12/24/2025

Drawing on real experiences, including private investments that went to zero and one that unexpectedly turned into millions, Paul explains why  diversification beats prediction, how a  simple portfolio decision may quietly add about 1% a year over time, and why many academics draw a clear line between investing and speculation.

This episode isn’t about chasing returns.
It’s about  building a plan you can live with—through good markets and bad—for the rest of your life.

If you’re looking for clarity, discipline, and a framework that helps you stay the course, this conversation is a powerful place to start.

Next week, I’ll be reviewing what we learned in 2025—and what those lessons may mean for 2026 and beyond.

Thank you, and happy holidays to you and your family.

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