joshua Franklin and Antoine Gara—The Financial TimesUS Bank Capital Regulation: History and Changes Since the Financial Crisis by John Walter—Economic QuarterlySVB's 44-Hour Collapse Was Rooted in Treasury Bets During the Pandemic by Brian Chappatta—BloombergRemarks by FDIC Chairman Martin Gruenberg at the Institute of International Bankers—FDICHow Silicon Valley Turned on Silicon Valley Bank by Ben Foldy, Rachel Louise Ensign, and Justin Baer—The Wall Street JournalSEC Filings Details—Silicon Valley BankFDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California—FDICUninsured Silicon Valley Bank depositors seek fire sale of assets by Joshua Franklin, Sujeet Indap, Colby Smith, and George Hammond—The Financial TimesJoin Statement by Treasury, Federal Reserve, and FDIC—Federal ReserveFDIC Acts to Protect All Depositors of the former Silicon Bank, Santa Clara, California—FDICUS regulators are setting a dangerous precedent on SVB by Sheila Bair—The Financial TimesBack-to-Back Bank Collapses Came After Deregulatory Push by David Enrich—The New York TimesWill another bank fall? by Robert Armstrong—The Financial TimesShares in US regional banks close sharply lower over fears of deposit flight by Jennifer Hughes, James Fontanella-Khan, Ortenca Aliaj, and Brooke Masters—The Financial TimesCharles Schwab shares drop 12% even as the firm defends financial position by Yun Li—CNBCRelated Episodes405: When Volatility Spikes, Financial Things Break392: What Is Money and How to Use It305: Are Banks Safe?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How leveraged loans and CLOs work and how to invest in them. What are the risks and opportunities with the new CLO ETFs.Topics covered include:What are the characteristics of leveraged loans and how David has invested in them in the past, both professionally and personally.Why LIBOR reference rate for leveraged loans is being phased outWhat is the current investing climate for leveraged loansHow collateralized loan obligation workWhy insurance companies are fighting over CLOsWhat are the different ways to invest in CLOsFor more information on this episode click here.Show NotesCompanies, Lenders Clash Over Loan Spreads in Switch from Libor by Mark Maurer—The Wall Street JournalLibor: The Spider Network—The Wall Street JournalCollateralized Loan Obligations (CLOs) Primer by Jennifer Johnson—NAIC and The Center for Insurance Policy ResearchInvesting In The Middle: Tapping Into Opportunities in Middle Market Lending—AllianceBernsteinTop 10 US CLO Managers: CLO AUM (30 Nov 2022)—CLO ResearchDefault, Transition, and Recovery: 2021 Annual Global Leveraged Loan CLO Default And Rating Transition Study—S&P Global RatingsU.S. BSL CLO And Leveraged Finance Quarterly: Is Winter Coming? by Stephen Anderberg, Daniel Hu, Et al.—S&P Global RatingsRisk Assessment of Structured Securities - CLOs by Eric Kolchinsky, Charles A. Therriault, Marc Perlman—National Association of Insurance Commissioners (NAIC)Monthly US CLO Index - December 2022—Fitch RatingsPrivate equity-backed insurers under US scrutiny over risky loans by Antoine Gara and Sujeet Indap—The Financial TimesPrivate Equity Taps Insurers' Cash to Speed Up Growth by Matt Wirz and Leslie Scism—The Wall Street JournalInvestments Mentioned​Virtus Seix Floating Rate Income Fund (SAMBX)Virtus Seix Senior Loan ETF (SEIX)​Invesco Senior Loan ETF (BKLN)​DoubleLine Flexible Income Fund (DFLEX)​BlackRock Debt Strategies Fund (DSU)BlackRock AAA CLO ETF (CLOA)iShares Treasury Floating Rate Bond ETF (TFLO)​​Janus AAA CLO ETF (JAAA)Janus B-BBB CLO ETF (JBB)​VanEck CLO ETF (CLOI)Eaglepoint Credit Company (ECC)Oxford Lane Capital Corp (OXLC)Related Episodes305: Are Banks Safe?206: Be Bear Aware of Bank LoansSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.