494: Beyond the Headlines: How Retirees Can Navigate Investment Risks with Larry Swedroe
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 556 Ratings
🗓️ 14 April 2025
⏱️ 69 minutes
🧾️ Download transcript
Summary
Today, I'm speaking with Larry Swedroe. Larry is the former Chief Research Officer at Buckingham Strategic Wealth, an accomplished author with 18+ books on investing, and a true pioneer in evidence-based investing. He's also a well-known advocate for cutting through the financial media noise to focus on strategies that actually work.
In Larry's latest book, Enrich Your Future: The Keys to Successful Investing, he distills decades of financial wisdom into 40 powerful stories that make investing principles easy to understand and apply.
In our conversation, Larry shares the science behind behavioral finance and explains why most investors fall prey to emotional biases, media hype, and market timing traps. We also dive into why passive investing remains a leading strategy among investors, how to truly measure risk, and why a globally diversified portfolio beats stock-picking in the long run.
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In this podcast interview, you'll learn:
- Why passive investing isn't just a trend—it's a game-changer for wealth-building.
- The biggest mistakes investors make and how to avoid them.
- The difference between risk and uncertainty, and why most investors get it wrong.
- Why the market is smarter than any single investor and what that means for your portfolio.
- How to structure an investment portfolio based on empirical research, not emotions.
- The surprising link between retirement, purpose, and mental health—especially for retired men.
Show Notes: Howardbailey.com/494
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ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Transcript
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| 0:00.0 | So why do you want to put all your eggs in one basket when we know that every single one of them? |
| 0:05.9 | For example, big hot asset today is gold, mostly because people think it's an inflation hedge. |
| 0:12.3 | Gold is an awful inflation hedge unless you're on the horizon is very long. |
| 0:16.1 | And all you have to do is look at the 23-year period, which I think you and I would agree would |
| 0:22.0 | test any investors' patients. January of 1980, it was 850, and in 2003, it was 270, and |
| 0:32.7 | inflation ran 4% a year, which meant in real terms you lost 86% of your money. |
| 0:39.3 | How could anyone claim gold is a good inflation hedge when that actually happened? |
| 0:44.8 | That's why you ask for the empirical evidence. |
| 1:04.9 | Today we discuss the keys to successful investing, how markets work, how to measure and manage risk, and more with Larry Swedro. |
| 1:11.7 | Hey, this is Casey Weed, host the Retire with Purpose podcast, and my mission here on the show is to deliver clarity and purpose and elevate meaning in your life. And if you go, well, that doesn't sound like a financial |
| 1:16.1 | topic. Well, it's not all financial topics. We cover both of financial and non-financial here on the show |
| 1:22.1 | weekend and week out. And we bring you world-class guests. Today, we are bringing you a guest that have been excited to bring on the show for some time. We have Larry Swedro joining us today, and I know we are in for a treat. Larry is a former chief research officer for Buckingham Strategic Wealth and Partners. He has previously been the vice chairman of Prudential Home Mortgage. He also |
| 1:45.6 | held positions at Citicorp as senior vice president and regional treasurer. And he was among the |
| 1:51.8 | first authors to publish a book that explained the science of investing in layman's terms, titled |
| 1:57.6 | The Only Guide to a Winning Investment Strategy You'll ever need. And that's not the only |
| 2:03.1 | book that Larry has authored. Over 20 books Larry's authored. Some place it says 18, some places it says |
| 2:09.3 | 25. But in any way, it's a lot of great content that Larry's put out in the world. We're going to be |
| 2:14.8 | focusing our discussion on what Larry calls his favorite work, and that is, Enrich Your Future, the Keys to Successful Investing. And we |
| 2:23.3 | partnered up with Larry to give away free copies of that very book. So if you would like to get a free |
| 2:28.2 | copy of Larry's book and you've never requested a book from us before, this is your opportunity. |
| 2:32.9 | All you have to do is text us the word |
| 2:35.0 | book to 888-599-4491. And in doing so, we're going to send you a link. Now, when we send you a link, |
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