Money For the Rest of Us

Why portfolio construction is messy, personal, and never perfect. We compare the pros and cons of several portfolio strategies, including target-date funds, risk parity, and role-based portfolios. We conclude with three AI-related fallacies that will help us better navigate the current moment.
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Live Portfolio Cohort - May 2026
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Show Notes
Money for the Rest of Us Live Portfolio Cohorts
Why Everything Suddenly Is ‘Perfect’ by Paula Marantz Cohen—The Wall Street Journal
Your Perfect Portfolio by Cullen Roche—Pan MacMillan
My Core Investment Values by Peter Lazaroff—Peter Lazaroff
Show Us Your Portfolio: Jared Dillian—Excess Returns: An Investing Podcast
The dystopian fantasy of uselessness by Stephen Cane—The Financial Times

Investments Mentioned
State Street Bridgewater All Weather ETF (ALLW)
RPAR Risk Parity ETF (RPAR)
AQR Multi-Asset Fund (AQRIX)
Related Episodes
491: The Five Layers of Investing
306: Three Approaches to Asset Allocation
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In this mini episode, I share some examples of how I am using Claude Cowork and other tools to boost my productivity and build investment portfolio analysis tools. I also share more details on the live portfolio cohorts we will be holding next month.
You can learn more about our live portfolio cohorts here.
Show Notes
I Saw Something New in San Francisco - Ezra Klein - New York Times

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How the Iran conflict and other developments could lead to another major financial crisis. What is different today from 2008? Why trying to seed a revolution is so risky. And finally, what can we do to prepare ourselves for the next financial crisis?
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Show Notes
Read Trump's full statement on Iran attacks—PBS News
I Predicted the 2008 Financial Crisis. What Is Coming May Be Worse. By Richard Bookstaber—The New York Times
The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction By Richard Bookstaber
The Poverty of Historicism By Karl Popper
Iran Is Trying to Defeat America in the Living Room By Karim Sadjadpour—The Atlantic
Iran war is the greatest threat to global energy ‘in history’, warns IEA By Malcom Moore—Financial Times
‘Once and for All’ Means Never By Thomas L. Friedman—The New York Times
AI Isn’t Coming for Everyone’s Job By Adam Ozimek—The Atlantic
Related Episodes
291: How To Survive the Coronavirus (COVID-19) Shutdown
377: What If It’s Different This Time?
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When is good enough actually good enough? AI is reshaping how I work and live. And a member with a portfolio that's beaten an all-in-one Vanguard LifeStrategy fund for ten years asks whether the complexity is worth it — or whether it's time to simplify.
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Show Notes
The Upswing: How We Came Together a Century Ago and How We Can Do It Again by Robert Putnam—Simon &Schuster
An update on our model deprecation commitments for Claude Opus 3—Anthropic
Claude's Corner—Substack
Investments Mentioned
Vanguard LifeStrategy Growth Fund Investor (VASGX)
Related Episodes
542: Don’t Take Financial Advice from AI
491: The Five Layers of Investing
419: How to Make Portfolio and Asset Allocation Changes

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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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