The Long View: Recent Episodes
Morningstar
Expand your investing horizons and look to the long term. Join hosts Christine Benz and Jeff Ptak as they talk to influential leaders in investing, advice, and personal finance about a wide-range of topics, such as asset allocation and balancing risk and return.
Our guest on the podcast today is Stefan Sharkansky. Stefan is a Ph.D. statistician who specializes in finance. He wrote a provocatively titled paper, “The Only Other Spending Rule Article You Will Ever Need,” which was published in the Financial Analyst Journal. Stefan has also developed a related website called, The Best Third, designed to help people with their retirement spending plans and portfolio structures. In addition, he developed and operates the website PersonalFund.com, which provides proprietary cost analysis of mutual funds to financial advisors. Stefan has a B.A. in mathematics from the University of Wisconsin-Madison, an M.S. in computer science from Stanford University, and an M.S. and a Ph.D. in statistics from the University of Washington.
Episode Highlights00:00:00 Introduction
00:02:43 Why the 4% Rule Can Lead to Underspending
00:07:23 TIPS Ladders vs. Retirement Annuities
00:08:48 Reducing Fixed Spending and Stock Allocation
00:12:09 Why Individual TIPS Beat TIPS Funds
00:18:53 A Formula for Stock Portfolio Withdrawals
00:23:54 Historical Returns vs. Monte Carlo Simulations
00:29:30 Should Retirees Diversify Globally?
00:32:23 Leaving a Bequest Without Underspending
More From The Long ViewBrett Arends: Worried About Outliving Your Money? There’s an Answer
Dana Anspach: Don’t Let Fear Ruin Your Retirement
Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Ryan Frederick, an author, speaker, and entrepreneur focused on the intersection of place and healthy longevity. As founder and CEO of HERE, he provides content courses and coaching in place planning, a holistic, research-based approach to help people find the right place for every stage of life. He’s also the author of Right Place, Right Time, a book that helps individuals think through housing decisions for the second half of life. In addition, Ryan provides strategy consulting to organizations looking to create better places, including Fortune 500 companies, institutional investors, health systems, and housing developers and operators. He’s also a member of the Advisory Council for the Stanford Center on Longevity. He previously served on the National Advisory Board of Johns Hopkins University School of Nursing and was a member of the Bipartisan Policy Center Task Force on Health and Housing. He’s a graduate of Princeton University and Stanford Business School.
Episode Highlights00:00:00 Senior Living, Longevity, and 100-Year Life Planning
00:08:39 How Place Influences Health as You Age
00:10:37 The Four Pillars of Place Planning
00:16:19 Income’s Impact on Housing, Home Equity, and Limitations of Aging in Place
00:30:01 Place Planning Tools and Building Community
00:41:43 New Housing Models, Cohousing, and Age Diversity
00:49:13 Continuing Care Retirement Communities and Healthy Aging Dashboards
More From MorningstarYour Retirement Countdown, With Christine Benz
Harry Margolis: How to Confront Aging Challenges Head-On
Joy Loverde: Planning Ahead for Care Needs as You Get Older
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Brett Arends. Brett has been a columnist for MarketWatch, The Wall Street Journal, and other Dow Jones publications since 2007. His regular column for MarketWatch is called ROI, and he has also written for SmartMoney, TheStreet.com, and the Boston Herald. In addition, Brett has written several books including Storm-Proof Your Money: Weather Any Economy, Rebuild Your Portfolio, Protect Your Future. Brett took a double first in history at Cambridge University and did postgraduate research at Oxford University. He’s also a chartered financial consultant.
Episode Highlights00:00:00 Financial Journalism Origins and Early Stock-Picking Lessons
00:11:12 Comparing the AI Boom to Dot-Com Bubble
00:21:53 Diversification, Index Funds, and AI Bubble Risk
00:26:25 Why Private Securities Are a Bad Deal
00:33:09 Why TIPS Are Attractive Under Rising Inflation
00:38:10 Generating Retirement Income and Immediate Annuities
00:45:35 Social Security and Policy Risks
More From MorningstarGQG: Why We Are Still in an AI Stock Market Bubble
Jeremy Grantham: ‘Almost Everything Looks More Attractive Than the US Equity Market’
How to Use TIPS in Your Portfolio
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Today on the podcast, we welcome back Dana Anspach. Dana’s the author of a new book about retirement called Living Off Your Acorns: Your Guide to the Four Phases of Retirement. This is her third book. Earlier books are Control Your Retirement Destiny and Social Security Sense. Dana is also founder and CEO of the financial planning firm Sensible Money, based in Scottsdale, Arizona, and she has been practicing as a financial planner since 1995. In addition, Dana’s the author of the lecture series, How to Plan for the Perfect Retirement, available on The Great Courses, and she has been blogging about her own retirement journey on The Retirement Manifesto website.
Episode Highlights00:00:00 The “Pre-Go” Phase, Unplanned Early Retirement, and Working Longer
00:10:19 “Retirement Red Zone” Risks, Two-Bucket Strategy, and Building a Bond Ladder
00:17:34 Balancing Guaranteed Income and Annuities
00:21:54 TIPS, Cash Flow Projections, and Getting Comfortable Spending
00:31:33 Strategies for Long-Term Care
00:36:19 Planning the Transition to Retirement
00:40:34 Estimating Longevity, Lost Decade Potential, and Inflation Risk
00:46:11 Minimizing Taxes and Mitigating Financial Fraud Risk
More From MorningstarDana Anspach and Fritz Gilbert: ‘This Is What a Joyful Retirement Could Feel Like’
Adam Grossman: Asset Allocation Is an Investor’s Best Defense
Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guests on the podcast today are Cody Garrett and Sean Mullaney. They’re both advice-only financial planners, and they’re the co-authors of a new book called Tax Planning To and Through Early Retirement. Cody is a certified financial planner and the founder of Measure Twice Money, where he helps DIY investors make informed decisions aligned with their values. He also leads Measure Twice Planners, which is an educational community for financial planners. Sean Mullaney is a certified public accountant and head of Mullaney Financial & Tax. He also writes the blog, TheFITaxGuy.com, which is focused on the intersection between financial independence and taxes.
Episode Highlights00:00:00 Introduction
00:01:27 Defining Early Retirement, the 4% Rule, and Withdrawal Strategies
00:11:03 Fear-Based Tax Narratives and Retirement Calculators
00:15:10 Rethinking Future Tax Rate Assumptions
00:23:14 Retirement Savings Tax Trade-Offs
00:30:08 Taxable Accounts in Early Retirement
00:32:29 Backdoor Roth IRAs, Asset Allocation, and Sequence Risk
00:44:03 RMDs, Roth Conversions, and Retirement Planning Tools
More From MorningstarBill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’
A Tax-Smart Plan for In-Retirement Withdrawals in 3 Steps
Morningstar’s Tax-Planning and IRA Resources for 2026
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Today on the podcast, we’re delighted to welcome back Jeremy Grantham to discuss his book, The Making of a Permabear: The Perils of Long-term Investing in a Short-term World, which he co-authored with Edward Chancellor. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Company, or GMO, which he co-founded in 1977. He serves on GMO’s asset-allocation committee and board of directors. Prior to GMO, Jeremy was co-founder of Batterymarch Financial Management and, before that, was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the UK, and is a recipient of the Carnegie Medal of Philanthropy. In 1997, he and his family started the Grantham Foundation for the protection of the environment, which supports research and action to address climate change.
Episode Highlights00:00:00 Writing Permabear With Edward Chancellor
00:06:44 Value Investing and Identifying Market Bubbles
00:15:07 Current Market Outlook and Valuation Risks
00:20:28 Value Discipline, SpaceX’s IPO, and Past Market Bubbles
00:27:26 Speculative Trading, Indexing, and Zero‑Sum Markets
00:34:24 Market Inefficiencies, Small-Cap Stocks, and the Greater Fool Theory
00:43:27 Artificial Intelligence Hype, Attractive Assets, and Market Pessimism
00:47:02 Climate Risks, Resource Constraints, and Shrinking Populations
More From Morningstar3 Warnings for Investors From the Ultimate Contrarian
Ben Carlson: Exploring Risk and Reward
What Today’s Index ETFs Get Right, and Wrong, for Investors
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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We’re taping this podcast live at the Morningstar Investment Conference, where we’re delighted to be joined by Fidelity’s Will Danoff. Will runs a number of Fidelity equity strategies, the best known of which is Fidelity Contrafund FCNTX, a mutual fund he’s been managing since September 1990. Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and assistant portfolio manager at Fidelity Magellan FMAGX. He graduated from Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Will, welcome back to The Long View.
Episode Highlights00:00:00 Introduction
00:00:56 Investing Origins and Early Influences
00:00:53 Retail Analysis and Unit Economics
00:10:29 Reg FD Changes and Adapting Research Processes
00:15:00 Identifying Durable Competitive Advantages
00:19:24 SpaceX and Buying Private Companies
00:22:40 Investing Mistakes and Avoiding Unprofitable Companies
More From Morningstar2026 Morningstar Investment Conference: From SpaceX to Safeguarding Retirement
Here’s Fidelity Contrafund’s Will Danoff’s Secret Sauce
As Legendary Manager Will Danoff Leaves Fidelity, Should Investors Follow Him Out the Door?
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Today’s guests are Morningstar’s Brian Moriarty and Jack Shannon. Brian is a principal, fixed-income strategies, for Morningstar. Before assuming his current role in 2015, Brian was a client solutions consultant for Morningstar Office, a practice and portfolio management system for independent financial advisors. Before joining Morningstar in 2013, he was a research assistant for DePaul University’s religious studies department. Brian holds a bachelor’s degree in political science from Michigan State University and a bachelor’s degree in Islamic world studies from DePaul University.
Jack Shannon is a principal, equity strategies, for Morningstar. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms. Before joining Morningstar in 2020, Jack worked in commercial banking and was a consultant providing subject-matter expertise on complex financial litigation. Jack holds a bachelor’s degree in economics and history from James Madison University. He also holds a master’s of business administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business.
Episode Highlights00:00:00 Introduction
00:02:06 What are Private Markets, and What Investment Opportunities Do They Provide?
00:03:13 Do Semiliquid Funds Provide Easier Access to Private Markets?
00:05:57 Applying Morningstar Processes to Evaluate Private Markets
00:09:50 Managing Liquidity in Private Market Investments
00:18:48 Valuation and Transparency: Putting Private Assets Under the Microscope
00:24:07 Payment in Kind as a Valuation Concern
00:28:02 Public vs. Private Markets: Understanding Risk, Language, and Infrastructure Differences
00:39:28 Building Methodology to Explain Private Asset Fees and Incentive Structures
00:44:22 What Morningstar Medalist Ratings Signal for Semiliquid Funds
More From MorningstarMorningstar’s Guide to Public/Private Investing
Private Equity Funds Step Into the Spotlight
Private Credit Pricing: Are Prosecutors Opening Up Pandora’s Box?
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Kathleen Rehl. Kathleen is an author, educator, speaker, and certified financial planner dedicated to empowering widows financially and guiding the professionals who support them. She operated her own planning firm for 18 years before shifting her focus to writing, teaching, and research. After her husband died, she transformed her personal grief into a mission, helping others navigate widowhood, legacy planning, and purposeful aging. She is the author of Moving Forward on Your Own: A Financial Guidebook for Widows.
Episode Highlights00:00:00 Introduction
00:02:17 Learning Widowhood From the Inside
00:04:13 Decision-Making Without a Spouse
00:05:16 Early Irreversible Choices For Widows
00:08:39 Stress-Testing Life Without a Spouse
00:16:03 Why Widows Leave Advisors
00:18:53 Slowing Down Decisions to Prevent Emotional and Financial Harm
00:25:55 Continuing Care Retirement Communities
00:30:38 “Refirement” vs. Retirement and Building a Legacy
More From MorningstarHarry Margolis: How to Confront Aging Challenges Head-On
How to Tackle Estate Planning Basics in 7 Steps
3 Tricky Decisions for Every Retirement Plan
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Don Phillips. Don is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of the flagship print publication Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards. Don has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time nonmanagement role. He holds a bachelor’s degree from the University of Texas and a master’s degree from the University of Chicago.
Episode Highlights00:00:00 Introduction
00:01:57 Viewing Investing From 100,000 Feet Up
00:08:20 The Role of the Manager, From Salesmanship to Stewardship
00:11:18 What Indexing and AI Make Easier—and What They Risk
00:17:50 Private Credit and Private Equity Risks for Retail Investors
00:28:01 Finding the Unmet Needs in Asset Management
00:35:47 Fixed-Income Funds as the Industry’s Achilles’ Heel
00:43:42 The Value of a Liberal Arts Education and the Power of Storytelling
More From MorningstarMorningstar’s Why
Don Phillips: We’re All in the Behavior Modification Business
Private Equity Funds Step Into the Spotlight
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Adam Grossman. Adam’s the founder of Mayport, a fixed-fee wealth management firm. He’s also a regular contributor to Humble Dollar, the website founded by late financial writer Jonathan Clements. Before founding Mayport, Adam worked as an investment advisor or analyst at several firms, including Middleton & Company, Ballentine Partners, and MFS Investment Management. He also founded About Face Software, a social networking software firm. Adam received his undergraduate degree from Williams College and his MBA from MIT Sloan School of Management, and he’s also a CFA charterholder.
Episode Highlights00:00:00 Introduction
00:01:16 Writing for Humble Dollar and Jonathan Clements
00:05:15 How Flat‑Fee Advice Beats AUM Pricing
00:10:29 Helping Investors Stay Calm in Market Stress
00:17:30 Simple Stock/Bond Portfolios Still Work
00:22:58 How to Protect Your Portfolio Before Retirement
00:27:20 Social Security Timing: Math Versus Emotions
00:34:19 How AI Is Changing Financial Advice
More From The Long ViewBill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’
Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner
Harry Margolis: How to Confront Aging Challenges Head-On
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify
Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what’s now called the 4% rule. His new book, A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More was published in August 2025. Bill is the former owner of Bengen Financial Services, an independent registered investment advisor that he launched in 1989 after his family sold the soda bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates.
Episode Highlights* Why the 4% Rule Needed a Rethink * Inflation as the Biggest Retirement Risk * Different Approaches to Finding Your Withdrawal Rate * Factoring in Longevity, Taxes, and Legacy * Managing Your Asset Allocations, and Outsourcing the Rebalancing Process * The 4% Rule Is Not for Everyone
More From MorningstarBill Bengen: Revisiting Safe Withdrawal Rates
How to Find Your Perfect Withdrawal Rate Strategy
How Much Should You Allocate to Safer Assets?
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify
Today on the podcast, we welcome back Ben Carlson, who’s the author of a new book called Risk and Reward. Ben is the director of institutional asset management for Ritholtz Wealth Management. In addition, Ben’s a prolific creator of content. His blog is called A Wealth of Common Sense. He also co-hosts the podcast Animal Spirits with Michael Batnick. Ben is the author of four books about investing and money, and he’s a CFA charterholder.
Episode Highlights00:00:00 Understanding Market History Is About Preparation, Not Prediction
00:02:00 Lessons From Japan’s Asset Bubble and Mean Reversion
00:06:54 The Different Ways Investors Respond to Crashes
00:08:36 The Automatic Investing Revolution Has Changed Behavior
00:15:22 Why Patience Is Harder to Come By in an On‑Demand World
00:19:32 The Importance of Education in Private Asset Investing
00:21:35 Inflation Psychology and How to Respond
00:28:15 Two Different Kinds of Bear Markets
00:35:40 Using Alpha to Deliver Better Aftertax Outcomes for Clients
More From Ben CarlsonEverything You Need To Know About Saving For Retirement
Don’t Fall For It: A Short History of Financial Scams
Invest Your Way to Financial Freedom
Risk and Reward
More From MorningstarBen Carlson: How Not to Get Scammed
What We’ve Learned From 150 Years of Stock Market Crashes
The 60/40 Portfolio: A 150-Year Markets Stress Test
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Today’s guest on The Long View is Amit Wadhwaney, portfolio manager and co-founder at Moerus Capital Management. Amit has over 30 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide. Prior to co-founding Moerus, Amit was a portfolio manager and partner at Third Avenue Management, where he worked alongside his Moerus co-founding partners. Amit founded the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, the Third Avenue Emerging Markets Fund, and the Third Avenue International Value Fund. Earlier in his career, Amit worked at MJ Whitman LLC, a New York-based broker/dealer. Prior to joining M.J. Whitman, Amit was a paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm. He began his career at Domtar, a Canadian forest products company. Amit holds an MBA in finance from the University of Chicago. He also holds a BA with honors and an MA in economics from Concordia.
Episode Highlights00:00:00 Introduction
00:02:05 Investing Versus the Business of Investing
00:09:48 Why Macroeconomic Forecasting Often Fails Investors
00:10:36 Survivability as the Core of Risk Management
00:16:58 Why “Trouble” Creates Opportunity for Value Investors
00:32:04 Exploring Value-Accretive Corporate Activity
00:47:23 Is Today’s Market Setting Up a Value Comeback?
More From MorningstarHow the Iran War Is Shaping Markets
3 Well-Regarded Large-Value Funds for Investors Seeking Balanced Portfolios
The Value Stock Comeback Is Messy. Here’s Why Investors Shouldn’t Turn Away
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Claudia Sahm. Claudia is chief economist at New Century Advisors, the founder of Sahm Consulting, and a regular contributor at Bloomberg Opinion. She has policy and research expertise in macroeconomics, consumer spending, and household finance. She created the Sahm rule, an automatic trigger for stimulus payments in recessions. Previously, she was a section chief at the Federal Reserve, where she oversaw the Survey of Household Economics and Decisionmaking. Before that, she worked for 10 years on the staff’s macroeconomic forecast. She was a senior economist at the Council of Economic Advisers. She holds a Ph.D. in economics from the University of Michigan and a bachelor’s degree in economics, political science, and German from Denison University.
Episode Highlights00:00:00 Lessons From the Fed During the Global Financial Crisis
00:04:56 Making Sense of Fed-Speak
00:09:29 The “Whiplash Economy” and Understanding Risk
00:14:21 Rising Gas Prices, Geopolitical Uncertainty, and Consumer Sentiment
00:18:03 Interest Rates, AI, and Fed Leadership Changes
00:29:48 Undoing the Effects of Trump’s Tariffs
00:33:34 The Sahm Rule and Recession Risk Today
00:43:56 Costs of Underfunding US Economic Data
00:49:57 “Economics Is a Disgrace”
More From MorningstarRisk, Not Volatility, Is the Real Enemy for Investors
Michael Gates: Why More Advisors Are Migrating to Model Portfolios
Q2 Market Outlook: Why a Stock Barbell Strategy Is Ideal for Today’s Market
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Today’s guest on The Long View is Michael Gates. Gates is the head of model portfolio solutions for the Americas and the lead portfolio manager for target-allocation models at BlackRock. BlackRock’s target-allocation models have been adopted by a large and growing contingent of advisors in the US. Four of the model families within BlackRock’s target-allocation suite have been awarded Morningstar Medalist Ratings of Gold. In 2025, Morningstar’s manager research team nominated Gates for a Morningstar Award for Investing Excellence in the Outstanding Allocation Portfolio Manager category. Gates’ time at BlackRock dates to 1999, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Before founding the model portfolio solutions group, Gates conducted quantitative trading research for equities in BlackRock’s global trading group. At Barclays Global Investors, Gates led the development and implementation of the firm’s quantitative approach in fixed-income and alternative asset investing. Gates earned a master’s degree in economics and a bachelor’s degree with honors from the University of California, Davis. He is a CFA charterholder.
Episode Highlights00:00:00 What Are Model Portfolios and How Do They Work?
00:08:19 How Tax-Loss Harvesting and Other Offerings Reshape Model Design
00:15:50 AI‑Driven Productivity and the Market Outlook
00:17:57 Rebalancing With Risk in Mind
00:24:56 Building AI Exposure Into Equity Models
00:35:39 Thematic Investing and Active vs. Passive Investing
00:42:07 How Technology May Shape Portfolios’ Future
More From MorningstarAlpha Isn’t Dead. You’ve Just Been Measuring It Wrong
Tax-Efficient Model Portfolios for Retirees and Retirement Savers
Can AI Chatbots Build a Retirement Portfolio? We Tested Them
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Harry Margolis. Harry has been representing seniors, individuals with special needs, and their families since he started ElderLaw Services, the predecessor of Margolis Bloom & D’Agostino in June 1987. His firm helps clients pay for long-term care, manage the incapacity of a family member, and plan for safe and productive futures for their children and grandchildren. Harry served as editor of the ElderLaw Report, a monthly newsletter for attorneys, for three decades. He has been selected as a fellow of both the National Academy of Elder Law Attorneys and the American College of Trust and Estate Council. He has founded two websites and answers consumer questions online at www.askharry.info. In addition, Harry writes about eldercare issues on his Substack, Risking Old Age in America, also known as okayboomer.substack.com, and has a podcast with the same name.
Episode Highlights00:00:00 Margolis’ Path to Elder Law
00:04:15 Aging Clients, Estate Planning, and Long-Term Care
00:08:29 Aging In Place and Medicare Misconceptions
00:15:45 Estate Planning Paperwork and DIY Planners
00:21:26 Power of Attorney Mistakes, Living Wills, and Healthcare Coordination
00:27:06 Caregiving, Money Conversations, and Common Financial Mistakes
00:31:51 Benefits of NORCs
00:34:07 Special Needs Planning: Housing, Trusts, and Expectations
More From The Long ViewSally Balch Hurme: Getting Your Affairs in Order as You Get Older
Joy Loverde: Planning Ahead for Care Needs as You Get Older
Beth Pinsker: Lessons From ‘My Mother’s Money’
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is retirement researcher Wade Pfau. Wade is the founder of Retirement Researcher, an educational resource on retirement planning for individuals and financial advisors. He’s co-founder of the Retirement Income Style Awareness Tool and a co-host of the Retire With Style podcast. He’s a professor of practice at the American College of Financial Services and a research fellow with the Limra Retirement Income Institute. And he’s also a principal and director of retirement research for McLean Asset Management. Wade has written several books, including his most recent, a third edition of his Retirement Planning Guidebook. He holds a doctorate in economics and a master’s degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He’s also a chartered financial analyst.
Episode Highlights00:00:00 Updates to the Retirement Planning Guidebook
00:00:29 Do Retirees Today Have a Stronger Starting Spending Rate?
00:04:03 Asset Allocation, Annuities, and Target-Date Funds
00:08:11Retirement Income Styles
00:15:07 Non-US Safe Withdrawal Rates and Flexible Spending Strategies
00:23:55 Probability of Success and Estimating Longevity
00:27:47 Underspending, Organic Income, and Mortgage Payoff
00:35:46 Exploring the Retirement Risk Zone
00:39:20 Equity Glide Paths, Sequence Risk, and Delaying Social Security
00:46:43 Annuities: Private Equity Concerns and Due Diligence
More Retirement Research From Wade PfauExploring the Retirement Risk Zone
Reducing Retirement Risk with a Rising Equity Glide Path
More From MorningstarWhat’s Your Retirement Income Style?
8 Reasons You Might Need to Tweak Your Portfolio
Wade Pfau: The Risks of Retirement Today
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
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Today’s guest on The Long View is Pat Dorsey. Pat is the founder of Dorsey Asset Management, a boutique asset manager serving institutional clients. From 2000 to 2011, Pat was the director of equity research for Morningstar, where he led the growth of Morningstar’s equity research group from 20 to 90 analysts. Pat was instrumental in the development of Morningstar’s economic moat ratings, as well as the methodology behind Morningstar’s framework for analyzing competitive advantage. Pat is also the author of two books, The Five Rules for Successful Stock Investing, and The Little Book That Builds Wealth. Pat holds a master’s degree in political science from Northwestern University and a bachelor’s degree in government from Wesleyan University. Pat is a CFA charterholder.
Episode Highlights00:00:00 Defining Economic Moats and Moat Source Mistakes
00:05:34 Shifting Landscape for Returns on Invested Capital as a Metric
00:07:52 Inevitable vs. Noninevitable Moats
00:09:36 Moat Durability, Network Effects, and Lessons From PayPal
00:13:46 Management Quality, Founders, and Pricing Discipline
00:24:02 High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty
00:29:29 Premortem, Behavioral Edge, and Opportunity Cost
More From MorningstarAI Isn’t an Economic Moat Killer, but It Will Disrupt Industries
Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’
How to Measure a Company’s Competitive Advantage
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Bill Yount. Bill is a practicing emergency physician. He’s also co-host of a podcast called Catching Up to Fi, where he and Jackie Cummings Koski discuss pursuing financial independence later in life. Bill received his bachelor’s degree from Duke University, his doctor of medicine degree from the University of North Carolina at Chapel Hill, and completed his residency in emergency medicine at Northwestern University.
Episode Highlights00:00:00 From a Scarcity Mindset to the Hedonic Treadmill
00:10:04 The Wake-Up Call: Burnout, Lawsuits, and Turning 50
00:11:05 Finding FIRE Late: Catching Up to Financial Independence
00:13:44 Budgeting, Downsizing, and Boosting Savings Rates
00:20:56 Landmarks on the Way to Financial Independence
00:25:50 Life Planning, Risk Parity, and Calibrating Safe Withdrawals
00:34:51 Achieving FI and Knowing When It’s Time to Retire
00:43:44 Building Generational Wealth, Giving Early, and Advice to Late Starters
More From MorningstarMy Baptism by FIRE: Lessons on Financial Independence
The Best Retirement Strategies for Leaving Money Behind
Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta’
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Emily Guy Birken. Emily’s the author ofThe Five Years Before You Retire. She also co-authoredStacked: Your Super-Serious Guide to Modern Money Management, with Joe Saul-Sehy. Other books includeEnd Financial Stress Now, Making Social Security Work for Youand Choose Your Retirement: Find The Right Path to Your New Adventure. Emily received her master’s degree in education from the Ohio State University and her undergraduate degree in English from Kenyon College.
Episode Highlights00:00:00 Emily Guy Birken’s Path to Money and Retirement Writing
00:04:26 Why the Five Years Before Retirement Are Crucial and How Much Is “Enough” Savings
00:10:31 How Expectations Can Shape Happiness in Retirement
00:13:14 Key Moves for Preretirees to Cover Retirement Savings Shortfalls
00:15:58 Social Security: Benefits of Delaying and Advice for Young Workers
00:27:06 Budgets in Retirement and Irregular Expenses on a Fixed Income
00:33:14 Why Long‑Term‑Care Insurance Rarely Pays Off Today
00:36:10 Pre-Medicare Health Insurance Options
00:40:17 Early Mortgage Payoff vs. Investing in Retirement
00:42:26 How Writing About Retirement Changed Guy Birken’s Own Planning
More From Morningstar5 Things to Do Today If You Want to Retire in 5 Years
Dan Haylett: ‘The Retirement You Didn’t See Coming’
The Best Strategies for Consistent Retirement Spending
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guests on the podcast today are Jamie Hopkins and Bonnie Treichel, who are co-authors of a new book,Your Retirement Sketchbook. Jamie is the CEO of Bryn Mawr Trust Advisors, Chief Wealth Officer of WSFS Bank, and founder of the FinServ Foundation. He’s a professor of practice at Creighton University and the American College of Financial Services. He’s also a contributor to Forbesand has been elected to the Fellows of the American Bar Foundation. Bonnie is the founder and Chief Solutions Officer of Endeavor Retirement, a consulting firm dedicated to solving problems for plan sponsors, advisors, and service providers in the retirement plan industry. She also serves as treasurer for the FinServ Foundation.
Episode Highlights00:00:00 The FinServ Foundation and Your Retirement Sketchbook
00:10:06 Understanding “Rewirement,” Mindset Shifts, and Behavioral Biases in Retirement
00:18:15 Why In‑Plan Annuities Are Emerging Inside 401(k) Plans
00:20:57 Retirement Bucket, Private Assets, and Reducing Sequence‑of‑Returns Risk
00:31:21 Risks to Social Security Benefits
00:33:17 Advisor-Client Dynamics in Retirement Planning
00:38:03 Retirement Planning Books and Podcasts
Retirement Resources MentionedYour Retirement Sketchbook
Retirement Planning Guidebook
Safety-First Retirement Planning
Ikigai: The Japanese Secret to a Long and Happy Life
Retiring Minds Podcast
More From MorningstarRetirement Withdrawal Sequencing Rules of the Road
Here’s How You Can Spend More During Retirement
Jamie Hopkins: A Framework for Financial Freedom
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is David Bach. David is the author of 12 national bestselling books, including The Latte Factor;Smart Women Finish Rich; Start Late, Finish Rich; and The Automatic Millionaire. He just released the 20th anniversary edition of The Automatic Millionaire. David was a longtime contributor to NBC’s Today show and a featured guest on the Oprah Winfrey Show. He also produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire. David started his career at Morgan Stanley where he was a senior vice president and partner of The Bach Group.
