Sound Investing

Upcoming Event + What’s New Before jumping into today’s questions—there are some good ones—I want to share a quick note. I’ll be at the  Annual RetireMeet on March 7  in Bellevue at the Maidenbauer Building. I’ll be there all day at the booth and will be  discussing the inside story on diversification , including  new thinking on rebalancing  that I believe you’ll find useful. Christine Benz —HOW...

In this week’s  Sound Investing  episode, Paul Merriman answers a wide-ranging set of listener questions — from choosing ETFs and building portfolios to managing risk in retirement and investing wisely at every age. One of the biggest takeaways? There is no universally “best” ETF or portfolio. The right answer depends on your goals, risk tolerance, time horizon, and — just as importantly — your ab...

For first-time listeners, welcome! In this opening episode of the year, Paul Merriman—founder of the Merriman Financial Education Foundation—looks back at 2025 to uncover what the markets taught us and how those lessons can help do-it-yourself investors make better decisions going forward. Despite endless predictions about what markets  should  do, Paul reminds us that his role isn’t to forecast t...

The following are Dr. Pass’ note to his podcast: This week we end 2025 with a Pediheart tradition - an episode on personal finance for medical professionals with noted authority on index investing and personal finance, Mr. Paul Merriman. Paul is a retired investment advisor who now has a popular podcast "Sound Investing" and website in which he offers advice on investing for 'do it y...

In this episode, Paul shares the thinking behind what he believes may be  one of the most important projects of his career —a project guided by a single goal: That every investor who follows our work will know how to invest for the rest of their life. To explain why that goal matters, Paul walks through the  forks in the road every investor eventually faces —from betting on individual companies to...

Compounding Project Podcast – Episode 36 In Episode 36 of  The Compounding Project Podcast , legendary investing educator  Paul Merriman  shares timeless insights on long-term investing, the power of compounding, and how everyday investors can build lasting wealth. Paul explains why  starting early is one of the most important financial decisions you can make , how compound growth works quietly ov...

Over the last couple of weeks, I’ve been recording a series of Q&As that came out of a presentation I gave in November for the American Association of Individual Investors — AAII. At the end of that nearly two-hour talk, I promised that I’d do a podcast answering every single question that came in. Well… there were 36 questions. That’s a little too much for one episode, so we broke them into t...

Paul continues his three-part series responding to questions from his November 8 AAII presentation. In this episode, he digs into risk-parity portfolios, the role of gold, how the 10-Fund Strategy compares to the S&P 500, growth vs. value, rebalancing discipline, and how to choose the right bond allocation in retirement. If you were at the AAII event, you’ll find the exact 12 questions listed...

Recorded from our new home on Bainbridge Island and released on Thanksgiving, this episode is equal parts gratitude and practical investing help. I open with my annual tradition of writing a fresh Thanksgiving list—people, communities, and institutions that have shaped my life and this work. I’m especially thankful for you, the DIY investors who keep showing up to learn, ask thoughtful questions,...

Paul Merriman brings 60+ years of investing experience to the  Retire Today  podcast, breaking down what really determines retirement success. Most investors think it’s about picking the right fund or timing the market—but Paul says the biggest threats aren’t headlines. They’re  costs and emotions . In the 1960s, investors routinely paid 8.5% to buy a mutual fund. Today fees are far lower, but the...

First, a big  thank-you  to everyone who joined me for the  AAII presentation last Saturday . I appreciate your patience during my rocky Zoom start—and a special shout-out to  Suzette Moskwa , who saved the day by running the slides! As promised, I’m following up on your  chat comments and questions  from the session. This week’s focus is on your insights; in the next couple of weeks, I’ll share a...

In this episode, Paul dives into one of the most important themes in long-term investing:  staying the course , even when individual asset classes deliver unexpected short-term results. Whether you’re a seasoned DIY investor or still building confidence, Paul shares timely lessons to help you make better decisions—and support others who rely on your guidance. Paul also previews his upcoming presen...

Paul Merriman welcomes back Chris Patterson, Director of Research, and Daryl Balls, Director of Analytics, for another thoughtful roundtable discussion. These three “underpaid volunteers” reflect on how far the Merriman Financial Education Foundation has come — and where it’s headed next. Together, they cover everything from new educational tools to a data-driven look at one of the most common inv...

