Return on Reason

Too often, families spend more time planning how to build wealth than how to pass it on. In Episode 32, we’re joined by Ron Diamond* to discuss family governance, inheritance, and how to prepare the next generation for wealth without creating confusion, conflict, or entitlement. You’ll learn: Why investing should often come after governance, values, and family communication How to prepare children for wealth without creating entitlement What families should address before a liquidity event or inheritance   About Ron Diamond We asked Ron to join us because he has spent years working with families and family offices on exactly these family governance challenges. He is Founder and Chairman of Diamond Wealth, a leader in the family office community through TIGER 21, and a member of the Advisory Board and Steering Committee for the University of Chicago Booth School of Business Family Office Initiative. https://www.linkedin.com/in/ronalddiamond/ https://www.chicagobooth.edu/research/family-office-initiative   Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   *Guest speakers featured are independent third parties and are not affiliated with Greenspring. No cash or non-cash compensation was provided to or received by Greenspring in connection with any guest appearance. The views and opinions expressed by guests are their own as of the date of recording and do not necessarily reflect the views of Greenspring. Appearance on the podcast should not be construed as an endorsement of Greenspring. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

We revisit a question we expect to ask every 1-2 years. Is this time different? The catalyst this time is energy and trade shocks tied to conflict. You’ll learn: How common market drops like this are and how often they rebound How separating your roles as a citizen, consumer, and investor can guide what action, if any, to take What history tells us about market returns through past conflicts and energy shocks The questions investors are asking and how we think about what to do For additional context and visuals shown in the episode, you can subscribe to Justin Brown’s Chart of the Week. Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast  Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com    Sources (1) Tariffs: Is This Time Different? | #6 (Greenspring Advisors, 2025) (2) Do Large Oil Price Moves Impact Future Market Returns? (Greenspring Advisors, 2026) (3) U.S. Market Returns After Major Conflicts (Greenspring Advisors, 2026)   Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Many investors assume that if they need cash, even for short-term expenses, they have one option: sell their investments. In Episode 30 of Return on Reason, we discuss a less widely understood option, borrowing against your investment portfolio. It may be one option for accessing short-term liquidity, but it also introduces tradeoffs that stretch beyond the interest rate. You’ll learn: Four ways to access cash from your portfolio Six criteria to consider when evaluating tradeoffs How to use this framework in three example situations Even if you don’t need this today, understanding how it works may help inform your decision if the need arises.   Chapters 00:00 Why Liquidity Builds Confidence Why having access to cash affects how confidently you invest your portfolio 02:15 Temporary Liquidity vs Permanent Leverage Why borrowing should be time-constrained and where it can become risky 04:30 The Four Ways to Access Cash Selling securities, portfolio lines, HELOCs, and traditional loans 07:45 The 6 Tradeoffs That Matter Origination, cost, taxes, rate structure, behavior, and risk 12:45 Case Study 1: Helping a Child Buy a Home A short-term need where avoiding capital gains can make a difference 15:45 Case Study 2: Business Working Capital Using a portfolio when traditional lending isn’t available or practical 18:45 Case Study 3: Funding a Major Purchase Why flexibility can become a downside without a repayment plan 21:30 Key Takeaways: Simplicity vs Flexibility Why selling is often the answer and when borrowing makes sense   Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Sources 1Securities Backed Line of Credit Explained (FINRA. 2024) 2Know What Triggers a Margin Call (FINRA, 2023) Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Cash feels safe. Over time, excess cash quietly works against you through lower returns, inflation, and taxes. In Episode 29 of Return on Reason, we dive into how to optimize the return on your cash by exploring how much to hold and where to hold it, so that it works for you, not for your bank or brokerage. When cash may stop being a reserve and become a drag on wealth Why it’s easier than ever to earn more on cash and how small changes may improve your after-tax return while helping minimize volatility Where cash should live today, from high-yield savings accounts to money market funds to Treasury bills and more Why banks and brokerage firms may benefit when you leave your cash idle   00:00 One Word That Cost Investors $2B (1-3) Why cash matters and the Capital One savings account story. 05:36 Why Investors Leave Cash Uninvested (4-5) Vanguard research on rollover IRAs sitting idle. 07:34 The Three Drags on Cash (6) Inflation, taxes, and lower expected returns. 14:09 The Cash Yield Ladder Checking accounts, savings accounts, money markets, CDs, and Treasury bills. 18:40 How Deposit Insurance Works (7-8) Understanding FDIC limits and bank failure risk. 22:13 Why Banks Love Your Idle Cash (9) How banks and brokerages profit from idle deposits. 30:09 Taxes and After-Tax Yield Treasury money markets, municipal funds, and tax equivalent yield. 36:21 When Cash Optimization Matters Most Why larger balances make small differences meaningful. 40:19 Why People Hold Too Much Cash Behavioral reasons and income variability. 42:16 The Liquidity Ladder Daily spending, emergency funds, and goal-based savings. 49:00 Action Steps for Investors How to evaluate and optimize your cash. Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Sources They Thought Their Money Was in High-Interest Accounts—They Got Paid Peanuts (WSJ, 2024) Capital One Is Sued by Regulator Over the Bank’s Savings Accounts (WSJ, 2025) Capital One to Pay $425 Million in 360 Savings Interest-Rate Settlement (WSJ, 2026) Out of sight, out of market: The IRA cash drag (Vanguard, 2024) The “sticky” IRA cash trap (Vanguard, 2024) Global Investment Returns Yearbook (Dimson, Marsh & Staunton, 2025) Failed Bank List from the Federal Deposit Insurance Corporation (FDIC) Nobel Prize in Economics on the Role of Banks (2022) Schwab Annual Report (Schwab, 2026) References to third-party charts, graphs, and other illustrations are for educational purposes only. These materials are intended to provide general context and should not be relied upon alone in making investment decisions. Any such information has limitations and should be considered together with an investor’s individual financial circumstances and objectives. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

AI, banking innovation, estate planning tools. Why better tools don’t automatically mean better decisions. Innovation in personal finance is no longer constrained to investments. Access to new tools is expanding. But better information does not eliminate trade-offs. In Episode 28 of Return on Reason (formerly Greenstream), we explore where innovation genuinely adds value and where judgment, coordination, and incentives still determine results. You’ll learn: Where AI and new financial tools genuinely add value and where human judgment still matters Why “free” financial tools are rarely free and how incentives shape outcomes How innovation across tax planning, banking, lending, insurance, and estate planning is reshaping personal finance   00:00 Intro & Rebrand to Return on Reason Why Greenstream became Return on Reason and what is not changing. 03:20 AI in Personal Finance (1, 2) Where AI helps with analysis and aggregation, and where judgment still matters. 09:30 Tax Planning and Trade-Offs Why identifying opportunities is easier than making coordinated decisions. 15:00 “Free” Financial Tools and Incentives (3) If the tool is free, how is it making money? 20:00 Banking Innovation and Cash Management (4) Yield, liquidity, and evolving deposit platforms. 26:30 Lending and Liquidity Decisions (5) When borrowing adds flexibility and when it adds risk. 28:45 Insurance and Commission Structures Risk management versus product complexity. 32:36 Cryptocurrency as Innovation? Maybe but not clear if it’s investment innovation. 38:30 Estate Planning (6) When digital estate planning works and when complexity requires more. 48:45 Coordination and Long-Term Outcomes Innovation expands tools. Coordination still determines results. Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Sources Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving (Thaler & Benartzi, 2004) Wealth Management Stocks Fall on New AI Fears (WSJ, 2026) https://www.monarch.com/partner/greenspring https://www.flourish.com/clients/cash Box Spreads Explained (Kitces, 2026) Trust and Will and 2025 Estate Planning Report Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