Episode Highlights00:00:00 Moving Abroad, Early Retirement, and the Shifting Media Landscape
00:11:46 The Importance of Sabbaticals and Health Expectancy
00:19:39 Saving to Spending, New Tax on IRA Withdrawals, and Long-Term Effect of Deficits
00:34:39 Key Updates to The Automatic Millionaire and Automatic Contributions
00:37:59 Why Everyone Needs Access to Being an Investor
00:42:02 How to Start Investing Young and How to Catch Up Later in Life
00:47:26 How Inflation Affects Retirement Goals and The Benefits of Homeownership
More From Morningstar6 Lessons From My 6-Week Mini-Retirement
The Best Strategies for Consistent Retirement Spending
7 Steps to Estimating Your In-Retirement Cash Flow Needs
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
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Today’s guest on The Long View is Hilary Wiek. Hilary is a principal analyst at PitchBook, where she leads PitchBook’s coverage of fund strategies and performance, publishing primary research on the alternative space. Hilary also leads PitchBook’s coverage of the ESG and impact investing space. Hilary has over 20 years of experience in asset owner, manager, and advisory roles. Prior to joining PitchBook, she was the director of investments at the Saint Paul & Minnesota Foundations, where she handled portfolio management, impact and ESG investment, investment due diligence and monitoring, and investment operations. Before that, she worked in senior positions at Segal Rogerscasey, the South Carolina Retirement Systems Investment Commission, Buckingham Financial Group, Dayton Power & Light, and KeyCorp. Wiek received a master’s degree in finance and economics from Case Western Reserve University and a bachelor’s degree in business leadership and finance from the University of Puget Sound. She is based in PitchBook’s Seattle office. PitchBook is a Morningstar company.
Episode Highlights00:00:00 Background in the Private Markets and Joining PitchBook
00:04:49 Drivers of Private Market Slowdown in 2026 and Pockets of Outperformance
00:14:15 Key Lessons for Investing in Private Market Funds
00:18:12 Private Market Fees, Hidden Volatility, and Valuations
00:20:38 Evergreen Investment Growth, Interval Funds, and Questions Investors Should Ask
00:32:26 Is It Worth It to Invest in Private Markets?
00:36:50 ESG, Impacting Investing, and Key Themes for 2026
00:41:05 Private Market Exposure in 401(k)s
PitchBook Reports DiscussedBenchmarking and Returns: Why Are There So Many Numbers?
Evergreen Funds: We Have Questions
The Evergreen Evolution
The New Face of Private Markets in Your 401(k)
US Evergreen Fund Landscape
2025 Impact Investing Update
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Jim O’Shaughnessy. Jim founded O’Shaughnessy Asset Management, a quantitative investment management firm in 1993. Franklin Templeton acquired the firm in 2021. Jim is also an author of several books, including Invest Like the Best and What Works on Wall Street. His latest book, Two Thoughts: A Timeless Collection of Infinite Wisdom, is a compilation of quotations from famous artists, writers and thinkers. Jim also hosts his own podcast called Infinite Loops. In addition, Jim is the founder and CEO of O’Shaughnessy Ventures, which provides financial backing and other support to individuals and projects.
Episode Highlights00:00:00 Building a New Way to Analyze the Stock Market
00:07:18 How Stock Brokers Sold Stories Before Quants
00:12:19 Stock Price vs. Narrative and How Quants Avoid Stock Investing Pitfalls
00:20:05 Long-Term Investing, Bonds, and Keeping Emotions Out of Your Portfolio
00:29:50 Pre-Seed Investments, Finding the Right Founders, and Valuations Today
00:40:08 The Making of Two Thoughts: A Timeless Collection of Infinite Wisdom
00:47:29 Voices on the Infinite Loops Podcast
00:53:12 “Statis is Death” and Lifelong Learning
More From The Long ViewNick Maggiulli: Climbing the Wealth Ladder
Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’
More From MorningstarHow to Determine What a Stock Is Worth
How to Build a Portfolio to Reach Your Financial Goals
5 Ways Emotions Sabotage Your Investment Success
FOMO Can Lead to Lower Returns. Don’t Fall For It
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Today’s guest on The Long View is Sara Devereux. Sara is the Chief Investment Officer of Vanguard Capital Management and Global Head of Fixed Income. She oversees the investment professionals responsible for portfolio management, trading, and research for Vanguard’s internally managed fixed-income funds and ETFs, including actively managed bond and money market portfolios and bond index portfolios. Before joining Vanguard in 2019, Sara was a partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC, in risk management advisory and interest rate derivative structuring. She started her career as an actuary at AXA Equitable Life Insurance. Barron has named Sara to its annual list of the 100 Most Influential Women in US Finance every year since 2022.
Episode Highlights00:00:00 Vanguard’s Investing Philosophy and New Innovations
00:06:20 Active Fixed-Income Strategy and the Alpha Waterfall
00:13:34 ETF’s Explosion, Active Management, and Private Credit Risk
00:23:10 How Technology Is Reshaping the Bond Market
00:29:51 Bond Market Performance 2025, Bonds as Ballasts, and Term Premiums
00:37:27 Bond Market Risks in 2026
00:42:51 Shifting Policy Crosswinds, Cracks in Credit, and AI Capex Risks
00:50:18 Technical Signals to Watch in 2026
Books MentionedStay the Course: The Story of Vanguard and the Index Revolution
More From MorningstarVanguard’s Sara Devereux: Why It’s a ‘Terrific Environment’ for Bond Income
Salim Ramji: The Industry Uses Complexity As a Mask to Charge More
Morningstar’s Guide to Fixed-Income Investing
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Sally Balch Hurme. Sally is the author of Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes, as well as several other books. She worked at AARP for 23 years and has written more than 20 law review articles on topics related to elder law. She has also served on the boards of the National Guardianship Association and the Center for Guardianship Certification, where she helped develop standards for guardians and reform guardianship policies and procedures. Before moving to AARP, she was a partner in a private law firm and held several other legal roles. She also served as an adjunct professor at the George Washington University Law School, teaching elder law for eight years. She received her BA from Tulane University and her JD cum laude from the Washington College of Law at American University.
Episode Highlights00:00:00 Working at the American Bar Association, AARP, and as a Caregiver
00:06:15 How to Get Started in Eldercare Planning
00:08:15 Final Wishes, Finding Your Roots, and Key Documents
00:26:31 Designated Beneficiaries and Medication Tracking
00:33:38 Home Deeds and The Power in Power of Attorney
00:39:48 Cleaning Up Digital Assets
Sally Hurme BooksChecklist for My Family: A Guide to My History, Financial Plans and Final Wishes
The ABA/AARP Checklist for Family Caregivers: A Guide to Making It Manageable
More From MorningstarBeth Pinsker: Lessons From ‘My Mother’s Money’
Inherited IRAs: What to Know About Taxes, RMDs, and More
How to Tackle Estate-Planning Basics in 7 Steps
If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.
Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.
If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.
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Our guest on the podcast today is Leyla Kunimoto. Leyla is the founder and editor of Accredited Investor Insights, a newsletter that helps investors navigate private markets. She writes about private equity, private credit, and real estate, focusing on the practical realities of evaluating alternative investments from the limited partner perspective. Leyla began investing in public markets in 2001 and expanded into private markets in 2020, with current holdings spanning public equities, real estate, and alternatives. She started her career in finance and management consulting after graduating from the University of Washington. She also worked in advisory services at a Big Four accounting firm.
BackgroundLeyla Kunimoto
Accredited Investor Insights
Private Equity, Private Credit, and Private Real Estate“Inside the Black Box: What First Brands Teaches Us About CLO Risk,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 2, 2025
“Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It," by Alexander Saeedy, WSJ.com, July 13, 2025
“PIK Is Whispering. Are You Listening?” by Leyla Kunimoto, AccreditedInsight.com, June 12, 2025.
“Private Credit Interval Fund,” by Leyla Kunimoto, AccreditedInsight.com, Aug. 24, 2025.
“Non-Traded BDC Meets Mr. Market,” by Leyla Kunimoto, AccreditedInsight.com, Nov. 20, 2025
“The Problem With PME,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 9, 2025.
“Private Equity 101: What Every LP Should Know,” by Leyla Kunimoto, AccreditedInsight.com, July 31, 2025.
“Private Markets in 2026: What Changes, What Sticks,” by Leyla Kunimoto, AccreditedInsight.com, Dec. 28, 2025.
“It’s NAV … Until You Want Liquidity,” by Leyla Kunimoto, AccreditedInsight.com, Jan. 8, 2026.
“Why Vanguard, Champion of Low-Fee Investing, Joined the ‘Private Markets’ Craze,” by Matt Wirz and Anne Tergesen, WSJ.com, July 2, 2025
“The Golden Doodle of Private Markets: Evergreen Secondaries” by Leyla Kunimoto, AccreditedInsight.com, Oct. 30, 2025.
Books MentionedRich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert Kiyosaki
The Intelligent Investor: The Definitive Book on Value Investing, by Benjamin Graham
Mastering The Market Cycle: Getting the Odds on Your Side, by Howard Marks
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Our guests on the podcast today are Cody Garrett and Sean Mullaney. They’re both advice-only financial planners, and they’re the co-authors of a new book called Tax Planning To and Through Early Retirement. Cody is a certified financial planner and the founder of Measure Twice Money, where he helped DIY investors make informed decisions aligned with their values. He also leads Measure Twice Planners, which is an educational community for financial planners. Sean Mullaney is a certified public accountant and head of Mullaney Financial & Tax. He also writes the blog, FITaxGuy.com, which is focused on the intersection between financial independence and taxes.
BackgroundSean Mullaney
Cody Garrett
Measure Twice Money
Measure Twice Financial
Measure Twice Planners
Mullaney Financial & Tax
FITaxGuy.com
Tax Planning and Early RetirementTax Planning To and Through Early Retirement, by Cody Garrett and Sean Mullaney
“The Backdoor Roth IRA After an Excess Contribution to a Roth IRA,” Sean Mullaney, FITaxGuy.com, Dec 16, 2025
“Why I Don’t Worry Much About Sequence of Returns Risk,” Sean Mullaney, FITaxGuy.com, Jun 10, 2025
“The Tax Planning World Has Changed,” by Sean Mullaney, FITaxGuy.com, Sep. 22, 2025
“Bogleheads on Investing® with Cody Garrett, CFP®, and Sean Mullaney, CPA on tax planning to and through retirement: Episode 89″ by Bogleheads on Investing® podcast, BogleCenter.net, Dec. 7, 2025
“Managing Taxes in Retirement with Sean Mullaney,” by the White Coat Investor Podcast, WhiteCoatInvestor.com, Nov 20, 2025.
Die With Zero: Getting All You Can from Your Money and Your Life―A Revolutionary Approach to Maximizing Life Experiences Over Accumulating Wealth, by Bill Perkins
“Reframing Risk In Retirement As “Over- And Under-Spending” To Better Communicate Decisions To Clients, And Finding “Best Guess” Spending Level,” by Michael Kitces, Kitces.com, Apr. 24 2024.
More on Early Retirement and FIRE“My Baptism by FIRE: Lessons on Financial Independence,” by Christine Benz, Morningstar.com, May 29, 2025.
“Aiming to ‘Die with Zero’? Here Are the Implications for Portfolio Construction and Retirement Spending,” by Jess Bebel, Morningstar.com, Apri. 6, 2025
"Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals," The Long View podcast, Morningstar.com, Feb. 21, 2023
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BackgroundBio
Articles and Papers Discussed“The Theory Behind the Age-Related Positivity Effect,” Andrew Reed and Laura Carstensen, NIH.gov, Sept. 27, 2012.
“Investing Without Blind Spots,” Better Vantage podcast, Nov. 12, 2025.
“Out of Sight, Out of Market: The IRA Cash Drag,” by Andy Reed et al., Vanguard.com, Sept. 5, 2024.
“Advisors and Investors Split on Inflation, Bond Views,” by Xiao Xu and Andy Reed, Vanguard.com, Sept. 12, 2025.
“Stress, Debt, and the Power of Planning,” by Anna Madamba and Andy Reed, Vanguard.com, April 9, 2025
“Improving Retirement Outcomes by Default: The Case for an IRA QDIA,” by Andy Reed, et al., Vanguard.com, July 2024.
"Maximizing versus Satisficing: Happiness Is a Matter of Choice," by Barry Schwartz, Andrew Ward, et al., NIH.gov, November 2002.
“The Ostrich Effect: Selective Attention to Information,” George Loewenstein and Duane Seppi, CMU.edu, Feb. 11, 2009.
“Inside the Minds of Equity Income Fund Investors,” Sharon Hill and Paulo Costa, Vanguard.com, Aug. 26, 2025.
“Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” Brad Barber and Terrance Odean, Berkeley.edu, April 2000.
Books DiscussedThe Paradox of Choice: Why More Is Less, by Barry Schwartz
Nudge: Improving Decisions About Health, Wealth, and Happiness, by Richard Thaler and Cass Sunstein
The Elements of Choice: Why the Way We Decide Matters, by Eric Johnson
Other“Was Bogle’s Princeton Thesis Eerily Prescient?” by Jess Bebel, Morningstar.com, May 27, 2022.
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Today on the podcast we welcome back Cullen Roche. He has a new book out called Your Perfect Portfolio: The Ultimate Guide to Using the World’s Most Powerful Investment Strategies. Cullen is also the founder and chief investment officer of Discipline Funds, and he heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor’s degree in finance from Georgetown University’s McDonough School of Business. Cullen, welcome back to The Long View.
BackgroundBio
Discipline Funds
Your Perfect Portfolio: The Ultimate Guide to Using the World’s Most Powerful Investment Strategies
Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance
Artificial Intelligence, Bubbles, Bonds, and Rate Cuts“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, Oct. 11, 2025.
“Three Things—Bubbles, Paradoxes & QE,” by Cullen Roche, disciplinefunds.com, Dec. 12, 2025.
“Three Things—Gold, Cuts and Divorces,” by Cullen Roche, disciplinefunds.com, Sept. 19, 2025.
“Three Things—Where Did the Integrity Go?” by Cullen Roche, disciplinefunds.com, Aug. 21, 2025.
“Bonds: It’s Still Time to Chill (For a Little Longer Though),” by Cullen Roche, disciplinefunds.com, May 22, 2025.
OtherDiscipline Funds’ Tariff Tracker
“Cullen Roche: What Tariffs Mean for Your Portfolio,” The Long View podcast, Morningstar.com, April 22, 2025.
Bill Bernstein
Taylor Larimore
“The Case for a ‘Good Enough’ Portfolio,” by Christine Benz, Morningstar.com, Oct. 27, 2025.
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Hi and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On this week’s episode, we will feature some of our favorite clips from interviews we have done with financial planners, advisors, and retirement researchers over the past year. It’s a counterpart to a previously released “Best Of” episode that was all about investing. As usual, we delved into the topic of psychology and money, and the importance of tuning out the noise if you’re a long-term investor.
“JL Collins: The (Still) Simple Path to Wealth,” The Long View podcast, Morningstar.com, July 1, 2025.
“Charley Ellis: Indexing Is a Marvelous Gift,” The Long View podcast, Morningstar.com, Aug. 5, 2025.
“Larry Jacobson: ‘The Good Things in Our Life Are What Get in the Way of Great Things,’” The Long View podcast, Morningstar.com, Sept. 16, 2025.
“Dan Haylett: ‘The Retirement You Didn’t See Coming,’” The Long View podcast, Morningstar.com, Nov. 18, 2025.
“Kerry Hannon: What Gen Xers Need to Know About Their Retirement Plans,” The Long View podcast, Morningstar.com, Sept. 30, 2025.
“Carl Richards: The Case for ‘Deeply Human’ Financial Advice,” The Long View podcast, Morningstar.com, Oct. 21, 2025.
“Dana Anspach and Fritz Gilbert: ‘This Is What a Joyful Retirement Could Feel Like,’” The Long View podcast, Morningstar.com, Sept. 23, 2025.
“Barry Ritholtz: ‘How Not to Invest,’” The Long View podcast, Morningstar.com, Oct. 7, 2025.
“Nick Maggiulli: Climbing the Wealth Ladder,” The Long View podcast, Morningstar.com, July 22, 2025.
“Doug and Heather Boneparth: How Couples Can Find Financial Harmony,” The Long View podcast, Morningstar.com, Oct. 28, 2025.
“Ramit Sethi: ‘We Have to Make Money Fun and Connective,’” The Long View podcast, Morningstar.com, March 4, 2025.
“Beth Pinsker: Lessons From ‘My Mother’s Money,’” The Long View podcast, Morningstar.com, Nov. 4, 2025.
“Jean Chatzky: What Women Need to Do Differently With Their Money,” The Long View podcast, Morningstar.com, April 8, 2025.
“Sahil Bloom: ‘Curiosity Is the Fountain of Youth,’” The Long View podcast, Morningstar.com, Feb. 4, 2025.
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Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we’ll share some of our favorite clips from 2025 interviews with portfolio managers, economists, and investment researchers. It’s a companion to Christine Benz’s “Best Of” episode featuring highlights from conversations with financial planners, advisors, and retirement researchers. We’ll begin with some prescient words from Hendrik du Toit, co-founder of global investment manager, Ninety One, who spoke to Christine Benz and me at the start of the year from Cape Town, South Africa. Hendrik talked about the appeal of emerging-markets investments, both debt and equity, asset classes that went on to have good years in 2025.
“Hendrik du Toit: ‘Small Things Can Make a Big Difference,’” The Long View podcast, Morningstar.com, Jan. 21, 2025.
“Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta,’” The Long View podcast, Morningstar.com, July 29, 2025.
“Vincent Montemaggiore: ‘The Two Best Defenses Against Tariffs Are a High-Gross Profit Margin and Pricing Power,’” The Long View podcast, Morningstar.com, April 15, 2025.
“Louis-Vincent Gave: ‘The Future Is Being Built Over There,’” The Long View podcast, Morningstar.com, Feb. 25, 2025.
“Jason Zweig: Revisiting ‘The Intelligent Investor,’” The Long View podcast, Morningstar.com, May 27, 2025.
“Mike Pyle: Looking for Uncorrelated Sources of Return,” The Long View podcast, Morningstar.com, Oct. 14, 2025.
“Neal Shearing: The World Isn’t Deglobalizing; It’s Fracturing,” The Long View podcast, Morningstar.com, Aug. 26, 2025.
“Sudarshan Murthy: ‘These Countries Are in Much Better Shape Than They Were 10 Years Back,’” The Long View podcast, Morningstar.com, March 25, 2025.
“Joe Davis: How to Capitalize on ‘Megatrends,’” The Long View podcast, Morningstar.com, Sept. 2, 2025.
“Callie Cox: A Student Teacher of Financial Markets,” The Long View podcast, Morningstar.com, Nov. 11, 2025.
“Brian Selmo: ‘Winning by Not Losing,’” The Long View podcast, Morningstar.com, July 15, 2025.
“Daniel Rasmussen: ‘Be Very Wary of Illiquid Asset Classes,’” The Long View podcast, Morningstar.com, May 6, 2025.
“Eric Jacobson: The Entire Face of the Bond Market Has Changed,” The Long View podcast, Morningstar.com, Nov. 25, 2025.
“Barry Ritholtz: ‘How Not to Invest,’” The Long View podcast, Morningstar.com, Oct. 7, 2025.
“John Rekenthaler: ‘The House Is With You When You’re Investing,’” The Long View podcast, Morningstar.com, Jan. 28, 2025.
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Our guest on the podcast today is Lyle Fitterer, a senior portfolio manager and co-lead on the municipal bond sector for Baird Advisors. He has 36 years of experience managing bond portfolios. Prior to joining Baird in 2019, he served as the co-head of global fixed income and the head of the municipal fixed income team as Wells Fargo Asset Management. Lyle obtained his undergraduate degree in accounting from the University of North Dakota. He earned the chartered financial analyst designation in 1996 and is currently a member of the CFA Institute and the CFA Society of Milwaukee.
BackgroundBio
Baird Short-Term Municipal Bond Fund BTMIX
Baird Strategic Municipal Bond Fund BSNIX
Baird Quality Intermediate Municipal Bond Fund BMBIX
Baird Core Intermediate Municipal Bond Fund BMNIX
Baird Municipal Bond Fund BMQIX
Muni-Bond Funds“The New Allure of Muni Bond Funds. Two Pros Point the Way,” by Debbie Carlson, barrons.com, Aug. 21, 2025.
“Fitterer: Muni Bond Market Offers Compelling Opportunities,” Podcast with Chuck Jaffe, bairdassetmanagement.com, July 29, 2025.
“Muni Bonds Aren’t Just for Rich Folks,” by Jeff Schlegel, fa-mag.com, Nov. 1, 2024.
“Muni Bonds Are Looking Better,” by Elizabeth Foos, Morningstar.com, Oct. 28, 2025.
OtherVanguard Tax-Exempt Bond Index Fund ETF Shares VTEB
Vanguard Tax-Exempt Bond Index Fund Admiral Shares VTEAX
“In Wreckage of Muni Market Crash, Brave Investors Eye Bonds at 90% Yields,” by Amanda Albright, advisorperspectives.com, March 25, 2020.
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Our guest on the podcast today is Joy Loverde. Joy is the author of Who Will Take Care Of Me When I’m Old? and The Complete Eldercare Planner. She also gives keynotes and workshops on aging and eldercare to many different types of organizations. In addition, she serves as a consultant to senior housing providers, HR professionals, attorneys, financial planners, clergy, and other members of the eldercare industry. She has also been a family caregiver to family and friends.
BackgroundBio
Who Will Take Care of Me When I’m Old? Plan Now to Safeguard Your Health and Happiness in Old Age
The Complete Eldercare Planner, Revised and Updated 4th Edition: Where to Start, Which Questions to Ask, and How to Find Help
Eldercare“'Aging in Place Has a Shelf Life’: What This Eldercare Expert Wants You to Know,” by Beth Pinsker, marketwatch.com, Oct. 28, 2023.
“Preparing Solo Agers to Receive Long-Term Care,” by Joy Loverde, generations.asaging.org, June 21, 2023.
“How to Manage Sibling Conflict Over Care of Elderly Parents,” by Elaine K. Howley, health.usnews.com, Feb. 5, 2025.
“Going Solo: How to Plan for Retirement When You’re on Your Own,” by Diane Harris, nytimes.com, July 20, 2025.
“Create a Life of Independence and Connection in Later Years,” seattletimes.com, June 30, 2025.
OtherMy Mother’s Money: A Guide to Financial Caregiving, by Beth Pinsker
“Beth Pinsker: Lessons From ‘My Mother’s Money,’” The Long View podcast, Morningstar.com, Nov. 4, 2025.
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Our guest on the podcast today is Mark Higgins. Mark serves as senior vice president for IFA Institutional, where he specializes in providing advisory services to institutional plans such as endowments, foundations, pension plans, defined-contribution plans, and various corporate plans. He’s the author of Investing in US Financial History: Understanding the Past to Forecast the Future. Mark graduated from Georgetown University, Phi Beta Kappa, and Magna Cum Laude with a bachelor’s degree in English and psychology. He received an MBA from the Darden School of Business at the University of Virginia. He is a CFA Charterholder and CFP professional. Mark, welcome to The Long View.
BackgroundBio
Investing in US Financial History: Understanding the Past to Forecast the Future
Museum of American Finance
Articles and Papers Discussed“The Story of Hetty Green: America’s First Value Investor and Financial Grandmaster,” by Mark Higgins, ssrn.com, March 11, 2022.
“Rediscovering an American Treasure: The True Value of Hetty Green’s Legacy,” by Mark Higgins and Bethany Bengtson, researchgate.net, February 2025.
“Investors Can Temper Their Inflation Fears: Post-Covid Inflation Is Unlikely to Resemble the Great Inflation of 1968-1982,” by Mark Higgins, papers.ssrn.com, Aug. 15, 2021.
“The Phantom Menace: Inflated Expectations,” by Mark Higgins, finhistory.substack.com, Sept. 26, 2023.
“Six Stages of Asset Bubbles: The Crypto Crash,” by Mark Higgins, businesstimes.com, Jan. 24, 2023.
Other“Origins of the Great Inflation,” by Allan Meltzer, fedinprint.org, 2005.
“The Anguish of Central Banking,” Lecture by Arthur F. Burns, perjacobsson.org, Sept. 30, 1979.
Charles E. Merrill
“A Rediscovered Masterpiece by Benjamin Graham,” by Jason Zweig, jasonzweig.com, March 31, 2015.
“Portraits in Oversight: Ferdinand Pecora and the 1929 Stock Market Crash,” levin-center.org.
Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David Swensen
“Private Equity Confronts Swollen Investment Backlogs With Dealmaking Stuck,” by Maria Armental, wsj.com, June 2, 2025.
“The Future Ain’t What It Used to Be for These Funds,” by Jason Zweig, wsj.com, June 6, 2025.
The Great Inflation and Its Aftermath: The Past and Future of American Affluence, by Robert Samuelson
The Big Board: A History of the New York Stock Market, by Robert Sobel
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Today on The Long View, we’re featuring an episode from another Morningstar podcast, The Morning Filter, which you can subscribe to on Apple podcasts or wherever you get your podcasts.
In this special episode of The Morning Filter podcast, co-host Susan Dziubinski sits down with Morningstar columnist Dan Lefkovitz to take a deep dive into dividend stock investing today. They discuss what’s caused U.S. dividend stocks to lag this year while international dividend stocks have outperformed. Tune in to find out why the stock buyback boom is bad news for dividend seekers and what metrics investors should look at if they want to avoid dividend cuts.
They name drop a few undervalued stocks that Morningstar thinks have stable dividends, cover why dividend growth stock investing is underappreciated, and close with a discussion about whether dividend stocks are poised to outperform in 2026.
Episode Highlights
- Dividend Stock Performance: 2025 Recap
- What the Buyback Boom Means for Dividend Investors
- 3 Ways to Spot a Dividend Cut Early
- Dividend Growth Stocks: Why Bother?
Read about topics from this episode.
Stock Buybacks Are Booming in 2025. That’s Bad News for Dividend Investors
The Surprising Truth About Dividend Growth Stocks
Not All Dividend Stocks Are Safe. Here’s How to Avoid Dividend Traps
Why International Dividend Stocks Have Pulled Ahead
Got a question for Dave? Send it to themorningfilter@morningstar.com.
Follow Dave on social media.
Dave Sekera on X: @MstarMarkets
Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera
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Our guest this week is our colleague, Eric Jacobson. Eric is a senior principal for fixed-income strategies on Morningstar’s Manager Research team. He focuses on a variety of taxable, tax-exempt, and nontraditional managed strategies. He covers some of the key asset managers, he publishes thought leadership, and he is a member of the Morningstar Medalist Ratings Committee. Eric joined Morningstar in 1995 as a closed-end fund analyst and also had a stint on Morningstar Indexes, where he helped launch our original Bond Benchmark Suite. Before Morningstar, Eric worked at Kemper Financial Services. He is also a proud graduate of the University of Wisconsin-Madison.
Show NotesBackgroundBio
Bond Market and Semiliquid Funds“Why the Bond Market Is Fertile Ground for Active Management,” by Eric Jacobson, Morningstar.com, Aug. 28, 2025.
“6 Critical Lessons for Bond Investors,” by Eric Jacobson, Morningstar.com, Dec. 26, 2023.
“How to Measure Your Fund’s Liquidity Risk,” by Brian Moriarty, Morningstar.com, Oct. 21, 2025.
“New Ratings Reveal Challenges for Semiliquid Funds,” by Bryan Armour, Morningstar.com, Nov. 12, 2025.
Other“Eurozone Debt Crisis: Causes, Consequences, and Solutions (2008-2012),” by Daniel Liberto, Investopedia.com, Sept. 29, 2025.
“Automotive Industry Crisis of the 2000s,” by Kerry Skemp, ebsco.com.
“When It Comes to Bonds, Don’t Be a Hero,” by Christine Benz, morningstar.com, Oct. 6, 2025.
Bill Gross
Dan Fuss
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Our guest on the podcast today is Dan Haylett, who’s the author of a new book called The Retirement You Didn’t See Coming. Dan is a financial planner and head of growth for TFP Financial Planning based in the UK.Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset management industry. Dan, welcome back to The Long View.
BackgroundBio
Humans vs. Retirement podcast
The Retirement You Didn’t See Coming: The Guide to the Human Side of Retirement Nobody Warns You About
TFP Financial Planning
“Dan Haylett: Retirement Planning = Life Planning,” The Long View podcast, Morningstar.com, Dec. 5, 2023.
Retirement and Happiness“Can You Afford to Retire?—3 Questions to Ask Yourself!” Humans vs. Retirement video, youtube.com, June 2025.
“The Fragile Decade: Retirement’s Danger Zone,” by Dan Haylett, humansvsretirement.com, June 30, 2025.
“Your Brain Has Two Sides. Retirement Needs Both,” by Dan Haylett, linkedin.com, October 2025.
“A Plan for Your First 12 Months in Retirement,” Humans vs. Retirement video, youtube.com, 2024.
“Few and Deep: The Retirement Lens That Changes Everything,” by Dan Haylett, humansvsretirement.com, Sept. 9, 2025.
“Why Retirement Can Feel More Like a Void Than a Victory,” by Dan Haylett, humansvsretirement.com, March 28, 2025.
“The Best Things in Retirement Aren’t Things at All,” by Dan Haylett, humansvsretirement.com, Feb. 6, 2025.
“Don’t Let the Fear of the Future Steal Your Retirement Joy,” by Dan Haylett, humansvsretirement.com, Jan. 14, 2025.
“Longevity and Brevity: The Two BIGGEST Risks in Retirement,” by Dan Haylett, humansvsretirement.com, Sept. 3, 2024.
OtherMichael Finke
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Today’s guest on The Long View is Callie Cox. Callie is the chief market strategist at Ritholtz Wealth Management, where she helps the firm’s clients make sense of markets and suss out signal in the noise. Callie’s clear, relatable approach to market commentary blends deep macroeconomic market insights with an understanding of investor behavior. Before joining Ritholtz Wealth Management in 2024, Callie was an investment analyst at eToro and previously worked in research roles at Ally, LPL Financial, and First Citizens Bank. She began her career as a reporter at Bloomberg, covering the stock and options markets after graduating from the University of North Carolina with a journalism degree.
