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Cullen Roche: Macro Is About Understanding the World for What It Is

The popular blogger and financial advisor discusses the macro outlook, the link between portfolio construction and investor behavior, his new ETF, and more.

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Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen also authors the popular blog "Pragmatic Capitalism," where he writes about a range of macroeconomic and investing topics. He is active on social media, including Twitter, where you can find him at @cullenroche. Cullen started his career as an advisor at Merrill Lynch and did a stint at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business..

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Bio

Pragmatic Capitalism Blog

Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, by Cullen Roche

Macroeconomics and Financial Planning/Advice

Three Things I Think I Think—Macro Thoughts,” by Cullen Roche, pragcap.com, Aug. 3, 2021.

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel

The Most Important Investment Factor—Behavior,” by Cullen Roche, pragcap.com, April 6, 2018.

What Is the Value of Financial Advice?” by Cullen Roche, pragcap.com, Sept. 18, 2019.

Understanding Quantitative Easing,” by Cullen Roche, papers.ssrn.com, Feb. 10, 2014.

2 Reasons the Surging Deficit Worries Me,” by Cullen Roche, pragcap.com, Sept. 26, 2018.

Economic Cycle and Fiscal Picture

@jasonzweigwsj

Three Things I Think I Think: Cycles, Hunting Biden and Life,” by Cullen Roche, pragcap.com, Oct. 15, 2020.

Three Things I Think I Think: Housing Bubble 2.0, Passive Investing and Hyperinflation,” by Cullen Roche, pragcap.com, April 8, 2021.

Should House Prices Be in the CPI?” by Cullen Roche, pragcap.com, Aug. 24, 2021.

Understanding Government Liabilities,” by Cullen Roche, pragcap.com, March 28, 2021.

Inflation and Interest Rates

Let’s Talk About Inflation,” by Cullen Roche, pragcap.com, May 12, 2021.

Is Hyperinflation Coming?” by Cullen Roche, pragcap.com, Oct. 25, 2021.

Three Things I Think I Think—Myths That Never Die,” by Cullen Roche, pragcap.com, Oct. 5, 2021.

Government Bond Markets Aren’t ‘Free’ Markets,” by Cullen Roche, pragcap.com, Oct. 8, 2020.

What if It’s all Going to Zero?” by Cullen Roche, pragcap.com, Nov. 9, 2021.

Why Stocks and Bonds Are the Core of any Portfolio,” by Cullen Roche, pragcap.com, March 16, 2021.

Discipline Fund ETF

Introducing the Discipline Fund ETF,” by Cullen Roche, pragcap.com, Sept. 21, 2021.

John Bogle: How to Create Perfect Asset Allocation,” video interview, youtube.com, June 24, 2018.

Discipline Fund ETF Overview

Wesley Gray

What Is Discipline-Based Investing?” by Cullen Roche, pragcap.com, Jan. 1, 2019.

Target-Date Funds

The Zoom Climb Glide Path & Why the Age in Bonds Rule Is Wrong,” by Cullen Roche, pragcap.com, Sept. 30, 2021.

The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.

Three Things I Think I Think—Dangerous & Terrible Stuff,” by Cullen Roche, pragcap.com, Sept. 29, 2021.