After-tax outcomes. Concentrated wealth. Private market access. The math matters more than the marketing. Innovation is inevitable. Access to new investment tools continues to expand. The question is whether the benefits outweigh the costs. In Episode 27 of Greenstream, we discuss the tradeoffs behind strategies designed to improve after-tax outcomes, manage concentrated wealth, and pursue private market opportunities to determine when the math works for the investor and when it does not. When direct indexing may improve after-tax outcomes and how tax-aware implementation differs from owning commingled funds Under what circumstances exchange funds and 351 structures may help address concentrated wealth, and when their complexity may outweigh the benefit How to apply Pat’s penny lesson framework to new investment tools to help determine whether potential advantages justify added fees, complexity, and liquidity tradeoff Chapters: 00:00 The Future of Investment Management Innovation expands access, but outcomes depend on how investments integrate with the broader financial picture. 03:44 The Evolution of Advice From product sales to integrated advisory teams and expanding access to sophisticated tools. 09:10 Personalization With Discipline Moving beyond model portfolios while avoiding unnecessary customization. 13:00 Tax-Aware Implementation How direct indexing and technology enable more precise after-tax portfolio management. 35:00 Concentrated Wealth Strategies Exchange funds and 351 structures, and when their structural tradeoffs may matter. 41:13 Evaluating Private Markets Expanding access, fee structures, liquidity constraints, and incentive alignment. 48:53 The Penny Framework Determining potential advantages justify added complexity, cost, and tradeoffs. 50:43 Beyond Investment Management Innovation across planning, lending, and the broader advisory relationship. Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com . . . Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Whether you know it or not, every investor's portfolio takes factor bets. In Episode 26 of Greenstream, we break down what factor investing actually is and how it is used as a framework for understanding risk, diversification, and portfolio construction. You’ll learn: Why factor returns are expected, not guaranteed Why stocks vs. bonds is the original (and one of the biggest) factors bet investors make How factor investing helps distinguish between true manager skill and simply taking more risk to generate performance This episode builds directly on Episode 25, Is Indexing the Best You Can Do?, where we explored why even index investing involves active decisions and why implementation matters.   Chapters 00:00 — Understanding Factor Investing(1) Every portfolio reflects factor choices, whether investors realize it or not. 02:17 — What Is Factor Investing and What It Isn’t (1-3) Factor investing means intentionally deviating from market weights to target groups of investments with shared risk and return characteristics, not chasing outperforming stocks. 06:07 — Why Factor Returns Are Expected, Not Promised Factor premiums improve long-term odds, but they are uncertain, volatile, and can underperform the market for long stretches. 12:02 — Why Stocks vs Bonds Is the Original Factor Bet (1) The most widely accepted factor is the market itself: stocks have higher expected returns than bonds, and every investor chooses their exposure. 18:29 — Size and Value: Long-Term Evidence and Tradeoffs (2-3) Smaller and cheaper companies have historically offered higher expected returns, but only for investors willing to tolerate discomfort and tracking error. 30:29 — Momentum: Why Trends Exist (4) Momentum appears consistently in market data, but high turnover, costs, and behavioral challenges make it difficult to capture in practice. 33:44 — Quality: Profitability, Balance Sheets, and Staying Power (5) More profitable companies tend to deliver better outcomes when controlling for size and valuation, helping refine factor exposure. 37:38 — When More Factors Don’t Help Beyond the core factors, many proposed premiums add complexity and cost without meaningfully improving diversification or returns. 40:40 — Common Critiques of Factor Investing (6) Skepticism often stems from recent underperformance, volatility, and the discomfort of looking different from the market. 46:05 — How Investors Actually Implement Factor Tilts Practical implementation starts with understanding current exposures and making thoughtful, diversified adjustments over time. 50:56 — Closing: Better Questions, Not Better Predictions Factor investing isn’t about forecasting winners, it’s about improving decision quality and long-term odds.   Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Sources Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk (Sharpe, 1964) The Cross-Section of Expected Stock Returns (Fama & French, 1992) Common Risk Factors in the Returns on Stocks and Bonds (Fama & French, 1993) Returns to Buying Winners and Selling Losers (Jegadeesh & Titman, 1993) The Other Side of Value: The Gross Profitability Premium (Novy-Marx, 2013) Expected Returns (Ilmanen, 2011) Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Index funds have transformed investing. They lowered costs, improved diversification, and helped investors avoid many of the most common mistakes. For most people, indexing has been a clear upgrade over trying to outsmart the market. But even indexing is an active decision. The way an index is built, how it handles income and taxes, and how it’s implemented all influence results in ways that don’t show up in expense ratios. In Episode 25 of Greenstream, we unpack where those decisions live, why they matter, and how investors can keep the intent of indexing while being more thoughtful about execution. You’ll learn about: Why do indices that sound similar have very different expected returns Why implementation details can matter as much or more than headline expense ratios When indexing may be appropriate, and how to execute it more thoughtfully   00:00 Is Indexing The Best You Can Do? – why “good enough” investing still deserves scrutiny (1) 01:39 The Evolution of Index Funds – from benchmarking tool to dominant investment strategy (2) 05:46 The Goal of An Index Fund – minimizing tracking error, not beating the market 10:34 Why Indexing Is Still Active – index selection as a subjective decision (3) 13:40 Structural Decisions in Index Construction – S&P 500, QQQ, and what “market” really means (3-6) 16:28 International & Small-Cap Indexes – why similar labels produce very different outcomes (3, 7-8) 21:14 Index Design vs Investor Needs – tax-efficiency and whether an index is built for you (9) 25:50 The Reconstitution Effect – price impact when everyone trades at once (10-12) 34:37 Style Drift Inside Index Funds – how portfolios change between rebalances 37:52 Can Indexing Be Improved? – innovation within rules-based investing 40:02 What Investors Can Do – when indexing is the best option and how to implement it better Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Sources 1 – Kissinger: A Biography (Isaacson, 2005) 2 – Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever (Wigglesworth, 2021) 3 – Time period: 2021 to 2024. US Index comparisons include average annual returns for  CRSP US Total Stock Market Index, S&P Total Market Index, Dow Jones US Broad Stock Market Index, and Russell 3000 Index. Developed ex US index comparisons include average annual returns for  FTSE Developed All Cap ex US Index, MSCI EAFE IMI Index (Net), and S&P Developed ex US BMI Index.. Emerging markets index comparisons include average annual returns for S&P Emerging BMI Index (gross div.), MSCI Emerging Markets IMI Index (gross div.), and FTSE Emerging All Cap Total Return Index. 