Episode 006: "Bogleheads on Investing" with guest Dan Egan

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Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Rick Ferri » Tue Feb 05, 2019 7:42 pm

Dan Egan is our guest in Episode 6.

Mr. Daniel P. Egan is the Director of Behavioral Finance and Investing at Betterment and an up-and-coming leader in the field of improving personal decision making by understanding how psychology interacts with design, money, investing and spending. His research is reshaping how people interact with technology to make themselves better money managers. Dan holds an MSc in Decision Science from London School of Economics and a BA (Distinction) in Economics from Boston University.

You will enjoy this one!

Episode 006: Bogleheads on Investing - guest Dan Egan, host Rick Ferri

Rick Ferri
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The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by bzargarcia » Tue Feb 05, 2019 7:52 pm

Looking forward to this one. I really like Egan’s work.

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Rick Ferri » Tue Feb 05, 2019 10:25 pm

bzargarcia wrote:
Tue Feb 05, 2019 7:52 pm
Looking forward to this one. I really like Egan’s work.
Dan does an excellent job.

Rick
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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by 4strings » Wed Feb 06, 2019 10:17 am

When will this episode be released? was hoping to listen to it at the gym tonight!

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Rus In Urbe » Wed Feb 06, 2019 10:18 am

Great! Thanks for this---I know I'll learn a lot.
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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Rick Ferri » Wed Feb 06, 2019 10:21 am

4strings wrote:
Wed Feb 06, 2019 10:17 am
When will this episode be released? was hoping to listen to it at the gym tonight!
It was released last night all the major podcast distribution sites; iTunes, Sticker, Google Play, Podbean, and others.
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Stinky » Wed Feb 06, 2019 11:30 am

I listened to it this morning. Absolutely excellent, as always.
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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by 4strings » Wed Feb 06, 2019 12:20 pm

Rick Ferri wrote:
Wed Feb 06, 2019 10:21 am
4strings wrote:
Wed Feb 06, 2019 10:17 am
When will this episode be released? was hoping to listen to it at the gym tonight!
It was released last night all the major podcast distribution sites; iTunes, Sticker, Google Play, Podbean, and others.
Excellent, will listen tonight!

Do you have a lineup of upcoming shows? Who's in the dugout?

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by abuss368 » Wed Feb 06, 2019 7:48 pm

Rick Ferri wrote:
Wed Feb 06, 2019 10:21 am
4strings wrote:
Wed Feb 06, 2019 10:17 am
When will this episode be released? was hoping to listen to it at the gym tonight!
It was released last night all the major podcast distribution sites; iTunes, Sticker, Google Play, Podbean, and others.
Thanks Rick!
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by abuss368 » Wed Feb 06, 2019 7:49 pm

Rick Ferri wrote:
Wed Feb 06, 2019 10:21 am
4strings wrote:
Wed Feb 06, 2019 10:17 am
When will this episode be released? was hoping to listen to it at the gym tonight!
It was released last night all the major podcast distribution sites; iTunes, Sticker, Google Play, Podbean, and others.
Rick -

Any possibility at getting John Bogle, Jr. and David Swensen for a future podcast?
Last edited by abuss368 on Wed Feb 06, 2019 11:00 pm, edited 1 time in total.
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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Mel Lindauer » Wed Feb 06, 2019 10:11 pm

Another great job, Rick. You're a natural.
Best Regards - Mel | | Semper Fi

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by 4strings » Thu Feb 07, 2019 11:55 am

This one was great...got better and better as the podcast went on...thanks Rick!

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by House Blend » Fri Feb 08, 2019 9:35 am

Episode 007 should be about bonds. ;-)

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Taz » Fri Feb 08, 2019 3:53 pm

4strings wrote:
Thu Feb 07, 2019 11:55 am
This one was great...got better and better as the podcast went on...thanks Rick!
I liked the first half on how Dan Egan got started. It appeared to me that the discussion moved towards various ways to charge for additional services. Paying for specific advice makes sense for many. But the idea of "sharing in a client's success" resulted in a rather pregnant pause before Rick saved the day by relating Dan's idea to an "AUM" structure.
The destination matters.

