Pre-order Tyler's book, Real Wealth, at tyler.gardner.com/book And as always, a MASSIVE thank you to this week's sponsors: Fabric: → ⁠meetfabric.com/tyler⁠ because if you have dependents, and you don't have term life, getting term life insurance is the financial step you need to take right now. Gelt: ⁠→ ⁠joingelt.com/tyler because Q2 is where strategic businesses make game-changing tax moves LMNT: → ⁠drinklmnt.com/tyler⁠ Become an INSIDER, just order the INSIDER Bundle–four boxes for the price of three, best value they offer–and get early access to limited time flavors and cool surprise gifts along the way. Facet: → ⁠⁠facet.com/tyler⁠ for an exclusive $550 kickstart offer! And see for yourself why I've partnered with Facet for almost TWO YEARS! And now on with the show notes! What if the most important investing conversation you’ve ever had… never got recorded? That’s what happened here. In this episode, Tyler reconstructs a lost interview with Burton Malkiel, author of A Random Walk Down Wall Street, and uses it to tell a bigger story — one about index investing, behavior, and why the simplest strategy is still the hardest to follow. Because this isn’t just about theory. It’s about what actually works in real life — and why people still struggle to stick with it. In this episode, Tyler walks through: The origin of index investing — and why Wall Street fought it for decades Why most active managers fail to beat the market after fees The role of academics like Markowitz, Fama, and Samuelson in shaping modern investing How fear and behavior — not knowledge — derail most investors Why trying to time the market (even when you’re right) can still cost you returns The risk of concentration in modern index funds — and why it’s not a new problem Malkiel’s core principle: you will never consistently outguess the market Tyler also shares one of the most important takeaways from the conversation: Even Burton Malkiel feels fear. He just doesn’t act on it. And that’s the difference. The core idea: Investing isn’t about being right. It’s about staying consistent when it’s hardest to do so. The episode closes with a broader reflection on retirement — not just how to invest, but how to live. Because according to Malkiel, the goal isn’t to stop working. It’s to stay engaged — with ideas, with learning, and with life itself. If the show’s been helpful, leaving a quick review on Apple or Spotify genuinely helps. Hope this gives you something to think about this week.

Ask this episode

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