The Informed Investor

How High-Net-Worth Families Can Protect Wealth for the Next Generation | The Informed Investor 54

Episode 54: Do you have a plan for your wealth? And, if so, are you prepared to share that plan with your family? These questions are especially important for high-net-worth families. When millions of dollars are at stake, a family wealth plan should help address how the money will be invested for growth and preservation of capital—as well as how much can be spent safely, gifted to younger generations, and dedicated to philanthropy. Sensible stuff. Yet Nirav Batavia, Co-Managing Partner at Forum, a financial advisory firm based near Chicago, says such plans should go beyond important financial details and guidelines. Family stories, values, and dreams should be included too. "You can put in a lot of processes and a lot of frameworks, but it's not going to stick without the stories, the culture," he says. "How did that wealth get built? What happened to the great grandparents, the grandparents? How do you collect those stories and preserve them for future generations? It comes down to communication." Put another way, family discussions are a key part of family wealth governance. But Batavia believes most wealthy families are not having those conversations as often as they should. "The reality is a lot of us put a lot of effort into our business lives, into how we run our firms, how we build for the future, our career path," says Batavia, who has nearly 20 years of experience in financial services. "But a lot of times we don't put even 5% of that towards our family governance." Intentionality drives governance, he says. Extensive family interaction is required, including age-appropriate sharing with kids. Working through difficult emotions may be necessary. Regular follow-ups then lead to ongoing adjustments as careers and wishes change, children become teens and adults, and portfolios increase in value. In Episode 54 of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, picks Batavia's brain for tips on all the parameters of a family wealth plan that can last for generations. LINKS FROM TODAY'S EPISODE: "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" Order the new book by Dimensional Founder David Booth https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_2F97289929AB0BA26D806A1F81D55D66_afap_abs&ref_=aa_maas&tag=maas&smid=ATVPDKIKX0DER Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor "The Informed Investor" on YouTube The Informed Investor - YouTube Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Nirav Batavia on LinkedIn https://www.linkedin.com/in/niravbatavia/ Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Learn more at https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

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5 Investing Rules You Won't See in Financial Media | The Informed Investor 53

Episode 53: Are you familiar with "The Death of Equities," an infamous financial magazine headline from August 1979? If not, Weston Wellington, a former vice president at the global investing firm Dimensional Fund Advisors, may want a word. Wellington, who retired this year, frequently hailed this headline as a perfect example of "The Big Tease"—the financial media's insistence on delivering shameless stories about performance that often steer investors astray from sound investing principles like portfolio diversification. His goal was to help investors ignore the noise and recognize that people making predictions usually fail. Equities, needless to say but we'll do it anyway, weren't dead in 1979. From August 1 of that year through June 30, 2026, the annualized return of the S&P 500 Index was +12.4%. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.) Wellington started working at Dimensional in 1995. Dimensional Co-CEO Dave Butler, who started working for the firm the same year, describes him as a "true trailblazer" and a "naturally gifted communicator." One of Wellington's favorite pastimes was clipping all the attention-grabbing headlines trumpeting brazen predictions and pointing out how wrong they were for the benefit of Dimensional's clients. Another of his favorite headlines—"Why iPod Can't Save Apple"—was published in April 2004. Today, Apple's market value is roughly $4.5 trillion. Communicating investing fundamentals was always important for Wellington. "Weston was not only a great presenter—he was also a great teacher," Butler says. He was particularly fond of this lesson when it came to financial advice: People want to believe the future is predictable, but it's not. In Episode 53 of The Informed Investor podcast, the first of Season 2, Dimensional's Mark Gochnour, Head of Global Client Services, and Scott Bosworth, Head of the Speakers Bureau, engage Wellington on the folly of financial media and what investors can do to tune out the nonsense. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits https://www.dimensional.com/financial-professionals/ce-credit-experience-d360?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Weston Wellington on LinkedIn https://www.linkedin.com/in/weston-wellington-8bb58943/ Scott Bosworth on LinkedIn https://www.linkedin.com/in/sbosworth/ Learn more https://www.dimensional.com/?utm_source=youtube&utm_medium=organic&utm_campaign=informed_investor

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Practical Money Management for Your 20s, 30s, and 40s | The Informed Investor 52

