Explore every episode of the podcast Sound Investing
| Title | Pub. Date | Duration | |
|---|---|---|---|
| The #1 Reason to Use Index Funds | 23 sept. 2026 | 00:52:47 | |
This is the second of five presentations Paul recorded for Next Generation Personal Finance (NGPF.org), whose free curriculum reaches some 150,000 teachers. The sessions weren't open to the public, but NGPF has allowed Paul to share each one with Sound Investing listeners. The subject is index funds, and Paul starts where the story starts: John Bogle, 1976, and a fund launch that nearly got cancelled before it opened. From there he looks at what the evidence actually says about active management over 20 years, why most investors never hear about the costs that quietly come out of their returns, and what happens to a fund that doesn't perform. He also introduces the non-traditional index funds from Dimensional and Avantis that he believes give young investors their best opportunity, and closes with stories from the 90 minutes he spent in Jack Bogle's office. CHAPTERS NGPF: ngpf.org | |||
| The Math and the History of Investing | 16 sept. 2026 | 00:53:41 | |
WHAT YOU’LL LEARN IN THIS EPISODE Tune in to discover how staying the course, keeping expenses low, and letting history guide your strategy can transform your financial future. Join us next week for The #1 Reason to Invest in Index Funds. | |||
| Get Out While You Can or Stay the Course | 09 sept. 2026 | 00:40:50 | |
Paul opens with news of a new opportunity to reach young investors: a five-part series for Next Generation Personal Finance (NGPF.org), available to some 150,000 teachers who use NGPF's free curriculum. Topics include the math and history of investing, the case for index funds, the inside story on diversification, the $5 million payoff for a financially literate high school graduate, and a teacher Q&A session. Each presentation will be shared with Sound Investing listeners the following week. Then Paul turns to two listener questions that go to the heart of how people actually experience the market. The first asks whether broad diversification really produces the best returns, or whether a more focused portfolio would do better. He walks through the Bessembinder research showing that roughly 4% of companies drove most of the market's long-term return, Fama and French data on small cap value going back almost 100 years, and Vanguard's own real time returns since 1998 comparing $10,000 invested in the S&P 500, mid cap, small cap blend and small cap value asset classes. The second is a letter from an investor who put his first real savings, earned at $7 an hour, into Fidelity Magellan in 1985, lost 30% on Black Monday in October 1987, and pulled everything out. Forty years later he still fears the next crash and asks whether Paul's Ultimate Buy and Hold portfolio could leave him waking up with half his money gone. Paul closes with a story about five 24-year-old engineers he met on Bainbridge Island, and an offer to anyone who can gather a group that would benefit from a conversation about investing. LINKS Fine-Tuning Your Asset Allocation tables NGPF: ngpf.org | |||
| The Investing Myths That Cost a Fortune | 02 sept. 2026 | 01:13:24 | |
WATCH THE VIDEO CHAPTERS | |||
| Paul and Chris Follow-Up: The Rick Ferri Small-Cap Value Debate | 26 août 2026 | 01:06:56 | |
Paul and Chris reflect on Paul’s recent discussion with Rick Ferri. Paul adds information he wished he’d included, and Chris reacts to Paul and Rick’s positions. Together, they discuss the behavioral, trust, and performance benefits and trade-offs of seeking meaningful diversification by adding Small-Cap Value to a portfolio. CHAPTERS 00:00:00 – Intro Table G1b — Fine Tuning Table: S&P 500 vs. US Small Cap Value | |||
| Paul Merriman and Rick Ferri: A Conversation Decades in the Making | 19 août 2026 | 01:33:08 | |
Paul sits down with Rick Ferri — not for a debate, but for the kind of honest conversation two people can only have after spending their careers chasing the same goal from different directions. Rick makes the case against tilting: the small cap premium largely disappeared once the research went public around 1980, and he believes value stopped working around 2006. Paul counters with Table G1b, which shows the results of blending small cap value and the S&P 500 in 10% increments from 1970 through 2025 — returns alongside the worst drawdowns each combination had to survive. Then Rick does something unexpected — he crosses to Paul's side of the table and builds a strong argument for small cap value, framing it as a way to capture the return of private companies that represent half of the economy. Where they land is less about who's right than what it costs to be wrong. If you go down the factor road, Rick says, it's a lifetime commitment — not three years. Also covered: lump sum versus dollar cost averaging, what an hourly advisor can do to help do-it-yourself investors implement their new portfolio, the new Trump accounts for newborns, and why VT may not be your best choice in a taxable account. Both Paul and Rick will be at the Bogleheads Conference, November 13–15 at Green Valley Ranch Resort and Spa in Henderson, NV, near Las Vegas. Registration: boglecenter.net/2026conference Table G1b — Fine Tuning Table: S&P 500 vs. US Small Cap Value: View the table Stay tuned for next week's podcast, a discussion with Chris Pedersen about this interview with Rick. | |||
| Preparing for an upcoming debate with Rick Ferri: Total Market portfolios | 12 août 2026 | 00:14:08 | |
This Friday I'm sitting down with my friend Rick Ferri for a debate that I think matters a great deal, even though — or maybe because — Rick and I agree on almost everything. We both believe in diversification, low costs, index funds, ignoring predictions, and staying the course. Where we part ways is what happens after that. Rick's case is that you should simply own the whole market. A total stock market index fund gives you thousands of companies at an extraordinarily low cost, and adding complexity rarely pays. My case is that the academic research — Fama, French, and decades of market history — shows that greater exposure to small and value companies may raise long-term expected returns. Rick calls that factor tilting. I call it better diversification. He'll argue I'm not adding diversification at all, just changing the weights, and he's right that this is exactly what we're doing. The question is whether it's worth doing. We also take on a second question that gets far too little attention: if you do want small and value exposure, where should you get it? Vanguard, Fidelity, DFA or Avantis — traditional indexing or systematic portfolio management? Differences that look trivial today can compound into very large ones over 40 or 50 years. Neither of us is trying to win. Rick may be right. I may be right. Ask us again in 50 years. What I hope you take away is the process — examining evidence, understanding the alternatives, admitting what nobody knows, and committing to a strategy you can stick with. Because every strategy disappoints you eventually, and what you do in that moment matters more than which one you chose. The podcast and video of my conversation with Rick will be available Wednesday, August 19, 2026. If you have any questions for Rick, send them to Paul@paulmerriman.com. | |||
| Finding the Perfect Advisor, a Battle Over Words and VT vs. AVGE | 05 août 2026 | 00:37:37 | |