4 – Big Changes For Invesco QQQ: What Investors Should Know (Morningstar, 2025) 5 – NASDAQ-100 Index Methodology 6 – S&P 500 Index Methodology 7 – Opinion: The Hidden Costs of Indexing Are Hurting Institutions’ Returns (Dimensional via Institutional Investor, 2025) 8 – When Tracking Error is a Fix, Not An Error (Dimensional, 2022) 9 - Keeping More of What You Earn: Tax Efficiency of Dimensional Equity Solutions (Dimensional, 2025) 10 - Measuring the Costs of Index Reconstitution: A 10-Year Perspective (Dimensional, 2024) 11 - Tesla’s Charge Reveals Weak Points of Indexing (Dimensional, 2021) 12 - Marlena Lee Discusses Shortcomings of Indexing on “Jill on Money” Podcast (via Dimensional, 2024) Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Even after a win, the best coaches go back to the tape. 2025 was a strong year for markets. But like a disciplined coach after a big win, the most valuable work happens in the film review. In Episode 24 of Greenstream, we look back on the year not to celebrate outcomes, but to pressure-test decisions. From tariff-driven volatility to the return of cash as a real option, this episode focuses on the habits that matter when markets don’t cooperate. You’ll learn about: How tariff volatility stress-tested portfolios and what it revealed about discipline, rebalancing, and tax-loss harvesting Why international stocks outperform in 2025 is a reminder that markets rarely reward forecasts What a year of Greenstream conversations revealed, and how that’s shaping where the podcast goes next   00:00 Why Greenstream Exists – better decisions over better predictions 04:36 How We’re Improving the Podcast (1-4) – lessons from past episodes 07:15 Tariffs as a Stress Test (5-7) – what to do during and after volatility 17:07 International Stocks (8-9) – and the limits of forecasting 20:48 Cash is a Decision Again – after yields, taxes, and inflation 28:14 Finding the Middle Ground (10-11) – discipline and diversification 34:31 The New Tax Law (12-13) – more certainty and more complexity 41:02 The Impact of Greenstream (14) – divorcing decisions vs outcomes   Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Sources 1 Patrick McQuown on Innovation and Exiting Your Business | GS #4 2 GenAI's Impact on Productivity and Profits: With Steve Moritz | GS #14 3 EY’s Lindsay Jordan & Robyn Bew on Why Every Organization Needs a Board (and How to Join One) | GS #18 4 The Business of Baseball with Orioles President Catie Griggs | GS #23 5 Investing through Tariff’s Webinar w/ Economist Apollo Lupescu 6 Is This Time Different – Tariffs | GS #6 7 How Often Should You Rebalance Your Portfolio | GS #22 8 Investment Risk Explained: How Much Diversification Do You Need? | GS #15 9 Is There Still a Case for International Investing? | GS #21 10 Investor Risk: Behavioral Biases That Can Cost Investors Returns | GS #16 11 How To Build The Perfect Portfolio For You | GS #20 12 The Goal of Tax Planning is to Minimize Lifetime Taxes | GS #19 13 Uncovering Opportunities in the New Tax Law "One Big Beautiful Bill Act" Webinar 14 The Truth About Annuities: Why Their Bad Rap Is (Mostly) Deserved | GS #7   Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

What does it take to run a modern Major League Baseball franchise? In Episode 23 of Greenstream, we talk with Catie Griggs, the Baltimore Orioles’ President of Business Operations, about how the O’s are working to build a championship-caliber fan experience on the field and in the stands. You’ll learn about: Catie’s career path and how 100+ informational interviews helped her break into sports’ apprenticeship-driven industry. The changing economics of professional sports and what it means for team ownership, leadership, and the fan experience. How the Orioles are investing heavily in Camden Yards to modernize the fan experience while preserving what makes it one of baseball’s most iconic ballparks. Follow Catie Griggs: https://www.linkedin.com/in/catie-griggs/ Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Rebalancing may help keep your portfolio aligned with your goals, but how often should you actually do it? In Episode 22 of Greenstream, we break down the research behind rebalancing, why drift matters, and how to use cashflows to rebalance with the least friction and cost. You’ll learn about the: Why rebalancing works and what the evidence shows about managing portfolio drift The tradeoffs between calendar schedules, tolerance-band triggers, and using cashflows to stay aligned with your target mix in an effort to minimize taxes and friction Why a disciplined, rules-based process could help you stay invested during volatile markets   Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Sources 1 Opportunistic Rebalancing: A New Paradigm for Wealth Managers (Daryanani, 2008) 2 Rebalancing and Returns (Dimensional, 2008) 3 Hong, Xing, Portfolio Rebalancing: Tradeoffs and Decisions (2021): https://ssrn.com/abstract=3858951 4 Are Advisors Worth Their Fee | Greenstream 13 (2025)   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

After 15 years of U.S. outperformance, many investors are wondering whether global diversification is still worth it. In Episode 21 of Greenstream, we look past recent returns and dig into the long-run evidence of global stock market returns. You’ll learn about: The academic, risk-adjusted case for international diversification How global diversification helps protect against a ‘lost decade’ or more in your home country The case for home bias and how to build a portfolio you can stick with Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Sources 1Chambers, David and Dimson, Elroy and Ilmanen, Antti S. and Rintamäki, Paul, Long-Run Asset Returns. Available at SSRN: https://ssrn.com/abstract=5022480 2UBS Investment Returns Yearbook 2025: https://www.ubs.com/global/en/investment-bank/insights-and-data/2025/global-investment-returns-yearbook-2025.html 3International Diversification—Still Not Crazy after All These Years. AQR, 2023: https://www.aqr.com/Insights/Research/Journal-Article/International-Diversification-Still-Not-Crazy-after-All-These-Years 4Japan in the News, But It’s Nothing New. Dimensional, 2024: https://www.dimensional.com/us-en/insights/japan-in-the-news-but-its-nothing-new 5A Tale of Two Decades: Lessons for Long-Term Investors. Dimensional, 2020: https://www.dimensional.com/us-en/insights/a-tale-of-two-decades 6Has Australia Really Had a 28-Year Expansion? Federal Reserve Bank of St. Louis, 2019: https://www.stlouisfed.org/on-the-economy/2019/september/australia-28-year-expansion 7Investor Risk: Behavioral Biases That Cost Investors Returns. Greenspring Advisors, 2025: https://youtu.be/jMxlCOdjkqg?si=CzWk2vQ6QEJUyW3P 8Global Diversification Still Requires International Securities. Dimensional, 2024: https://www.dimensional.com/us-en/insights/global-diversification-still-requires-international-securities   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

