Best Wade Pfau Podcasts (2025)

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Episode 189: Gold Is Shiny- But Is It Smart? 38:28

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14h ago38:28

38:28

In this episode of Retire with Style, Wade Pfau and Alex Murguia tackle listener questions on a range of financial topics, including gold’s volatility, alternative investments, and how to measure retirement success. They discuss the realities of investment returns, the impact of recent U.S. bond downgrades, and the importance of understanding risk,…

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Episode 188: Are TIPS the Retirement Safety Net You’ve Been Missing? 43:10

6d ago43:10

43:10

In this episode of Retire with Style, Alex Murguia and Wade Pfau explore Treasury Inflation-Protected Securities (TIPS) and their role in retirement planning. They cover the history of TIPS, their tax implications, and how they help protect against inflation. The conversation also addresses the drawbacks of TIPS, current market conditions, and the …

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Episode 187: Couples, Roths, and SPIAs- Oh My! 28:55

13d ago28:55

28:55

In this episode of Retire with Style, Alex Murguia and Wade Pfau explore key retirement planning strategies, including how couples can optimize Social Security benefits, what to do with surplus funds from bond ladders, and the potential benefits of purchasing single premium immediate annuities (SPIAs) from Roth IRAs. They highlight the importance o…

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The Fourth Turning is Here. But It Isn’t What You Think | Practical Lessons from Neil Howe 55:42

15d ago55:42

55:42

In this episode, Matt Zeigler and Dave Nadig revisit one of the most popular interviews on Excess Returns—our deep-dive conversation with Neil Howe, co-author of The Fourth Turning. But instead of leaning into the usual doom-and-gloom narrative, they unpack the misunderstood lessons at the heart of Howe’s generational theory. From inflation and lea…

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Episode 186: How to Build a Retirement Plan That Lasts (and Saves on Taxes) 32:19

22d ago32:19

32:19

In this episode of Retire with Style, Alex Murguia and Wade Pfau answer listener questions on retirement planning for high earners. They explore tax strategies like Roth conversions and qualified charitable distributions, and discuss how tools like life insurance and annuities can help hedge longevity risk and support a stable retirement income. Ta…

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When Easy Markets Hide Hard Truths | Practical Lessons from Richard Bernstein 59:43

22d ago59:43

59:43

In this episode, we highlight the biggest lessons from our Excess Returns interview with renowned strategist Richard Bernstein. We explore the paradox of today’s markets: why they feel easy, and what hard truths may be hiding beneath the surface. From the risks of narrow market leadership to the role of structural flows and investor complacency, Ri…

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Episode 185: Retire with Style Live Q&A 1:04:37

27d ago1:04:37

1:04:37

In this live Q&A session, Alex Murguia and Wade Pfau answer questions on key aspects of retirement income planning, including withdrawal strategies, the 4% rule, tax considerations, and the role of financial advisors. They discuss how age and financial circumstances can influence withdrawal rates and highlight the importance of using guardrails to …

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QE Myths. Free Trade Lies. Fatal Mistakes | 12 Great Investors Share Their Most Unpopular Beliefs 51:34

28d ago51:34

51:34

Some of the most insightful investment conversations start with a single question: “What do you believe that most of your peers disagree with?” In this episode of Excess Returns, Jack Forehand and Matt Zeigler dive into 11 controversial investing takes—from QE and technical analysis to macro obsession and fee structures. You’ll hear nuanced perspec…

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Episode 184: Can Tech Replace Your Financial Advisor? 52:59

1M ago52:59

52:59

In this episode of Retire with Style, Wade Pfau and Alex Murguia talk with John Manganaro, senior reporter at ThinkAdvisor, about the shifting landscape of retirement income planning. They explore how technology is reshaping financial planning, the growing need for holistic advice, and the challenges both advisors and consumers face in finding effe…

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Episode 183: Retire Smarter, Not Harder 52:15

