The Informed Investor
Dimensional thought leaders break down financial headlines to help investors separate news from noise. The podcast features insights from an asset management firm with connections to leading academics and Nobel laureates in economics. It focuses on applying financial science to real-world investing since 1981.
Episodes
Practical Money Management for Your 20s, 30s, and 40s | The Informed Investor 52
Episode 52: People in their 20s, 30s, and 40s don't have it easy when trying to figure out the best ways to spend, save, and protect their money. Life often comes at you fast. New relationships, new jobs, new family members, new homes, new bank accounts, all wrapped up in new worries. Kelly Klingaman, Founder and CEO of Kelly Klingaman Financial Planning in Austin, Texas, has some advice. A lot, a
Don't Fight the Stock Market—Make It Work for You | The Informed Investor 51
Episode 51: Why do many investors pull their hair out worrying about where the stock market is headed? Dimensional Founder and Chairman David Booth knows it's an ongoing problem. He also believes it's unnecessary. In his new book, "Stay Calm: Learn to Embrace Uncertainty in Investing and Life," Booth points out that most people already know more about investing than they think. So worrying about i
ETFs or Mutual Funds? How to Target Benefits of Both Worlds. | The Informed Investor 50
Episode 50: Is investing in exchange-traded funds or mutual funds an either/or choice? Not anymore. Thanks to the recent debut of actively managed ETF share classes—which are tacked onto mutual funds—investors will get multiple access points to an increasing number of fund strategies. Not many funds currently offer an active ETF share class. But that's likely to change in the months and years ahe
Stock Market Timing Mistakes That Investors Can't Afford to Make | The Informed Investor 49
Episode 49: Why is market timing so alluring for so many investors? Probably because a perfect timing strategy—assuming it's out there and it works—promises huge rewards. In theory. But there's a huge caveat. A perfect timing strategy would have required perfect foresight—correctly predicting when stocks will rise or fall. That's a tall order when you consider that most professional forecasters mi
Stock Indexes Are Changing. Is Your Portfolio Prepared? | The Informed Investor 48
Episode 48: Does "index reconstitution" help or hurt everyday investors? The phrase refers to periods when stock indexes are rebalanced—when stocks are added to or dropped from an index (like the S&P 500 or Russell 2000 Index), often annually, semiannually, or quarterly. If you own index funds, which attempt to track the returns of indexes, reconstitution events may take a hidden bite out of your
How to Beat Inflation with Stocks and Bonds | The Informed Investor 47
Episode 47: What should investors do to cope with inflation? Plenty are probably wondering what to do next now that inflation is rising again. The first move: Try to understand how inflation impacts investments. The next move: Determine whether your portfolio is positioned to manage the risks of inflation and still achieve your financial goals. One key principle to get comfortable with is that exp
Why Diversification Beats Stock Picking | The Informed Investor 46
Episode 46: Are 30 stocks enough to build a truly diversified portfolio? We seek to answer one of investing's most debated questions: How many stocks does an investor really need to own to reduce risk and improve long-term outcomes? While traditional financial research once suggested that owning 20 to 30 stocks captured most diversification benefits, today's global markets may tell a very differen
Here's Why Most People Can't Beat the Stock Market | The Informed Investor 45
Episode 45: Does "market efficiency" sound like investing gobbledygook? For many people, the phrase is hard to comprehend. When they see the stock market soar or plunge, they might think prices are out of whack. When they hear about a lucky few making a killing or sad sacks losing their shirt, efficiency probably isn't what comes to mind. But for most investors, it's helpful to dispense with these
Strategies to Protect Your Assets for a Low-Stress Retirement | The Informed Investor 44
Episode 44: Are you confused about how to meet saving and spending goals at the same time? Conflicts between these objectives may seem daunting as you plan for retirement. If you spend more now while saving less, your financial future may look questionable. If you spend less now to save more for the future, today may seem bleaker than it needs to be. Enter the Bucket Plan. Devised by Jason Smith,
A Survival Guide for Financial Suprises | The Informed Investor 43
Episode 43: If you're newly divorced or widowed, what should you do about money? Undoubtedly, you'll have bills to pay immediately, urgent tax issues, estate documents requiring updates, and plenty of other pressing questions. Like, do you have enough cash? And where are all the passwords? Evelyn Zohlen, a Regional Director and Senior Financial Planner with Apella Wealth who specializes in helping
