Humanity has just fallen below replacement fertility for the first time in history. A new paper challenges everything we thought we knew about population decline and economic growth. So what happens to your portfolio when the pie stops growing?

And in the Dumb Question of the Week: Did the Black Death make Europe rich?

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Disclaimer

This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.

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Copyright 2026 Many Happy Returns

Zero Sum: Investing in a World Without Growth

Many Happy Returns

Zero Sum: Investing in a World Without Growth