1M ago52:15

52:15

In this episode of Retire with Style, Alex Murguia and Wade Pfau explore the key elements of comprehensive retirement planning. They discuss the importance of understanding your financial goals, working with a financial advisor, and managing risks like health insurance and long-term care costs. Drawing on listener questions and case studies, they e…

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Episode 182: When Disaster Strikes… Should You Invest? 32:34

2M ago32:34

32:34

In this episode of Retire with Style, Wade Pfau and Alex Murguia explore alternative investments with a focus on natural resources, commodities, and catastrophe bonds. They break down the strategies and risks behind these asset classes and examine how they can fit into a diversified retirement portfolio. The conversation offers insights into the po…

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20,000 Watched in Silence. Then Buffett Dropped the Bombshell. | What It Means for Berkshire 1:09:55

2M ago1:09:55

1:09:55

In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt…

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Episode 181: Bricks, Mortar and Retirement 39:01

2M ago39:01

39:01

In this episode of Retire with Style, Wade Pfau and Alex Murguia explore real assets- focusing on real estate and infrastructure- and their role in retirement portfolios. They discuss the pros and cons of residential and commercial property ownership, the value of REITs, and the potential of infrastructure investments. The conversation highlights t…

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Episode 180: The Secret Life of Private Investments 55:11

2M ago55:11

55:11

In this episode of Retire with Style, Wade Pfau and Alex Murguia explore the world of alternative investments, with a focus on private equity and private credit. They discuss what it means to be an accredited investor, the different types of private equity investments, and the typical life cycle and structure of private equity funds—including the r…

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The Great Distortion: The Hidden Impact of Passive Investing | Practical Lessons from Mike Green 52:36

2M ago52:36

52:36

In this episode of Excess Returns, we explore the profound impact of passive investing with one of the most provocative thinkers in the space—Mike Green. Mike has developed a framework that challenges traditional market assumptions, shedding light on how seemingly "passive" investment flows might be actively reshaping markets, valuations, and even …

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Episode 179: Forecasts, Futures, and Funds: Inside the Hedge Fund Playbook 44:57

2M ago44:57

44:57

In this episode of Retire with Style, Wade Pfau and Alex Murguia explore the complex world of hedge funds, focusing on strategies like global macro, event-driven, and managed futures. They explain the role of derivatives, the impact of forecasting, and how these approaches can complement a broader investment portfolio, especially in the context of …

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Sequence Risk Can Derail Your Retirement: Here is How to Stop It | Practical Lessons from Wade Pfau 1:02:38

2M ago1:02:38

1:02:38

In this episode, we dive deep into the fundamentals of retirement planning with one of the most respected researchers in the field—Wade Pfau. Wade is known for blending rigorous academic research with real-world financial advice. We explore his groundbreaking ideas on the 4% rule, sequence of returns risk, annuities, income frameworks, and his inno…

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Episode 178: Hedging Your Bets in Retirement: What You Should Know 56:58

3M ago56:58

56:58

In this episode, Wade and Alex explore the world of hedge funds—what they are, how they’re structured, and how they’ve evolved from simple hedging tools into complex investment vehicles. They break down common fee models, challenges in measuring performance, and the impact of data biases. The conversation also covers key hedge fund strategies—inclu…

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The Seismic Shift Markets Are Missing | Practical Lessons from Ben Hunt & Grant Williams 1:05:57

3M ago1:05:57

1:05:57

In this episode, we dive deep into some of the most thought-provoking ideas from two of the most original minds in investing: Ben Hunt and Grant Williams. Through a curated selection of powerful clips, we explore how markets have transformed from mechanisms of capital allocation to platforms of narrative and speculation. Ben and Grant challenge con…

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The Diversification Delusion | The Risk that Leaves Both Stocks and Bonds Exposed 59:47

3M ago59:47

59:47

In this episode, Jack and Matt revisit one of the most debated topics in investing: the fate of the classic 60/40 portfolio. Drawing on insights from some of the smartest minds in finance—Bob Elliott, Adam Butler, Warren Pies, Rick Ferri, Jared Dillian, Andrew Beer, and Cliff Asness—they explore whether the traditional stock/bond mix still makes se…