The Small-Business Playbook: Strategy, Taxes, and Timing | The Informed Investor 42
Episode 42: What happens to your life—and your wealth—when the business you built becomes one of your biggest risks? We dive deep into the unique challenges facing small-business owners who are navigating growth, managing their own wealth, and planning for an eventual exit. Featuring insights from Pat Collins and Michael Goodman, two seasoned professionals at Greenspring Advisors, this conversatio
War, Oil, and Stock Market Resilience | The Informed Investor 41
Episode 41: Are you an investor who gets rattled by news about the war? It's a common reaction. Worrisome headlines, especially those highlighting geopolitical conflicts or missile launches or the loss of life, would scare just about anyone. But it's important to separate your emotional reactions from your approach to investing. Current market prices generally reflect whatever is happening around
Advantages of Working with an Investment Professional | The Informed Investor 40
Episode 40: Does everyone need a financial advisor? Not necessarily. But for many investors, having a coach makes sense. Think about your financial needs beyond your investment portfolio. Are you in good shape when it comes to insurance, taxes, saving for college, retirement, and estate planning? How would you know? The uncomfortable truth is that there's a lot more to your financial life than the
What Did Bob Pisani Learn from 35 Years on Wall Street? | The Informed Investor 39
Episode 39: What's it like to spend 35 years at the center of Wall Street—and never want to leave? In this compelling conversation, longtime CNBC markets correspondent Bob Pisani reflects on a career that began almost by accident and evolved into a front-row seat to some of the most transformative moments in financial history. From his early days as a real estate reporter, shaped by teaching at Wh
Inside the ETF Boom with Todd Rosenbluth | The Informed Investor 38
Episode 38: What if there are already too many exchange-traded funds—and that's actually a good thing? Dive into the ever-evolving world of ETFs with industry expert Todd Rosenbluth to unpack the explosive growth, innovation, and complexity shaping today's ETF landscape. Todd offers a front-row perspective on how the industry has evolved from simple index-tracking funds to a universe of over 5,000
The Biggest Risk in Investing? It's You! | The Informed Investor 37
Episode 37: What's the biggest risk in investing? Longtime financial advisor Cameron Passmore says it's not AI or geopolitical turmoil, and it's not oil prices or inflation. It's you! Passmore, one of the original hosts of the popular Rational Reminder podcast, believes bad behavior by investors causes big trouble. Especially when stress rises due to turmoil in the market or around the globe. Pass
Why Does Everyone Want to Invest in Private Credit? | The Informed Investor 36
Episode 36: Why all the hubbub about private credit? This unusual investment vehicle, which accounts for about 2% of the global fixed income market, seems to be all over the financial headlines. Some reports say investors are cashing out in droves. Others claim lending to troubled software firms catalyzed a meltdown that's chilling the entire private credit market. Then there are the optimists who
Do Bonds Offer Immunity Against Market Turbulence? | The Informed Investor 35
Episode 35: What are the best reasons to invest in bonds? Maybe you're looking to dampen the volatility of your portfolio or address future spending needs in a concrete way. Maybe you want to reduce the impact of inflation or taxes. Bonds, also known as fixed income, can be used to meet a variety of needs. But different bond categories may be better or worse for accomplishing your goals. A crucial
What's the Best Way to Weight Your Portfolio? | The Informed Investor 34
Episode 34: If you believe your portfolio is too concentrated in big-name companies, why not buy the same amount of every stock in a broad-market index? That's the basic philosophy behind equal-weighted strategies. Instead of letting market capitalization determine weights in your portfolio, just keep the proportions of your holdings the same by buying and selling as often as needed. This approach
Are You Trading Away Your Returns? | The Informed Investor 33
Episode 33: What if the biggest threat to your investment returns isn't picking the wrong stocks—but how you trade them? Many investors are drawn in by "free trading" and low expense ratios. But while your ETF or stock might be cheap—your trade might not be. Every time you go to market, you face explicit costs (like commissions and exchange fees) and implicit costs (like bid-ask spreads, market im
Do You Know These 12 Investing Acronyms? | The Informed Investor 32