Episode 52: People in their 20s, 30s, and 40s don't have it easy when trying to figure out the best ways to spend, save, and protect their money. Life often comes at you fast. New relationships, new jobs, new family members, new homes, new bank accounts, all wrapped up in new worries. Kelly Klingaman, Founder and CEO of Kelly Klingaman Financial Planning in Austin, Texas, has some advice. A lot, actually. While Klingaman specializes in advisory services for high-achieving professional women and their families, she believes most young people can benefit from straightforward financial strategies that can help you take control and gain financial peace of mind. When it comes to spending, she recommends a three-bucket system: one for fixed expenses like rent, one for flexible weekly expenses like groceries, and one for nonmonthly spending like vacations. Then, each bucket should get its own bank account so bucket income and outlays can be tracked, and preferably by both partners if you're in a relationship. On the saving front, Klingaman recommends that Gen Z, Millennials, and Gen X should try to put away 10%–20% of their income, both for meeting nonmonthly spending needs and for retirement planning. The money, she says, should be invested in a combination of tax-advantaged 401(k), HSA, and Roth accounts as well as taxable brokerage accounts, depending on one's assets and cash flow needs. And this advice just scratches the surface. Klingaman also weighs in on insurance, estate planning (yes, even young people should get that started), owning versus renting, and much more. In Episode 52 of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, asks Klingaman all the "must do" money questions on the minds of Gen Z, Millennials, and Gen X (and maybe the parents of all three). LINKS FROM TODAY'S EPISODE: Preorder "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" https://www.staycalminvesting.com/preorder Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360 The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Kelly Klingaman on LinkedIn https://www.linkedin.com/in/kelly-klingaman/ Learn more at https://www.dimensional.com/

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Don't Fight the Stock Market—Make It Work for You | The Informed Investor 51

Episode 51: Why do many investors pull their hair out worrying about where the stock market is headed? Dimensional Founder and Chairman David Booth knows it's an ongoing problem. He also believes it's unnecessary. In his new book, "Stay Calm: Learn to Embrace Uncertainty in Investing and Life," Booth points out that most people already know more about investing than they think. So worrying about it doesn't make much sense. The book will be available September 1, 2026. "Investing is about making decisions under uncertainty. That's most of what life is. You've been doing it since before you can remember with every job change and every move," Booth says. Writing the book is Booth's attempt to share what he has spent 50 years learning. "There are people losing sleep over their financial future who've never had access to these ideas. That's what I'm trying to fix," he says. One of those ideas is letting the market work for you. That means relying on what capital markets can deliver—in the past 100 years, for instance, the S&P 500 gained roughly +10% per year on an annualized basis—instead of trying to predict where they're going. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.) In Episode 51 of The Informed Investor podcast, David Booth joins Dimensional's Jake DeKinder, Head of Client Communications, to discuss "Stay Calm" and the power of its "stress-less" approach to investing. Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio. LINKS FROM TODAY'S EPISODE: Preorder "Stay Calm: Learn to Embrace Uncertainty in Investing and Life" https://www.staycalminvesting.com/preorder Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ David Booth on LinkedIn https://www.linkedin.com/in/david-g-booth/ Learn more at https://www.dimensional.com/

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ETFs or Mutual Funds? How to Target Benefits of Both Worlds. | The Informed Investor 50

Episode 50: Is investing in exchange-traded funds or mutual funds an either/or choice? Not anymore. Thanks to the recent debut of actively managed ETF share classes—which are tacked onto mutual funds—investors will get multiple access points to an increasing number of fund strategies. Not many funds currently offer an active ETF share class. But that's likely to change in the months and years ahead. The SEC greenlighted actively managed ETF share classes in 2025, and numerous fund companies have publicly stated that they may offer them. Traditionally, the choice between an ETF or a mutual fund has largely depended on the use case. For example, assuming the underlying investment propositions and fees were similar, an investor might use mutual funds in their defined contribution retirement plan, such as a 401(k), and ETFs in their personal brokerage accounts. Alternatively, investors who value the ability to trade intraday might go for ETFs, while those who prefer the simplicity of trading at the end-of-day net asset value (NAV) might select the mutual fund. Now, one actively managed fund can serve both applications using the same investment process—and all investors can potentially reap significant benefits. For example, portfolio turnover arising from cash flows into either the mutual fund or ETF share class can be used for strategic rebalancing to increase expected returns across both share classes. And all shareholders stand to benefit from lower transaction costs and greater tax efficiency through rebalancing from transactions in the ETF share class. Plus, once the fund industry develops the necessary infrastructure, investors can look forward to nontaxable conversions between traditional share classes and ETF share classes. In Episode 50 of The Informed Investor, Dimensional's Jake DeKinder, Head of Client Communications, David Kavanaugh, Global Head of Investment Operations, and Isabelle Williams, Deputy Head of Investment Solutions, break down this revolutionary change in the fund industry and discuss the advantageous implications for fund investors. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ David Kavanaugh on LinkedIn https://www.linkedin.com/in/david-kavanaugh-59855a4/ Isabelle Williams on LinkedIn https://www.linkedin.com/in/isabellewilliams/ Learn more at https://www.dimensional.com/ For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360

