In this compelling episode of the ETFatlas podcast, host Jack Lempart sits down with Larry Swedroe, one of the most influential voices in evidence-based investing and author of 18 groundbreaking books on finance.
Larry shares his remarkable journey from aspiring security analyst during the 1973-74 market crash to principal and director of research at Buckingham Strategic Wealth, where he spent nearly three decades revolutionizing how investors think about portfolio construction. Throughout the conversation, Larry explains how academic research has systematically converted what was once considered alpha into beta, revealing that strategies employed by legendary investors like Warren Buffett can now be replicated through low-cost systematic approaches.
He discusses the dramatic decline in active managers generating statistically significant alpha—from 20% in 1998 to just 2% by 2011—and explores why the shrinking pool of uninformed investors has made markets increasingly efficient.
Larry passionately advocates for his “big rocks” philosophy of life, emphasizing that the pursuit of marginal outperformance often comes at the expense of what truly matters: time with family, personal relationships, and living a well-balanced life. This episode offers invaluable insights for both novice and experienced investors seeking to understand the science of investing while maintaining perspective on life’s priorities.

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