Tall Oaks Podcast

Hosted by Branden DuCharme

Business Investing

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Episodes

116

Latest episode

Jun 2026

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EN-US

About the show

Educating and empowering individuals that want to have more effective engagements with professionals around their financial lives. DISCLAIMER: Information presented is for your educational purposes only and should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

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June 10, 20261 hr 12 min

Is Playing It Safe The Riskiest Move Now

Managing your investment portfolio requires balancing US stock market exposure with the necessity of taking calculated financial risk.We talk with Meb Faber about building wealth with boring consistency, and why chasing “easy” income can quietly sabotage long-term returns. We challenge dividend myths, zoom out on market history, and map out practical ways to diversify, rebalance, and keep emotions from blowing up a good plan.• why most portfolios are overexposed to US stocks and US bonds• how Investing In America reframes market history with long charts and simple lessons• why dividends are not free money and why total return is what matters• the five ways companies use earnings and what that means for investors• buybacks as flexible dividends and the case for measuring shareholder yield• how stock issuance can turn a “good yield” into a bad deal• inflation risk, financial repression, and why nominal safety can be real loss• the Stay Rich Portfolio idea using global stocks, fixed income, and real assets• valuation reality, time horizon, and regret minimization over all-or-nothing moves• trend following as a potential diversifier and why it feels hard in bull markets• behavioral tools that help us stick to the plan when volatility hitsFind Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396Find Meb Faber here:https://mebfaber.com/DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.0:00 Welcome And Intro7:33 Why New Investors Chase Dividends14:45 The Dividend Myth That Trips People20:00 Buybacks And Shareholder Yield Explained27:13 Predatory Products And Investor Education32:14 Inflation Risk And The Stay Rich Portfolio36:17 Valuations, Expectations, And Time Horizon44:49 Rebalance, Go Global, Add Real Assets50:24 Trend Following And Behavioral Guardrails1:07:35 Closing Advice And Where To Find Meb

June 4, 202649 min

May 2026 Market Internals | Strong On Top, Broken Underneath

In the May 2026 market update, Branden emphasizes the importance of systematic financial strategies and methodical decision-making within a dynamic market economy. We explore how adhering to predefined rules in your financial life is crucial, especially when navigating the stock market. Understanding investment strategy is essential for achieving financial success, particularly when considering the potential for a market bubble and the benefits of long-term investing.The second half turns into a practical bubble and behavior conversation. We talk AI concentration, Shiller PE valuation extremes, and the uncomfortable truth that bubbles can keep expanding even when everyone can “see” them. Finally, we go deep on the SpaceX IPO: EchoStar as a proxy, low float dynamics, index fund rule changes, and how forced passive buying could set up a synthetic short squeeze that rewards pros and punishes FOMO. If you’re going to take a swing, we push one theme the whole way through: size the risk to your financial plan, not your emotions.If this helped you think more clearly about rates, stocks, or the SpaceX IPO, subscribe, share it with a friend, and leave a review so more investors can find the show.Find Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.0:00 Why Rules Beat Reactions5:30 The Dollar Channel And Asset Choices9:26 No One Wants Downside Protection15:42 AI Concentration And Bubble Math20:45 Valuations And Behavioral Traps26:29 SpaceX IPO Buzz And EchoStar Proxy33:26 Index Rule Changes And Forced Buying39:02 FOMO Risk Lockups And A Game Plan46:30 Bumpy Rides Ahead And Closing

May 28, 202658 min

The Passive Income Lie Landlords Don't Want You Hearing

Many people often misunderstand the true nature of real estate ventures, particularly rental property investing. This discussion clarifies that owning rental properties is not a passive income stream, but rather an active real estate business requiring dedicated effort. We explore why this type of income generating asset often involves more work than initially perceived, emphasizing the job-like aspects of property management and how to make money effectively in this field.We also get honest about the drawbacks and risks: liquidity, long hold periods, the impact of interest rates, supply surges from boom-time development, and even cultural shifts like minimalism and generational cleanouts. Finally, we compare private storage deals to publicly traded REITs and talk about what “seat at the table” really means, along with the importance of conservative underwriting when appreciation isn’t guaranteed.If you want sharper thinking about commercial real estate, self-storage, and building a portfolio that supports your goals instead of trapping your time, listen now. Subscribe, share this with a friend who calls rentals “passive,” and leave a review with your biggest real estate lesson so far.Find Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.0:00 Passive Income Myth5:20 The Storage Problem Customers Kept Asking8:50 Why Self Storage Fits Portfolios14:00 Using Marketing And Data To Win18:50 Liquidity And The Long Hold Reality23:50 Interest Rates And Supply Headwinds28:40 Minimalism, Boomers, And Demand Risk33:10 Consolidation And Buying An Edge41:00 Public REITs Versus Private Ownership48:10 Cap Rates And Small Operator Advantage53:20 The True Cost Of Rental Cash Flow57:40 Closing Thoughts And How To Connect