Episode 32: Can you define BRICS or BATMMAAN? If not, maybe you've got FOMO? OK, we're talking investing acronyms. For the record: BRICS is a term coined in 2001 to represent investment opportunities in Brazil, Russia, India, and China. (South Africa was added in 2011.) BATMMAAN stands for the following tech companies: Broadcom, Apple, Tesla, Meta, Microsoft, Amazon, Alphabet, and NVIDIA. FOMO (f
Can Emerging Markets Keep Rallying in 2026? | The Informed Investor 31
Episode 31: You need to invest in emerging markets if you want a globally diversified portfolio, right? That may seem like an obvious choice considering emerging markets account for roughly 12% of the world's equity market capitalization. But it's easy to understand why many investors might say no to emerging markets. Uneven returns tell the story. From 2015 through 2024, the broad US stock market
The Death of the 60/40 Portfolio? | The Informed Investor 30
Episode 30: If a traditional investment portfolio with 60% stocks and 40% bonds has a down year, should you abandon this approach? Plenty of investors were probably asking that question in 2022, when the Russell 3000 Index plunged 19.2% and the Bloomberg US Aggregate Bond Index tumbled 13.0%. (Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to
Are You Your Own Worst Enemy? | The Informed Investor 29
Episode 29: What really drives the outcome of your investment portfolio—market performance or your own behavior? Investors often view returns as a purely quantitative result of markets, risk, timing, or expertise. Yet psychology tells a different story. Emotions and behavioral biases quietly shape decisions, frequently pushing investors away from their long-term goals. Any number of common biases
What's in Store for Markets in 2026? | The Informed Investor 28
Episode 28: Many stock market pundits are forecasting rewarding returns in 2026. Should you act on their predictions? On the other hand, should you get out of the market based on doom-and-gloom warnings about the US economy? It's tempting to think someone out there has a crystal ball. But it may be more worthwhile to consider the point of predictions. Forecasts for the stock market and the economy
Can Investors Bank On the January Effect? | The Informed Investor 27
Episode 27: Do small capitalization stocks typically outperform in January? If so, can investors capitalize on that pattern? This trend is known as the January Effect. It's a popular idea because historical data show a sizable small cap premium versus large caps in January. Still, that's not a reason to avoid small cap stocks in other months, assuming you want to own them. Why not? Two reasons: (1
Will You Be OK If Stocks Stumble? | The Informed Investor 26
Episode 26: Can anyone accurately predict when the stock market will hit a rough patch? Not likely. Although the market's long-term annualized return sits just above 10% and good years are more common than bad years, unexpected outcomes are not unusual. Which means holding a portfolio suitable for all market environments probably makes sense for most investors—as does conducting an investing "fire
A Look Back at 2025's Stock Market Predictions | The Informed Investor 25
Episode 25: At the end of every calendar year, stock market pundits publish predictions for the coming 12 months. Should you pay attention to these forecasts? A look back at predictions for 2025 may help you decide. Some market pros argued that international stocks would struggle due to tensions around global trade and tariff policies. But that's not what happened. From January through the end of
How Many Money Managers Beat Their Benchmarks? | The Informed Investor 24
Episode 24: Why do the majority of ETF and mutual fund managers fail to outperform their benchmarks? The reasons are numerous but not always clear. As a result, many investors might believe they own winning funds that will continue to beat their benchmarks or the market at large. But they might be wrong, on both counts. Other investors might be painfully aware that their funds are underperforming
What Can Investors Learn from Sports Betting? | The Informed Investor 23
Episode 23: Are there any connections between betting on sports and investing in stocks? Obviously, investing is not the same as placing a bet on your favorite team. For most people, after all, investing is usually a long-term endeavor. But you might be surprised to learn how the betting lines that drive wagering in sports are not unlike prices set by buyers and sellers in securities markets. Poin
Nine Reasons for Investors to Be Thankful This Year | The Informed Investor 22
Episode 22: Regardless of which way the market is moving, do you feel thankful as an investor? That's easy when the market is rising, but it may be challenging if stock prices are falling. Worrying about your portfolio can be unnerving. At Dimensional, we hope everyone can have a rewarding investment experience. But our view is that great returns aren't the only thing worth celebrating. We're than
