How To Invest During a Bubble

From the dot-com boom to today’s AI frenzy, bubbles follow a familiar script. This episode explores how to recognize them, what sustains them, and how to position your portfolio without getting swept up in the hype.Topics covered:How U.S. stock markets are the most concentrated and most expensive of all timeWhat constitutes a bubble and what sustains itHow to invest during a bubbleChanges David recently made in his portfolio in response to the AI bubbleSponsorLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesI'm Changing How I Manage My Money Because of AI by Hank Green—YouTube% S&P 500 share of top 10 companies by market cap %—Apollo AcademyCharted: S&P 500 Market Concentration Over 145 Years by Kayla Zhu—Visual CapitalistAI’s Moment and Insights from Themes Past by Anil Rao—MSCIHow Pimco Outmaneuvered Apollo and KKR to Win $29 Billion Meta Deal by Carmen Arroyo and Laura Benitez—BloombergHow to invest in a stock market bubble by Stuart Kirk—The Financial TimesBubble, Bubble, Toil and Trouble by Rob Arnott, Bradford Cornell, and Shane Shepherd—Research AffiliatesRelated Episodes535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite 503: U.S. Stocks Have Never Been This Overhyped or Expensive500: The S&P 500 Index and the Decade Ahead365: Why Some Asset Bubbles Don’t BurstSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A practical framework for making better decisions, managing risk, and finding opportunity in unpredictable environments. We contrast these principles with the massive $2.9 trillion AI data center build-out by Big Tech, which is betting big on a single superintelligence future. Episode SponsorsLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesInside the relentless race for AI capacity—The Financial TimesInside the AI race: can data centres ever truly be green?—The Financial TimesThe Kanye/Data Center Crossover by Paul Kedrosky—Paul KedroskyRelated Episodes531: Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble?520: Where Are We Heading?501: Strategy and Systems Want Your Money496: Are You Taking Enough Aspirational Risk?492: The Power of Optionality: Small Bets, Big Payoffs482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and CreativitySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dave Thomas, CIO and Founder of long/short hedge fund, Atalan Capital Partners, shares why most hedge funds fail and the keys to being a long-term successful investor.Episode SponsorDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesFEG Insight Bridge episode pageSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David converses with renowned illustrator and financial philosopher Carl Richards on the abstraction of money, attention capital, distinguishing risk from uncertainty, and the importance of taking microactions.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesCarl Richard's website, Behavior GapYour Money: Reimagining Wealth in 97 Simple Sketches by Carl RichardsRelated Episodes496: Are You Taking Enough Aspirational Risk?394: How to Get Better at Risk Taking135: Embrace the MessinessSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A new executive order could radically reshape retirement investing by allowing private equity, crypto, and gold in 401(k) plans. This episode examines the factors driving the demand for alternative assets in defined-contribution plans, the potential risks to everyday investors, and why fiduciary rules and financial literacy gaps still matter.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesTrump Executive Order to Help Open Up 401(k)s to Private Markets by Miriam Gottfried, Dylan Tokar, and Matt Wirz—The Wall Street JournalDonald Trump set to open US retirement market to crypto investments by Antoine Gara, Jamie John, and Stephanie Stacey—The Financial TimesU.S. Labor Department Allows Private Equity in 401(k) Plans by Chris Cumming—The Wall Street JournalU.S. Department of Labor Supplement Statement on Private Equity in Defined Contribution Plan Designated Investment Alternatives—U.S. Department of LaborState Street New TDF Includes Private Assets by PSCA Net Staff—PSCAThe Power of Private Markets by Robert Crothers et al.—BlackRockUNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT OPINION No. 22-16268The Relentless Ask: Private Markets Are Eating the World by Michael Batnick—The Irrelevant InvestorDon’t Buy Into This Easy Fix for Stock-Market Craziness by Jason Zweig—The Wall Street JournalThe Private Equity Boom Is Leaving Midsize Players Behind by Preeti Singh and Laura Benitez—Bloomberg401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them—U.S. Government Accountability OfficeDEFINED CONTRIBUTION PLANS AND THE CHALLENGE OF FINANCIAL ILLITERACY by Jill E. Fisch, Annamaria Lusardi, and Andrea Hasler—CornellOn Endowments and Unintended Consequences by Paul Kedrosky—Paul KedroskyRelated Episodes509: How to Invest in Private Credit / Direct Lending?497: How to Fix the Retirement Savings Crisis490: Should You Invest in Private Equity?