"Many people will walk in and out of your life but only true friends will leave footprints in your heart." Eleanor Roosevelt

In This Edition

Saying Goodbye to Two Dear Friends
My New Partner
Latest Podcast- Sound Investing Boot Camp 2026: Choosing the Right Portfolio (Returns, Risk & Real-World Lessons)
Testimonial

Saying Goodbye to Two Dear Friends

In the last couple of weeks I have lost 2 very special people in my life. One, Norm Rea, was a friend since the 7th grade. We went to college together, he went into banking when I started in the securities industry. Before I knew my wife, Zan, Norm had worked with her for years.

He got an early medical death sentence in 2014 and fooled the medical profession by living an extra 12 years. Those were a precious 12 years.

The other loss was my dear friend and perfect partner for over 30 years. Rich Buck was my wizard behind the curtain for many years as Rich was my ghost writer. I would create an outline of what I wanted to address, we would talk about it for 15 to 30 minutes, Rich would write and I would do an easy edit. We wrote newsletters, books, and articles together.

We rarely disagreed but when we did we resolved it amicably. at least 90% of the time he was right. He always had the best interest of the reader in mind!

I miss them both.

My New Partner

Just weeks before Rich’s passing we worked together on an article with the help of ChatGPT. It wasn’t perfect but Rich was very impressed by the writing style and “thinking” of AI. Here is the only sample of the Paul/Rich/Chatgpt partnership.

The last couple of articles in the Boot Camp Series were written with ChatGPT. It takes a lot longer to edit Chatgpt but it also does a lot very good work on investor attitudes and emotional stuggles.

Please let me know what you think . I would appreciate it if you would wait until more of the Boot Camp articles are written. I am not going to hide the fact I am building these articles with Chatgpt. I was proud to note that Rich was helping. Why shouldn’t I do the same with AI.

I now can say that our work is based on the fine academic work of Gene Fama Jr., Kenneth French and other nationally recognized researchers, Chris Pedersen and Daryl Bahls in constructing portfolios and ChatGPT in finding ways to communicate all this potentially life changing information.

I am thrilled to be a member of this team. And don’t forget the Truth-Tellers who allow us to consider the other important decisions we make in our financial life.

Latest Podcast- Boot Camp #2: The Ultimate Buy & Hold Portfolio

In this second session of our 10-part Boot Camp series, we dive into the piece that’s helped shape decades of investing decisions: The Ultimate Buy & Hold Portfolio.

For nearly 30 years, this research—co-created with the late Rich Buck—has explored a simple but powerful question: What happens when you go beyond the S&P 500 and build a lifetime portfolio across 10 equity asset classes?

Starting with data back to 1970, we walk through the math of compounding, diversification, and disciplined rebalancing. You’ll see how adding small amounts of large value, small cap, REITs, international equities, and emerging markets historically increased returns—without meaningfully increasing risk. The result? A dramatic difference over time, powered by patience and structure.

Whether you’re new to these concepts or have followed this work for years, this episode breaks down the numbers, the lessons, and the real-world implications for long-term investors.

This recording is also a tribute to Rich Buck—an extraordinary collaborator whose work on this topic has reached millions of investors.

Download the tables and ⁠watch the video⁠, follow along, and join us as we revisit one of the most impactful investing frameworks we’ve ever created—and set the stage for next week’s deep dive into the Sound Investing portfolios.

Testimonial- Bootcamp #1 Comment

Thank you for the excellent education and volunteer work. I find the data your present to be fascinating and a bunch of it is truly unique in how it is presented.

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Boot Camp #2: The Ultimate Buy & Hold Portfolio

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Boot Camp #2: The Ultimate Buy & Hold Portfolio

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In This Edition Saying Goodbye to Two Dear FriendsMy New PartnerLatest Podcast- Sound Investing Boot Camp 2026: Choosing the Right Portfolio (Returns, Risk & Real-World Lessons)Testimonial

In This Edition

Saying Goodbye to Two Dear Friends
My New Partner
Latest Podcast- Sound Investing Boot Camp 2026: Choosing the Right Portfolio (Returns, Risk & Real-World Lessons)
Testimonial