Paul returns from three days at the Garrett Planning Network retreat with a lesson that has almost nothing to do with investments — and everything to do with getting your money's worth from professional advice. Garrett advisors work by the hour, a business model Paul believes eliminates the conflicts of interest built into assets-under-management relationships. For $1,000 to $8,000, he's convinced most families can get extraordinary value from five to ten hours with a thoughtful, trained hourly planner. But there's a catch: the value of those hours depends almost entirely on your willingness to tell the truth. Inspired by a Seth Godin observation — people lie in focus groups, on surveys, and to themselves — Paul explains why the most valuable planning meeting isn't the one where you look financially successful. It's the one where you're completely honest. Paul and his wife are putting this to the test with an hourly planner of their own, and he'll report back in the weeks ahead. Next, Paul shares a private conversation with his longtime friend Rick Ferri, who challenged an idea Paul has taught for decades: that small cap value, large cap value, and international are equity asset classes at all. Rick argues there's only one equity asset class — the total market — and everything else is a segment or style. Paul takes the challenge seriously, does some digging, and explains why the answer matters far more than a debate over definitions. How you think about asset classes shapes the portfolio you'll live with for the next 60 or 70 years. Finally, Paul digs into AVGE, the Avantis globally diversified all-equity ETF, and how it compares to Vanguard's total market approach (VT and VTI). He walks through the meaningful differences: 70/30 U.S./international at Avantis versus 60/40 at Vanguard, and substantially larger positions in mid cap value, small cap value, and small cap blend. He looks at what those tilts have meant historically — including Vanguard's own mid cap value fund turning $10,000 into roughly $160,000 versus $102,000 for the S&P 500 — and why he believes the extra 0.17% in expenses may be money well spent. For investors who don't want to go all-in, Paul offers simple combinations, like a third VT, a third AVGE, and a third AVUV. CHAPTERS 00:00 – Introduction: three topics from the Garrett retreat | |||
| AVGV, Truth Tellers, AI and Finding Your Why | 29 juil. 2026 | 00:33:52 | |
Paul discusses his upcoming trip to Minneapolis to address almost 100 hourly financial planners at the Garrett Planning Network annual retreat — then shows, in real time, how he uses AI alongside the Truth Tellers. This example is prompted by a Ben Felix video arguing that most people save without knowing their real “why.” Paul asked ChatGPT to explore the question and shares the full AI response, which includes the six steps to creating your “why” — from “dream before you calculate” to purpose → plan → portfolio. In the second part of this podcast he responds to the many listeners who have asked: build the worldwide all-value portfolio with five Avantis ETFs, or simply buy AVGV, a single ETF that owns the same ETFs but in different percentages? Over three years, AVGV compounded at 21.1% (up 77.4%), while the five-fund do-it-yourself version compounded at 22.2% (up 82.6%) with no rebalancing. Doing the work likely earns a better return — but a Morningstar study suggests most investors do better buying the single ETF, because it takes care of all the rebalancing and overcomes the tendency to chase returns as money is added. Paul would appreciate your feedback on this podcast: paul@paulmerriman.com. LINKS | |||
| Stuff Happens: Perspective From Ben Carlson's Risk and Reward | 22 juil. 2026 | 01:00:51 | |
The hardest part of investing isn't choosing funds — it's building a set of beliefs strong enough to keep you disciplined when the market, the news, and your own emotions all conspire to pull you off course. In this episode, Paul sets aside the usual fine-tuning tables and turns to one of his favorite books, Ben Carlson's Risk and Reward. Table by table, Ben makes the same point in a dozen different ways: the bad stuff is normal, it's happened before, and it will happen again. The goal isn't to avoid it — it's to expect it, so you can stay the course. Along the way, Paul walks through: • The 10 worst days, months, and years in market history — and how the market behaved 1, 5, and 10 years later The theme underneath it all: future returns will likely look a lot like the past. We simply have no way to know the sequence — and that's exactly why realistic expectations, low costs, and broad diversification matter more than any forecast. The biggest enemy of the investor, as the data keeps showing, isn't the market. It's the investor. BRINGING FINANCIAL FREEDOM TO NEW AUDIENCES Last week I spent more than three hours with 89 graduating nurses at Texas A&M University, exploring one life-changing idea: how a handful of smart financial decisions can add millions of dollars to your lifetime financial security. Many of you asked to see what these presentations look like, so we're making this one available to watch (link below). LINKS • Ben Carlson, Risk and Reward (Foundation earns when you use this link) | |||
| Is it possible that factor investing won't work? | 15 juil. 2026 | 00:26:47 | |
A longtime listener wrote in after watching a Ben Felix video making the point that factor investing may not beat the S&P 500 by the end of an investor’s lifetime — and could even do worse. His question was simple: is factor investing really worth the effort? Paul’s answer turned out to be two answers, so he’s splitting it into two episodes. This week is about the thinking. Next week is about the evidence — including new data Daryl Bahls just sent over. Paul also tries something new: using AI to canvas the writings of the Truth Tellers and surface what they would say about this exact question. What emerges is a point they all agree on — good decisions do not guarantee good outcomes, and bad decisions sometimes produce wonderful ones. Bill Bernstein, Larry Swedroe, Ben Felix, Mike Piper, Christine Benz, Rob Berger, Jim Dahle and Jack Bogle each frame the same distinction: expected returns are not realized returns, and probability is not certainty. Investing is one long series of forks in the road — save or spend, stocks or bonds, index or active, buy-and-hold or market timing — and none of them come with a guarantee. What they come with is a probability. The job is to choose thoughtfully, accept the uncertainty, and have the courage to stay the course while the evidence still supports the plan. LINKS | |||
| Back from the Baltic and 12 of your questions | 08 juil. 2026 | 00:55:40 | |
Paul returns from a two-week Baltic cruise refreshed and ready to dig into the numbers. He opens with a 12-month performance review of the recommended portfolios at Avantis, DFA and Vanguard — Avantis averaged 31.1% across the 10 equity asset classes in the Ultimate Buy and Hold, versus 27.7% at DFA and 26% at Vanguard — and explains why the non-traditional index funds keep outperforming traditional cap-weighted indexes. Paul also revisits Ben Carlson’s look at the ARK Innovation ETF (ARKK), which grew to $30 billion under management before falling 65% while the S&P 500 gained more than 60% — a costly lesson in performance chasing, with an estimated $7.5 billion in shareholder losses. Then Paul answers 12 listener questions, with a special deep dive into table G1B — 56 years of S&P 500 vs. small cap value returns, one year at a time, plus every combination in 10% increments. QUESTIONS COVERED LINKS | |||
| They're Back... Talking Real Money - Investing Talk | 01 juil. 2026 | 00:26:30 | |
I joined my longtime friend Tom Cock for a special edition of Talking Real Money — a wide-ranging conversation about the evolution of indexing, the proposed changes to the S&P 500, and why investors should understand both the strengths and limitations of traditional index funds. I explain why firms like Dimensional Fund Advisors and Avantis Investors use a more flexible, evidence-based approach than traditional indexing, and how academic research has reshaped portfolio construction over the past several decades. We also explore lessons from market history, including the importance of understanding major bear markets, determining appropriate risk levels, and building portfolios that align with your personal goals rather than chasing maximum returns. I share insights from the latest Dimensional Matrix Book and explain why I believe studying 100 years of market data helps investors stay disciplined during inevitable downturns. Finally, I introduce a simple but powerful strategy for helping newborns and young children build substantial retirement wealth through small annual investments that can compound over many decades. CHAPTERS | |||
| Ben Carlson and Paul Merriman on Full Disclosure | 24 juin 2026 | 01:00:04 | |