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Episode 177: Winning the Loser’s Game: A Look at Alternative Investments 52:49

3M ago52:49

52:49

In this episode of Retire with Style, Dr. Wade Pfau and Dr. Alex Murguia explore the evolving world of alternative investments and their potential role in retirement planning. They discuss the concept of "Winning the Loser’s Game"—emphasizing the value of steady, disciplined strategies over high-risk maneuvers—and examine how alternatives like cryp…

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Episode 176: Strategic Retirement Planning: Q&A on Income, Taxes, and Investments 34:41

3M ago34:41

34:41

In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau tackle a range of financial planning questions in a lively Q&A session. They explore Social Security strategies, the role of single premium immediate annuities (SPIAs) in retirement income, and investment approaches for managing required minimum distributions (RMDs). The discuss…

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The Irrecoverable Error: Risk, Ruin, and the Rules of Wealth | Practical Lessons from Guy Spier 1:06:31

3M ago1:06:31

1:06:31

In this episode, Matt Zeigler and Bogumil Baranowski dive deep into the timeless investing wisdom of Guy Spier. Drawing from Spier’s interviews on both Excess Returns and Talking Billions, they explore crucial ideas about investing, risk, decision-making, and living a meaningful life. From understanding why letting your winners run can enhance retu…

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Episode 175: Can Money Buy Happiness in Retirement? 51:15

3M ago51:15

51:15

In this episode of Retire With Style, Dr. Wade Pfau and Dr. Alex Murguia are joined by behavioral finance expert Dr. Daniel Crosby to explore the intersection of wealth, values, and happiness in retirement. Together, they unpack why aligning your spending with your personal values can lead to a more fulfilling life—and how money, when used thoughtf…

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Episode 174: The Psychology of Investing: Understanding Market Reactions 30:27

4M ago30:27

30:27

In this episode of Retire with Style, Wade Pfau and Alex Murguia sit down with Dr. Daniel Crosby, a leading voice in behavioral finance, to unpack the psychological side of investing in today’s volatile markets. Together, they examine how market swings and media noise shape investor behavior—and why having a thoughtful media diet and disciplined de…

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The Dark Side of Value Investing: Practical Lessons from Aswath Damodaran 1:08:07

3M ago1:08:07

1:08:07

Join Matt Zeigler and Bogumil Baranowski as they play our favorite clips from both the Excess Returns and Talking Billions podcast interviews with Aswath Damodaran. This conversation unpacks Damodaran’s timeless insights on navigating uncertainty, embracing the process of investing, and finding comfort in a volatile market. From the ritualistic all…

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Episode 173: Navigating Market Volatility: Strategies for Investors 49:11

4M ago49:11

49:11

In this episode of Retire with Style, Wade Pfau and Alex Murguia dive into the current market landscape and what it means for retirement planning. They highlight the importance of staying grounded during periods of volatility and how emotions can cloud financial judgment. Alex introduces the RAIN model—a practical framework to recognize and manage …

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Tariffs Are Here. The Market is Down. Here is What It Means for Investors 1:05:02

4M ago1:05:02

1:05:02

In this episode, dive into the complex world of tariffs, national debt, and economic policies under the current administration. With the S&P down 4% and markets reacting to recent policy shifts, we bring you insights from our previous interviews with Cullen Roche and Andy Constan to break down these pressing issues. This episode is designed for eve…

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Episode 172: Understanding Market Volatility 53:00

4M ago53:00

53:00

In this episode of 'Retire with Style', Wade Pfau and Alex Murguia discuss the complexities of market volatility, its implications for investors, and the current economic landscape. They discuss the nature of volatility, the significance of the VIX as a measure of market fear, and the emotional toll of daily market fluctuations. The conversation al…

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Most Great Traders Failed First: These Key Rules Saved Them | Practical Lessons from Jack Schwager 49:14