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Stock Market Timing Mistakes That Investors Can't Afford to Make | The Informed Investor 49

Episode 49: Why is market timing so alluring for so many investors? Probably because a perfect timing strategy—assuming it's out there and it works—promises huge rewards. In theory. But there's a huge caveat. A perfect timing strategy would have required perfect foresight—correctly predicting when stocks will rise or fall. That's a tall order when you consider that most professional forecasters miss the mark. https://www.dimensional.com/us-en/insights/reality-check-capital-market-assumptions-vs-actual-returns While perfect foresight isn't necessarily required for all other market-timing strategies, evidence to support their effectiveness is limited. Fortunately, there is one timing strategy that tends to reward most investors who stick with it, and it's probably the easiest to implement: simply holding a diversified portfolio for the long run. From 1926 to 2025, the S&P 500, a broad market proxy, delivered positive returns in almost 75% of calendar years while gaining an annualized 10.5% in that 100-year span. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.) In Episode 49 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Katie Hendrix, Asset Allocation Research Director, and Jake DeKinder, Head of Client Communications, examine both the psychological attraction of market timing and the data for and against it. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Kaitlin Hendrix on LinkedIn https://www.linkedin.com/in/katie-hendrix-57a30226/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/ For US audiences: Select videos are available as part of an opportunity for CFP® and Investments & Wealth Institute® professionals to earn continuing education (CE) credits. https://www.dimensional.com/us-en/financial-professionals/ce-credit-experience-d360

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Stock Indexes Are Changing. Is Your Portfolio Prepared? | The Informed Investor 48

Episode 48: Does "index reconstitution" help or hurt everyday investors? The phrase refers to periods when stock indexes are rebalanced—when stocks are added to or dropped from an index (like the S&P 500 or Russell 2000 Index), often annually, semiannually, or quarterly. If you own index funds, which attempt to track the returns of indexes, reconstitution events may take a hidden bite out of your returns. The problem is that index funds tend to buy and sell the same things when index providers reconstitute their indexes, creating a massive demand for liquidity that can reduce value for investors. Research by Dimensional shows that average daily trading volume for stocks added or deleted tends to rise 20x to 50x higher over the following days and weeks. https://www.dimensional.com/us-en/insights/measuring-the-costs-of-index-reconstitution-a-global-perspective This process typically begins when index providers publicly announce changes ahead of time. Sophisticated traders such as hedge funds will get ahead of these trades, acting as liquidity providers to index funds. This typically pushes prices up before index funds buy and down before they sell. As a result, index fund managers systematically buy high and sell low, cutting into performance for both the index fund and the index itself. But these trading costs are not reflected in the fund expense ratio, and they affect both your investment and the index, creating a hidden cost for investors. Another potential cost of reconstitution is what's known as style drift. This phenomenon occurs when a fund's holdings drift from the targeted objective or asset class—often due to infrequent rebalancing. While the characteristics of individual stocks evolve every day, holding a stale roster of names due to infrequent rebalancing may lead investors to miss out on opportunities for outperformance. Fortunately, everyday investors don't have to settle for the hidden costs and the lower return potential tied to index reconstitution. In Episode 48 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Rob Harvey, Co-Head of Product Specialists, and Jake DeKinder, Head of Client Communications, explain how index reconstitution events impact your investment opportunities and what investors can do to help minimize the potential costs. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube [update with live link] Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Rob Harvey on LinkedIn https://www.linkedin.com/in/robkharvey/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/

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How to Beat Inflation with Stocks and Bonds | The Informed Investor 47