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by ICH » Fri Feb 08, 2019 4:05 pm

Thanks

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by livesoft » Fri Feb 08, 2019 4:26 pm

I found it interesting that it was implied that people who log in to their accounts on big down days are doing so to sell equities. Maybe they are all aficionados of the RBD strategy and buying equities?

Also nice was the idea to state the income tax that folks would have to owe if they sold shares and that folks who were shown they would owe tax would be reticent to make the trade.

21:30
"People's aversion to taxes isn't rational.
... people will pay more than a dollar to avoid a dollar's worth of taxes."

The annuity sales reps know this all too well.
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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by livesoft » Fri Feb 08, 2019 5:00 pm

So Rick Ferri mentioned that he himself is starting a company to give hourly advice. Sounded maybe similar to Allan Roth's business model?

If Betterment or other roboadvisor had a different platform to implement a 3-fund portfolio in both tax-advantaged and taxable accounts with perhaps tax-loss harvesting and tax-exempt muni bond ETFs where appropriate for hourly advisors to recommend, would that be something for the roboadvisors to offer? Perhaps it would not be as "sticky" as what they are doing now though, so maybe not worth the implementation.
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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by retiringwhen » Thu Feb 14, 2019 11:30 am

I listened on Tuesday and wanted to say these podcasts are really great. Rick, you started with an all-star cast and I was worried about where you'd go after that. This interview with Dan Egan was one of the more insightful real-world practical discussions of behavioral finance I've heard. His approach and lessons learned are invaluable. Keep it up!

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Whakamole » Thu Feb 14, 2019 10:06 pm

Good episode, as always.

Egan's idea of "sharing in a customer's success" initially sounded like how hedge funds are compensated with a share of the profits.

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by Rick Ferri » Fri Feb 15, 2019 10:33 am

livesoft wrote:
Fri Feb 08, 2019 5:00 pm
So Rick Ferri mentioned that he himself is starting a company to give hourly advice. Sounded maybe similar to Allan Roth's business model?

If Betterment or other roboadvisor had a different platform to implement a 3-fund portfolio in both tax-advantaged and taxable accounts with perhaps tax-loss harvesting and tax-exempt muni bond ETFs where appropriate for hourly advisors to recommend, would that be something for the roboadvisors to offer? Perhaps it would not be as "sticky" as what they are doing now though, so maybe not worth the implementation.
It is Alan Roth's business model (Thanks for the help, Alan!).

I am hoping to get at least one major Robo involved in offering simple 3-4 fund portfolios on their platform for a low fee annual.

Rick
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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by AtlasShrugged? » Fri Feb 15, 2019 11:45 am

Mr. Ferri....Thanks so much for conducting these podcasts. They have been very helpful.

Is it too forward to ask if you could interview these people for a future podcast: Javier Estrada, Larry Swedroe, Bill Bernstein, Howard Marks, Michael McClung and Harry Sit (this is user tfb for this forum)?
“If you don't know, the thing to do is not to get scared, but to learn.”

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by azanon » Fri Feb 15, 2019 12:46 pm

Betterment priced me out when they raised their fee from 0.15% to 0.25% for all investors. I was all tax-advantaged, so I wasn't willing to pay a full 25 basis points simply for a nifty portfolio tool without needing, say, tax-loss harvesting. They're insane if they think sensible, tax-advantaged users are going to be willing to subsidize the extra costs (by paying the same fee) for features that only taxable investors can use.

I prefer Betterment's portfolio mix to Vanguard's lifestrategy, but it is just too easy to just build that manually with ETFs rather than pay a whopping 25bp for convenience.

Cambriainvestments (at least for the time being) is gaining access to the Betterment model for just 15bp. Hopefully Rick can get the same deal that Cambria did.

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Re: Episode 006: "Bogleheads on Investing" with guest Dan Egan

Post by sddiehard » Fri Feb 15, 2019 3:42 pm

Very interesting podcast. Thank you Rick.

Paul

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