BackgroundBio
OptimistiCallie
Ritholtz Wealth Management
Job Markets and AI“A Millennial’s Guide to Gen Z’s Career Apocalypse,” by Callie Cox, businessinsider.com, Oct. 27, 2025.
“The Wealth Effect,” by Callie Cox, optimisticallie.com, Nov. 10, 2025.
“Governments Are People, My Friend,” by Callie Cox, optimisticallie.com, Feb. 18, 2025.
“Big Tech’s AI Spending Spree,” by Callie Cox, optimisticallie.com, Oct. 27, 2025.
“Humans > Robots,” by Callie Cox, optimisticallie.com, Aug. 4, 2025.
“AI vs. Tariffs,” by Callie Cox, optimisticallie.com, May 19, 2025.
Investing“How to Invest Without Going Insane,” by Callie Cox, optimisticallie.com, Nov. 3, 2025.
“Why You Should Invest Right Now,” by Callie Cox, optimisticallie.com, Sept. 15, 2025.
“The Seven Rules of Stock Market Bubbles,” by Callie Cox, optimisticallie.com, July 28, 2025.
OtherThe Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel
Jim Paulsen
David Kelly
Howard Marks
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Our guest on the podcast today is Beth Pinsker. She’s a certified financial planner and the author of a new book called My Mother’s Money: A Guide to Financial Caregiving. Beth is also a veteran financial journalist. She’s currently a financial planning columnist at MarketWatch and has also worked at Reuters, Fidelity, and Walletpop.com. Prior to covering personal finance, she was a film critic and entertainment business reporter, writing for Entertainment Weekly, The Dallas Morning News, and many other publications. Beth received her bachelor’s degree in English from Harvard.
BackgroundBio
My Mother’s Money: A Guide to Financial Caregiving
Financial Caregiving and Long-Term-Care Insurance“I Thought My Mom Had Done all the Right Estate Planning Before She Died, but I Missed Some Important Things,” by Beth Pinsker, marketwatch.com, July 29, 2023.
“How Much Long-Term-Care Insurance Do I Need?” by Beth Pinsker, marketwatch.com, June 25, 2024.
“5 Things I Learned From Managing My Mother’s Money,” by Beth Pinsker, aarp.org, Oct. 2, 2025.
Power of Attorney, Estate Planning, and Financial Scams“‘It Broke Me’: Everyone Says You Need Power of Attorney, but Nobody Tells You How Hard It Is to Use,” by Beth Pinsker, marketwatch.com, July 29, 2023.
“Many of Us Come to Estate Planning Too Late. Here’s What Finally Pushed Me to Do It,” by Beth Pinsker, marketwatch.com, June 15, 2025.
“My Relative, 80, Was About to Be Scammed Out of $40,000. Here’s How I Stopped It,” by Beth Pinsker, marketwatch.com, Aug. 6, 2025.
Other“What Should Be in Your ‘Death’ File,” by Beth Pinsker, reuters.com, Aug. 1, 2014.
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Today on the podcast, we’re going to be chatting with Heather and Doug Boneparth. They’re co-authors of a new book called Money Together: How to Find Fairness in Your Relationship and Become an Unstoppable Financial Team. Heather and Doug know a little something about money in relationships. As you may have guessed, they’re married. Heather worked as a lawyer for more than a decade before joining the family business as Bone Fide Wealth’s Director of Business and Legal Affairs. She also co-authored the couple’s first book, The Millennial Money Fix. Doug is a certified financial planner and founder of Bone Fide Wealth, a wealth management firm in New York City. He serves on the advisory councils of CNBC and Investopedia.
BackgroundBio
Money Together: How to Find Fairness in Your Relationship and Become an Unstoppable Financial Team
The Millennial Money Fix: What You Need to Know About Budgeting, Debt, and Finding Financial Freedom
Bone Fide Wealth
The Joint Account: Helping Couples Talk About Money
Finances and Couples“Beyond Prenups: Building Financial Intimacy Before Marriage,” by Heather Boneparth, helloprenup.com, Aug. 5, 2025.
“I Graduated From College With Over $200,000 in Student Loans. Here Are the Things I Wish I Could’ve Told My Younger Self About Debt,” by Heather Boneparth, businessinsider.com, May 27, 2023.
“Six Financial Red Flags You Can’t Afford to Ignore,” by Heather and Doug Boneparth, thejointaccount.com, Feb. 26, 2025.
“Op-Ed: Allowances Are for Kids—Not Your Spouse,” by Heather and Doug Boneparth, cnbc.com, April 13, 2024.
“Why Financial Transparency Might Be the Best Valentine’s Day Gift You Can Give,” by Douglas Boneparth, Investopedia.com, Feb. 14, 2025.
“Show Your Work, Fellas!” by Heather and Doug Boneparth, thejointaccount.com, June 4, 2025.
OtherManisha Thakor
“Manisha Thakor: Finding Your Enough,” The Long View podcast, Morningstar.com, Aug. 8, 2023.
Brené Brown
“Financial Literacy, Financial Education, and Downstream Financial Behaviors,” by Daniel Ferndandes, John G. Lynch, and Richard Netemeyer, researchgate.net, August 2014.
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Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast we welcome back Carl Richards, who’s the author of a new book called Your Money: Reimagining Wealth in 101 Simple Sketches. His previous books, The Behavior Gap and The One-Page Financial Plan, were both bestsellers. Carl started the Sketch Guide column in The New York Times and it ran weekly for a decade. Carl is a certified financial planner, and he started the Society of Advice, which is a community of financial planners dedicated to the craft of advice. In addition, Carl is active on the podcast circuit. He hosts Behavior Gap Radio, as well as a podcast called 50 Fires: Money and Meaning with Carl Richards. Carl also co-hosts a podcast with Michael Kitces called Kitces & Carl - Real Talk for Real Financial Advisors.
BackgroundBio
The Society of Advice
Behavior Gap Radio
50 Fires: A Podcast About Money and Meaning
Kitces & Carl – Real Talk for Real Financial Advisors
“Carl Richards: ‘Less Focus on Being a Little Less Wrong Tomorrow,’” The Long View podcast, Morningstar.com, May 13, 2020.
“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.
BooksYour Money: Reimagining Wealth in 101 Simple Sketches
The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money
The One-Page Financial Plan: A Simple Way to Be Smart About Your Money
Sketches and PodcastsThe Magic Certainty Button
“Visual Sketches as Conversation Starters to Help Clients Make Better Financial Decisions,” Kitces & Carl podcast, Episode 175, kitces.com, Oct. 16, 2025.
Where to Place Your Focus
“Is There a Future of Financial Planning in the AI Era?” Kitces & Carl podcast, Episode 169, kitces.com, July 24, 2025.
Other“Brian Portnoy: Balancing Returns With Simplicity, Financial Independence, and Peace of Mind,” The Long View podcast, Morningstar.com, Sept. 29, 2020.
“Why We Spend the Way We Do With Gretchen Rubin,” 50 Fires podcast with Carl Richards, 50fires.com, May 28, 2025.
Paige Pritchard
“Money, Family, and Meaningful Work With Jodi Kantor and Rob Lieber,” 50 Fires podcast with Carl Richards, 50fires.com, Sept. 18, 2024.
Morgan Housel
Zero to One: Notes on Startups, or How to Build the Future, by Peter Thiel
Vollebak
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Our guest this week is Mike Pyle of BlackRock. Mike is managing director and deputy head of the Portfolio Management Group, which encompasses BlackRock’s fundamental and systematic investing teams across fixed income, equities, and multi-asset. He has also served as BlackRock’s chief investment strategist and portfolio manager of the Tactical Asset Allocation Team. Prior to and in between stints at BlackRock, Mike served extensively in government. He held economic policy roles in both the Obama and Biden administrations, participating in summits and negotiations. Mike holds degrees from Dartmouth, Yale, and Cambridge.
BackgroundBio
BlackRock Global Equity Market Neutral Institutional BDMIX
Tariffs, Policy, and Hedge Funds“US Resilience Has Been Underestimated: BlackRock’s Pyle,” video interview, Bloomberg.com, May 13, 2025.
“Global Macro Matters: The Hidden Power of Smarter Macro Hedge Fund Allocations,” by Raffaele Savi, Phil Green, Michael Pensky, Stephanie Lee, Ronald Kahn, Michael Pyle, and Shams Orr-Hruska, blackrock.com, 2025.
“More Room for Hedge Funds,” by Vivek Paul, Jeff Shen, Pierre Sarrau, Devan Nathwani, BlackRock.com, Aug. 20, 2025.
Artificial Intelligence and DispersionMike Pyle’s video on AI-related investment on LinkedIn
“At the Frontier: Insight on AI Technology Stocks,” by BlackRock, advisorperspectives.com, Sept. 15, 2025.
“Equity Market Outlook: Q3 2025,” BlackRock.com.
“Alpha Reimagined: How Big Data, AI and the Human Element Can Combine to Better Pursue Consistent Alpha,” BlackRock.com.
OtherLarry Fink’s 2025 Annual Chairman’s Letter to Investors
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Today on the podcast, we’re welcoming Barry Ritholtz. He’s co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, a firm that was launched in 2013. He’s the creator and host of Masters in Business, one of the earliest finance-related podcasts. He also regularly posts on The Big Picture, where he’s been covering everything investing related since 2003. He is the author of Bailout Nation, and his latest book, How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth—and How to Avoid Them, has just been published.
Background and BooksBarry Ritholtz LinkedIn
Ritholtz Wealth Management
Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy, with New Post-Crisis Update
How Not to Invest: The ideas, numbers, and behavior that destroy wealth—and how to avoid them
Podcasts and MoreMasters in Business podcast
The Big Picture
“Masters in Business - Ray Dalio Full Show,” Masters in Business podcast, Nov. 30, 2018
“An Interview With Ken Feinberg: Masters in Business,” Masters in Business podcast, Oct. 9, 2015
“MiB: Charley Ellis on Rethinking Investing,” Masters in Business podcast, Feb. 21, 2025
“Why Fear Is an Investor’s Worst Enemy” by Samantha Lamas from the 2017 Morningstar ETF Conference, Morningstar.com, Sept. 12, 2017
“Rabbithole: What Do People Get Wrong About Money?” The Big Picture,March 10, 2025
“It’s Been 40 Years Since Our Cover Story Declared ‘The Death of Equities,’ ” by Peter Coy, Bloomberg, Aug. 13, 2019
Readings
Winning the Loser’s Game: Timeless Strategies for Successful Investing, Eighth Edition,byCharles D. Ellis
Expert Political Judgment: How Good Is It? How Can We Know?, by Philip E. Tetlock
Four Thousand Weeks: Time Management for Mortals, by Oliver Burkeman
Principles, by Ray Dalio
Our guest on the podcast today is Kerry Hannon. Kerry is a senior columnist and on-air expert for Yahoo Finance and writes about retirement, jobs, career transitions, entrepreneurship, leadership, and personal finance. She has written 14 books about retirement, careers, and personal finance and is co-author of a new book, Retirement Bites: A Gen X Guide to Securing Your Financial Future. Kerry is a former columnist and contributor for The New York Times, MarketWatch, Forbes, PBS, and AARP. She graduated from Duke University.
BackgroundBio
Retirement Bites: A Gen X Guide to Securing Your Financial Future, byKerry Hannon and Janna Herron
401(k)s and the Current Market“401(k) Savers Stayed Strong Through Market Volatility, Fidelity Found,” Video interview with Kerry Hannon, kerryhannon.com, June 15, 2025.
“Experts Caution Adding Private Assets Like Crypto to 401(k)s,” Video interview with Kerry Hannon, kerryhannon.com, Aug. 17, 2025.
“Retirement Savers Are Eager to Invest in Private Assets, New Survey Finds,” by Kerry Hannon, yahoofinance.com, Aug. 25, 2025.
“Robust Returns and Steady Saving Yield Record Number of 401(k) Millionaires,” by Kerry Hannon, yahoofinance.com, Sept. 13, 2025.
“401(k) Savers Play It Safe, Even as Demand for Private Assets Surge,” by Kerry Hannon, yahoofinance.com, Sept. 9, 2025.
Social Security and Target-Date Funds“An Increasing Number of Americans Are Claiming Social Security Early This Year. What’s Up?” Video interview with Kerry Hannon, kerryhannon.com, May 14, 2025.
“Some Retirees Will See Bump in Social Security Benefits in April,” Video interview with Kerry Hannon, kerryhannon.com, March 26, 2025.
“Social Security Benefits Will Rise 2.5% in 2025,” by Kerry Hannon, yahoofinance.com, Oct. 13, 2024.
“How to Build Your Own Target-Date Retirement Fund,” by Kerry Hannon, yahoofinance.com, Feb. 15, 2025.
“2025 Target-Date Fund Investment Strategy,” Morningstar.com.
“Americans’ Retirement Vehicle of Choice Just Topped $4 Trillion,” Video interview with Kerry Hannon, kerryhannon.com, May 21, 2025.
Return to Office and Job Changes“More Men Are Returning to the Office. Here’s Why That Matters to Women,” by Kerry Hannon, yahoofinance.com, July 20, 2025.
“Author: Getting Employees Back to the Office Is at an “Inflection Point,'” by Kerry Hannon, yahoofinance.com, Aug. 24, 2025.
“Changing Jobs Can Shake-Up Saving for Retirement. Here’s How to Avoid That,” Video interview with Kerry Hannon, kerryhannon.com, May 3, 2025.
OtherReality Bites (1994 movie)
My Social Security account
“Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice,” by Scott Cederburg, Aizhan Anarkulova, and Michael S. O’Doherty, papers.ssrn.com, July 10, 2025 (revised).
“How Americans View Their Jobs,” by Juliana Menasce Horowitz and Kim Parker, pewresearch.org, March 30, 2023.
“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar.com, Oct. 21, 2020.
Today on the podcast, we welcome back two previous guests. Dana Anspach is the founder and CEO of the financial planning firm, Sensible Money, based in Scottsdale, Arizona, and she has been practicing as a financial planner since 1995. Dana is also the author of the lecture series “How to Plan for the Perfect Retirement,” available on The Great Courses, and the author of the books Control Your Retirement Destiny and Social Security Sense. She has begun blogging about her own retirement journey on The Retirement Manifesto website.
Fritz Gilbert retired in his mid-50s and has been blogging about his retirement experience ever since. He is the creator of The Retirement Manifesto, and he also wrote a book about retirement called, Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years.
BackgroundDana Anspach Bio
Sensible Money
How to Plan for the Perfect Retirementon The Great Courses
Control Your Retirement Destiny: Achieving Financial Security Before the Big Transition, by Dana Anspach
Social Security Sense: A Guide to Claiming Benefits for Those Age 60-70, by Dana Anspach
“Dana Anspach: How to Build an All-Weather Retirement Plan,” The Long View podcast, Morningstar.com, Oct. 18, 2022.
Fritz Gilbert Bio
The Retirement Manifesto
Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years, by Fritz Gilbert
“Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, Morningstar.com, Oct. 27, 2021.
Blogging and Phases of Retirement“A New Chapter for The Retirement Manifesto,” by Dana Anspach, theretirementmanifesto.com, May 22, 2025.
“When to Start Planning for Retirement: Understanding the ‘Pre-Go’ Years,” Video with Dana Anspach, sensiblemoney.com, July 2, 2025.
“Retirement—My Journey From ‘No, Never’ to ‘Maybe One Day,’” by Dana Anspach, theretirementmanifesto.com, June 5, 2025.
“The Ten Commandments of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, March 6, 2018.
“The 4 Phases of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, Feb. 1, 2024.
“Why 28% of Retirees Are Depressed,” by Fritz Gilbert, theretirementmanifesto.com, June 22, 2023.
Spending in Retirement and Social Security“Scared to Spend? (You’re Not Alone),” by Fritz Gilbert, theretirementmanifesto.com, Nov. 21, 2024.
“The Role of Annuities in Retirement Planning 2024,” Webinar with Dana Anspach, sensiblemoney.com, May 24, 2024.
“5 Top Regrets of Retirees (and How to Avoid Them),” by Fritz Gilbert, theretirementmanifesto.com, Jan. 30, 2025.
“How Social Security Spousal Benefits May Change My Claim Date,” by Dana Anspach, theretirementmanifesto.com, June 26, 2025.
“Rethinking the 4% Safe Withdrawal Rule,” by Fritz Gilbert, theretirementmanifesto.com, Nov. 18, 2021.
“Don’t Cheat Yourself With the 4% Rule! 2021,” Webinar with Dana Anspach, sensiblemoney.com, May 18, 2021.
The Safe Withdrawal Rate Series (Early Retirement Now with Karsten Jeske, also known as “Big Ern”)
Tax Planning“The Golden Age of Roth Conversions,” by Fritz Gilbert, theretirementmanifesto.com, Oct. 12, 2023.
“My Biggest Surprise in Retirement,” by Fritz Gilbert, theretirementmanifesto.com, June 12, 2025.
OtherFreedom for Fido
The Four Phases of Retirement: What to Expect When You’re Retiring, by Riley Moynes
Die With Zero: Getting All You Can From Your Money and Your Life, by Bill Perkins
“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, Retirement Income Institute, June 2024.
A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More, by Bill Bengen
Asset Dedication
Our guest on the podcast today is author and retirement coach, Larry Jacobson. Larry is the author of a book called Your Ideal Retirement Workbook, A Step-by-Step Guide to Retiring With Purpose and Fulfillment, which coaches its readers on the steps to take to find purpose and identity in retirement. He embarked on a career as a retirement coach after stepping away from corporate life, and he sold his business in order to sail around the world.
BackgroundLarryJacobson.com
Your Ideal Retirement Workbook: A Step-by-Step Guide to Retiring With Purpose and Fulfillment
YourIdealRetirementWorkbook.com
The Boy Behind the Gate: How His Dream of Sailing Around the World Became a Six-Year Odyssey of Adventure, Fear, Discovery, and Love
TED Talks episodes
Sail Into Retirement
OtherOwntheStage.com
BuoyTraining.com
Retirement Coaches Association
Transitions, by William Bridges
Maslow’s Hierarchy of Needs
Our guest on the podcast today is Scott Bondurant. Scott is the founder and chief investment officer of Bondurant Investment Advisory, a registered investment advisor based in the Chicago suburbs. He is also an adjunct professor at Northwestern University, where he teaches an undergraduate course on the history of investing. He recently published a white paper about the importance of incorporating mean reversion in financial planning and portfolio construction, which we’ll be discussing in this podcast. Scott has a BA from Stanford University and an MBA from Duke University’s Fuqua School of Business. He started his career at Kidder Peabody and also worked for Paine Webber and Morgan Stanley before becoming a managing director for UBS.
BackgroundBio
Bondurant Investment Advisory
Mean Reversion“Hidden in Plain Sight: The Dramatic Impact on Financial Planning and Portfolio Construction When Mean Reversion Is Incorporated in Risk and Return Expectations,” by Scott Bondurant, papers.ssrn.com, Nov. 25, 2024.
“Understanding ‘Mean Reversion’ Can Make or Break Retirement,” by Scott Bondurant, rethinking65.com, June 13, 2024.
“Mean Reversion: Unlocking a Foundational Investing Principle,” sbondinvest.com, Feb. 8, 2024.
OtherFair Disclosure, Regulation FD
“Charley Ellis: Indexing Is a Marvelous Gift,” The Long View podcast, morningstar.com, Aug. 5, 2025.
Devil Take the Hindmost: A History of Financial Speculation, by Edward Chancellor
Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, by Jeremy Siegel
“Anomalies: The Equity Premium Puzzle,” by Jeremy Siegel and Richard Thaler, The Journal of Economic Perspectives, Winter, 1997.
“Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?” by Robert Shiller, papers.ssrn.com, April 12, 2004.
Nebo Wealth
Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify
Our guest on the podcast today is Joe Davis, global chief economist at Vanguard and global head of the firm’s Investment Strategy Group. He chairs the firm’s Strategic Asset Allocation Committee, which governs multi-asset class investment solutions. And he is a member of the senior portfolio management team of Vanguard’s Fixed Income Group. Joe is the author of a new book called Coming Into View: How AI and Other Megatrends Will Shape Your Investments. Joe earned his B.A. from St. Joseph’s University and his master’s and Ph.D. in economics at Duke University.
BackgroundBio
Coming Into View: How AI and Other Megatrends Will Shape Your Investments
Tariffs and Treasury Bonds“Tariffs and Market Volatility: Perspectives for Investors,” by Joe Davis, vanguard.com, April 7, 2025.
“Vanguard Warns of 9% Treasury Bond Yields if Deficits Keep Ballooning,” by Sam Bourgi, investorsobserver.com, June 17, 2025.
“US Equity Outperformance,” video commentary by Joe Davis, vanguard.com, Feb. 4, 2025.
Artificial Intelligence and Megatrends“America Needs an AI Boom to Grow Out of Our Debt Problem. There Is No Guarantee,” by Joe Davis, barrons.com, May 23, 2025.
“AI’s Impact on Productivity and the Workforce,” by Joe Davis, vanguard.com, March 4, 2025.
“Active Investing? Don’t Overlook Value in the Age of AI,” by Joe Davis, vanguard.com, Feb. 20, 2025.
“Megatrends and the US Economy, 1890-2040,” by Joe Davis, Lukas Brandl-Cheng, and Kevin Khang, papers.ssrn.com, June 10, 2024.
Other“Joe Davis: ‘We Will See China-Like Growth for a Time in the United States,’” The Long View podcast, Morningstar.com, April 14, 2021.
Our guest this week is Neil Shearing. Neil is Group Chief Economist at Capital Economics and the author of a new book, The Fractured Age: How the Return of Geopolitics Will Splinter the Global Economy. In addition to managing a team of economists and serving as a voice in the investment community, Neil is an associate fellow at Chatham House, an international affairs think tank. He joined Capital Economics in 2006 from the United Kingdom’s Treasury Ministry. He holds economics degrees from the University of London and the University of York.
BackgroundBio
The Fractured Age: How the Return of Geopolitics Will Splinter the Global Economy
Chatham House
“Neil Shearing: What You Might Be Missing About the Current Economy,” The Long View podcast, Morningstar.com, April 16, 2024.
Global Economic Fracturing, Tariffs, and AI“America or China? As the Global Economy Fractures, the World Will Have to Choose,” by Neil Shearing, capitaleconomics.com, Aug. 14, 2025.
“Trump, Institutions, and the Deafening Silence of the Markets,” by Neil Shearing, capitaleconomics.com, Aug. 6, 2025.
“Chinese Overcapacity Is a Disinflationary Gift and a Geopolitical Threat,” by Neil Shearing, capitaleconomics.com, July 21, 2025.
“Fiscal Stability Is Now as Much About People as Policy,” by Neil Shearing, capitaleconomics.com, July 14, 2025.
“This Trade War Is the Symptom—Global Fracturing Is the Cause,” by Neil Shearing, capitaleconomics.com, July 7, 2025.
“’Tariff Man’ Returns, US-China Diverging Price Risks—and Is AI Triggering a Jobs Bloodbath?” The Weekly Briefing podcast, capitaleconomics.com, July 11, 2025.
“Chip Choke: What Happens if China Throttles Taiwan’s Economy,” by Neil Shearing, afr.com, April 26, 2025.
OtherHuawei
Smoot-Hawley Tariff Act
BIS Triennial Central Bank Survey
“America’s Biggest Rare-Earth Producer Makes a Play to End China’s Dominance,” by Jon Emont, wsj.com, July 15, 2025.
Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Lawrence Lam. Lawrence is managing director and founder of Lumenary Investment Management based in Melbourne, Australia, a firm that specializes in founder-led companies globally. Lawrence is also the author of a new book called The Founder Effect. Lawrence has also been an investment banker, a derivatives consultant, and a financial regulator. He holds degrees from the University of Melbourne and is a lifetime basketball player.
BackgroundBio
Lumenary Investment Management
The Founder Effect
Founder-Led Companies“Four Signs a Founder-Led Company Isn’t Worth the Hype,” by Lawrence Lam, afr.com, May 2, 2025.
“Lessons From the Rise and Fall of Founder-Led Companies,” by Lawrence Lam, firstlinks.com, March 26, 2025.
Founder-Led Companies Mentioned“Yvon Chouinard: The Founder of Patagonia,” by Charlie King, sustainabilitymag.com, Oct. 4, 2024.
FUCHS
Fortinet
Hermes
Uniqlo
Reply
Flight Centre
Case StudyChemist Warehouse
Le Specs
“Chemist Warehouse Founder Reveals His Success Secrets,” by Lawrence Lam, Morningstar.com.au, May 30, 2023.
Other“Social Loafing in Psychology: Definition, Examples & Theory,” by Riley Hoffman, simplypsychology.org, Sept. 7, 2023.
Arista
Today on The Long View, we’re featuring an episode from another Morningstar podcast, The Morning Filter, which you can subscribe to on Apple podcasts or wherever you get your podcasts.
Usually, Susan Dziubinski sits down every Monday morning with Morningstar’s chief U.S. market strategist Dave Sekera to talk about the week ahead.
But we’ve got something a bit different for you on the podcast this week. Instead of our usual deep dive into the market and stocks, we’re taking a step back to look at the big picture of investing: things like how to build a smart portfolio, avoid common investment mistakes, and time-tested principles to invest by.
Our special guest is Christine Benz. Christine is Morningstar’s director of personal finance and retirement planning. She’s also the host of The Long View podcast and author of the book How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement.
Episode highlights:
- What you need to know from stocks to bonds, and core investments to dividend payers
- Things you shouldn’t overlook in retirement and tips for setting yourself up for success
- Is “set it and forget it” a good way to invest in today’s market?
Read about topics from this episode.
Tune in to The Long View podcast.
Access Christine Benz’s article and video archive on Morningstar.com.
Order a copy of Christine’s book, How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement.
Register for the 2025 Bogleheads Conference.
Watch the How to Retire podcast, a companion podcast to the How to Retire book.
Follow Dave on social media.
Dave Sekera on X: @MstarMarkets
Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera
Our guest on the podcast today is Nick Murray. Nick has written several influential books about investing and financial advice, including The Game of Numbers, Simple Wealth, Inevitable Wealth, and his latest, This Time Isn’t Different. His newsletter for financial advisors is called “Nick Murray Interactive,” and he also frequently leads seminars for financial advice professionals. Nick started out at EF Hutton, then moved on to Shearson and eventually to Bear Stearns. Since then, he has built his career around advising financial advisors.
BackgroundAbout Nick Murray
Nick Murray Interactive newsletters
Books and E-BooksThis Time Isn’t Different: Shockproofing Our Clients
The Game of Numbers: Client Acquisition for Financial Advisors 2010
Simple Wealth, Inevitable Wealth
Nick Murray’s Scripts: What to Say and How to Say It
Behavioral Investment Counseling
Talking It Over, Just The Two Of Us: A Guide for the Financial Advisor’s Life Partner with Joan Murray
Around the Year with Nick Murray: Daily Readings for Financial Advisors
Podcasts and More“Financial Advisor Nick Murray,” Bloomberg Masters in Business podcast by Barry Ritholtz, Aug. 7, 2015
“The Man Who Saved My Career: How Nick Murray came along and showed me my true purpose in this business,” by Josh Brown, downtownjoshbrown.com, May 21, 2024
“The Value Proposition of a Financial Advisor With Nick Murray,” The Unlock podcast, May 21, 2024
“The Golden Door For Financial Advice With Nick Murray,” The Unlock podcast, May 31, 2024
“My Financial Planning Heroes: Nick Murray,” by Juniper team, juniperwealth.co.uk/blog, Jan. 1, 2025
“Nick Murray’s Hard Truths for Advisors” by Jane Wollman Rusoff, thinkadvisor.com, March 5, 2015
“Lessons Learned From the Legendary Financial Advisor Nick Murray,” Think Smart With TMFG podcast, Oct. 14, 2022
“Murray: Financial Healing,” Consuelo Mack Wealthtrack, May 6, 2016
BackgroundBio
“Charley Ellis: Why Active Investing Is Still a Loser’s Game,” The Long View podcast, Morningstar.com, May 27, 2020.
Rethinking Investing: A Very Short Guide to Very Long-Term Investing
Winning the Loser’s Game: Timeless Strategies for Successful Investing
Index Investing and ETFs“Stock Pickers Are on a Record Run With Investors. Don’t Be Fooled, Says Index Fund Guru,” by Jason Gewirtz, cnbc.com, Feb. 14, 2025.
“Investment Costs Make a Huge Difference,” by Robin Powell, ifa.com, Feb. 17, 2025.
ETF Edge interview with Charley Ellis, cnbctv, Feb. 10, 2025.
OtherRegulation Fair Disclosure
Alfred Marshall
Thinking, Fast and Slow, by Daniel Kahneman
Today on the podcast we welcome back Cliff Asness. Cliff is the founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst’s Journal, the Journal of Finance, and the Journal of Financial Economics. Before co-founding AQR, Cliff was a managing director and director of quantitative research for the asset management division of Goldman Sachs. Cliff Asness, welcome back to The Long View.
BackgroundBio
@CliffordAsness
“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.
Macro Forecast, Market-Timing, and Equities“2035: An Allocator Looks Back Over the Last 10 Years,” by Cliff Asness, aqr.com, Jan. 2, 2025.
“(So) What If You Miss the Market’s N Best Days?” by Cliff Asness, aqr.com, June 5, 2025.
“Why Not 100% Equities,” by Cliff Asness, aqr.com, Feb. 12, 2024.
“Exceptional Expectations: US vs. Non-US Equities,” by Antti Ilmanen and Thomas Maloney, aqr.com, Q2 2025.