4M ago49:14

49:14

In this episode, Matt and Jack dive into the timeless wisdom of Jack Schwager, renowned author of the Market Wizards series. Drawing from two insightful interviews with Schwager, they explore key lessons from some of the greatest traders he’s interviewed, like Paul Tudor Jones and Steve Cohen, and unpack how these principles apply not only to tradi…

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Episode 171: Unlocking the Secrets of Bond Laddering 49:57

4M ago49:57

49:57

In this episode of Retire with Style, hosts Alex Murguia and Wade Pfau are joined by Nate Conrad from Lifex Funds to discuss the innovative approach to retirement income through bond ladders. The conversation explores the evolution of Lifex, the differences between traditional bond funds and bond ladders, and the design of Lifex ETFs aimed at provi…

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75% of Investors Will Disagree with These Ideas: Evidence Says They are True 55:37

4M ago55:37

55:37

In this episode, we dive into the most controversial takesfrom our podcast guests. Inspired by a brilliant question from Meb Faber(thanks, Meb!), we’ve compiled insights from top financial minds to explorebeliefs that challenge conventional wisdom. From debunking dividend hype toreimagining the role of options and AI in investing, this episode is p…

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Episode 170: The Importance of Your Planning Assumptions Part 2 29:42

4M ago29:42

29:42

Welcome Back! In this episode, Alex, Wade and Brian dive into the complexities of financial planning, focusing on return assumptions, the importance of a living financial plan, and the methodologies behind capital market assumptions. They discuss the balance between spending and saving in retirement, the relevance of the 4% rule, and practical reco…

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The Great Moderation is Over: Here is What Comes Next | Practical Lessons from Liz Ann Sonders 52:43

4M ago52:43

52:43

In this episode, we break down key lessons from our conversation with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, exploring timeless investment principles and market dynamics that remain relevant regardless of current market conditions. From the end of the "Great Moderation" era to practical insights about market timing and port…

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Episode 169: The Importance of Your Financial Planning Assumptions: Part 1 31:00

5M ago31:00

31:00

In this episode, Alex and Wade are joined by Brian Bass from McLean Asset Management to discuss the complexities of financial planning assumptions, particularly focusing on Monte Carlo simulations and their implications for success rates in retirement planning. They discuss how different advisors may present varying success rates based on their und…

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Value Investing: Dead or Just Misunderstood? | Special Guest: Tobias Carlisle 1:07:59

5M ago1:07:59

1:07:59

In this episode, Jack and Matt dive deep into the state of value investing with special guest Tobias Carlisle, founder of the Acquirers Funds and author of multiple books on value investing. In this insightful conversation, they look at some of the most insightful clips from our guests including Cliff Asness, Aswath Damodaran, Kai Wu, Scott McBride…

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Episode 168: Funded Ratio vs. Monte Carlo: Which is Better? 45:17

5M ago45:17

45:17

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau discuss the importance of understanding the funded ratio in retirement planning. They explore how the funded ratio compares to Monte Carlo simulations, the significance of present value in assessing retirement income, and the implications of conservative return assumptions. Th…

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Practical Lessons from Bob Elliott 58:01

5M ago58:01

58:01

In this compilation episode, Jack Forehand and Matt Zeigler bring you the most valuable insights from our interviews with Bob Elliott, founder of Unlimited Funds and former head of Ray Dalio's research team at Bridgewater. 🔑 Key Topics Covered: Markets and Macroeconomic Reality Elliott dismantles the notion that markets can permanently detach from …

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Episode 167: Navigating Retirement Goals: The Four L's 37:28

5M ago37:28

37:28

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau delve into the intricacies of financial planning for retirement. They introduce the concept of a financial planning framework, emphasizing the importance of understanding one's goals, risks, and the alignment of assets. The discussion covers the Retirement Income Challenge, th…

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Practical Lessons from Warren Pies 1:03:27

5M ago1:03:27

1:03:27

In this episode, Jack and Matt dive deep into unique perspectives on markets and investing through the lens of Warren Pies and Fernando Vidal's innovative research approaches. They explore: A fresh take on the 60/40 portfolio debate and why the death of this strategy may be greatly exaggerated How to interpret market breadth and retail sentiment th…

