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July 23, 2025 20 mins

A new executive order could radically reshape retirement investing by allowing private equity, crypto, and gold in 401(k) plans. This episode examines the factors driving the demand for alternative assets in defined-contribution plans, the potential risks to everyday investors, and why fiduciary rules and financial literacy gaps still matter.

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Show Notes

Trump Executive Order to Help Open Up 401(k)s to Private Markets by Miriam Gottfried, Dylan Tokar, and Matt Wirz—The Wall Street Journal

Donald Trump set to open US retirement market to crypto investments by Antoine Gara, Jamie John, and Stephanie Stacey—The Financial Times

U.S. Labor Department Allows Private Equity in 401(k) Plans by Chris Cumming—The Wall Street Journal

U.S. Department of Labor Supplement Statement on Private Equity in Defined Contribution Plan Designated Investment Alternatives—U.S. Department of Labor

State Street New TDF Includes Private Assets by PSCA Net Staff—PSCA

The Power of Private Markets by Robert Crothers et al.—BlackRock

UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT OPINION No. 22-16268

The Relentless Ask: Private Markets Are Eating the World by Michael Batnick—The Irrelevant Investor

Don’t Buy Into This Easy Fix for Stock-Market Craziness by Jason Zweig—The Wall Street Journal

The Private Equity Boom Is Leaving Midsize Players Behind by Preeti Singh and Laura Benitez—Bloomberg

401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them—U.S. Government Accountability Office

DEFINED CONTRIBUTION PLANS AND THE CHALLENGE OF FINANCIAL ILLITERACY by Jill E. Fisch, Annamaria Lusardi, and Andrea Hasler—Cornell

On Endowments and Unintended Consequences by Paul Kedrosky—Paul Kedrosky

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490: Should You Invest in Private Equity?

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