Welcome to the Money Tree Investing Podcast.

Stock market, wealth, personal finance, value stocks, invest in your life.

Hey everyone, it's Doug Goldstein here on the Money Tree Investing Podcast.

I've had a great year.

I got to speak to Nobel Prize winner Harry Markowitz about the efficiency frontier. I got to speak to

Terry O'Dine, also here on the Money Tree podcast about behavioral finance, two of my heroes.

And today we'll be talking to another one of my heroes, Burton Malchiel, who wrote the book

Random Walk Down Wall Street, which I hope you've all read. He'll be coming on in about 10 seconds, and don't forget, after the interview with Burton

Malchiel, we'll be talking to the whole panel, Joe, Linda, and Miranda.

So grab some of that leftover matzah from Passover.

Sit down and enjoy the show.

Okay, I'm very excited to have on the show, Dr. Burton Malchiel, who is the author of a book you've probably seen and certainly should have read called A Random Walk Down Wall Street.

Dr. Marquiel, real pleasure to have you.

My pleasure to be here.

So I was actually looking forward to speaking to you about so many of the topics you've discussed, but unfortunately we're very short on time. But I want to comment on or ask a question about an

article that interestingly, you had written about five years ago about low interest rates. And

things really haven't changed much since then. The problem is that as a financial advisor,

I'm helping people who are retiring try to get income,

but just nothing is available that seems reasonable.

What do you think retired people should be doing for income these days in a low-interest rate environment?

It's very, very difficult because we really live in an age of what might be called financial repression, where in all of the developed world, central banks have driven interest rates down to basically zero and in some cases actually negative.

So I'm afraid there is no easy, no risk solution. I think that unfortunately,

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