Paul Merriman joins host Roben Farzad on Full Disclosure for a rare conversation alongside Ben Carlson, director of institutional asset management at Ritholtz Wealth and author of the new book Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth. Roben called it a “truth teller tandem” — the first time these two have sat down together — and the result is an hour of warm, candid, data-grounded talk about how individual investors can actually succeed. The conversation opens with a great question: does a century of S&P 500 history mean anything when index funds didn’t even exist for most of it? Paul explains why those long-run numbers still matter — not as a promise of the next ten years, but as a guide to the full range of what markets can do. From there, Paul and Ben trace just how far investing has come since Paul entered the business in 1966: the death of the 8.5% sales load, the arrival of IRAs and 401(k)s, fractional shares, and commission-free trading. As Ben puts it, the barriers to entry have been bulldozed, and today’s investor has a better shot at strong net returns than ever before. But more choices bring more temptation. Paul and Ben dig into diversification as a risk-management tool — why a tilt toward small-cap value and a meaningful allocation to international stocks can pay off over a lifetime, even when the S&P 500 is dominating the headlines. They revisit the lost decade of 2000–2009, the lessons of Japan’s 1989 peak, and the hard discipline of rebalancing into the pain when an asset class is out of favor. They also get practical about the things keeping investors up at night: inflation as one of the biggest risks most people underestimate, the real trade-offs in today’s bond market and long-duration Treasuries, and an honest look at the FIRE movement — including why meaning, longevity, and a 30- or 40-year retirement complicate the dream of retiring early. Throughout, Paul shares his own story, including why, at 82 and with more than he needs, he still holds half his portfolio in equities because of a caution he’s carried since his twenties. Ben closes with the thought that may stay with you longest: the most important thing an investor can understand is not the market — it’s themselves. Knowing which mistake you’d regret more, and what you can truly live with, is the foundation everything else is built on. | |||
| Evidence-Based Investing, Index Funds & Staying the Course | 17 juin 2026 | 01:07:02 | |
I recently sat down with Steve Chen on his Boldin Your Money podcast for a wide-ranging conversation about evidence-based investing — and why it matters more than ever in a world of speculation, hype, and constant financial noise. We covered my early days as a stockbroker in the 1960s, the psychology that trips investors up in downturns, how low-cost index funds transformed personal finance, factor investing and small-cap value, and why younger investors are being pulled toward gambling-like behavior through apps, crypto, and prediction markets. Whether you're just starting out or planning for retirement, I think you'll find it time well spent. KEY TOPICS DISCUSSED TIMESTAMPS RESOURCES MENTIONED Watch Video here- https://youtu.be/y_i5wrr_tfM | |||
| Paul & Chris Tackle 10 of your Investing Questions | 10 juin 2026 | 00:57:11 | |
Paul and Chris answer 10 listener questions in one hour — covering asset allocation, investor behavior, funds, indexes, and fund management. They also dig into Daryl Bahls' hot-off-the-press alternative portfolio analysis. CHAPTERS LINKS & FILES | |||
| Mike Piper- Bainbridge Financial Literacy Series 2026 | 03 juin 2026 | 01:34:24 | |
In Session 3 of the 2026 Bainbridge Community Foundation Spring Financial Education Series, Paul sits down with Mike Piper — CPA, Personal Financial Specialist, and the voice behind the Oblivious Investor blog and the free Open Social Security calculator — for one of the warmest, most practical conversations of the series. Mike has a rare gift: taking the topics that intimidate most investors and making them feel obvious. Over the course of the hour, he and Paul work through the handful of decisions that genuinely shape a retirement. Mike opens with a quietly radical idea: if you've prepared well, "more than enough" isn't the exception — it's the most likely outcome. Because we have to plan for long lifespans, poor markets, and high medical costs that usually don't all come to pass, most disciplined savers end up with leftovers. From there, he explains which dollars to spend first each year, how age and capital gains should steer whether you draw from taxable or retirement accounts, and why the step-up in basis matters more than most people realize. The conversation turns to the human side of money, too — how to talk a couple through it when one spouse is aggressive and the other can't stand the thought of the stock market, why both positions are almost always driven by fear, and how framing the trade-offs around the people you love often brings them closer together. Mike and Paul also tackle the spendthrift-child dilemma, the case for matching a young person's Roth IRA, and why small gifts early can dwarf an inheritance received at 70. On Social Security, Mike makes the point that most people get the risk exactly backwards: delaying benefits isn't a gamble — it's insurance against the scary scenario of living a very long time. He walks through what really happens if Congress does nothing before the trust fund shortfall around 2033 (hint: the program doesn't disappear), and the range of fixes on the table. Throughout, both men return to the same theme — simple, low-cost, broadly diversified portfolios keep beating the clever alternatives, and the Bessembinder research helps explain why. Stick around for the closing exchange on using AI to learn from the "Truth Tellers" — and Mike's cautionary tale about a chatbot that invented an entire tax-code provision, word for word and completely convincingly, that simply does not exist. LINKS: Watch the Video- https://www.youtube.com/watch?v=bB2ccYRLSOI&feature=youtu.be | |||
| Automating Your Portfolio: M1 Finance vs. Fidelity Basket Portfolios | 27 mai 2026 | 00:45:34 | |
In the final episode of the 2026 Boot Camp series, Paul Merriman sits down with Chris Pedersen and Daryl Bahls to tackle the last fork in the road every investor faces: how to and how much automation to use. After all the boot camp decisions — stocks versus bonds, which equity asset classes, how much fixed income, how to handle contributions and withdrawals — the final question is how much of the day-to-day management you should hand off to a tool, and which tool is right for you. Chris walks through how M1 Finance “pies” let buy-and-hold investors put their portfolios on autopilot: automated contributions, on-the-fly rebalancing as new money comes in, fractional shares, and one-button rebalancing. He explains the pre-configured Merriman portfolios — the Ultimate Buy and Hold, Worldwide and US Four-Fund, All Value, All Small Cap Value, and the Aggressive Target Date glide path in five-year increments — and an important limitation: once you grab a pie, there’s no live link back to the source, so website updates won’t change your account. Paul then makes the case for Fidelity’s Basket Portfolios as an alternative, especially for anyone uneasy about moving large sums to a younger company. He covers the flat $4.99-per-month fee regardless of account size, eligible account types, the TFLO short-term Treasury workaround for holding cash, and why Fidelity may fit investors already in the Fidelity ecosystem. The team compares trading windows, account minimums and how each firm counts the $10,000 threshold, and Daryl shares that M1 has grown from about $1 billion in 2020 to roughly $12.5 billion in assets under management. The conversation closes with practical guidance on mixing and matching Sound Investing portfolios, the question everyone’s asking — “how long do I have to wait for small cap value?” — a reminder not to flail or chase recent performance, why the 10-fund Ultimate Buy and Hold strategy still stands, and a clear explanation of the move from AVUS to AVLC and where AVSC fits. CHAPTERS 00:00 - Intro LINKS: Sound Investing Portfolio Pies | |||
