Thinking about where to put our nest egg.
In the past, if people's assets grew by 12% annually, they typically felt comfortable with their investments. In the Trump era, stocks are volatile and most investors are understandably anxious.
Free Financial Advice in the Trump Era
By ESB
Whether or not you manage your own retirement portfolio, it's hard not to notice the dramatic swings in the markets. Much of the guidance from traditional financial advisors relies on historical norms that may no longer apply. After all, who had a playbook for what to do financially in the successor states of the Soviet Union—or in Weimar Germany?
People like my wife, who urge us to buy gold and question whether we’ll receive Social Security in our old age (and, frankly, we are old by any measure), can no longer be dismissed as absurdly fatalistic. I tend to buy ETFs and mutual funds, and hold them, and avoid stocks with certain exceptions. My wife and I are probably invested as follows: 20% government bonds and in case (money markets), and the rest in securities.
Many people—some of whom had previously relied on others to invest for them—began asking me what we were doing. I became curious what the professionals were doing.
My conclusion? I find myself fighting my pessimism and manic fears of what Trump and his army of incompetent, corrupt enablers are doing. In today’s uncertain environment, they don’t know any more than we do. So I put together this short primer for them, my children, and now for you: my Substack readers and LinkedIn contacts.
A disclaimer: Don’t take this as gospel. See my posts on LinkedIn to see where my mind is at. If you think I am wrong tell me why and explain the basis for your assessment.
I was a Russian Studies major and an economics minor in college. I read voraciously, especially history. I've lived abroad (London, Paris, Sydney), first working on Russian trade and investment issues and later in academia, focusing on transnational corruption—an area sadly more relevant than ever. I am especially interested in history, especially the WWII era and ancient Rome.
ESB’s Investment Redeployment Primer in the Trump Era
If you're like most people, you've thought about diversifying your retirement or brokerage accounts in light of the Trump Administration’s impact on the value of U.S. securities.
It’s remarkable how many Americans—despite the upheavals at the SEC and the CFPB—continue to diversify their holdings by seeking broad, liquid, low-fee index funds that focus on global markets, particularly outside the U.S., including both developed and emerging economies.
Recommended Listening
I. Is the Sun Setting on America’s Financial Empire?
The Ezra Klein Show — Interview with Kenneth Rogoff
Rogoff, a former IMF Chief Economist and now at Harvard, explores whether dollar dominance is becoming a liability rather than a strength. His forthcoming book, Our Dollar, Your Problem, argues that Trump-era shifts may provoke a global financial crisis.
Watch
II. Tariffs, Mortgage Rates, and Fed Clashes: Economic Uncertainty in 2025
On Point with Meghna Chakrabarti
Guests:
Rana Foroohar, Financial Times columnist and author of Don’t Be Evil and Homecoming
Michelle Singletary, Washington Post columnist and author of The 21-Day Financial Fast
Listen here https://www.wbur.org/onpoint/2025/04/28/money-ladies-economy-singletary-foroohar
My Process
My own research relied on both ChatGPT and tools available at Charles Schwab. Before making any changes to your portfolio, do your own research. Consider your tax status (e.g., 401(k), IRA) before selling assets, or you could face capital gains taxes.
Everyone’s circumstances differ—risk tolerance, asset base, life goals, worldview, and lifestyle all matter.
Why This Moment Is Different
We are living in a politically and economically volatile era. Historical data is less predictive. The U.S. role in the world is changing. Pay attention to recent electoral wins by anti-Trump politicians in Australia, Canada, and Germany. Markets are watching too.
Top Recommendations for “Ex-US” Stock Index Exposure
For Broad, Simple, Global Exposure:
VEU – Vanguard FTSE All-World ex-US ETF
ACWX – iShares MSCI ACWI ex USA ETF (similar to VEU, different index provider)
For Developed Markets Only:
VEA – Vanguard FTSE Developed Markets ETF
For a Tilt Toward Emerging Markets:
Combine VWO (Vanguard Emerging Markets ETF) with VEA