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Greenstream

Greenstream

Von: Greenspring Advisors
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 A podcast specifically focused on helping every person live their ideal life by helping them make better decisions around their finances, relationships, and life.Copyright 2025 All rights reserved. Management & Leadership Persönliche Finanzen Ökonomie
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  • Understanding Factor Investing

    Understanding Factor Investing
    Feb 3 2026
    Whether you know it or not, every investor's portfolio takes factor bets. In Episode 26 of Greenstream, we break down what factor investing actually is and how it is used as a framework for understanding risk, diversification, and portfolio construction. You’ll learn: Why factor returns are expected, not guaranteedWhy stocks vs. bonds is the original (and one of the biggest) factors bet investors makeHow factor investing helps distinguish between true manager skill and simply taking more risk to generate performance This episode builds directly on Episode 25, Is Indexing the Best You Can Do?, where we explored why even index investing involves active decisions and why implementation matters. Chapters 00:00 — Understanding Factor Investing(1) Every portfolio reflects factor choices, whether investors realize it or not. 02:17 — What Is Factor Investing and What It Isn’t (1-3) Factor investing means intentionally deviating from market weights to target groups of investments with shared risk and return characteristics, not chasing outperforming stocks. 06:07 — Why Factor Returns Are Expected, Not Promised Factor premiums improve long-term odds, but they are uncertain, volatile, and can underperform the market for long stretches. 12:02 — Why Stocks vs Bonds Is the Original Factor Bet (1) The most widely accepted factor is the market itself: stocks have higher expected returns than bonds, and every investor chooses their exposure. 18:29 — Size and Value: Long-Term Evidence and Tradeoffs (2-3) Smaller and cheaper companies have historically offered higher expected returns, but only for investors willing to tolerate discomfort and tracking error. 30:29 — Momentum: Why Trends Exist (4) Momentum appears consistently in market data, but high turnover, costs, and behavioral challenges make it difficult to capture in practice. 33:44 — Quality: Profitability, Balance Sheets, and Staying Power (5) More profitable companies tend to deliver better outcomes when controlling for size and valuation, helping refine factor exposure. 37:38 — When More Factors Don’t Help Beyond the core factors, many proposed premiums add complexity and cost without meaningfully improving diversification or returns. 40:40 — Common Critiques of Factor Investing (6) Skepticism often stems from recent underperformance, volatility, and the discomfort of looking different from the market. 46:05 — How Investors Actually Implement Factor Tilts Practical implementation starts with understanding current exposures and making thoughtful, diversified adjustments over time. 50:56 — Closing: Better Questions, Not Better Predictions Factor investing isn’t about forecasting winners, it’s about improving decision quality and long-term odds. Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Sources Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk (Sharpe, 1964)The Cross-Section of Expected Stock Returns (Fama & French, 1992)Common Risk Factors in the Returns on Stocks and Bonds (Fama & French, 1993)Returns to Buying Winners and Selling Losers (Jegadeesh & Titman, 1993)The Other Side of Value: The Gross Profitability Premium (Novy-Marx, 2013)Expected Returns (Ilmanen, 2011) Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.
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    52 Min.
  • Is Indexing the Best You Can Do?

