The biggest drag on an investment portfolio may be the investor. Don and Tom examine the behavior gap—the difference between what investments earn and what people actually keep after fear, greed, overconfidence, and badly timed decisions take their toll. They explain why market timing so often means selling after prices fall and returning only after the recovery is obvious. Missing even a handful of the market's best days can dramatically reduce long-term wealth, while a disciplined plan helps keep emotion from becoming strategy. Listener questions cover whether a well-funded retiree should increase stock exposure, the cost of hiring a professional trustee, and what to do with a small whole-life policy purchased in childhood. 1:30 Financial Physics Rule 12 3:06 The investor behavior gap 5:33 The emotional cycle of investing 7:57 Overconfidence and money 9:58 The cost of missing the best days 16:00 Should retirement risk increase with age? 19:25 What professional trustees cost 22:28 Cashing out childhood life insurance
