NYSE’s Judy Shaw sits down with Discipline Funds’ Cullen Roche for ETF Leaders, powered by the New York Stock Exchange, at Exchange: An ETF Experience 2022.

We had to cover the most essential question there is. What is money? We go into the essential properties of money and the scale of moneyness. All in less than 3 minutes. #money #bitcoin #stocks

Links to learn more:
1) What is money? IMF
https://www.imf.org/external/pubs/ft/fandd/2012/09/basics.htm

2) What is money? Pragmatic Capitalism
https://www.pragcap.com/what-is-money/

3) Understanding the Modern Monetary System. Cullen Roche
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1905625

Welcome to Three Minute Minute where we talk about all things money without wasting your most valuable asset – TIME.

My name is Cullen Roche and I’ve spent the last 20 years studying money. I’ve written best selling books, some of the most widely read research in the world and managed billions of dollars in investments. And now I want to spread the knowledge and keep learning. I am excited to help you learn about and navigate the world of money.

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

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For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
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For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
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Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Taken from "ReSolve Riffs with Cullen Roche on Decoding MMT: The Good, the Bad and the Ugly"
https://www.youtube.com/watch?v=zSmK1TLLvvA

=============================================================
For the transcript of this video visit: https://investresolve.com/podcasts/resolve-riffs-with-cullen-roche-on-decoding-mmt-the-good-the-bad-and-the-ugly/
=============================================================
For our latest research insights and exclusive content visit our website!

Blog Articles: https://investresolve.com/blog/
Featured Research Papers: https://investresolve.com/research/
Webinars: https://investresolve.com/media-center/#mcca|0
Podcasts: https://investresolve.com/podcasts/

Our guest this week was Cullen Roche, CIO of Disciplined Funds, founder of Orcam Financial Group and author of Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance. We discussed topics that included:
– Disciplined Funds’ macro-oriented investment approach
– Cullen’s rude awakening – classic economics learned in university is largely at odds with real world economics
– Taking a step back and learning public finances from first principles
– Digging into the mechanics of quantitative easing, fiscal policy and other major interventions
– “If you’re not confused, you don’t understand what’s going on”
– The Kalecki Equation and wealth concentration
– Fiscal Stimulus – how much is too much
– An introduction to Modern Monetary Theory
– The role played by a “currency

Fan favorite Mr. Cullen Roche brings the best contrarian view points and when you dig into them, you realize they are rooted in first principles thinking.

IN THIS EPISODE, YOU’LL LEARN:
0:00:00 – Intro
0:00:57 – Ramifications of the most recent FOMC meeting (which was happening while we were recording)
0:02:44 – Why Cullen thinks inflation has peaked and the risk of recession is low
0:14:43 – On Jeremy Grantham’s “Superbubble” Warning
0:20:39 – Why bonds are still appealing in a low interest/high inflation world
– The Greenspan Conundrum
0:29:39 – The FEDs potential overreactions and the risks involved
0:35:34 – Series I bonds
0:39:25 – The benefits of diversifying, especially into low cost index products
0:50:28 – Mutual Funds
0:54:06 – GBTC

📌 Disclaimer: This is a paid partnership

Fan favorite Mr. Cullen Roche brings the best contrarian view points and when you dig into them, you realize they are rooted in first principles thinking.

IN THIS EPISODE, YOU’LL LEARN:
0:00:00 – Intro
0:00:57 – Ramifications of the most recent FOMC meeting (which was happening while we were recording)
0:02:44 – Why Cullen thinks inflation has peaked and the risk of recession is low
0:14:43 – On Jeremy Grantham’s “Superbubble” Warning
0:20:39 – Why bonds are still appealing in a low interest/high inflation world
– The Greenspan Conundrum
0:29:39 – The FEDs potential overreactions and the risks involved
0:34:24 – Series I bonds
0:38:15 – The benefits of diversifying, especially into low cost index products
0:49:18 – Mutual Funds
0:53:00 – GBTC

📌 Disclaimer: This is a paid partnership

The popular blogger and financial advisor discusses the macro outlook, the link between portfolio construction and investor behavior, his new ETF, and more.

SHOW NOTES:
https://www.whatbitcoindid.com/podcast/do-we-really-understand-inflation

In this interview, I talk to investment strategist and founder of the educational website Pragmatic Capitalism, Cullen Roche. We discuss the drivers for inflation, the role of government, investment strategies during uncertain times, and the place for Bitcoin in asset portfolios.

