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 of experience as an educator, advisor, and founder of the Merriman Financial Education Foundation to spotlight key pitfalls:

• Trusting the wrong advice
• Starting too late with investing
• Letting emotions drive decisions
• Chasing recent performance

Paul’s conversation goes further, sharing actionable tips:

• How defensive investing and diversification protect you from major mistakes
• Practical ways to automate good habits and avoid behavioral biases
• Insights from both US and European market examples

You’ll also hear why academic research has shaped today’s best investment practices. Paul strongly advocates:

• Automating decisions wherever possible
• Broad diversification
• Maintaining discipline during market turbulence

Listeners receive clear advice on keeping investing simple, avoiding high fees, and building portfolios designed to withstand uncertainty.

The episode closes with tips for further reading—including free educational resources and helpful links—to support every investor’s learning journey.


Agenda

• Paul Merriman’s journey from stockbroker to financial educator and foundation founder​
• Introduction to the most costly mistakes for beginners and how they can affect lifetime wealth​
• Why trusting the wrong advice is potentially the biggest error investors make​
• The importance of choosing academically sound, evidence-based sources over industry “experts” or neighbors​
• Analysis of how starting too late in investing can dramatically reduce future wealth​
• The emotional traps beginners face and the impact of behavioral biases on decision-making​
• The problem of performance chasing and recency bias in investment choices​
• Automating investments and the value of regular, disciplined contributions​
• Why diversification is considered “the only free lunch” in investing by experts​
• Advantages of keeping portfolios simple with solutions like target-date funds and low-cost ETFs​
• Examples illustrating the massive impact of investment fees over decades​
• The difference between defensive and offensive strategies in long-term market success​
• Real-world lessons from market history, including US, Europe, and Japan​
• How to avoid paralysis from choice overwhelm in a landscape of thousands of ETFs​

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In this enlightening conversation, Jack Lempart welcomes Robert Carver—a former portfolio manager at AHL, one of the world's largest systematic hedge funds. Rob managed multi-billiondollar portfolios before transitioning to independent trading and authorship, bringing deep industry insights to individual investors.

The interview tackles one of the biggest questions facing everyday investors: Should people try active trading, or is building a simple, sensible portfolio the smarter way? Carver shares honest, actionable advice rooted in his own professional experience and investment research, explaining why most individuals struggle to beat the market as traders and how ETFs can simplify long-term financial success. Topics include concrete approaches for building diversified portfolios, managing risk in turbulent times, practical tips for rebalancing, and ways to avoid costly mistakes.

Listeners also learn how to spot hidden fees and marketing pitfalls, diversify globally, and decide when "simple" might need to evolve into something more sophisticated.

Agenda

• Why most individual investors should avoid active trading 
• The three deadly mistakes that destroy trading performance: overconfidence, over-trading, and excessive leverage
• Robert's three essential questions framework: what to invest in, how much to invest, and when to make changes
• Practical ETF portfolio construction strategies for different investment amounts
• Beyond stocks and bonds: incorporating commodities, real estate, and international markets through ETFs
• Simple rebalancing strategies that minimize costs while maintaining discipline during market volatility
• International diversification: managing currency risk and global exposure
• Hidden costs in ETF investing and red flags to avoid when selecting funds
• When simple portfolios might not be enough: graduation criteria for more sophisticated approaches
• Final advice for building habits that protect against emotional investing mistakes

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Episode Agenda

• Guest Introduction: Ramin, founder of PensionCraft
• Overview of current investment environment
• Key market trends and sources of uncertainty
• Analysis of global diversification—benefits and pitfalls
• ETF selection: criteria and practical tips
• Risks associated with concentration in thematic or sector ETFs
• Perspectives on long-term investing mindset
• Asset allocation strategies in periods of volatility
• Personal anecdotes on navigating difficult markets
• Common listener questions addressed
• Concluding thoughts on building robust portfolios

Episode Summary

In this episode, the host interviews Ramin from PensionCraft, who shares practical insights on investing amid market uncertainty and changing trends. The discussion opens with a review of recent global economic developments and focuses on how diversification can help mitigate risk, but also why it is important to avoid concentrations in popular themes or sectors. Ramin illustrates the use of ETFs for efficient asset allocation and highlights criteria for choosing funds that suit different investor profiles. Throughout the conversation, he underscores the value of maintaining a long-term perspective, especially during periods of heightened volatility. Personal experiences and listener questions enrich the dialogue, offering actionable guidance for building resilient investment strategies. The episode closes with recommendations for thoughtful portfolio construction and continuous learning.

