The Decision Dividend

Giving sounds easy. Giving well takes thought. In Episode 43 of The Decision Dividend, Dr. Shanaysha Sauls, President & CEO of the Baltimore Community Foundation, joins us to discuss her simple framework for charitable decision-making. Gut. Head. Heart. Together we discuss: • How thoughtful donors evaluate nonprofits before making significant gifts  • What Form 990s and funding sources can rev...

What it is, why it matters, and who really sets it. Interest rates influence nearly every financial decision, from what you earn on cash to what you pay on a mortgage and how stocks, bonds, real estate, and businesses are valued. But despite how often we hear about “the interest rate,” there is no single rate, and the Federal Reserve does not control all interest rates. In Episode 42 of The Decisi...

Last episode explored how more money can improve well-being. So, how should you spend it to improve your life? In Episode 41 of The Decision Dividend, Pat Collins and Marcus Schafer explore research suggesting that experiences, spending on others, and buying back time often produce more happiness than material purchases alone. You’ll learn: Why experiences create lasting happiness through anticipa...

The headline was simple: happiness reaches a point of diminishing returns around $75,000 of income. The research that followed revealed a more complicated reality in which additional income can still improve well-being, but not equally for everyone or in every circumstance. In Episode 40 of The Decision Dividend, Pat Collins and Marcus Schafer explore what the evolving evidence can teach us about...

Have markets and technology advanced enough that investors should consider owning the individual stocks in an index rather than investing through a pooled vehicle such as an ETF or mutual fund? In Episode 39 of The Decision Dividend, we’re joined by Brant Cavagnaro to explore how direct indexing works, who may benefit most, and when a low-cost commingled fund may still be the better choice. You’ll...

Retirement is a natural time to rethink where you live. But moving states is not just a tax decision. In Episode 38 of The Decision Dividend, Pat and Marcus discuss how to evaluate a retirement move by starting with quality of life, then running the numbers. The goal is not to ignore taxes, but to understand them in the context of your actual retirement income, residency, housing, insurance, and r...

A rental property can have been a great investment and still no longer be a great investment to keep. Deciding what to do next requires weighing not just the expected return, but the broader set of tax-efficient exit options available to real estate owners. In Episode 37 of The Decision Dividend, we’re joined by Dan Mong , one of Greenspring’s most experienced advisors in real estate planning, to...

Can someone be a fiduciary while also earning commissions for selling financial products? The answer is more complicated than many investors realize. In Episode 36 of The Decision Dividend, Pat Collins and Marcus Schafer explore the history and meaning of fiduciary duty, the different standards governing financial advice, and the signals investors can use to evaluate an advisor. You’ll learn: Why...

Using SpaceX to understand IPO access, pricing, and expected returns. SpaceX may be a high-profile company, and it is rare for a private company to go public at a valuation that would place it among the largest companies in the market. In Episode 35 of The Decision Dividend, we use SpaceX to understand IPO access, pricing, and expected returns. We look at what history says about IPO returns and wh...

Practical frameworks for separating process from outcome. A good outcome can make a bad decision look smart. A bad outcome can make a good decision look foolish. In Episode 34 of The Decision Dividend, we look at how to separate the quality of your decision from the luck of the result. To do that, we walk through five practical tools for making better decisions before, during, and after uncertaint...

A research-informed order of operations for cash reserves, debt, retirement accounts, brokerage accounts, 529s, and mortgage prepayment. The hard part of having extra savings is rarely finding a good option. It’s choosing between several. In Episode 33 of The Decision Dividend, Pat Collins and Marcus Schafer walk through a practical order of operations to decide where your extra savings should go....

Too often, families spend more time planning how to build wealth than how to pass it on. In Episode 32, we’re joined by Ron Diamond* to discuss family governance, inheritance, and how to prepare the next generation for wealth without creating confusion, conflict, or entitlement. You’ll learn: Why investing should often come after governance, values, and family communication How to prepare children...

