AP

Andrew Page

Things Andrew Says on Podcasts

“Whenever bonds are on the front page, things are getting real.” — Andrew Page, Motley Fool Money “When most people in our space talk about risk, what they really mean is volatility. And if you've got half a brain in your head, then volatility is not risk. It's volatility. These are very, very different things. Risk is the permanent loss of capital, which is exactly what you've experienced. In bonds… Shares have been really, really volatile, but they've made you a fortune.” — Andrew Page, Motley Fool Money “I think we've really got to get past this idea of jobs are really important. No, no, that's not true. Meaning is really important to a human. Having a purpose is really important. I think it's really good for your soul to have a craft that you can work at.” — Andrew Page, Motley Fool Money

Where to Find Them

Andrew Page hosts Motley Fool Money .

Recently: “Mailbag, incl: Do bonds belong in my portfolio? October 18, 2026” on Motley Fool Money (October 2026); “The value of the value chain. October 16, 2026” on Motley Fool Money (October 2026); “Mailbag, incl: What to do if you’re sure there’s a crash coming? October 11, 2026” on Motley Fool Money (October 2026); “The silliness of government groceries. October 9, 2026” on Motley Fool Money (October 2026); “Mailbag, incl: Do we have a free market? October 4, 2026” on Motley Fool Money (October 2026); “Private credit’s moment of truth. October 2, 2026” on Motley Fool Money (October 2026).

What They Said

“Whenever bonds are on the front page, things are getting real.” — Andrew Page, Motley Fool Money

After a riff on France's debt and rising yields around the world, he predicts that bonds will be the investing theme of the next decade. Investors rarely have to talk about them, he says; they only come up in moments like COVID or the European debt crisis.

Motley Fool Money · 2026-10-17 Permalink → Listen →
Motley Fool Money Around 40:02 into the episode
Andrew Page

…rational reflection of what people think of the credit quality of the person on the other side of the trade. This is going to be the theme, I think, of the next 10 years. People like you and I, who very rarely talk about bonds, I think we're going to find it hard not to in the coming years. Unless.

Scott Phillips

I'll find it you will. I'll say that. I love it. Well, it's kind of one of those things we

Andrew Page

haven't had to talk about it much because it's always been in the background. But we were certainly talking about it in COVID and we were certainly talking about it in the sovereign, the pigs crisis. I don't know if anyone even remembers that. Portugal, Italy, Greece, Spain, do you remember that? And by the way, there's a double eye on the pigs. Whenever bonds are on the front page, things are getting real. Yeah,

Scott Phillips

that's right. That's all I'm saying.

Andrew Page

Sorry, sorry. Sorry for the long, disjointed ramble. No, man, August.

Scott Phillips

Hey, Jack's got a second question, which you might try and get to before the end of this point. Two questions down, so we'll see where we go. See how this works. Jack says, secondly, my longer-term plan is to grow my portfolio to a point where I can start drawing down around 4% per annum on a…

Speaker names from our own diarization · position estimated from where the line sits in the episode
“When most people in our space talk about risk, what they really mean is volatility. And if you've got half a brain in your head, then volatility is not risk. It's volatility. These are very, very different things. Risk is the permanent loss of capital, which is exactly what you've experienced. In bonds… Shares have been really, really volatile, but they've made you a fortune.” — Andrew Page, Motley Fool Money

A listener in his late twenties asked whether he should give up some return and hold bonds alongside his share ETFs. The host's answer is a flat no: he argues government bonds have lost money in real terms over the past decade, so the "safe" asset was the one that actually cost investors.

Motley Fool Money · 2026-10-17 Permalink → Listen →
Motley Fool Money Around 29:27 into the episode
Andrew Page

how it's done. That's how it's done.

Scott Phillips

…investor with a relatively long, I'm going to keep talking, with a relatively long time horizon. Although, Jackie, you probably guess what Andrew's thought will be. Or is the volatility of equity something I should simply accept at my age? Here's an answer I prepared earlier around. Go for it.

