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If You Could Ask Just One Question
Description
Today's Post - https://bahnsen.co/4mUGiFb
Trevor Cummings hosts the Thoughts on Money podcast with Brett Bonecutter to discuss his post “If you could ask just one question” and reframes due diligence around a single, telling question: “How do you invest your money?” Cummings cites Nassim Taleb’s “skin in the game” idea and argues that what advisors or managers actually own reveals more than their sales pitch. He shares an experience with a Twitter-famous fund manager whose personal investments didn’t match his promoted strategy, plus parallels from advisor training, restaurant “eat your own cooking,” Buffett’s 2008 Goldman deal requiring executives to keep shares, a New Guinea “peace child” story illustrating aligned incentives, and post-1929 insider-trading disclosures. He contrasts skin in the game with the fiduciary standard and closes with a client example of risky concentration in two stocks, urging slow, thorough due diligence starting with this question.
00:00 One Question Diligence
01:40 Skin In Game Rule
02:48 Quitting Social Media
05:31 Twitter Fund Manager Story
09:22 Eat Own Cooking
11:11 Red Flags And Nuance
14:34 Buffett Jockey Clause
18:35 Limits Of Skin Game
19:56 Peace Child Setup
20:26 Judas vs Jesus Story
21:24 Peace Child Incentives
22:21 Advisor Skin in Game
23:42 Fiduciary vs Incentives
25:09 Taleb Fund Cycle
29:54 Do You Follow Advice
31:41 1929 Insider Trading Rules
35:06 Eating Your Own Cooking
35:39 Diversification Wake Up Call
38:04 Due Diligence Closing
Links mentioned in this episode: DividendCafe.com