Money For the Rest of Us

How can we apply the same emergency measures that Harvard and other universities are using to navigate a financial crisis? Also, how universities invest their endowments and what their performance has been. Topics covered include: * What has led to the financial crisis at Harvard * What actions has the university taken * How do endowments invest and spend their funds * How endowments maintain intergenerational equity * How we can apply the principles universities use in our own investing Sponsors NetSuite  [https://netsuite.com/david] LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs [https://linkedin.com/david] Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter [https://moneyfortherestofus.com/insiders-guide/] Our Premium Products Asset Camp [https://assetcamp.com/] Money for the Rest of Us Plus [https://moneyfortherestofus.com/hub/] Show Notes Letter Sent to Harvard 2025-04-11—Harvard [https://www.harvard.edu/research-funding/wp-content/uploads/sites/16/2025/04/Letter-Sent-to-Harvard-2025-04-11.pdf] Harvard Response 2025-04-14—Harvard [https://www.harvard.edu/research-funding/wp-content/uploads/sites/16/2025/04/Harvard-Response-2025-04-14.pdf] Trump Administration Will Freeze $2 Billion After Harvard Refuses Demands by Vimal Patel—The New York Times [https://www.nytimes.com/2025/04/14/us/harvard-trump-reject-demands.html] Should Harvard Be Tax Exempt? by The Editorial Board—The Wall Street Journal [https://www.wsj.com/opinion/donald-trump-harvard-tax-exemption-irs-supreme-court-congress-94ba5b53] Fact Sheet: President Donald J. Trump Reforms Accreditation to Strengthen Higher Education—The White House [https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-reforms-accreditation-to-strengthen-higher-education/] At Grim Town Hall, Harvard Medical School Leaders Tell Staff to Expect Layoffs and Far-Reaching Cuts by Avani B. Rai and Saketh Sundar—The Harvard Crimson [https://www.thecrimson.com/article/2025/4/16/trump-hms-cuts/] Can Harvard Use Its Endowment To Make Up For Federal Cuts? It’s Possible, but Not That Simple. by Avani B. Rai and Saketh Sundar—The Harvard Crimson [https://www.thecrimson.com/article/2025/4/17/harvard-endowment-explained/] Yale Weighs $850 Million Bond Sale Amid Trump’s Higher Education Attack by Elizabeth Rembert and Amanda Albright—Bloomberg [https://www.bloomberg.com/news/articles/2025-04-30/yale-weighs-850-million-bond-sale-amid-trump-s-higher-ed-attack] Yale seeks to sell billions in private equity investments as political pressures from Trump mount by Liese Klein—CT Insider [https://www.ctinsider.com/business/article/ct-yale-university-endowment-private-equity-sale-20288542.php] 2024 NACUBO-Commonfund Study of Endowments—NACUBO [https://www.nacubo.org/Research/2024/NACUBO-Commonfund-Study-of-Endowments] Endowments Face Liquidity Crunch Amid Market Pullback, Funding Cuts by Matt Toledo—Chief Investment Officer [https://www.ai-cio.com/news/endowments-face-liquidity-crunch-amid-market-pullback-funding-cuts/] Big investors borrow against private equity holdings amid cash crunch by Amelia Pollard and Antoine Gara—The Financial Times [https://www.ft.com/content/aafe28fb-d92c-4bd6-bf9e-a8a24bdf54b1] Related Episodes 402: Why Student Debt Is So High and Forgiving It Doesn’t Fix the Problem [https://moneyfortherestofus.com/402-student-loan-forgiveness/] 245: Is College Worth It? [https://moneyfortherestofus.com/245-college-worth/] 180: Can You Outperform Harvard’s Endowment? [https://moneyfortherestofus.com/180-can-outperform-harvards-endowment/] See Privacy Policy at https://art19.com/privacy [https://art19.com/privacy] and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info [https://art19.com/privacy#do-not-sell-my-info].

