The Evidence-Based Investor

In the 12th of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow talks to Simon Bullock, founder of Mulberry Bow, the chartered financial planning firm that has supported the series. They look back at Simon’s favourite clips from the previous 11 episodes. Jonathan also talks to Simon about his own milestones in life and business, including his change of heart about life and work in his late twenties, and what it’s been like to set up and run a successful business while spending half his time in France.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript: https://www.evidenceinvestor.com/simon-bullock/Mulberry Bow: https://www.mulberrybow.com/Jonathan Hollow and Robin Powell's book "How To Fund The Life You Want": http://tinyurl.com/how2fund --

In the 11th of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow talks to a self-trained artist who has made a mid-life new life for herself on the Welsh borders.Many people dream of painting for a living, but Helen Arthur has made it happen. She describes her success as modest financially, but she is highly focused on her own artistic goals, and on those terms she has achieved contentment alongside success. She is fascinatingly articulate about how she pursues those goals, and how she's moved from a place of safety to artistic experimentation, always seeking new ways to capture the glories of the Welsh landscape that looms outside her house.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript: https://www.evidenceinvestor.com/second-lives-civil-servant-artist/ --Helen’s website: https://www.helenarthur.art/ —Helen’s “Kitchen Table Creatives” newsletter: https://kitchentablecreatives.substack.com/ --Mulberry Bow financial planners: https://mulberrybow.com/ —Jonathan Hollow and Robin Powell's book "How To Fund The Life You Want":  http://tinyurl.com/how2fund --

In the 10th of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow talks to one of the global founders of the 4-day week movement, Charlotte Lockhart.What if we could continue in our current jobs, and have 50% more free time to pursue our other passions, every single week? That's Charlotte's vision.She has a fascinating story. She more or less fell into the role of being a global spokesperson and influencer about the idea of a better work-life balance – because she and her partner tried this approach in the business they built and own: and it worked! The global interest was so immense, they felt they had a duty and an opportunity to spread the evidence and the methods they tried across the world. And businesses all over the world are now experimenting with the evidence and methods provided by her organisation, 4-Day Week Global.Charlotte talks frankly about the generational change that she feels is driving this movement, and what it’s been like to face this moment of opportunity at the same time as as a diagnosis of cancer. Her energy is simply inspirational.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript: https://www.evidenceinvestor.com/charlotte-lockhart-work-life-balance/ --Mulberry Bow financial planners: https://mulberrybow.com/ —4-Day-Week Global: https://www.4dayweek.com/  —4-Day-Week Global’s evidence base: https://www.4dayweek.com/research --Jonathan Hollow and Robin Powell's book "How To Fund The Life You Want": http://tinyurl.com/how2fund --

In the ninth of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews former Paralympian, and chartered financial planner and wealth manager, Scott Moorhouse.Scott provides an astute explanation of how he learned to throw the javelin throwing at a world-class level. He shares insights from his personal journey, starting from losing a leg at six weeks old to participating in the 2012 London Paralympics. The discussion covers Scott's post-Paralympic life, exploring his transition to the financial services industry to work at Mulberry Bow. Drawing on his experiences, Scott discusses the significance of deliberate planning and adaptability in navigating life's uncertainties. The conversation also touches on the language surrounding disability and the impact of personal stories on changing perspectives.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript: https://www.evidenceinvestor.com/scott-moorhouse-living-with-purpose/ --Mulberry Bow financial planners: https://mulberrybow.com/ —Scott at Mulberry Bow: https://www.mulberrybow.com/team/scott-moorhouse/ --Jonathan Hollow and Robin Powell's book "How To Fund The Life You Want": http://tinyurl.com/how2fund --