Age 50 into Retirement: How Should You Manage Your Money? | The Informed Investor 21
Episode 21: What are the essential money moves for people over 50? By this point, many are beginning to prepare for retirement. Some may have built up significant wealth and gotten used to spending it after hitting their peak earning years. Others may be focused on preserving their wealth but feel unsure about whether they'll have enough for the decades ahead. "Lifestyle creep"—getting accustomed
Ages 18–50: What Should You Do with Your Money? | The Informed Investor 20
Episode 20: How should you manage your money from ages 18 to 50? When to start saving—and how much—are questions many adults begin to consider when they start their first job. Employer retirement programs, such as 401(k) plans, typically offer easy ways to save that come with tax advantages. Many employers will match a significant portion of contributions by employees to help them build their nest
Why Is Everybody Gaga for Gold Right Now? | The Informed Investor 19
Episode 19: Is gold worth owning? Many investors are probably asking themselves that question after marveling at gold's recent returns. From January 1, 2024, through September 30, 2025, the metal's spot price soared more than 87%, doubling the performance of the S&P 500. Still, strong returns in the past don't tell us what's going to happen in the months and years ahead. So a decision to invest in
Are You Spooked by Stock Market Headlines? | The Informed Investor 18
Episode 18: Are you spooked by stock market headlines? When investors look back at market history, they'll find a grotesquely gory list of horrible headlines. "The Death of Equities" (1982), "Apocalypse Soon" (1993), and "The End Is Near" (2018) are just three examples. Several other hair-raising headlines probably had many investors hunting for monsters under the bed. But here's the thing: More o
Are Taxes Hurting Your Investment Returns? | The Informed Investor 17
Episode 17: Are taxes hurting your investment returns? Investors holding mutual funds and exchange-traded funds (ETFs) in taxable accounts seek to capture high after-tax returns, not just rewarding pre-tax returns. But achieving that goal depends on how the funds are managed. Using efficient portfolio design and tax-smart implementation, some funds are able to limit capital gains and income distri
Lessons Learned from 1987's Black Monday | The Informed Investor 16
Episode 16: Can you imagine another "Black Monday" in the stock market? On October 19, 1987, the S&P 500 plunged 20.5%, the biggest single-day drop in history. Panic selling occurred in markets around the world. A new product from US investment firms, known as "portfolio insurance," had become popular and it accelerated the crash's pace as initial losses led to further rounds of selling, accordi
Will AI Take Your Job? | The Informed Investor 15
Episode 15: Does technology help—or hurt—the workforce? Will AI take your job? Millions of Americans are no doubt wondering how artificial intelligence will alter their career trajectories. Some may fear they'll need to drastically shift gears because the job opportunities they thought would be plentiful may suddenly disappear. But the funny thing about technology, according to labor market expert
Is Cryptocurrency a Real Investment? | The Informed Investor 14
Episode 14: Does cryptocurrency like bitcoin have a positive expected return—and, if so, why? Cryptocurrency is a digital or virtual currency that uses cryptography for security. Transactions are recorded on a decentralized network called a blockchain. Since 2010, when bitcoin started trading at a price of just pennies, the value of one coin has climbed past $100,000. Some investors may think the
How Will AI Impact Investing? | The Informed Investor 13
Episode 13: Can you take advantage of artificial intelligence (AI) in your portfolio? It's one of the most common investor questions regarding the rise of AI, a game-changing technology that seems to be affecting life in new ways almost every day. By now, most people are probably familiar with common AI tools like ChatGPT that rely on large language models, which are advanced systems that understa
Do IPOs Have a Place in Your Portfolio? | The Informed Investor 12
Episode 12: IPOs are hot again in 2025. Should you try to get in on the action? Initial public offerings (IPOs), particularly those involving well-known companies, often draw considerable attention from investors. Historically, while the most common path to enter public markets was through an IPO, entryways such special purpose acquisition companies (SPACs) and direct listings are drawing fresh at
Do Private Markets Deliver an Edge? | The Informed Investor 11