Discover how bond market ETFs have transformed investing — making bonds easier, cheaper, and more accessible than ever. We also explore how the bond market’s very composition has evolved. Episode Sponsors Delete Me – Use code David20 to get 20% off [https://joindeleteme.com/david20] Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter [https://moneyfortherestofus.com/insiders-guide/] Our Premium Products Asset Camp [https://assetcamp.com/] Money for the Rest of Us Plus [https://moneyfortherestofus.com/hub/] Show Notes The total return strategy in bonds is far from dead by James Bianco—The Financial Times [https://www.ft.com/content/ee700f6d-57f9-4493-872f-674d4f4fe7b0] What I Learned in My First Year Managing Fixed-Income by Jim Bianco—Bianco Research Advisors [https://www.biancoadvisors.com/what-i-learned-in-my-first-year-managing-fixed-income/] ETFs are eating the bond market by Robin Wigglesworth and Will Schmitt—The Financial Times [https://www.ft.com/content/b4a7f326-266a-450f-915a-6a3fa21e2702] Related Episodes 463: How to Lock in Higher Yields in Case Interest Rates Fall [https://moneyfortherestofus.com/463-lock-in-higher-yields/] 455: Easier Investing, Richer Life: TIPS Ladders to Annuities [https://moneyfortherestofus.com/454-tips-ladder/] 418: Bond Investing Masterclass [https://moneyfortherestofus.com/418-bond-investing-masterclass/] See Privacy Policy at https://art19.com/privacy [https://art19.com/privacy] and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info [https://art19.com/privacy#do-not-sell-my-info].

Ali Akay, CIO of Carrhae Capital, answers why invest in emerging markets. He also shares with Greg Dowling of FEG insights on China, Mexico, South Korea, Argentina, Greece, Turkey, South Korea, and South Africa. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter [https://moneyfortherestofus.com/insiders-guide/] Our Premium Products Asset Camp [https://assetcamp.com/] Money for the Rest of Us Plus [https://moneyfortherestofus.com/hub/] Show Notes Emerging Unscathed: Featuring Ali Akay—FEG Insight Bridge [https://www.feg.com/insight-bridge-podcast/emerging-unscathed] Related Episodes 474: Are Emerging Markets Bonds a Once-in-a-Generation Opportunity? [https://moneyfortherestofus.com/474-emerging-market-bonds/] 411: Is Emerging and Frontier Markets Investing Still Worth It? – With Asha Mehta [https://moneyfortherestofus.com/411-asha-mehta/] See Privacy Policy at https://art19.com/privacy [https://art19.com/privacy] and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info [https://art19.com/privacy#do-not-sell-my-info].

The U.S has traditionally been a safe haven for investing, but that hasn't been the case in 2025. We explore three economic and narrative regimes and consider why we may be witnessing a shift after 12 years of U.S. outperformance. Topics covered include: * What was the narrative and economic and financial performance from 1995-2001, 2002-2012, and 2012 -2024. * How the performance of the U.S. dollar impacted returns * Why did economic forecasters predict the U.S. national debt would be paid off in 2011, and why were they wrong? * Signs that the current economic and financial narrative is shifting. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter [https://moneyfortherestofus.com/insiders-guide/] Our Premium Products Asset Camp [https://assetcamp.com/] Money for the Rest of Us Plus [https://moneyfortherestofus.com/hub/] Show Notes Testimony of Chairman Alan Greenspan Outlook for the federal budget and implications for fiscal policy Before the Committee on the Budget, U.S. Senate January 25, 2001—The Federal Reserve Board [https://www.federalreserve.gov/boarddocs/testimony/2001/20010125/default.htm] Federal Surplus or Deficit [-] as Percent of Gross Domestic Product—FRED Economic Data [https://fred.stlouisfed.org/series/FYFSDFYGDP] Nonfarm Business Sector: Labor Productivity (Output per Hour) for All Workers—FRED Economic Data [https://fred.stlouisfed.org/series/OPHNFB] Narrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller—Princeton University Press [https://press.princeton.edu/books/hardcover/9780691182292/narrative-economics?srsltid=AfmBOopqma1QJN3ZUm6IrFCzXK1qLL3YZL9HyF_JV2EtNIvs52lAAu9F] Donald Trump vs Mr Market by Tim Harford—The Financial Times [https://www.ft.com/content/e7143a09-b280-4fd5-9efe-2d8684b4294f?shareType=nongift] Tourism boycott? Europe travel to US drops in wake of Trump presidency by Talyta França & Alessio Dell'Anna, Mert Can Yilmaz—euronews [https://www.euronews.com/my-europe/2025/04/22/tourism-boycott-europe-travel-to-us-drops-in-wake-of-trump-presidency] Trump’s Trade Offensive Threatens America’s Financial Primacy by Nick Timiraos, Jack Pitcher, and Chelsey Dulaney—The Wall Street Journal [https://www.wsj.com/economy/global/trump-tariffs-us-markets-treasurys-dollar-7d9777d7] Related Episodes 519: Is This the End of Globalization and Free Trade? [https://moneyfortherestofus.com/519-end-of-globalization-free-trade/] 380: How Stories Drive Our Happiness and Financial Success [https://moneyfortherestofus.com/380-stories/] See Privacy Policy at https://art19.com/privacy [https://art19.com/privacy] and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info [https://art19.com/privacy#do-not-sell-my-info].

