Winter comes for markets, too. Don and Tom ask the useful question before the next bear market arrives: will your portfolio—and your nerves—be ready? They revisit painful declines, concentrated bets, and why a plan matters most when selling feels irresistible. They explain how rebalancing, a sensible mix of stocks and bonds, and tax-loss harvesting can help investors respond with discipline. Your risk tolerance is only half the equation; there is no prize for taking more risk than your goals require. Listener questions cover the home-sale tax exclusion when moving into a retirement community, how Don writes AI-assisted podcast music, and whether AI trading tools change the odds of beating the market. 00:50 Bear markets ahead 02:54 What a bear market means 05:34 The worst bear markets in history 08:07 Rebalance and stay ready 14:38 Home-sale tax rules 17:42 Making podcast music 22:03 AI trading hype

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Coast FI promises that if you save enough early, your retirement money can coast the rest of the way. Don and Tom run the numbers and find the missing passengers: inflation, Social Security, uncertain returns, and the messy surprises of real life.

They like aggressive early saving, but not treating a projection as a guarantee—or abandoning a valuable saving habit and employer match. The listener questions cover Treasury bills versus CDs in high-tax states, California municipal bonds, and how to simplify scattered retirement accounts.

They also explain why an S&P 500 fund can leave nearly 40% of a portfolio riding on one sector. A globally diversified one-fund solution is less exciting, easier to maintain, and far less dependent on yesterday’s winners.

00:36 What Coast FI promises
04:36 Inflation breaks the easy math
06:43 Life does not follow a spreadsheet
09:25 Save early—but keep saving
15:20 T-bills, CDs, and state taxes
20:05 Simplifying four old 401(k)s
25:13 The hidden tech bet in the S&P 500
30:03 The Line Uncrossed audiobook

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Exciting investments often arrive wrapped in a great story—and hide a much bigger risk. Don and Tom revisit Financial Physics Rule 10, explain the price of chasing sizzle, and separate investing from speculation.

Then they answer whether quarterly advisor check-ins are reasonable and why a sound portfolio should not require constant tinkering. They close with a conservative IRA allocation question and the tradeoffs among U.S. stocks, global diversification, and short- versus broad-term bonds.

The through-line is simple: excitement, complexity, and concentration usually raise costs and risk. Patient diversification may not make good cocktail conversation, but it makes a better long-term plan.

00:50 Why exciting investments cost more
03:08 Selling the sizzle at Dean Witter
05:23 Complexity, risk, and costly funds
09:24 Prediction markets, crypto, and gambling
13:21 How often should an advisor meet?
22:16 Rethinking a conservative IRA mix

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