Alternative Assets and Artificial Intelligence“In Praise of High-Volatility Alternatives,” by Cliff Asness, aqr.com, Sept. 4. 2024.
“Should Hedge Funds Hedge?: Why Some Alts Should Have a Beta of 1.0,” by Cliff Asness, aqr.com, March 28, 2025.
“We Have ‘Surrendered More to the Machines,’ Says Quant Fund Titan Cliff Asness,” by Costas Mourselas and Amelia Pollard, ft.com, June 3, 2025.
“CIO Perspectives: An Interview With Cliff Asness,” aqr.com, Sept. 1, 2024.
OtherWisdomTree
“AQR Launches the AQR Fusion Mutual Fund Series,” AQR Funds News, aqr.com, June 25, 2025.
Asian Financial Crisis
Today on the podcast we welcome back Nick Maggiulli. He’s the author of a new book called The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life. His first book was called Just Keep Buying. In addition, Nick writes a wonderful blog called Of Dollars and Data, which is focused on the intersection between data and personal finance. In his day job, Nick is the Chief Operating Officer and Data Scientist at Ritholtz Wealth Management. He received his bachelor’s degree in economics from Stanford University. Nick, welcome back to The Long View.
BackgroundBio
Of Dollars and Data
The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life
Just Keep Buying: Proven Ways to Save Money and Build Your Wealth
Topics Discussed“How to Make More Without Working More,” by Nick Maggiulli, ofdollarsanddata.com, July 7, 2025.
“How Much House Is Too Much?” by Nick Maggiulli, ofdollarsanddata.com, Oct. 22, 2024.
“Rich vs Wealthy: Summarizing the Differences,” by Nick Maggiulli, ofdollarsanddata.com, April 18, 2023.
“What Is Liquid Net Worth? [And Why It’s So Important],” by Nick Maggiulli, ofdollarsanddata.com, Dec. 5, 2023.
“Do You Need Alternatives to Get Rich?” by Nick Maggiulli, ofdollarsanddata.com, May 28, 2024.
“Concentration Is Not Your Friend,” by Nick Maggiulli, ofdollarsanddata.com, March 14, 2023.
Other“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View, Morningstar.com, April 12, 2022.
Federal Reserve Survey of Consumer Finances
“High Income Improves Evaluation of Life But Not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, Princeton.edu, Aug. 4, 2010.
“Experienced Well-Being Rises With Income, Even Above $75,000 Per Year,” by Matthew Killingsworth, pnas.org, Nov. 14, 2020.
“Income and Emotional Well-Being: A Conflict Resolved,” by Matthew Killingsworth, Daniel Kahneman, and Barbara Mellers, pnas.org, Nov. 29, 2022.
Of Dollars and Data Popular Posts
“Even God Couldn’t Beat Dollar-Cost Averaging,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 5, 2019.
Get Good With Money, by Tiffany Aliche
The Millionaire Fastlane, by MJ DeMarco
The Intelligent Asset Allocator, by William Bernstein
How to Retire, by Christine Benz
Our guest this week is Brian Selmo. Brian is a portfolio manager and research director at First Pacific Advisors. Since 2013, he has comanaged the FPA Crescent Fund with Steve Romick and Mark Landecker, and in 2021, he became comanager of the FPA Global Equity ETF. Both strategies are highly regarded by Morningstar’s Manager Research Team. Before joining FPA in 2008, Brian worked as an analyst at Third Avenue Management and at Rothschild, and was founder and portfolio manager of Eagle Lake Capital. Brian holds a degree from Johns Hopkins.
Show NotesBackgroundBio
FPA
FPA Crescent Fund
Steve Romick: ‘We Think Defensively’, The Long View podcast, Aug. 25, 2020.
Morningstar Awards for Investing Excellence
ReferencesIn an Uncertain World: Tough Choices From Wall Street to Washington, by Robert E. Rubin and Jacob Weisberg
We’re taping this podcast at the Morningstar Investment Conference, where we’re delighted to be joined by Vanguard CEO Salim Ramji, who joined Vanguard just about a year ago. Prior to joining Vanguard, Salim was a senior leader at BlackRock, where his most recent position was as global head of iShares and index investing. Before that, he was a senior partner at McKinsey & Company. Salim started his career as a lawyer at Clifford Chance in London and Hong Kong.
BackgroundBio
Vanguard Announces Appointment of Salim Ramji as New CEO
A message From Salim Ramji
TopicsVanguard Chooses an Outsider as Its New CEO, by Daniel Sotiroff, Morningstar.com, May 14, 2024.
Vanguard’s New CEO: The Story Everyone Is Missing, by Susan Dziubinski and Daniel Sotiroff, Morningstar.com, April 22, 2025.
Ramji Discusses Vanguard at 50 With Wall Street Week, May 22, 2025.
2025 Morningstar Investment Conference: How to Invest Today, Laura Lallos, Morningstar.com, June 27, 2025.
Vanguard CEO on Outages, Expansion Plans and Culture, Bloomberg, Aug. 5, 2024.
2025 MIC: Vanguard CEO Salim Ramji on AI, Fees, and the Future of the Firm, Hedge Fund Alpha, June 27, 2025.
Vanguard Unveils Generative AI Client Summaries for Financial Advisors, Vanguard, May 5, 2025.
Automated Investing With Digital Advisor
The Best Robo-Advisors of 2025, Dan Culloton, Morningstar.com, May 2, 2025.
How Vanguard plans to play disruptor again, by Brooke Masters, Financial Times, Feb. 11, 2025.
Vanguard CEO Salim Ramji cools the jets on private assets, by Tania Mitra, Citywire, June 26, 2025.
Vanguard CEO says its public-private efforts rooted in partnerships, not acquisitions, by Rob Kozlowski, Pensions & Investments, June 26, 2025.
Vanguard sets sights on private markets (at the right price), by Lachlan Maddock, Investment Magazine, March 5, 2025.
For this holiday week, we’re resurfacing one of our favorite episodes from 2025 so far. Author JL Collins talking about the new edition of his bestselling book, The Simple Path to Wealth. We hope that you’ll enjoy the episode, and we’ll be back with a brand-new one next week. In the meantime, happy Fourth of July.
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast, we welcome back author and blogger JL Collins. JL’s first book, The Simple Path to Wealth: Your road map to financial independence and a rich, free life, was published in 2016 and has since sold more than 1 million copies. He has recently come out with a second edition of the book, which his daughter, Jess, collaborated on. In 2023, he published another book called Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence.
BackgroundBio
The Simple Path to Wealth (Revised & Expanded 2025 Edition): Your Road Map to Financial Independence and a Rich, Free Life
Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence—And How to Join Them
The Simple Path to Wealth, 4% Rule, Inflation, and Stocks“Case Study #1: Putting the Simple Path to Wealth Into Action,” by JL Collins, jlcollinsnh.com, July 10, 2023.
“Things Important, and Unimportant,” by JL Collins, jlcollinsnh.com, March 1, 2023.
“Stocks—Part XIII: The 4% Rule, Withdrawal Rates and How Much Can I Spend Anyway?” by JL Collins, jlcollinsnh.com, Oct. 15, 2023.
“Déjà Vu All Over Again,” by JL Collins, jlcollinshh.com, April 18, 2025.
“Stocks—Part IV: The Big Ugly Event, Deflation and a Bit on Inflation,” by JL Collins, jlcollinsnh.com, Nov. 16, 2023.
“Stocks—Part XXII: Stepping Away From REITs,” by JL Collins, jlcollinsnh.com, May 12, 2025.
“Stocks—Part XXVII: Why I Don’t Like Dollar Cost Averaging,” by JL Collins, jlcollinshn.com, Jan. 8, 2024.
“Stocks—Part III: Most People Lose Money in the Market,” by JL Collins, jlcollinsnh.com, Nov. 16, 2023.
“Time Machine and the Future Returns for Stocks,” by JL Collins, jlcollinsnh.com, July 10, 2023.
Debt Paydown“Chainsaws and Credit Cards,” by JL Collins, jlcollinsnh.com, March 30, 2023.
“Stocks—Part XXVIII: Debt – The Unacceptable Burden,” by JL Collins, jlcollinsnh.com, May 12, 2025.
Other“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.
“JL Collins: Spotlighting the Many Paths to Financial Independence,” The Long View podcast, Morningstar.com, Oct. 31, 2023.
Vanguard Total Stock Market Index VTSAX
Bill Bengen
Mr. Money Mustache
Our guest on the podcast today is Eric Simonson. Eric is CEO of Abundo Wealth, an advice-only financial planning firm he founded in 2019. In addition, he heads up the Advice-Only Network, which is a platform dedicated to helping consumers find advice-only financial planners. Before starting Abundo, Eric was a financial advisor and managing director of Ameriprise Financial. He’s a certified financial planner and received bachelor’s degrees in finance and English from the University of Minnesota. Eric, welcome to The Long View.
BackgroundBio
Abundo Wealth
Advice-Only Network
Philosophy, Financial Advice, and FIRE“Our Investment Philosophy,” by Eric Simonson, abundowealth.com, Aug. 2, 2022.
“What Is a Flat Fee Financial Advisor?” by Eric Simonson, abundowealth.com, May 8, 2022.
“Investments Are a Small Part of Financial Advice,” by Jeremy Zuke, abundowealth.com, Jan. 13, 2025.
“When Do You Need a Financial Advisor?” by Lori Bodenhamer, abundowealth.com, June 22, 2022.
“What If You Can’t Retire Yet?” by Chris Mamula, abundowealth.com, Feb. 26, 2023.
“The Value of International Diversification,” by Jeremy Zuke, abundowealth.com, July 7, 2024.
“DIY Investing: Managing Your Own Investment Accounts Is Easier Than You Think,” by Lori Bodenhamer, abundowealth.com, July 20, 2022.
Travel Hacks“How to Travel and Still Meet Your Financial Goals,” by Eric Simonson, abundowealth.com, Aug. 1, 2022.
“How to (Properly) Use Your Credit Card Points When Booking Travel,” by Andrew Dressel, abundowealth.com, Aug. 24, 2022.
OtherRightCapital
Our guest on the podcast today is Rosanne Corcoran. Rosanne is the Director of Content Strategy for Daughterhood.org, which is focused on creating community and providing resources to family caregivers. Rosanne also hosts a wonderful podcast called Daughterhood, the Podcast. In addition, she facilitates support groups and meetings for caregivers and has experience as a family caregiver herself.
BackgroundBio
Daughterhood.org
Daughterhood the Podcast: For Caregivers
Anne Tumlinson
Medicare/Caregiving“5 Common Misconceptions About Medicaid,” daughterhood.org blog.
“4 Tips to Make You Smarter About Your Parents’ Medicare,” daughterhood.org blog.
“3 Medicare Benefits You MUST Know About,” daughterhood.org blog.
“AARP Research Insights on Caregiving,” aarp.org, March 27, 2025.
“Caregiving Statistics: Work and Caregiving,” by Family Caregiver Alliance, caregiver.org.
Favorite Podcast Guests“End of Life Care & Caregiver Burden With Jessica Zitter, MD, MPH,” Daughterhood the Podcast: For Caregivers, daughterhood.org, Feb. 11, 2021.
“Challenging Behaviors in Dementia and the Reasons Why With Judy Cornish, Founder of the Dawn Method,” Daughterhood the Podcast: For Caregivers, daughterhood.org, Aug. 12, 2021.
“The Final Days of Hospice and What to Expect With Barbara Karnes,” Daughterhood the Podcast: For Caregivers, daughterhood.org, Feb. 8, 2024.
“Finding Meaning in Caregiving With Dr. Allison Applebaum,” Daughterhood the Podcast: For Caregivers, daughterhood.org, March 14, 2024.
“Empathy in Caregiving With PK Beville,” Daughterhood the Podcast: For Caregivers, daughterhood.org, June 10, 2021.
“A Conversation With Leeza Gibbons,” Daughterhood the Podcast: For Caregivers, daughterhood.org, Jan. 14, 2021.
“2025 Policy Changes for Family Caregivers,” Daughterhood the Podcast: For Caregivers, daughterhood.org, Feb. 25, 2025.
OtherNational Alliance for Caregiving
Aging Life Care Association
“Howard Gleckman: We Pretend This Isn’t a Problem,” The Long View podcast, Morningstar.com, Jan. 16, 2024.
How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz
“Jean Chatzky: What Women Need to Do Differently With Their Money,” The Long View podcast, Morningstar.com, April 8, 2025.
Five Wishes
Leeza’s Care Connection
Today on The Long View, we’re featuring an episode from another Morningstar podcast, The Morning Filter, which you can subscribe to on Apple podcasts or wherever you get your podcasts.
Every Monday, Susan Dziubinski sits down with Morningstar Chief US Market Strategist Dave Sekera to discuss one thing that’s on his radar this week, one new piece of Morningstar research, and a few stock picks or pans for the week ahead.
On this week’s episode, Dave and Susan discuss the likelihood of the Federal Reserve cutting interest rates soon and which company earnings to watch for in the week ahead. They also talk about Adobe’s results, takeaways from Apple’s WWDC event, and other stocks in the news. And they welcome special guest Damien Conover, Morningstar director of US equity research, who covers which sectors and industries are most vulnerable to tariffs.
Episode highlights:
Why Good Inflation Numbers Won’t Spur the Fed to Act
Which Stocks in the News Look Attractive?
Tariffs & Trade-Deal Stock Picks
Stocks That Are Rallying & Have More Room to Run
Read about topics from this episode.
Learn more about Morningstar’s approach to stock investing: Morningstar’s Guide to Investing in Stocks
Read Dave’s latest stock market outlook: June 2025 US Stock Market Outlook: Has the Storm Passed?
Find out which sectors and industries would be hurt most by tariffs, according to Morningstar: Tariffs Would Likely Hit These US Stock Sectors the Hardest
Follow Dave on social media.
Dave Sekera on X: @MstarMarkets
Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera
Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Dr. Paul Ashworth. Paul serves as Chief North America Economist at Capital Economics. He joined the London-based research firm in 2001 from the National Institute of Economic and Social Research after taking degrees in economics and mathematics at Strathclyde and Warwick in the United Kingdom and completing a Ph.D. in monetary policy. In 2010, Paul was named Wall Street Journal Forecaster of the Year.
BackgroundBio
Capital Economics
“Ashworth Tops Economy Survey,” by Justin Lahart, wsj.com, Feb. 7, 2011.
Tariffs, Trade, and Inflation“Trump Tariffs Get to Stay in Place for Now. What Happens Next?” by Peter Hoskins and Yang Tian, bbc.com, May 30, 2025.
“Economists Welcome U.S.-U.K. Agreement for Signal Rather Than Substance,” by Harriet Torry, wsj.com, May 8, 2025.
“This Economist Thinks the Tariff Pause Could Be Permanent,” by Hannah Erin Lang, wsj.com, April 9, 2025.
“Consumer Sentiment Darkens Further With Inflation Worries Rising,” by Chao Deng, wsj.com, May 16, 2025.
Other“Why Trump Decided Not to Try to Fire Jerome Powell,” by Brian Schwartz, Josh Dawsey, and Nick Timiraos, wsj.com, April 23, 2025.
“The Weekly Briefing: AI’s Productivity Boom, Central Bank Rhetoric vs Reality, Recession Risk and More,” A Capital Economics podcast, Sept. 22, 2023.
Our guest on the podcast today is Ben Felix. Ben is chief investment officer for PWL Capital, a Canadian wealth management firm. He also co-hosts the Rational Reminder podcast and is the host of a YouTube channel that covers finance and investing-related topics. He joined PWL Capital in 2013 after completing a degree in mechanical engineering as well as an MBA. He is a CFA charter holder and a CFP professional. Ben, welcome to The Long View.
BackgroundBio
PWL Capital
Rational Reminder podcast
Canadian Market and Home-Country Bias“The Passive vs. Active Fund Monitor,” by Raymond Kerzerho, pwlcapital.com, Winter 2024.
“Passive Beats Active Again in 2024,” by James Parkyn, capitaltopics.com, April 30, 2025.
“Canadians Reducing Home Bias, Eh? Vanguard Research Finds That Investors Are Increasingly Going Global,” vanguard.ca, June 2024.
Rational Reminder Podcast“Episode 169: Prof. John Cochrane: (Modern) Modern Portfolio Theory,” Rational Reminder Podcast, Sept. 30, 2021.
“Understanding Crypto 14: Prof. John Cochrane: Money, (Fiscal) Inflation, and Political Freedom,” Rational Reminder Podcast, Sept. 2, 2022.
“Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation,” Rational Reminder Podcast, Dec. 21, 2023.
“Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice,” Rational Reminder Podcast, March 27, 2025.
“Episode 316: Andrew Chen: ‘Is Everything I Was Taught About Cross-Sectional Asset Pricing Wrong?!’” Rational Reminder Podcast, Aug. 1, 2024.
“Episode 102: Dr. Brian Portnoy: Underwriting a Meaningful Life,” Rational Reminder Podcast, June 11, 2020.
“Episode 171: Prof. Campbell R. Harvey: The Past and Future of Finance,” Rational Reminder Podcast, Oct. 14, 2021.
Other“The Misguided Beliefs of Financial Advisors,” by Juhani T. Linnainmaa, Brian Melzer, and Alessandro Previtero, Journal of Finance, March 22, 2021.
Rational Reminder Community
“OneDigital Expands Into Canada With Investment in PWL Capital, Expanding Wealth Management Services Across Borders,” OneDigital.com, Jan. 23, 2025.
“Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice,” by Scott Cederburg, Aizhan Anarkulova, and Michael S. O’Doherty, papers.ssrn.com, March 5, 2025.
The Fiscal Theory of the Price Level, by John Cochrane
On this week’s episode, we’re pleased to welcome back returning guest, Jason Zweig. Jason writes the “Intelligent Investor” column in The Wall Street Journal and has published a number of popular and critically acclaimed books on investing and finance, including Your Money and Your Brain and The Devil’s Financial Dictionary. In his most recent project, Jason published an update of Ben Graham’s classic book, The Intelligent Investor. And we’ve devoted a portion of today’s episode to delving into Graham and the Intelligent Investor with Jason. Please note that we recorded this interview on April 8, 2025.
BackgroundBio
Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make Your Rich
The Devil’s Financial Dictionary
Tariffs and TIPS“Trump Just Shredded the Economic Playbook. Here Are Your Next Investing Moves,” by Jason Zweig, wsj.com, April 4, 2025.
“The Mistake You’re Making in Today’s Stock Market—Without Even Knowing It,” by Jason Zweig, wsj.com, April 25, 2025.
“Four Questions You Should Ask to Combat the Market Chaos,” by Jason Zweig, wsj.com, April 10, 2025.
“Inflation Isn’t Going Away? Some Tips on How to Buy TIPS,” by Jason Zweig, wsj.com, Feb. 14, 2025.
The Intelligent InvestorThe Intelligent Investor: The Definitive Book on Value Investing, by Benjamin Graham
The Intelligent Investor Third Edition: The Definition on Value Investing, by Benjamin Graham and updated with new commentary by Jason Zweig.
Jonathan Clements“The WSJ’s Jonathan Clements Wants to Leave a Living Legacy,” by Jason Zweig, wsj.com, May 8, 2025.
“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’” The Long View podcast, Morningstar.com, Dec. 26, 2023.
“Jonathan Clements: ‘Life Is Full of Small Pleasures,’” The Long View podcast, Morningstar.com, Oct. 15, 2024.
Private Markets“Private Markets Seem Out of Reach for Individual Investors. BlackRock Thinks It Has an Answer,” by Jason Zweig, wsj.com, Sept. 12, 2024.
“You’re Invited to Wall Street’s Private Party. Say You’re Busy,” by Jason Zweig, wsj.com, Dec. 20, 2024.
“Don’t Buy Into This Easy Fix for Stock-Market Craziness,” by Jason Zweig, wsj.com, April 18, 2025.
Other“SEC, States Investigate Firm Holding Couple’s $763,094 Retirement Fund,” by Jason Zweig, wsj.com, Dec. 4, 2024.
“David Swensen’s Coda,” Yale News, news.yale.edu, Oct. 22, 2021.
Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Arunma Oteh, currently of the University of Oxford Saïd Business School. Arunma is a former treasurer of the World Bank and also served in various leadership roles in the African Development Bank. In 2010, she became Director General of Nigeria Securities and Exchange Commission, and she led that apex regulator for several years following the global financial crisis. She writes about the experience in the recently published book All Hands on Deck: Unleash Prosperity Through World Class Capital Markets. Arunma is a graduate of the University of Nigeria, UNN Nsukka, and Harvard Business School.
BackgroundBio
All Hands on Deck: Unleash Prosperity Through World Class Capital Markets
Nigeria’s “Iron Lady”“Nigeria’s Iron Lady Takes on Fraudsters,” by Caroline Duffield, bbc.com, July 1, 2010.
“Changing the World One Bond at a Time,” Rita Stankeviciute and Kathleen Manahan, worldbank.org, July 18, 2018.
“Nigeria SEC Boss, Arunma Oteh, Fights Back,” YouTube video, March 15, 2012.
OtherSecurities and Exchange Commission, Nigeria
Nigerian Exchange Group NGX
FMDQ Group
“A Tale of 2 Exchanges: As FMDQ Thrives NGX Plays Catch Up,” by Bala Augie, moneycentral.com, Oct. 2, 2021.
Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Daniel Rasmussen. He’s the founder and portfolio manager of Verdad Advisers, a hedge fund. Before starting Verdad, Dan worked at Bain Capital Private Equity and Bridgewater Associates. He’s a member of the investment committee of the trustees of donations of the Episcopal Church and he’s a contributor to The Wall Street Journal. Dan is author of the new book, The Humble Investor: How to find a winning edge in a surprising world. His earlier book was American Uprising: The Untold Story of America’s Largest Slave Revolt. Dan holds a bachelor’s from Harvard and an MBA from Stanford. Dan, thanks so much for joining us on The Long View.
BackgroundBio
Verdad
The Humble Investor: How to find a winning edge in a surprising world
American Uprising: The Untold Story of America’s Largest Slave Revolt
Forecasting“Waves in Ship Prices and Investment,” by Sam Hanson and Robin Greenwood, Quarterly Journal of Economics, February 2014.
Superforecasting: The Art and Science of Prediction, by Philip Tetlock
“Gaining Edge by Forecasting Volatility and Correlations,” by Dan Rasmussen, Chris Satterthwaite, and Lionel Smoler Schatz, verdadcap.com, Oct. 30, 2023.
Value Investing“Where the Value Investing Strategy Still Works,” by Dan Rasmussen, ft.com, May 23, 2024.
“Factors from Scratch: A Look Back, and Forward, at How, When and Why Factors Work,” by Chris Meredith, Jesse Livermore, and Patrick O’Shaughnessy, osam.com, May 2018.
“The Size Factor: Small Caps Are Trading at the Steepest Discount to Large Caps in Decades,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Aug. 22, 2022.
“The Small Cap Amplifier,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Oct. 21, 2024.
“Explaining International Valuations,” by Dan Rasmussen, verdadcap.com, Jan. 27, 2025.
Private Credit and High Yield“The ‘Fool’s Yield’ of Private Credit,” by Jamie Powell, ft.com, Jan. 28, 2020.
“Sizing Private Equity Allocations,” by Dan Rasmussen, verdadcap.com, May 13, 2024.
“The Best Macro Indicator: Why You Should Be Following High-Yield Spreads,” by Dan Rasmussen, verdadcap.com, May 17, 2021.
Crisis Investing“Crisis Investing in Europe: The Unlikely Winners in the Most Difficult Times,” by Dan Rasmussen and Brian Chingono, verdadcap.com, May 16, 2022.
“EM Crisis Investing, A Deeper Dive: Understanding the Factors at Play in Emerging Markets,” by Verdad Research, verdadcap.com, May 3, 2022.
Our guest on the podcast today is David Booth. He’s the Chairman of Dimensional Fund Advisors, a firm he founded in 1981. David led Dimensional as CEO and later Co-CEO until 2017, when he stepped back from the daily management of the firm. David helped create one of the world’s first index funds in the 1970s and launched the first passively managed small-company strategy in the early 1980s. He received a bachelor’s degree in economics in 1968 and a master’s degree in business in 1969 from the University of Kansas. In 1971, he received an MBA from the University of Chicago. Over the years, David has been a benefactor to both schools, and the University of Chicago Booth School of Business is named in David’s honor. David, welcome to The Long View.
BackgroundBio
Tune Out the Noise
DFA US Small Cap
DFA US Micro Cap
Papers Mentioned“Stocks, Bonds, Bills and Inflation: Year-by-Year Historical Returns (1926-1974),” by Roger Ibbotson and Rex Siquefield, The Journal of Business, January 1976.
“The Cross-Section of Expected Stock Returns,” by Eugene Fama and Kenneth French, jstor.org, June 1992.
“Why Investors Missed Out on 15% of Total Fund Returns,” by Jeffrey Ptak, Morningstar.com, Aug. 15, 2024.
OtherErrol Morris
Merton Miller
Eugene Fama
Mac McQuown
Rex Sinquefield
Robert Merton
Dan Wheeler
Daniel Kahneman
“Everything You Need to Know About ‘MADOFF: The Monster of Wall Street,’” by Ingrid Ostby, netflix.com, Jan. 4, 2023.
“DFA vs. Vanguard,” The Rational Reminder podcast, Episode 351, youtube.com.
“PHOTOS: A Look Inside the Booth Estate,” Austin American-Statesman, Feb. 13, 2020.
Today on the podcast we welcome back Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds, which manages the Discipline Fund ETF. In addition, he heads up Orcam Group, a registered investment advisory firm he established in 2012. He’s authored several books, including Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, and he has a new book coming out next year called Your Perfect Portfolio. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor’s degree in finance from Georgetown University’s McDonough School of Business. Cullen, welcome back to The Long View.
BackgroundBio
Discipline Funds
Discipline Fund ETF
Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance
Your Perfect Portfolio
Tariffs and Recession“Let’s Talk About Tariffs,” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025.
“Weekend Reading—How Did We Get Here?” by Cullen Roche, disciplinefunds.com, April 4, 2025.
“Three Things—Tariffs, Of Course,” by Cullen Roche, disciplinefunds.com, April 7, 2025.
“American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics,” by Charles E. Scott and John J. Siegfried, jstor.org.
“Three Things—Is a Recession Coming?” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025.
Defined Duration Investing“What Is Defined Duration Investing?” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023.
“Defined Duration Investing,” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022.
The Fed and Global Investing“Three Things—State of the Markets,” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025.
“Why Is International Investing Working Again?” by Cullen Roche, disciplinefunds.com, March 26, 2025.
“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, April 19, 2025.
Other“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, Morningstar.com, Jan. 11, 2022.
Milton Friedman
“NY Empire State Index: Meaning, Benefits, Example,” by Adam Hayes, Investopedia.com, June 30, 2022.
William Bernstein’s No-Brainer Portfolio
Meb Faber
The Humble Investor, by Dan Rasmussen
Our guest this week is Vincent Montemaggiore. Vince is a portfolio manager at Fidelity where he manages the Overseas Fund. The strategy is highly regarded by Morningstar’s manager research team. Prior to taking over Fidelity Overseas in 2012, Vince ran Fidelity Select Banking from June 2008. He joined Fidelity as an equity analyst in 2004. Vince has a bachelor’s from the University of Pennsylvania and an MBA from Columbia Business School. Vince, welcome to The Long View.
BackgroundBio
Fidelity Series Overseas FSOSX
Global Outlook“2025 Global Investing Outlook: Unsettling International Headlines Are Creating Opportunities for US Investors,” fidelity.com, Jan. 6, 2025.
“Trump Tariffs and Investors: What They Mean for Inflation, Stocks, and the Economy,” fidelity.com, April 9, 2025.
GRANOLAS Stocks Mentioned“Europe’s Magnificent 7 Stocks Are Profitable—And Cheaper,” by Jocelyn Jovene, morningstar.co.uk, Feb. 19, 2024.
GSK
Roche
ASML
Nestle
Novartis
SAP
AI and Companies MentionedRELX
LSEG and Microsoft Partnership
OtherHitachi
Tokio Marine
Bill Kennedy
Sammy Simnegar
Jed Weiss
Today on the podcast, we welcome back Jean Chatzky. Jean is the CEO of HerMoney.com and host of the podcast, HerMoney with Jean Chatzky. She has served as the financial editor of NBC Today for 25 years and is the financial ambassador for AARP. She appears frequently on CNN, MSNBC, and was a recurring guest on The Oprah Winfrey Show. She has written several New York Times bestselling books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. Jean also appears in my book How to Retire, where she talks about retirement planning considerations for women.
BackgroundBio
HerMoney podcast
FinanceFixx
Women With Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve, by Jean Chatzky
Opportunity Knocks
AARP
Women in Investing and Financial Advisors“How to Choose a Financial Advisor,” video post by Jean Chatzky, Linkedin.com.
“Jean Chatzky on Women in Investing: Are You Taking Control of Your Money?” by Melissa Houston, forbes.com, April 21, 2022.
Annuities, Long-Term Care, FIRE“The High Costs of Senior Caregiving,” by Ella Vincent, Kiplinger.com, Aug. 3, 2023.
“Long-Term Care Insurance Rate Increase Creates Big Headache,” by Jean Chatzky, aarp.com, Feb. 7, 2023.
“Are Annuities a Good Investment? What They Are and Why Women Should Consider Them,” HerMoney With Jean Chatzky, episode 433, hermoney.com, July 24, 2024.
“How to Retire Early Without Hating Your Life,” HerMoney With Jean Chatzky, episode 459, hermoney.com, Jan. 22, 2025.
