John Bartleman, the CEO of TradeStation, is here today to talk about how AI will transform the future of trading. John shares his background and the evolution of TradeStation from early backtesting software to a full-service broker, while explaining how its roots in systematic trading differentiated it from competitors. He outlines major industry shifts, along with the benefits and challenges of dark pools and institutional order flow. We also dive into how AI is transforming trading, as John describes his own use of MCP-enabled AI agents for research, portfolio analysis, trade structuring, and more. AI may radically reshape fintech analytics and asset management, enabling traders to work more efficiently and pushing the industry toward fewer traditional money managers and more AI-driven decision systems.

We discuss...

• Record money market fund levels are being widely misinterpreted, as the balances often represent defensive positioning rather than pent-up buying power.
• Many investors mistakenly assume large cash balances automatically signal a coming equity influx, ignoring the behavioral reasons people hold cash.
• The tariff headline created rapid swings in futures markets, revealing how sensitive positioning is ahead of the election.
• A sharp crypto drawdown triggered widespread stop-loss cascades across major tokens, amplifying downside pressure in a classic liquidity vacuum.
• Seasonal trends typically provide a tailwind this time of year, but macro uncertainty is preventing markets from fully leaning into the pattern.
• Investors are observing a notable rotation away from mega-cap tech and toward value-oriented and small-cap sectors.
• The dispersion between the top seven tech stocks and the rest of the index remains near historic extremes.
• Elevated cash levels and volatility suggest institutional investors are selectively adding risk rather than buying broadly.
• Market breadth is improving modestly, but not enough yet to signal a durable trend reversal.
• Short-term traders are capitalizing on intraday volatility spikes driven by headlines and algos.
• Longer-term investors remain focused on earnings resilience and margin stability across sectors.
• Companies with global exposure are expressing concern about potential policy shifts after the election.
• Energy and industrials are gaining attention as potential beneficiaries of a reflationary environment.
• Tech remains bifurcated between AI-driven leaders and more traditional software names experiencing deceleration.
• Crypto markets continue to influence risk appetite, even among investors who do not directly hold digital assets.

Today's Panelists:

• Kirk Chisholm | Innovative Wealth
• Barbara Friedberg | Barbara Friedberg Personal Finance
• Diana Perkins | Trading With Diana

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For more information, visit the show notes at https://moneytreepodcast.com/the-future-of-trading-john-bartleman-766

The stock market is broken! Today we talk about a broad range of economic, market, and behavioral topics, beginning with the cognitive bias of sunk costs and how it affects personal decisions, investing, and business choices, emphasizing the importance of recognizing losses and cutting them early. We also explore recent market signals, including distress in the credit and auto-loan markets, and the K-shaped economy. We also critique media and policy narratives, pointing to propaganda around climate change and the pivot to nuclear energy. It's important to be aware and prudent in your observations in uncertain times. We also remark on the rising cost of living, currency devaluation (the end of the penny), and market performance trends.

We discuss...

• Sunk cost bias was illustrated with examples in plumbing repairs, investing in stocks like QQQ, and hiring ineffective marketers in business.
• People often continue bad relationships or investments due to the psychological discomfort of admitting mistakes.
• Non-decisions are still decisions, and it's important to consciously choose a path rather than defaulting to inaction.
• The conversation shifted to propaganda in media and politics, including discussions about global warming and COVID messaging.
• Nuclear energy is the only scalable solution for energy needs if climate change is real, and that AI and technology interests influenced the shift in media focus.
• We discussed deliberate and coincidental market messaging, citing examples of Fed statements and past financial crises like 2008.
• Michael Burry's recent fund positions and put options on Nvidia and Palantir were discussed as a signal for investors to pay attention, though not necessarily to follow blindly.
• Extreme caution in investing is recommended, particularly in markets or sectors one does not fully understand, such as the stressed auto-loan market.
• Signs of market stress were highlighted, including unusual moves in the SOFR rate and subprime auto-loan distress, though not on the scale of the 2008 mortgage crisis.
• The K-shaped economy was explained, where asset holders benefit from price inflation while those without assets see income stagnation and rising expenses.
• Rising housing costs and mortgage challenges were linked to declining fertility rates and generational effects on college and workforce participation.
• Indicators of market sentiment, including CNN's Fear and Greed Index, were analyzed, with a caution not to follow them blindly as they often lag or mislead.
• Observations were made on shifting consumer behaviors, including declining cash usage and businesses refusing pennies as payment.
• Future discussion topics were teased, including REIT investment opportunities and year-to-date market performance insights.