Episode 47: What should investors do to cope with inflation? Plenty are probably wondering what to do next now that inflation is rising again. The first move: Try to understand how inflation impacts investments. The next move: Determine whether your portfolio is positioned to manage the risks of inflation and still achieve your financial goals. One key principle to get comfortable with is that expected inflation is incorporated into the expected returns demanded by market participants. The important implication is that market prices adjust to compensate for inflation expectations so that expected returns after accounting for inflation (also known as expected real returns) stay positive. This principle applies to both stocks and bonds, and it's good news for investors. When you participate in capital markets, you can potentially increase your purchasing power with growth investments or prevent a loss of purchasing power using strategies that keep up with unexpected inflation. Dimensional research suggests that simply staying invested helps outpace inflation over the long term for a wide range of asset classes, and the firm's analysis covers periods with double-digit US inflation as well as periods with deflation. https://www.dimensional.com/us-en/insights/are-concerns-about-inflation-inflated Over the long haul, stocks have beaten inflation by a significant amount. https://www.dimensional.com/us-en/insights/will-inflation-hurt-stock-returns-not-necessarily Treasury and corporate bonds have also outperformed inflation, although by much smaller margins than stocks. https://www.dimensional.com/us-en/insights/will-inflation-hurt-stock-returns-not-necessarily Meanwhile, Treasury Inflation-Protected Securities (TIPS) have been a useful tool to "hedge," or track, unexpected spikes in inflation. https://www.dimensional.com/us-en/insights/tips-can-help-investors-when-inflation-spikes And additional tools are available to achieve this goal. Some investors may wonder whether cryptocurrency, gold, or other commodities can help outpace or hedge inflation. The evidence here is much less convincing. In Episode 47 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Sooyeon Mirda, Senior Investment Strategist, and Jake DeKinder, Head of Client Communications, dissect the key role that inflation plays in investing and lay out several solutions for investors concerned about the short- and long-run impacts. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube The Informed Investor - YouTube Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Sooyeon Mirda on LinkedIn https://www.linkedin.com/in/sooyeon-kim-mirda-cfa-1bb99584/ Learn more at https://www.dimensional.com/

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Why Diversification Beats Stock Picking | The Informed Investor 46

Episode 46: Are 30 stocks enough to build a truly diversified portfolio? We seek to answer one of investing's most debated questions: How many stocks does an investor really need to own to reduce risk and improve long-term outcomes? While traditional financial research once suggested that owning 20 to 30 stocks captured most diversification benefits, today's global markets may tell a very different story. The discussion dives into the evolution of diversification theory, from the early days of Modern Portfolio Theory and Harry Markowitz to the modern reality of investing across more than 40 countries and thousands of publicly traded companies. We examine why a concentrated portfolio of 30 stocks may expose investors to greater risks tied to countries, sectors, and individual companies—and why broad diversification can provide better flexibility, lower implementation costs, and potentially more reliable outcomes over time. Using real-world examples, including return differences between countries like Spain and Denmark, as well as performance gaps between companies in the Magnificent 7, the conversation highlights how difficult it can be to consistently "pick the winners." We also touch on concepts like tracking error, sampling strategies in index funds, securities lending, investor discipline, and the trade-offs between concentration and diversification. Importantly, the discussion goes beyond investing in stocks alone as we explore how diversification applies to fixed income portfolios, including why bond diversification should be aligned with an investor's goals, risk management needs, and time horizon. In Episode 46 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Wes Crill, Senior Client Solutions Director, and Jake DeKinder, Head of Client Communications, take a practical and thought-provoking look at what diversification really means in today's investment landscape, whether you're building a portfolio yourself or working with a financial advisor. Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey The Informed Investor on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Wes Crill on LinkedIn https://www.linkedin.com/in/wes-crill-77a49417/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/

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Here's Why Most People Can't Beat the Stock Market | The Informed Investor 45

Episode 45: Does "market efficiency" sound like investing gobbledygook? For many people, the phrase is hard to comprehend. When they see the stock market soar or plunge, they might think prices are out of whack. When they hear about a lucky few making a killing or sad sacks losing their shirt, efficiency probably isn't what comes to mind. But for most investors, it's helpful to dispense with these knee-jerk conclusions. Every day, buyers and sellers come to the market and together determine an asset's fair value. This means the prices at which those trades are executed already incorporate all the information available to those buyers and sellers. The market is an efficient information-processing machine. No, prices aren't necessarily right, whatever that means. But they are fair, according to the efficient market hypothesis, the idea coined in the 1960s by Nobel laureate Eugene Fama, a professor at the University of Chicago Booth School of Business. The implication is that anyone who buys or sells thinking they can make a killing based on mispricing is likely to be disappointed. That doesn't mean it's impossible. Just unlikely. Research going back decades provides ample evidence that money managers can't seem to beat the market consistently. Are there sensible alternatives? One option is to rely on what capital markets can deliver while modifying your portfolio based on your risk tolerance and investment goals. In Episode 45 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Wes Crill, Senior Client Solutions Director, and Jake DeKinder, Head of Client Communications, dig into the misunderstood concept of market efficiency and show how this elegant idea can help most people have a better investment experience. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey The Informed Investor on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Wes Crill on LinkedIn https://www.linkedin.com/in/wes-crill-77a49417/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/

