Uploaded June 2026 | Updated September 2026, 2 weeks ago
I recently sat down with Steve Chen on his Boldin Your Money podcast for a wide-ranging conversation about evidence-based investing — and why it matters more than ever in a world of speculation, hype, and constant financial noise. We covered my early days as a stockbroker in the 1960s, the psychology that trips investors up in downturns, how low-cost index funds transformed personal finance, factor investing and small-cap value, and why younger investors are being pulled toward gambling-like behavior through apps, crypto, and prediction markets. Whether you're just starting out or planning for retirement, I think you'll find it time well spent.
KEY TOPICS DISCUSSED
• The difference between investing and speculation
• Why staying the course is emotionally difficult
• Wall Street incentives and investor behavior
• The origins of index fund investing
• Factor investing and small-cap value explained
• Why diversification matters long term
• Rebalancing strategies and portfolio management
• Financial literacy and generational investing habits
• Why gambling behavior is becoming normalized
• How AI tools like ChatGPT and Claude are changing education
• The psychology behind successful long-term investors
TIMESTAMPS
00:00 Introduction
02:55 Paul Merriman's start in investing
05:20 Wall Street incentives and conflicts of interest
08:35 Why investing is harder than it looks
12:25 Investing vs speculation
15:40 Why people panic during market crashes
17:30 The psychology of staying the course
19:10 Generational wealth and financial literacy
23:40 The case for index funds
28:45 Factor investing explained
32:30 The four-fund portfolio strategy
36:00 Rebalancing and long-term returns
38:00 ChatGPT, Claude, and financial education
42:15 Market valuations and investor behavior
45:30 Building wealth intentionally
49:00 Gambling culture and modern investing
51:45 Teaching financial literacy to younger generations
54:00 Final thoughts on long-term investing
RESOURCES MENTIONED
Paul Merriman Foundation: paulmerriman.com
Try the Boldin Planner for free: go.boldin.com/podcasttep110
Free Books: paulmerriman.com/free-books
I recently sat down with Steve Chen on his Boldin Your Money podcast for a wide-ranging conversation about evidence-based investing — and why it matters more than ever in a world of speculation, hype, and constant financial noise. We covered my early days as a stockbroker in the 1960s, the psychology that trips investors up in downturns, how low-cost index funds transformed personal finance, factor investing and small-cap value, and why younger investors are being pulled toward gambling-like behavior through apps, crypto, and prediction markets. Whether you're just starting out or planning for retirement, I think you'll find it time well spent.
KEY TOPICS DISCUSSED
• The difference between investing and speculation
• Why staying the course is emotionally difficult
• Wall Street incentives and investor behavior
• The origins of index fund investing
• Factor investing and small-cap value explained
• Why diversification matters long term
• Rebalancing strategies and portfolio management
• Financial literacy and generational investing habits
• Why gambling behavior is becoming normalized
• How AI tools like ChatGPT and Claude are changing education
• The psychology behind successful long-term investors
TIMESTAMPS
00:00 Introduction
02:55 Paul Merriman's start in investing
05:20 Wall Street incentives and conflicts of interest
08:35 Why investing is harder than it looks
12:25 Investing vs speculation
15:40 Why people panic during market crashes
17:30 The psychology of staying the course
19:10 Generational wealth and financial literacy
23:40 The case for index funds
28:45 Factor investing explained
32:30 The four-fund portfolio strategy
36:00 Rebalancing and long-term returns
38:00 ChatGPT, Claude, and financial education
42:15 Market valuations and investor behavior
45:30 Building wealth intentionally
49:00 Gambling culture and modern investing
51:45 Teaching financial literacy to younger generations
54:00 Final thoughts on long-term investing
RESOURCES MENTIONED
Paul Merriman Foundation: paulmerriman.com
Try the Boldin Planner for free: go.boldin.com/podcasttep110
Free Books: paulmerriman.com/free-books