In this episode, we explore what it means to invest in a non-ergodic world—where time, not averages, determines outcomes. We unpack concepts like volatility drag, ensemble vs. time averages, and the implications for portfolio strategy, while also reflecting on how AI and zero-click search are reshaping business and investor behavior. Topics covered include: * What is ergodicity and why it matters * How path dependency and emerging phenomena disrupt the long-term * How podcasting and blogging has changed * What is the future of Money for the Rest of Us Episode Sponsors NetSuite  [https://netsuite.com/david] LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs [https://linkedin.com/david] Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter [https://moneyfortherestofus.com/insiders-guide/] Our Premium Products Asset Camp [https://assetcamp.com/] Money for the Rest of Us Plus [https://moneyfortherestofus.com/hub/] Show Notes Wayback Machine: jdstein.com [https://web.archive.org/web/20060219212836/http://jdstein.com/] Probabilities and Payoffs: The Practicalities and Psychology of Expected Value by Michael J. Mauboussin and Dan Callahan, CFA—Morgan Stanley [https://www.morganstanley.com/im/publication/insights/articles/article_probabilitiesandpayoffs.pdf] The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb—Penguin Random House [https://www.penguinrandomhouse.com/books/176226/the-black-swan-second-edition-by-nassim-nicholas-taleb/] The 60% Problem — How AI Search Is Draining Your Traffic by Tor Constantino, MBA—Forbes [https://www.forbes.com/sites/torconstantino/2025/04/14/the-60-problem---how-ai-search-is-draining-your-traffic/] Hollywood Is Cranking Out Original Movies. Audiences Aren’t Showing Up. by Ben Fritz—The Wall Street Journal [https://www.wsj.com/business/media/hollywood-is-cranking-out-original-movies-audiences-arent-showing-up-cfcf8d75] How Late Night TV Is Downsizing by Alex Weprin and Rick Porter—The Hollywood Reporter [https://www.hollywoodreporter.com/tv/tv-news/late-night-tv-downsizing-1235997584/] ‘Severance’ Surpasses ‘Ted Lasso’ To Become Apple TV+’s Most Watched Series With Season 2 Launch by Nellie Andreeva—Deadline [https://deadline.com/2025/02/severance-ratings-season-2-apple-most-watched-series-1236294760/] List of most watched television broadcasts in the United States—Wikipedia [https://en.wikipedia.org/wiki/List_of_most_watched_television_broadcasts_in_the_United_States] Tao te Ching by Lao Tzu (Author), Marc Mullinax (Translator)—fortress press [https://www.fortresspress.com/store/product/9781506469867/Tao-te-Ching] Why AI Might Not Take All Our Jobs—If We Act Quickly by Justin Lahart—The Wall Street Journal [https://www.wsj.com/tech/ai/ai-jobs-mit-sendhil-mullainathan-135ad2b7] Elon Musk and the Dangerous Myth of Omnigenius by Gautam Mukunda—Bloomberg [https://www.bloomberg.com/opinion/articles/2025-04-14/elon-musk-doge-and-the-myth-of-omnigenius] Related Episodes 492: The Power of Optionality: Small Bets, Big Payoffs [https://moneyfortherestofus.com/492-optionality/] 484: 7 Steps to Living a Longer Life [https://moneyfortherestofus.com/484-living-longer/] 482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity [https://moneyfortherestofus.com/482-unlocking-the-power-of-positive-skewness-strategies-for-investing-business-and-creativity/] See Privacy Policy at https://art19.com/privacy [https://art19.com/privacy] and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info [https://art19.com/privacy#do-not-sell-my-info].