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Strategies to Protect Your Assets for a Low-Stress Retirement | The Informed Investor 44

Episode 44: Are you confused about how to meet saving and spending goals at the same time? Conflicts between these objectives may seem daunting as you plan for retirement. If you spend more now while saving less, your financial future may look questionable. If you spend less now to save more for the future, today may seem bleaker than it needs to be. Enter the Bucket Plan. Devised by Jason Smith, the founder of Prosperity Capital Advisors and C2P Enterprises, the Bucket Plan splits wealth management into three buckets—Now, Soon, and Later—based on one's investment time horizon, volatility tolerance, and income requirements. The Now bucket is for safe and liquid assets that can help meet immediate spending needs and, say, build an emergency fund. The Soon bucket is for preserving wealth with conservative investments that will be needed sooner rather than later but not tomorrow. The Later bucket is for long-term growth and legacy planning. It's a system capable of handling financial planning for people at all different stages of life. Each bucket has a purpose and seeks to reduce risks so that investors avoid bad decisions that could hurt their long-term plan. How you use this system will depend on where you are in the "money cycle"—the accumulation, preservation, or distribution phases of life. In Episode 44 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, and Jason Smith, a financial professional with more than 30 years of experience, explore how investors can execute their own Bucket Plan as they pursue short- and long-term financial goals. LINKS FROM TODAY'S EPISODE: The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Jason Smith on LinkedIn https://www.linkedin.com/in/jason-l-smith-cep%C2%AE-bpc-b998ab14/ Learn more at https://www.dimensional.com/

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A Survival Guide for Financial Suprises | The Informed Investor 43

Episode 43: If you're newly divorced or widowed, what should you do about money? Undoubtedly, you'll have bills to pay immediately, urgent tax issues, estate documents requiring updates, and plenty of other pressing questions. Like, do you have enough cash? And where are all the passwords? Evelyn Zohlen, a Regional Director and Senior Financial Planner with Apella Wealth who specializes in helping women in financial transition, says these questions are especially challenging if you're grieving due to a divorce of the death of a partner. But she adds that addressing urgent financial questions around logistics, taxes, insurance, and actionable advice can help empower newly single women to feel confident about managing their finances. Zohlen, a former intelligence officer in the US Air Force, founded Inspired Financial, where she spent 20 years supporting women in transition, particularly through divorce and widowhood. In Episode 43 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, speaks at length with Zohlen about the biggest hurdles facing women going through such transitions and the key action items they should tackle today. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter Register for a May 19 Webcast with Dimensional Founder David Booth on his upcoming book Stay Calm: Principles from Life and Investing https://event.webcasts.com/starthere.jsp?ei=1758565&tp_key=0b1a3c07cc The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey The Informed Investor on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Evelyn Zohlen on LinkedIn https://www.linkedin.com/in/evelynzohlen/ Learn more at https://www.dimensional.com/

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The Small-Business Playbook: Strategy, Taxes, and Timing | The Informed Investor 42

Episode 42: What happens to your life—and your wealth—when the business you built becomes one of your biggest risks? We dive deep into the unique challenges facing small-business owners who are navigating growth, managing their own wealth, and planning for an eventual exit. Featuring insights from Pat Collins and Michael Goodman, two seasoned professionals at Greenspring Advisors, this conversation tackles the critical intersection between personal financial planning and business strategy. You'll hear why so many small-business owners delay succession planning, and how that hesitation can limit future options. From the "silver tsunami" of retiring owners to the emotional complexities of letting go, they explore why exit planning isn't just a financial decision—it's a personal one. They also break down the most common pitfalls, including overreliance on a single asset (your business), lack of diversification, and gaps in risk management like insurance and tax planning. You'll also learn practical strategies to increase business value, prepare for a successful transition, and build a coordinated team of advisors (from CPAs to attorneys) to help guide the process. But numbers only tell part of the story. Pat and Michael also examine the behavioral side of exit planning: identity, purpose, and what life looks like after the deal is done. Whether it's consulting, philanthropy, or rediscovering passions, we explore how to prepare for the next chapter in life. In Episode 42 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, sits down with Pat Collins and Michael Goodman from Greenspring Advisors. In addition to their discussion about running and selling a small business, they also touch on smart retirement strategies, including how much income you should save and the need for flexibility between traditional and Roth accounts. Whether you're a small-business owner thinking about selling—or just starting to plan—this episode offers key insights to help you maximize not just your exit, but life beyond it. LINKS FROM TODAY'S EPISODE: The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube The Informed Investor - YouTube Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Michael Goodman on LinkedIn https://www.linkedin.com/in/michaelgoodman3/ Pat Collins on LinkedIn https://www.linkedin.com/in/j-patrick-collins/ Learn more at https://www.dimensional.com/

