"You could talk to your parents about their retirement finances - or you could skip the awkward conversation and buy a house with a spare bedroom." Jonathan Clements

In This Edition
Paul's Thanksgiving letter
Latest Podcast (Paul answers 12 of the questions from his AAII event)
Testimonial

For many years, Thanksgiving has been the most important day of the year for me. It’s the one morning I wake up extra early, set aside four to six quiet hours, and write a list of everyone I’m truly grateful to have had in my life. The list is long: parents and family gone too soon—my mother in her 70s, my father in his 20s—mentors who shaped who I became, longtime friends, and the wonderful new friends we made during our short stay in Portland. It includes the do‑it‑yourself investors who’ve joined us in the quest for financial literacy; the Truth Tellers (LINK) whose work we trust to guide others on their financial journeys; organizations that have supported our mission—AAII, Morningstar, the Bogleheads, MarketWatch, Next Generation Personal Finance, Western Washington University, Texas A&M University, Bainbridge Community Foundation, The White Coat Investor; everyone who has helped us share our message with new potential students; those who have made financial contributions to our Foundation; and, of course, our small but powerful team of staff and volunteers.

A special, extra‑big thank you goes to all the people working with me to make every Western Washington University student financially literate through the Merriman Financial Literacy Program at WWU.(LINK: https://financialliteracy.wwu.edu/ The program aims to empower students, alumni and the broader community with the tools, mentorship, and online resources that build financial wellness and long‑term success. It even provides ongoing tools like iGrad for personalized financial wellness checkups and lifelong access, helping students plan a brighter financial future.

Thank you! Thank you! Thank you!

I hope you and your family have a wonderful Thanksgiving celebration.

Latest Podcast- Thanksgiving, AAII Q&As. Retirement Portfolios, Value Tilts, International Diversification, and Investing a Lump Sum

Recorded from our new home on Bainbridge Island and released on Thanksgiving, this episode is equal parts gratitude and practical investing help. I open with my annual tradition of writing a fresh Thanksgiving list—people, communities, and institutions that have shaped my life and this work. I’m especially thankful for you, the DIY investors who keep showing up to learn, ask thoughtful questions, and hopefully staying the course.

I also share appreciation for the resources that support disciplined investing—Morningstar, the Bogleheads community, and the American Association of Individual Investors (AAII). After a recent AAII presentation (over 150 attendees), we ran out of time for a live Q&A. I promised to respond to every legitimate question, so this episode kicks off a multi-part series answering them in depth.

Here are the first 12 AAII questions covered in today’s episode:

(9:42) What alterations in portfolio construction do you recommend in transition from accumulation to distribution in order to maximize diversification of uncorrelated assets, safe withdrawal rates, and spending? ⁠Table h2a
(21:21) I’m a huge fan of your U.S. two-fund portfolio. Why is diversification between large-cap growth and small-cap value so important, while diversification between VTSAX and AVUS (within the same asset class) is not? Should we diversify fund selection within the same asset class? Table K2b
(26:49) Have you considered creating a quilt chart for the Ultimate Buy-and-Hold portfolios with a 70/30 U.S./international split? Table K1a and H2a and H2b
(32:04) You appear to have avoided any mention of mid-cap. Should we be ignoring mid-cap funds?
(33:35) What do you think about adding alternative investments to the portfolio (for example, managed futures)?
(38:39) Are your recommendations for everyone, or does the game change when you have a pension for life?
(43:07) I was fighting with the Zoom link and arrived 25 minutes into the presentation. Will a video recording be available to participants?
(44:08) What would you expect the difference between the S&P 500 cap-weighted index (VFINX)and the S&P 500 equal-weighted index (VADAX) to be?
(49:53) The four-fund portfolios are equal-weighted across their asset classes, which results in a value tilt overall. Why weigh them equally?
(54:35) One might think that adding international large-cap growth and international small-cap value to the two-fund approach would improve results. Does international allocation mainly reduce volatility/drawdown length, or also increase returns? H2a and H2b
(56:26) Can you buy DFA and Avantis funds at Charles Schwab?
(58:40) What should you do if you have a lump sum to invest today, but current market highs make entry uncomfortable? https://awealthofcommonsense.com/2025/11/do-we-need-a-long-bear-market/

Giving Tuesday is December 2, 2025

This global day of generosity is an opportunity to support the organizations that make a real difference all year long. For us, that’s The Merriman Financial Education Foundation.

Because of donor support, every resource we offer—bootcamps, calculators, recommended portfolios, articles, podcasts, and educational tools—remains completely free to the public.

What your gifts made possible last year:

99% of expenses went directly to mission-driven education
$67,000 in donations funded research, tools, and outreach
Grants to Western Washington University expanded access to practical investing education

What your Giving Tuesday gift helps us do next:

Expand our Financial Education Bootcamp
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Updating the website
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If our work has helped you—or someone you care about—please consider making a Giving Tuesday donation. Your support keeps high-quality financial education free for everyone.

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Youtube Testimonial

Mr. Paul Merriman, Chris & Daryl, Thank you for all of your great presentations. I have learned a lot from your videos as well as watching your AAII presentations. You have led me to watch videos from Ben Felix. You have also led me to learn more about the Fama-French 3-Factor Model as well as the 5-Factor Model of investing. I am trying to plan for my soon retirement as well as moving my family to a nicer neighborhood to live in. What appeals to me is that your approach is 'mechanical' and unemotional. I really look forward to the upgrades to your Website in 2026 ... !

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Thanksgiving, AAII Q&As. Retirement Portfolios, Value Tilts, International Diversification, and Investing a Lump Sum

Supercharge Your Retirement with Paul Merriman

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In This EditionPaul's Thanksgiving letterLatest Podcast (Paul answers 12 of the questions from his AAII event)Testimonial

In This Edition
Paul's Thanksgiving letter
Latest Podcast (Paul answers 12 of the questions from his AAII event)
Testimonial

Happy Thanksgiving!