The Decision Dividend

Even after a win, the best coaches go back to the tape. 2025 was a strong year for markets. But like a disciplined coach after a big win, the most valuable work happens in the film review. In Episode 24 of Greenstream, we look back on the year not to celebrate outcomes, but to pressure-test decisions. From tariff-driven volatility to the return of cash as a real option, this episode focuses on the habits that matter when markets don’t cooperate. You’ll learn about:
How tariff volatility stress-tested portfolios and what it revealed about discipline, rebalancing, and tax-loss harvesting
Why international stocks outperform in 2025 is a reminder that markets rarely reward forecasts
What a year of Greenstream conversations revealed, and how that’s shaping where the podcast goes next
 
00:00 Why Greenstream Exists – better decisions over better predictions
04:36 How We’re Improving the Podcast (1-4) – lessons from past episodes
07:15 Tariffs as a Stress Test (5-7) – what to do during and after volatility
17:07 International Stocks (8-9) – and the limits of forecasting
20:48 Cash is a Decision Again – after yields, taxes, and inflation
28:14 Finding the Middle Ground (10-11) – discipline and diversification
34:31 The New Tax Law (12-13) – more certainty and more complexity
41:02 The Impact of Greenstream (14) – divorcing decisions vs outcomes
 
Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982
Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g
Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast
Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com
 
Sources
1 Patrick McQuown on Innovation and Exiting Your Business | GS #4
2 GenAI's Impact on Productivity and Profits: With Steve Moritz | GS #14
3 EY’s Lindsay Jordan & Robyn Bew on Why Every Organization Needs a Board (and How to Join One) | GS #18
4 The Business of Baseball with Orioles President Catie Griggs | GS #23
5 Investing through Tariff’s Webinar w/ Economist Apollo Lupescu
6 Is This Time Different – Tariffs | GS #6
7 How Often Should You Rebalance Your Portfolio | GS #22
8 Investment Risk Explained: How Much Diversification Do You Need? | GS #15
9 Is There Still a Case for International Investing? | GS #21
10 Investor Risk: Behavioral Biases That Can Cost Investors Returns | GS #16
11 How To Build The Perfect Portfolio For You | GS #20
12 The Goal of Tax Planning is to Minimize Lifetime Taxes | GS #19
13 Uncovering Opportunities in the New Tax Law "One Big Beautiful Bill Act" Webinar
14 The Truth About Annuities: Why Their Bad Rap Is (Mostly) Deserved | GS #7
 
Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

What does it take to run a modern Major League Baseball franchise? In Episode 23 of Greenstream, we talk with Catie Griggs, the Baltimore Orioles’ President of Business Operations, about how the O’s are working to build a championship-caliber fan experience on the field and in the stands. You’ll learn about:
Catie’s career path and how 100+ informational interviews helped her break into sports’ apprenticeship-driven industry.
The changing economics of professional sports and what it means for team ownership, leadership, and the fan experience.
How the Orioles are investing heavily in Camden Yards to modernize the fan experience while preserving what makes it one of baseball’s most iconic ballparks.
Follow Catie Griggs: https://www.linkedin.com/in/catie-griggs/
Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast
Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982
Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g
Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com
Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Rebalancing may help keep your portfolio aligned with your goals, but how often should you actually do it? In Episode 22 of Greenstream, we break down the research behind rebalancing, why drift matters, and how to use cashflows to rebalance with the least friction and cost. You’ll learn about the:
Why rebalancing works and what the evidence shows about managing portfolio drift
The tradeoffs between calendar schedules, tolerance-band triggers, and using cashflows to stay aligned with your target mix in an effort to minimize taxes and friction
Why a disciplined, rules-based process could help you stay invested during volatile markets
 
Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast
Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982
Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g
Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com
 
Sources
1 Opportunistic Rebalancing: A New Paradigm for Wealth Managers (Daryanani, 2008)
2 Rebalancing and Returns (Dimensional, 2008)
3 Hong, Xing, Portfolio Rebalancing: Tradeoffs and Decisions (2021): https://ssrn.com/abstract=3858951
4 Are Advisors Worth Their Fee | Greenstream 13 (2025)
 
Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

After 15 years of U.S. outperformance, many investors are wondering whether global diversification is still worth it. In Episode 21 of Greenstream, we look past recent returns and dig into the long-run evidence of global stock market returns. You’ll learn about:
The academic, risk-adjusted case for international diversification
How global diversification helps protect against a ‘lost decade’ or more in your home country
The case for home bias and how to build a portfolio you can stick with
Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast
Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982
Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g
Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com
 
Sources
1Chambers, David and Dimson, Elroy and Ilmanen, Antti S. and Rintamäki, Paul, Long-Run Asset Returns. Available at SSRN: https://ssrn.com/abstract=5022480
2UBS Investment Returns Yearbook 2025: https://www.ubs.com/global/en/investment-bank/insights-and-data/2025/global-investment-returns-yearbook-2025.html
3International Diversification—Still Not Crazy after All These Years. AQR, 2023: https://www.aqr.com/Insights/Research/Journal-Article/International-Diversification-Still-Not-Crazy-after-All-These-Years
4Japan in the News, But It’s Nothing New. Dimensional, 2024: https://www.dimensional.com/us-en/insights/japan-in-the-news-but-its-nothing-new
5A Tale of Two Decades: Lessons for Long-Term Investors. Dimensional, 2020: https://www.dimensional.com/us-en/insights/a-tale-of-two-decades
6Has Australia Really Had a 28-Year Expansion? Federal Reserve Bank of St. Louis, 2019: https://www.stlouisfed.org/on-the-economy/2019/september/australia-28-year-expansion
7Investor Risk: Behavioral Biases That Cost Investors Returns. Greenspring Advisors, 2025: https://youtu.be/jMxlCOdjkqg?si=CzWk2vQ6QEJUyW3P
8Global Diversification Still Requires International Securities. Dimensional, 2024: https://www.dimensional.com/us-en/insights/global-diversification-still-requires-international-securities
 
Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

It’s one of the most important decisions in personal finance. Research has shown that asset allocation, not the stocks you pick, explains 90% of returns (see sources below). That’s why getting your mix of stocks to bonds right matters most. In Episode 20 of Greenstream, we explain why there is no agreement on the single, optimal portfolio, but how we can find the best portfolio for you.
You’ll learn about:
How to align your portfolio with your risk tolerance, capacity, and need
Why your asset allocation should evolve as you approach, are in, and continue through retirement
The role ample liquidity plays in building the perfect portfolio for you – one you can stick with
Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast
Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982
Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g
Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com
 
Sources
1 Brinson, G. P., Hood, L. R., & Beebower, G. L. (1986). Determinants of Portfolio Performance. Financial Analysts Journal, 42(4), 39–44. https://doi.org/10.2469/faj.v42.n4.39
2 Ibbotson, Roger G. and Kaplan, Paul D., Does Asset Allocation Policy Explain 40, 90, 100 Percent Of Performance?. Available at SSRN: https://ssrn.com/abstract=279096
3 https://youtu.be/CFbvuB4o1bk?si=HjtiukEtteLJuNAQ
4 Gennaioli, Nicola and Shleifer, Andrei and Vishny, Robert W., Money Doctors (June 11, 2012). Chicago Booth Research Paper No. 12-39, Fama-Miller Working Paper, Available at SSRN: https://ssrn.com/abstract=2133429 or http://dx.doi.org/10.2139/ssrn.2133429
5 https://youtu.be/y_PX-HyRW-Q?si=ISVpYmGFudUcYr9O
 
Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Taxes are one of your largest lifetime expenses, but most people think about them after it’s too late to make a difference. In Episode 19 of Greenstream, we break down the difference between tax preparation (filling out your tax return) and tax planning (proactively shaping your outcomes). You’ll learn about:
How to identify opportunities before year-end that may disappear in January
Why financial advisors and CPAs play complimentary roles in tax strategy
Why reducing the tax drag of your investment portfolio is an integral part of tax planning
Uncovering Opportunities in the New Tax Law "One Big Beautiful Bill Act" Webinar
 
Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Board service is one of the most impactful ways to shape organizations, give back, and expand your influence. In this episode, Lindsay Jordan and Robyn Bew, board governance experts from EY (sharing personal perspectives), unpack what boards do, why they matter for every organization, and how you can position yourself to join one.
 
