Don swats a studio bug, then swats down the idea of dividend-driven retirement portfolios. Drawing on Jason Zweig’s interview with Richard Thaler, they explain why retirees should focus on total return—spending from a diversified portfolio rather than chasing yield. They hit Robinhood’s profit model, bid-ask spreads, and the need for automatic-enrollment retirement plans. A listener call leads to a discussion of Social Security timing, debt-free retirement, and (yes) hodgepodge-itis—Don’s term for chaotic portfolios. Things wrap with a jailed investor’s question, some gallows humor, and the usual banter about holidays and compliance.
0:04 Bug chaos and phone-line reminder
1:41 Why dividend-income portfolios are a trap
2:50 Jason Zweig & Richard Thaler on total-return spending
4:18 Total return beats “high-dividend” illusions
5:39 Robinhood’s option-spread profits and the myth of “free” trading
6:15 Schwab vs. Robinhood: relative honesty in bid-ask spreads
7:43 Thaler’s take on missing retirement plans and automatic savings
9:05 Anniversary talk and the failed “Debbie Show” experiment
10:15 Back to Thaler—why most workers still lack plans
11:39 Tesla options example showing 7 percent spread
12:05 Case for national retirement depository & hybrid Social Security
13:33 Hodgepodge-itis defined (and owned by Don)
14:51 Low call volume and the Mariners’ hangover
15:52 Listener Kevin asks about dividends vs. selling stock
16:53 Reinvesting dividends vs. total-return withdrawals
18:17 Dividends reduce company growth potential
19:45 Why high-yield chasing kills diversification
20:07 Caller David, age 67, plans retirement & asks how to prep
21:55 Social Security timing advice—benefits rise monthly
22:50 David’s details: city pension, deferred comp, house, no debt
24:07 Getting professional fiduciary advice before retiring
25:23 David’s crypto confession and $3K Ripple gamble
27:27 Jail-bound investor asks where to park money
30:18 Don & Tom debate investing from behind bars (humor intact)
33:19 Columbus Day scheduling confusion & closing banter
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