Our guest this week is John Y. Campbell — a globally respected Harvard economist and one of the most influential voices in academic financial economics. Over his career, John has published more than 100 academic papers spanning fixed-income markets, equity valuation, portfolio theory and household finance. John’s newest book, “Fixed: Why Personal Finance Is Broken and How to Make It Work for Everyone,” makes a compelling case that the financial system — while vital — is failing ordinary people. Between unnecessary complexity, steep fees, confusing products and poor incentives, most households are left navigating a system that isn’t built with their best interests in mind. John draws on decades of research to explain what’s gone wrong and how better product design, smarter regulation and clearer advice could dramatically improve financial outcomes. In this episode, Dave and John explore how the system can be fixed — from mandatory universal retirement accounts to simpler, standardized financial products, to improving disclosures on credit cards. They also discuss the pitfalls of active mutual funds, the challenges of financial advice models, the role of technology in impulse spending and the rise of gambling and meme-stock behaviour. It’s a wide-ranging and accessible conversation with one of the world’s top financial thinkers. If you care about personal finance, financial policy or simply understanding why the system feels so confusing this episode is a must-listen. Show Notes (00:00) Intro & Disclaimer (00:55) Intro to John Campbell and His Book “Fixed” (05:14) How Should the Financial Industry be Fixed? (09:30) Mandatory Universal Retirement Accounts (12:52) Active Mutual Funds Have Costly Fees (15:48) The Different Models for Financial Advice (18:37) How Standardized Financial Products Could Help (21:07) Life Insurance and Complexity (24:57) Two Thoughts on Debt (26:21) Technology and Impulse Spending (29:24) Gambling & Meme Stocks (31:19) Policy Ideas to Fix the Financial System (36:21) How Disclosures on Credit Cards Could Be Improved (38:33) Conclusion

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.