| Bill Bernstein: 50 Years of Investing Wisdom | 20 mai 2026 | 01:10:43 | |
In this interview from the 2026 Bainbridge Community Foundation Annual Financial Education Series, Paul sits down with Bill Bernstein — neurologist, financial historian, and author of The Four Pillars of Investing and If You Can — for a wide-ranging conversation drawn from 50-plus years of investing experience. Bill explains why you're only rewarded for taking risk in well-regulated markets (and why crypto doesn't qualify), how today's market echoes the late 1990s, why the "reverse glide path" makes sense the older you get, and what the Bessembinder research really tells us about the cost of trying to pick winners. Paul and Bill also debate withdrawal strategies, the case against long bonds, and whether tilted small-value investing still works once "the bozos know about it." A masterclass in evidence-based investing from one of the most respected voices in the field. CHAPTERS LINKS: The Four Pillars of Investing — Bill Bernstein (2nd ed., 2023) If You Can — Free PDF from Bill Bernstein The Bessembinder Study — "Do Stocks Outperform Treasury Bills?" | |||
| Boot Camp #9 - 2 Funds for Life and Target-Date Funds | 13 mai 2026 | 01:07:54 | |
Chris and Paul explain what target-date funds are and do, and how to augment them with some small-cap value to get the broad diversification benefits of the other Sound Investing portfolios. They describe several approaches and tools investors can use to determine what might be best for them. CHAPTERS 00:00 Intro 03:03 Target-Date Funds 07:00 Glide Paths 15:17 TDF Backtesting 19:55 TDF Weaknesses 26:20 "Easy" 2FFL 34:46 "Moderate" 2FFL 37:48 "Aggressive" 2FFL 41:00 Customizer 52:15 Calculator 61:07 Books 66:00 Outro LINKS: | |||
| Q&A With Chris Pedersen and Daryl Bahls: Thinking Through Your Portfolio Choices | 06 mai 2026 | 01:00:01 | |
Paul sits down with Chris Pedersen and Daryl Bahls for the first Q&A session in months — and this one is built around the questions readers and listeners ask most often. Chris and Daryl share what they're working on next (Best-in-Class ETF updates, Target Date Fund work, telltale charts, risk-adjusted return analysis), Paul talks about a smarter way to use AI for the questions outside our wheelhouse, and the team works through six reader questions about portfolio design — from combining model portfolios to choosing between fund families. If you've ever wondered whether your portfolio is "right," this conversation will help you think about it the way Chris and Daryl do.
Table B2 Table H2 Fine Tuning Tables Portfolio Configurator You'll get the full answers, the data behind them, and Chris and Daryl's reasoning by watching or listening. Watch the video here- https://youtu.be/BdTNOkALpuQ | |||
| 2026 Best in Class ETF Portfolios | 29 avr. 2026 | 00:59:16 | |
Paul and Chris introduce the new Avantis and DFA Best-in-Class fund family recommendations and talk about the shift away from evaluating and recommending à la carte choices from multiple fund providers. They emphasize that the quality and breadth of the offerings from Avantis and DFAhave reached a point where it's better and more sustainable to recommend these fund families than to continually change recommendations among funds that are increasingly close unexpected performance. Best in Class ETF recommendations https://www.paulmerriman.com/best-in-class-recommendations Portfolio Configurator https://lookerstudio.google.com/u/0/reporting/a941a5d4-0929-45ea-b22e-3bb82dc334ff/page/99wxc?s=hqmha3-AK5k | |||
| Christine Benz: Practical Retirement Planning from Morningstar's Top Expert | 22 avr. 2026 | 01:53:49 | |
This special two-part session opens with Paul Merriman solo — paying tribute to Tim Ranzetta of Next Generation Personal Finance, sharing the latest numbers on state-mandated financial literacy, and walking through Daryl Bahls' quilt charts to show annual earnings invested in the S&P 500, large-cap value, small-cap blend, and small-cap value since 1928.Then Paul sits down with Christine Benz — Morningstar's Director of Personal Finance and Retirement Planning, and author of How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement — for a wide-ranging conversation on how to actually make a retirement portfolio last.Christine lays out her five-step plan for anyone retiring in 2030 or 2035: turbocharge savings, rethink household spending, build seven to ten years of "safer assets" for portfolio withdrawals, diversify globally, and use TIPS to protect purchasing power. She and Paul dig into how to structure fixed income (short, intermediate, TIPS), why she's cooler on REITs than she used to be, when a simple income annuity makes sense, and why alternatives rarely earn their keep.They also cover performance-chasing the S&P 500, balanced funds vs. building your own portfolio (including Paul's Wellesley/Wellington pairing for hands-off investors), how AI is starting to change the financial advice landscape, and the honest answer to "have you planned out to the day you die?" — even from a Morningstar executive.The audience Q&A covers bonds vs. T-bills, down-payment savings, the four-fund portfolio, Vanguard asset allocation for retirees, tax-efficient withdrawal sequencing, TIAA annuities, managed futures, and gold.Part of the Spring Financial Education Series hosted by the Bainbridge Community Foundation in partnership with the Merriman Financial Education Foundation.Coming up in this series: Mike Piper (April 21) and Bill Bernstein (April 28).🔗 LINKS & RESOURCES:📖 How to Retire — Christine Benz🎙️ The Long View Podcast🌐 https://www.morningstar.com/people/christine-benz📘 https://www.ngpf.org🌐 https://paulmerriman.comTIMESTAMPS:📚 PART 1 — Paul Merriman Solo0:00–Welcome from Matt Longmire2:55–Paul Merriman intro3:50–Tim Ranzetta & NGPF7:00–Financial literacy stats9:30–Why NGPF is free10:30–Ben Carlson & oil shocks13:50–Risk and Reward preview14:40–Quilt charts explained17:00–$100 since 192820:00–Quintile rankings22:30–Four-fund consistency24:00–Volatility discussion25:30–Best/worst decades🎙️ PART 2 — Christine Benz Interview27:00–Christine joins29:00–Retirement mindset31:00–Planning for 2030/203532:30–Boosting savings33:30–Lifestyle adjustments35:00–7–10 years safer assets38:00–Bond strategy40:00–Risk tiers (cash → bonds)42:00–Equity allocation44:30–TIPS importance48:00–Buy-and-hold vs timing50:00–Handling macro fears52:30–Top risks54:00–Annuities overview56:00–SPIAs & DIAs58:30–Income psychology1:02:00–More resources1:04:00–Alternatives critique1:07:30–401(k) concerns1:10:00–Investor gap1:12:00–Christine’s planQ&A:1:15:00–Bonds vs T-bills1:20:00–$95k down payment1:22:00–Four-fund portfolios1:25:00–FXAIX vs VOO1:26:00–Model portfolios1:29:00–Balanced funds1:33:00–Tax-managed funds1:34:00–Active vs passive1:39:00–Bond ETFs1:41:00–TIAA annuities1:42:30–Withdrawal strategy1:44:00–AI investing1:46:00–Future of advice1:50:00–Gold & alternatives1:52:00–Closing thoughts1:53:00–Next episode | |||
| Larry Swedroe: The Evidence-Based Rules Every Investor Needs to Know | Bainbridge Financial Literacy Series 2026 | 15 avr. 2026 | 01:49:58 | |