In the eighth of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews writer and publisher Jonathan Clements.Jonathan Clements enjoyed a hugely successful career as a personal finance writer for The Wall Street Journal, but as he candidly confesses in this interview, for a long time he was addicted to frugality and the future at the expense of life in the here and now. He also worked for Citigroup and lectured college students on personal finance - both experiences he looks back on with less than pleasure, as he explains. In his frank and highly articulate voice, he explains why he’s still restless in his early sixties, and what new challenges he is exploring. He then discusses the lively life stories and examples that emerge from his most recent book: "My Money Journey: how 30 people found financial freedom, and you can too."This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript: https://www.evidenceinvestor.com/jonathan-clements-what-ive-learned-about-life-and-money/ --Links to key mentions in this podcast: Jonathan’s “Humble Dollar” website - https://humbledollar.com/ —Jonathan’s latest book, “My Money Journey"  - https://www.harriman-house.com/mymoneyjourney —Mulberry Bow financial planners: https://mulberrybow.com/ —Jonathan Hollow and Robin Powell's book "How To Fund The Life You Want": http://tinyurl.com/how2fund --

In the seventh of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews CEO and Editor-in-Chief of The Bureau of Investigative Journalism, Rozina Breen.Rozina candidly shares her journey from a working-class background to leading a not-for-profit newsroom, reflecting on the choices, challenges, and resilience that shaped her highly successful career path – through the BBC to her current role.Together, they talk through the benefits of investigative journalism from a not-for-profit space, and her fresh mission to spark change and expose justice.Rozina's journey and travels, resilience, and the choices she made unfold, providing a glimpse into the intricate balance of family, career, and risk-taking mid-career.This podcast series has been developed with financial planning firm Mulberry Bow, who chose TBIJ as their philanthropy of the year 2023. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript of this episode: https://www.evidenceinvestor.com/second-lives-taking-risks-with-investigative-journalism/ --Links to key mentions in this podcast:The Bureau of Investigative Journalism - https://www.thebureauinvestigates.com/ —To donate  - https://www.thebureauinvestigates.com/support-us —Mulberry Bow financial planners: https://mulberrybow.com/ —How To Fund The Life You Want: http://tinyurl.com/how2fund --

In the sixth of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews serial entrepreneur and Gym Group founder John Treharne.John has built not one, but two enormously successful businesses. The most recent of these businesses, Gym Group, was begun from a single site when he was in his early fifties. Less than 20 years later, it has 231 branches all around the UK, and more than 800,000 members. John speaks in the interview about the origins of his entrepreneurial streak, from his racquet sports career in his early twenties. He played squash for England. He sees the parallels between winning in squash and his enduring will to build, succeed and motivate. But social and charitable concerns have also been woven throughout his career, and he has tried, as he tells Jonathan, not to be changed by wealth and success. He believes in staying close to your roots.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Links to key mentions in this podcast:Transcript: - https://www.evidenceinvestor.com/john-treharne-entrepreneurship/ --Gym Group - https://www.thegymgroup.com/ —To donate to Jigsaw South East - https://www.jigsawsoutheast.org.uk/get-involved/donate/ —Mulberry Bow financial planners: https://mulberrybow.com/ —How To Fund The Life You Want: http://tinyurl.com/how2fund --

In the fifth of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews multi-million selling author Héctor García about the lessons we can learn from the longest-living people in Japan. Héctor is the co-author of”Ikigai”, a book about a key concept in Japanese wellbeing, which translates to "reason for being" or "purpose in life".Héctor explains his deep insights into Japanese culture and its approach to later life, highlighting how the Japanese transition to different phases of life rather than retiring completely. He discusses stress, acceptance of negative emotions, and the significance of community support among older people in Japan. He suggests that any change from our first life to a new life should be gradual, combined with both self-awareness and perseverance. The interview explores the profound impact of Japanese culture on García's perspective on life and he offers thoughtful and compelling insights for anyone looking for fresh purpose and sustainable happiness.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript of this episode: https://www.evidenceinvestor.com/ikigai-author-hector-garcia-on-life-lessons-from-japan/ --Links to key mentions in this podcast: “Ikigai” - https://www.amazon.co.uk/Ikigai-Simple-Secrets-Long-Happy/dp/1529902401 —Héctor’s personal website - https://hectorgarcia.org/ —Mulberry Bow financial planners: https://mulberrybow.com/ —How To Fund The Life You Want: http://tinyurl.com/how2fund --

