Talking Real Money has a new look with better access to out latest podcasts

Aug. 27, 2025

Illiquid Alternatives

Show Notes

Tom Cock takes the reins while Don visits family, leading a live call-in show that covers liquidity risks in private investments and university endowments, skepticism over deferred income annuities, housing sale costs, Vanguard ETF gaps, the importance of diversification beyond the S&P 500, and why long-term investing discipline beats reacting to short-term volatility. Callers ask about annuities, real estate commissions, balanced ETFs, 100% stock allocations, and Wellington vs. total market strategies, with Tom stressing global diversification, risk awareness, and building portfolios for real life rather than chasing products or peer pressure.

0:04 Tom hosts solo, Don away visiting his mom

0:51 Liquidity lessons from elite college endowments and alternatives

2:56 Why liquidity matters for retirement and emergencies

6:21 Caller Rich: $2M assets, pension, Social Security, annuity concerns, Tom warns against deferred income annuities

11:46 Caller Will: real estate commissions after lawsuits, Tom says budget ~10% of sale price

15:09 Tom warns about too-good-to-be-true “8% guarantees”

16:26 Caller Catherine: asks why Vanguard lacks a balanced ETF; Tom suggests DIY mix or wait for rollout

21:40 Tom stresses ignoring TikTok “advice” and staying the course; examples of small-cap rebounds

25:31 Global small/value stocks outperform S&P this year—own them all

26:49 Caller Joe: 100% S&P 500 allocation in retirement accounts; Tom warns about concentration, suggests global diversification

32:56 Caller Alan: Wellington Fund vs. more equities; Tom favors index funds and broader global exposure

37:28 Risk quiz, portfolio planning, and building for your own needs vs. peer influence
Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments? Click!

What Would You Like to Do?

A Few Helpful Hints

When you click on an episode you will be taken to our web player.

Those who want to download the mp3 file of the episode should click on "Share" and select download arrow link.

The easiest way to ask a question is to record using our handy "Voicemail" feature. Just click the microphone at lower right, speak your question and Don will answer on his Friday Q&A episode.

Talking Real Money is a service of Apella Wealth

Opinions and views expressed on this podcast were current on the date recorded. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice, including any forward-looking estimates or statements which are based on certain expectations and assumptions. Although information and opinions given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness, or accuracy. Information presented on the podcast is not personalized investment advice from Apella Wealth. The views and strategies described may not be suitable for everyone. This podcast does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. Past performance does not guarantee future results and profitable results cannot be guaranteed.

We hope you realize that the information provided on Talking Real Money is for informational, educational, and hopefully enjoyable purposes only. The podcast is not trying to get you to buy or sell any financial products or securities. Instead, the program is provided as a public service by Apella Wealth, a fee-only registered investment advisor. Please see Apella Wealth's ADV Part 2A on our website for information regarding Apella fees and services.

Apella Capital, LLC, DBA Apella Wealth, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered, or excluded or exempt from registration requirements. Registration with the SEC or any state securities authority does not imply a certain level of skill or training. Apella does not provide tax or legal advice and nothing in either stated or implied here should be inferred as providing such advice.

Index Disclosure and Definitions All indexes have certain limitations. Investors cannot invest directly in an index. Indexes have no fees. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance. Actual performance for client accounts may differ materially from the index portfolios. All data is from sources believed to be reliable but cannot be guaranteed or warranted.

The S&P 500 historical performance is the basis for any reference to the performance of stocks historically.

S&P 500 Index represents the 500 leading U.S. companies, approximately 80% of the total U.S. market capitalization.
Dow Jones Industrial Average (DJIA) Is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange (NYSE) and the NASDAQ.
The Nasdaq Composite Index (NASDAQ) measures all Nasdaq domestic and international based common type stocks listed on The Nasdaq Stock Market, and includes over 2,500 companies.
MSCI World Ex USA GR USD Index captures large and mid cap representation across 22 of 23 developed markets countries, excluding the US. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets (as defined by MSCI). The index consists of the 25 emerging market country indexes.
Bloomberg Barclays US Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States – including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.
Bloomberg Barclays Global Aggregate (USD Hedged) Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging market issuers. Index is USD hedged.

INVESTORS SHOULD CONSIDER OBJECTIVES, RISKS, CHARGES AND EXPENSES OF A FUND CAREFULLY BEFORE INVESTING. THE FUND PROSPECTUS CONTAINS THIS AND OTHER IMPORTANT INFORMATION. INVESTORS SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. PROSPECTUSES MAY BE OBTAINED FROM YOUR ADVISOR OR FROM DIMENSIONAL FUND ADVISORS: WWW.DFAUS.COM, THE VANGUARD GROUP WWW.VANGUARD. COM, FIDELITY WWW.FIDELITY.COM, SPDRs WWW.SPDRS.COM, and ISHARES WWW. ISHARES.COM. FOR THE MOST RECENT MONTH END PERFORMANCE INFORMATION. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING OR SENDING MONEY.

For more disclosure information, please visit ApellaWealth.com.