Tom Cock and Don McDonald kick off 2026 with a sharp, skeptical look at portfolio simplicity—what it really means, what it doesn’t, and why promises like “no sacrifice in returns” should always raise an eyebrow. Using a Morningstar article as a springboard, they dig into active vs. index funds, one-fund and target-date strategies, and the behavioral traps that complexity creates. Listener calls drive deeper discussions around Avantis funds (AVGE vs. AVGV), value tilts, international exposure, Fidelity’s zero-fee funds, and when simplicity actually beats sophistication. Along the way: holiday viruses, Jeopardy ETF fails, Tesla-as-a-value-stock arguments (sort of), and a reminder that knowing yourself as an investor matters more than chasing the “perfect” allocation. 0:04 Holiday hangover, fake presence, and welcoming 2026 1:27 Simplicity in investing and why complexity isn’t intelligence 1:44 Morningstar’s “simplify your portfolio” claim—skepticism engaged 3:01 Active funds vs. index funds (and Morningstar’s awkward contradiction) 3:56 One-fund vs. multi-fund portfolios and why rebalancing is hard 5:24 Target-date funds as delegation for real humans 7:32 Hodgepodge-itis vs. fewer funds, fewer mistakes 8:52 Listener call: Roth IRA for an 8-year-old and AVGE vs. AVGV 12:20 Value tilt, international exposure, and long time horizons 13:44 AVGE vs. AVGV performance—why short-term results don’t settle debates 16:57 VT compared to Avantis—diversification without tilts 17:32 Fidelity Zero funds—what’s free and what’s the catch 20:00 Jason from Sammamish: value, growth, Tesla, and confidence 23:36 SPY vs. SPYM and when cheap is just cheap 25:46 Listener call: escaping a Fidelity managed large-cap portfolio 29:58 What to say when an advisor tries to keep your money 31:24 Jeopardy contestants miss “ETF” (yes, really) 33:46 AVGE vs. VT—tilts, belief systems, and picking your poison Learn more about your ad choices. Visit megaphone.fm/adchoices