    Is Indexing the Best You Can Do?
    Jan 20 2026
    Index funds have transformed investing. They lowered costs, improved diversification, and helped investors avoid many of the most common mistakes. For most people, indexing has been a clear upgrade over trying to outsmart the market. But even indexing is an active decision. The way an index is built, how it handles income and taxes, and how it’s implemented all influence results in ways that don’t show up in expense ratios. In Episode 25 of Greenstream, we unpack where those decisions live, why they matter, and how investors can keep the intent of indexing while being more thoughtful about execution. You’ll learn about: Why do indices that sound similar have very different expected returnsWhy implementation details can matter as much or more than headline expense ratiosWhen indexing may be appropriate, and how to execute it more thoughtfully 00:00 Is Indexing The Best You Can Do? – why “good enough” investing still deserves scrutiny (1) 01:39 The Evolution of Index Funds – from benchmarking tool to dominant investment strategy (2) 05:46 The Goal of An Index Fund – minimizing tracking error, not beating the market 10:34 Why Indexing Is Still Active – index selection as a subjective decision (3) 13:40 Structural Decisions in Index Construction – S&P 500, QQQ, and what “market” really means (3-6) 16:28 International & Small-Cap Indexes – why similar labels produce very different outcomes (3, 7-8) 21:14 Index Design vs Investor Needs – tax-efficiency and whether an index is built for you (9) 25:50 The Reconstitution Effect – price impact when everyone trades at once (10-12) 34:37 Style Drift Inside Index Funds – how portfolios change between rebalances 37:52 Can Indexing Be Improved? – innovation within rules-based investing 40:02 What Investors Can Do – when indexing is the best option and how to implement it better Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Sources 1 – Kissinger: A Biography (Isaacson, 2005) 2 – Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever (Wigglesworth, 2021) 3 – Time period: 2021 to 2024. US Index comparisons include average annual returns for CRSP US Total Stock Market Index, S&P Total Market Index, Dow Jones US Broad Stock Market Index, and Russell 3000 Index. Developed ex US index comparisons include average annual returns for FTSE Developed All Cap ex US Index, MSCI EAFE IMI Index (Net), and S&P Developed ex US BMI Index.. Emerging markets index comparisons include average annual returns for S&P Emerging BMI Index (gross div.), MSCI Emerging Markets IMI Index (gross div.), and FTSE Emerging All Cap Total Return Index. 4 – Big Changes For Invesco QQQ: What Investors Should Know (Morningstar, 2025) 5 – NASDAQ-100 Index Methodology 6 – S&P 500 Index Methodology 7 – Opinion: The Hidden Costs of Indexing Are Hurting Institutions’ Returns (Dimensional via Institutional Investor, 2025) 8 – When Tracking Error is a Fix, Not An Error (Dimensional, 2022) 9 - Keeping More of What You Earn: Tax Efficiency of Dimensional Equity Solutions (Dimensional, 2025) 10 - Measuring the Costs of Index Reconstitution: A 10-Year Perspective (Dimensional, 2024) 11 - Tesla’s Charge Reveals Weak Points of Indexing (Dimensional, 2021) 12 - Marlena Lee Discusses Shortcomings of Indexing on “Jill on Money” Podcast (via Dimensional, 2024) Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.
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    49 Min.
  • What 2025 Taught Investors (Even After a Great Year)

    What 2025 Taught Investors (Even After a Great Year)
    Jan 6 2026
    Even after a win, the best coaches go back to the tape. 2025 was a strong year for markets. But like a disciplined coach after a big win, the most valuable work happens in the film review. In Episode 24 of Greenstream, we look back on the year not to celebrate outcomes, but to pressure-test decisions. From tariff-driven volatility to the return of cash as a real option, this episode focuses on the habits that matter when markets don’t cooperate. You’ll learn about: How tariff volatility stress-tested portfolios and what it revealed about discipline, rebalancing, and tax-loss harvestingWhy international stocks outperform in 2025 is a reminder that markets rarely reward forecastsWhat a year of Greenstream conversations revealed, and how that’s shaping where the podcast goes next 00:00 Why Greenstream Exists – better decisions over better predictions 04:36 How We’re Improving the Podcast (1-4) – lessons from past episodes 07:15 Tariffs as a Stress Test (5-7) – what to do during and after volatility 17:07 International Stocks (8-9) – and the limits of forecasting 20:48 Cash is a Decision Again – after yields, taxes, and inflation 28:14 Finding the Middle Ground (10-11) – discipline and diversification 34:31 The New Tax Law (12-13) – more certainty and more complexity 41:02 The Impact of Greenstream (14) – divorcing decisions vs outcomes Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982 Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com Sources 1 Patrick McQuown on Innovation and Exiting Your Business | GS #4 2 GenAI's Impact on Productivity and Profits: With Steve Moritz | GS #14 3 EY’s Lindsay Jordan & Robyn Bew on Why Every Organization Needs a Board (and How to Join One) | GS #18 4 The Business of Baseball with Orioles President Catie Griggs | GS #23 5 Investing through Tariff’s Webinar w/ Economist Apollo Lupescu 6 Is This Time Different – Tariffs | GS #6 7 How Often Should You Rebalance Your Portfolio | GS #22 8 Investment Risk Explained: How Much Diversification Do You Need? | GS #15 9 Is There Still a Case for International Investing? | GS #21 10 Investor Risk: Behavioral Biases That Can Cost Investors Returns | GS #16 11 How To Build The Perfect Portfolio For You | GS #20 12 The Goal of Tax Planning is to Minimize Lifetime Taxes | GS #19 13 Uncovering Opportunities in the New Tax Law "One Big Beautiful Bill Act" Webinar 14 The Truth About Annuities: Why Their Bad Rap Is (Mostly) Deserved | GS #7 Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.
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    52 Min.
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