Other“Jean Chatzky: ‘Financial Stress Is a Big Topic in Need of More Oxygen,’” The Long View podcast, Morningstar.com, Dec. 15, 2020.
How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz
Karen Finerman
Michael Kitces
Alliance for Lifetime Income
Jean Chatzky The Today Show archives
Our guest on the podcast today is Dr. Jay Zigmont. He’s the author of a new book called The Childfree Guide to Life and Money, and he’s also the founder and CEO of Childfree Wealth, a financial planning firm dedicated to helping people without kids. Dr. Jay is a certified financial planner, and he also has his MBA, as well as his PhD in Adult Learning from the University of Connecticut. He hosts the Childfree Wealth podcast, and he previously published another book called Portraits of Childfree Wealth. Dr. Jay, welcome to The Long View.
BackgroundBio
Childfree Wealth
Childfree Wealth podcast
The Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing, by Jay Zigmont
Portraits of Childfree Wealth: 26 stories about how being Childfree impacts your life, wealth and finances, by Jay Zigmont
Being Childfree“Census Bureau: Older Childless Women Make More Money, In Better Health Than Male Counterparts,” by Carlie Porterfield, forbes.com, Aug. 31, 2021.
“11% of Older Americans (55+) Are Childfree,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.
“Among Unmarried Adults, Women Without Children Have as Much Wealth as Single Men,” by Richard Fry, pewresearch.org, Nov. 4, 2024.
“Choosing the FILE Lifestyle—Financial Independence, Live Early,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.
“FILE vs FIRE—Finding What Is Right For You,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.
Die With ZeroDie With Zero: Getting All You Can From Your Money and Your Life, by Bill Perkins
“How Do I Embrace the Die With Zero Approach?” by Jay Zigmont, childfreewealth.com, April 30, 2024.
“Not Having Children ‘Breaks’ Traditional Financial Planning, says CFP—8 Money Rules for Childfree People,” by Ryan Ermey, cnbc.com, Dec. 5, 2023.
Long-Term Care and Estate Planning“How Much Does Assisted Living Cost in 2023?” by Sam DiSalvo, finance.yahoo.com, March 30, 2023.
“Long-Term Care for Childfree Individuals,” by Jay Zigmont, childfreewealth.com, Nov. 23, 2023.
“Who Will Take Care of Me?” by Jay Zigmont, childfreewealth.com, Dec. 12, 2023.
“Get Your Paperwork Right, Now!—Wills, Beneficiaries, Living Wills, POAs and More,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.
Other“New Report: Being Childfree May Not Make You Rich, But It May Make You Happy,” by Jay Zigmont, childfreewealth.com, Oct. 6, 2022.
“The Gardener and the Rose,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.
The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy, by Jordan Grumet
“Jordan Grumet: The Purpose Code,” The Long View podcast, Morningstar.com, Jan. 7, 2025.
Our guest this week is Sudarshan Murthy from GQG Partners. Sudarshan is a co-portfolio manager on all GQG investment strategies, which include global equities, US equities, and emerging markets. Before joining GQG in 2016, Sudarshan worked as an Asian equities analyst for Matthews International, and he was also a sell-side researcher at Sanford Bernstein. Before his investment career, Sudarshan worked in IT services at Infosys Technologies and in banking. He holds degrees from the National Institute of Technology in India, the Indian Institute of Management, and the Wharton School of the University of Pennsylvania.
BackgroundGQG Partners
LinkedIn bio
Emerging Markets“Turning Tides in Emerging Markets: India, Indonesia, and Brazil are making waves,” GQG Research, Feb. 18, 2025.
“GQG’s $19 Billion Fund Says Chinese Stock Rally Is ‘Confusing,’ ” by Ishika Mookerjee, Bloomberg, March 1, 2024
“India has moved from red tape to red carpet”: PM Modi in virtual address at G20 meet, Financial Express, Aug. 24, 2023
“Navigating the Herd Mentality in Indian Markets,” GQG Research, Nov. 15, 2024
Current Events“Sudarshan Murthy speaks with Gabriel Mellqvist from EFN Ekonomikanalen about elections,” GQG Partners Instagram, Nov. 8, 2024.
“What are the potential impacts of the new US administration’s tariff policies?” GQG Facebook video, Jan. 9, 2025.
Today on the podcast, we’re welcoming Barry Ritholtz. He’s co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, a firm that was launched in 2013. He’s the creator and host of Masters in Business, one of the earliest finance-related podcasts. He also regularly posts on The Big Picture, where he’s been covering everything investing related since 2003. He is the author of Bailout Nation, and his latest book, How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth—and How to Avoid Them, has just been published.
Background and BooksBarry Ritholtz LinkedIn
Ritholtz Wealth Management
Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy, with New Post-Crisis Update
How Not to Invest: The ideas, numbers, and behavior that destroy wealth—and how to avoid them
Podcasts and MoreMasters in Business podcast
The Big Picture
“Masters in Business - Ray Dalio Full Show,” Masters in Business podcast, Nov. 30, 2018
“An Interview With Ken Feinberg: Masters in Business,” Masters in Business podcast, Oct. 9, 2015
“MiB: Charley Ellis on Rethinking Investing,” Masters in Business podcast, Feb. 21, 2025
“Why Fear Is an Investor’s Worst Enemy” by Samantha Lamas from the 2017 Morningstar ETF Conference, Morningstar.com, Sept. 12, 2017
“Rabbithole: What Do People Get Wrong About Money?” The Big Picture,March 10, 2025
“It’s Been 40 Years Since Our Cover Story Declared ‘The Death of Equities,’ ” by Peter Coy, Bloomberg, Aug. 13, 2019
Readings
Winning the Loser’s Game: Timeless Strategies for Successful Investing, Eighth Edition,byCharles D. Ellis
Expert Political Judgment: How Good Is It? How Can We Know?, by Philip E. Tetlock
Four Thousand Weeks: Time Management for Mortals, by Oliver Burkeman
Principles, by Ray Dalio
Our guest on the podcast today is Mellody Hobson. She’s the author of a new book for children called Priceless Facts About Money. In addition, she’s co-CEO of Ariel Investments, where she is responsible for management, strategic planning, and growth for all areas of Ariel outside of research and portfolio management. Additionally, she serves as chairman of the board of trustees of Ariel Investment Trust, the company’s publicly traded mutual funds. Prior to being named co-CEO, spent nearly two decades as the firm’s president. Outside of Ariel, Mellody has been active on corporate boards, including Starbucks, JPMorgan Chase, Estee Lauder, and DreamWorks Animation.
BackgroundAriel Investments
Bio
Ariel Community Academy
Gratitude and Appreciation to Mellody Hobson, Starbucks
“Just one Chicagoan made list of the 100 most powerful people in business,” by Jack Grieve, Crain’s Chicago Business, Nov. 12, 2024
“Why Sheryl Sandberg, Bill Bradley, and Oprah Love Mellody Hobson,” by Bethany McLean, Vanity Fair, March 30, 2015
Book and MorePriceless Facts About Money
“Mellody Hobson: ‘Most parents would rather talk about a condom than a credit card’ ” by Madison Darbyshire, Financial Times, Dec. 10, 2024
Oprah’s Favorite Things 2024 List Is Here!
“What Parents Get Wrong About Money and Their Kids” | The Oprah Podcast, Jan. 28, 2025
Investing Discussions“Ariel Investments Starts New Fund to Tap Into Women’s Sports,” by Miranda Davis, Bloomberg, Jan. 30, 2025
“Mellody Hobson, Co-CEO & President, Ariel Investments,” The Economic Club of Chicago, Dec. 18, 2024.
“Market Lessons from a Legendary Career of Doing Well by Doing Good,” 2024 Prime Quadrant Conference | Moderated by Mo Lidsky, Dec. 11, 2024
“Solving the World’s Hardest Problems with Mellody Hobson: Closing the Racial Wealth Gap,” Center for Strategic & International Studies, Aug. 28, 2024
“Mellody Hobson on Taking Tough Feedback,” Ted Talk, June 15, 2021.
“A Conversation with Mellody Hobson & Melonie Parker,” Catalyst Awards 2024, March 21, 2024.
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast, we welcome back Ramit Sethi. Ramit is a personal finance expert and author. His latest book is called Money For Couples: No more stress. No more fights. Just a 10-step plan to create your Rich Life together. It’s already a bestseller, as was his first book, I Will Teach You to Be Rich. Ramit is the founder of IWillTeachYouToBeRich.com, and he’s also the host of a podcast called I Will Teach You to Be Rich, which features in-depth conversations with couples about money. In addition, he hosts a Netflix show called How to Get Rich.
BackgroundBio
IWillTeachYouToBeRich.com
BooksMoney for Couples: No More Stress. No More Fights. Just a 10-Step Plan to Create Your Rich Life Together
I Will Teach You to Be Rich
Money for Couplespodcast
How to Get Rich
Topics“Episode 66: I’m Marrying Him in 1 Month—But Our Finances Are Terrifying Me,” I Will Teach You to Be Rich podcast, Iwillteachyoutoberich.com.
“Ramit Sethi Says Every Couple Should Align on ‘4 Key Numbers’—Here’s What They Are and Why They Matter,” by Victoria Vesovski, moneywise.com, Feb. 8, 2025.
“Money Dials: How You Spend and Why (Expert Advice on Spending),” by Ramit Sethi, iwillteachyoutoberich.com, June 12, 2024.
“The Happiest Couples Use 2 Phrases When Talking About Money, Says Self-Made Millionaire,” by Kamaron McNair, cnbc.com, Feb. 13, 2025.
“Love and Money: Combining Finances After Marriage,” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 13, 2024.
“The ‘Dangerous’ but Common Mistake a Self-Made Millionaire Says Couples Often Make With Money,” by Cheyenne DeVon, cnbc.com, June 3, 2024.
“Conscience Spending Basics (a Guide to Achieving Your Rich Life),” by Ramit Sethi, iwillteachyoutoberich.com, Dec. 14, 2024.
Other“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View podcast, Morningstar.com, Nov. 11, 2020.
“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.
“Ramit Sethi: Investing Shouldn’t Be Your Identity,” The Long View podcast, Morningstar.com, June 6, 2023.
Our guest this week is Louis-Vincent Gave. Louis is founding partner and CEO of Gavekal Group, a research and financial services firm based in Hong Kong. After graduating from Duke University and studying Mandarin at Nanjing University, Louis joined the French Army, then went on to become a financial analyst at Paribas, first in Paris, then in Hong Kong. In 1999, he launched Gavekal with his father, Charles, and Anatole Kaletsky. Louis is the author of seven books, the latest being, Avoiding the Punch: Investing in Uncertain Times.
Background
Bio
Avoiding the Punch: Investing in Uncertain Times
Clash of Empires: Currencies and Power in a Multipolar World
Too Different For Comfort
A Roadmap For Troubling Times
The End Is Not Nigh
Our Brave New World
Simple Economic Concepts For Financial Markets
China
Gavekal Dragonomics
“China Enters the AI Chat (With Louis-Vincent Gave)” by Liz Ann Sonders and Kathy Jones, schwab.com, Feb. 14, 2025.
“China Has ‘Leapfrogged’ the West | Louis Vincent Gave,” Wealthion, youtube.com, Jan. 28, 2025.
“China Overtaking the US in Strategic Sectors, Says Louis-Vincent Gave,” Financial Sense, Oct. 22, 2024.
“Is DeepSeek China’s Sputnik Moment?” by John Cassidy, The New Yorker, Feb. 3, 2025.
XPENG
“Xiaomi Automobile Super Factory, Producing One SU7 Every 76 Seconds,” Discover China Auto, youtube.com.
“The Evergrande Crisis Explained: Should Investors Worry?” by Lewis Jackson, Morningstar.com, Sept. 22, 2021
“China & the American Imperial Economy | Louis-Vincent Gave,” Hidden Forces podcast Episode 364, hiddenforces.io, May 14, 2024.
“The 3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s New 13F Filing,” by Susan Dziubinski, Morningstar, Nov. 14, 2024
Tariffs
“Are US Tariffs A Tool Or A Goal?” by Louis-Vincent Gave, Evergreen Gavekal, Jan. 9, 2025.
Asia and Emerging Markets
“Louis-Vincent Gave—Prepare for a Boom in Emerging Markets,” by Robert Huebscher, Vettafi Advisor Perspectives, May, 8, 2023.
BRICS Summit 2024
Twilight of the Gods: War in the Western Pacific, 1944-1945,by Ian W. Toll, W.W. Norton & Company, 2020.
Our guest on the podcast today is Dr. Preston Cherry. Dr. Cherry is the author of a new book called Wealth in the Key of Life: Finding Your Financial Harmony. He’s also founder and president of Concurrent Wealth Management. In addition, he serves as Assistant Professor of Finance and Head of the Personal Financial Planning Program at the University of Wisconsin-Green Bay, where he also serves as the Director of the Charles Schwab Foundation Center for Financial Wellness. Prior to assuming his current roles, he served in lead and internal financial planning roles in institutional retirement sales. He has also served as co-investment manager at a Registered Investment Advisor and as a mutual fund wholesaler.
Background
Bio
Life Money Balance podcast
Wealth in the Key of Life: Finding Your Financial Harmony
Schwab Center for Financial Wellness
Themes in Book
“What Is Financial Freedom?” by Preston Cherry, concurrentfp.com, July 9, 2024.
“Building Wealth With Gratitude: Essential Tips for Gen X,” Life Money Balance podcast, youtube.com, Nov. 26, 2024.
“How to Retire Comfortably: Essential Financial and Emotional Tips for a Joyful Retirement,” by Preston Cherry, concurrentfp.com, Nov. 13, 2024.
Other
“Dr. Preston Cherry: ‘Money and Life Intertwined,’” The Long View podcast, Morningstar.com, Nov. 22, 2024.
Songs in the Key of Life, Stevie Wonder album
“Does Money Buy Happiness? Here’s What the Research Says,” by Michele Berger, knowledge.wharton.upenn.edu, March 28, 2023.
The Millionaire Next Door, by Thomas Stanley and William Danko
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Our guest on the podcast today is Pam Krueger. Pam is the founder and CEO of Wealthramp, which seeks to match consumers with financial advisors who fit their needs. Pam is also the creator and co-host of MoneyTrack, seen on PBS and many other public media stations around the country. And she co-hosts the Friends Talk Money podcast with Terry Savage and Richard Eisenberg. In 2021, she received the Special Achievement Award from the National Association of Personal Financial Advisors, or NAPFA, for her work educating the public about the value of fee-only financial advice. Pam, welcome to The Long View.
Background
Bio
Wealthramp
MoneyTrack
Friends Talk Money podcast
Search for an Advisor
“The Best Financial Advisor for you Might not Be Local,” by Pam Krueger, wealthramp.com, March 19, 2024.
“Which Financial Advisor Credentials Matter Most?” by Pam Krueger, wealthramp.com, Feb. 26, 2024.
“Financial Advisor vs. Financial Coach: Which Is Best?” by Pam Krueger, wealthramp.com, July 31, 2023.
“How a Fiduciary Advisor Can Add Value to Your Portfolio,” by Pam Krueger, wealthramp.com, June 22, 2023.
“What’s in It for Me? Five Things You’ll Need to Know When Choosing a Financial Advisor,” wealthramp.com, Feb. 16, 2023.
“Protecting Your Interests: Why Fiduciary Matters,” wealthramp.com, March 6, 2023.
“Better Financial Advice Starts With Better Advisor Conversations,” by Pam Krueger, wealthramp.com, Oct. 29, 2024.
Other
“Tiffany Aliche ‘The Budgetnista’ Presents Money Match in Partnership With Wealthramp to Improve the Financial Advisor Search,” wealthramp.com, Oct. 19, 2023.
“Tiffany Aliche: Helping People ‘Move Past the Shame,’” The Long View podcast, Morningstar.com, Nov. 20, 2023.
BrokerCheck
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Our guest on the podcast today is Sahil Bloom. He’s the author of a new book called The 5 Types of Wealth, and he also writes a newsletter called the Curiosity Chronicle. He’s the founder and managing partner of SRB Holdings and SRB Ventures. Before embarking on a career as a content creator, Sahil was a vice president at a private equity fund. He double majored in economics and sociology at Stanford University, and he also received his master’s in public policy there. Sahil, welcome to The Long View.
Background
Bio
The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life, by Sahil Bloom
Curiosity Chronicle
Themes
“The Time Billionaire: A Concept That Changed My Life,” by Sahil Bloom, sahilbloom.com.
“The 2 Types of Status: Bought vs. Earned,” by Sahil Bloom, sahilbloom.com.
“The Incredible Power of No,” by Sahil Bloom, sahilbloom.com.
“The 4 Types of Professional Time,” by Sahil Bloom, sahilbloom.com.
“Parkinson’s Law, How to Read, and More,” by Sahil Bloom, sahilbloom.com.
“Sahil Bloom on Wealth, Success and Pursuing All-Time Highs in Money and Wealth,” by Tim Maurer, forbes.com, Feb. 2, 2025.
“The Life Dinner, Stonecutter Story, and More,” by Sahil Bloom, sahilbloom.com.
Other
Occam’s Razor
Harvard Study of Adult Development
“Daniel Crosby: Can Money Really Buy Happiness?” The Long View podcast, Morningstar.com, Dec. 17, 2024.
Essentialism: The Disciplined Pursuit of Less, by Greg McKeown
Bhagavad Gita
Mindset: The New Psychology of Success, by Carol Dweck
Our guest this week is our colleague, John Rekenthaler. John is retiring from Morningstar after 36 years. He was one of Morningstar’s early hires. Joe Mansueto and Don Phillips brought John on as a mutual fund analyst in 1988, and he rose to become the company’s vice president of research. He worked on many of Morningstar’s foundational methodologies, including the star rating and style box, and helped launch the retirement business. But he’s best known as author of “The Rekenthaler Report,” an investment column on Morningstar.com that has become one of the most popular and widely cited in investing in personal finance. John holds a BA from the University of Pennsylvania and an MBA from the University of Chicago. John, welcome back to The Long View.
Background
Bio
john.rekenthaler@morningstar.com
“Farewell, for Now,” by John Rekenthaler, Morningstar.com, Nov. 12, 2024.
“The Best (and Worst) of John Rekenthaler, in His Own Words,” by Emelia Fredlick, Morningstar.com, Jan. 24, 2025.
Other
Morningstar Style Box
Morningstar Ratings
“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.
Matt Levine
James Mackintosh
Greg Ip
Jason Zweig
William Bernstein
Subscribe to The Morning Filter on Apple Podcasts, or wherever you stream podcasts. We’ll see you next Monday!
Our guest this week is Hendrik du Toit, CEO and co-founder of Ninety One Asset Management, which is dually listed in London and Johannesburg, South Africa, and was formerly known as Investec Asset Management, founded in 1991. In addition to running Ninety One, Hendrik is on the board of Naspers and its European subsidiary, Prosus, which is a cornerstone investor in China’s Tencent. He has served on the Leadership Council of the Sustainable Development Solutions Network, a United Nations initiative, and is a public figure in his native South Africa and in the United Kingdom. Hendrik holds degrees from Stellenbosch University and Cambridge. Hendrik, thanks so much for joining us on The Long View.
Background
Bio
Ninety One Global Strategy Fund – Global Environment Fund IX Acc GBP
Ninety One Global Sustainable Equity I Acc GBP
Ninety One Emerging Markets Local Currency Debt Fund A Accumulation USD
Ninety One GSF Emerging Markets Local Currency Debt C Acc USD
Naspers
Prosus
Sustainability and ESG
Ninety One’s Sustainability and Stewardship Report
“Ninety One Becomes First SA Asset Manager to Sign Onto Net Zero Asset Managers Initiative,” ebnet.co.za, July 26, 2022.
“Ninety One CEO Hendrik du Toit on Asset Management and Green Investing,” Bloomberg TV video interview, Bloomberg.com, Sept. 24, 2024.
Other
“New Draft Rules Targeting In-Game Spending Wipe Billions From China’s Tech Giants,” by Wayne Chang and Laura He, cnn.com, Dec. 22, 2023.
Nubank
On the podcast this week, we welcome back Dave Sekera. Dave is the chief US market strategist for Morningstar Research Services. In his role, Dave publishes research and commentary on the state of the markets and economy and is a leading voice on Morningstar.com and our other platforms. Dave and Susan Dziubinski also do a weekly show for Morningstar.com called The Morning Filter. Before assuming his current role, Dave was a managing director for DBRS Morningstar. Prior to joining Morningstar in 2010, Dave worked in the alternative asset management field. He earned his bachelor’s degree in finance and decision sciences from Miami University and holds the Chartered Financial Analyst designation. You can follow him on X @Morningstar Markets. Dave, welcome back to The Long View.
Background
Bio
The Morning Filter
Morningstar Wide Moat Focus
Market Outlook: Healthcare, Tariffs, AI, and Inflation
“2025 Market Outlook: Markets Are Priced to Perfection, but Will It Last?” by Dave Sekera, Morningstar.com, Jan. 10, 2025.
“Don’t Panic: It’s Not 2022 All Over Again,” by Dave Sekera, Morningstar.com, Aug. 5, 2024.
“Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued,” by Karen Andersen, Morningstar.com, Oct. 3, 2024.
“5 Stocks to Buy to Invest in AI With Less Risk,” The Morning Filter, Morningstar.com, Aug. 5, 2024.
“Fed Rate Cut Shows the Main Battle Against Inflation Has Been Won,” by Preston Caldwell, Morningstar.com, Sept. 18, 2024.
“We Expect GDP Growth to Weaken Until Fed’s Rate Cuts Kick In,” by Preston Caldwell, Morningstar.com, Oct. 3, 2024.
“US Stock Market Outlook: Tariffs Are 2025’s Wild Card,” by Dave Sekera, Morningstar.com, Dec. 2, 2024.
Other
“Dave Sekera: Taking the Market’s Temperature,” The Long View podcast, Morningstar.com, July 18, 2023.
CFA Society
CFA Society Chicago
Stay Vigilant podcast
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On the podcast today, we welcome back Jordan Grumet. Jordan’s latest book is called The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy. His previous book was called Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life. Jordan is a hospice doctor, and he hosts the popular Earn & Invest podcast. He received his undergraduate degree from the University of Michigan and his medical degree from Northwestern University. Jordan, welcome back to The Long View.
Background
Bio
The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy
Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life
Earn & Investpodcast
Happiness Studies
“High Income Improves Evaluation of Life but not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, pnas.org, Sept. 7, 2010.
“Experienced Well-Being Rises With Income, Even Above $75,000 per Year,” by Matthew Killingsworth, pnas.org, Jan. 18, 2021.
“Income and Emotional Well-Being: A Conflict Resolved,” by Matthew Killingsworth, Daniel Kahneman, and Barbara Mellers, pnas.org, March 1, 2023.
Harvard Study of Adult Development
Other
How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz
The Art of Subtraction: Doing More With Less, by Matthew May
US Bureau of Labor Statistics’ American Time Use Survey
“The Free-Time Paradox in America,” by Derek Thompson, theatlantic.com, Sept. 13, 2016.
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. It’s a counterpart to a previously released “best of” episode that was all about investing.
“Daniel Crosby: Can Money Really Buy Happiness?” The Long View podcast, Morningstar.com, Dec. 17, 2024.
“Scott Rick: Are You a Tightwad or a Spendthrift?” The Long View podcast, Morningstar.com, June 18, 2024.
“Anne Lester: You’re Bad at Savings and It’s Not Your Fault,” The Long View podcast, Morningstar.com, March 12, 2024.
“Mark Berg: How to Help Kids Financially Without Ruining Them,” The Long View podcast, Morningstar.com, Nov. 19, 2024.
“Marc Freedman: The Case for Encore Careers,” The Long View podcast, Morningstar.com, Feb. 20, 2024.
“Howard Gleckman: We Pretend This Isn’t a Problem,” The Long View podcast, Morningstar.com, Jan. 16, 2024.
“Roger Young: Visualizing Retirement Is So Important,” The Long View podcast, Morningstar.com, Feb. 13, 2024.
“Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’” The Long View podcast, Morningstar.com, May 28, 2024.
“Jackie Cummings Koski: Late Starters Can Still Find FIRE,” The Long View podcast, Morningstar.com, Aug. 20, 2024.
“Meir Statman: ‘The Biggest Risks in Life Are Not in the Stock Market,’” The Long View podcast, Morningstar.com.
“Christine Benz: How to Retire,” The Long View podcast, Morningstar.com, Sept. 17, 2024.
“Brad Klontz: What’s Your Money Script?” The Long View podcast, Morningstar.com, Dec. 10, 2024.
“Anne Tergesen: What Retirement Looks Like Today,” The Long View podcast, Morningstar.com, Oct. 29, 2024.
“Jonathan Clements: ‘Life Is Full of Small Pleasures,’” The Long View podcast, Morningstar.com, Oct. 15, 2024.
Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we’ll share some of our favorite clips from 2024 interviews with portfolio managers, economists, and investment thinkers. It’s the companion to Christine Benz’s “Best of Episode” featuring highlights from conversations with financial planners, advisors, and retirement researchers.
“Joel Fried and Al Mordecai: Upholding the Culture at Primecap Management,” The Long View podcast, Morningstar.com, Jan. 30, 2024.
“JB Taylor: Small Caps Haven’t Been This Cheap in 25 Years,” The Long View podcast, Morningstar.com, March 5, 2024.
“Jody Jonsson: The Case for a Global Portfolio,” The Long View podcast, Morningstar.com, Jan. 23, 2024.
“Bryan Armour: Is Index Investing’s Superpower Unstoppable?” The Long View podcast, Morningstar.com, March 19, 2024.
“Sonali Pier: Don’t Rent Yield,” The Long View podcast, Morningstar.com, Feb. 27, 2024.
“Neil Shearing: What the Consensus Is Missing About the Current Economy,” The Long View podcast, Morningstar.com, April 16, 2024.
“Omar Aguilar and Sébastien Page: Market Outlook for 2024 and Beyond,” The Long View podcast, Morningstar.com, Aug. 27, 2024.
“Carl Tannenbaum: Settling Into ‘Soft-Landing Territory,’” The Long View podcast, Morningstar.com, July 30, 2024.
“David Herro and Rajiv Jain: Should US Investors Renew Their Passports?” The Long View podcast, Morningstar.com, July 9, 2024.
“Carl Vine: The Japan Earnings Story Has Legs,” The Long View podcast, Morningstar.com, April 30, 2024.
“Justin Leverenz: Emerging Markets Are ‘Incredibly Attractive,’” The Long View podcast, Morningstar.com, Feb. 6, 2024.
“Ankur Crawford: ‘When Software Begins to Write Software, Innovation Is Exponential,’” The Long View podcast, Morningstar.com, Sept. 24, 2024.
“Jeremy Grantham: The Bigger the New Idea, the More the Market Becomes Overpriced,” The Long View podcast, Morningstar.com, Oct. 8, 2024.
“Dan Ivascyn: The Outlook for Bonds Amid a Covid ‘Aftershock Global Economy,’” The Long View podcast, Morningstar.com, May 21, 2024.
Today on the podcast, we welcome back Dr. Daniel Crosby. Daniel is the author of a new book called The Soul of Wealth: 50 Reflections on Money and Meaning. Daniel is the chief behavioral officer at Orion Advisor Solutions. In addition to The Soul of Money, Daniel has written several other books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and the Secret to Investor Success, and You’re Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science degree and PhD in Psychology, both from Brigham Young University.
Background
Bio
“Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,’” The Long View podcast, Morningstar.com, Aug. 31, 2021.
Books:
The Soul of Wealth: 50 Reflections on Money and Meaning
The Behavioral Investor: The Art and Science of Investment Management
The Laws of Wealth: Psychology and the Secret to Investing Success
You’re Not That Great
Standard Deviationspodcast
Money and Happiness
“High Income Improves Evaluation of Life but Not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, Psychological and Cognitive Sciences, Aug. 4, 2010.
“Income and Emotional Well-Being: A Conflict Resolved,” by Daniel Kahneman, Matthew Killingsworth, and Barbara Mellers, Psychological and Cognitive Sciences, Nov. 29, 2022.
Other
The Creative Act: A Way of Being, by Rick Rubin
“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.
Martin Seligman
Daniel Crosby on X
Our guest on the podcast today is author and financial psychologist, Dr. Brad Klontz. He’s an Associate Professor of Practice at Creighton University’s Heider College of Business. He’s also co-founder of the Financial Psychology Institute and managing principal of Your Mental Wealth Advisors, a fee-only registered investment advisory.
Brad is co-author or co-editor of nine books on the psychology of money, including his latest, Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, which he co-wrote with Adrian Brambila. He is a fellow of the American Psychological Association and a former President of the Hawaii Psychological Association. He was appointed to the CNBC Financial Advisor Council in 2023 and received the 2018 and 2021 Montgomery-Warschauer Awards from the Journal of Financial Planning, honoring the most outstanding contribution to the betterment of the financial planning profession. He received his Doctor of Psychology degree from Wright State University, his master’s certificate in personal financial planning from Kansas State University, his master’s in counseling and human resources development from South Dakota State University, and his bachelor’s degree in psychology from Olivet Nazarene University. Brad is also a Certified Financial Planner professional.
Background
Bio
Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, by Dr. Brad Klontz and Adrian Brambila
Your Mental Wealth Advisors
Money Scripts
Your Money Script
“Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory,” by Bradley Klontz, Sonya Britt-Lutter, Jennifer Mentzer, and Ted Klontz, Journal of Financial Therapy, April 2011.