Today's Panelists:

Kirk Chisholm | Innovative Wealth
Douglas Heagren | Mergent College Advisors

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For more information, visit the show notes at https://moneytreepodcast.com/stock-market-is-broken

Mark Salisbury shares the secrets to spending less on the cost of college! As the founder of TuitionFit, explains how the college pricing and financial aid system is designed to favor schools over families. He describes how emotional marketing, opaque pricing, and complex financial aid forms create confusion and limit families' leverage. he outlines how students and parents can regain control by defining their price range first, using resources like TuitionFit and net price calculators, and strategically managing assets, timing, and financial disclosures. He also covers how income, savings, and family structure affect aid, and more!

We discuss...

• Mark Salisbury explains how the college pricing system is intentionally vague, designed to benefit schools rather than families.
• This conversation exposes how the financial aid process operates like a hidden marketplace where families unknowingly pay vastly different prices for the same education.
• Mark explains the difference between a school's sticker price, discount rate, and net price, emphasizing that the last is what truly matters.
• He details how the FAFSA and CSS Profile collect information that can be used by colleges to assess a family's financial "willingness to pay."
• Timing and disclosure of assets can dramatically impact how much financial aid a family receives.
• Families with business ownership structures may have advantages in how assets and income are reported.
• Fnancial aid formulas often penalize savings while rewarding debt.
• Salisbury argues that families should start with their budget first, then find schools that fit within that price range—rather than applying and hoping for aid.
• Tools like TuitionFit help families compare real financial aid offers and discover the true market price for college.
• He advises against oversharing financial information before admission decisions are made to preserve negotiation leverage.
• Negotiating college costs is compared to buying a car—where informed consumers who know their target price get better deals.
• Transparency and data sharing among families are key to fixing the broken college pricing system.
• Mark calls for systemic reform to make higher education pricing fairer, more transparent, and tied to real market value.

Today's Panelists:

• Kirk Chisholm | Innovative Wealth
• Douglas Heagren | Mergent College Advisors
• Diana Perkins | Trading With Diana
• Jack Wang | Smart College Buyer

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For more information, visit the show notes at https://moneytreepodcast.com/secrets-to-spending-less-on-the-cost-of-college-mark-salisbury-764

Should the S&P go higher? Today we discuss that and more in this wide-ranging episode. We talk the markets, and warn that investors often cling to bad positions instead of reassessing when wrong, noting that current valuations are stretched and the market appears overextended. There is rising corporate caution during earnings season, weak performance among consumer staples and cyclicals, and the growing dominance of the "Magnificent Seven" tech stocks in driving the S&P 500's gains. AI-related capital expenditures and record margin debt levels suggest heightened risk, so you should remain defensive and patient as market conditions soften despite entering a historically strong seasonal period.

We discuss...

• New York City's election of a socialist-leaning mayor and question how it might impact the city's historically capitalist foundation.
• Drawing a parallel to investing, we stress the need to reassess assumptions when investments go against you instead of clinging to them.
• The current market is overextended, with valuations significantly above historical trends and a concentration in a few large tech stocks.
• Consumer cyclicals and staples, normally defensive areas, have underperformed, suggesting caution for risk-averse investors.
• The "Magnificent Seven" tech stocks are disproportionately driving the S&P 500's performance, masking weakness in the broader market.
• AI-related capital expenditures are rising sharply, but returns on these investments remain minimal, highlighting potential overhype.
• Margin debt has reached record levels, indicating elevated risk if market sentiment shifts.
• Earnings season shows that even companies beating expectations may see stock declines, signaling that much of the positive news is already priced in.
• Weak market breadth—many stocks declining while a few outperform—indicates fragility and higher potential volatility.
• While a correction is possible, seasonal trends historically make late November through January a strong period for markets.
• Inflation is picking up modestly, while interest rates are being lowered, creating a complex environment for fixed-income investors.
• Private credit and real estate markets are showing early signs of stress, particularly as products are increasingly marketed to retail investors.
• Investors are advised to watch for opportunities in mispriced assets but remain cautious due to market overvaluation and potential downside risks.
• Overall, the discussion emphasizes patience, caution, and careful risk management amid uncertainty in politics, markets, and emerging technologies.