In the fourth of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews Master of Wine Lisa Granik about her remarkable second life as a world expert on the wines of Georgia, the country in the Caucasus.She reflects on transitioning from law to becoming a wine academic - thanks to her unique skills and background. She shares insights about Georgian wine culture, its historical significance, and economic impact. Lisa addresses challenges she has faced as a woman in the wine industry, and reflects on the changing roles of women in wine. The conversation delves into her deep connections with Georgia and her book "The Wines of Georgia”, which explores the culture, history, terroirs, and personalities of Georgian winemaking.And she describes how she has found her way from one stage to another in her life - sometimes taking a sharp turn, sometimes gradually.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript of this podcast: https://www.evidenceinvestor.com/second-lives-living-the-dream-as-a-master-of-wine/ --Links to key mentions in this podcast: “The Wines of Georgia” - https://www.amazon.co.uk/wines-Georgia-Infinite-Classic-Library/dp/1913022005/ --“Granik’s Guide to Georgian Wines” - https://www.graniksguide.com/en/ —Mulberry Bow financial planners: https://mulberrybow.com/ —How To Fund The Life You Want: http://tinyurl.com/how2fund --Picture of Lisa Granik by Giorgi Gegelia, Orkoli Winery

In the third of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews writer, educator, investor and Chartered Financial Analyst Brian Portnoy. Brian discusses the concept of "funded contentment" as true wealth, contrasting it with the pursuit of "riches". He explores the four universal sources of deep contentment: connection, control, competence, and context. Brian emphasises the importance of addressing our basic needs, and protecting ourselves, before trying to fund more aspirational goals. This conversation will encourage you to reflect on what is "enough” for you to pursue your own meaningful life.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Transcript of this episode: https://ow.ly/bFhA50PeVx5 --Links to key mentions in this podcast:“The Investor’s Paradox” https://www.amazon.co.uk/Investors-Paradox-Simplicity-Overwhelming-Choice/dp/113727848X—“The Geometry of Wealth” https://www.amazon.co.uk/Geometry-Wealth-Shape-Money-Meaning/dp/0857196715/--Shaping Wealth https://www.shapingwealth.com/ --Mulberry Bow financial planners: https://mulberrybow.com/ --How To Fund The Life You Want: http://tinyurl.com/how2fund --

In the second of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews doctoral student (and student ambassador) Alex Davis. She talks about her previous career as a finance director, and how she made a challenging transition, after more than 20 years, from running a family business to becoming an expert on the Roman poet Ovid. She also talks about her part-time work as an outreach ambassador for the University of Kent, which gives her the chance to encourage students of all backgrounds to make the leap from school to university.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives”.Episode transcript: https://www.evidenceinvestor.com/how-to-follow-your-dreams-in-your-40s/ --Links to key mentions in this podcast:The University of Kent’s Classics and Archaeology Department: https://www.kent.ac.uk/classics-archaeology --Ovid’s poem “Ibis” at Loeb Classics: https://www.loebclassics.com/view/ovid-ibis/1929/pb_LCL232.237.xml?result=6&rskey=LoQH7S --Mulberry Bow financial planners: https://mulberrybow.com/ --How To Fund The Life You Want: http://tinyurl.com/how2fund --

In the first of a series of 12 TEBI episodes looking at meaning and money during later careers or second lives, Jonathan Hollow interviews author Andrew Hallam, focusing on his latest book, "Balance". In this lively, in-depth discussion, Andrew talks about the key themes in the book that make up a balanced life: purpose, relationships, health and money. He talks candidly about the life lessons that have brought him to a nomadic but highly fulfilling existence as an author and speaker. He tells us how he manages to maintain meaningful connections with loved ones around the world, and what he has learned about giving and purpose from family members - and even complete strangers.This podcast series has been developed with financial planning firm Mulberry Bow. Based in London, they offer a highly personalised service to around 150 individuals and families. Robin Powell and Jonathan Hollow are very grateful for their enthusiastic support for "Second Lives".Transcript: https://www.evidenceinvestor.com/introducing-second-lives-a-brand-new-podcast-series-from-tebi/ --Links to key mentions in this podcast:Andrew Hallam's website: https://andrewhallam.com/ --"Balance" by Andrew Hallam: https://andrewhallam.com/balance/ --Mulberry Bow financial planners: https://mulberrybow.com/ --How To Fund The Life You Want: http://tinyurl.com/how2fund --

Robin Powell's guest n this episode we’re discussing the bear market with the world-renowned behavioural scientist Meir Statman.   He’s the Glenn Klimek Professor of Finance at Santa Clara University.  What happens in the minds of investors when markets fall?  And how can we stop ourselves acting irrationally?  Professor Statman has some fascinating insights on those questions and more.  And, you may be pleased to hear, even he is not immune to feeling anxious when stock prices head south.  He also has some very interesting advice for young people tempted to invest in cryptocurrencies.