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War, Oil, and Stock Market Resilience | The Informed Investor 41

Episode 41: Are you an investor who gets rattled by news about the war? It's a common reaction. Worrisome headlines, especially those highlighting geopolitical conflicts or missile launches or the loss of life, would scare just about anyone. But it's important to separate your emotional reactions from your approach to investing. Current market prices generally reflect whatever is happening around the world. This means the market has already digested the worst (and best) news of the day and moved accordingly. So investors who think stocks are due for a big move due to the war in Iran, blockades, oil prices, or anything else should realize that market prices have already incorporated all that information and landed in a place that offers positive expected returns. The past offers some useful context. In many cases the stock market showed resilience in response to episodes of geopolitical turmoil. Even the shock of the COVID-19 pandemic didn't stop the market from rallying through the end of 2020. Painful drawdowns can happen when global conflicts turn into hot wars, and those drawdowns can last a while. But market pessimism can also turn around in a flash. It's not uncommon to see intrayear declines of 10% or more in years when the market delivers strong returns. In Episode 41 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Wes Crill, Senior Client Solutions Director, and Jake DeKinder, Head of Client Communications, analyze stock market reactions to geopolitical risks and discuss what investors can do to manage the fallout. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey The Informed Investor on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Wes Crill on LinkedIn https://www.linkedin.com/in/wes-crill-77a49417/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/

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Advantages of Working with an Investment Professional | The Informed Investor 40

Episode 40: Does everyone need a financial advisor? Not necessarily. But for many investors, having a coach makes sense. Think about your financial needs beyond your investment portfolio. Are you in good shape when it comes to insurance, taxes, saving for college, retirement, and estate planning? How would you know? The uncomfortable truth is that there's a lot more to your financial life than the ups and downs of the stock market. That's where an unbiased investment professional, sitting on your side of the table, can help. An advisor can assess every aspect of your finances and create a holistic wealth management plan that can change as life happens, in the short and long run. Yes, the advisor will charge for these services, so investors would pay more under this scenario than if they were to go it alone. But if an advisor can help you capture more of the gains available in the capital markets while tailoring your portfolio to your needs and goals and helping you develop a comprehensive financial plan, odds are you may come out ahead. Not every investment professional who offers financial advice will suit you. It's important to find one who can speak with you in depth about your hopes, dreams, and concerns—and be accessible when you need to talk. In Episode 40 of The Informed Investor, Dimensional Head of Client Communications Jake DeKinder talks with Rob Morrison, Chief Experience Officer at Savant Wealth Management, about the evolution of financial advice and the key role coaching can play in your investment journey. LINKS FROM TODAY'S EPISODE: Subscribe to the Stay Calm Investing Newsletter https://www.staycalminvesting.com/newsletter The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube The Informed Investor - YouTube Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Rob Morrison on LinkedIn https://www.linkedin.com/in/robert-morrison-73766211/ Learn more at https://www.dimensional.com/

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What Did Bob Pisani Learn from 35 Years on Wall Street? | The Informed Investor 39

Episode 39: What's it like to spend 35 years at the center of Wall Street—and never want to leave? In this compelling conversation, longtime CNBC markets correspondent Bob Pisani reflects on a career that began almost by accident and evolved into a front-row seat to some of the most transformative moments in financial history. From his early days as a real estate reporter, shaped by teaching at Wharton and co-authoring a foundational industry book, to becoming a trusted voice on the floor of the New York Stock Exchange, Bob shares how a mix of timing, curiosity, and communication skills shaped his journey. He recounts CNBC's unlikely rise in the 1990s, fueled by the explosion of the internet, the debut of online trading, and the network's unique position as the "stock market channel" during the dot-com boom. Bob reflects on what it felt like to go from having virtually no audience to being part of one of the hottest platforms in television—and why those years were the most exciting of his life. Beyond the stories, Bob dives into the principles that guided his reporting and investing philosophy. He explains the importance of understanding your audience and simplifying complex financial concepts. And he shares lessons from influential figures like Jack Bogle and insights from behavioral economics that reshaped how he thinks about markets and investing. Bob also discusses his deep experience covering ETFs, including why they resonate with investors and his concerns about their growing complexity. In Episode 39 of The Informed Investor with Dimensional's Mark Gochnour, Head of Global Client Services, Bob Pisani shares unforgettable stories from the floor of the NYSE, lessons from decades of market coverage, and the mindset that helped him thrive in one of the most demanding environments in media—offering valuable insights for investors, communicators, and anyone curious about what really drives success on Wall Street. LINKS FROM TODAY'S EPISODE: The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a Bob Pisani on LinkedIn https://www.linkedin.com/in/bobpisani Learn more at https://www.dimensional.com/

