Don fields a fresh batch of listener questions in this all-audio edition. A longtime fan asks whether a municipal bond ETF (VTEB) is a smarter place than a money market fund for short-term cash—Don explains why liquidity and risk matter more than yield. Another listener wants help navigating how much cash retirees should keep and when to use it—Don breaks it into two simple buckets: one for living, one for emergencies. A third caller gets a red flag for being pitched Cliffwater’s CCLFX fund by a so-called fiduciary. Don pulls no punches on high-fee, opaque, risky private lending funds—and questions the advisor’s motivations. Later, a listener asks about Vanguard’s old-school actively managed funds like Wellington and PrimeCap, and whether they still have a place in a modern index-based portfolio. And finally, a TIPS investor wonders if he’s overcommitted to inflation protection. Spoiler: maybe. Don wraps by reflecting on 40 years in talk radio and thanking the show’s loyal, growing audience. 0:10 Don introduces the many ways listeners can submit questions 2:21 Q1: SPAXX vs. VTEB for short-term savings—liquidity vs. yield 5:34 Why money market wins for money needed within 2–3 years 6:27 Q2: How much cash should retirees keep—and when to use it? 7:25 Retirement cash strategy: living cash vs. true emergencies 9:31 Q3: Advisor recommends Cliffwater CCLFX—should I worry? 11:01 CCLFX breakdown: 10% yield sounds sexy, but what’s the cost? 13:27 A thousand times the cost of Vanguard bonds—yes, really 15:41 Don: this “fiduciary” isn’t acting in your best interest 17:01 Q4: Do Vanguard’s active funds still belong in a portfolio? 18:18 PrimeCap vs. VTI—higher cost, same return, less diversification 19:56 Active funds are legacy products—and not built for the long game 20:25 Q5: TIPS bonds—smart inflation hedge or overweight risk? 22:48 Equities already provide inflation protection—TIPS should be a slice, not half 24:03 Don reflects on 40 years in talk radio—and thanks loyal listeners Learn more about your ad choices. Visit megaphone.fm/adchoices