Money For the Rest of Us

How historical and expected returns for university endowments can guide us in setting reasonable return expectations. We also analyze managed futures strategies to see how they work, how they have performed, and how to use them in your investment portfolio.
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Show Notes
2025 NACUBO-Commonfund Study of Endowments (NCSE) Results—NACUBO
Princeton University cuts expectation for endowment returns by Sun Yu—The Financial Times
Demystifying Managed Futures by Brian K. Hurst, Yao Hua Ooi, and Lasse H. Pedersen—AQR
Investments Mentioned
AQR Managed Futures Strategy Fund I (AQMIX)
iMGP DBi Managed Futures Strategy ETF (DBMF)
KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM)
WisdomTree Managed Futures Strategy Fund (WTMF)
First Trust Managed Futures Strategy Fund (FMF)
Return Stacked US Stocks & Managed Futures ETF (RSST)
Related Episodes
524: Facing a Financial Squeeze: What Harvard’s Response Can Teach the Rest of Us
204: Why Are Investment Returns So Low?
180: Can You Outperform Harvard’s Endowment?
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In this episode, we look at asset location, how to decide which investments belong in taxable, tax-deferred, and tax-free accounts, how where we live shapes the opportunities available to us, and how capital ultimately expands our choices.
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Show Notes
The Hidden Healthcare Infrastructure Americans Cross the Border to Find—Kogod School of Business
FARMWORKER SERVICE CENTER PROPOSAL AND ACTION PLAN FOR THE CITY OF CALEXICO AND IMPERIAL VALLEY by JAVIER MORENO—Calexico
Location as an Asset by Adrien Bilal and Esteban Rossi-Hansberg—Princeton
It Is Not Climate Denial But Adaptation Denial That Holds Us Back by Mathis Wackernagel and Peter Raven—SSRN
The Overlooked Edge: The Case for Asset Location in Managed Portfolios—Morningstar
Revisiting the conventional wisdom regarding asset location by Sachin Padmawar and Daniel Jacobs—Vanguard
Asset location for equity by Sachin Padmawar and Daniel Jacobs—Vanguard
This powerful strategy can create more spendable wealth by Tom Lenkiewicz—J.P. Morgan
Asset location strategies for tax efficient investing—BlackRock
What would Yale do? Implementing after-tax asset allocation by Frances Walsh and Patrick Geddes—BlackRock
Related Episodes
540: Beyond Munis — New ETFs for Tax-Efficient Bond Investing
506: Should You Retire Early and Live Outside Your Home Country? With Joshua Sheats
425: How Profits Motivate Change
Masterworks Disclosures
Listeners get priority access to Masterworks at https://www.Masterworks.com/david
Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index.
Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation.
Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A new ETF allows individuals to earn income by insuring against natural disasters through investing in catastrophe bonds. We break down the historical returns, risk, fees, and structure of this intriguing investment opportunity.
Topics covered include:
What types of natural disasters are increasing
How insurance companies use reinsurance and cat bonds to protect against extreme losses
Why home insurance premium increases should be lower in 2026
How cat bonds are structured and what makes them a unique fixed income security
What to consider in deciding to invest in cat bonds.

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Investments Mentioned
Brookmont Catastrophic Bond ETF (ILS)
Stone Ridge High Yield Reinsurance Risk Premium Fund (SHRIX and SHRMX)
Show Notes
Miami Is Entering a State of Unreality by Mario Alejandro Ariza—The Atlantic
Historical Hurricane Tracks—NOAA
LA fires dominated insured losses of $127bn in 2025, says Aon by Eva Xiao and Lee Harris—The Financial Times
2026 Climate and Catastrophe Insight—AON
BERKSHIRE HATHAWAY INC. 2002 ANNUAL REPORT—Berkshire Hathaway
When, Where and How Often Insurers Fail—PACICC
Climate change presses on: Devastating wildfires and intense thunderstorms exacerbate losses for insurers—Munich RE
Reinsurance buyers experience market softening as reinsurers grow capital following strong returns—Guy Carpenter
Catastrophe bond sales hit record as insurers offload climate risks by Lee Harris and Ian Smith—The Financial Times
Swiss Re Global Cat Bond Performance Index returns 11.40% for 2025—Artemis
Catastrophe Bonds by Alexander Braun and Carolyn Kousky—Wharton
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We explore the forces likely to shape financial markets in 2026 and how to make better decisions as you pursue your goals this year.
Topics covered include:
The difference between intentions and resolutions
Key behavioral biases and how to overcome them
The cautionary tale of a private real estate fund that went public
Is the affordability crisis real?
The big test for AI in 2026
The financial and economic outlook for the year

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Show Notes
A Slightly Better You in the New Year by Roland Fryer—The Wall Street Journal
Paying Not to Go to the Gym by Stefano DellaVigna and Ulrike Malmendier—American Economic Association
Handbook of Cognitive Biases—Federal Intelligence Service FIS
Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over—Federal Reserve Bank of St. Louis
America’s affordability crisis is (mostly) a mirage—The Economist
When Your Private Fund Turns $1 Into 60 Cents by Jason Zweig—The Wall Street Journal
Canadians Are Furious After Real Estate Funds Lock Up Their Money by Paula Sambo—Bloomberg
Blue Rock TI+ Annual Report—Securities and Exchange Commission
Which jobs have grown (and declined) fastest during your working life? by Andrew Van Dam—The Washington Post
Is AI More Like a Mind or a Market? by Walter Frick—Bloomberg
Don’t Fear the Bubble Bursting by Carl Benedikt Frey—The New York Times
Related Episodes
484: 7 Steps to Living a Longer Life
414: Use Caution with Private REITs like Blackstone’s BREIT

Masterworks Disclosures
Listeners get priority access to Masterworks at https://www.Masterworks.com/david
Art correlation and appreciation data based on repeat-sales index of historical Post-War & Contemporary Art market prices and S&P 500 annualized return (includes dividends reinvested) from 1995 to 2025, developed by Masterworks. There are significant limitations to comparative asset class data. Indices are unmanaged and a Masterworks investor cannot invest directly in an index.
Content creator (the “Endorser”) receives cash compensation from Masterworks, LLC (“Masterworks”). Endorser is a client of Masterworks. Masterworks can only make and accept sales after an offering statement has been filed, and “qualified”, by the SEC. Any offers may be revoked before notice of qualification. Indications of interest involve no obligation.
Investing involves risk. Past performance not indicative of future returns. For further disclosure on Regulation A Offerings, Risks of Investing, Performance Metrics, Art Market Data, and more visit the offering documents filed with the SEC and Important Disclosures at masterworks.com/cd.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Should you borrow money to magnify returns in your 401 (k), IRA, or other tax-deferred retirement account?
We examine Basic Capital, which allows investors to leverage their retirement account investments.
We also explore how the wealthy don't use debt to generate wealth but to manage it.
Sponsors
Gelt - Taxes Done Right
Insiders Guide Email Newsletter
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Show Notes
Basic Capital
This 30-Year-Old’s Startup Is Bringing Leverage to 401(k) Savers by Suzanne Woolley—Bloomberg
This startup is offering mortgages for 401(k)s by Liz Hoffman—Semafor
Startup Failure by Elizabeth Pollman—SSRN
Related Episodes
353: The Pros and Cons of Infinite Banking and Whole Life Insurance
238: The U.S. Is More Socialist Than Denmark Regarding Home Mortgages
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.