We revisit a question we expect to ask every 1-2 years. Is this time different? The catalyst this time is energy and trade shocks tied to conflict. You’ll learn: How common market drops like this are and how often they rebound How separating your roles as a citizen, consumer, and investor can guide what action, if any, to take What history tells us about market returns through past conflicts and e...

Many investors assume that if they need cash, even for short-term expenses, they have one option: sell their investments. In Episode 30 of Return on Reason,  we discuss a less widely understood option, borrowing against your investment portfolio. It may be one option for accessing short-term liquidity, but it also introduces tradeoffs that stretch beyond the interest rate. You’ll learn: Four ways ...

Cash feels safe. Over time, excess cash quietly works against you through lower returns, inflation, and taxes. In Episode 29 of Return on Reason, we dive into how to optimize the return on your cash by exploring how much to hold and where to hold it, so that it works for you, not for your bank or brokerage. When cash may stop being a reserve and become a drag on wealth Why it’s easier than ever to...

AI, banking innovation, estate planning tools. Why better tools don’t automatically mean better decisions. Innovation in personal finance is no longer constrained to investments. Access to new tools is expanding. But better information does not eliminate trade-offs. In Episode 28 of Return on Reason (formerly Greenstream), we explore where innovation genuinely adds value and where judgment, coordi...

After-tax outcomes. Concentrated wealth. Private market access. The math matters more than the marketing. Innovation is inevitable. Access to new investment tools continues to expand. The question is whether the benefits outweigh the costs. In Episode 27 of Greenstream, we discuss the tradeoffs behind strategies designed to improve after-tax outcomes, manage concentrated wealth, and pursue private...

Whether you know it or not, every investor's portfolio takes factor bets. In Episode 26 of Greenstream, we break down what factor investing actually is and how it is used as a framework for understanding risk, diversification, and portfolio construction. You’ll learn: Why factor returns are expected, not guaranteed Why stocks vs. bonds is the original (and one of the biggest) factors bet investors...

Index funds have transformed investing. They lowered costs, improved diversification, and helped investors avoid many of the most common mistakes. For most people, indexing has been a clear upgrade over trying to outsmart the market. But even indexing is an active decision. The way an index is built, how it handles income and taxes, and how it’s implemented all influence results in ways that don’t...

Even after a win, the best coaches go back to the tape. 2025 was a strong year for markets. But like a disciplined coach after a big win, the most valuable work happens in the film review. In Episode 24 of Greenstream, we look back on the year not to celebrate outcomes, but to pressure-test decisions. From tariff-driven volatility to the return of cash as a real option, this episode focuses on the...

What does it take to run a modern Major League Baseball franchise? In Episode 23 of Greenstream, we talk with Catie Griggs, the Baltimore Orioles’ President of Business Operations, about how the O’s are working to build a championship-caliber fan experience on the field and in the stands. You’ll learn about: Catie’s career path and how 100+ informational interviews helped her break into sports’ ap...

Rebalancing may help keep your portfolio aligned with your goals, but how often should you actually do it? In Episode 22 of Greenstream, we break down the research behind rebalancing, why drift matters, and how to use cashflows to rebalance with the least friction and cost. You’ll learn about the: Why rebalancing works and what the evidence shows about managing portfolio drift The tradeoffs betwee...

After 15 years of U.S. outperformance, many investors are wondering whether global diversification is still worth it. In Episode 21 of Greenstream, we look past recent returns and dig into the long-run evidence of global stock market returns. You’ll learn about: The academic, risk-adjusted case for international diversification How global diversification helps protect against a ‘lost decade’ or mo...

It’s one of the most important decisions in personal finance. Research has shown that asset allocation, not the stocks you pick, explains 90% of returns (see sources below). That’s why getting your mix of stocks to bonds right matters most. In Episode 20 of Greenstream, we explain why there is no agreement on the single, optimal portfolio, but how we can find the best portfolio for you. You’ll lea...

Taxes are one of your largest lifetime expenses, but most people think about them after it’s too late to make a difference. In Episode 19 of Greenstream, we break down the difference between tax preparation (filling out your tax return) and tax planning (proactively shaping your outcomes). You’ll learn about: How to identify opportunities before year-end that may disappear in January Why financial...