4.3 • 1.3K Ratings
🗓️ 16 April 2025
⏱️ 30 minutes
🧾️ Download transcript
In this episode, we explore what it means to invest in a non-ergodic world—where time, not averages, determines outcomes. We unpack concepts like volatility drag, ensemble vs. time averages, and the implications for portfolio strategy, while also reflecting on how AI and zero-click search are reshaping business and investor behavior.
Topics covered include:
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Show Notes
The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb—Penguin Random House
The 60% Problem — How AI Search Is Draining Your Traffic by Tor Constantino, MBA—Forbes
How Late Night TV Is Downsizing by Alex Weprin and Rick Porter—The Hollywood Reporter
List of most watched television broadcasts in the United States—Wikipedia
Tao te Ching by Lao Tzu (Author), Marc Mullinax (Translator)—fortress press
Why AI Might Not Take All Our Jobs—If We Act Quickly by Justin Lahart—The Wall Street Journal
Elon Musk and the Dangerous Myth of Omnigenius by Gautam Mukunda—Bloomberg
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0:00.0 | Welcome to Money for the rest of us. This is a personal finance show on money, how it works, |
0:05.3 | how to invest it, and how to live without worrying about it. I'm your host, David Stein. |
0:10.4 | Today is episode 520. It's titled, Where are we heading? Where are we heading? That's one of the |
0:16.5 | three questions that I answer each month in the investment strategy report that I put together |
0:25.1 | for asset camp and money for the rest of us plus. I've been writing investment strategy commentary |
0:32.9 | for over 20 years. I did it as an institutional investment advisor, chief investment strategist, |
0:39.5 | and I still do it today. I find it very helpful to understand what happened, where are we now |
0:46.5 | and where are we heading when it comes to the economy and financial markets. Also 20 years ago, |
0:52.9 | I started my first blog. |
0:55.5 | I used movable type as the software, later WordPress. |
1:00.1 | It was housed at the URL, J.D.stein.com. |
1:04.1 | I'll link to a archived version of it. |
1:07.8 | It was called Global Wandering. |
1:09.5 | Back in 2005, I met another blogger named Simmons-Bunton. |
1:15.4 | We had a lot in common. We each had young children. We both drove Subaru's. We enjoyed |
1:20.7 | photography and writing. He lived in Tucson and I lived in Idaho. His writing and photography |
1:27.4 | was influential and motivational for me to visit |
1:31.0 | Tucson and eventually move here. But I hadn't ever met Simmons in person up until a couple |
1:37.6 | months ago. LaPerel and I had dinner with him here in Tucson. Simmons has a book that was recently published by Trinity University Press. |
1:47.5 | It's his fifth book called Satellite, Essays on Fatherhood, and Home Near and Far. |
1:53.0 | So Simmons is someone that I met that influenced one of my life decisions for us to spend much of the year here in Arizona. |
2:04.6 | La Prill and I pointed out the other day, one of her sisters sent her a list of all the houses |
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