May 21, 202639 min

Your Budget Probably Isn't Working Because You're Doing It Wrong

Most people avoid two simple documents their entire financial life — and it's costing them more money than they realize.If you've ever felt like managing your personal finance is more complicated than it should be, you're not alone. The problem usually isn't complexity — it's a lack of clarity. In this episode, Branden Du Charme and Carisa Bertrand break down the two foundational tools that turn financial confusion into a clean, organized money management system: a net worth statement and a cash flow statement.No software required, no complicated formulas — just honest answers to the two questions most people never sit down to answer: What do I own, and what do I owe?Here's the trap most people fall into with their personal finances: they assume small accounts don't matter, that real estate wealth means financial security, and that budgeting works the same way for everyone. It doesn't — and the gap between what people think their money situation looks like and what it actually looks like is where most wealth management mistakes are made.What we cover in this episode:•Net worth statement basics — assets, liabilities, and the math that creates instant money clarity•What to include, what to simplify, and why "small" accounts can have big tax and estate planning consequences•How a net worth statement protects a spouse or partner in a financial emergency•The asset-rich, cash-poor trap — especially common for real estate owners building wealth•Cash flow statement fundamentals — personal finance simplified to income minus expenses•Rigid budgeting vs. reverse budgeting — which money management approach fits your life•Why taxes and planned savings are the most commonly missed line items in any budget•Setting a real retirement planning spending target and avoiding the mistake of working longer than you need to•Using both statements together to manage wealth, plan withdrawals, and reduce financial stress•Long-term tax opportunities hiding in your numbers — Roth conversions and RMD planning for retirementWhether you're just starting to build wealth, planning for retirement, or trying to get a clear picture of your money for the first time, this episode gives you the foundation every solid financial plan starts with.Find Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.0:00 Net Worth Statement In Plain English5:20 What To Include And What To Skip9:51 Organization That Protects Your Family12:36 Cash Flow Explained Without Fancy Tools19:40 Budgeting Versus Reverse Budget Reality22:35 Retirement Targets And Real World Tradeoffs30:54 Taxes, Roth Moves, And Keeping It Simple

May 14, 202644 min

The Social Security Claiming Mistake Almost Every Retiree Makes

Should you claim Social Security at 62, 67, or 70? That single decision can change your lifetime retirement income by $500,000 or more—and it's permanent. In this episode, Branden sits down with Steve Durdin, a New Jersey financial planner and Social Security expert, to break down exactly how to make this choice.With 11,000 Americans turning 65 every day, most people are claiming too early and leaving hundreds of thousands of dollars on the table. We explain the three claiming ages—62 (early with permanent reduction), 67 (full retirement age), and 70 (maximum delayed credits)—and show you how to calculate which one makes sense for YOUR situation, including:✅ How your highest 35 earning years determine your benefit✅ Why claiming at 62 reduces your check by ~30% permanently✅ How delayed retirement credits boost benefits 8% per year after 67✅ Spousal benefits (50% of PIA cap) and why timing matters for couples✅ Survivor benefits—why the higher earner's decision protects the surviving spouse✅ Divorced spouse rules (10-year marriage requirement)✅ Social Security taxation traps that catch even wealthy retirees✅ Why you need to set up your SSA.gov account TODAYFind Harvest Well Financial Partners here:https://www.stevedurdin.com/sdurdin@harvestwellfp.comFind Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.0:00 Claiming Ages And Program Pressure3:06 Insolvency Myths And Trust Fund Math10:04 Key Terms FRA PIA Earnings Record14:28 Spousal Benefits And Timing Rules24:07 Survivor Benefits And The Delay Advantage30:18 Divorced Spouse Rules And Deemed Filing35:53 Social Security Taxes And Planning Traps42:17 Finding Help And Final Takeaways