“Identify and Understand Clients’ Money Scripts: A Framework for Using the KMSI-R,” by Michelle Arpin Begina, Jessica Hickingbottom, Elaine Grogan Luttrull, Megan McCoy, and Bradley Klontz, Journal of Financial Planning, March 2018.
Behavioral Finance
“Untangling Behavioral Finance and the Psychology of Financial Planning,” by Brad Klontz, Journal of Financial Planning, January 2023.
“Integrating Interpersonal Neurobiology Into Financial Planning: Practical Applications to Facilitate Well-Being,” by Brad Klontz, Journal of Financial Planning, May 2020.
Our guests this week are Tom Idzorek and Paul Kaplan. This is Tom’s second appearance as a guest and Paul’s first. Tom is chief investment officer of retirement for Morningstar Investment Management. He also serves as a member of Morningstar’s 401(k) Committee, Public Policy Council, Global Investment Committee, US Investment Policy Committee, and the Editorial Board of Morningstar Magazine. Before retiring in 2023, Paul was director of research for Morningstar Canada and a senior member of Morningstar’s Global Research Team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, advisor tools, and other services. Tom and Paul are accomplished researchers and authors, having individually published or collaborated on numerous academic papers, accepted to prestigious peer-reviewed journals, and their work has received numerous awards through the years. In today’s interview, we’re focusing on one of their recent collaborations, their new book, Lifetime Financial Advice: A Personalized Optimal Multilevel Approach.
Background
Tom Idzorek Bio
“Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning,” The Long View podcast, Morningstar.com, June 7, 2022.
Paul Kaplan Bio
Lifetime Financial Advice: A Personalized Optimal Multilevel Approach, by Tom Idzorek and Paul Kaplan
Lifetime Financial Advice
“Joining Lifecycle Models With Mean-Variance Optimization,” by Tom Idzorek and Paul Kaplan, papers.ssrn.com, Oct. 19, 2023.
Lifetime Financial Advice Book Club Series
“Personalized Multiple Account Portfolio Optimization,” by Tom Idzorek, Financial Analysts Journal, June 29, 2023.
“The Popularity Asset Pricing Model,” by Tom Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 26, 2021.
“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Tom Idzorek, Paul Kaplan, and James Xiong, Research Foundation, Dec. 10, 2018.
“ESG Investing and the Popularity Asset Pricing Model (PAPM),” by Tom Idzorek, blogs.cfainstitute.org, Feb. 1, 2024.
Other
Milton Friedman
Franco Modigliani
Paul Samuelson
Robert Merton
Richard Thaler
Daniel Kahneman
Roger Ibbotson
James Xiong
“Modern Portfolio Theory: What MPT Is and How Investors Use It,” by the Investopedia team, Investopedia.com, Aug. 29, 2023.
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast, we welcome back retirement and tax expert Ed Slott. Ed is the president and founder of Ed Slott & Company, which provides retirement and tax-planning education to investment advisors and financial institutions. Ed has written several books, including his latest, The Retirement Savings Time Bomb Ticks Louder. PBS viewers may know Ed from his frequent appearance on public television. Ed also co-hosts a podcast with Jeff Levine, called The Great Retirement Debate. In addition, he hosts the popular website IRAHelp.com, where the Slott report regularly dispenses wisdom about retirement, tax, and estate planning. Ed is a certified public accountant.
Background
Bio
“Ed Slott: Act Now on Historically Low Tax Rates,” The Long View podcast, Morningstar.com, Aug. 19, 2020.
The Great Retirement Debate podcast
The Retirement Savings Time Bomb Ticks Louder, by Ed Slott
Tax-Loss Harvesting
“The Ins and Outs of Tax-Loss Selling,” Interview with Christine Benz and Ed Slott, Morningstar.com, Dec. 14, 2022.
“The Best Investments for Taxable Accounts,” by Christine Benz, Morningstar.com, Jan. 23, 2024.
“Yes, You Can Still Find Tax-Loss Harvesting Opportunities in 2024,” Investing Insights with Christine Benz and Margaret Giles, Morningstar.com, Nov. 22, 2024.
“The Big Retirement Myth,” Interview with Christine Benz and Ed Slott, Morningstar.com, Aug. 7, 2024.
Required Minimum Distributions and IRAs
“IRS Issues Final SECURE Act Regulations: Controversial Annual RMD Requirement During 10-Year Rule Stands,” by Sarah Brenner, irahelp.com, July 22, 2024.
“Best Advice? Ignore the 10-Year RMD Rule,” by Ed Slott, investmentnews.com, Aug. 19, 2024.
“The New Rules for Missed RMDs,” Interview with Christine Benz and Ed Slott, Morningstar.com, July 24, 2024.
“Brace Yourself for Higher RMDs in 2024,” Interview with Christine Benz and Ed Slott, Morningstar.com, March 13, 2024.
“Inherited IRAs: What to Know About Taxes, RMDs, and More,” by Tori Brovet, Morningstar.com, Sept. 13, 2024.
Qualified Charitable Distribution
“12 QCD Rules You Must Know,” by Sarah Brenner, irahelp.com, July 10, 2024.
“Year-End QCD Mistakes to Avoid,” by Ed Slott, investmentnews.com, Nov. 18, 2023.
“Year-End Charitable-Giving Strategies,” Interview with Christine Benz and Ed Slott, Morningstar.com, Nov. 1, 2023.
Tax-Law Changes in 2025
“401(k) Contribution Limits Increase for 2025,” by Sarah Brenner, irahelp.com, Nov. 6, 2024.
“Higher Catch-Up Contributions Available for Certain Older Employees Starting in 2025,” by Ian Berger, irahelp.com, Oct. 21, 2024.
“IRS Announces New Income Limits for IRA Contributions in 2025,” by Denise Appleby, Morningstar.com, Nov. 20, 2024.
“Ed Slott: What Investors Need to Do Before the Tax Cuts and Jobs Act Expires,” Interview with Christine Benz and Ed Slott, Morningstar.com, Feb. 6, 2024.
Today on the podcast, we welcome back Mark Berg. Mark is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Mark served as a client manager at a fee-only financial planning firm, and he has provided fee-only financial guidance since 1995. He holds a bachelor’s degree in economics from Wheaton College and is a certified financial planner practitioner and NAPFA-registered financial advisor. He served on the national board of directors for the National Association of Personal Financial Advisors from 2008 through 2011. In the spirit of full disclosure, Timothy Financial is the firm that my husband and I use for financial planning. I have no financial relationship with the firm other than that we pay them for their services.
Background
Bio
Timothy Financial Counsel
“Mark Berg: Hourly Financial Planning Is ‘A Vast Blue Ocean,’” The Long View podcast, Morningstar.com, March 28, 2023.
Funding for College
“529 Plan Tips for Grandparents to Save for College,” by Emma Kerr, usnews.com, Sept. 7, 2021.
“How to Allocate Assets for College Savings,” by Christine Benz, Morningstar.com, Jan. 19, 2022.
“Morningstar 529 Ratings: The Best Plans of 2024,” by Hyunmin Kim, Morningstar.com, Oct. 29, 2024.
“What to Do With Extra Money in Your 529 Plan,” by Amy Arnott, Morningstar.com, June 30, 2022.
“The Best Way to Save for College,” by Christine Benz and Susan Dziubinski, Morningstar.com, Oct. 11, 2022.
Our guests this week are Jim Murphy and Charlie Hill of T. Rowe Price’s Municipal Bond Investment Team. Jim leads the team and is portfolio manager for several high-yield muni strategies. Charlie, who has been at T. Rowe since 1991, manages several short and intermediate term municipal-bond funds. Morningstar’s manager research team rates T. Rowe Price’s municipal bond capability highly with several strategies carrying Gold medalist ratings.
Background
Jim Murphy Bio
T. Rowe Price Tax-Free High Yield PRFHX
T. Rowe Price Tax-Free High-Yield Advantage PATFX
Charlie Hill Bio
T. Rowe Price Tax-Free Short-Intermediate PRFSX
T. Rowe Price Tax-Free Short-Intermediate 1 TTSIX
Municipal Bonds
“Reasons to Fall in Love With Municipal Bonds Right Now,” by Amey Stone, barrons.com, July 28, 2023.
“It’s Been a Poor Year so far for Municipal Bonds,” by Tim Gray, nytimes.com, July 18, 2022.
“3 Tax-Free Funds That Are Gems,” by Russel Kinnel, Morningstar.com, Sept. 11, 2024.
“Muni-Bond Niche Defies Sales Slump as Banks Seize on Cheap Rates,” by Nic Querolo and Sri Taylor, fa-mag.com, Oct. 22, 2021.
“Municipal Bonds: Where to Find Opportunities in a Volatile Market,” by Elizabeth Foos, Morningstar.com, Aug. 6, 2024.
Other
“Build America Bonds (BABs): Types, Restrictions, Vs. Other Bonds,” by James Chen, Investopedia.com, June 8, 2022.
“Ed Slott: What Investors Need to Do Before the Tax Cut and Jobs Act Expires,” Interview with Christine Benz and Ed Slott, Morningstar.com, Feb. 6, 2024.
Texas Permanent School Fund
Financial Oversight and Management Board for Puerto Rico
Our guest this week is Charlie Dreifus. Charlie is portfolio manager of the Royce Special Equity Funds, highly regarded by Morningstar’s Manager Research team. Charlie was named Fund Manager of the Year by Morningstar in 2008 for his work on the Small-Cap Value US Equity Strategy, which he began running in 1998 after portfolio management stints at Lazard and Oppenheimer. Charlie’s investment career began in 1968. He holds degrees from City College of New York and Baruch College.
Background
Bio
Royce Small-Cap Special Equity Investment
Steven McBoyle, co-portfolio manager
Small-Cap Value
“Small-Cap Funds Are More Promising Than They Have Been in Years. Here Are the Ones to Buy,” by Lewis Braham, Barrons.com, Oct. 11, 2023.
“Why Value Veteran Charlie Dreifus Balks at Banks and Favors the Rust Belt,” by John Coumarianos, citywire.com, April 21, 2022.
Other
Chuck Royce
Abraham Briloff
“A Conversation With Investing Legend Charlie Dreifus,” Interview with Russ Kinnel, Morningstar.com, Aug. 14, 2020.
Public Company Accounting Oversight Board
Tim Hipskind
“Irving Kahn, Oldest Active Wall Street Investor, Dies at 109,” by Sam Roberts, nytimes.com, Feb. 26, 2015.
Our guest on the podcast today is Anne Tergesen. Anne is a reporter covering retirement for The Wall Street Journal. Her stories often explore how retirement and preparing for retirement are changing today. She writes frequently on topics related to 401(k) plans and retirement savings, spending, and legislation. She also writes about employee benefits, longevity, and aging. Before joining the Journal, Anne worked for BusinessWeek magazine covering personal finance. Together with colleagues, she recently won a Front Page Award from the News Women’s Club of New York and was a finalist for Gerald Loeb Award. She was awarded a Knight-Bagehot Fellowship at Columbia University’s Graduate School of Journalism and won a Best of Knight-Bagehot Award in 2006. Anne started her career covering local news at The Philadelphia Inquirer.
Background
Bio
The Wall Street Journalarticles
401(k)s and Retirement
“More Americans Are Treating Their 401(k)s Like Cash Machines,” by Anne Tergesen, wsj.com, March 11, 2024.
“6% of Your Paycheck Is Becoming the New Standard for 401(k) Saving,” by Anne Tergesen, wsj.com, June 28, 2024.
“The 401(k) Investors Convinced That Target-Date Funds Miss the Mark,” by Anne Tergesen and Oyin Adedoyin, wsj.com, Aug. 3, 2024.
“The 401(k) Rollover Mistake That Costs Retirement Savers Billions,” by Anne Tergesen, wsj.com, July 22, 2024.
“Is Your Company’s 401(k) Match Unfair?” by Anne Tergesen, wsj.com, May 25, 2024.
“Retire at 65? It’s More Like 62,” by Anne Tergesen, wsj.com, April 25, 2024.
“David John: Improving the Retirement System,” The Long View podcast, Morningstar.com, Sept. 27, 2022.
Automatic: Changing the Way America Saves, by William Gale, Mark Iwry, and David John
“The Way We Retire Now,” a Wall Street Journal Series by Anne Tergesen and Veronica Dagher.
“Here’s What Retirement Looks Like in America in Six Charts,” by Anne Tergesen, Veronica Dagher, and Rosie Ettenheim, wsj.com, March 31, 2023.
“She’s a Retirement Authority—And Still Made Mistakes. Here’s What She’d Do Differently,” by Anne Tergesen, wsj.com, Oct. 12, 2024.
“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, wsj.com, April 23, 2017.
Other
Vanguard’s “How America Saves 2024”
“The U-Shape of Happiness Across the Life Course: Expanding the Discussion,” by Nancy Galambos, Harvey Krahn, Matthew Johnson, and Margie Lachman, National Library of Medicine, July 1, 2021.
Employee Benefit Research Institute
David Blanchett
“The Retirement Crisis: Perception Vs. Reality,” by PGIM Global Communications, pgim.com, July 9, 2024.
Laura Saunders
Michael Kitces
Our guest on the podcast today is Phil Moeller. He’s the primary author of the Get What’s Yours series of consumer guidebooks, including a newly revised edition of Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs. In addition, the series includes Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security and Get What’s Yours for Health Care: How to Get the Best Care at the Right Price. Phil wrote the “Ask Phil” Medicare column for the PBS NewsHour website, Making Sense, reported on aging healthcare and retirement for Money magazine, and wrote “The Best Life” feature on aging and retirement for US News & World Report. He began his career as a newspaper business reporter and editor, and has worked for The Baltimore Sun, The Charlotte Observer, The Chicago Sun Times, The Hartford Business Journal, and The Louisville Courier Journal. He later founded the insure.com consumer website and also worked as a communications executive for a large insurance company.
Background
Bio
GetWhatsYours.org
Insure.com
Books: Get What’s Yours for Medicare: Maximize Your Coverage
Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security
Get What’s Yours for Health Care: How to Get the Best Care at the Right Price
Parts of Medicare Explained
“Phil Moeller: What’s New for Medicare—and More—in 2024?” by Phil Moeller, uhc.com, Jan. 10, 2024.
“Phil Moeller: Filling the Coverage Gaps in Medicare,” by Phil Moeller, uhc.com, Sept. 25, 2024.
Get Started With Medicare
What Part A Covers
What Part B Covers
Medicare Advantage Plans
What Medicare Part D Drug Plans Cover
Compare Medigap Plan Benefits
Working Past 65
Private Insurance
“Learning to Love Insurance Brokers (Within Limits!),” by Phil Moeller, substack.com, April 22, 2024.
“Medicare Moment by Phil Moeller: Moving From Employer Health Insurance to Medicare,” Video by Phil Moeller, uhc.com, Nov. 21, 2022.
Other
“Washington State Establishes a Long-Term Care Program,” by Alicia H. Munnell, Center for Retirement Research at Boston College, crr.bc.edu, Aug. 13, 2024.
Medicare Plan Finder
Medicare & You
KFF
Today on the podcast, we welcome back Jonathan Clements. Jonathan was one of our first guests when we launched this podcast, and today marks his third appearance. He’s the founder and editor of HumbleDollar, and he has written or edited several books about money and investing, including My Money Journey and How to Think About Money. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s US Wealth Management arm. This past June, Jonathan shared his devastating recent cancer diagnosis, and he’s been writing candidly about the experience on HumbleDollar. We’ll link to those posts in the show notes. I wanted to conduct today’s interview solo because Jonathan’s work has been hugely influential to me personally, and he also wrote the foreword to my forthcoming book. I couldn’t be more grateful.
Background
Bio
HumbleDollar
“Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’” The Long View podcast, Morningstar.com, July 31, 2019.
“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’” The Long View podcast, Morningstar.com, Dec. 26, 2023.
Books
My Money Journal: How 30 People Found Financial Freedom—And You Can Too
From Here to Financial Happiness: Enrich Your Life in Just 77 Days
How to Think About Money
Articles
“Turned Upside Down,” by Jonathan Clements, humbledollar.com, Oct. 5, 2024.
“Never Quite Enough,” by Jonathan Clements, humbledollar.com, Sept. 21, 2024.
“Opinion: Living Was Easy. Dying Is Harder,” by Jonathan Clements, washingtonpost.com, Aug. 28, 2024.
Other
How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz, Forward by Jonathan Clements
EGFR Exon 20 Insertion Mutation and Lung Cancer
“FDA Approves Amivantamab-vmjw for EGFR Exon 20 Insertion-Mutated Non-Small Cell Lung Cancer Indications,” fda.gov, March 1, 2024.
“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.
“Bill Bernstein: Revisiting the Four Pillars of Investing,” The Long View podcast, Morningstar.com, July 11, 2023.
“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.
Today on the podcast, we’re delighted to welcome back Jeremy Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO, which he cofounded in 1977. He serves on GMO’s Asset Allocation Committee and board of directors. Prior to GMO, Jeremy was cofounder of Batterymarch Financial Management and before that was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the UK, and is a recipient of the Carnegie Medal of Philanthropy. In 1997, he and his family started the Grantham Foundation for the protection of the environment, which supports research and action to address climate change.
Background
Bio
GMO
Grantham Foundation
GMO Quality III
GMO US Quality ETF
“Jeremy Grantham: The US Market Is in a Super Bubble,” The Long View podcast, Morningstar.com, Feb. 8, 2022.
Bubbles and the Market
“The Great Paradox of the US Market,” by Jeremy Grantham, gmo.com, March 11, 2024.
“AI Craze Stokes ‘Bubble Within a Bubble,’ Says GMO’s Jeremy Grantham,” by Christine Idzelis, marketwatch.com, March 11, 2024.
“Entering the Superbubble’s Final Act,” by Jeremy Grantham, gmo.com, Aug. 31, 2022.
“Jeremy Grantham Says the AI Bubble Will Burst and Take the Stock Market Down With It. Here Are His 14 Best Quotes From an Event This Week,” by Theron Mohamed, markets.businessinsider.com, Feb. 18, 2024.
“China Turmoil Poses a Risk to the Magnificent 7, Jeremy Grantham’s GMO Says,” by Yuheng Zhan, markets.businessinsider.com, Feb. 9, 2024.
The Environment and Sustainability
“Sustainability or Bust: The Sheer Impossibility of Eternal Compound Growth,” by Jeremy Grantham, gmo.com, March 18, 2024.
“GMO Horizons,” by Jeremy Grantham, gmo.com, Feb. 27, 2024.
“Pollution, Population, and Purpose,” The Great Simplification podcast with Nate Hagens and Jeremy Grantham, gmo.com, Feb. 15, 2024.
“Jeremy Grantham Assesses Long-Term Threats Through an Investor Lens,” by William Hughes, cruxinvestor.com, Dec. 31, 2023.
Our guest this week is Jack Nelson. Jack is lead manager of the Stewart Investors’ Global Emerging Markets Leaders Sustainability strategy, which is highly regarded by Morningstar’s manager research team. Jack joined Stewart in Edinburgh, Scotland, in 2011 after obtaining an MA from Oxford.
Background
Bio
Stewart Investors
Emerging Markets
“Global Emerging Markets Sustainability Strategies Update,” Q&A With Jack Nelson, stewartinvestors.com, April 2023.
“Finding Resilient Businesses in Emerging Markets Is Key to Long-Term Success,” by Jack Nelson, trustnet.com, Dec. 15, 2022.
“Stewart Investors’ Global Emerging Markets Sustainability Strategy Marks 15-Year Anniversary With Benchmark-Beating Returns,” prnewswire.com, May 7, 2024.
“Go Beyond the Data to Find Quality Sustainable Investments in Emerging Markets,” by Jack Nelson, investordaily.com, July 16, 2024.
“Stewart Investors Launches EMs ex-China Sustainability Fund,” by Natalie Kenway, portfolio-adviser.com, July 11. 2024.
Artificial Intelligence
“Am I Invested in AI?” stewartinvestors.com, Aug. 4, 2024.
“A + I Equals More Than NVDA,” stewartinvestors.com, March 27, 2024.
Other
The Rise and Fall of American Growth: The US Standard of Living Since the Civil War, by Robert Gordon
Inovance
Yifeng Pharmacy Chain Co Ltd
Samsung Electronics
“Unilever’s India Unit to Rebrand ‘Fair & Lovely’ to ‘Grow & Lovely,’” reuters.com, July 2, 2020.
Principles for Responsible Investing
Delta Electronics
Our guest this week is Ankur Crawford. Ankur is a senior vice president and portfolio manager at Fred Alger Management, based in New York City. Ankur comanages the Alger Capital Appreciation Fund, which is highly regarded by Morningstar’s Manager Research Team, among other US large-cap growth equity strategies. She’s also the sole manager in the Alger Concentrated Equity Strategy, which is available as both an ETF and a traditional mutual fund. Prior to joining Alger in 2004, Ankur worked as an engineer at Intel and earned a PhD in material science and engineering from Stanford.
Background
Bio
Alger Capital Appreciation Fund
Alger Concentrated Equity Strategy
Market Volatility
“Bad News Is Good News for the Market Again, Says Alger’s Ankur Crawford,” Closing Bell interview, cnbc.com, May 14, 2024.
“The ‘Magnificent 7’ Should Have Another Good Earnings Season, Says Alger’s Ankur Crawford,” Closing Bell interview, cnbc.com, June 20, 2024.
Artificial Intelligence
“AI and the Declining Cost to Create,” by Ankur Crawford and Patrick Kelly, alger.com.
“Empowering Intelligence,” by Ankur Crawford and Patrick Kelly, alger.com.
“Still Very Early on in the AI Megacycle, Says Alger’s Crawford,” Squawk on the Street interview, youtube.com, Feb. 15, 2024.
“AI Adoption Looks Like ‘Structural Imperative’ for all Companies, Says Alger’s Ankur Crawford,” Closing Bell interview, youtube.com.
Other
Cadence Design Systems
Martin Marietta Materials
We’re doing something a little different this week. Amy Arnott and Dan Lefkovitz are flipping the microphone around and interviewing the anchor host of this podcast, Christine Benz, about her new her book, How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement. Christine is director of personal finance and retirement planning for Morningstar. She has been with the company since 1993, where she’s served as director of the fund research team, editor of Morningstar Mutual Funds, and cofounder of this podcast in 2019. She has written several books about investing. Christine is a proud graduate of the University of Illinois.
Background
Bio and archive
How to Retire
How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement by Christine Benz
The Psychology of Money by Morgan Housel
Nonfinancial Aspects of Retirement
Michael Finke
Jordan Grumet
Laura Carstensen
Annuities, Retirement Portfolio Planning, and Social Security
Wade Pfau
Retirement Income Style Awareness
William Bernstein
Fritz Gilbert/The Retirement Manifesto
“The Ultimate Pre-Retirement Checklist,” by Fritz Gilbert, The Retirement Manifesto, March 27, 2018.
Freedom for Fido
Mary Beth Franklin
Jonathan Guyton
“Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, FPA Journal.
Jamie Hopkins
The Bucket Approach
Harold Evensky
“The Bucket Approach to Building a Retirement Portfolio,” by Christine Benz, Morningstar.com, Nov. 23, 2022.
“The Bucket Approach Is Flawed—Here’s a Better Way,” by Rob Berger, Forbes.com, Aug. 2, 2020.
“Do You Need More Than 3 Buckets?” by Christine Benz and Susan Dziubinski, Morningstar.com, May 22, 2024.
Housing
Mark Miller
Healthcare, Long-Term Care, and Estate Planning
Carolyn McClanahan
Cameron Huddleston
Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, by Cameron Huddleston, June 25, 2019.
Jennifer Rozelle
Other
“Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow,‘” The Long View podcast, Morningstar.com, May 13, 2020.
Our guest this week is Dr. Hendrik Bessembinder. Hank is the professor in Francis J. and Mary B. Labriola Chair in Competitive Business at Arizona State University’s Department of Finance. Prof. Bessembinder’s research focuses on market design and trading, including stock, foreign exchange, fixed income, futures, and energy markets, as well as on measuring long-term investment performance. He’s published numerous articles in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, among others.
In today’s conversation, we’ll focus on the most widely cited and influential of Prof. Bessembinder’s papers, which is entitled, Do Stocks Outperform Treasury Bills? The paper’s key findings could have implications for stock investors of all stripes. So, we were excited to talk to Hank and dig into his work. You can find this paper and other follow-on work that Hank has done on SSRN and we’ll link to it in the show notes.
Background
Bio
Research
“Do Stocks Outperform Treasury Bills?” by Hendrik Bessembinder, ssrn.com, June 3, 2018.
“Wealth Creation in the US Public Stock Markets 1926 to 2019,” by Hendrik Bessembinder, ssrn.com, Feb. 13, 2020.
“Which US Stocks Generated the Highest Long-Term Returns,” by Hendrik Bessembinder, ssrn.com, July 22, 2024.
“Long-Horizon Stock Returns Are Positively Skewed,” by Adam Farago and Erik Hjalmarsson, Review of Finance, April 6, 2022.
“Why Has IPO Underpricing Changed Over Time?” by Tim Loughran and Jay Ritter, Financial Management Journal, Autumn 2004.
“Long-Run Stock Market Returns: Probabilities of Big Gains and Post-Event Returns,” by Hendrik Bessembinder, ssrn.com, Dec. 27, 2021.
“Extreme Stock Market Performers, Part I: Expect Some Drawdowns,” by Hendrik Bessembinder, ssrn.com, July 21, 2020.
“Shareholder Wealth Enhancement, 1926 to 2022,” by Hendrik Bessembinder, ssrn.com, June 17, 2023.
“Long-Term Shareholder Returns: Evidence From 64,000 Global Stocks,” by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei, ssrn.com, March 6, 2023.
“Predictable Corporate Distributions and Stock Returns,” by Hendrik Bessembinder, ssrn.com, Nov. 24, 2014.
Other
Center for Research in Security Prices (CRSP)
“What Is Jensen’s Measure (Alpha), and How Is It Calculated?” by James Chen, Investopedia.com, July 1, 2024.
Our guest on the podcast today is Kathy Stokes. Kathy is director of Fraud Prevention Programs with AARP, where she leads AARP’s efforts to educate older adults on the risks that fraud represents to their financial security. Kathy currently serves on the advisory council to the board of the International Association of Financial Crimes Investigators and on the advisory council to the Senior Issues Committee of the North American Securities Administrators Association. Kathy also serves on a Federal Reserve Working Group on scam information sharing. Before joining AARP, Kathy managed her own company, KSM Communications, and she also held various roles in public affairs at the Brookings Institution, Ernst & Young, Mercer, and the Employee Benefit Research Institute. She received her bachelor’s degree in rhetoric and communications at the University of Pittsburgh and her master’s in American government at Johns Hopkins University.
Background
Bio
International Association of Financial Crimes Investigators
Senior Issues Committee of the North American Securities Administrators Association
Federal Reserve Fraud Definitions Work Group
Financial Fraud
“6 Common Types of Investment Fraud and How to Identify Them,” by Cheryl Winokur Munk, aarp.org, April 11, 2024.
“Data Spotlight: Who Experiences Scams? A Story for All Ages,” by Emma Fletcher, ftc.gov, Dec. 8, 2022.
“Data Spotlight: Social Media: A Golden Goose for Scammers,” by Emma Fletcher, ftc.gov, Oct. 6, 2023.
“Americans Reported Losing a Record $10 Billion to Scams and Fraud in 2023,” by Christina Ianzito, aarp.org, Feb. 9, 2024.
“Many Americans Worry About Becoming Scam Victims, New Report Finds,” by Christina Ianzito, aarp.org, May 8, 2024.
“Precious Metals Scams Target Investors Amid the Pandemic,” by Hanna Kozlowska, aarp.org, Jan. 19, 2022.
“What You Need to Know to Protect Yourself Against Bank Scams,” by Patrick J. Kiger, aarp.org, Aug. 12, 2024.
Crypto and AI
“What to Know About Cryptocurrency Scams,” by Patrick J. Kiger, aarp.org, March 15, 2024.
“New Technology Has Supercharged an Old, Formidable Foe: Fraud,” by Martha Boudreau, linkedin.com, April 18, 2024.
“AI Fuels New, Frighteningly Effective Scams,” by Christina Ianzito, aarp.org, April 3, 2024.
Senior Fraud
“‛She Hooked Me’: How an Online Scam Cost a Senior Citizen His Life’s Savings,” by Feliz Solomon, wsj.com, June 8, 2024.
“5 Ways to Prevent Elder Financial Exploitation,” by John Rosengren, aarp.org, June 10, 2024.
“How to Keep a Loved One With Cognitive Decline Safe From Scams,” by Christina Ianzito, aarp.org, June 28, 2024.
Resources
Brokercheck.finra.org
Investor.gov
BankSafe
Thinkingaheadroadmap.org
aarp.org/scammap
AARP Fraud Watch Network Helpline: 877-908-3360
Internet Crime Complaint Center (IC3)
On today’s podcast, we’ll chat with two global asset-allocation specialists, Omar Aguilar from Charles Schwab and Sébastien Page from T. Rowe Price. Omar is CEO and chief investment officer for Schwab Asset Management. Before joining Schwab in 2011, he worked at a variety of firms including Financial Engines, ING Investment Management, Lehman Brothers, Merrill Lynch Investment Management, and Bankers Trust.
And Sébastien Page is head of Global Multi-Asset Investing at T. Rowe Price, where he oversees a team of investment professionals dedicated to the firm’s multi-asset portfolios. He’s a member of T. Rowe Price’s Asset Allocation Committee, and he’s also a member of the Management Committee of T. Rowe Price Group. Prior to joining the firm in 2015, Sébastien was an executive vice president at Pimco, where he led a team focused on research and development of multi-asset solutions. And he was a senior managing director at State Street Global Markets before that.