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Episode Agenda

• Introduction to Jerry Parker: Journey from accounting to Turtle Trader and trend following pioneer
• Key principles and psychological challenges of trend following taught by Richard Dennis and Bill Eckhardt
• Evolution of market selection and diversification in modern systematic trading
• Role of ETFs in democratizing access to managed futures and trend following strategies for retail investors
• Classic trend following vs. passive investing, including portfolio construction, performance and key learning moments from Parker’s career

Episode Summary

In this episode of the ETFatlas podcast, host Jack Lampart welcomes legendary trend follower Jerry Parker to discuss his remarkable journey from accounting to becoming a renowned trading expert. Jerry shares insights from the famous Turtle Experiment, reflecting on the disciplined, rules-based strategy that shaped his career and many others in systematic trading. The conversation explores the core principles of trend following, the importance of taking small losses and letting profits run, and how psychological discipline remains crucial for long-term success. Jerry details the evolution of trend following, its application across hundreds of markets, and the growing accessibility of these strategies through ETFs and mutual funds. He addresses misconceptions about trend following, highlights its diversification benefits, and contrasts passive investing with systematic, active approaches. Throughout, Jerry emphasizes education, transparency, and the need to prioritize process over short-term results. The episode is packed with practical advice for retail and institutional investors alike, making the case for including trend following in every portfolio.

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Agenda:

• Karsten Jeske’s road to FIRE – professional background (economist, Fed, BNY Mellon), move from Germany to the U.S., and motivations for early retirement.
• FIRE pillars and planning – first steps, debunking myths, the 4% rule and its adjustments, sequence-of-returns risk, and the impact of market valuations (CAPE).
• Investment strategy – stock/bond allocation, views on gold, alternative assets, small-cap value, and global index investing.
• Options as an income source – selling short-term S&P 500 put/call options to generate extra cash flow in retirement and mitigate sequence risk.
• Life after retirement – daily routine, travel, projects (blog, SWR tools, possible book), and future plans.

In this episode we interview Karsten Jeske, known in the FIRE community as "Big Ern" from EarlyRetirementNow.com.

Karsten shares his background as an economist, his experience working at the Federal Reserve and in asset management, and what led him to pursue financial independence and early retirement. He explains the origins and nuances of the "4% rule" and the importance of customizing withdrawal strategies based on individual needs and market conditions.

The discussion covers sequence of returns risk, optimal asset allocations, and how valuation metrics like the CAPE ratio impact retirement success. Karsten talks about his option-selling strategy for added portfolio income and its role in mitigating sequence risk.

The episode busts myths about FIRE being only for high earners and addresses common misconceptions about frugality.

Karsten describes the advantages of his Safe Withdrawal Rate Toolkit and how listeners can use it to plan retirements more accurately.

Daily life in early retirement, including travel, family, and volunteering, are also highlighted. He reflects on how his views have evolved since leaving full-time work and the importance of adaptability and diversification. Listeners gain practical advice for starting and sustaining a FIRE journey—rooted in data, realism, and flexibility.

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Agenda
✅ Gary Antonacci’s investment journey and the origins of momentum investing
✅ Understanding absolute vs. relative momentum and why they matter
✅ The dual momentum strategy: mechanics, benefits, and real-world results
✅ Common pitfalls and behavioral challenges in rule-based investing
✅ Practical advice for investors looking to implement momentum strategies

In today’s episode, we’re thrilled to sit down with Gary Antonacci, a true pioneer in the field of momentum investing and the mind behind the acclaimed Dual Momentum strategy. With over four decades of experience and an MBA from Harvard, Gary has seen it all—from the depths of bear markets to the excitement of bull runs.

We kick things off by exploring Gary’s own investment journey, including how he weathered turbulent markets and why he became fascinated with momentum as a market phenomenon. Gary breaks down the difference between absolute and relative momentum, explaining how each plays a crucial role in building robust, adaptive portfolios. You’ll learn how the Dual Momentum approach combines these two forces, allowing investors to capitalize on strong trends while managing risk and avoiding the biggest market drawdowns.