Neil Woodford is Britain's best-known fund manager. For many years his track record was very impressive. He was lauded in the media. He was even referred to by the BBC as "the man who can't stop making money.”  But then things began to go wrong and, three years ago, the wheels came off in spectacular fashion, when his flagship Equity Income fund was suspended.   The industry, of course, as the industry usually does, did really rather well out of it. Woodford Equity Income was Britain's biggest fund launch. The fund earned a fortune for Woodford himself and for the many brokers and platforms who helped to promote it.  The outcome for investors, however, was rather different. More than 300,000 people — many of them near, or already in, retirement — lost more than £1 billion between them in one of the biggest financial scandals of modern times.  Robin Powell's guests on this episode are two highly respected journalists who have each written a book on the Woodford saga — Owen Walker and David Ricketts.

Investors need to be realistic.. and that means accepting the strong possibility that returns will be lower in the future than they have been in the past. Why? Well, equities rose to all-time highs as the economy recovered from the Covid crisis.   And the higher the price you pay for a security, the lower your expected return going forwards.  So, what other evidence is there that future returns will be lower? And, if it’s true, what if anything can, or should, investors do about it?   In the latest episode, Robin Powell talks to Antti Ilmanen, an investment strategist at AQR Capital Management in Greenwich, Connecticut.   He’s the author of a new book, Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least.

We live in interesting times. War in Ukraine, energy worries, inflation and a possible global recession. It's no surprise, then, that stock markets around the world have fallen considerably, and there seems to be no end in sight to the current volatility.  We wouldn’t be human if "headline anxiety" didn’t have an impact on us.  Robin Powell's guest on this episode is Craig Lazzara from S&P Dow Jones Indices. Craig puts recent market volatility into historical perspective.

Spencer Jakab on the real winners in the GameStop saga

Robin Powell’s guest on the latest episode of The TEBI Podcast is Robin Wigglesworth, global finance correspondent for the Financial Times.Wigglesworth is the author of Trillions, a new book on the past, present and future of index investing. Currently living in Norway, he covers macroeconomics, finance, investing and markets internationally for the FT.In this episode, Wigglesworth declares the active versus passive debate over, with passive the decisive victor. The only question now, he says, is just how dominant passive investing will become.

ARKK falls again, but are we really in a market crash?

We sat down to speak to Will Rainey, who has written a new book called “Grandpa’s Fortune Fables”, a book aimed at educating children which is full of metaphors, stories and exercises about money. 

Ten lessons the markets taught us in 2021.

This time last year it seemed that Cathie Wood could do no wrong. 12 months on, America’s most high-profile active fund manager is struggling to maintain her reputation as one of the most successful stockpickers of the last few years.Her flagship ARK Innovation ETF ended 2021 in a 40% drawdown that only worsened to nearly 50% in the first few days of January.So what should investors make of it? Was Cathie Wood’s stellar outperformance in 2020 down to skill or luck, or a combination of the two? What, if anything, should ARK investors do now? Do ARK’s current problems tell us anything about the state of the global equity markets? And what are the lessons to learn?TEBI’s founding editor ROBIN POWELL has been put putting all of these questions to LARRY SWEDROE.

There have always been economic booms and busts and, sooner or later, stock markets are bound to crash. The key question for investors is: what, if anything can you do about it? How can you build a portfolio to withstand a crash and minimise its impacts? And how can you avoid being swept along by the euphoria that tends to precede a crash?ROBIN POWELL has been putting these questions to an expert on bubbles and crashes — JOHN TURNER, Professor of Finance and Financial History at Queen’s University Belfast.

Journalist David Ricketts has written a new book analysing the public fall from grace of "Britain's Warren Buffett", Neil Woodford.

