Paul Merriman shares his excitement about the upcoming 2025 Bogleheads Conference (October 17–19), one of the most important gatherings for long-term investors. This year’s lineup includes Vanguard CEO Salim Ramji, Christine Benz, Bill Bernstein, Alan Roth, Rick Ferri, Jim Dahle, and more. Paul will attend all three days, eager to meet listeners and discuss future projects. For those unable to attend, every presentation will be recorded and posted on the Bogleheads YouTube channel a few months later.
Looking ahead at the program, Paul highlights sessions he doesn’t want to miss—Christine Benz on retirement withdrawal strategies, Bill Bernstein’s fireside chats with financial historian Mark Higgins, and presentations on factor investing, tax efficiency, and the FIRE movement. He’s especially drawn to conversations about teaching students to invest, a cause close to his heart.
Paul also revisits some of his core lessons. He explains why small-cap value stocks have historically outperformed the S&P 500, showing that a $10,000 investment in small-cap value at the start of the 2000s would have more than doubled the returns of the same money in the S&P 500. He also reviews the Four-Fund Strategy, which balances simplicity with diversification, making it easier for investors to stay the course for life.
Tax efficiency is another major theme. Paul shares strategies for making the most of 401(k)s, IRAs, Roth accounts, and taxable portfolios—placing REITs and high-turnover funds in tax-sheltered accounts while using ETFs in taxable ones. He also encourages investors to check whether their employer plans offer self-directed options that open up more asset classes.
Paul devotes part of the episode to financial education for young people. He spotlights a free tool from NGPF.org called the Question of the Day. These short, real-world prompts—like “How much money did Americans lose last year to cryptocurrency scams?” ($5.6 billion) and “What percentage of Bitcoin has been lost forever?” (around 20%)—are designed to spark meaningful conversations at home or in classrooms. For Paul, it’s a practical way to help the next generation become confident investors.
Naturally, the subject of cryptocurrency comes up. Paul shares the story of Bitcoin Pizza Day, when 10,000 BTC were traded for two pizzas in 2010—a reminder of both the explosive upside and the volatility of speculative assets. He then shifts to a lighter moment, reading a poem he wrote with the help of Chatgpt in the playful style of The Music Man. The poem captures the hype, humor, and risk of crypto investing:
Either you're mining or memeing, or maybe it's doge you're redeeming,
but folks, let me tell you what's really steaming.
It's not stocks, bonds, or CDs. No, ma'am.
It's coins without fees. You heard me. Fees. Zero fees.
But sky high. Volatility.
You got crypto right here in River City with a capital C,
and that rhymes with B, and that stands for bubble.
Yes, you got crypto. That's right.
And it's risky, not subtle.
It's a get-rich dream wrapped up in a scheme
that would go down like rubble.
Now I know some folks think it's the future.
Decentralized, sleek and secure.
But when TikTok stars start giving advice,
you better grab your wallet and think twice.
NFTs and pump and dumps,
wallet keys lost in digital dumps,
fortunes made at the stroke of a tweet,
then vanished faster than meme stock heat.
You got trouble. Right here in River City,
that stands for "C" and that rhymes with "B" and that stands for "Bitcoin."
Yeah, got trouble. You better lock up your savings
before you stake your Roth on a blockchain dream that's driven by cravings.
Do you know what happens when you miss the password
to your cold storage wallet? You lose everything.
Do you know how many coins are lost forever?
About 20%, poof.
Do you think a JPEG of a rock is an investment?
Think again. I say we go back to what works, not what's flashy:
broad market funds, low cost, and classy.
A thousand companies in a single ETF—
now that's a bet that won't leave you bereft.
Long-term gains beat moonshot pain.
You don't need to YOLO into crypto terrain.
Yes you got crypto right here in River City with a capital C,
and that rhymes with B and that stands for beware.
We've got fear of missing out, hype without care.
But if you follow Bogle's way, you'll get there.
The episode wraps with a listener’s question about whether small-cap blend funds deserve a place in a portfolio. Paul stresses that the key is knowing yourself as an investor. Historical data favors value, but long-term success depends on building a portfolio you can live with through every market cycle.
Paul closes by reminding listeners that investing success isn’t about chasing the hottest trend—it’s about crafting a plan that fits your goals, tax situation, and temperament. Whether you’re heading to the Bogleheads Conference, teaching kids about money, or refining your own strategy, this episode blends practical insights, historical lessons, and even a bit of humor to help you stay the course.