Paul Merriman sits down with Larry Swedroe — author of 22 books and one of the most respected voices in evidence-based investing — for a conversation that covers everything from the five factors that actually matter to why Bitcoin might go to zero. Larry explains why judging your investment decisions by their outcomes is one of the most dangerous mistakes you can make, lays out the academic criteria he uses to separate real factor premiums from data mining, and reveals that he's made only three tactical moves in 30 years of investing. He and Paul use three eye-opening slides to show why chasing recent winners almost guarantees you'll underperform. They also dig into why growth stocks don't deliver the returns most people expect (hint: the growth rate is already in the price), why traditional index funds are "dumb traders" bleeding money to hedge funds, and how AI will make markets harder to beat — not easier. The audience Q&A covers emerging markets, the updated "Larry Portfolio," crypto, private equity, and which fund families Larry actually trusts with his own money. Part of the Spring Financial Education Series hosted by the Bainbridge Community Foundation in partnership with the Merriman Financial Education Foundation. LINKS & RESOURCES: "Enrich Your Future" — Larry Swedroe "Your Complete Guide to Factor-Based Investing" — Larry Swedroe & Andrew Berkin "Your Complete Guide to a Successful and Secure Retirement" — Larry Swedroe Larry Swedroe on Substack: https://larryswedroe.substack.com The Hidden Flaw in Style Index Funds The Hidden Costs of Index Replication: What Every Investor Needs to Know About Adverse Effects of Index Replication Coming up in this series: Christine Benz (Morningstar), Mike Piper, and Bill Bernstein. A special thanks to Professor Bunnell who teaches a finance class at Bentley University. He recommended his students tune into the interview. I hope it motivated them to get a copy of Larry’s latest book. Enrich Your Future: The Keys to Successful Investing 1st Edition. I would place a very large bet that it will make a huge difference in their financial future. By the way, to the best of my knowledge Bentley is the only university I know that requires a Personal Finance class to graduate. | |||
| PlanVision: Low Cost Flat-Fee Financial Planning for Do-It-Yourself Investors | 08 avr. 2026 | 01:09:32 | |
Paul Merriman sits down with Mark Zoril, founder of PlanVision, in the first episode of a new series spotlighting affordable financial planning options for do-it-yourself investors. Mark built PlanVision in 2012 around a simple premise: investing isn't as complicated as the financial services industry makes it seem, and technology makes it possible to deliver thoughtful, unbiased financial advice at a price almost anyone can afford. In this episode you'll learn:
Links mentioned:
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| Paul Merriman on Managing $1.6 Billion But Never His Own Money | 01 avr. 2026 | 00:53:29 | |
At 82 years old, I still work. Not because I have to, but because I want to. I joined Brian Herriot and Kirby Denison on “The Time Freedom Podcast” to talk about exactly that. But we ended up covering a lot more than I expected. Here's something that might surprise you: I managed money for thousands of people over 30 years and built a firm to $1.6 billion under management. And I have never once managed my own money. Why? Because I know myself too well. When the market drops, I would second-guess everything. I'd probably hesitate to put more money in, even though that's exactly what I teach people to do. So I let someone else handle it. I don't even check how I did last year. We also got into my disagreement with John Bogle. I had the privilege of sitting with him for about 90 minutes earlier in my career. Bogle preached Enough and it's even the title of one of his books. I respectfully disagree. I believe the goal should be more than enough. Because life gets in the way. Bad things happen. And they often happen during retirement, when you have the least ability to recover. If you stop working the moment you have just enough, you're one bad year away from trouble. 📚🎧 Brian's book Time Freedom is available for pre-order! Pre-order and get the audiobook free... instant access today, paper copy in September. Normally that takes three copies, but for my listeners, just one.
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| Q & A Deep Dive | 25 mars 2026 | 00:36:48 | |
Q&A Highlights
Key Takeaway Long-term investment success is driven by asset allocation, discipline, and consistency—not complexity. A simple, well-structured portfolio that you can maintain through market cycles is often the most effective approach. Listen to the individual questions here. | |||
| DFA & Avantis ETFs: Building the Ultimate Lifetime Equity Strategy | 25 mars 2026 | 00:53:43 | |
Paul Merriman is dedicated to helping do-it-yourself investors build portfolios they can stick with for life. In this episode, he shares what he believes is the closest thing to a perfect long-term equity strategy he's ever seen. Paul traces the evolution of index investing — from John Bogle's cap-weighted S&P 500 funds to the academic research of Fama and French, whose factor-based work showed that small cap value, large cap value, and other equity asset classes have historically outperformed the broad market over time. For years, the best factor-based funds from Dimensional Fund Advisors (DFA) were only available through select advisors. That changed when Avantis launched its ETF lineup in 2019, followed by DFA's own ETFs — putting institutional-quality, factor-based investing within reach of every self-directed investor. Paul introduces a recommended ETF list spanning 10 equity asset classes across both fund families, explains the key differences between DFA and Avantis, and makes the case for owning both. He also covers where to buy them and why Fidelity's fractional shares make it easy to start with any dollar amount. Key topics: Factor-based vs. traditional index funds · Accessing DFA and Avantis ETFs · The case for owning both · Simplifying rebalancing with M1 Finance The Q&A Paul references was recorded separately. | |||
| Flexible Retirement Withdrawals: Why Taking Less Can Give You More | 18 mars 2026 | 00:38:10 | |
In this episode, we explore how flexible (variable) withdrawal strategies can strengthen your retirement plan—and why fixed, inflation-adjusted withdrawals may increase risk over time. Using detailed distribution tables—including Table F1.3 (flexible withdrawals) and comparisons to Table D1.3 (fixed withdrawals)—Paul walks through real historical outcomes across decades to show how adjusting withdrawals based on market performance can improve long-term results. You’ll learn:
If you’re planning for retirement or already taking withdrawals, this episode may offer a smarter, more adaptable approach to generating income. | |||
| Boot Camp #6 Fixed Distributions | 11 mars 2026 | 00:40:25 | |
In Boot Camp #6, Paul Merriman walks through real historical data starting in 1970 to test what happens when retirees withdraw 3%, 4%, or 5% from a $1 million portfolio — adjusted for inflation — across some of the toughest market conditions in history. This episode covers:
You’ll hear side-by-side comparisons of:
The results may surprise you — especially when comparing 3%, 4%, and 5% withdrawal rates. If you're approaching retirement, already retired, or helping someone make distribution decisions, this episode breaks down the numbers in plain English and shows how small choices can create million-dollar differences. Next week: the strategy Paul considers the very best distribution method — for investors who retire with more than enough. | |||
| 2026 Boot Camp #5 Fixed Contributions | 04 mars 2026 | 01:05:03 | |
In Boot Camp #5 of 10, Paul delivers what he believes is the most important session in the series—especially for new and early investors (teens, 20s, 30s, and anyone just getting started). Instead of treating investing like speculation, Paul reframes it as building—or buying—a business over decades. Using clear, data-driven tables and “fine-tuning” comparisons, he walks through a simple, repeatable plan: start with $1,000 per year (about $83.33/month), increase contributions by 3% annually, and stay invested for 40+ years. You’ll see how long-term outcomes change based on asset allocation (100% stocks vs. 60/40 stocks and bonds), and why diversification can matter when markets go sideways. Paul also compares an S&P 500-only approach with a globally diversified “worldwide four-fund” strategy (mixing U.S. and international, large and small, value and growth). Along the way, he explains the real power source in early investing: your contributions, not short-term market performance—and why tax-advantaged accounts like a Roth IRA or Roth 401(k) can dramatically increase the impact of compounding over a lifetime. If you want a practical framework for long-term, low-cost, diversified investing, plus a clear-eyed discussion of volatility, sequence of returns, and retirement withdrawals (including the concept of a 5% annual withdrawal strategy), this episode lays the groundwork.
