Ten Lessons from Two Decades of Managing Money

In this episode of Two Quants and a Financial Planner, we explore the biggest lessons we've learned throughout our careers in investing and financial planning. We discuss the importance of diversification, the challenges of balancing long-term strategies with changing market conditions, and the critical role of understanding an investor's true risk tolerance. We also discuss the principal-agent conflict, the potential pitfalls of relying solely on quantitative measures, and the necessity of adapting to an ever-evolving financial landscape.
00:00 - Introduction
01:30 - Lesson 1: Ladders, platforms, and aggregators
05:45 - Lesson 2: You can't unlearn what you know
09:15 - Lesson 3: The essential role of diversification
14:30 - Lesson 4: Underperformance can be worse than market losses
19:00 - Lesson 5: When smarter people disagree, you don't have to have an opinion
24:30 - Lesson 6: Understanding incentives
30:15 - Lesson 7: Investing in growth
35:00 - Lesson 8: Balancing the long-term with changing facts
40:15 - Lesson 9: Expecting the end
45:30 - Lesson 10: Taking risk down a notch
51:00 - Wrap-up and conclusion
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[@gregorybainathsah7284]

Can't wait to tell my gf that this podcast recommended I diversify into polygamy to minimize my potential heartbreak

[@HepCatJack]

An episode on data providers for small investors would be of interest to me. Do you guys use API's to a specific provider or do you just download flat files of raw data ? I use free website but one annoyance is that sometimes they change how their data is displayed so existing tools no longer work and sometimes they can just decide to remove information that they used to offer.

[@ExcessReturns]

That is a good idea. We use a combination of raw flat files and APIs depending on the data type.

[@MichaeldeSousaCruz]

6:00 Matt “unnecessarily gave Uncle Sam money”… what in the Sam Hill are you talking about? You keep on saying this bit about “Uncle Sam” in regards to taxes. I’m an 11th generation American, and I’ve never heard something so Unamerican in my life as not wanting to pay your taxes. Are you some kind of radical, Matt? Are you some kind of libertarian, Matt? What is your deal with taxes? Why are you being Unamerican about taxes? Do you even do your own taxes? I do. Do you even know how government spending and government investing work? What’s this bee in your bonnet that you’ve got with the Unamerican act of being against paying taxes? What’s with that, Matt?

[@stiffeification]

bro wtf you on about, chill, touch some grass lol. Who tf likes paying taxes.

[@MichaeldeSousaCruz]

@@stiffeification I don’t mind paying taxes at all, because I’m an American that understands the monetary system.

[@whatgej]

Outstanding troll.

[@MichaeldeSousaCruz]

@@whatgej where are getting that idea from? Explain yourself.

[@HepCatJack]

Don't tell Sam Hill but he finds the experience... taxing.