"The good old days were not so good for investors. Today, we stand on the shoulders of giants. If we can pair today’s powerful tools with widespread financial literacy, we can help the next generation achieve what was impossible for most investors 60 years ago. The future of financial literacy is not just about teaching math or charts — it’s about teaching people to believe in ownership, discipline, and the power of a lifetime plan.” Paul Merriman from my upcoming presentation at the annual Garrett Planning Network Retreat

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Education is free, learning is expensive
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Education is free, learning is expensive, by Seth Goden

That’s a complete reversal of how it used to be.

Colleges used to be measured by how many books they had in the library. Access to courses was restricted. If knowledge was power, controlling access was essential.

They even call it the ‘admissions office.’

Part of the status that comes from higher education is that they controlled who could find the information and who was left behind.

Today, of course, all of the information is there, a click away. Billions of people have a smartphone with access to everything ever recorded and written, but also to a trillion dollar AI system that can offer informed guidance.

So why hesitate? Why do we get stuck or avoid even acknowledging that it’s possible?

Because learning is hard. It creates tension. It takes time. Most of all, it requires a commitment to becoming someone else, a bet we’re making that might not turn out the way we hope.

The system has called our bluff. If you want to learn, learn.

But we pay for it with effort.

The University of Investment Knowledge

Our goal is to do all we can to help you through the process of understanding the investment process. We want to help give perspective to some of the billions of numbers and ideas that might help or hurt your future returns. We know the future is unknown but let’s make sure we have managed all the things we know.

I often stop and remind myself about all the huge universe of information that is available to us about investing. I know we have a substantial amount we “know we know.” I also know we have an even bigger slice that represents what we “know we don’t know.” Of course the most serious limit we face is we can’t possibly know what the future will actually deliver and that’s a serious limitation.

The slice of what we “don’t know we don’t know” is challenging as there is theoretically no way to get at that level of information. Until a complete surprise happens. Of course, all three of the first 3 parts of our knowledge base are well served with a massive amount of diversification.

Many, if not most of us, have a decent amount o f information we “know we know, but we are wrong!” Those are often called myths. There are dozens of the beliefs that investors have stored away to potentially compromise our otherwise logical thinking.

Our goal is to help you increase what you know you know, help you remember what you will never know (as there are lots of people who will pretend to know everything), expose you to information of possible hurdles you’ve never heard of, and help you find ways to test the validity of harmful myths.

There is one more very important type of investment information you know. There is information that represents what you “know you know but you don’t do anything about it!” You know you should get out of unproductive investments and move the proceeds into an investment with better potential, try harder to stay the course when the going gets tough and continue to invest when the market is in decline.

This is often the point at which we feel we have to change our role from teacher to preacher. Sometimes we have to find ways to motivate people to do the things that they know they should do but they need a little shove.

Recently I have been working with AI to find ways to help motivate investors to make sure they are doing the best they can as diy investors. I’m enjoying the investigation. I hope it helps.

Some of you are more knowledgeable abut AI than I am. Your thoughts on my quest are appreciated. Please understand this is not about us looking for a reward. It is 100% about your financial future.

Thanks for your feedback.

Latest Podcast: Avantis vs. DFA and the Winner Is?

On this week's podcast, we dive into my fascinating six-month journey with AI, exploring how tools like ChatGPT are revolutionizing access to information and informed guidance. Drawing inspiration from Seth Godin's insightful piece, "Education is Free, Learning is Expensive," we'll discuss why true learning demands commitment and effort, especially in today's information-rich world.

I've discovered AI's power extends far beyond simple fact-checking. It's a game-changer for understanding diverse perspectives, even helping me tailor advice to different generations. My goal is to help you leverage this incredible tool to build a better financial future.

We'll also gain some valuable perspective on investment returns, especially after the unique first half of the year. While six months isn't a long-term indicator, it's certainly given us plenty to discuss! Many are wondering if now's the time to jump into international equities, especially as they've shown unexpected strength.

Understanding Diversification and Long-Term Investing

I'll discuss my philosophy on successful long-term investing as a buy-and-holder: identifying equity asset classes that offer a premium for risk and grow faster than inflation. We'll examine the "ultimate buy and hold portfolio," which strategically blends U.S. and international equities, and analyze its performance over the past six months, comparing it's performance with Vanguard, Avantis and DFA to other popular strategies from Vanguard and DFA.

You'll be surprised to see how closely Avantis and DFA ETFs performed, despite some significant individual fund differences. I also review the historical relationship between the U.S. dollar's value and international equity performance. For a deeper dive, I highly recommend checking out this table from Brandes Investment Partners: https://www.brandes.com/insights/chart-of-the-week/us-dollar-and-international-equities-03312023. It clearly illustrates how the dollar's strength and weakness correlate with international returns, offering historical examples of how these trends ebb and flow. Chasing returns isn't the answer, but a diversified, buy-and-hold approach can significantly reduce volatility and smooth out your equity returns—a major advantage, especially for retirees.

The Allure and Nuance of Long-Term Returns

I then shift our focus to long-term performance data, specifically looking at the last 15 years through June 2025. You might be surprised to learn how the S&P 500, growth stocks, and even Berkshire Hathaway have compounded over this period, and how these returns compare to historical averages and expectations. While U.S. growth has been a clear winner recently, we'll discuss why historical norms suggest a different long-term outcome for value and small-cap stocks.

Testimonial

"Thank you for sharing your expertise with us. So important to know what true diversification looks Iike." @cpa7476

Avantis vs. DFA and the Winner Is?

June Q&A with Paul, Chris and Daryl

How to make sure you don’t run out of money in retirement

In This Edition Education is free, learning is expensiveLatest PodcastTestimonial

In This Edition
Education is free, learning is expensive
Latest Podcast
Testimonial

DFA vs. Avantis