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Inside the ETF Boom with Todd Rosenbluth | The Informed Investor 38

Episode 38: What if there are already too many exchange-traded funds—and that's actually a good thing? Dive into the ever-evolving world of ETFs with industry expert Todd Rosenbluth to unpack the explosive growth, innovation, and complexity shaping today's ETF landscape. Todd offers a front-row perspective on how the industry has evolved from simple index-tracking funds to a universe of over 5,000 products—and counting. With decades of experience and deep roots in ETF research and education, Todd shares his perspective on where the ETF industry stands today—and where it's headed next. He explores key trends, including the impact of the ETF Rule of 2019, which opened the door for a wave of actively managed ETFs. Todd explains why this surge in new products isn't necessarily a bad thing—but it does put more responsibility on investors and advisors to truly understand what they're buying. From thematic strategies to leveraged and options-based ETFs, this conversation explores the growing complexity within the market. Todd emphasizes that while low cost, tax efficiency, and liquidity remain core advantages, they shouldn't be the only factors guiding investment decisions. "Cheaper" doesn't always mean "better," and knowing the use case behind each ETF is critical. In Episode 38 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, speaks to Todd about all things ETF, including the future of ETF share classes, the ongoing shift from mutual funds to ETFs, and whether retirement accounts like 401(k)s will eventually embrace ETFs more fully. Plus, Todd shares why he believes the ETF industry's strong reputation remains intact—even as more sophisticated (and sometimes riskier) products enter the market. LINKS FROM TODAY'S EPISODE: VettaFi: https://www.vettafi.com ETF Trends: https://www.etftrends.com ETF Database: https://etfdb.com The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube: https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Todd Rosenbluth on LinkedIn https://www.linkedin.com/in/todd-rosenbluth-89120a/ Learn more at https://www.dimensional.com/

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The Biggest Risk in Investing? It's You! | The Informed Investor 37

Episode 37: What's the biggest risk in investing? Longtime financial advisor Cameron Passmore says it's not AI or geopolitical turmoil, and it's not oil prices or inflation. It's you! Passmore, one of the original hosts of the popular Rational Reminder podcast, believes bad behavior by investors causes big trouble. Especially when stress rises due to turmoil in the market or around the globe. Passmore is the CEO of an investment advisory firm based in Canada. On the podcast, he has interviewed Nobel laureates, explored complex investment strategies, analyzed stock market history, and pondered simple but profound questions like, do you need a financial advisor? If you're itching to sell as soon as the stock market takes a tumble, he thinks your behavior is a potential problem. If you're eager to pick the next big winner, ditto. Compare those strategies to the simple concept of "buy, hold, and rebalance." Sounds boring. But if you can't stick to that approach, Passmore says, you may have difficulty reaching your goals. In Episode 37 of The Informed Investor podcast, Dimensional's Mark Gochnour, Head of Global Client Services, speaks with Passmore about his biggest takeaways from the Rational Reminder podcast and the homespun advice that every investor needs to hear. LINKS FROM TODAY'S EPISODE: The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Cameron Passmore on LinkedIn https://www.linkedin.com/in/cameronpassmore/?originalSubdomain=ca Ben Felix on LinkedIn https://www.linkedin.com/in/benjaminwfelix/?originalSubdomain=ca Learn more at https://www.dimensional.com/

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Why Does Everyone Want to Invest in Private Credit? | The Informed Investor 36

