Dan Egan
speaker
94 appearances
2 recordings
1 series
first heard Nov 2018
last heard Oct 2020
Dan Egan’s voice in public audio — every appearance, attributed to the second.
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Appearances
Pretty significantly.
We tend to kind of believe that our policies and politics are the ones that are going to lead to good outcomes everywhere, be it the environment or justice or the economy.
And so going back to 2016, we saw most of the angst and concern around what was going to happen in the stock market and the economy from Democratic voters, whereas Republicans thought that it was going to be a good thing.
There's no evidence that sort of either candidate has a dramatically better economic policy in terms of what's going to happen in stock markets.
So I think that's more a matter of kind of letting our politics pollute our portfolios.
Sometimes the news sort of focuses our attention on the big news items that aren't really the risks.
So if you think about things you can control in your finances and your portfolios, how much you can save, the fees and the funds that you're paying, the transaction costs, the taxes, these are little frictions that really, really add up and that you can control with a little bit of thought.
On the other hand, the big sensational news items, the election, etc., they're very hard to predict.
And you're unlikely to actually successfully have a better financial future because of acting upon them.
So focus on the small things that you can control consistently.
More people die from mosquitoes than ever die of sharks or tigers, even though we worry a lot more about sharks and tigers.
So remember to focus on the things that are actually going to get you.
Oh, absolutely.
I think that number one, so one of the things that I talk about a lot in terms of the election is that it is probably smarter and better to go to bed early on election night, staying up late, sort of being sleep deprived, and potentially angsty about what the result was.
That's a great combination for making bad decisions.
On the other hand, you go to sleep early, you'll wake up refreshed the next morning, you'll still learn, you know, like you staying up late doesn't change what the election result is, but you'll wake up
in a lot better frame of mind and able to sort of make decisions clearly.
Another component that we talk about is think about it now.
Like what's the actual plan?
Suppose that, you know, like Biden becomes president.
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