Rick Ferri’s career is itself a history of the investment management industry, with one notable exception. He tended to be years if not decades ahead of the pack on where the profession, the products, and the services needed to go. Rick has been an analyst and financial advisor for over 30 years, and the author of several books, including The Power of Passive Investing, All About Index Funds, and All About Asset Allocation, the main focus of my interview this time around.

A book review of the 800-year history of inflation from author David Hackett Fischer. Three hundred pages in 35 minutes, with as much as the author’s original work quoted or referenced as possible. Learn the recurring themes in all Four Waves starting in the 12th century and ending (but not really) in the 20th century. Demand-side shocks, supply-side shocks, wages initially keeping up with inflation, then real wages falling, creating unsustainable inequality. Is there anything new under the sun? Not pandemics, climate volatility, or war. Listen and find out about the recurrence of stagflation, the importance of inflation expectations, and where we are in the Fourth Wave. The third installment in our Inflation Series, starting with the Feb 1 Morning Kick, continued in the March 4 Weekend Kickoff, and ending with this summary of The Great Wave, which you can buy here. Follow us on Twitter and Linkedin.

The Russian invasion creates a back-to-back global supply shock, just as the pain of a global pandemic was receding. Whether investment dollars and extracted commodities go into defense spending or alternative energy, we are in a new paradigm. With a new Cold War and a front creeping west, compounded by a cyber war, “by and hold” is on hold. We go over the impact on commodities from the invasion generally and sanctions specifically, with a return to our old favorites Korea, Chile, and Norway. Plus an introduction to Australia. Follow us on Twitter and Linkedin. Check out MI2 Partners. Standby for a book review of The Great Wave by David Hackett Fischer, due to the teacher Monday morning. Peace.

KTDpod book review of Asset Dedication: How to Grow Wealthy with the Next Generation of Asset Allocation

Follow your host, John Emrich on Twitter @dogma_kick and LinkedIn .

We talk Norway, the Government Pension Fund Global, EMH, price realization, active vs passive, ESG & governance, the Cleese Principle (90/10), and hand wringing over growth in indexing. Follow Robin @robinwigg on Twitter, www.FT.com where he is Global Finance Correspondent, Buy Robin’s book here. Listen to his interview with The Rational Reminder Podcast & @cameronpassmore, follow Wes Gray @alphaarchitect, Jason Zweig @jasonzweigwsj, and the paper praising the Norway’s Government Pension Fund Global was referenced in The Future of Pension Management by Keith Ambachtsheer. Follow your host, John Emrich @dogma_kick on Twitter and https://www.linkedin.com/in/kickthedogma/ on LinkedIn.

Welcome to Kick the Dogma, the investing podcast about global asset allocation, from theory to practice, from passive to active, and everything in between. Learn about the pod, your host John Emrich, and next week’s first guest.