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| Bootcamp #4 |Fine-Tuning Your Asset Allocation for Retirement & Long-Term Growth | 25 févr. 2026 | 00:43:33 | |
How much should you really have in stocks vs. bonds — and what happens when the market turns south with a vengence? In Boot Camp #4, we break down the fine-tuning asset allocation tables that show exactly how different combinations of equities and bonds have performed from 1970 through 2025. This episode goes beyond average returns and dives into what investing actually feels like during the worst 3-month, 12-month, and 60-month market declines. You’ll learn:
We explore real historical data — including the 1973-74 bear market, the 2000-2002 tech crash, and the 2008 financial crisis — to help you understand both accumulation and retirement distribution phases. Whether you're in your 20s building wealth, in your 50s preparing for retirement, or already retired and managing withdrawals, this episode helps you align your portfolio with your risk tolerance, return needs, and long-term financial goals. If you want to be a confident do-it-yourself investor — without paying a 1% management fee — this episode gives you the framework to make informed decisions about stocks, bonds, diversification, and risk control. | |||
| Bootcamp #3 | How to Choose the Right Portfolio (Returns, Risk & Diversification) | 18 févr. 2026 | 00:46:31 | |
Welcome to Bootcamp #3 of the Sound Investing Series with Paul Merriman — where real investing data meets practical long-term strategy. 📈 In this session, Paul breaks down the performance of diversified portfolios vs. the S&P 500 using decades of historical data going back to 1970. You’ll learn how different combinations of equity asset classes have performed in good markets, bad markets, and everything in between. 📊 What You’ll Learn in This Video: Whether you’re a beginner or experienced investor, this Bootcamp episode gives you real numbers and evidence-based insights to help shape your portfolio strategy with confidence. 💡 Topics Covered: 🔗 Useful Resources & Tables - https://www.paulmerriman.com/sound-investing-portfolios-2026 📈 Perfect For: 📩 Questions? Paul encourages you to leave comments and reach out — he often uses viewer questions in future episodes! ➡️ Don’t forget to subscribe for more deep-dive investing education and future Bootcamp episodes from the Merriman Financial Education Foundation: Paul Merriman’s mission is to help you make more money with less risk and more peace of mind. | |||
| Boot Camp #2: The Ultimate Buy & Hold Portfolio | 11 févr. 2026 | 00:34:06 | |
In this second session of our 10-part Boot Camp series, we dive into the piece that’s helped shape decades of investing decisions: The Ultimate Buy & Hold Portfolio. For nearly 30 years, this research—co-created with the late Rich Buck—has explored a simple but powerful question: What happens when you go beyond the S&P 500 and build a lifetime portfolio across 10 equity asset classes? Starting with data back to 1970, we walk through the math of compounding, diversification, and disciplined rebalancing. You’ll see how adding small amounts of large value, small cap, REITs, international equities, and emerging markets historically increased returns—without meaningfully increasing risk. The result? A dramatic difference over time, powered by patience and structure. Whether you’re new to these concepts or have followed this work for years, this episode breaks down the numbers, the lessons, and the real-world implications for long-term investors. This recording is also a tribute to Rich Buck—an extraordinary collaborator whose work on this topic has reached millions of investors. Download the tables and watch the video, follow along, and join us as we revisit one of the most impactful investing frameworks we’ve ever created—and set the stage for next week’s deep dive into the Sound Investing portfolios. | |||
| Bootcamp #1 | The $10 Million Decision | Stocks and Bonds | 04 févr. 2026 | 00:38:27 | |
What if small decisions — just a half-percent here or an extra year there — could change your financial future by millions? In this episode, we continue our annual Boot Camp series by tackling one of the biggest forks in the road investors face: stocks and bonds. Drawing on nearly a century of academic research and data, we break down what the math actually tells us about compounding, risk, diversification, and long-term returns. You’ll hear why:
This episode is educational, not personal advice — think of it as a roadmap that helps you ask better questions and make more informed decisions. Important: The tables and charts referenced in this episode are available in the PDF. Watching the companion video will make these concepts even clearer. If you care about making smarter long-term decisions for yourself and your family — this is one to share. | |||
| A Surprise, a Big Thank You, and What’s Coming Next | 28 janv. 2026 | 00:25:12 | |
Sometimes the best moments are the unexpected ones. This week brought one of those moments when Daryl Bahls delivered an extraordinary surprise: access to every table used across our entire investing Boot Camp Series — months of work, ready ahead of schedule. That gift makes it possible to move forward faster, including setting up pages for the upcoming Series and potentially releasing the tables before all the podcasts and articles are complete. The White Coat Investor: 150+ Portfolios That Work We revisit the White Coat Investor article “150 Portfolios Better Than Yours” (now over 200 portfolios), originally published in 2014. The key lesson:
Early success can be misleading, but the portfolio you choose in the beginning can mean millions of dollars more in the long-term. Why Portfolio Design Matters So Much Using historical data going back to 1970, we explore how different strategies produce dramatically different outcomes over time:
Even small starting amounts can lead to large differences over a lifetime.
We are:
We are not:
Our goal is to help investors build portfolios they can trust through good markets and bad — with the potential to land in the top 5–10% of long-term outcomes. Preview: The 10-Part Boot Camp Series Over the coming weeks, we’ll release a comprehensive boot camp covering:
Each topic will eventually include:
Daryl has now produced 247 educational tables, all designed to support smarter portfolio decisions. You will see all of them during the 10 week series. | |||
| Better Than VTSAX, Choosing Asset Allocation, Target Date Funds, Protecting Against Scams, and More | 21 janv. 2026 | 00:35:03 | |
Upcoming Event + What’s New Before jumping into today’s questions—there are some good ones—I want to share a quick note. I’ll be at the Annual RetireMeet on March 7 in Bellevue at the Maidenbauer Building. I’ll be there all day at the booth and will be discussing the inside story on diversification, including new thinking on rebalancing that I believe you’ll find useful.