But it’s not just theory—Gary shares practical insights into how these strategies have performed historically, including their resilience during volatile periods and their ability to outperform traditional buy-and-hold methods. We also discuss the psychological hurdles investors face, why so many struggle to stick with rule-based strategies, and how to avoid the most common behavioral traps.

Whether you’re new to momentum investing or looking to refine your approach, Gary’s advice is both actionable and inspiring. He highlights the importance of diversification, sticking with your chosen models, and always keeping an open mind to new research and techniques. By the end of this episode, you’ll have a clear understanding of what makes Dual Momentum so powerful—and how you can start applying these principles to your own investment journey. Get ready to rethink what’s possible in your portfolio!

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Agenda
✅  Introduction to Managed Futures and Trend Following
✅  The Creation and Philosophy Behind Managed Futures ETF
✅  Replication Strategy and Its Advantages
✅  Managed Futures in Portfolio Construction
✅  Future Outlook: Geopolitical Uncertainty and Market Volatility

In this enlightening episode of the ETFAtlas.com podcast, host Jack Lempart sits down with Andrew Beer to explore the world of managed futures and their growing importance in modern portfolio construction.
 
Andrew Beer, with his extensive background in hedge fund management, shares his journey from traditional hedge funds to creating accessible, ETF-based strategies for a broader audience. He explains the concept of managed futures, emphasizing their role as a standalone allocation that can provide crucial diversification benefits, especially during periods when traditional assets like stocks and bonds underperform.
 
The conversation delves into the creation of managed futures ETFs, highlighting their unique approach to replicating hedge fund strategies through a systematic, non-discretionary method. Beer elaborates on the advantages of this replication strategy, including lower costs and improved accessibility for retail investors. He draws parallels between the ETF revolution sparked by John Bogle and the potential for managed futures ETFs to democratize sophisticated hedge fund strategies.
 
A significant portion of the discussion focuses on the challenges faced by traditional 60/40 portfolios and how managed futures can address these issues. Beer argues that the investment landscape is changing dramatically, with many long-held assumptions being challenged. He posits that managed futures strategies, particularly trend following, are well-positioned to capitalize on these shifts and provide valuable diversification.
 
The podcast also touches on the expansion of managed futures ETFs into European markets, highlighting the complexities of global distribution and the efforts to make the strategy more accessible to international investors. Beer shares insights into the structural differences between U.S. and European markets and how these impact ETF adoption.
 
Towards the end, the conversation turns to the current geopolitical climate and its potential impact on managed futures strategies. Beer offers a nuanced perspective, explaining how both information changes and sentiment shifts can affect market trends and strategy performance.
 
Throughout the episode, Beer emphasizes the importance of fee reduction as a form of alpha and the need for investment strategies to adapt to changing market conditions. He presents managed futures as a valuable tool for navigating uncertain times, potentially offering protection and opportunities when traditional assets struggle.
 
This episode provides listeners with a comprehensive understanding of managed futures, their implementation through ETFs, and their potential role in modern portfolio management. It's an essential listen for investors, advisors, and anyone interested in exploring innovative approaches to diversification and risk management in today's complex financial landscape.


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Wes Gray discusses how military discipline shaped his systematic investing approach, emphasizing process-driven strategies to combat emotional decision-making. Alpha Architect prioritizes investor education and transparent, evergreen factor-based ETFs like QVAL (value) and QMOM (momentum), which target well-researched market anomalies. The firm’s niche ETFs, such as CAOS (tail risk hedging) and HIDE (managed futures), aim to diversify portfolios against fast/slow market crashes. Gray advocates simplicity in factor design to avoid overfitting, while acknowledging challenges in predicting cyclical shifts between strategies. He critiques passive investing’s inherent biases toward mega-cap growth stocks, favoring factor diversification instead. His personal portfolio combines global equities, managed futures, and tail-risk insurance to offset business-related beta exposure. Gray views market efficiency as a blend of mispricing and risk compensation, stressing cost/tax efficiency in execution. Alpha Architect’s BOXX ETF innovates cash management by leveraging derivatives for incremental yield. Finally, he urges investors to adopt disciplined processes, leveraging tools like ETF databases for due diligence.