Episode 11: Do private investments deserve a place in your portfolio? Some investors may see private assets as a tool to boost returns and increase diversification. Research on these questions is ongoing. Private investments tend to comprise illiquid assets that trade infrequently. As a result, their valuations may be difficult to assess, and their returns may behave quite differently than those o
Is Your Money Safe When You Invest? | The Informed Investor 10
Episode 10: When you invest, where does the money go? While investors may be comfortable putting their money in vehicles like mutual funds and ETFs, they may be unclear or confused about what happens to their money once it's invested. A fund's structure is governed by law, and the regulatory and legal requirements applicable to mutual funds and exchange-traded funds (ETFs) encourage clearly define
How Do You Protect Against Market Drops? | The Informed Investor 9
Episode 9: Enticing pitches for "buffered" strategies promise protection against downside risks in stocks. Are they worth it? Should investors sacrifice some upside for lowering the risks of losing money? So-called "defined outcome strategies" offer a way to hedge downside equity risk in exchange for lower participation during market upswings. There is typically a downside protection amount (t
Is the Stock Market Overvalued in 2025? | The Informed Investor 8
Episode 8: Is the stock market expensive or a good value? Stock valuation ratios, which measure stock prices against a financial metric like a company's earnings or book value, offer investors some information about the expected returns of the market or individual stocks at any point in time. If a valuation ratio, literally the price divided by the financial metric, is considered elevated relative
Do Choppy Markets Keep You Up at Night? | The Informed Investor 7
Episode 7: You might say stock market volatility is like a deep-sea fishing trip: Sounds fun until the ride really gets choppy. While the market was relatively calm in recent weeks, that wasn't true in the spring. The S&P 500 Index notched returns of at least +1% or –1% on 12 out of 20 days in March, which was double the frequency of such returns over the past 30 years. Then, in early April, we sa
Do Stocks Stumble After All-Time Highs? | The Informed Investor 6
Episode 6: When the stock market soars to new highs, does that offer a useful signal for where the market is headed? Should you make a move—or stay in your seat? These questions confound many investors, especially those who may worry that the market is due for a big fall. But investors may be surprised to find out that average returns over one, three, and five years after a new market high are sim
Where Are Interest Rates Headed? | The Informed Investor 5
Episode 5: Interest rates tend to have an impact on everyday life, from savings rates and student loans to credit cards, mortgages, and more. For investors, rate cuts (and hikes) by the US Federal Reserve often prompt the question: How do different interest rate environments affect my portfolio? The Federal Open Market Committee (FOMC) cut interest rates on September 18, 2024, the first of three c
Economic Growth and Stock Returns | The Informed Investor 4
How do changes in the economy impact stock returns over the short and long term? Whether responding to economic forecasts, consumer price changes, or tariff policy updates, market prices adapt to new information, including changes in gross domestic product (GDP). Luckily for investors, markets are forward-looking and generally react before changes in the economy show up in the macroeconomic data.
Debt, Deficits, and Investing | The Informed Investor 3
US government debt as a percentage of GDP (gross domestic product) reached 121% at the end of 2024. Many investors may have concerns about the impact of this level of debt on the stock market. While government spending associated with debt may provide a stimulatory effect on the economy, the prospect of higher future taxes and long-run impacts on spending and investment introduces many channels th
Should You Invest Outside the US? | The Informed Investor 2
Investors may be comfortable with stocks from their home country—but there could be missed opportunities by not venturing across borders. It's important to remember than you're investing in companies, not countries. So ask yourself: Do other nations have good ideas, good processes, and good resources? Investors also may not realize that some familiar brands have ownership elsewhere. We're comforta
What's the Deal with Dividends? | The Informed Investor 1
Many investors may choose dividend-paying stocks with the hopes of earning consistent income through payouts that aren't tied directly to a stock's performance. But what are dividends, exactly? A dividend represents a portion of a company's value being distributed to shareholders. However, some investors may not realize that a company's share price typically declines by the amount of the dividend
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