THIS EPISODE’S SPONSORS:
Gemini – https://www.gemini.com/
BlockFi – https://blockfi.com/peter
Sportsbet.io – https://sportsbet.io/?ref=wbd
Casa – https://keys.casa/?pk_campaign=wbd-yearly-sponsor&pk_medium=sponsorship&pk_source=what-bitcoin-did
Ledger – https://www.ledger.com/
Compass Mining – https://compassmining.io/
BCB Group – https://hubs.ly/Q011cb730
LVL – https://www.lvl.co/wbd

TIMESTAMPS:
00:00:00 Introduction

10 Lessons From Our 5 Most Popular Podcasts of 2021 – Rob Arnott, Michael Mauboussin, Ben Inker, Cullen Roche, Tobias Carlisle

Our goal when we started the Excess Returns podcast was to hopefully use the platform to help educate investors, and to learn ourselves in the process. Initially, we didn’t have outside guests on the podcast, but it quickly became evident that bringing in voices other than our own would significantly help us in achieving our goal. Starting with our first interview in 2020 with Tobias Carlisle up until our most recent one with Dave Wright from Sierra Investment Management, we have tried to put together the best group of guests we could with the goal of learning what has made them successful investors and how all of us can benefit from their experience.

We hope

To see links or read the transcript of the episode, visit us at:

https://mebfaber.com/2021/12/20/e378-cullen-roche/

In episode 378, we welcome our guest, Cullen Roche, founder and Chief Investment Officer of Discipline Funds, a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.

In today’s episode, Cullen begins by sharing his framework for thinking about inflation and the impact of both monetary and fiscal policy. He explains the difference between the response to the Great Financial Crisis and what we’re experiencing today and then shares what he expects inflation to look like over the next few years.

Then we get into Cullen’s newest venture, the Discipline Funds ETF, ticker DSCF. He walks us through why he chose to start the

On this episode of #TheExchange, hear from Cullen Roche, Founder and CIO at Discipline Funds, all about the Discipline Fund ETF (NYSE Arca: DSCF).

By popular demand, Stig Brodersen has invited back investment expert Cullen Roche. They discuss how to execute on the best possible ETF strategy.

IN THIS EPISODE, YOU’LL LEARN:
0:00:00 -Intro
0:00:58 – Which ETF strategy is right for you?
0:06:48 – Why there is no such thing as passive investing?
0:12:57 – How does an ETF technically work, and why is it a tax-efficient investment instrument.
0:19:30 – What is the difference between the gross and net expense ratio?
0:24:13 – Should you pay attention to backtesting results when you choose which ETF to invest in?
0:29:48 – How do you launch your own ETF?
0:35:27 – Are retail ETF investors at a disadvantage compared to institutional investors?
0:41:21 – How much does it cost to run an ETF?
0:45:00 – How to think about fund of funds

By popular demand, Stig Brodersen has invited back investment expert Cullen Roche. They discuss how to execute on the best possible ETF strategy.

IN THIS EPISODE, YOU’LL LEARN:
0:00:00 -Intro
0:00:58 – Which ETF strategy is right for you?
0:06:48 – Why there is no such thing as passive investing?
0:12:57 – How does an ETF technically work, and why is it a tax-efficient investment instrument.
0:19:30 – What is the difference between the gross and net expense ratio?
0:24:13 – Should you pay attention to backtesting results when you choose which ETF to invest in?
0:29:48 – How do you launch your own ETF?
0:35:27 – Are retail ETF investors at a disadvantage compared to institutional investors?
0:41:21 – How much does it cost to run an ETF?
0:45:00 – How to think about fund of funds

Inflation is probably the most talked about topic in investing today. Some think it has become a major problem. Others (including the Fed) think it is transitory. While still others think we are headed for a repeat of the 1970s or even hyperinflation.

But many of the opinions on both side are not informed by the facts. So we wanted to do an episode where we started with the basics to help us understand what is going on now, and what might happen in the future. To do that, we couldn’t think of a better person to talk to than Discipline Funds founder and author of the Pragmatic Capitalism blog Cullen Roche.

We look at inflation from the ground up.

We discuss:
– the various ways to measure it and how they are different
– the history of inflation in the US
– why quantitative easing