Investing for Ourselves: Clem Miller

Please text and tell us what you likeA portfolio can look “wrong” on paper and still be rational in real life. We pull back the curtain on what we actually hold, why one of us is willing to sit on a huge cash position, and how a downside-first investing philosophy changes every decision. If your main goal is staying in the game through market volatility, this conversation is built for you.We dig into practical portfolio allocation: why bonds may fail as diversification when interest rates and duration drive prices, and why cash can be an intentional risk management tool rather than a lack of conviction. From there we get specific about how we evaluate equities using valuation and sentiment signals like the forward PEG ratio and short interest. The lens stays simple: protect the downside, stay flexible, and don’t confuse activity with skill.Geopolitical risk is the real-time backdrop, pushing a tactical tilt toward energy stocks. We explain how choosing companies with lower exposure to conflict regions can matter, why refiners can benefit through stronger refining margins, and what the crack spread says about profitability when oil prices move. Just as important, we spend time on the part most investors skip: the exit strategy. Clear sell rules can turn good picks into realized gains.We also revisit gold and why it may not behave like a textbook safe haven if sovereign sellers need liquidity for reconstruction. If you want a grounded framework for investing psychology, defensive portfolio construction, and disciplined selling, listen through to the end. Subscribe, share the show with a friend, leave a review, and tell us: what’s the one rule that drives your allocation decisions? Straight Talk for All - Nonsense for NonePlease check out our other podcasts:https://skepticsguidetoinvesting.buzzsprout.comDisclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.