April 29, 202652 min

Paying Off Your Mortgage Early: The Part Nobody Tells You

Should you pay off your mortgage early or invest the extra cash? The answer isn't as simple as the math suggests — and making the wrong call can quietly cost you flexibility when life gets complicated.In this episode, we answer real audience questions on the real estate decisions that sound straightforward but get complex fast once taxes, risk, and liquidity enter the picture.What we cover:•Pay off mortgage vs. invest — why after-tax returns change the break-even math•Optionality and liquidity — why extra principal payments are harder to undo than people realize•Mortgage recasting as a way to lower required payments while keeping flexibility•Using a HELOC or cash-out refi to buy structured notes — and the hidden risks behind the yield•Why a paid-off home doesn't mean zero monthly payment (property taxes, insurance, escrow)•Why using home equity as a retirement income tool can backfire through cash flow and tax exposure•Rent vs. buy in a higher-rate environment — how to "pay yourself" the spread•Setting a hurdle rate using the risk-free rate plus a real market risk premium•Modeling rental ROI with NOI — including capex budgeting, vacancy, and collection losses•How real estate cash flow and appreciation stack up against stocks, bonds, REITs, and other alternativesThe through line: manage downside risk first, set a realistic hurdle rate, and let the upside take care of itself over time.📌 If this helped you, subscribe so you don't miss future Q&A episodes.💬 Drop your real estate question below — we read every one.📤 Share this with a friend wrestling with a mortgage or rental decision.DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Can Leverage Get You Ahead[00:02:49] Pay Off The Mortgage Or Invest[00:08:35] Structured Notes Using Home Equity[00:15:01] Property Taxes And Insurance Reality[00:23:20] Renting Versus Buying Without FOMO[00:27:58] Other People's Money Equals Leverage[00:32:42] Setting Return Targets And Hurdle Rates[00:39:00] Modeling NOI Capex Vacancy And Taxes[00:50:18] Manage Downside Risk And Wrap Up

April 22, 20261 hr 18 min

You Don't Actually Understand Risk (And Why That's Dangerous) | Dr. Ron Picanini

Risk gets thrown around like it's a math term, but your life experiences it as a margin call. In this episode, we sit down with Ron Piccinini to rebuild the definition from the ground up: risk is the loss you can take and the collateral you'd need to survive the bad day. Once you see it that way, "more risk" stops meaning "more volatility" and starts meaning something you can actually manage with sizing, constraints, and a plan.We dig into tail risk, heavy tails, and why markets don't behave like a normal distribution. Ron explains the difference between true black swans and events that only look shocking because the model was underpowered. We also tackle the uncomfortable truth that a tiny number of days can drive the bulk of long-term stock market returns—which is why emotional exits near the lows can quietly ruin an otherwise solid investment plan. Then we move into portfolio diversification, correlation failures, and why the classic 60/40 can disappoint when regimes change. We connect the dots to global liquidity, central banks, and why assets that "should diversify" can fall together when financing conditions shift.The big takeaway: Build a robust risk management process that helps you stay invested through stress without pretending you can predict the exact day the storm hits.Find Ron here:https://altiumstrategies.com/Find Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Rethinking Risk Beyond Volatility[00:09:09] From LTCM Blowup To Research[00:20:10] Tail Risk Meets Human Behavior[00:28:51] Why A Few Days Matter Most[00:36:21] Robust Systems And Volatility Regimes[00:40:36] Active Management And Real Benchmarks[00:52:02] When Correlations Break In Practice[01:06:13] Prudence, Process, And The House Edge[01:16:41] How To Reach Ron And Wrap

April 15, 20261 hr 3 min

Does Your Rental Deal Actually Pencil? (We Run The Real Numbers)