We are living in extraordinary times, with billions of people around the world more or less confined to their homes as a result of the coronavirus pandemic. It’s very unclear how long it will take for things to return to normal. Indeed, some aspects of our lives may never be quite the same again.As well as the health concerns that people naturally have, there is also a great deal of fear and uncertainty about the impact of the virus on the economy and the financial markets.To help explain what’s going on, and to provide some reassurance about recent market volatility, I’ve been speaking to one of the world’s most eminent financial historians, Professor Elroy Dimson, for the latest episode of the TEBI Podcast.

The latest TEBI Podcast, is devoted to the subject of excessive pay among company CEOs. In it I interview two experts on the subject:— Corinne Carr, founder of the remuneration consultancy PeopleNet; and— Luke Hildyard, Executive Director of the High Pay Centre, which carries out research and analysis on issues relating to executive pay, corporate governance and business performance.Among the questions I ask them are these:Why is excessive pay such a problem? What can be done about it?Why can’t fund managers exert more of an influence over company boards when it comes to remuneration?Is part of the problem that fund managers are themselves very well paid and therefore not best placed to lecture company boards on the subject?And why is pay in the asset management industry so high?

The most enthusiastic advocate of mindfulness I know is George Kinder. George, better known as the father of the financial life planning movement, has practised mindfulness for most of his life and written books about it.In the latest TEBI Podcast, George explains how mindfulness can help investors achieve better outcomes and live more fulfilled lives.

A former US Marine Corps officer and fighter pilot, Rick Ferri talks about his experiences as a stockbroker at a large Wall Street firm, and how he became disillusioned with the industry, its sales culture and its high fees.He explains how he built a business called Portfolio Solutions, which enabled investors to achieve much better results by cutting the amount of fees and charges they paid. He also discusses his latest business venture, Ferri Investment Solutions, a pay-by-the-hour financial advice service, and offers his views on how the advice profession is changing.

One of the smartest advocates of investing in low-cost index funds and ETFs is Ben Johnson, Director of Global ETF Research at Morningstar.In the latest TEBI Podcast, Ben explains the Morningstar Active/ Passive Barometer, how it differs from the SPIVA scorecard run by S&P Dow Jones Indices, and what we can learn from the data it produces.

Matt’s Hall firm, Hill Investment Group, based in St Louis, recently launched an automated investment solution service called Hillfolio. We sat down to talk to him and one of Hillfolio's directors, PJ McDaniel.

I recently had the pleasure of interviewing Jeffrey Ptak, Morningstar’s Global Director of Manager Research for the TEBI Podcast. In the interview Jeff explains Morningstar’s “investors first” philosophy, and how the company has strongly adhered to it through its 35-year history. It’s an important principle, he says, that the “business” side of the operation is kept very separate from the research side.

After quitting her job in active management, Stephanie Griffiths started researching the academic evidence on investing and active fund management and concluded that, from a personal point of view, despite her experience and expertise, she was better off putting almost all her money in low-cost index funds.She has since become a financial educator and has just written a book, Sit Still and Prosper, which shows people how to have a successful investment experience with the minimum of fuss, effort and worry.The interview offers a fascinating into how active fund managers actually think, and it’s well worth listening to. Here are some of the highlights:

Moira Somers is a behavioural psychologist, based in Winnipeg in Manitoba. She also advises individuals and organisations about personal finance, and she also works as a consultant to the financial services sector.In this interview, she explains why so many people put off investing for retirement and making important financial decisions (her academic expertise, appropriately, is in procrastination).She also discusses how women invest differently to men, why investors need to be more self-compassionate, the value of hiring a financial planner, and what parents could be doing to help their children to develop a healthy relationship with money.

We talk to Tim Edwards, discussing such topics as SPIVA, the trend towards self-indexing, and recent research he’s done on momentum investing and the case for equal-weight indices. And, for fans of active management, he even spells out the areas where active managers perform least badly.

We’ve all heard about the huge growth in popularity of low-cost investing in the United States. But how is the passive investing revolution progressing in Europe?That’s one of the questions I put to Adam Laird, Head of ETF Strategy at Lyxor ETF for the the latest TEBI Podcast.Lyxor is based in France but also has a sizeable market share in Germany, Italy and Spain. It’s now targeting growth in the UK.

