This episode dives deep into the market’s latest mood swing and the potential impact of new tariffs on consumer costs—like the real price of your next iPhone. Don and Tom explain what tariffs are, how they work, and why they’re likely to fuel inflation. Plus, they tackle a range of listener questions, from the risks of fixed-income annuities and rebalancing portfolios, to why bonds (yes, still) deserve a place in your portfolio. And of course, they throw shade at both annuity commissions and self-proclaimed “legendary” market forecasters. Emotional investing? That’s the real danger. 0:04 Opening banter and why this has been “a heck of a money week” 1:01 What exactly is a tariff? And why you’re paying more than you think 4:29 The real cost breakdown of an iPhone—and what tariffs could do to it 6:58 How rising costs could slow down upgrades and hit the tech economy 8:11 Why economists (even at WSJ) are mostly anti-tariff 9:27 Listener question: Did Andrew make a mistake buying a fixed-income annuity? 14:47 The ethics of $45,000 commissions and what you give up with annuities 21:12 What if Andrew had just invested the money instead? 25:48 Listener challenge: Are bonds really worth it if returns lag inflation? 30:23 The real reason to own bonds—and it’s not about return 32:57 SQQQ gamble pays off—should Devin take the money and run? 34:35 Wrapping the week with a reminder: it’s not about guessing, it’s about planning Learn more about your ad choices. Visit megaphone.fm/adchoices