It’s one of the most important decisions in personal finance. Research has shown that asset allocation, not the stocks you pick, explains 90% of returns (see sources below). That’s why getting your mix of stocks to bonds right matters most. In Episode 20 of Greenstream, we explain why there is no agreement on the single, optimal portfolio, but how we can find the best portfolio for you. You’ll learn about: How to align your portfolio with your risk tolerance, capacity, and need Why your asset allocation should evolve as you approach, are in, and continue through retirement The role ample liquidity plays in building the perfect portfolio for you – one you can stick with Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Sources 1 Brinson, G. P., Hood, L. R., & Beebower, G. L. (1986). Determinants of Portfolio Performance. Financial Analysts Journal, 42(4), 39–44. https://doi.org/10.2469/faj.v42.n4.39 2 Ibbotson, Roger G. and Kaplan, Paul D., Does Asset Allocation Policy Explain 40, 90, 100 Percent Of Performance?. Available at SSRN: https://ssrn.com/abstract=279096 3 https://youtu.be/CFbvuB4o1bk?si=HjtiukEtteLJuNAQ 4 Gennaioli, Nicola and Shleifer, Andrei and Vishny, Robert W., Money Doctors (June 11, 2012). Chicago Booth Research Paper No. 12-39, Fama-Miller Working Paper, Available at SSRN: https://ssrn.com/abstract=2133429 or http://dx.doi.org/10.2139/ssrn.2133429 5 https://youtu.be/y_PX-HyRW-Q?si=ISVpYmGFudUcYr9O   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Taxes are one of your largest lifetime expenses, but most people think about them after it’s too late to make a difference. In Episode 19 of Greenstream, we break down the difference between tax preparation (filling out your tax return) and tax planning (proactively shaping your outcomes). You’ll learn about: How to identify opportunities before year-end that may disappear in January Why financial advisors and CPAs play complimentary roles in tax strategy Why reducing the tax drag of your investment portfolio is an integral part of tax planning Uncovering Opportunities in the New Tax Law "One Big Beautiful Bill Act" Webinar   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Board service is one of the most impactful ways to shape organizations, give back, and expand your influence. In this episode, Lindsay Jordan and Robyn Bew, board governance experts from EY (sharing personal perspectives), unpack what boards do, why they matter for every organization, and how you can position yourself to join one.   Sources EY Center for Board Matters – Our latest thinking | EY - US https://www.ey.com/en_us/board-matters Connect with Lindsay Jordan on LinkedIn https://www.linkedin.com/in/lindsaygjordan/ Connect with Robyn Bew on LinkedIn https://www.linkedin.com/in/robyn-bew/ EY CBM Board Effectiveness framework https://www.ey.com/en_us/board-matters/how-to-achieve-enduring-board-effectiveness Americas board priorities 2025 | EY - US https://www.ey.com/en_us/board-matters/americas-board-priorities-2025 EY CBM Board Readiness Resource Center https://cs.ey.com/2025/03/11922/   Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Are you investing or are you gambling? In episode 17 of Greenstream, we unpack evidence from casinos, sportsbooks, and academic finance to show how the odds work against gamblers but for investors. You’ll learn about: Why time is an investor’s ally but gambler’s enemy How the “favorite–longshot bias” from horse racing shows up in lottery stocks and IPOs Four practical ways to help stack the odds in your favor and invest like the House Subscribe now so you don’t miss what’s coming next: an inside look at the importance of Boards of Directors for organizations of all sizes and how to find opportunities to join one.   Sources: 1 Thaler, Richard H., and William T. Ziemba. 1988. "Anomalies: Parimutuel Betting Markets: Racetracks and Lotteries." Journal of Economic Perspectives: https://www.aeaweb.org/articles?id=10.1257/jep.2.2.161 2 Sauer, Raymond. (1998). The Economics of Wagering Markets. Journal of Economic Literature. 36. 2021-2064. https://www.researchgate.net/publication/4732178_The_Economics_of_Wagering_Markets 3 https://www.bbc.com/future/article/20160721-the-buzz-that-keeps-people-gambling 4 https://responsiblegambling.org/for-the-public/about-gambling/the-science-behind-gambling/ 5 Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: https://ssrn.com/abstract=3423101  6 Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance, The Cross-Section of Speculator Skill: Evidence from Day Trading (December 31, 2012). Available at SSRN: https://ssrn.com/abstract=529063 7 Ritter, Jay R., The Long-Run Performance of Initial Public Offerings (1991). University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship, Available at SSRN: https://ssrn.com/abstract=1505889 8 https://site.warrington.ufl.edu/ritter/ipo-data/ 9 Asness, Cliff S. and Frazzini, Andrea and Israel, Ronen and Moskowitz, Tobias J. and Moskowitz, Tobias J. and Pedersen, Lasse Heje, Size Matters, If You Control Your Junk (January 22, 2015). Fama-Miller Working Paper: https://ssrn.com/abstract=2553889 10 Rizova, Savina and Saito, Namiko, Investment and Expected Stock Returns (July 8, 2020). Available at SSRN: https://ssrn.com/abstract=3646575 11 American Dream: Is Your House Your Greatest Investment? | Greenstream #8 https://www.youtube.com/watch?v=z-_Eg-hHaPA&t=2s 12 Real Estate: Expected Returns and Expected Headaches | Greenstream #9 https://youtu.be/Hhscc3TLEEY?si=VrRQwYSzFTAGMVTa 13 Bessembinder, Hendrik (Hank), Do Stocks Outperform Treasury Bills? (May 28, 2018). https://ssrn.com/abstract=2900447   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Investment returns are expected, not promised. To capture them, investors should both intelligently take risks and stick around for the return. In episode 16 of Greenstream, we break down the psychological and behavioral biases that can hold us back. Investors should view these as penalties or unforced errors that make winning your game harder. You'll learn: What we believe to be biases and how they manifest themselves in portfolios Why diversification, patience, and tax discipline matter more than you might think How the Stockdale Paradox provides a framework for long-term resilience   Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Sources: 1 Are Financial Advisors Worth Their Fee? | Greenstream #13 https://youtu.be/Is7N5M4e4Ck 2 Investment Risk Explained: How Much Diversification Do You Need? | Greenstream #15 https://youtu.be/yEqRrXDAe7A 3 Barberis, Nicholas and Barberis, Nicholas and Thaler, Richard H., A Survey of Behavioral Finance (2002). https://ssrn.com/abstract=327880 4 Barber, Brad M. and Odean, Terrance, Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment (1998). https://ssrn.com/abstract=139415 5 Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. https://ssrn.com/abstract=219228 6 Odean, Terrance, Do Investors Trade Too Much? (1998). https://ssrn.com/abstract=94143 7 Collins, Jim, The Stockdale Paradox. https://www.jimcollins.com/concepts/Stockdale-Concept.html    Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Investing isn’t about avoiding risk; it’s about taking the right risks and avoiding the wrong risks. In episode 15 of Greenstream, we break down what risk means, the difference between compensated (right) and uncompensated (wrong) risk, and why most investors underestimate risk. You’ll learn: What different types of risk matter: catastrophic, opportunity cost, and missed goals Why individual stocks are riskier than you might think (even Apple and Meta) How much diversification it takes to move beyond concentration risk Why risk premiums exist and how we can use them to pursue higher expected returns Our next episode will shift from investment to investor risk, where we’ll look at the behavioral challenges of sticking to your investment plan. You can subscribe here.   Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com   Sources: 1 Do Stocks Outperform Treasury Bills? by Hendrik Bessembinder :: SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447 2 JP Morgan’s The Agony and The Ecstasy (2021) https://privatebank.jpmorgan.com/nam/en/insights/latest-and-featured/eotm/the-agony-the-ecstasy 3 JP Morgan’s The Agony and The Ecstasy (2024) https://privatebank.jpmorgan.com/nam/en/insights/markets-and-investing/ideas-and-insights/the-agony-the-ecstasy 4Extreme Stock Market Performers, Part I: Expect Some Drawdowns by Hendrik Bessembinder :: SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3657604 5 Petajisto, Antti, Underperformance of Concentrated Stock Positions (June 30, 2023): https://ssrn.com/abstract=4541122 6 Fama, Eugene F. and French, Kenneth R., A Five-Factor Asset Pricing Model (September 2014): https://ssrn.com/abstract=2287202 7Harvey, Campbell R. and Liu, Yan and Zhu, Caroline, …and the Cross-Section of Expected Returns (February 3, 2015): https://ssrn.com/abstract=2249314 8 The Three Ways To Beat The Market | Greenstream #2: hhttps://youtu.be/XeGNGWNbF-8 9 Asness, Cliff S. and Frazzini, Andrea and Israel, Ronen and Moskowitz, Tobias J. and Moskowitz, Tobias J. and Pedersen, Lasse Heje, Size Matters, If You Control Your Junk (January 22, 2015): https://ssrn.com/abstract=2553889 10  Rizova, Savina and Saito, Namiko, Investment and Expected Stock Returns (July 8, 2020): https://ssrn.com/abstract=3646575   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Is AI overhyped? Or is it the next big leap in productivity and profits? In this episode, we explore real-world examples of how GenAI is transforming small and medium sized businesses. Our guest, Steve Moritz, 2x AI founder and longtime IT consultant, shares how to start using AI in your business, the risks to mitigate, and why leadership buy-in matters. Plus, we discuss what AI’s expected productivity boost means for your investment portfolio.   Steve Moritz: https://www.linkedin.com/in/stephenmoritz/ Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast/   Chapters 00:00 Intro to Steve Moritz - the perfect guest to join as 2x AI Founder and longtime IT implementation consultant 04:10 What is GenAI? - replicative and generative use of data to make decisions  04:48 Comparing GenAI to Past Tech Shifts - the ability to generate a decision is wholly unique 06:58 Why the Breakthrough Now? - compute capacity has led to an exponential increase in workflow efficiency 11:30 The Biggest Misconceptions of AI - it will not take over the world, but it will reduce clerical jobs 17:35 The 4 Ways Every Small Business Should be Using GenAI Today - to enhance productivity and impact 23:36 Are Employees or Employers Benefiting from Increased Productivity? - this is a key business opportunity 27:09 Prompt Engineering in Hiring- that helps future proof your business 32:08 AI is Like an Employee - humans in the loop processes help plan for, detect, and solve for wrong outputs over time 36:55 Shadow IT - the difference between leveraging off the shelf, internal, and hybrid tools 43:06 AI Privacy, Security, and Transparency - the evolution of the cloud means that it is often safer than employer secured networks 46:59 Data Risk is a Top Concern - garbage in, is garbage out 52:12 Vertical and Horizontal Integration - how AI is changing the job market 59:40 Is AI Overhyped? - it augments your business but doesn’t change it 1:03:14 Small Business Benefits - by leadership endorsing sanctioned uses and finding workflows where data is in motion 1:08:03 How Does AI Affect Investing in the Stock Market? – if the promise is a productivity boost across most industries, AI should be a rising tide that lifts all boats   Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast/ Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Do they add enough value to cover their fee? We dive into to unpacking the qualitative and quantitative components of potential value for investors from fee-only advisors. We also compare fee-only advice with other forms of advice and discuss why investment advice alone isn’t enough to justify 1% per year.   Meet with Marcus & Pat: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Sign Up for Email Updates: https://greenspringadvisors.com/greenstream-podcast/   Chapters: 00:00 Do Advisors Add Value Beyond Their Fee? 03:48 Investor Motivations for Hiring an Advisor1,2 – only 7-12% of investors cite returns as the primary reason they are hiring an advisor 09:41 Quantifying Advisor Value3,4 – the challenges of estimating value that is dependent on actions someone would take otherwise and incorporating nonfinancial factors 12:39 Asset Allocation and Rebalancing5,6,7 – are you taking the right type of risk (diversified) or enough risk? 25:17 Product Selection8,9 – do you know what fees you are paying and if you don’t, it’s probably more than necessary 32:08 Asset Location – matching the tax-efficiency of different investments with the appropriate type of account 40:43 Behavioral Coaching – helping investors understand when they shouldn’t take action and if they should take action, what is it? 50:04 Generating Income in Retirement8 – and avoiding ‘Boomer Candy’ products that prey on the desire for income 53:34 The Importance of Insurance – learning to detect the difference between insurance that protects and insurance that invests, which is typically inefficient 57:11 Tax Planning and Projections – good investment advisors should fill the gap left by tax preparers focused on tax compliance 01:02:16 Commissioned Advice – knowledgeable about the products they sell but incentivized to sell you more than you need 01:07:12 Fee-Only Advice – point in time advice is good but proactive advice unlocks more opportunities to add value 01:13:53 Different People Value Different Things At Different Times – the value of an advisor changes over time   Sources: 1 Why Do Investors Keep Their Advisor Around (Morningstar, 2024): https://www.morningstar.com/financial-advisors/why-do-investors-keep-their-financial-advisors-around 2 Dimensional Investor Study (2021): https://my.dimensional.com/2021-global-investor-study-key-takeaways 3 Vanguard’s Advisor Alpha (2022): https://corporate.vanguard.com/content/dam/corp/articles/pdf/putting_value_on_your_value_quantifying_vanguard_advisors_alpha.pdf 4 Russell’s Value of An Advisor (2025): https://russellinvestments.com/content/dam/ri/files/ca/en/individual-investor/insights/value-of-advisor.pdf 5 Money Doctors (Gennaioli, Shleifer, and Vishny, 2012): https://ssrn.com/abstract=2133429 6 The Three Ways To Beat The Market (Greenspring, 2025): https://youtu.be/XeGNGWNbF-8 7 What Can We Learn From Elite Institutions (Greenspring, 2025): https://youtu.be/2wXKgVGUmyo 8 Generating Retirement Income and the Allure of ‘Boomer Candy’ (Greenspring, 2025): https://youtu.be/Ms8uRmOC6EE  9 The Truth About Annuities (Greenspring, 2025): https://youtu.be/2gGq4lX2yP4   Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

How can you evaluate your advisor’s investment performance? We discuss why it’s an important question to ask, why it’s challenging to answer, and why you should be skeptical if the answer is only about past performance. Investing is different from other disciplines because past performance tends to not persist, even for sophisticated institutional investment managers. We also talk about the ways the industry obfuscates historical benchmark relative performance.   Chapters 00:00 Understanding Performance: The Right Questions to Ask Advisors – why it’s a tough question to answer and why it should be that way 04:30 Asset Allocation and Stock Selection – the two components of a proper performance attribution analysis 08:33 Use Long Run Historical Returns as Expectations1 – to hedge against the emotional power of narratives that surround short-term performance (0-5 years) 11:18 Persistence is the Difference Between Skill and Luck 2, 3 – investing is different than other disciplines because the evidence doesn’t support persistence 21:06 Seeding, Merging and Closing Strategies 4,5 - three ways managers are disguising their true performance 25:17 Taking More Risk Than Benchmark – especially in lower volatility asset classes like bonds, picking a favorable benchmark is a common tactic to be aware of 30:23 Moving the (Benchmark) Goal Posts 6, 7 – underperforming funds change their benchmark to something they historically beat… 33:15 Even Institutions Funds Can’t Find Performance Persistence 1, 8, 9, 10 – they also buy good looking past performance that becomes average performance 40:03 Evaluating Advisors: Did They Do What They Said They Would? – can they explain their process, the decisions behind it, and the resulting performance 48:46-51:44 Pat’s 4 Questions To Ask Advisors – Fees, Diversification, Structure, and Tax-efficiency   Sources 1 What Can We Learn from Elite Endowments? (Greenspring, 2025) - https://youtu.be/2wXKgVGUmyo?si=5hd-pN_GUv_fUtO5 2 SPIVA Persistence Scorecard (2025) - https://www.spglobal.com/spdji/en/spiva/article/us-persistence-scorecard/ 3 Fund Landscape (Dimensional 2024)- https://www.dimensional.com/us-en/insights/the-fund-landscape 4 The Arithmetic of Active Management (Sharpe, 1991) - https://web.stanford.edu/~wfsharpe/art/active/active.htm 5 Fund Mergers and Liquidations (Dimensional, 2024) - https://www.dimensional.com/us-en/insights/mergers-and-liquidations 6 How To Beat The Stock Market Without Even Lying (WSJ, 2024) - https://www.wsj.com/finance/investing/stock-market-fund-benchmark-change-11660940613 7 Moving the Goalposts? Mutual Fund Benchmark Changes and Relative Performance Manipulation (Mullally and Rossi, 2024) - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4145883 8 Performance Persistence in Institutional Investment Management (Busse, Goyal, Wahal, 2006) - https://ssrn.com/abstract=890319 9 Choosing Investment Managers (Goyal, Wahal, Yavuz, 2022) - https://ssrn.com/abstract=3651476 10 Mutual Fund Flows and Performance in Rational Markets (Berk, Green, 2003) - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=383061   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

