"Some virtues are only seen in affliction and others only in prosperity." Joseph Addison

In This Edition
Caveman Economics
Not Just Another AI Story
Donor Tuesday
Latest podcast
Testimonial

Every morning, somewhere between 3 and 5 a.m. (depending on when I feel more compelled to get to work or sleep in) I open my computer to read Ben Carlson and Seth Godin plus a half a dozen "feel good” and “feel terrible" news sites.

This morning (11/17/2025) I found both Seth and Ben articles interesting and worth sharing. And I decided to run both through ChatGPT for a comment.

Caveman Economics by Seth Godin

Marshall Sahlins and others showed that early hunter gatherer societies generally didn’t work very hard. Two or three hours a day were spent gathering food, and the rest of the time was for social engagement and family.

With all the technology and innovation that has followed, why do we work four times as hard?

One reason is leverage. The tools we have offer apparently bigger prizes in exchange for the next unit of incremental labor. There wasn’t a point in working harder to get more berries, because you already had enough berries.

And the second reason is... Read the rest of the article

I fed ChatGPT the Seth Godin blog and asked,"I want to recommend the following article, by Seth Godin, to our readers. Please write 100 words that would introduce the article and give it an investing spin.”

In less than 5 seconds ChatGPT shared, "Seth Godin reminds us that progress often creates systems that serve themselves—not necessarily the people within them. His insight applies perfectly to investing. Wall Street’s “system” is built to extract profit through activity, complexity, and emotion—exactly what long-term investors should avoid. True financial freedom comes from stepping outside those systems: using low-cost index funds, automating decisions, and letting compounding—not marketing—drive your results. The more you recognize the incentives around you, the easier it becomes to choose simplicity over noise and align your money with your real goals, not someone else’s business model.”

Not Just Another AI Story by Ben Carlson

Michael and I were out in Las Vegas last week to put on a live Animal Spirits at the annual FPA conference.

It was a fun trip.

We ate some good food, had some fancy cocktails, played some blackjack and talked some artificial intelligence with a few hundred financial advisors.

On stage we did a deep dive into what’s going on with the biggest companies in the world and their push for AI supremacy.

If you weren’t one of the lucky people in the MGM conference center that day I thought it would be useful to provide some of the slides we covered in our presentation. Read the rest of the article

My request to ChatGPT; In less than 100 words, "What is the most important lesson from this article for broadly diversified investors?”

The most important lesson of “AI in Las Vegas” for broadly diversified investors is this: don’t chase the next big theme or hype cycle—stick to a low-cost, well-diversified portfolio and avoid placing outsized bets on any single “innovation” trend. The article reminds us that although innovation and technology generate excitement, markets consistently punish concentrated bets when the rules of the game change.. Steady, automated investing across asset classes wins far more often than trying to time or outsmart the next ballooning sector.

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
Update our portfolio recommendations
Build more charts, calculators, and historical tools
Grow resources on intergenerational wealth
Sharing We’re Talking Millions with new readers
Updating the website
Expanding our social media

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.

👉 Click here to donate.

Latest Podcast- Supercharge Your Retirement with Paul Merriman

What 60+ Years of Investing Teaches Us About Fees, Behavior & Building a Plan That Lasts

When I talk with soon-to-retire investors, many believe success comes from picking the perfect fund. But as my recent guest Paul Merriman said on the Retire Today podcast: “The biggest threats to your money aren’t headlines—they’re costs and emotions.”

Paul has spent more than six decades in finance, from the days of 8.5% mutual fund commissions to his current work as an educator. His message is simple:

1. High costs quietly drain millions.
Even a 1% fee difference “can cost you about $3.5 million over a lifetime.” Costs matter more than most people realize.

2. Emotions are the hidden tax.
Panic selling during downturns can hurt returns more than fees. Paul’s advice: don’t time the market—build a plan you can actually stick with.

3. Education is the real advantage.
Knowing why your portfolio works helps you stay calm when markets don’t. Paul’s nonprofit offers free guides and simple, diversified portfolios anyone can follow.

4. Simplicity wins.
After testing his own 10-fund “ultimate” portfolio, Paul found simpler 2–6 fund versions performed just as well. The easier the plan, the easier it is to trust.

5. Flexible withdrawals reduce stress.
Take slightly less in bad years and a bit more in good ones. Flexibility helps your portfolio last—and makes retirement feel more secure.

For the full conversation and practical tools you can use today, watch the interview on YouTube.

Testimonial

"One of the best sessions I have attended over several years of the speaker series! Paul did a great job, and very informative. I learned so much, and opened up lots of links for future learning. Thanks!"

Download FREE Book!

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 EditionCaveman EconomicsNot Just Another AI StoryDonor TuesdayLatest podcastTestimonial

In This Edition
Caveman Economics
Not Just Another AI Story
Donor Tuesday
Latest podcast
Testimonial

Putting AI to work