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| Sound Investing Q&A: ETFs, Portfolios, Risk, and Retirement | 14 janv. 2026 | 00:49:57 | |
In this week’s Sound Investing episode, Paul Merriman answers a wide-ranging set of listener questions — from choosing ETFs and building portfolios to managing risk in retirement and investing wisely at every age. One of the biggest takeaways? There is no universally “best” ETF or portfolio. The right answer depends on your goals, risk tolerance, time horizon, and — just as importantly — your ability to stick with a strategy during difficult markets. Here are some of the highlights from the episode: What’s the “best ETF”? Single-fund vs. DIY portfolios Portfolios for different stages of life
Retirement withdrawals and sequence risk Mutual funds vs. ETFs How to self-manage a portfolio
Resources mentioned in the episode:
Paul closes the episode with a reminder that diversification means always owning some underperformers — and that’s not a flaw, it’s the price of long-term success. Thanks for listening, and we’ll see you next week. | |||
| What 2025 Taught Us About Investing (And Why “Normal” Matters) | 07 janv. 2026 | 00:39:02 | |
For first-time listeners, welcome! In this opening episode of the year, Paul Merriman—founder of the Merriman Financial Education Foundation—looks back at 2025 to uncover what the markets taught us and how those lessons can help do-it-yourself investors make better decisions going forward. Despite endless predictions about what markets should do, Paul reminds us that his role isn’t to forecast the future—but to help investors understand risk, return, and how to build portfolios they can truly stick with. In this episode, Paul explores:
If you want perspective instead of predictions—and data instead of hype—this episode is a powerful way to start the year. | |||
| Pediheart Podcast #366: A Focus On Financial Health With Mr. Paul Merriman | 31 déc. 2025 | 00:43:09 | |
The following are Dr. Pass’ note to his podcast: This week we end 2025 with a Pediheart tradition - an episode on personal finance for medical professionals with noted authority on index investing and personal finance, Mr. Paul Merriman. Paul is a retired investment advisor who now has a popular podcast "Sound Investing" and website in which he offers advice on investing for 'do it yourself' investors. In this week's episode, the 5th of his visits to Pediheart, Mr. Merriman discusses 'factor investing' via index-like ETF's and funds. He also reviews who he believes might benefit from a financial advisor, what sort of advisor most should seek out and why he believes that many do not need one if they can 'stay the course'. Resources mentioned in today's podcast are below. Wishing all a happy and healthy new year in 2026. | |||
| The Importance of Keeping Investing Simple! | 24 déc. 2025 | 00:19:36 | |
In this episode, Paul shares the thinking behind what he believes may be one of the most important projects of his career—a project guided by a single goal: That every investor who follows our work will know how to invest for the rest of their life. To explain why that goal matters, Paul walks through the forks in the road every investor eventually faces—from betting on individual companies to owning entire markets, from chasing excitement to embracing simplicity. Drawing on real experiences, including private investments that went to zero and one that unexpectedly turned into millions, Paul explains why diversification beats prediction, how a simple portfolio decision may quietly add about 1% a year over time, and why many academics draw a clear line between investing and speculation. This episode isn’t about chasing returns. If you’re looking for clarity, discipline, and a framework that helps you stay the course, this conversation is a powerful place to start. Next week, I’ll be reviewing what we learned in 2025—and what those lessons may mean for 2026 and beyond. Thank you, and happy holidays to you and your family. | |||
| Paul Merriman on Long-Term Investing, Compounding, and Building Wealth | 17 déc. 2025 | 01:20:17 | |
Compounding Project Podcast – Episode 36 In Episode 36 of The Compounding Project Podcast, legendary investing educator Paul Merriman shares timeless insights on long-term investing, the power of compounding, and how everyday investors can build lasting wealth. Paul explains why starting early is one of the most important financial decisions you can make, how compound growth works quietly over decades, and why low-cost index funds remain the foundation of successful investing strategies. This episode dives deep into portfolio diversification, the hidden impact of investment fees, and the role of small-cap value investing in improving long-term returns. Paul also offers practical, evidence-based guidance for young investors, parents, late starters, and anyone seeking financial independence through disciplined investing. Whether you’re new to investing or refining an existing portfolio, this conversation delivers actionable lessons on building wealth the smart way.
Watch the full episode for expert insights on investing, compounding, and financial freedom.
Timestamps: 00:00 Episode Trailer 02:00 Intro to Wealth and Index Funds 03:20 The Million Dollar Decision 07:04 Investing Tips for Young Parents 12:47 Saving When Money Feels Tight 15:35 Stocks vs Bonds 19:58 Rethinking Stock Market Risk 24:36 Why Investing Is Easier Today 27:06 How Fees Hurt Returns 29:08 When Bonds Make Sense 32:56 Investing Across Generations 34:58 Portfolios by Age 35:52 Starting Late in Investing 41:05 Defensive Investing Basics 42:10 Why Stocks Matter Most 43:04 Beating the S&P 500 48:09 Market Returns Explained 51:22 Why Diversification Matters 54:49 Fees and Long-Term Returns 58:28 Small Cap Value vs Total Market 01:03:25 Equal-Weight S&P 500 01:08:36 Handling Market Volatility 01:11:05 Picking Small Cap Value Funds 01:12:50 Trust in Investing 01:16:42 Hotseat Questions | |||
| AAII Q&A Series (Part 3 of 3) | 10 déc. 2025 | 01:17:55 | |
Over the last couple of weeks, I’ve been recording a series of Q&As that came out of a presentation I gave in November for the American Association of Individual Investors — AAII. At the end of that nearly two-hour talk, I promised that I’d do a podcast answering every single question that came in. Well… there were 36 questions. That’s a little too much for one episode, so we broke them into three parts. This is Part 3 — the final 12 questions. If you haven’t heard Parts 1 and 2 yet, we’ll link those in the show notes so you can catch up. Before we jump in, I just want to say: I’m a huge fan of AAII. I started teaching their local chapters way back in 1984, and over the years I think I’ve presented to just about every chapter in the country — sometimes in person, sometimes by Zoom — but always to people who are genuinely committed to learning how investing works. If you’ve never checked out AAII, I’ll include a link in the notes for a low-cost trial membership. Take a look around and see if it’s a resource that fits your investing journey. Alright — let’s get to the last 12.