A rental property can feel safer than the stock market because you can touch it, but the math doesn't care how tangible it feels. In this episode, we walk through a real rental deal in St. George, Utah and ask the only question that matters: does the deal pencil? We run a full analysis model including vacancy, property management, capex reserves, taxes, insurance, and transaction costs—showing how a property can look "fine" on the surface and still deliver weak cash flow and negative NPV.We explain why if there's no room for a property manager, you're not buying an investment, you're buying a job. Then we zoom out to the big drivers most people ignore: interest rates, discount rates, opportunity cost, and why cap rates matter when prices detach from what rents can support. We tackle the common pushback—"but home prices always rise"—and break down why appreciation can only decouple so far from fundamentals, especially when affordability is stretched and rents soften.We finish with nuance: real estate CAN work as a tail hedge in extreme inflation scenarios when you use leverage, but that's not a great primary plan for most households. We also introduce our favorite filter: return on hassle—because an extra percent isn't worth it if the liability, time, and tax complexity take over your life.KEY TOPICS:Recency bias in real estate Full deal setup walkthrough Vacancy & property management costs Capex reserves & turnover Discount rate & NPV analysis Cap rate reality check Interest rates & affordability constraintsReal estate as leverage hedge Liquidity risk & return on hassleFind Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Welcome And Deal Mindset[00:06:35] Deal Setup And Financing Assumptions[00:17:53] Discount Rate NPV And Cap Rate[00:23:42] Appreciation Limits And Having An Edge[00:30:39] Why Higher Rates Change Everything[00:47:10] Liquidity Shocks And Tenant Risk[00:56:20] Return On Hassle And Getting Advice[01:02:10] Recap And Listener Questions

April 8, 202638 min

Is Private Credit Actually Safe? March 2026 Market Recap

Private credit was the investment everyone bragged about at cocktail parties. Now March 2026 is putting that story to the test — and the data is worth paying attention to.In this episode, we walk through what private credit's liquidity dynamics actually look like when investors want out at the same time, use a major player's recent drawdown as a real-world case study in concentration risk, and connect it to everything else moving in the market right now — rates, spreads, equities, and real assets.What we cover in this episode:📌 Private credit liquidity risk and what recent dislocations reveal📌 Blue Owl's drawdown as a case study in concentration risk📌 U.S. Treasury yield curve shifts and why rising yields pressure bond prices📌 Mortgage rate technical levels and how mortgage bonds actually work📌 High yield credit spreads and what a widening would imply📌 S&P 500 support breaks, oversold readings, and bull trap risk📌 Why valuations matter for long-run return expectations📌 Financial planning, taxes, and time horizon before making any portfolio changes📌 Put vs. call dynamics, contrarian signals, and market structure fragility📌 Capital rotation toward international stocks and the role of geopolitics📌 The U.S. dollar's inflection point and its relationship with oil📌 Stocks vs. gold over decades and why diversification still matters📌 Gold-to-oil ratio, mean reversion, and long-term real asset scenariosFind Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Private Credit Hype Meets Liquidity[00:04:44] Yield Curve Signals And Rate Risk[00:10:43] Credit Spreads And Market Risk Appetite[00:15:14] Recruiting Advisors And Firm Values[00:20:22] Put Call Skew And Volatility Mechanics[00:29:28] Stocks Versus Gold And Diversification[00:33:31] Gold To Oil Ratio And Wrap

April 1, 202648 min

Which Letters Actually Matter?

Most people hire a financial advisor by recognizing a few letters and hoping for the best. That's how you end up paying a brain surgeon to treat a sniffle.In this episode, Branden sits down with Cliff Cornell — CFP based in New York and writer behind the Yield To Maturity newsletter — to decode what the most common financial credentials actually train for, and what they quietly leave out.Whether you're hiring an advisor or are an advisor, this conversation will sharpen how you think about credentials, fit, and the questions that actually matter.What we cover:Why CFP is the price of admission in financial planning — and why that can mislead clientsWhat CFPs are actually built to do: cash flow, retirement projections, insurance, estate awareness, and tax coordinationThe fiduciary confusion — why "are you a CFP?" is often the wrong question to askCFP vs CFA: when deeper investment expertise actually mattersWhere CPAs fit in, and why tax planning requires collaborationNiche paths: CLU for insurance, CMT for technical market analysisWhy geography (especially high-tax states) changes planning prioritiesWhy the best advisor relationships look like a coordinated team, not a lone expertFind Cliff Cornell here:https://www.readyieldtomaturity.com/Find Du Charme Wealth Management here:https://ducharmewealth.comPhone: (435) 288-3396DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.[00:00:00] Picking The Right Kind Of Expert[00:04:56] Are CFPs Becoming Table Stakes[00:08:10] What The CFP Really Trains[00:14:12] Fiduciary Duty Versus Letters[00:17:15] CFA And The Investment Depth Gap[00:21:17] Join Our Advisory Team[00:28:53] CMT And Active Market Approach[00:31:53] MBA And Advanced Tax Designations[00:37:22] Credentials As Signals Not Quality[00:44:42] The Ham Story On Challenging Assumptions[00:47:42] Where To Find Cliff Online