Episode 36: Why all the hubbub about private credit? This unusual investment vehicle, which accounts for about 2% of the global fixed income market, seems to be all over the financial headlines. Some reports say investors are cashing out in droves. Others claim lending to troubled software firms catalyzed a meltdown that's chilling the entire private credit market. Then there are the optimists who argue all the turmoil will lead to enticing opportunities. Investors might have heard that private credit offers untapped potential for higher returns, so the latest developments may be perplexing. In simple terms, private credit consists of loans by nonbank lenders to small and midsize firms that may have trouble obtaining traditional bank loans. The money for the loans comes from investors who are typically seeking yields higher than what's available in the traditional fixed income market. Everyday investors can access this private market through publicly traded business development companies (BDCs), which make these loans and are then required to distribute at least 90% of their taxable income to shareholders. While outsize returns on offer by BDCs make them attractive, the risks are significant and shouldn't be overlooked. BDCs outperformed the conventional bond market in the past five and 10 years. Yet in the past 12 months through February, BDCs tumbled nearly 20% even while the bond market posted positive returns. (S&P data © 2026 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved; Bloomberg data from Bloomberg.) Costs are another concern. The combined management and incentive fees for public BDCs may exceed 5% annually. (Incentive fees are performance-based charges payable if managers exceed a specific return target.) Compare those fees to the average 0.54% net expense ratio for the US Intermediate Core Bond Fund category, based on Morningstar data. In Episode 36 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Kevin Green, PhD, Head of Investment Solutions Analytics, and Jake DeKinder, Head of Client Communications, assess the numerous tradeoffs facing investors in private credit and highlight those that should garner the most attention. LINKS FROM TODAY'S EPISODE: The Informed Investor: Feedback Survey ⁠https://www.dimensional.com/us-en/informed-investor-survey⁠ Dimensional Perspectives: "Hiding in Plain Sight: Private Asset Exposure Through Public Equities" ⁠https://www.dimensional.com/us-en/insights/hiding-in-plain-sight-private-asset-exposure-through-public-equities⁠ Dimensional Perspectives: "A Deep Dive into Private Fund Performance" ⁠https://www.dimensional.com/us-en/insights/a-deep-dive-into-private-fund-performance⁠ The Informed Investor, Episode 11: "Do Private Markets Deliver an Edge?" ⁠https://www.youtube.com/watch?v=TUGb1LLeB1A&list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90&index=26&pp=iAQB⁠ "The Informed Investor" on YouTube https://www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Mark Gochnour on LinkedIn ⁠⁠https://www.linkedin.com/in/mark-gochnour-9a23598a/⁠⁠ Kevin Green on LinkedIn ⁠⁠https://www.linkedin.com/in/kevin-green-505b15355/⁠⁠ Jake DeKinder on LinkedIn ⁠⁠https://www.linkedin.com/in/jake-d-4105b98/⁠⁠ Learn more at ⁠https://www.dimensional.com/

Do Bonds Offer Immunity Against Market Turbulence? | The Informed Investor 35

Episode 35: What are the best reasons to invest in bonds? Maybe you're looking to dampen the volatility of your portfolio or address future spending needs in a concrete way. Maybe you want to reduce the impact of inflation or taxes. Bonds, also known as fixed income, can be used to meet a variety of needs. But different bond categories may be better or worse for accomplishing your goals. A crucial point that some investors might not understand: Putting bonds to work in your portfolio can get complex in part because not all of them behave the same way. If you have short-term spending needs, extremely short-term bonds like Treasury bills may be helpful. (Cash is obviously an alternative.) But longer-term bonds may be more useful as you plan for longer-term saving and spending needs. The credit quality of bonds makes a difference, too. Those issued by the US government and successful businesses are generally considered safer, and typically have lower interest rates. The opposite is true for bonds with lower credit quality. Your goals may steer you one way or the other. Some types of bonds, known as Treasury Inflation-Protected Securities (TIPS), can help manage the risks of inflation. That's important because an average annual inflation rate of just 2.5% over 30 years reduces your purchasing power by half. Yet TIPS aren't risk-free, another characteristic that may confuse some investors. In Episode 35 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, Wes Crill, PhD, Senior Client Solutions Director, and Jake DeKinder, Head of Client Communications, identify five reasons to consider investing in bonds and analyze what types of fixed income should (and shouldn't) be used to meet your goals. LINKS FROM TODAY'S EPISODE: The Informed Investor: Feedback Survey https://www.dimensional.com/us-en/informed-investor-survey Dimensional Perspectives: "Chutes and Bond Ladders" https://www.dimensional.com/us-en/insights/chutes-and-bond-ladders Dimensional Perspectives: "Sizing Up the Bond Market" https://www.dimensional.com/us-en/insights/sizing-up-the-bond-market "The Informed Investor" on YouTube www.youtube.com/playlist?list=PLCyJr6FFig-h1mA7rVP7Mbk0irFw2wA90 Dimensional Fund Advisors Shorts on YouTube https://www.youtube.com/@dimensionalfundadvisors/shorts Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/ Wes Crill on LinkedIn https://www.linkedin.com/in/wes-crill-77a49417/ Jake DeKinder on LinkedIn https://www.linkedin.com/in/jake-d-4105b98/ Learn more at https://www.dimensional.com/

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