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore the compelling questions surrounding artificial intelligence. Will AI create more new jobs than it destroys? Is AI already destroying jobs? Are we seeing overinvestment in companies and infrastructure in the AI space? Is there evidence that AI has increased productivity?SponsorsMoney for the Rest of Us PlusAsset CampShow NotesBehind the Curtain: A white-collar bloodbath by Jim VandeHei and Mike Allen—AxiosYuval Noah Harari Statement - Post by Nunki08—RedditChallenger Report June 2025—Challenger, Gray & ChristmasEntry level jobs fall by nearly a third since ChatGPT launch by Karl Matchett—The IndependentStrategic Insights for M&A in the Evolving AI Market—S&P GlobalNvidia Becomes First Public Company Worth $4 Trillion by Tripp Mickle—The New York TimesSilicon Valley is racing to build the first $1trn unicorn—The EconomistHow to use generative AI to augment your workforce by Betsy Vereckey—MIT ManagementHumans must remain at the heart of the AI story by Marc Benioff—The Financial TimesThe AI Industry Is Radicalizing by Matteo Wong—The AtlanticTASKS, AUTOMATION, AND THE RISE IN U.S. WAGE INEQUALITY by DARON ACEMOGLU AND PASCUAL RESTREPO—EconometricaMyPillow CEO’s lawyers fined for AI-generated court filing in Denver defamation case by Olivia Prentzel—The Colorado SunWhich Workers Will A.I. Hurt Most: The Young or the Experienced? by Noam Scheiber—The New York TimesGenerative AI at Work by Erik Brynjolfsson, Danielle Li, Lindsey Raymond—Oxford AcademicThe Illusion of Thinking: Understanding the Strengths and Limitations of Reasoning Models via the Lens of Problem Complexity by Parshin Shojaee et al.—AppleRelated Episodes507: Where You Live Matters – How Geography Contributes to Wealth457: AI’s Fork in the Road: Societal Bliss or Existential Threat439: How and Why to Invest in AI417: Will Generative AI Replace Your Job?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the investing landscape is being reshaped by the global race for critical minerals.Topics covered in this conversation between FEG's Greg Dowling and private equity firm Kinterra Capital's co-founders, Cheryl Brandon and Kamal Toor include:How mining and mineral processing workWhat are critical minerals, what is driving the demand for them, and will it continueHow the rise of passive management has led to underinvestment in miningHow to reconcile care for the environment and the need to mine critical mineralsWhat are the attributes that contribute to successful private capital investmentsWhy querying ChatGPT is insufficient to get up to speed on an investing topic, and what to do instead.Episode SponsorsDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesFEG Insight Bridge episode page with transcriptKinterra CapitalRelated Episodes526: The Future of Power: Energy at a Crossroads with Scott Harland384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We examine how robo-advisors have evolved over the past decade to determine if their services justify the fees they charge.Topics covered include:How large are the top 5 robo-advisorsRobo-advisor feesRobo-advisor holdingsWhy robo-advisors are turning toward direct indexing for tax loss harvestingHow much excess return does tax loss harvesting generateWho can benefit from using robo-advisorsSponsorsAsset CampLinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesThe Tax Benefits of Direct Indexing, and How They Are Affected by the Biden Tax Plan by Nathan Sosner et al.—SSRNAn Empirical Evaluation of Tax-Loss Harvesting Alpha by Shomesh Chaudhuri et al.—SSRNRelated Episodes398: When Should You Hire An Investment Advisor? Two Case Studies92: What Robo-Advisors RecommendSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How our spending, investing, and life strategy change as our net worth grows. We consider how skill, luck, discipline, relationships, and AI can allow us to ascend and, in some cases, descend the wealth ladder.SponsorsNetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn JobsInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesOf Dollars and Data - Nick MaggiulliThe Wealth Ladder by Nick MaggiulliRitzholz Wealth ManagementRelated Episodes461: How Much Should Your Net Worth Grow Each Year?252: How to Become Wealthy119: Investing Won't Make You RichSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Circle Invest, one of the leading stablecoin providers, just went public, and its stock price has tripled. We delve into the growth of stablecoins, their applications, and the associated risks. We also discuss the surprising political pushback against central bank digital currencies.Episode SponsorsDelete Me – Use code David20 to get 20% offNetSuite Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow NotesTop Stablecoin Tokens by Market Capitalization—CoinMarketCapRuns and Flights to Safety: Are Stablecoins the New Money Market Funds? by Kenechukwu Anadu et al—New York FedAmendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933—SECWhy Crypto Stablecoins Still Worry the Fed by Olga Kharif and Yueqi Yang—BloombergCentral Bank Digital Currency Tracker—Atlantic CouncilSTRENGTHENING AMERICAN LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY—The White HouseStablecoins and monetary sovereignty: the ball is in Europe’s court by Ignazio Angeloni—The Financial TimesRelated Episodes488: Should You Invest in an Ethereum ETF?424: Are More Bank Runs Coming? The Collapse of Silicon Valley Bank387: Why Most Money Fails373: Are Stablecoins Safe? Should You Own Them?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.