All of us make mistakes, but, as Sir Winston Churchill once said, only the wise learn from them. What then can we learn from the mistakes of the world’s greatest investors?That’s the question Michael Batnick asks in his new book, Big Mistakes: The Best Investors and Their Worst Moments. Even the most famous investors have dropped clangers; Warren Buffett, Bill Ackman, Jack Bogle, Ben Graham and John Maynard Keynes are among the legends whose mistakes the book analyses.

Even those with only a passing interest in investing can’t have failed to notice the extraordinary rise in recent years of ETFs.Exchange traded funds now account for around $4.3 trillion of global assets under management  — up $1 trillion on this time last year. And although the pace of new product launches has slowed, there are now around 6,300 exchange-traded products worldwide.There are several reasons why investors should consider them, not least because they’re very cheap compared to conventional mutual funds.For the latest episode of the TEBI Podcast, John Swolfs from Inside ETFs has been interviewing Dave Nadig, CEO of ETF.com about this remarkable phenomenon.Among the questions they tackle are these:Are ETFs growing too fast?Are there too many products available?When will start seeing cryptocurrency ETFs? andWhen eventually a downturn comes, what will be the impact on the ETF market?

On this week’s podcast we speak to Barry Ritholtz, co-founder and CIO of Ritholtz Wealth Management.Barry is a tireless blogger and advocate for evidence-based investing. It was his team that put on last year’s inaugural EBI conference in New York. Following on from that success, this year the show is travelling west to Dana Point, California.Listen below to find out: How the idea came about for the EBI conference Why the financial media is so unhelpful His view on the dramatic changes taking place on Wall Street How to prevent behavioural biases from ruining a portfolio.

This week, we speak to Stephen Davis, Senior Fellow and Associate Director of Corporate Governance at Harvard Law School. He’s also one of the authors of What They Do With Your Money: How the Financial System Fails Us and How to Fix It.In the book, he and his co-authors expose the harm caused by the misalignment of interests between financial institutions and investors, and what we can do to prevent the financial industry from profiting at our expense.He shares his views on: the Wells Fargo scandal; the institutions he believes are leading the way on governance issues; the threat to the Fiduciary Rule in the US; and what consumers can do to encourage institutions to change for the better.

We all know by now about the huge shift taking place from active to passive management in the Anglo-Saxon world, especially the US. But what’s happening in continental Europe? Well, it’s actually in the Netherlands where the move away from active funds is really gathering pace.Our guest on the latest TEBI Podcast, produced and sponsored by Regis Media, is Martijn Rozemuller, managing director of Think ETFs, based in Amsterdam. Martijn, a forms options trader, explains how he became disillusioned with active investing; why he believes in equal weighting trumps market-cap; why he’s so opposed to securities lending; and why he thinks too many Dutch are destroying value, rather than adding it in the Netherlands.

Everyone knows by now how phenomenally successful Vanguard has been in the US in the last few years. But it’s not doing badly elsewhere in the world either.For the latest TEBI Podcast, I’ve been interviewing Dr Peter Westaway, Chief Economist and Head of Investment Strategy for Vanguard Europe.Among the questions I ask him are these:Is tit true that markets are more “uncertain” now than they normally are?Has Quantitative Easing made it harder for active managers to outperform?How much attention should investors give to interest rate decisions?What progress is Vanguard making in Europe, and where does its priorities lie?

The subject of this week’s TEBI Podcast is ETFs, or exchange-traded funds.ETFs have been all the rage in recent years, soaring in popularity all over the world. In the US, a total of $124 billion has poured into ETFs in the first two months of 2017 — the the most aggressive start to a year since the industry was founded 24 years ago.I’ve been talking to Nizam Hamid, European ETF strategist at WisdomTree, to get his perspective on a range of issues:What are the advantages of using ETFs?With so many products now available, how do investors find the ones they really need?How can the industry play a part in educating consumers about the importance of investing for the long-term?And is the ETF become the go-to investment vehicle of the future?

