Welcome to Money for the rest of us. This is a personal finance show on money, how it works, how to invest it, and how to live without worrying about it.

I'm your host David Stein, and today is a Q&A episode. It's something that we do about once a year. I think it was last

year we did it. With me today are my son's Camden and Brat. They are partners

at Money for the Restless have been for almost a year and a half now.

They'll read some of the questions, they'll chime in, but we're going to start off with some more

philosophical related questions.

So, Kam no once you go ahead and get started.

Sure.

So our first question says, hi David and team.

Can you please explain how your investment approach differs, if it does, from active management

or market timing versus a passive buy and hold strategy.

I'm unclear on this distinction and I get the impression from your work that you generally

believe that investors cannot beat the market with any consistency.

Yet you pursue strategies such as portfolio tilting to do just that.

What am I missing in the seeming contradiction?

If you have previously explained this distinction in some other forum, just directly to the

content and that would be fine.

The seeming contradiction is what do we mean by the

market? The question refers to beating the market and financial theory at the root of

passive-buy and hold investing is something known as the market portfolio and this is a

theoretical bundle of investments that includes every asset available in the financial markets.

Concludes stocks, bonds, preferred stock, equity reets,

...