{"podcast":{"title":"Sound Investing","slug":"sound-investing-342834","podcast_index_feed_id":342834,"rss_url":"https://anchor.fm/s/10bb8090/podcast/rss","website_url":"https://paulmerriman.com","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/2707236/2707236-1620226683552-09d701c1e44b2.jpg","author":"Paul Merriman","episode_count":557,"summary":"Weekly podcasts with Paul Merriman. Strategic planning for investing at every stage of life.","last_synced_at":"2026-07-30T06:21:30.518216+00:00","page_url":"https://stenobird.com/podcast/sound-investing-342834"},"episode":{"title":"Evidence-Based Investing, Index Funds & Staying the Course","slug":"evidence-based-investing-index-funds-staying-the-course","published_at":"2026-06-17T20:30:00+00:00","page_url":"https://stenobird.com/podcast/sound-investing-342834/evidence-based-investing-index-funds-staying-the-course","show_page_url":"https://stenobird.com/podcast/sound-investing-342834","url":"https://podcasters.spotify.com/pod/show/sound-investing/episodes/Evidence-Based-Investing--Index-Funds--Staying-the-Course-e3ku5gv","audio_url":"https://anchor.fm/s/10bb8090/podcast/play/121623519/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-5-17%2Feb492585-1e3b-9fc0-1c3d-c5948dd716e6.mp3","summary":"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 B…","meta_description":"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 m…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4022,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/sound-investing-342834/episodes/evidence-based-investing-index-funds-staying-the-course/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/sound-investing-342834/evidence-based-investing-index-funds-staying-the-course.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}