A year-end Boxing Day Q&A covering realistic downside expectations for global portfolios, the marginal value of adding international small-cap value, details for RetireMeet 2026, and a deeply skeptical look at Medicaid-compliant annuities. The common thread: diversification helps, simplicity usually wins, and when complexity shows up early, commissions are often lurking nearby. 0:04 Boxing Day confusion, goodwill, and a short-format holiday Q&A 1:07 Why this is a shorter, four-question episode to wrap the year 2:17 How much can a globally diversified stock portfolio really fall 3:06 Limits of global market data and why 2008 still sets expectations 4:11 Roughly 40% decline for global stocks in 2008 and how bonds softened the blow 4:54 Why worst-case scenarios are about expectations, not predictions 6:07 Listener portfolio with VXUS, AVUV, and SWTSX and whether to add AVDV 6:35 Balancing small-cap value exposure versus keeping things simple 7:56 Why a few basis points rarely justify added complexity 8:38 RetireMeet 2026 question and a well-earned jab at Tom’s joke delivery 10:02 RetireMeet 2026 details and early seat reservations 10:29 Event date and location: March 7, Bellevue at Meydenbauer 11:44 Medicaid-compliant annuities explained through a real family scenario 13:57 Why MCAs are usually last-resort tools, not early planning solutions 15:49 Concerns about elder law attorneys, incentives, and hidden commissions 16:35 What MCAs really do: income conversion, not asset protection 17:28 Why skepticism is healthy and shopping non-commission options matters 18:43 Closing thoughts on trust, incentives, and surviving another financial year Learn more about your ad choices. Visit megaphone.fm/adchoices