Wealth of Wisdom

In this special 50th episode of the Wealth of Wisdom podcast, co-editors Tom McCullough and Keith Whitaker are interviewed by Scott Dickenson on their experience writing Wealth of Wisdom and recording 50 podcast episodes since October 2018. Tom and Keith discuss their favourite chapters from the book, the topics that have resonated the most with readers, and what specific skills and ideas that each of them brought to the project. They also cover how the podcast came to be and some of their most memorable interviews over the last year and a half. We hope you enjoy this special 50th episode of the podcast and that it inspires you to go back and listen to some of the previous episodes that you might have missed the first time around.

How can you think through the use of wealth that exceeds your personal needs? This is a perennial question to which Paul Schervish applies the perennial insights of St. Ignatius. In this conversation with Keith Whitaker, Paul shares elements of the 'discernment process' and its application to the disposition of wealth. He also talks about how discernment takes into account the joys and anxieties wealth-holders feel about the impact of wealth on others. And he even recounts some of the challenges he faced in a career of studying wealth and philanthropy within academia. This is a useful discussion for anyone seeking to connect wealth with deeper purpose.

In this week’s episode of the Wealth of Wisdom Podcast, Tom interviews investing legend Howard Marks on his chapter from the book entitled, "How should private investors understand and deal with investment risk?" Howard is a well-known investor, speaker and author on the topic of investing and risk. Listen as Tom and Howard engage in a wide-ranging conversation on the current market environment, his thoughts on investor behaviour, the trend towards passive investing, and how his memos to clients became must-read material for the entire investment community.

In this episode, Tom McCullough interviews Meir Statman, well-known author and professor at Santa Clara University who specializes in behavioral finance. We talk about what behavioral finance really means and how it impacts the lives of families of wealth. Meir also talks about his chapter inWealth of Wisdomanswering the question “What is the right balance between saving and spending in retirement?” In his research interviews with couples in retirement age, he finds that many have more than enough money to pay for whatever they need, without risk of running out of money before running out of life. Yet they resist, insisting that they cannot afford these services. Why do people behave this way? Can they change? Should they change? Fascinating conversation with a remarkable person.

How much should we give our children and when? That's probably the most common question that parents with wealth ask. In this interview with Keith Whitaker, Peter Evans, a leadingpersonne de confianceto wealthy families, takes on that question directly. He discusses the importance of not giving significant financial resources to children before they have become mature and independent. He also describes tools that families can use to learn about themselves--the surprising key, Peter argues, for long-term family success.