Andrew Page

…bro, from someone who's a profligate spender and who cannot manage their finances. Please, like, we can't give advice, but if I could, Jack, I would strongly advise you not to get into bonds. And if you had followed that advice over the last 10 years, you would have, you would have been much, much, much better off. You know, it's just, it's, and the other thing, too, is you've got to understand when most people in our space talk about risk, what they really mean is volatility. And if you've got half a brain in your head, then volatility is not risk. It's volatility. These are very, very different things. Risk is the permanent loss of capital, which is exactly what you've experienced. In bonds, shares have been really, really volatile, but they've made you a fortune. Now, ask yourself which one you prefer. So, when people say, oh, risk and this and that, they're just repeating tropes that sort of sound good in a certain, you know, on a certain angle, there is some reasonableness to it, but just not in the man in the street, average, common sense, pub test kind of way. Does it pass…

Scott Phillips

Or they see complex financial advice where you need to combine your portfolio in strange and complex ways that only you could use a financial advisor or a portfolio manager to help you with.

Andrew Page

Absolutely. Now, at the same time, it is absolutely true to say that ETFs have risk. Of course, they do. Now, again, let's not try and predict the future and we'll just look at the past. ETFs didn't exist in the 70s, but you could have bought some late 60s, early 70s, and lost a massive amount of…

Scott Phillips

So I'm going to contextualize your answer. I'm going to end up at the same place. We're going to textualize your answer. There's a couple things we should say. Firstly, is it. I'll say safer in quotes. I don't want to say safer. Is there a world in which shares drop and permanently lose value? Yes…

Speaker names from our own diarization · position estimated from where the line sits in the episode
“I think we've really got to get past this idea of jobs are really important. No, no, that's not true. Meaning is really important to a human. Having a purpose is really important. I think it's really good for your soul to have a craft that you can work at.” — Andrew Page, Motley Fool Money

Closing a discussion of AI and automation displacing whole professions, Page said that his own industry is "as right in the crossfire as any other." He called the upheaval tragic but argued that people will find other things to do.

Motley Fool Money · 2026-10-09 Permalink → Listen →
Motley Fool Money Around 1:25:08 into the episode
Speaker 3

I reckon if the lawyers I know are anything to go by, that joke is just going to go around that sector like light speed, right?

Speaker 2

That's, by the way, if you can't laugh at yourself, yeah, have a look at yourself. All right. We're going to laugh at ourselves in the finance bros.

Speaker 3

Well, it's again, it's not to make, it's not to make light of the demise of industries and the upheaval of the workforce. It's really not. But it's also, you've got to acknowledge that there's always growing pains in life, you know, and from a civilizational growing perspective. Pain. And again, and I would say if I was going to say, I would say it, even if it was I who was being impacted by 100%, am I going to be impacted? Like our industry is as right in the crossfire as any other that is out there. So it's not like I'm looking from an outsider here, but these are good things. These are good things. Humans will definitely find other things to do. And I think we've really got to get past this idea of jobs are really important. No, no, that's not true. Meaning is really important to a human. Having a purpose is really important. I think it's really good for your soul to have a craft that you can work at, you know? Andrew Page lot of things that were sort of eternal are going to become very antiquated very, very soon. And it's sad, it's…

Speaker 2

not far off, mate. Yeah. And particularly, we're not, it's not only the distribution, but we're doing it over a video conferencing piece of software that didn't exist any meaningful way until 2020. I mean, Zoom, Zoom was, I mean, Skype was kind of a weird thing. And it was kind of around in a bit…

Speaker 3

Skype was the one, right? I know.

Speaker 2

So MotleyFool's always been remote, as you know, mate. When you were with us, that's literally the Yanks used to use AIM, which was the AOL instant messenger. And AOL never really took off here. So we used Skype for years, years and years. And not only for video, but for messaging. There was no…

Speaker names from our own diarization · position estimated from where the line sits in the episode