In this episode, Marcus Schafer and Patrick Collins discuss the intricacies of generating income in retirement. They explore various strategies for withdrawal rates, the importance of asset allocation, and the role of social security. The conversation emphasizes the need for a comprehensive financial plan that includes tax strategies and the evaluation of income-generating products. The hosts advocate for a diversified portfolio approach to ensure long-term financial stability and flexibility in retirement.   Chapters 00:00 Why 4% Withdrawal Rates Are Optimistic1, 2 – we contrast our findings from episodes on Elite Endowment spending policies (EP #4) and an individual’s safe withdrawal rates (EP #10) 04:37 The Limits of Dividends as Income 3, 4, 5 – the drawbacks of concentrating only on dividends 15:52 Asset Allocation for Retirement – start with how many years of expenses can be covered by your bond allocation 22:13 Incorporating Social Security and Pensions – delaying often means higher withdrawal rates at the beginning but higher probabilities of success in the long run 23:53 Retirement Income Valley Opportunities – maximizing the low tax brackets between retirement and taking social security + required minimum distributions 30:22 Tax Diversification is Key for Retirement Income – unknown future tax rates means a tax optimal decision in the accumulation phase might not be optimal when you reach your withdrawal phase 32:53 Account Withdrawal Order – Taxable first, tax-deferred second, tax-free third? 35:33 Incorporating Social Security – despite future potential changes, delaying often makes the most sense on paper for those in good health with one spouse that earned more 39:20 Evaluating “Boomer Candy” 6, 7, 8, 9, 10, 11, 12 – annuities, high yield, derivative income, buffer strategies and more… 50:20 Summary – we break down the 4 key steps to making a retirement income plan   Sources 1 What Can We Learn From Elite Endowments | Greenstream #4: https://www.youtube.com/watch?v=2wXKgVGUmyo&t=1463s 2 How Much Money Do I Need to Retire | Greenstream #10: https://www.youtube.com/watch?v=PPGYWsn7FFQ&t=1s 3 Global Dividend Paying Stocks: A Recent History (Dimensional 2013): https://my.dimensional.com/asset/35082/global-dividend-paying-stocks-a-recent-history 4 Dividends in the Time of COVID (Dimensional 2020): https://www.dimensional.com/us-en/insights/dividends-in-the-time-of-covid-19 5 A Slice of Dividend Accounting (Dimensional 2024): https://www.dimensional.com/us-en/insights/a-slice-of-dividend-accounting 6 The Truth About Annuities: Why Their Bad Rap is (Mostly) Deserved | Greenstream #7: https://youtu.be/2gGq4lX2yP4?si=fduhVER5a2KoT_AX 7 Why Investors Are Piling Into Funds That Promise Not to Beat the Stock Market (WSJ, 2023): https://www.wsj.com/articles/covered-call-etf-option-income-jpmorgan-global-x-ff5591f7?mod=article_inline 8 These Hot New Funds Are ‘Boomer Candy’ for Retirees (WSJ, 2024): https://www.wsj.com/finance/investing/retirees-boomer-candy-investing-fund-62454210?mod=article_inline 9 These Funds Are Like Candy for Boomers. The Taxes Aren’t (WSJ, 2024): https://www.wsj.com/personal-finance/taxes/boomer-candy-funds-are-hot-the-taxes-are-not-280c41a3 10 ‘Boomer Candy’ Funds: Sweet Treats or Investment Toothache? (Morningstar, 2024): https://www.morningstar.com/columns/rekenthaler-report/boomer-candy-sweet-treats-or-investment-toothache 11 Rebuffed: A Closer Look at Options-Based Strategies (AQR, 2025): https://www.aqr.com/Insights/Perspectives/Rebuffed-A-Closer-Look-at-Options-Based-Strategies 12 Buffer Madness (AQR, 2025): https://www.aqr.com/Insights/Perspectives/Buffer-Madness   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Is an 8% withdrawal rate, like Dave Ramsey says, sustainable? Or is it 4%? We unpack one of the top questions retirees have: How Much Money Do I Need to Retire? We reviewed the research on replacement, spending, and withdrawal rates to understand what a sustainable portfolio withdrawal rate is. Chapters: 00:00 Understanding How Much Money You Need to Retire – finding a better answer than “more” 04:13 Spending vs. Asset Retirement Targets 1,2,3,4 – two sides of the same coin when it comes to calculating how much you need to retire 07:44 How to Calculate Your Retirement Spending 5 – spending decreases but by how much depends on your previous income 14:42 Should the 4% Withdrawal Rule be the 2-3% Range? 6,7,8– we unpack the assumptions and research behind one of the most cited rules of thumbs in personal finance 27:10 Variable Spending Rates 7 – the answer to problems with the 4% Rule and why they are so hard to implement 30:21 The Role of Advisors in Navigating Market Downturns – how a good advisor helps keep investors on track 37:31 Asset Allocation Determines Withdrawal Rate Ability 8 – why taking more equity risk counterintuitively means less risk of running out of money 41:39 Using Withdrawal Rate to Guide Increasing or Decreasing Spending – low withdrawal rates might be a license to spend   Sources: 1 What is a Financial Plan?: https://www.youtube.com/watch?v=y_PX-HyRW-Q&t=267s 2 Retirement Replacement Rates: What and How (Briggs, 2015): https://www.researchgate.net/publication/345818788_Retirement_Replacement_Rates_What_and_How 3 The Retirement Income Equation (Lee, 2013): https://my.dimensional.com/asset/622/the-retirement-income-equation 4 (How Much Should I Save for Retirement (De Santis and Lee, 2013): https://www.dimensional.com/us-en/asset/556/how-much-should-i-save-for-retirement 5 Exploring the Retirement Consumption Puzzle (Blanchett, 2014): https://www.financialplanningassociation.org/article/journal/MAY14-exploring-retirement-consumption-puzzle 6 Determing Withdrawal Rates Using Historical Data (Bengen, 1994): https://www.financialplanningassociation.org/sites/default/files/2021-04/MAR04%20Determining%20Withdrawal%20Rates%20Using%20Historical%20Data.pdf? 7 20 Years of Safe Withdrawal Rate Research—A Literature Review & Practical Applications (Kitces, 2014): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4445517&utm_source=chatgpt.com 8 The Safe Withdrawal Rate: Evidence from a Broad Sample of Developed Markets (Cederburg, 2023): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4227132   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