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Episode 166: Mastering Your Financial Future: A Framework for Success 35:25

5M ago35:25

35:25

In this episode of 'Retire with Style', Wade Pfau and Alex Murguia discuss the importance of having a structured financial planning framework, especially in the context of retirement. They explore the psychological aspects of financial planning, including the need for a positive mindset and the impact of behavioral biases on investment decisions. T…

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Practical Lessons from Cem Karsan | Inside the Hidden Forces Moving Markets 1:04:09

5M ago1:04:09

1:04:09

In this episode of Excess Returns, Matt and Jack explore key lessons from one of our most popular guests, Cem Karsan. Through selected clips from multiple interviews, they unpack Karsan's unique insights on markets, investing, and risk management. The discussion covers critical concepts including: The fundamental importance of supply, demand, and l…

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Episode 165: Tax Planning Essentials for Retirees 37:39

6M ago37:39

37:39

In this episode of 'Retire With Style', hosts Alex Murguia and Wade Pfau delve into the intricacies of tax planning for retirement. They introduce the Retirement Income Challenge, discuss the importance of understanding tax impacts on retirement income, and explore strategies such as Roth conversions and gains harvesting. The conversation also cove…

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Practical Lessons from Jim Paulsen 1:05:57

6M ago1:05:57

1:05:57

In this episode, Matt and Jack break down key insights from our interview with market strategist Jim Paulsen. Paulsen offers unique perspectives on how markets have evolved over his 40-year career, from the days when investors checked bank signs for daily Dow quotes to today's high-speed algorithmic trading environment. Key topics covered: Why trad…

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Episode 164: Investment Insights: What 2024 Taught Us 53:45

6M ago53:45

53:45

In this episode, Wade Pfau and Alex Murguia review 2024, focusing on the discrepancies between market predictions and actual outcomes. They discuss the impact of prognostications on investment decisions and highlight the unpredictability of markets, emphasizing the importance of a long-term perspective in financial planning. Their conversation disc…

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Practical Lessons from Jason Buck 48:36

6M ago48:36

48:36

In this episode, Jack and Matt dive deep into their conversation with Jason Buck about building truly robust investment portfolios that can withstand any market environment. Moving beyond the typical "stocks only go up" mentality, they explore critical concepts like:The real difference between offense and defense in portfolio constructionWhy treati…

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Episode 163: 2025 Retirement Planning Guidebook Updates 37:29

6M ago37:29

37:29

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau discuss significant updates in retirement planning for 2025, including changes to Medicare Part D, Social Security benefits, required minimum distributions (RMDs), and new catch-up contribution limits. They also explore the implications of inflation adjustments on qualified ch…

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Practical Lessons from Ed Yardeni 52:22

6M ago52:22

52:22

In this deep-dive conversation, Jack Forehand and Matt Zeigler break down key insights from their interview with Dr. Ed Yardeni, one of Wall Street's most respected market strategists. The discussion explores how Yardeni's independent thinking and data-driven approach led him to correctly predict several major market developments in 2023-24, includ…

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Episode 162: Retire with Style Live (not really) Q&A: Part 6 48:57

6M ago48:57

48:57

In this episode of 'Retire with Style', hosts Wade Pfau and Alex Murguia, are joined by Jason Rizkallah from McLean Asset Management. They continue answering your critical questions surrounding retirement planning, focusing on the nuances of choosing between lump sum and annuity options and asset allocation strategies for retirees. They explore the…

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Practical Lessons from Cliff Asness 58:08

6M ago58:08

58:08

In this episode, Jack Forehand and Matt Zeigler discuss their fascinating interview with AQR founder Cliff Asness. They explore several key topics from their conversation, including:Cliff's humorous take on morning routines and why correlation doesn't equal causation when it comes to success habitsThe "Less Efficient Market Hypothesis" and why Clif…