Today's Panelists:

Kirk Chisholm | Innovative Wealth
Douglas Heagren | Mergent College Advisors

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For more information, visit the show notes at https://moneytreepodcast.com/should-the-sp-500-go-higher-763

Lily Vittayarukskul shares her remarkable journey from working at NASA in her teens to founding a company that innovates with AI to transform long-term care planning. We explore why long-term care remains one of the most misunderstood and underserved areas in wealth management, despite being one of the biggest retirement risks. We break down how long-term care works, who needs it most, the pros and cons of self-funding versus insurance products, and why many families fail to plan until it's too late.

We discuss...

• Lily Vittayarukskul shared her early fascination with aerospace engineering, including work recognized at age 12 and a role at NASA's JPL by 16.
• A personal long-term care event in her family at age 16 prompted her pivot from aerospace to healthcare.
• She built technical expertise in genetics and AI at Berkeley before founding a company focused on long-term care solutions.
• The ideal candidates for long-term care planning are typically 40–60 years old, upper-middle-class individuals with $2–5 million in assets.
• Many financial professionals avoid long-term care due to its complexity, morbid nature, and time-consuming conversations.
• Traditional long-term care policies and hybrid/lump-sum products each have advantages depending on individual circumstances and predicted care needs.
• Self-funding long-term care is an option, but many clients are risk-averse and ultimately prefer a structured insurance plan.
• Lily's company uses decades of data to predict long-term care events and costs, helping advisors map policies to individual client needs.
• Long-term care planning is as much about protecting family members and legacy as it is about financial strategy.
• Conversations about long-term care should start with a professional, involve spouses, and eventually include children or trusted family members.
• Many clients struggle with the emotional and logistical burdens of caregiving, which can impact their own health and quality of life.
• The topic is often avoided culturally because it forces acknowledgment of aging, mortality, and potential loss of autonomy.

Today's Panelists:

• Kirk Chisholm | Innovative Wealth
• Barbara Friedberg | Barbara Friedberg Personal Finance
• Douglas Heagren | Mergent College Advisors

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For more information, visit the show notes at https://moneytreepodcast.com/transform-long-term-care-lily-vittayarukskul-762

The stock market bubble is going to pop! And we're going to tell you when. In today's episode we discuss that price is the ultimate indicator of market truth. Charts, narratives, and data often distort reality, while price alone reflects what investors truly believe. Don't overcomplicate investing with speculative indicators, fear-based "chart crimes," and emotional herd behavior, especially in areas like AI stocks that echo the dot-com bubble. Fundamentals and narratives often mislead, while disciplined attention to price direction and risk management yields better results.

We discuss...

• Price is the purest and most reliable truth in markets, capturing the collective judgment of all participants and filtering out misleading narratives.
• Investors often get trapped by "chart crimes," forcing technical patterns or trends that confirm what they want to see rather than what the market is actually showing.
• Investors often believe that deeper analysis means better insight, but in truth, simplicity and clarity around price direction outperform complex models.
• There are strong parallels between the current AI investment boom and the late-1990s dot-com bubble.
• Euphoric narratives around transformative technologies tend to overinflate valuations before reality catches up.
• AI enthusiasm is driving herd behavior, where investors fear missing out on perceived "once-in-a-lifetime" gains, leading to speculative excess and distorted valuations.
• Most investors misjudge risk, confusing volatility with opportunity, and failing to respect the message that price declines are often early warnings of deeper structural problems.
• There are under-appreciated risks building in private markets, especially private credit and private equity, which have grown rapidly outside the scope of traditional regulation.
• Private credit lacks transparency, liquidity, and oversight, creating potential systemic vulnerabilities if credit conditions tighten or defaults rise.
• In contrast, regulated banks, though unpopular, are more transparent and stress-tested, making them safer in relative terms despite their public scrutiny.
• Investors chasing yield in private markets are ignoring the lessons of past crises, mistaking the illusion of stability for real safety.
• Liquidity is an often-overlooked advantage, allowing investors to act decisively when market conditions change instead of being trapped in illiquid positions.
• Stay grounded in simplicity, price truth, and discipline, avoid the noise of narratives, the allure of complexity, and the comfort of consensus thinking.