Sources
EY Center for Board Matters – Our latest thinking | EY - US https://www.ey.com/en_us/board-matters
Connect with Lindsay Jordan on LinkedIn https://www.linkedin.com/in/lindsaygjordan/
Connect with Robyn Bew on LinkedIn https://www.linkedin.com/in/robyn-bew/
EY CBM Board Effectiveness framework https://www.ey.com/en_us/board-matters/how-to-achieve-enduring-board-effectiveness
Americas board priorities 2025 | EY - US https://www.ey.com/en_us/board-matters/americas-board-priorities-2025
EY CBM Board Readiness Resource Center https://cs.ey.com/2025/03/11922/
 
Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast
Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982
Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g
Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com
 
Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Are you investing or are you gambling? In episode 17 of Greenstream, we unpack evidence from casinos, sportsbooks, and academic finance to show how the odds work against gamblers but for investors. You’ll learn about:
Why time is an investor’s ally but gambler’s enemy
How the “favorite–longshot bias” from horse racing shows up in lottery stocks and IPOs
Four practical ways to help stack the odds in your favor and invest like the House
Subscribe now so you don’t miss what’s coming next: an inside look at the importance of Boards of Directors for organizations of all sizes and how to find opportunities to join one.
 
Sources:
1 Thaler, Richard H., and William T. Ziemba. 1988. "Anomalies: Parimutuel Betting Markets: Racetracks and Lotteries." Journal of Economic Perspectives: https://www.aeaweb.org/articles?id=10.1257/jep.2.2.161
2 Sauer, Raymond. (1998). The Economics of Wagering Markets. Journal of Economic Literature. 36. 2021-2064. https://www.researchgate.net/publication/4732178_The_Economics_of_Wagering_Markets
3 https://www.bbc.com/future/article/20160721-the-buzz-that-keeps-people-gambling
4 https://responsiblegambling.org/for-the-public/about-gambling/the-science-behind-gambling/
5 Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: https://ssrn.com/abstract=3423101 
6 Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance, The Cross-Section of Speculator Skill: Evidence from Day Trading (December 31, 2012). Available at SSRN: https://ssrn.com/abstract=529063
7 Ritter, Jay R., The Long-Run Performance of Initial Public Offerings (1991). University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship, Available at SSRN: https://ssrn.com/abstract=1505889
8 https://site.warrington.ufl.edu/ritter/ipo-data/
9 Asness, Cliff S. and Frazzini, Andrea and Israel, Ronen and Moskowitz, Tobias J. and Moskowitz, Tobias J. and Pedersen, Lasse Heje, Size Matters, If You Control Your Junk (January 22, 2015). Fama-Miller Working Paper: https://ssrn.com/abstract=2553889
10 Rizova, Savina and Saito, Namiko, Investment and Expected Stock Returns (July 8, 2020). Available at SSRN: https://ssrn.com/abstract=3646575
11 American Dream: Is Your House Your Greatest Investment? | Greenstream #8 https://www.youtube.com/watch?v=z-_Eg-hHaPA&t=2s
12 Real Estate: Expected Returns and Expected Headaches | Greenstream #9 https://youtu.be/Hhscc3TLEEY?si=VrRQwYSzFTAGMVTa
13 Bessembinder, Hendrik (Hank), Do Stocks Outperform Treasury Bills? (May 28, 2018). https://ssrn.com/abstract=2900447
 
Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Investment returns are expected, not promised. To capture them, investors should both intelligently take risks and stick around for the return. In episode 16 of Greenstream, we break down the psychological and behavioral biases that can hold us back. Investors should view these as penalties or unforced errors that make winning your game harder.
You'll learn:
What we believe to be biases and how they manifest themselves in portfolios
Why diversification, patience, and tax discipline matter more than you might think
How the Stockdale Paradox provides a framework for long-term resilience
 
Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast
Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982
Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g
Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com
 
Sources:
1 Are Financial Advisors Worth Their Fee? | Greenstream #13 https://youtu.be/Is7N5M4e4Ck
2 Investment Risk Explained: How Much Diversification Do You Need? | Greenstream #15 https://youtu.be/yEqRrXDAe7A
3 Barberis, Nicholas and Barberis, Nicholas and Thaler, Richard H., A Survey of Behavioral Finance (2002). https://ssrn.com/abstract=327880
4 Barber, Brad M. and Odean, Terrance, Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment (1998). https://ssrn.com/abstract=139415
5 Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. https://ssrn.com/abstract=219228
6 Odean, Terrance, Do Investors Trade Too Much? (1998). https://ssrn.com/abstract=94143
7 Collins, Jim, The Stockdale Paradox. https://www.jimcollins.com/concepts/Stockdale-Concept.html 
 
Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

Investing isn’t about avoiding risk; it’s about taking the right risks and avoiding the wrong risks. In episode 15 of Greenstream, we break down what risk means, the difference between compensated (right) and uncompensated (wrong) risk, and why most investors underestimate risk.
You’ll learn:
What different types of risk matter: catastrophic, opportunity cost, and missed goals
Why individual stocks are riskier than you might think (even Apple and Meta)
How much diversification it takes to move beyond concentration risk
Why risk premiums exist and how we can use them to pursue higher expected returns
Our next episode will shift from investment to investor risk, where we’ll look at the behavioral challenges of sticking to your investment plan. You can subscribe here.
 
Subscribe for Email Updates: https://greenspringadvisors.com/greenstream-podcast
Follow on Apple Podcasts: https://podcasts.apple.com/us/podcast/greenstream/id1795467982
Follow on Spotify: https://open.spotify.com/show/26NYX6WD7godcJAYVE0Yk8?si=Qxj-H7HiRdGmbNlW8uuV9g
Meet with Pat & Marcus: https://outlook.office365.com/book/MarcusCalendaratGreenspringAdvisors@Greenspringos33.onmicrosoft.com
 
Sources:
1 Do Stocks Outperform Treasury Bills? by Hendrik Bessembinder :: SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447
2 JP Morgan’s The Agony and The Ecstasy (2021) https://privatebank.jpmorgan.com/nam/en/insights/latest-and-featured/eotm/the-agony-the-ecstasy
3 JP Morgan’s The Agony and The Ecstasy (2024) https://privatebank.jpmorgan.com/nam/en/insights/markets-and-investing/ideas-and-insights/the-agony-the-ecstasy
4Extreme Stock Market Performers, Part I: Expect Some Drawdowns by Hendrik Bessembinder :: SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3657604
5 Petajisto, Antti, Underperformance of Concentrated Stock Positions (June 30, 2023): https://ssrn.com/abstract=4541122
6 Fama, Eugene F. and French, Kenneth R., A Five-Factor Asset Pricing Model (September 2014): https://ssrn.com/abstract=2287202
7Harvey, Campbell R. and Liu, Yan and Zhu, Caroline, …and the Cross-Section of Expected Returns (February 3, 2015): https://ssrn.com/abstract=2249314
8 The Three Ways To Beat The Market | Greenstream #2: hhttps://youtu.be/XeGNGWNbF-8
9 Asness, Cliff S. and Frazzini, Andrea and Israel, Ronen and Moskowitz, Tobias J. and Moskowitz, Tobias J. and Pedersen, Lasse Heje, Size Matters, If You Control Your Junk (January 22, 2015): https://ssrn.com/abstract=2553889
10  Rizova, Savina and Saito, Namiko, Investment and Expected Stock Returns (July 8, 2020): https://ssrn.com/abstract=3646575
 
Greenspring Advisors is a registered investment adviser with the SEC and does not provide tax, legal or accounting advice. Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.