Financial talk radio veteran, Don McDonald and former host of Serious Money on PBS, Tom Cock, join forces to talk about real money issues. In each episode, they solve real money problems, dole out real investing (not speculating) advice, and really explain the financial issues that effect all of us. Plus, it's actually fun! Talking Real Money is a podcast designed to provide the real help we all need to enjoy a really great future. Call in with your questions anytime at 855-935-TALK (8255).
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Financial talk radio veteran, Don McDonald and former host of Serious Money on PBS, Tom Cock, join forces to talk about real money issues. In each episode, they solve real money problems, dole out real investing (not speculating) advice, and really explain the financial issues that effect all of us. Plus, it's actually fun! Talking Real Money is a podcast designed to provide the real help we all need to enjoy a really great future. Call in with your questions anytime at 855-935-TALK (8255).
Don and Tom tackle investor “magical thinking,” especially the belief that private equity, non-traded REITs, and other illiquid “exclusive” investments offer hidden superior returns. They walk through Jason Zweig’s recent reporting on a Florida pension fund that locked up money, paid higher fees, and earned under 1% a year. The conversation underscores why liquidity, transparency, and diversification matter far more than complexity or exclusivity. The episode also features listener questions on retirement withdrawal sequencing for a $9M portfolio, evaluating cash balance plans, and deciding between traditional vs. Roth 401(k) contributions. A recurring theme: boring portfolios win.
0:05 Magical thinking and the fantasy of “special” investments
1:52 Private equity realities: higher fees, no liquidity, often lower returns
2:46 The Indian Shores pension fund case
3:44 Withdrawal limits and 0.7% 5-year returns
4:34 Why endowments can do illiquid assets but you probably shouldn’t
5:21 “Roach motel” investing and lack of transparency
8:35 How mutual funds must provide daily liquidity vs. private funds that don’t
8:49 Excitement is bad; investing should be boring
9:54 Caller: $9M portfolio—withdraw taxable first or convert IRAs?
11:51 Traditional IRAs vs taxable sequencing strategy
14:17 Why taxable first lowers tax impact and preserves flexibility
16:03 Blackstone senior housing REIT losses and why “sure things” fail
17:39 Diversification protects you when single bets go bad
18:06 Why private deals appeal emotionally (exclusivity + status)
20:38 Caller: Tesla & concerns about private equity creeping into ETFs
23:07 Why mainstream ETFs won’t adopt illiquid private assets
24:43 REIT ETFs behave more like stabilizing bond substitutes
26:02 LeaveMeAlone email-unsubscribe tool discovery
28:04 Listener questions: send via site or voice form
30:51 Cash balance plan concerns—likely a stable value/insurance product
33:08 Another listener: Edward Jones 401(k) with American Funds C-shares
34:30 High-fee small-plan 401(k)s—why they happen and how to fix
36:27 Caller: Should we switch to Roth 401(k) contributions? Probably not here.
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Talking Real Money - Investing Talk
Financial talk radio veteran, Don McDonald and former host of Serious Money on PBS, Tom Cock, join forces to talk about real money issues. In each episode, they solve real money problems, dole out real investing (not speculating) advice, and really explain the financial issues that effect all of us. Plus, it's actually fun! Talking Real Money is a podcast designed to provide the real help we all need to enjoy a really great future. Call in with your questions anytime at 855-935-TALK (8255).