Background
Bios: Omar Aguilar
Sébastien Page
Beyond Diversification: What Every Investor Needs to Know About Asset Allocation, by Sébastien Page
Current Economic Environment
“Eight Ways RIAs, Investors View Markets Over the Next Year: Schwab,” by Dinah Wisenberg Brin, thinkadvisor.com, June 14, 2024.
“The Fed Will Now Focus on Unemployment and Labor Markets, Says Charles Schwab’s Omar Aguilar,” Video interview on Closing Bell: Overtime, cnbc.com, July 15, 2024.
“All Eyes on Central Banks,” 2024 Global Market Outlook Midyear Update, troweprice.com, June 2024.
“Inflation’s Ripple Effect on the Economy,” Market Overtime interview with Omar Aguilar, youtube.com.
“Why a Weaker Jobs Market Is Sparking Recession Fears,” by Scott Horsley, npr.org, Aug. 2, 2024.
“Inflation Coming Down Too Fast Could Hurt Earnings, Says T.Rowe Price’s Sebastien Page,” Video interview on Closing Bell: Overtime, cnbc.com, Jan. 30, 2024.
“The Four Horsemen of the Recession,” by Sébastien Page, linkedin.com, June 2, 2023.
“US Economy in ‘Solid Position’ Despite Slowing Job Growth, Says Schwab’s Aguilar,” Video interview on Squawk on the Street, cnbc.com, Aug. 4, 2023.
“Special Topic: Can the Fed Cut Rates With Financial Conditions This Loose?” by Sébastien Page, linkedin.com, June 27, 2024.
“2024 Global Market Outlook: Tectonic Shifts Create New Opportunities,” by Arif Husain, Sébastien Page, and Justin Thomson, linkedin.com, Dec. 21, 2023.
Asset Allocation
“Perspective: Asset Classes Versus Risk Factors or Asset Classes and Risk Factors?” by Sébastien Page, The Journal of Portfolio Management, Dec. 31, 2023.
“The Myth of Diversification Reconsidered,” by William Kinlaw, Mark Kritzman, Sébastien Page, and David Turkington, The Journal of Portfolio Management, August 2021.
“Personalized Target-Date Funds,” by Kobby Aboagye, Sébastien Page, Louisa Schafer, and James Tzitzouris, The Journal of Portfolio Management, March 2024.
“The Hottest Debate in Asset Allocation: Value vs. Growth Stocks,” by Sébastien Page, linkedin.com, April 25, 2024.
“The Sector X-Ray,” by Sébastien Page, linkedin.com, Aug. 31, 2023.
Valuation and Interest Rates
“When Valuation Fails,” by Sébastien Page, linkedin.com, May 29, 2024.
“Relative Valuation: A Crucial but Imperfect Guide,” by Sébastien Page, linkedin.com, Feb. 8, 2024.
“Is the Market Broadening?” by Sébastien Page, linkedin.com, Jan. 8, 2024.
“Let’s Get Real (About Interest Rates),” by Sébastien Page, linkedin.com, March 7, 2024.
Other
“The Sahm Rule Recession Indicator Definition and How It’s Calculated,” by Mallika Mitra, Investopedia.com, Aug. 5, 2024.
Our guest on the podcast today is Jackie Cummings Koski. She is a certified financial planner, and she is the author of a new book, F.I.R.E. For Dummies. FIRE stands for financial independence, retire early. Jackie is also the co-host of a podcast, Catching Up to FI, geared toward people getting a late start on financial independence. She is founder and CEO of Money Letters, LLC, which is geared toward providing financial education. She received her undergraduate degree in communications and journalism from Augusta University and her master’s degree in personal financial planning and financial therapy from Kansas State University.
Background
Bio
F.I.R.E. for Dummies
Catching Up to FIpodcast
FInominal Women
How It Began/Resources
“Financial Independence, Retire Early (FIRE) Explained: How It Works,” by Alexandra Kerr, Investopedia.com, Aug. 16, 2024.
“This Women Grew Her Wealth and Retired by Age 49—Here Are 5 Major Steps She Took to Do It,” by Jasmin Suknanan, cnbc.com, Jan. 2, 2024.
Choose FI
1500 Days to Freedom
Root of Good
Mad Fientist
Jamila Souffrant
Health Savings Accounts
“Health Savings Account (HSA): How HSAs Work, Contribution Rules,” by Julia Kagan, Ivestopedia.com, July 22, 2024.
“How an HSA Is Helping One Woman Achieve FI/RE Toward Early Retirement,” hsastore.com.
Other
“Most US States Will Soon Require Personal Finance Courses in School,” by Justin Boggs, scrippsnews.com, July 1, 2024.
Better Investing
Affordable Care Act (ACA)
“Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’” The Long View podcast, Morningstar.com, May 28, 2024.
On today’s podcast, we’ll chat with Daniel Peris about his new book, The Ownership Dividend: The Coming Paradigm Shift in the US Stock Market. Daniel oversees dividend-focused portfolios for Federated Hermes and has written several other books about investing, as well as a study of the former Soviet Union. Daniel began his investment career in the late ’90s as a stock analyst at Argus Research.
Background
Bio
The Ownership Dividend: The Coming Paradigm Shift in the US Stock Market
Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio
Storming the Heavens: The Soviet League of the Militant Godless
The Strategic Dividend Investor
Dividend Investing
“Will Dividend Investing Reign Again?” by Daniel Peris, federatedhermes.com, April 25, 2024.
“There Is Nothing Special About Dividends,” by Larry Swedroe, Morningstar.com, April 10, 2024.
“The Retreat of Dividends and the Changing Nature of the Stock Market,” by Daniel Peris, americanaffairsjournal.org, Fall 2022.
Other
William Goetzmann
“What Is the Modigliani-Miller Theorem?” by James Chen, Investopedia.com, Aug. 1, 2024.
“Markowitz Efficient Set: Meaning, Implementation, Diversification,” by Will Kenton, Ivestopedia.com, Nov. 21, 2023.
“Fama and French Three Factor Model Definition: Formula and Interpretation,” by Adam Hayes, Investopedia.com, Jan. 29, 2024.
“Tax Differential View of Dividend Policy: Meaning, How It Works,” by Julia Kagan, Investopedia.com, June 14, 2022.
Our guest on the podcast today is Matt Hougan, one of the world’s leading experts on crypto, exchange-traded funds, and financial technology. He’s the chief investment officer for Bitwise Asset Management, which offers several cryptocurrency-related funds and ETFs. He was previously chief executive officer of ETF.com and Inside ETFs. Hougan is co-author of A Comprehensive Guide to Exchange-Traded Funds and “Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals” for the CFA Institute’s Research Foundation. He graduated from Bowdoin College with a BA in philosophy.
Background
Bio
A Comprehensive Guide to Exchange-Traded Funds (ETFs), by Matt Hougan
“Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals,” by Matt Hougan and David Lawant, CFA Research Foundation Briefs, January 2021.
The Beginning of Cryptocurrency
“The Bitcoin White Paper Is Now Officially 15 Years Old,” by Pete Rizzo, Forbes.com, Oct. 31, 2023.
“Bitcoin: A Peer-to-Peer Electronic Cash System,” by Satoshi Nakamoto
Crypto Scandals
“What Was the Silk Road Online? History and Closure by the FBI,” by the Investopedia Team, Investopedia.com, June 29, 2024.
“What Was Mt. Gox? Definition, History, Collapse, and Future,” by the Investopedia Team, Investopedia.com, April 23, 2024.
“FTX Crash Is Eerily Similar to the Bernie Madoff Scandal, ex-regulator Sheila Blair Says,” by Matt Egan, cnn.com, Nov. 15, 2022.
Crypto Performance
“Crypto Market Review (Q2 2024),” by Matt Hougan, Juan Leon, Ryan Rasmussen, Alyssa Choo, Gayatri Choudhury, and Mallika Kolar, bitwiseinvestments.com, July 9, 2024.
“Ether ETF Is One Step Away From Approval as Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Shiba Inu, and Dogecoin Turn Mixed,” by Dan Runkevicius, forbes.com, June 26, 2024.
“What Financial Advisors Don’t Know About Bitcoin ETFs,” Big Picture in Practice podcast, Morningstar.com, June 6, 2024.
“BlackRock’s $20 Billion ETF Is Now the World’s Largest Bitcoin Fund,” by Katie Greifeld and Sidhartha Shukla, Bloomberg.com, May 29, 2024.
“Bitcoin’s Role in a Traditional Portfolio,” by Matt Hougan and Gayatri Choudhury, bitwiseinvestments.com, Aug. 28, 2023.
“The 60/30/10 Portfolio: How to Build a Diversified Crypto Sleeve,” by Matt Hougan, bitwiseinvestments.com, July 22, 2024.
“Five Things to Expect by the Next Halving in 2028,” by Matt Hougan, bitwiseinvestments.com, April 23, 2024.
“The Crypto Market Sell-Off: What Happened and Where We Go From Here,” by Matt Hougan, bitwiseinvestments.com, Aug. 5, 2024.
“Ethereum ETPs and the Path to a New All-Time High,” by Matt Hougan, bitwiseinvestments.com, July 15, 2024.
Other
“Bitcoin Price Surges Above $30,500; But Warren Buffett Still Thinks It’s a Gamble,” by Harrison Miller, investors.com, April 13, 2023.
“SEC Approves Spot Ether ETFs,” by Kyle Torpey, Investopedia.com, July 23, 2024.
“What Is Tokenization?” by Matt Hougan, bitwiseinvestments.com, April 17, 2025.
Solana
CoinMarketCap
Today we’ll chat with Carl Tannenbaum, chief economist for Northern Trust. In his role, Carl prepares the bank’s official economic outlook and participates in forecast surveys. He is a member of Northern Trust’s investment policy committee, its capital committee, and its asset/liability management committee. Prior to joining Northern Trust, Carl spent four years leading the Federal Reserve’s risk section. He was deeply involved in the central bank’s response to the 2008 financial crisis. Carl began his career in banking at LaSalle Bank/ABN AMRO, serving for more than 20 years as the organization’s chief economist and head of balance sheet management. Carl holds an MBA and a BA in finance and economics from the University of Chicago.
Background
Bio
Economic Outlook, Inflation, and Tariffs
“The Final Descent,” by Carl Tannenbaum, Ryan James Boyle, and Vaibhav Tandon, Northerntrust.com, July 16, 2024.
“Trust the Process,” by Carl Tannenbaum, Ryan James Boyle, and Vaibhav Tandon, Northerntrust.com, June 13, 2024.
“The Value of Economic Data,” by Carl Tannenbaum, Northerntrust.com, July 19, 2024.
“The Truth About Tariffs,” by Carl Tannenbaum, Northerntrust.com, July 3, 2024.
“A New Round of Tariffs,” by Carl Tannenbaum, Northerntrust.com, May 24, 2024.
“Inflation Has a Perception Problem,” by Carl Tannenbaum, Northerntrust.com, June 21, 2024.
“Aftershocks,” The View From Here With Carl Tannenbaum, Northerntrust.com, March 11, 2024.
The Fed and National Debt
The Fed’s Functions
Federal Reserve Bank of Chicago’s Spotlight on Childcare and the Labor Market
“Debt Matters,”The View From Here With Carl Tannenbaum, Northerntrust.com, Jan. 9, 2024.
Real Estate, Banking, and AI
“Out of Office,” The View From Here With Carl Tannenbaum, Northerntrust.com, April 1, 2024.
“Banking: Back in the News,” by Carl Tannenbaum, Northerntrust.com, Feb. 16, 2024.
“Shedding Light on Private Credit,” by Carl Tannenbaum, Northerntrust.com, May 17, 2024.
“Empowering AI,” The View From Here With Carl Tannenbaum, Northerntrust.com, July 24, 2024.
“Automation and Anxiety,” by Carl Tannenbaum, Northerntrust.com, July 12, 2024.
“Augmented Intelligence,” The View From Here With Carl Tannenbaum, Northerntrust.com, June 27, 2023.
Other
“Last Mile: What It Means in Reaching Customers,” by Adam Hayes, Investopedia.com, Sept. 11, 2023.
Committee for a Responsible Federal Budget
Today on the podcast, we welcome back author and financial educator, Brian Feroldi. His bestselling book is Why Does the Stock Market Go Up? He is also the founder of a financial education company called Long Term Mindset and a contributor to The Motley Fool. In addition, Feroldi has a big presence on YouTube, where his videos receive hundreds of thousands of views. He received his bachelor’s degree from the University of Connecticut and his MBA from the University of Rhode Island.
Background
Bio
Long Term Mindset
The Motley Fool
Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren’t, by Brian Feroldi
Resources
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert Kiyosaki
Nick Maggiulli
Warren Buffett and the Interpretation of Financial Statements: The Search for the Company With a Durable Competitive Advantage, by Mary Buffett and David Clark
The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments, by Pat Dorsey
Checklists and Valuation
Investing Checklists
“How to Analyze a Company in Less Than 5 Minutes—Key Financial Ratios,” by Brian Feroldi, LinkedIn.
“How to Analyze Stocks,” by Brian Feroldi, LinkedIn.
“8 Ways to Value a Company,” by Brian Feroldi, LinkedIn.
“Face Value, Fair Value, Market Value, and Book Value. What’s the Difference?” by Brian Feroldi, LinkedIn.
“5 Essential Investing Lessons From Brian Feroldi You Can’t Ignore,” by Francesco Casarella, investing.com, Aug. 23, 2023.
Other
“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View podcast, Morningstar.com, April 12, 2022.
“Do Global Stocks Outperform US Treasury Bills?” by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei, paper.ssrn.com, July 5, 2019.
Brian Feroldi’s Tribute to Charlie Munger
Our guest on the podcast today is Charles Duhigg, a Pulitzer Prize-winning investigative journalist and author of The Power of Habit, Why We Do What We Do in Life and Business, and Smarter Faster Better. His writing has won numerous honors, including the National Academies of Sciences, National Journalism, and George Polk awards. Duhigg is a former Los Angeles Times staff writer. In between 2006 and 2017, he was a reporter at The New York Times. He currently writes for The New Yorker magazine and other publications. He graduated from Yale University and earned a Master of Business Administration from Harvard Business School. He is here today to discuss his most recent book, Supercommunicators: How to Unlock the Secret Language of Connection.
Background
Bio
The New Yorker magazine
Books
Supercommunicators: How to Unlock the Secret Language of Connection
The Power of Habit: Why We Do What We Do in Life and Business
Smarter Faster Better: The Transformative Power of Real Productivity
Other
“The Experimental Generation of Interpersonal Closeness: A Procedure and Some Preliminary Findings,” by Arthur Aron, Edward Melinat, Renee J. Bator, Elaine N. Aron, and Robert Darrin Vallone, Sage Journals, April 1997.
“Unpacking the 36 Questions That Lead to Love: Why and How They Work,” by Kendra Cherry, verywellmind.com, Feb. 12, 2024.
The Harvard Study of Adult Development
And we are thrilled to have with us today two fabulous investors in global equities. David Herro is here from Harris Associates. He is a longtime portfolio manager at Oakmark International and Oakmark International Small Cap. Rajiv Jain, to David’s left, is here from GQG Partners, which he founded in 2016. Both of these gentlemen have strategies that are rated Gold by Morningstar’s Manager Research team. So, we’re really excited to have them here and to dig into international investing and the case for international investing.
Background
David Herro Bio
Oakmark International Investor
Oakmark International Small Cap Investor
Rajiv Jain Bio
GQG Partners Global Quality Equity
GQG Partners Emerging Markets Equity
International Funds, Interest Rates, and More
“Going Where the Value Is Greater: International Equities,” by David Herro, oakmark.com, Jan. 4, 2024.
“Bloomberg Interview: Rajiv Jain Spotlights Nvidia, Discusses Elections, India’s Potential, and China,” GQG.com, June 11, 2024.
“Fund Manager Rajiv Jain Takes $2.8bn Bet on Middle Eastern Stocks,” by Jennifer Hughs and Brooke Masters, ft.com, Jan. 14, 2024.
“The Harrowing Story of a Top Manager’s Biggest Investing Mistake,” by Gregg Wolper, Morningstar.com, Aug. 30, 2023.
“David Herro’s 1st-Quarter International Equity Market Commentary: Granolas, Japan, and Crypto—Why We Don’t Chase Momentum,” by Sydnee Gatewood, gurufocus.com, April 9, 2024.
“Billionaire Fund Manager Griffin Predicts Fed Rate Cuts in 2024,” by Dan Weil, thestreet.com, May 7, 2024.
“Jamie Dimon—Head of US’ Largest Bank—Warns of 8% Interest Rates Along With Recession,” by Derek Saul, forbes.com, April 8, 2024.
We’re hitting pause on new episodes during this holiday week. But we wanted to resurface one of our favorite conversations of the past year—the one that Jeff Ptak and I had with author and longtime columnist Scott Burns. We hope that you’ll enjoy it, and we’ll be back with a fresh episode next week.
Our guest on the podcast today is syndicated personal finance columnist and author, Scott Burns. Scott began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Scott has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor’s degrees in humanities and biology from the Massachusetts Institute of Technology.
Background
Bio
Couch Potato Investing
The Coming Generational Storm: What You Need to Know About America’s Economic Future, by Laurence J. Kotlikoff and Scott Burns
Spend ‘Til the End: Raising Your Living Standard in Today’s Economy and When You Retire, by Laurence J. Kotlikoff and Scott Burns
Bonds and Retirement
“Do Bonds Have a Future?” by Scott Burns, Scottburns.com, May 14, 2022.
“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, Dallasnews.com, July 20, 2023.
Allan Roth
“TIPS Ladder Funds Don’t Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.
“Is America Hitting Peak Consumption?” by Scott Burns, Scottburns.com, Oct. 12, 2023.
“The Pudding Report, 2022,” by Scott Burns, Scottburns.com, Jan. 15, 2023.
“Examining the Tax Deferral Gift Horse,” by Scott Burns, Scottburns.com, April 8, 2023.
Investing in Retirement
“What’s a Safe Withdrawal Rate Today?” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.
“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, papers.ssrn.com, Jan. 15, 2013.
“The High Cost of Immortality,” by Scott Burns, Scottburns.com, Dec. 18, 2022.
“Making a Plan to Retire Now, Not Later,” by Scott Burns, Scottburns.com, April 25, 2022.
“Is Homeownership Bigger Than It Should Be?” by Scott Burns, Scottburns.com, Nov. 14, 2020.
“Is Downsizing in Retirement Actually Possible?” by Scott Burns, Scottburns.com, Nov. 21, 2020.
Other
Portfolio Visualizer
Center for Retirement Research at Boston College
Employee Benefit Research Institute
Kaiser Family Foundation
Today we have two guests on the podcast, Don Graves and Wade Pfau. Don Graves is the president and founder of the Housing Wealth Institute and an instructor of Retirement Income at The American College of Financial Services. He is considered one of the nation’s leading educators on incorporating housing wealth into retirement income planning. He is also the author of three books, Housing Wealth: An Advisor’s Guide to Reverse Mortgages, Housing Wealth Conversations, and The Retiree’s Guide to Housing Wealth. He graduated from the Fox School of Business at Temple University.
Wade Pfau is professor of retirement income in the Financial and Retirement Planning Program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and Retirement Income Certified Professional program director at the American College. Pfau has written several books, including his most recent Retirement Planning Guidebook. He is a co-editor of the Journal of Personal Finance, and he publishes frequently in a wide variety of academic and practitioner research journals. Pfau holds a doctorate in economics and a master’s degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a chartered financial analyst.
Background
Don Graves: Bio
The American College of Financial Services
Books: Housing Wealth: 3 Ways the New Reverse Mortgage Is Changing Retirement Income Conversations
The Retiree’s Guide to Housing Wealth
Wade Pfau: Bio
Books: Retirement Planning Guidebook
Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement
Journal of Personal Finance
Reverse Mortgages
Home Equity Conversion Mortgage (HECM): Definition, Eligibility
Sandra Timmermann
“Reversing the Conventional Wisdom: Using Home Equity to Supplement Retirement Income,” by Barry H. Sacks and Stephen R. Sacks, financialplanningorganization.org, February 2012.
HECM Origination Counseling
“Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, retirementresearcher.com.
“The Decumulation Drawdown: How Spending Became the Big Dilemma in Retirement,” by Alessandra Malito, marketwatch.com, June 4, 2022.
“Jamie Hopkins: A Framework for Financial Freedom,” The Long View podcast, Morningstar.com, Dec. 2, 2022.
“Reverse Mortgage Net Principal Limit: Meaning, Pros and Cons,” by Julia Kagan, Investopedia.com, April 7, 2022.
“Understanding Why and How the HECM Line of Credit Grows,” by Wade Pfau, forbes.com, Jan. 7, 2021.
“Standby Reverse Mortgages: A Risk Management Tool for Retirement Distributions,” by John Salter, Shaun Pfeiffer, and Harold Evensky, financialplanningassociation.org, August 2012.
“Integrating Home Equity and Retirement Savings Through the “Rule of 30,’” by Peter Neuwirth, Barry Sacks, and Stephen Sacks, Journal of Financial Planning, October 2017.
“Wade Pfau: The Risk of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.
“Unbundling Investments From Insurance to Solve for Lifetime Sequence-of-Return Risk,” by Wade Pfau, retireone.com, Jan. 12, 2022.
Our guest on the podcast today is Scott Rick. Scott is an associate professor of marketing at the University of Michigan’s Ross School of Business. He is the author of a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships. He received his Ph.D. in behavioral decision research from Carnegie Mellon in 2007, and he then spent two years as a postdoctoral fellow at Wharton. His research focuses on understanding the emotional causes and consequences of consumer financial decision-making, with a particular interest in the behavior of tightwads and spendthrifts.
Background
Bio
Scottrick.com
Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, by Scott Rick
Couples, Spendthrifts, and Tightwads
“A Penny Saved Is a Partner Earned: The Romantic Appeal of Savers,” by Jenny Olson and Scott Rick, papers.ssrn.com, Sept. 1, 2017.
“Spendthrifts and Tightwads in Childhood: Feelings About Spending Predict Children’s Financial Decision Making,” by Craig E. Smith, Margaret Echelbarger, Susan A. Gelman, and Scott I. Rick, Journal of Behavioral Decision Making, December 2017.
“‘You Spent How Much?’ Toward an Understanding of How Romantic Partners Respond to Each Other’s Financial Decisions,” by Jenny Olson and Scott Rick, sciencedirect.com, 2022.
“Common Cents: Bank Account Structure and Couples’ Relationship Dynamics,” by Jenny Olson, Deborah Small, Scott Rick, and Eli Finkel, Journal of Consumer Research, December 2023.
“Subjective Knowledge Differences Within Couples Predict Influence Over Shared Financial Decisions,” by Jenny Olson and Scott Rick, journals.uchicago.edu, October 2023.
“How Much Do You Need to Know About How Your Spouse Spends Money? Maybe Less Than You Think,” by Scott Rick, theconversation.com, June 10, 2024.
Gift-Giving
“Why Gift-Giving Makes You Anxious,” by Scott Rick, Time.com, Dec. 19, 2023.
“How to Be a Better Gift-Giver to a Partner,” by Scott Rick, psychologytoday.com, Feb. 22, 2024.
Our guest on the podcast today is Andrew Blake. Andrew is associate director of wealth management for Cerulli Associates. He is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types. Prior to joining Cerulli, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has a BBA in marketing as well as management and strategic leadership from Ohio University.
Background
Bio
The Cerulli Report: US Intermediary Distribution 2023
The Cerulli Report: US Advisor Metrics 2023
Research
US Broker/Dealer Marketplace 2023
US RIA Marketplace 2023
US High-Net-Worth and Ultra-High-Net-Worth Markets 2023
US Retirement Markets 2023
State of US Wealth Management Technology 2024
Advisors
The Cerulli Edge: US Advisor
“More Advisors Are Making the Move to RIA, Independent Models,” by Josh Welsh, investmentnews.com, Oct. 31, 2023.
“The Role of the Retail-Direct Channel in a Growing Financial Planning Profession,” cfp.net, March 28, 2023.
“Financial Adviser Shortage Looms, Cerulli Reports,” by Natalie Lin, planadviser.com, Jan. 16, 2024.
“Asset Managers Embrace a Technology Arms Race,” cerulli.com, Oct. 27, 2022.
“As Retirement Exodus Looms, Rookie Advisor Failure Rate at 72%, Study Finds,” by Ayo Mseka, insurancenewsnet.com, Feb. 12, 2024.
Other
Creative Planning
“Peter Mallouk: The Financial Advice Industry Is ‘Still Very Messy,’” The Long View podcast, Morningstar.com, March 26, 2024.
Vanguard Personal Advisor Select
Schwab Intelligent Portfolios
iCapital
Case IQ
Our guest this week is Keith Lee. Keith has been lead portfolio manager on the Brown Capital Management Small Company Strategy since 1992. He and the Small Company team were named Morningstar’s Fund Manager of the Year for Domestic Equity in 2015, and the mutual fund carries a Morningstar Medalist Rating of Gold. Keith is also a member of the board of directors and chairman of the management committee for Brown, and he has held the positions of CEO and CIO. He is a trustee of the Baltimore Community Foundation and active in many other Baltimore-based philanthropies. He holds a BA and an MBA from the University of Virginia.
Background
Bio
Brown Capital Management
Brown Capital Management Small Company Strategy
Brown Capital’s Proprietary Investment Philosophy
“Morningstar’s 2015 US Fund Manager of the Year Award Winners Delivered Superior Performance,” Morningstar.com, Jan. 26, 2016.
Brown Capital
“The Oracle of Apopka: Meet Eddie Brown, One of Wall Street’s Greatest Untold Stories,” by Antoine Gara, forbes.com, May 28, 2019.
“The Case for Going Small,” browncapital.com, March 27, 2023.
“I’m a Black CEO. I’ve Been Discounted on Wall Street Because of my Skin Color,” by Eddie Brown, washingtonpost.com, July 8, 2020.
“Team Decisions: Why Our Investment Team Structure Helps Us Make Better Decisions,” by Keith Lee, browncapital.com, Sept. 14, 2022.
“How We Think About Performance,” by Keith Lee, browncapital.com, June 30, 2022.
“Small Company Team Awarded Morningstar’s High ‘People Rating,’” browncapital.com, May 22, 2022.
Other
Beating the Odds: Eddie Brown’s Investing and Life Strategies, by Eddie Brown
“Opposites Attract: Why Financial Services Firms and ESOPS Are Made For Each Other,” by Mary Josephs, forbes.com, June 7, 2021.
“Mutual Funds 2030,” PwC study, pwc.com.
“Sizing the Prize—PwC’s Global Artificial Intelligence Study: Exploiting the AI Revolution,” PwC study, pwc.com.
Cognex
Bio-Techne
Veeva Systems
Our guest on the podcast today is Jamila Souffrant. She is the author of a new book called Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness. She is also the host of the Journey to Launch podcast. Jamila’s focus is helping people increase their net worths and eliminate debt while also enjoying financial freedom. Prior to starting up her own business, Journey to Launch, she worked at MetLife for 13 years, where she managed a multimillion-dollar portfolio of real estate assets.
Background
Bio
Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness, by Jamila Souffrant
Journey to Launch podcast
Journey to Launch Podcast
“Episode 366: How to Bounce Back From Financial Setbacks and Adversity W/ Lynnette Khalfani-Cox,” Journey to Launch podcast.
“Episode 350: Creating Your Dream Life, Identifying Your Goals, & the Guacamole Lifestyle Levels,” Journey to Launch podcast.
“Episode 137—The Black Tax: The Cost of Being Black in America With Shawn Rochester,” Journey to Launch podcast.
“Episode 193—How I Bought My Condo at 22 Years Old & My Biggest Takeaways & Lessons Learned,” Journey to Launch podcast.
Other
“Financial Independence, Retire Early (FIRE) Explained: How It Works,” by Alexandra Kerr, Investopedia.com, May 15, 2024.
Mr. Money Mustache
Mad Fientist
“Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’” The Long View podcast, morningstar.com, Sept. 28, 2021.
This is Dan’s second appearance on The Long View, his first taking place back in May 2019, when Christine Benz and I interviewed him for the podcast. Dan is Pimco’s group chief investment officer, a managing director, and a member of the firm’s executive committee and investment committee. He is also lead portfolio manager for the firm’s Income, Credit Hedge Fund, and Mortgage Opportunistic strategies, and a portfolio manager for Total Return strategies. Morningstar named Dan Fixed-Income Manager of the Year for 2013. Dan earned his bachelor’s degree in economics from Occidental College and his MBA in analytic finance at the University of Chicago Booth School of Business. We conducted this interview at Pimco’s headquarters in Newport Beach, California.
Background
Bio
Pimco Income Institutional Fund
Pimco Credit Opportunities Bond Institutional Fund
Pimco Mortgage Opportunities and Bond Institutional Fund
“Dan Ivascyn: Building a Portfolio to Bend but not Break,” The Long View podcast, Morningstar.com, Sept. 11, 2019.
Secular Outlook
“The Aftershock Economy,” by Dan Ivascyn, Andrew Balls, and Richard Clarida, pimco.com, June 6, 2023.
“Income Fund Update: Capitalizing on the Global Opportunities in Fixed Income,” by Dan Ivascyn and Esteban Burbano, pimco.com, May 13, 2024.
“What to Expect When You’re Expecting Rate Cuts,” video interview with Dan Ivascyn and Kimberley Stafford, pimco.com, April 25, 2024.