In this practical and inspiring ETFatlas podcast episode, host Jack Lempart welcomes Paul Merriman for a return conversation focused on the biggest mistakes beginner investors make—and how to avoid them. The discussion reveals why most investing errors are emotional, not technical. Paul emphasizes that successful investing is usually simple, though almost never easy. Paul Merriman draws on decades...

Watch YouTube video here. Paul Merriman and Chris Pedersen tackle your biggest questions—from simplifying portfolios and picking best-in-class ETFs to understanding equal-weighted funds, tax efficiency, and how much small-cap value to own. They dig into factor investing (size, value, quality, profitability, momentum), why reversion to the mean matters, and how to think like an owner—not a speculat...

In this week’s episode, Paul Merriman shares lessons from a lifetime of investing—prompted by conversations with students, longtime collaborator Rich Buck, and questions from new investors about trust and risk. Paul dives deep into the data behind his favorite long-term strategies, including the equal-weighted S&P 500 and the classic Four-Fund Portfolio, comparing 25-year results across multip...

In this final episode of our four-part series, Paul Merriman compares three powerful approaches for a lifetime of investing: 100% S&P 500 : high-risk, high-reward growth. 60/40 mix of S&P 500 and bonds : a defensive balance. 100% U.S. Four-Fund strategy : large-cap blend, small-cap blend, large-cap value, small-cap value. Paul uses 55 years of data (1970–2024) to show how these portfolios...

Paul Merriman continues our series on  radical lifetime investment strategies —comparing an all-equity S&P 500 portfolio to a balanced  60% equity/40% bonds  portfolio. After two episodes focused on the  accumulation phase , this third installment shifts to  retirement distributions : How much income could each portfolio provide? How did they hold up during major market crashes? What role did...

At FinCon, Chuck Gaffe- moneylifeshow.com sat down with Paul for a wide-ranging conversation about investing and financial independence. Paul shared insights on the rise of index funds, the FIRE movement’s “one-fund-for-life” approach, and how small portfolio adjustments can boost long-term returns. He also discussed timeless investing principles like staying the course, understanding risk, keepin...

In Part 2 of this 4-part series, Paul Merriman compares the accumulation results of the U.S. 4-Fund Portfolio against the S&P 500, using both all-equity and 60/40 strategies. Paul analyzes five decades of data, showing how diversification affects returns, volatility, and long-term wealth creation. Paul also highlights the tables you’ll want to download and follow along with as he explains the...

This is the first of a series of 4 podcasts focused on the decision to have all of your investments be all equities vs. a balanced portfolio of equities and fixed income.  In this presentation Paul uses the S&P 500 in  both the all equity and the 60/40 stock/bond portfolio.  He uses the following tables during his presentation. Table B1 Fine Tuning Table: S&P 500 Equity Portfolio Table H2a...

Paul starts this letter beginning with a letter from a listener . The letter ends with the reason why our work has had more impact than John Bogle and Benjamin Felix (Both Truth Tellers).  The rest of the podcast is focused on a recent article- ⁠The Evolution of Financial Advice , by Ben Carlson.  The focus is on the math, history and psychology of investing. Paul concludes that most steps to succ...

On this podcast, Paul Merriman dives into three big investor questions:  Why would anyone add bonds to their portfolio—even in retirement?   How has the Ultimate Buy and Hold Portfolio performed in 2025?  And  how much Small Cap Value should an investor add to VTSAX?  Along the way, Paul explains why diversification and balance matter just as much as chasing higher returns. During the podcast Paul...

Paul Merriman is looking ahead to the  2025 Bogleheads Conference  (October 17–19), one of the premier gatherings for long-term investors. The lineup includes Vanguard CEO  Salim Ramji , Christine Benz, Bill Bernstein, Rick Ferri, Alan Roth, Jim Dahle, and more. Paul will be there for all three days to connect with listeners, share new projects, and learn from some of the best minds in the field....

I had never heard of Erin Moriarity before she contacted me about having a conversation with her on “Erin Talks Money.” When I visited her Youtube channel I immediately realized what a powerhouse she is. She has over 200,000 subscribers to her Youtube channel and her videos are terrific. She has over 800 videos on topics most young investors or beginners at any age need to see. 36 videos on budget...