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| AAII Q&A, Part 2 — 12 More Questions Answered | 03 déc. 2025 | 00:55:46 | |
Paul continues his three-part series responding to questions from his November 8 AAII presentation. In this episode, he digs into risk-parity portfolios, the role of gold, how the 10-Fund Strategy compares to the S&P 500, growth vs. value, rebalancing discipline, and how to choose the right bond allocation in retirement. If you were at the AAII event, you’ll find the exact 12 questions listed below so you can jump straight to your topic. 12 AAII Questions Covered
Resources Mentioned 10-Fund vs. S&P long-term comparison Fine-Tuning Your Asset Allocation tables | |||
| Thanksgiving, AAII Q&As. Retirement Portfolios, Value Tilts, International Diversification, and Investing a Lump Sum | 26 nov. 2025 | 01:06:15 | |
Recorded from our new home on Bainbridge Island and released on Thanksgiving, this episode is equal parts gratitude and practical investing help. I open with my annual tradition of writing a fresh Thanksgiving list—people, communities, and institutions that have shaped my life and this work. I’m especially thankful for you, the DIY investors who keep showing up to learn, ask thoughtful questions, and hopefully staying the course. I also share appreciation for the resources that support disciplined investing—Morningstar, the Bogleheads community, and the American Association of Individual Investors (AAII). After a recent AAII presentation (over 150 attendees), we ran out of time for a live Q&A. I promised to respond to every legitimate question, so this episode kicks off a multi-part series answering them in depth. Here are the first 12 AAII questions covered in today’s episode:
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| Supercharge Your Retirement with Paul Merriman | 19 nov. 2025 | 00:44:01 | |
Paul Merriman brings 60+ years of investing experience to the Retire Today podcast, breaking down what really determines retirement success. Most investors think it’s about picking the right fund or timing the market—but Paul says the biggest threats aren’t headlines. They’re costs and emotions. In the 1960s, investors routinely paid 8.5% to buy a mutual fund. Today fees are far lower, but the impact is still huge. Paul notes that even a 1% difference in expenses “can cost you about $3.5 million over a lifetime” because compounding works both for you and against you. Behavior can cost even more. “When the market goes down, people panic,” Paul explains. Selling in a downturn—the “I just can’t take it anymore” moment—means locking in losses and missing the recovery. His advice: don’t time the market. Build a plan you can actually stick to. When asked what separates retirees who thrive from those who struggle, Paul’s answer is simple: education. What you learn and who you learn it from shapes your decisions—and helps you stay calm when markets get rough. That’s why his nonprofit work focuses on teaching diversified, simple, low-cost strategies through guides like Sound Investing Portfolios and We’re Talking Millions! Paul once promoted a 10-fund “Ultimate Buy-and-Hold” portfolio, but even John Bogle told him it was too complex. After testing simpler versions, Paul found that two-, four-, and six-fund portfolios often matched or beat the original. You can explore these models at PaulMerriman.com/portfolios. The takeaway: simplicity makes discipline easier. We also discussed retirement withdrawals. Paul recommends a flexible approach: take a bit less after down years and a bit more when markets are strong. This can reduce stress and help your portfolio last. “If you know how long you’re likely to live and how much you have,” he says, “that knowledge gives you freedom—not fear.” If you’re approaching retirement, here’s Paul’s short list:
You’ve worked hard to build your savings. Now build a plan that works just as hard—quietly, efficiently, and with confidence. Watch the full conversation on YouTube for more on fees, behavior, portfolio design, and practical withdrawal strategies. | |||
| AAII Presentation Follow-Up: ETF Tax Efficiency, Rebalancing, and Smarter Diversification | 12 nov. 2025 | 00:51:30 | |
First, a big thank-you to everyone who joined me for the AAII presentation last Saturday. I appreciate your patience during my rocky Zoom start—and a special shout-out to Suzette Moskwa, who saved the day by running the slides! As promised, I’m following up on your chat comments and questions from the session. This week’s focus is on your insights; in the next couple of weeks, I’ll share a full Q&A edition covering listener questions on portfolio construction, diversification, and long-term investing strategy. Key Takeaways from This Week’s Discussion
Thank you again for your time, attention, and thoughtful participation. Despite the technical hiccups, your engagement made this an incredibly rewarding session! | |||
| Staying the Course — Insights on Reasonable & Unreasonable Portfolios, Quilt Charts & 2025 Returns | 05 nov. 2025 | 00:19:07 | |
In this episode, Paul dives into one of the most important themes in long-term investing: staying the course, even when individual asset classes deliver unexpected short-term results. Whether you’re a seasoned DIY investor or still building confidence, Paul shares timely lessons to help you make better decisions—and support others who rely on your guidance. Paul also previews his upcoming presentation for the AAII Puget Sound Chapter, where he’ll take one of the deepest dives yet into Daryl Balls’ latest quilt charts, the Sound Investing portfolios, and the vital differences between traditional and non-traditional index funds. You’ll hear Paul discuss insights from two of the industry’s leading “truth tellers”: Along the way, Paul reviews 10-month, year-to-date performance for the Best-in-Class ETF portfolios—including the 10-fund, 4-fund, and 2-fund strategies—and explains why the surprising 2025 return patterns are completely normal. Key topics include:
Paul also shares personal updates about moving back to Bainbridge Island and reflects on what it means to serve a community of dedicated DIY investors. If you know someone who would benefit from this work, please share this episode. And don’t miss the links in the show notes—including Jim Dahle’s video, portfolio references, quilt charts, and upcoming AAII registration details. Thank you for listening—and all the best to you and your family. | |||
| The Merriman Financial Education Foundation: Plans, Priorities & Lessons for 2026 | 29 oct. 2025 | 00:53:26 | |
Paul Merriman welcomes back Chris Patterson, Director of Research, and Daryl Balls, Director of Analytics, for another thoughtful roundtable discussion. These three “underpaid volunteers” reflect on how far the Merriman Financial Education Foundation has come — and where it’s headed next. Together, they cover everything from new educational tools to a data-driven look at one of the most common investor questions: Has small-cap value lost its punch? The episode revisits this hot topic with evidence from decades of historical data, including several key Merriman Tables that illustrate why small-cap value (SCV) continues to deserve a place in long-term portfolios. 📊 Quilt Chart: Year-by-Year Performance of the Major Asset Classes 📈 Table G-1b: Fine-Tuning Table — S&P 500 vs U.S. SCV Equity Portfolio Outperformance 📉 Tables B1, H2, H2A, and D1.4: Core Bootcamp Comparisons
Paul, Chris, and Daryl explain that small-cap value premiums come in bursts — often following years of average performance. As Paul notes, SCV has had multiple 15- to 20-year stretches of breaking even with the S&P 500, followed by explosive 3- to 10-year “catch-up” periods that deliver outsized gains. The data in Table G-1b makes this clear: over 54 years, SCV continues to deliver a meaningful performance edge. As Daryl reminds listeners, “those two columns on the right are powerful.” They show that long-term investors who remain patient — and maintain a disciplined exposure to small-cap value — have been well rewarded.
🎧 Listen now on Spotify or YouTube to hear Paul, Chris, and Daryl discuss new tools like the Two Funds for Life Calculator, updates to the Best-in-Class ETF Recommendations, and their vision for the next generation of financial education. Featured Tables and ChartsWhy Small-Cap Value Still Packs a PunchEducational Takeaways | |||
| The Biggest Mistake Beginner Investors Make - and How to Avoid them | 22 oct. 2025 | 01:46:55 | |
In this practical and inspiring ETFatlas podcast episode, host Jack Lempart welcomes Paul Merriman for a return conversation focused on the biggest mistakes beginner investors make—and how to avoid them. The discussion reveals why most investing errors are emotional, not technical. Paul emphasizes that successful investing is usually simple, though almost never easy. Paul Merriman draws on decades of experience as an educator, advisor, and founder of the Merriman Financial Education Foundation to spotlight key pitfalls:
Paul’s conversation goes further, sharing actionable tips:
You’ll also hear why academic research has shaped today’s best investment practices. Paul strongly advocates:
Listeners receive clear advice on keeping investing simple, avoiding high fees, and building portfolios designed to withstand uncertainty. The episode closes with tips for further reading—including free educational resources and helpful links—to support every investor’s learning journey. Agenda
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