"When in doubt do nothing. It’s almost always the cheapest course of action.” Jonathan Clements

In This Edition
Meb Faber’s The Idea Farm
Thank you- Giving Tuesday
Latest Podcast (AAII Q&A, Part 2 — 12 More Questions Answered)
Testimonial

There are a lot of websites I visit on a regular basis but they don’t quality as “Truth Tellers” as their work focuses on kinds of investment strategies that are not built for buy and hold investors.

Meb Faber’s The Idea Farm is one of my favorite sites for those interested in market timing.

This morning they produced a list that I think many of you will find of interest. 50 Facts from 2H 2025 has a number of interesting “Facts” that help give me perspective of many of the financial forces I’m witnessing in our society.

Here are 10 of the 50:

The telecommunications industry employed more than 340,000 switchboard operators in the 1950s. Today, just 5,000 have that job. Link

In 1960, spending on housing, healthcare and tuition made up 22% of consumer spending for the average US household. Today those spending categories make up 37%. Link

If you randomly picked a trading day for the Dow Jones Industrial Average between 1930-2020, there is over a 95% chance that the Dow would close lower on some trading day in the future. That means that roughly 1 in 20 trading days would provide you with an absolute bargain. The other 19 would give you the feeling of buyer's remorse at some point in the future. Link

Of the largest 10 stocks in the S&P 500 Index in 1985, none are still in the top 10. Link

In 1812, financial stocks—banks and insurance companies—constituted an estimated 71% of total U.S. stock-market capitalization. No other sector even amounted to 14%. Link

There are more private equity funds than McDonald's restaurants in the world. Link

On Jan. 1, 2015, there were 1,345 alternative mutual funds in existence. Only 341 still existed on June 30, 2025 - a 75% mortality rate. Link (By the way, this is one of the reasons I’m not a big fan of alternative investments!)

Apple has bought back $709 billion in stock over the past 10 years, which is greater than the market cap of 487 companies in the S&P 500. Link

One in 5 American adults is illiterate. Fifty-four percent of adults read below a sixth-grade level. Link

Just 3% of companies generated all the shareholder wealth in the US stock market from 1926-2022. Source: Bessembinder (What is particularly interesting to me is that less than 10 years ago that was 4%)

I hope you enjoy the rest of the list.

Thank for your Donations this Giving Tuesday and throughout 2025

Dear Friends,

Because of you, Give Tuesday was a powerful reminder of what this community can do when we show up for one another. Thank you for choosing to give, to partner with us, and to believe in this work.

Your donation isn’t just a number on a page—it’s real impact. It helps us keep moving forward, strengthens the programs you care about, and makes it possible for us to reach more people with the support and resources they need. Simply put: we couldn’t do this without you.

Paul and our entire team are deeply grateful for your generosity and trust. We’re honored to have you in this community, and we’re excited to share what your support makes possible in the weeks and months ahead.

From all of us—thank you for making Give Tuesday a success, and for being part of this mission.

With sincere appreciation,
Paul and the team at The Merriman Financial Education Foundation

Latest Podcast- AAII Q&A, Part 2 — 12 More Questions Answered

Paul continues his three-part series responding to questions from his November 8 AAII presentation. In this episode, he digs into risk-parity portfolios, the role of gold, how the 10-Fund Strategy compares to the S&P 500, growth vs. value, rebalancing discipline, and how to choose the right bond allocation in retirement. If you were at the AAII event, you’ll find the exact 12 questions listed below so you can jump straight to your topic.

12 AAII Questions Covered

Thoughts on risk-parity portfolios during retirement distributions? 2:12
Was the 10-Fund Strategy originally meant to mirror 60/40? 14:51
Should investors add gold (IAU) after its recent streak? 21:40
What is a double-rung bond ladder? 24:03
Which of the nine portfolios has the best return per unit of risk? 26:36
Analysis of growth funds outperforming over the last decade? 31:36
How to invest new money when the economic outlook looks uncertain? 36:40
Will the AAII slide deck be available? 38:54
How often do you rebalance? 39:25
How do you tune out the noise and stay the course? 41:13
How to choose your bond allocation in the distribution phase? 45:25
Can you share ETFs for the bond portion of a retirement portfolio? 52:12

Resources Mentioned

⁠AAII presentation slides⁠

⁠10-Fund vs. S&P long-term comparison⁠

⁠Fine-Tuning Your Asset Allocation tables⁠

⁠Sound Investing tables⁠

⁠Retirement withdrawal tables⁠

⁠Lifetime Investment Strategy calculator⁠

⁠Best-in-Class ETF recommendations

Testimonial

Dear Paul, Thank you for all you do. You are sure a wonderful and amazingly gifted person. I wish you joy and good health this holiday season. Phil S.

Download FREE Book!

AAII Q&A, Part 2 — 12 More Questions Answered

Supercharge Your Retirement with Paul Merriman

On YouTube, click More below the video.

Scroll down to find the chapters—these break the video up into sections for easier navigation.

How to retire with more money and greater peace of mind

In This EditionMeb Faber’s The Idea FarmThank you- Giving TuesdayLatest Podcast (AAII Q&A, Part 2 — 12 More Questions Answered)Testimonial

In This Edition
Meb Faber’s The Idea Farm
Thank you- Giving Tuesday
Latest Podcast (AAII Q&A, Part 2 — 12 More Questions Answered)
Testimonial

Another 12 Q&A for AAII