In this conversation, Marcus Schafer and Patrick Collins explore the complexities of real estate investment, discussing whether a home is an asset or a liability, the expected returns on real estate, the risks involved, and the tax implications of investing in property. They emphasize the importance of understanding market dynamics, leveraging unique skills, and conducting thorough analyses to make informed investment decisions. The discussion also includes a real-life case study to illustrate the practical application of these concepts.    Chapters 00:00 The Allure of Real Estate as an Investment¹– recapping the highlights from our last episode 02:46 What Returns Should We Expect? – And do we see these expectations realized? 04:34 Advantages of Real Estate Investment – leverage, tax benefits, and tangible investments 10:26 Investment Strategies in Real Estate – the two major strategies we see investors pursue 12:02 The Boom and Bust Cycle of Real Estate – as a result of the combination of illiquid assets, high transaction costs, and leverage 23:09 Opportunity Cost Analysis – how and when to evaluate opportunity costs the right way 26:27 Realistic Inputs Create Realist Outcomes – better to have conservative assumptions with upside than aggressive assumptions with downside 36:33 Profitability Metrics – cap rates and price appreciation as a hope strategy 41:42 Tax Advantages of Real Estate – depreciation, 1031 exchanges, and the important distinction of investors vs dealers 48:02 Applying Theory to Practice: A Real-Life Example – Marcus talks about his recent rent vs sell analysis on his old house   Sources ¹ American Dream: Is Your House Your Greatest Investment? | Greenstream #8 (https://www.youtube.com/watch?v=z-_Eg-hHaPA) Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

36% of Americans believe owning a house is the greatest investment you can make, but is it? In the 8th episode of Greenstream, we breakdown how many of us overestimate our returns by not factoring in true costs, which can be ~5% per year. After costs, fees, and taxes, real estate returns may be underwhelming but viewing a home as a consumption good also has non-monetary benefits. We evaluate how to make the most of your home as an asset, while avoiding overreaching and concentration risks. Chapters 00:00 The American Dream: Homeownership as an Investment – 36% of Americans believe a home is the greatest investment you can make 03:09 Real Estate Economics¹ – most of us look at price return because evaluating real returns after costs is hard 08:56 Costs of Homeownership – approximately 5% annualized costs from transaction, maintenance, and property 13:56 The Benefits of Homeownership – leverage, well-being, and an inflation hedge 19:36 Buying a Home – funding down payments, not so changing transaction costs, and how much house you can afford 30:53 Concentration in Real Estate – understanding risks of real estate concentration on your personal balance sheet 33:13 Financing Your Purchase in 2025 – attention to detail in tax-efficiently turning appreciated investments into cash is important 37:18 Protecting Your Privacy in Real Estate – real estate is public, so how can you protect your privacy? 39:08 Refinancing Decisions – you can’t predict changes in future interest rates, so don’t count on it. 42:35 Remodeling – is a great illustration of a home being a consumption asset, since most have a negative ROI 44:43 Trading Homes – how to manage the timing mismatch of selling and buying in the most efficient way 52:11 Leveraging Home Equity in Retirement – reverse mortgages, downsizing, and funding long term care 55:28 Estate Planning Considerations for Homeowners – avoiding probate and premature gifting ¹ Gallup poll - https://news.gallup.com/poll/645107/stocks-gold-down-americans-best-investment-ratings.aspx ² Shiller real estate data - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=291281 Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

In episode 7 of Greenstream, Marcus Schafer and Pat Collins unpack why annuities, especially those labeled “deferred” or “variable”, often fail investors. Through the lens of the Rosenthal family’s costly mistake, they explore why annuities are so complex, how high fees and opaque terms work against consumers, and when (if ever) annuities make sense. From fear-based sales pitches to hidden tax pitfalls, this episode is a must-listen for anyone considering annuities as part of a retirement plan. 00:00 The Bad Reputation of Annuities¹ – the Rosenthal Family’s foundation lost money, despite stock markets doubling, while the salesperson got rich 04:02 Insurance Isn’t Bought, It’s Sold – how simple sales pitches mask 500+ pages of legalese even Pat struggles to understand 10:04 Annuities’ Intended Purpose² ³ ⁴ ⁵ – longevity insurance has a role and has existed since Ancient Rome 18:46 The Annuity Puzzle³ ⁴ ⁵ – if annuitization solves retirement risks, why don’t more people buy them? 21:09 Deferred Annuities as Accumulation Products – most annuities sold today are hybrids of costly, complex investment/insurance vehicles 28:23 The Hidden Costs of Annuities¹ – how one client underperformed the S&P by 7% per year over 18 years 37:00 Variable Annuities Are the Most Missold – what “guaranteed” riders actually mean when you unpack the contract 42:56 When Annuities Make Sense – only in their purest form (SPIAs), and under guidance of a 100% fee-only, 100% fiduciary advisor 49:25 Tax Implications and Wealth Transfer – ordinary income taxes, no step-up in basis, and painful outcomes for heirs The Best of What We Researched ¹A Couple Won the Powerball. Investing It Turned Into Tragedy (WSJ, 2024)  ²The History Of Annuities in the United States (Poterba, 1997)  ³2024 Retail Annuity Sales Power to a Record $432.4 Billion (LIMRA, 2025)  ⁴New Evidence on the Money’s Worth of Individual Annuities (Mitchell, 2001)  ⁵The Value of Annuities (Wettstein, 2021) Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Is the 2025 stock market downturn driven by economic policies, such as tariffs, different from previous market crashes? We're joined by Justin Brown, Greenspring's Director of Investments, to discuss how this time, like every time, is different, but also how drawdowns and volatility are features, not bugs, of markets that reward long-term investors. We outline how investors should respond depending on the preparedness of their portfolio for an unexpected drawdown at an unknown time. We share how we're responding to find a silver lining that may not last long. Charts discussed: Full Webinar on Tariffs' Expected Impact on Prices, Costs, and Expected Returns Subscribe to Greenspring's Chart of the Week   Chapters 00:00 Tariffs Are Driving Uncertainty1 – tariffs are designed to increase prices and are done for three reasons: revenue, restriction, and reciprocity 04:01 Is This Time Different? 2, 3 – economic policy as a catalyst is unique, but investment markets' forward-looking response based on expected cash flows and risk is consistent 16:00 How Should We Strategically React? 4 – The type of action depends on whether you, your financial plan, and your portfolio were built in anticipation of a market drawdown 27:49 What Tactical Actions Should We Take? – Now is the time to opportunistically implement your plan through dynamic rebalancing, tax loss harvesting, monitoring for refinance opportunities, and evaluating whether to accelerate Roth conversions and gifting strategies 39:19 Markets Reward Long-Term Investors – capital returns to its rightful owners in bear markets   The Best of What We Researched So You Don’t Have To 1 Greenspring’s March 2025 Webinar on Tarrif’s Impact on Prices, Costs, and Expected Returns  2 Bank Trading Desks Are Minting Money From Trump’s Tariff Chaos (WSJ) 3 Market Returns Through a Century of Recessions (DFA) 4 Lump Sum Investing vs Dollar Cost Averaging (Vanguard)   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Are Elite Endowment portfolios and returns replicable for other investors? In this episode we unpack what we can learn from some of the most famous institutional investors: endowments. We discuss how their process is repeatable, but the evidence suggests their performance is not. We discuss the challenges of evaluating performance, the debate between whether they are taking more risk vs different risk to achieve higher absolute performance, how lessons from Moneyball can teach investors to play their own game, and more. Meet with Greenspring: https://greenspringadvisors.com/contact/ Chapters 00:00 Intro - understanding endowments unique opportunities and constraints 08:04 Performance or Process¹ – process and governance offer more tangible lessons for investors 13:52 Spending Policies¹ – how separation of powers enables sustainable withdrawal rates throughout market cycles 19:53 Asset Allocation Insights², ³, ⁴, ⁵ – the research shows average endowment does not add alpha over simple indexes 27:39 Revisiting the Three Sources