Key topics covered in this episode:
✅ Introduction to Wes Gray and Alpha Architect, including his military background and its influence on investing approach
✅ Alpha Architect's investment philosophy, focusing on systematic, process-driven strategies and emphasis on investor education and transparency
✅ Core ETF offerings: QVAL and QMOM, discussing value and momentum factor strategies, design principles, and methodology
✅ Niche ETF products: CAOS and HIDE, covering tail risk hedging and managed futures strategies for portfolio diversification in different market conditions
✅ Factor investing approach, emphasizing simplicity in factor design and addressing challenges of timing factor rotations
✅ Critique of passive investing, highlighting concentration risks in cap-weighted indices and arguments for factor diversification
✅ Wes Gray's personal portfolio construction, balancing global equities, managed futures, and tail-risk insurance, considering business-related beta exposure
✅ Market efficiency debate, discussing the blend of mispricing and risk compensation, and the importance of cost and tax efficiency in execution
✅ Innovation in cash management: BOXX ETF, leveraging derivatives for yield enhancement and addressing challenges in the short-term fixed income space
✅ Advice for investors on the importance of disciplined processes and utilizing tools like ETF databases for due diligence

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In this insightful interview with ETFatlas.com, Rick Ferri, a renowned figure in the investment world, shares his wisdom on index investing and financial advice. Drawing from his extensive experience, Ferri discusses the principles of successful investing, the importance of simplicity in portfolio management, and his critique of traditional fee structures in the financial industry. He also reflects on the lasting impact of John Bogle’s philosophy and offers valuable guidance for both individual investors and financial advisors. This conversation provides a wealth of knowledge for anyone looking to navigate the complex world of investing with clarity and purpose.

Key topics covered in this episode:✅ Rick Ferri’s transition from Marine Corps fighter pilot to investment expert
✅ The three pillars of successful investing: philosophy, strategy, and discipline
✅ Critique of active management and complex investment strategies
✅ The benefits and misconceptions of index investing
✅ Ferri’s perspective on managed futures and trend-following ETFs
✅ The importance of simplicity in portfolio construction
✅ Criticism of asset under management (AUM) fees and advocacy for hourly consulting
✅ Reflections on John Bogle’s influence and the “majesty of simplicity” in investing
✅ The democratization of wealth-building through index funds
✅Advice for investors on developing a sound investment philosophy and strategy

📖 Chapters:
0:00 Introduction and Rick Ferri's Background
3:09 The Three Pillars of Successful Investing
5:56 Index Investing vs Passive Investing
10:29 The Myth of "Everyone Indexing"
14:57 Managed Futures and Trend Following ETFs
20:38 Active Strategies vs Indexing for Individual Investors
23:31 Avoiding Portfolio Tinkering
26:28 The Problem with Complex Portfolios
29:59 Critique of Asset Under Management (AUM) Fees
35:26 Lessons from John Bogle
38:04 Closing Thoughts and Where to Follow Rick Ferri

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In this insightful conversation, renowned financial expert Paul Merriman shares his wealth of knowledge and experience in investing. He discusses his journey from stockbroker to founding his own investment advisory firm, and eventually establishing the Merriman Financial Education Foundation. Paul delves into various topics, including:

✅ The importance of data-driven investing and understanding the math behind it
✅ His meeting with John Bogle and their differing philosophies on investing
✅ The case for small cap value investing and its historical performance
✅ The challenges of market timing and the benefits of portfolio diversification
✅ The emergence of ETFs and trend following strategies

Paul's passion for financial education shines through as he emphasizes the significance of making informed investment decisions for long-term success. Whether you're a seasoned investor or just starting out, this conversation offers valuable insights into building a robust investment strategy.

📖 Chapters:
00:00:00 Introduction and ETFatlas.com
00:03:30 Paul's early career and transition to investing
00:08:50 Founding an investment advisory company
00:13:05 Transition to financial education
00:19:20 The importance of data-driven investing
00:23:05 Meeting with John Bogle and differing philosophies
00:29:20 The importance of having more than enough for retirement
00:32:50 Teaching young people about investing as a business
00:36:20 The magic of compound interest in investing
00:45:50 The case for small cap value investing
00:54:40 Trend following strategies and ETFs powered by ETFatlas.com

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