Today's Panelists:

Kirk Chisholm | Innovative Wealth
Douglas Heagren | Mergent College Advisors

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For more information, visit the show notes at https://moneytreepodcast.com/stock-market-bubble-761

Have you thought about investing into space? Mark Boggett, CEO of Seraphim, shares the investment opportunities in the rapidly expanding space industry. He explains how innovations led by SpaceX dramatically lowered launch costs and increased access to space, catalyzing growth in satellite constellations and data-driven applications for defense, climate, and communications. He emphasizes that near-term investment potential lies in defense and climate-related uses of satellite data, rather than speculative ventures like space travel or asteroid mining. He also highlights the growing importance of sustainability, debris management, and more.

We discuss...

• Mark Boggett is a career technology investor who founded Seraphim Space, the world's first space-focused investment fund.
• Seraphim Space operates a global accelerator, a private venture fund, and a publicly listed growth fund on the London Stock Exchange.
• Boggett shifted focus to space investing after recognizing how technologies like AI, telecommunications, and 3D printing were transforming the sector.
• SpaceX revolutionized space access by reducing launch costs from $86,000 to $1,000 per kilogram and dramatically increasing launch frequency.
• Smaller, cheaper satellites now enable massive constellations that provide real-time Earth observation and global connectivity.
• Investment opportunities in space fall into three categories: upstream (launch and satellites), downstream (data and applications), and in-space (future lunar and interplanetary activities).
• The most investable areas today are defense and climate-related satellite data applications rather than speculative space travel or mining.
• The falling cost of launch is paving the way for large-scale space infrastructure, including future data centers powered by solar energy.
• Space debris is an emerging challenge, driving new industries focused on monitoring, avoiding, and removing defunct satellites.
• Regulatory changes now require satellite operators to deorbit defunct satellites within five years, accelerating growth in orbital cleanup services.
• Defense is a major driver of demand for satellite technology in intelligence, communications, navigation, and asset protection.
• The "in-space" category includes lunar landers, space stations, and eventual habitation or mining ventures, though these remain long-term prospects.
• NASA's new funding model relies on private companies like Axiom Space and Voyager to build commercial space stations.
• Boggett concludes that while long-term prospects like lunar mining are exciting, the current trillion-dollar opportunity lies in satellites, data, and communication serving Earth-based customers.

Today's Panelists:

• Kirk Chisholm | Innovative Wealth
• Phil Weiss | Apprise Wealth Management
• Douglas Heagren | Mergent College Advisors

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For more information, visit the show notes at https://moneytreepodcast.com/investing-into-space-mark-boggett-760

There are record levels of money market funds, but it doesn't mean quite what you think. Today we also explore recent market volatility sparked by Trump's brief tariff announcement and a sharp crypto sell-off that triggered stop-loss cascades. We also analyze seasonal trends, the rotation from mega-cap tech into value and small-cap stocks, and why most active managers underperformed the S&P 500 this year. We talk the importance of diversification, understanding risk tolerance, and viewing corrections as part of normal market cycles rather than reasons to panic.

We discuss...

• Markets experienced sharp volatility following Trump's brief tariff announcement and a cascading crypto sell-off.
• How stop-loss triggers and algorithmic trading can amplify short-term market moves.
• Gold and silver pullbacks are healthy corrections within a long-term bullish thesis on precious metals.
• Portfolio allocation and risk management are critical to surviving sharp market drawdowns.
• Seasonal patterns are examined and late-year volatility can set up strong year-end rallies.
• Underperformance of active managers relative to the S&P 500 comes from narrow market leadership.
• Don't chase short-term moves, instead focus on long-term positioning.
• We explore how investor psychology and herd behavior can magnify both rallies and declines.
• The episode touched on how retail investors often get whipsawed when reacting emotionally to news-driven moves.
• The conversation compared current market sentiment to prior bubbles in meme stocks and crypto.
• Diversification is the best protection against unpredictable volatility events.
• How market manipulation and liquidity gaps can distort short-term price signals.
• The discussion linked rising geopolitical uncertainty with the growing appeal of hard assets.
• We underscore the importance of having a clear thesis and sticking to it through market noise.
• Volatility should be viewed as opportunity, not danger, for prepared investors.

Today's Panelists:

• Kirk Chisholm | Innovative Wealth
• Phil Weiss | Apprise Wealth Management

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For more information, visit the show notes at https://moneytreepodcast.com/record-levels-of-money-market-funds-759