Kunal Kapoor has just taken over as CEO of Morningstar from the company’s billionaire founder Joe Mansueto. It’s one of the biggest jobs in global investing; Morningstar enjoys huge influence among investment professionals, advisers, journalists and end investors, employing more than 4,200 people around the world. Whatever happens in the investing industry over the next 20 years, Kunal Kapoor is likely to be one of the movers and shakers.Kapoor’s background is in analysing and rating actively managed funds and, as you would expect, his views on the value of active management differ from my own. I was, however, encouraged to hear that he does share a very similar perspective to TEBI’s on such critical issues as fees and charges, the rôle of financial advice and the importance of putting the interests of consumers first.Whatever your views on those topics, I think you’ll find this a fascinating and insightful interview.

The latest TEBI Podcast, sponsored by Regis Media, is now online and features Larry Swedroe. Larry has just written his eighth book on investing. It’s called Your Complete to Factor-Based Investing, and it was co-authored with Andrew Berkin.In this podcast, I ask him:With more than factors in the so-called “factor zoo” to choose from, has factor-based investing gone too far?How many factors are there that ordinary investors really need to know about? And what are they?As more and more investors seek to gain exposure to specific factors, is there a danger that they will cease to outperform? Might we even be seeing a bubble forming?

The guest on this week’s TEBI Podcast is none other than Bill McNabb, CEO and President of Vanguard, the world’s biggest and fastest growing asset management company.This is what we asked him: Brexit and Trump: What can investors learn from the two political stories that shook the world in 2016? What does he make of evidence-based investing? And can we call Vanguard evidence-based? Why does Vanguard insist on selling actively managed funds as well as index funds? How has the rise of passive investing changed the rôle of financial advice? What does he think of robo-advisers such as Betterment and Wealthfront? How can traditional, face-to-face advisers stave off competition from the robos?Find out the answers to all these questions by listening here:

As regular TEBI readers know, the academic evidence overwhelmingly shows that most investors are better off investing in low-cost index funds.But most financial advisers still recommend actively managed funds instead. As a result, investors are ending up with pension pots considerably smaller than they should be.So, is there a case for suing advisers who carry on investing their clients’ money in expensive funds that fail to deliver? Phil Miller certainly thinks so. A former adviser himself, Phil’s company Pension Focus represents clients who feel they’ve been badly advised.

Daniel Egan is Vice-President of Behavioural Finance and Investing at Betterment, the New York City-based automated investment service, or robo-adviser.Although new robo-advisers are launching all around the world, almost without exception they’e struggling to make anything more than modest profits. That notwithstanding, I do believe that automated and partially automated investing are the future; and also that robo-advisers can happily coexist alongside traditional face-to-face advisory firms. More than that, I think that human advisers and robos can learn from each other.What I was most keen to ask Daniel Egan about is the research that Betterment has done on how to curb destructive investor behaviour, and what the lessons of it are for traditional advisory firms.

Over the years I’ve found that some of the stanchest and most effective advocates of evidence-based investing are those who’ve actually worked in the active fund management industry and seen its shortcomings at first hand.Lars Kroijer is one example, and another is Preston McSwain. Preston hails from Birmingham, Alabama, and worked for more than 20 years selling and marketing complex investment products for a range of firms including Lehman Brothers.But Lehman’s collapse and the ensuing global market meltdown prompted a complete rethink about investing and how best to serve consumers. He now runs Fiduciary Wealth Partners in Boston, managing the wealth of high-net worth individuals, and primarily using Vanguard index funds.The latest episode of the TEBI Podcast tells his remarkable story.

For this week’s show I review the inaugural Evidence-Based Investing (EBI) Conference, held earlier this month in New York City. It’s a great listen, with contributions from three of the most prominent thought leaders on the US investing scene — Josh Brown, Barry Ritholtz and Morgan Housel.

Last week, the FCA published its landmark report on asset management. The conclusions were damning about the sorry state of competition in the UK investing industry.In many ways, the findings felt like a vindication for those campaigners who have been highlighting these failings for years.One of those pushing for change is Andy Agathangelou, Founding Chair of the Transparency Task Force. In this podcast, he speaks to Robin about his ongoing battle for greater transparency in the investing industry, why the FCA is only now just catching up to these problems, the impact beyond the UK, and what he believes is the most important finding to come out of the report.