of Alpha³, ⁶, ⁷ – the evidence suggests any advantages from endowments do not come from informational alpha, it comes from asset allocation decisions 30:00 What do Elite Institutions Do Differently: Alternatives²,³,⁷ – the real debate is whether they are taking different risk or more risk 36:15 Democratization of Alternative Investments – questions to ask to determine if the alleged benefits of an investment transfer to you as the investor 44:06 Structural Advantages of Endowments – are you the NY Yankees or Oakland A’s? Play your game and you can still be successful Sources ¹The Interaction of Spending Policies, Asset Allocation Strategies, and Investment Performance at University Endowment Funds (Brown, 2013) ² NACUBO Allocations and Performance (2024) ³ Do (Some) University Endowments Earn Alpha? (Barber, 2013) ⁴ What Does Nevada’s $35 Billion Fund Manager Do All Day? Nothing (WSJ) ⁵ Nevada 2024 Update ⁶ The Three Ways to Beat the Market (And Why Most Investors Don't) | GS #2 ⁷ Endowments in the Casino: Even the Whales Lose at the Alts Table (Ennis, 2024)   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Patrick McQuown joins to discuss exiting your business and innovation in Baltimore. Patrick is a 2x founder and the Executive Director of Entrepreneurship at Towson University, where he leads the StarTUp coworking space, accelerator, and incubator. Pat, Marcus, and Patrick discuss the importance of planning for a transaction in advance, how to execute that plan in a way that fits your goals, and most importantly, what to think about after the sale. They also discuss Patrick’s entrepreneurial journey of operating businesses, advising business owners, and mentoring entrepreneurial ventures. They highlight how the StarTUp is driving innovation in Maryland. Meet with Greenspring: https://greenspringadvisors.com/contact/ 00:00 Intro to Guest Patrick McQuown¹ – 2x founder and now running Towson U’s StarTUp Incubator and Accelerator 02:04 Unlike Any Building in the World² – how the StarTUp is breaking the mold to support innovation in the Maryland way 04:21 Get Your Finances Tight and Right – the importance of getting your house to make sure you don’t end up like FanDuel’s founders who got none of their $450M sale 07:00 Exiting to an Institutional Investor – every word of a 90-page sale document is a right you had and right you lost 08:48 Builder vs. Seller Mentality – don’t take it personally but can this thing print money Now, without You? 11:37 Different Types of Buyers – strategic, private, venture, time wasters, and internal: what do they want? 15:32 Get Your House in Order – look like a dream acquisition, not a fixer upper AND still prepare for buyer shenanigans 19:18 Building a Support Team for Exits – why one of Patrick’s best decisions was to bring an adult into the room who never counted his money, just what’s best for the business 22:24 Understanding Deal Structures – you tell me the price and I’ll tell you the terms 28:07 Telling Your Team – avoid the extremes: you aren’t the town crier, but this isn’t also witness protection 32:11 Managing the Wealth from Your Exit – prepare for the surprise tax bill and Patrick’s wish he 179’d his way to a private jet 36:27 Finding Purpose After an Exit – advice to find a way to stay in the game and Patrick’s evolution to academia to support entrepreneurs at Towson U 40:19 Joint Venture Venture Studio – Towson StarTUps partnership with MedStar to bring Medical Technology inventions to market 42:44 Innovative Ventures Done the Maryland Way – Jbrds children’s shows, Miva bottle + foam roller, Zenjoy relaxation drink, and sleep apnea 45:43 Money is a Bit Like Manure – When you pile it up, it smells, but when you spread it around, it tends to grow things 49:27 Learn more about StarTUp³ – sign up for the newsletter, join events, and use the free space.   Sources ¹ Patrick McQuown’s bio - https://www.towson.edu/campus/partnerships-research/patrick-mcquown.html ² Poets and Quants article on Towson StarTUp - https://poetsandquants.com/2024/10/11/unlike-anything-anywhere-in-the-world-inside-towsons-open-to-all-startup-accelerator/ ³ Towson University The StarTUp - https://www.towson.edu/startup/ Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Meet with Greenspring Advisors: https://greenspringadvisors.com/contact/ What is financial planning? Join us for a conversation on what financial planning done well looks like and how to tell when it’s done for the wrong reasons – typically if the conclusion is to buy a product a salesperson receives a commission on. We discuss the difference between static versus dynamic plans, how your families’ plan is similar and different to a company’s financial plan, and trade-offs in the accumulation and withdrawal phases of life. And more. Sources 1 Riskiest Day of Your Life – a flashback to Pat’s 2015 article discussing the tradeoffs between short- and long-term risks at retirement. The Riskiest Day Of Your Life 2 Exploring the Retirement Consumption Puzzle – David Blanchett’s (Morningstar) research on declining spending in retirement, despite higher inflation for goods common in retirement https://www.financialplanningassociation.org/article/journal/MAY14-exploring-retirement-consumption-puzzle Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Pat Collins and Marcus Schafer discuss using evidence to inform your investment philosophy and why it’s important to have one. We dive into the three ways to beat the market, the evidence evaluating if those attempts are successful, and the three things investors can control to maximize their chances of success.   Chapters 00:00 Intro – The difference between the evidence of investing and the act of selling investments. 03:01 Why We Invest – Having your money work as hard as you do to live your ideal life. 05:50 Markets Work¹ – The evidence overwhelmingly suggests following an approach where the price is the best estimate of value. 10:15 The Three Sources of Alpha²– Nobel Laureate Robert Merton’s framework for the three ways to beat the market. 11:43 Skill vs. Luck in Investing³,⁴ – Skill is repeatable, luck is not. 15:11 Risk Factors – Not all investments have the same expected return. 20:18 The Three Reasons Why Active Managers Underperform – Costs, risks, and taxes. 21:29 Costs Matter – How explicit and implicit costs are connected to performance. 30:07 Risks Matter – Diversification is the only free lunch in investing. 36:29 Taxes Matter⁵ – One of Wall Street’s hidden secrets is reporting pre-tax performance when investors care about after-tax wealth. 41:27 Decisions and Outcomes – The importance of focusing on making good investment decisions based on the knowledge at the time, not the outcomes. 48:39 The Golden Age of Investing – The traits that make great investors might surprise you.   Sources ¹ SPIVA – an annual study of active managers that finds 90%+ of US funds underperform the benchmark over 20+ years. ² Robert Merton’s Three Sources of Alpha – traditional and information advantage, risk dimensions, and financial services alpha. ³ Morgan Housel’s Same as Ever – the power of being an average investor for an above average time. ⁴ Dimensional’s Fund Landscape Report – the challenge of persistence and other factors driving active management underperformance. ⁵ SPIVA After-Tax Scorecard – tax inefficient investments are estimated to cost investors 1-2% per year, but the industry often reports pre-tax performance that doesn’t show this.   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Pat Collins, CFP®, EA, and Marcus Schafer, CFP®, MBA, explore what sets Greenspring Advisors apart in the world of wealth management. In this episode, we’ll dive into our firm’s mission and vision, exploring how this guides our client-first approach and shapes our core values. We'll also discuss the importance of being an independent financial advisory firm, fostering an ownership mentality among employees, and how this combination leads to a unique and personalized client experience. Stay tuned as we unpack how these values drive long-term success and financial security for their clients, community, and team members.   Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.