“Pimco’s Ivascyn Warns of ‘Too Much Enthusiasm’ on 2024 Rate Cuts,” by Michael Mackenzie, Bloomberg.com, Nov. 15, 2023.
“Income Fund Update: Compelling Yields Today, Potential Price Appreciation Tomorrow,” by Dan Ivascyn and Esteban Burbano, pimco.com, Feb. 20, 2024.
“Capitalizing on Market Shifts in 2024,” video interview with Dan Ivascyn and Kenneth Chambers, pimco.com, January 2024.
“Bonds Look Attractive Compared With Cash, Equities,” by Dan Ivascyn, pimco.com, February 2024.
“Yield Matters: A Fresh Look at Core Bonds,” video interview with Dan Ivascyn, Mohit Mittal, and Richard Clarida, pimco.com, May 2024.
“What Higher-for-Longer Rates Mean for Investors,” video interview with Dan Ivascyn and Kimberley Stafford, pimco.com, February 2024.
“Opportunity in Focus: Private Credit,” video interview with Dan Ivascyn and Kenneth Chambers, pimco.com, January 2024.
“Navigating Uncertainty With Alternative Investments,” video interview with Dan Ivascyn and Richard Clarida, pimco.com, December 2023.
We have two guests this week on The Long View, our colleagues, Damien Conover and Rebecca Springer, who both focus on healthcare investing—Damien on the public equity side and Rebecca focusing on private markets for Morningstar PitchBook. Damien is director of healthcare research and director of equity strategy for Morningstar Research Services. Before joining Morningstar in 2007, Damien covered healthcare for Raymond James, Bank of Montreal, and Tucker Anthony. He holds bachelor’s and master’s degrees in finance from the University of Wisconsin, where he was a member of its applied security analysis program, and he holds the CFA designation. Rebecca Springer is lead healthcare analyst for Morningstar PitchBook, where she directs coverage of private market investing across healthcare and the life sciences. She has written extensively on P/E investing in healthcare providers, the growing role of retailers in healthcare, and value-based care. She has worked in nonprofit consulting and as a college lecturer. Rebecca holds a bachelor’s from Yale, a master’s from Cambridge, and a doctorate from Oxford.
Background
Damien Conover bio
Rebecca Springer bio
Anti-Obesity Drugs and Healthcare
“Obesity Drug Stocks: Where to Invest Now,” by Diana Anghel, Morningstar.com, Dec. 7, 2023.
“Eli Lilly Earnings: Pipeline Gains and Great Diabetes and Weight-Loss Sales,” by Damien Conover, Morningstar.com, Feb. 6, 2024.
“Eli Lilly’s Strong Position in GLP-1 Drugs and Powerful Pipeline Support Industry-Leading Growth,” by Damien Conover, Morningstar.com, Feb. 6, 2024.
“Walmart, Amazon and CVS Want to Disrupt Healthcare Services. Here’s How PE and VC Could Benefit,” by Rebecca Springer, PitchBook.com, Sept. 13, 2022.
“Q2 2023: Healthcare IT Report,” PitchBook.com, Sept. 12, 2023.
“Investment Opportunities in the Biopharma Industry,” by Karen Andersen and Damien Conover, Morningstar.com, April 5, 2024.
“Research & Development Is Driving Medical Breakthroughs and Exponential Growth Opportunities,” by Damien Conover, Morningstar.com, April 7, 2022.
“Healthcare Stocks: Valuations Look Attractive Across Almost All Industries,” by Damien Conover, Morningstar.com, April 3, 2024.
“Pfizer Highlights Pipeline to Address Post-2025 Patent Cliff, as Long-Term Growth Concerns Linger,” by Damien Conover, Morningstar.com, Dec. 12, 2022.
“Can Innovation Offset Biopharma Firms’ Losses From Patent Expiration?” by Damien Conover and Karen Andersen, Morningstar.com, March 21, 2023.
“A Wide-Moat Dividend Stock to Buy That’s 35% Undervalued,” by Damien Conover, Morningstar.com, Aug. 2, 2023.
“AbbVie: Cerevel Acquisition Brings High-Risk/High-Reward Neuroscience Pipeline Drugs at a Fair Price,” by Damien Conover, Morningstar.com, Dec. 7, 2023.
“How Weight Loss Drugs Will Reshape Healthcare,” by Rebecca Springer, PitchBook.com, Nov. 16, 2023.
“Healthcare Funds Report,” PitchBook.com, Feb. 26, 2024.
“Q3 2023: Healthcare Future Report: Weight Loss Drugs,” PitchBook.com, Sept. 29, 2023.
Covid Vaccines
“Pfizer Earnings: Cost-Cutting Remains on Track to Adapt to COVID-19 Product Sale Declines,” by Damien Conover, Morningstar.com, Jan. 30, 2024.
“Focus: Drug Companies Face Covid Cliff in 2023 as Sales Set to Plummet,” by Michael Erman and Patrick Wingrove, reuters.com, Feb. 6, 2023.
Value-Based Care
“PitchBook Analyst Note: The Value-Based Care Enabler Landscape: 2024 Update,” PitchBook.com, March 14, 2024.
“Enablement Companies Are Key to the Future of Value-Based Care,” by Rebecca Springer, PitchBook.com, March 16, 2024.
“Our Value-Based Care Crystal Ball,” by Rebecca Springer, PitchBook.com, July 22, 2023.
Healthcare Market Underperformance
“Healthcare Service Report,” PitchBook.com, May 7, 2024.
“Healthcare Is a Frontier Not Even Walmart Could Conquer—And It’s Not Looking Great for Others Either,” by Katie Adams, medcitynews.com, May 1, 2024.
Other
Sesame
Amazon Clinic
Ro
Our guest on the podcast today is Greg McBride. Greg is chief financial analyst for Bankrate.com, where he has worked for more than 25 years. He received his bachelor’s in finance from the University of Florida. He is also a CFA charterholder.
Background
Bio
Bankrate
State of the Economy/Outlook for Interest Rates
“Survey: Despite a Resilient Economy, Experts Still See a Near 1-in-2 Chance of a Recession,” by Sarah Foster, bankrate.com, Jan. 3, 2024.
“Bankrate’s Interest Rate Forecast for 2024: Mortgages, Credit Cards and More Will Stay Pricey, Even if the Fed Cuts Rates,” by Sarah Foster, bankrate.com, Jan. 2, 2024.
“Credit Card Debt Is at a Record High as Fed Raises Rates Again,” by Cora Lewis, apnews.com, March 22, 2023.
“Take These 12 Steps as the Federal Reserve Keeps Interest Rates High,” by Sarah Foster, bankrate.com, May 1, 2024.
Saving
“Survey: Two-Thirds of Savers Still Earn a Savings Account APY of Less Than 4%,” by Karen Bennett, bankrate.com, March 27, 2024.
“How the Federal Reserve Impacts Savings Account Interest Rates,” by Karen Bennett, bankrate.com, May 1, 2024.
“CD Ladder: What It Is and How to Build One,” by Rene Bennett, bankrate.com, Feb. 27, 2024.
“Why Now Might Be a Good Time to Consider Longer-Term CDs,” by Matthew Goldberg, bankrate.com, April 2, 2024.
“How to Start (and Build) an Emergency Fund,” by Karen Bennett, bankrate.com, Feb. 29, 2024.
“The Best Places to Keep Your Emergency Fund,” by Greg McBride, bankrate.com, Feb. 27, 2024.
“Greg McBride’s 2023 Guide: How to Prioritize Emergency Savings, Retirement Savings and Debt Repayment,” by Greg McBride, bankrate.com, Feb. 28, 2023.
“Is My Money Safe? What You Need to Know About Bank Failures,” by Adriana Morga, apnews.com, April 28, 2023.
“Pros and Cons of a Money Market Account,” by Greg McBride, bankrate.com, March 26, 2024.
Mortgages, Homebuying, and Auto Loans
“Forecast: Mortgage Rates to Gradually Decline in 2024,” by Jeff Ostrowski, bankrate.com, Jan. 2, 2024.
“What the Fed’s Moves Mean for Mortgages, Credit Cards and More,” by Tara Siegel Bernard, nytimes.com, March 20, 2024.
“Housing Market Predictions for 2024,” by Ruben Caginalp, bankrate.com, April 4, 2024.
“Auto Loan Forecast for 2024: Rates Should Ease for Good-Credit Borrowers,” by Rebecca Betterton, bankrate.com, Jan. 2, 2024.
Other
Rose Foundation’s Consumer Financial Education Fund
Our guest this week is Carl Vine. Carl is co-head of Asian Investment for M&G, a UK-based asset manager. Carl joined M&G in 2019 and was appointed to the management team of the Japan and wider Asian equity strategies. Prior to M&G, Carl co-founded Port Meadow Capital Management, a boutique investment firm based in Oxford in 2014. He also worked for SAC Capital Advisors in Hong Kong, for TPG-Axon Capital, and for Prudential in both London and Tokyo. Carl is a graduate of Oxford University.
Background
Bio
M&G
M&G (Lux) Asian Fund EUR A Acc
M&G Japan Smaller Companies Fund Sterling R Inc
Japan Funds
“A Look Back on 2023 for M&G Japan Fund,” by Carl Vine, mandg.com, Jan. 18, 2024.
“Investors Are Pouring Their Love (and Money) Into These Three Funds,” by Christopher Johnson, Morningstar.co.uk, Feb. 14, 2024.
“‘I Don’t See Euphoria’: Carl Vine on M&G Japan’s Meteoric Rise to $5bn,” Video interview, citywire.com, April 18, 2024.
“Is Japan the Investment Play of 2023?” by Darius McDermott, moneymarketing.co.uk, Jan. 17. 2023.
“The Japan Opportunity,” by Carl Vine, mandg.com, March 29, 2023.
“M&G Webcast: A Unique Perspective on Japan,” Webcast with Carl Vine, mandg.com, June 2, 2023.
“Something Fundamental in Japan’s Inflation Environment Is Changing,” Webcast with Carl Vine, mandg.com, June 22, 2023.
“Enter the Dragon: Why China Is Competitively Positioned,” by David Perrett, mandg.com, March 7, 2024.
Today on the podcast, we welcome back Meir Statman. Meir is the Glenn Klimek Professor of Finance at Santa Clara University. Meir’s latest book is A Wealth of Well-Being: A Holistic Approach to Behavioral Finance. Other books include Behavioral Finance: The Second Generation, What Investors Really Want, and Finance for Normal People. Meir’s research has also been published in the Journal of Finance, the Financial Analyst Journal, the Journal of Portfolio Management, and many other journals. He received his PhD from Columbia University and his BA and MBA from the Hebrew University of Jerusalem.
Background
Bio
A Wealth of Well-Being: A Holistic Approach to Behavioral Finance
Behavioral Finance: The Second Generation
What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions
Finance for Normal People: How Investors and Markets Behave
Financial Well-Being
“Financial Advisers as Well-Being Advisers,” by Meir Statman, financialplanningassociation.org, September 2019.
“More Time or More Money? How Wealth Affects What We Value,” by Meir Statman, avantisinvestors.com, October 2022.
Other
“Meir Statman: ‘We Are All Normal,’” The Long View podcast, Morningstar.com, Oct. 30, 2019.
“What Is Cantril’s Ladder?” by Michael Hartnett, sciotoanalysis.com, Feb. 9, 2024.
“High Income Improves Evaluation of Life but not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, nlm.gov, Sept. 21, 2010.
“Why Olympic Bronze Medalists Are Happier Than Silver Medalists,” by John A. List, Time.com, Feb. 10, 2022.
“The Mental Mistakes We Make With Retirement Spending,” by Meir Statman, wsj.com, April 24, 2017.
Our guest this week is Neil Shearing. Neil is group chief economist at Capital Economics, a London-based research firm. He is also an associate fellow at Chatham House, an International Affairs think tank. In his Capital Economics role, Neil manages a team of economists and is a well-known voice in the investment community. He has served as chief emerging markets economist and once managed Capital Economics’ New York office, having joined the firm in 2006 from the United Kingdom’s Treasury Ministry. He holds economics degrees from the University of London and the University of York.
Background
Bio
Chatham House
World Economy, Globalization, and Elections
“China, Inflation, Trade Wars—Your Frequently Asked Questions,” by Neil Shearing, capitaleconomics.com, March 4, 2024.
“Maintaining Market Confidence Is Key to Managing ‘Snowballing’ Public Debt,” by Neil Shearing, capitaleconomics.com, April 8, 2024.
“Pivoting Central Bankers Must Face Down the Ghost of Arthur Burns,” by Neil Shearing, capitaleconomics.com, Jan. 29, 2024.
“Ignore the Straight-Line Forecasts. These Forces Will Shape the Global Economy to 2050,” by Neil Shearing, capitaleconomics.com, Feb. 26, 2024.
“In the China Vs. US Size Stakes, It’s What You Measure That Counts,” by Neil Shearing, capitaleconomics.com, Jan. 15, 2024.
“Trump Trade Wars, Stock Market Bubbles, Japan’s Market Comeback, and the World in 2050,” Capital Economics Weekly Briefing podcast, capitaleconomics.com, Feb. 15, 2024.
“World Economy Is Fracturing, not Deglobalizing,” by Neal Shearing, chathamhouse.org, Feb. 8, 2023.
“It’s All Connected—Why Investors Can’t Ignore the Global Economy’s Megatrends,” by Neil Shearing, capitaleconomics.com, Oct. 2, 2023.
Artificial Intelligence
“From Upbeat to Apocalyptic: Making Sense of the AI Headlines,” by Neil Shearing, capitaleconomics.com, Jan. 22, 2024.
“How to Get a Handle on AI’s Many Implications for Economies and Markets,” by Neil Shearing, capitaleconomics.com, July 10, 2023.
Other
“Read My Lips: No New Tax Cuts,” by Paul Ashworth, capitaleconomics.com, Feb. 12, 2024.
Our guest on the podcast today is author and columnist, Matt Krantz. He is the personal finance and management editor at Investor’s Business Daily. Prior to joining IBD, Matt was a senior financial writer for Capital Group. He was also a personal finance writer and reporter at USA TODAY for nearly 18 years. Matt is also the author of several books, including Fundamental Investing for Dummies, Online Investing for Dummies, and Retirement Planning for Dummies.
Background
Bio
Investor’s Business Daily
Fundamental Analysis for Dummies, by Matt Krantz
Online Investing for Dummies, by Matt Krantz
Retirement Planning for Dummies, by Matt Krantz
Work at IBD
“CANSLIM Explained: What It Is and How It Works,” by James Chen, Investopedia.com, April 2, 2024.
Investors/Strategies
“Feisty Rivals Take on Eli Lilly, Novo Nordisk on Weight Loss,” by Matt Krantz, investors.com, March 19, 2024.
“How to Make Money on Nvidia—And Take Much Less Risk,” by Matt Krantz, investors.com, March 14, 2024.
Other
How to Make Money in Stocks: A Winning System in Good Times or Bad, by William O’Neil
The Four Pillars of Investing: Lessons for Building a Winning Portfolio, by William Bernstein
The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risks, by William Bernstein
“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’” The Long View podcast, Morningstar.com, May 7, 2019.
“Bill Bernstein: We’re Starting to See all of the Signs of a Bubble,” The Long View podcast, Morningstar.com, March 9, 2021.
“Bill Bernstein: Revisiting ‘The Four Pillars of Investing,’” The Long View podcast, Morningstar.com, July 11, 2023.
Quicken
Thinkorswim
Our guest on the podcast today is Victor Haghani. He is the co-author of a new book called The Missing Billionaires: A Guide to Better Financial Decisions. In 2011, Victor founded Elm Wealth, an investment advisory firm for high-net-worth individuals. He started his career at Salomon Brothers in 1984, where he became a managing director in the bond arbitrage group. And in 1993, he was a co-founding partner of Long-Term Capital Management. He graduated from the London School of Economics with a bachelor’s degree in economics.
Background
Bio
Elm Wealth
The Missing Billionaires: A Guide to Better Financial Decisions, by Victor Haghani and James White
Investment Sizing and Expected Utility
“The Most Costly Investment Mistake You Can Make Is Easy to Avoid,” by Victor Haghani and James White, Bloomberg.com, Feb. 14, 2024.
“Bigger Is the Enemy of Better Investing,” by Victor Haghani and Richard Dewey, businesstimes.com, March 20, 2021.
Robert K. Merton
“Merton Model: Definition, History, Formula, What It Tells You,” by Will Kenton, Investopedia.com, Aug. 10, 2022.
“Lifetime Portfolio Selection Under Uncertainty: The Continuous-Time Case,” by Robert C. Merton, jstor.org, August 1969.
“How Much of a Good Thing Is Too Much?” by Victor Haghani, linkedin.com, Oct. 11, 2022.
“To Realize, or Not to Realize,” by Victor Haghani and James White, elmwealth.com, Oct. 22, 2020.
Lifetime and Retirement Spending
“Spending Like You’ll Live Forever,” by Victor Haghani and James White, elmwealth.com, April 6, 2021.
“Cut Your Losses Early; Let Your Profits Run,” by Victor Haghani, linkedin.com, Aug. 8, 2023.
Puzzles
“George Costanza At It Again: The Leveraged ETF Episode,” by Victor Haghani and James White, elmwealth.com, April 16, 2020.
“Who Wants Protection Like This?” by Victor Haghani, linkedin.com, Nov. 14, 2022.
Other
“Vic’s TEDx Talk: Where Are All the Billionaires and Why Should We Care?” Elmwealth.com, March 8, 2013.
Matt Levine
Michael Lewis
The St. Petersburg Paradox
Hal Hershfield
“Hal Hershfield: People Treat Their Future Self as if It’s Another Person,” The Long View podcast, Morningstar.com, Sept. 21, 2021.
Stumbling on Happiness, by Daniel Gilbert
When Genius Failed: The Rise and Fall of Long-Term Capital Management, by Robert Lowenstein
Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It, by Nicholas Dunbar
Our guest on the podcast today is Peter Mallouk. Peter is the President and CEO of Creative Planning, an independent registered investment advisor with roughly $300 billion in combined assets under management and advisement. Peter has also written or co-written several books, including The 5 Mistakes Every Investor Makes and How to Avoid Them, The Path: Accelerating Your Journey to Financial Freedom with Tony Robbins, and his latest, Money, Simplified. Peter graduated from the University of Kansas with four majors, including degrees in business administration and economics. He went on to earn a law degree and a Master of Business Administration degree, also at the University of Kansas.
Background
Bio
Creative Planning
Pathway Financial Education
Books
Money, Simplified, by Peter Mallouk
The 5 Mistakes Every Investor Makes and How to Avoid Them: Getting Investing Right, by Peter Mallouk
The Path: Accelerating Your Journey to Financial Freedom, by Peter Mallouk, with Tony Robbins
Podcasts
Down the Middle, with Peter Mallouk and Jonathan Clements
Signal or Noise? with Charlie Bilello and Peter Mallouk
Creative Planning
“What to Expect in the Year Ahead,” by Peter Mallouk and Jonathan Clements, creativeplanning.com, Dec. 29, 2023.
“Creative Planning Closes on Acquisition of Goldman Sachs Personal Financial Management,” by Diana Britton, wealthmanagement.com, Nov. 3, 2023.
“Peter Mallouk: The No. 1 Thing to Look for in Investments Now,” by Dinah Wisenberg Brin, thinkadvisor.com, Feb. 27, 2023.
“Tax-Loss Harvesting: What It Is and Why It Matters,” by Taylor Harroun, creativeplanning.com, Oct. 4, 2023.
“The Media Has a Fiduciary Responsibility, But It’s Not to You,” by Peter Mallouk, creativeplanning.com, March 15, 2024.
Other
“How Financial Planners Actually Do Financial Planning (2023),” by Dan Inveen, Michael Kitces, and Meghaan Lurtz, kitces.com, 2023.
Our guest this week is our colleague, Bryan Armour, who is director of passive investment strategies research, North America, for Morningstar Research Services. Bryan is also editor of the ETFInvestor newsletter. Before joining Morningstar in 2020, Bryan spent seven years working for Finra, the Financial Industry Regulatory Authority, conducting trade surveillance and investigations specializing in exchange-traded funds. Prior to Finra, he worked for a proprietary trading firm as an options trader at the Chicago Mercantile Exchange. Bryan holds a BA in Economics from the University of Illinois and the Chartered Financial Analyst designation.
Background
Bio
Passive Investing and ETFs
“Index Funds Have Officially Won,” by John Rekenthaler, Morningstar.com, Feb. 13, 2024.
“Active Funds Fell Short of Passive Peers in 2023,” by Bryan Armour, Morningstar.com, March 12, 2024.
“It’s Official: Passive Funds Overtake Active Funds,” by Adam Sabban, Morningstar.com, Jan. 17, 2024.
“ETFs vs. Mutual Funds: The Benefits That Really Matter,” by Bryan Armour, Morningstar.com, Feb. 6, 2024.
“2023 Model Portfolio Landscape,” Morningstar.com.
“Markets Are ‘Fundamentally Broken’ Due to Passive Investing, Says David Einhorn,” by William Watts, marketwatch.com, Feb. 9, 2024.
“How Fund Fees Are the Best Predictor of Returns,” by Russ Kinnel, Morningstar.com, Jan. 12, 2026.
“Cage Match: Traditional Index Funds vs. ETFs,” by Christine Benz and Margaret Giles, Morningstar.com, Oct. 20, 2023.
“Global Fund Flows: 2023 in Review,” Morningstar.com, Feb. 6, 2024.
“A Closer Look at Vanguard’s Newest Core Bond ETFs,” by Dan Sotiroff, Morningstar.com, Feb. 12, 2024.
“3 New ETFs That Stand Out From the Pack,” by Ryan Jackson, Morningstar.com, Aug. 30, 2023.
“Converting Mutual Funds to ETFs: What to Make of the Trend,” by Daniel Sotiroff, Morningstar.com, April 11, 2023.
“How to Choose a Great Dividend ETF,” by Dan Sotiroff, Morningstar.com, May 17, 2023.
“The Best and Worst New ETFs of 2023,” by Bryan Armour, Morningstar.com, Dec. 19, 2023.
Bitcoin and Covered-Call ETFs
“Spot Bitcoin ETFs Are Here. Should You Invest?” by Bryan Armour, Morningstar.com, Jan. 11, 2024.
“Grayscale’s Victory Over the SEC Doesn’t Mean a Spot Bitcoin ETF—for Now,” by Bryan Armour, Morningstar.com, Aug. 30, 2023.
“Should You Buy a Covered-Call ETF?” Video interview with Bryan Armour and Ruth Saldanha, Morningstar.com, June 14, 2023.
Securities Mentioned
iShares ESG Aware ETF ESGU
iShares MSCI USA Quality Factor ETF QUAL
ARK Innovation ETF ARKK
Grayscale Bitcoin Trust (BTC) GBTC
JPMorgan Equity Premium Income ETF JEPI
Global X Nasdaq 100 Covered Call ETF QYLD
Vanguard’s High Dividend Yield ETF VYM
BlackRock Flexible Income ETF BINC
Schwab High Yield Bond ETF SCYB
T. Rowe Price Capital Appreciation Equity ETF TCAF
2x Bitcoin Strategy ETF BITX
YieldMax AI Option Income Strategy ETF AIYY
Other
“The ETF Rule: What It Is and Why It Matters,” by Irene Huhulea, Investopedia.com, Jan. 25, 2024.
Our guest on the podcast today is Anne Lester. She’s author of a new book called Your Best Financial Life: Save Smart Now for the Future You Want. Before writing the book, Anne spent 20 years as head of retirement solutions for J.P. Morgan. With AARP, she co-founded The Aspen Leadership Forum on Retirement Savings. In 2020, Anne was recognized for her extraordinary lifetime contributions to Americans’ economic security with the Ray Lillywhite Award. She earned a master’s in international economics and Japan studies from Johns Hopkins University and a B.A. from Princeton. She was also awarded a Fulbright Graduate Research Fellowship.
Background
Bio
Your Best Financial Life: Save Smart Now for the Future You Want, by Anne Lester
Millennials, Money, and Investing
“Don’t Make These 6 Money Mistakes in Your 30s, Says Former JPMorgan Retirement Expert,” by Anne Lester, cnbc.com, Jan. 4, 2022.
“Fake Rich? Affluent Millennials Are More Likely to Exaggerate to Appear Wealthy. Here’s What Experts Say They Should Do Instead,” by Lorie Konish, cnbc.com, Jan. 25, 2024.
“A Spender’s Guide to Surviving Financial Mistakes With Anne Lester,” Earn & Invest podcast, earnandinvest.com.
“The Worst Money Advice on the Internet,” by Stephanie Hallett, businessinsider.com, June 2, 2022.
“Setting Aside $20 a Day Could Help You Save $1 Million for Retirement —If You Start Early,” by Cheyenne DeVon, cnbc.com, Jan. 5, 2024.
Target-Date Funds and Retirement Savings System
“Retirement Experts Identify Possible Fixes to the Retirement Savings Gap,” by Paul Mulholland, planadviser.com, Oct. 3, 2022.
“Quit Your Job? Here’s What to Do With Your 401(k),” by Jeanne Sahadi, cnn.com, Jan. 6, 2022.
“Ladies, How Much Is Really Enough for Retirement?” hermoney.com, June 23, 2022.
Other
“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.
Our guest this week is JB Taylor. JB is CEO of Wasatch Global Investors based in Salt Lake City, Utah, specializing in small-cap stocks. JB is also a portfolio manager on the Wasatch Core Growth Fund, which receives a Morningstar Medalist Rating of Gold. He is a member of the firm’s global research team, and he serves on the firm’s board of directors. JB joined Wasatch as an analyst in 1996 after graduating from Stanford.
Background
Bio
Wasatch Core Growth Fund
Small-Cap Funds
“A New Era for Small-Caps?” Wasatchglobal.com, Nov. 28, 2023.
“After a Rough Year, Do Small-Caps Deserve a Closer Look?” Wasatchglobal.com, Jan. 13, 2023.
“Market Scout—'Value’ Funds in a Growth Shop,” Wasatchglobal.com, Oct. 6, 2023.
Investing Globally
“Market Scout—On-the-Ground Research in India and China,” Wasatchglobal.com, July 7, 2023.
“India: A View From the Ground,” Wasatchglobal.com, July 6, 2023.
“China: A View From the Ground,” Wasatchglobal.com, June 27, 2023.
Other
The Ensign Group
O’Reilly Auto Parts
Copart
Our guest this week is Sonali Pier. Sonali is a managing director and portfolio manager at Pimco, a global leader in fixed-income investing based in Newport Beach, California. Sonali is lead manager for the Pimco Diversified Income Fund, which carries a Gold rating from Morningstar, and she comanages a number of other strategies, including Pimco High Yield and two ETFs. She serves on various committees at Pimco, and she was honored early in her career as a Rising Talent by Morningstar’s Manager Research team. Prior to joining Pimco, Sonali was a senior credit trader at J.P. Morgan. She has a bachelor’s in economics from Princeton.
Background
Bio
“The Top Female Portfolio Managers to Invest With Now,” by Megan Pacholok and Amrutha Alladi, Morningstar.com, March 6, 2023.
Pimco Access Income Fund
Pimco Dynamic Income Opportunities Fund
Pimco Enhanced Low Duration Active ETF
Pimco Multisector Bond Active ETF
Pimco Credit Opportunities Bond Fund
Pimco Diversified Income Fund
Pimco High Yield Fund
Pimco High Yield Spectrum Fund
Pimco Low Duration Credit Fund
Macro Views and Asset-Class Reflections
“Prime Time for Bonds,” by Erin Browne, Geraldine Sundstrom, and Emmanuel E. Sharef, pimco.com, Nov. 14, 2023.
“Why Fixed Income Is Looking ‘Rather Attractive’ Given Potential Recession Risks,” Video interview, finance.yahoo.com, July 20, 2023.
“The Power of Flexibility in Multi-Sector Credit,” Video, pimco.com, July 2023.
“Inflation: ‘There’s Certainly a Pathway Towards a Soft Landing,’ Portfolio Manager Says,” Video interview, finance.yahoo.com, June 7, 2022.
“Bond Market: Strategist Details Where to Find the ‘Sweet Spot’ in Fixed Income,” Video interview, finance.yahoo.com, Jan. 4, 2023.
“Fed ‘Likely to Pause’ Following 25 Basis Point Rate Hike, Portfolio Manager Says,” Video interview, finance.yahoo.com, May 4, 2023.
“Spotting Opportunities in the High Yield Ratings Migration,” by Sonali Pier and Sabeen Firozali, pimco.com, Jan. 24, 2022.
Our guest on the podcast today is Marc Freedman. He is the co-CEO and founder of Encore.org, which is now known as CoGenerate and is geared toward helping people pursue meaningful work later in life. Freedman is also the author of How to Live Forever: The Enduring Power of Connecting the Generations. He co-founded Experience Corps to mobilize people over 50 to improve the school performance and prospects of low-income elementary school students in 22 U.S. cities. Freedman also spearheaded the creation of the Encore Fellowships program, a one-year fellowship helping individuals translate their midlife skills into second acts focused on social impact, and the Purpose Prize, an annual $100,000 prize for social entrepreneurs in the second half of life. Freedman received his bachelor’s degree from Swarthmore College and his Master of Business Administration from the Yale School of Management.
Background
Bio
CoGenerate
Experience Corps
How to Live Forever: The Enduring Power of Connecting the Generations, by Marc Freedman
Age Diversity
“Overcoming Age Segregation,” by Marc Freedman and Trent Stamp, Stanford Social Innovation Review, March 15, 2021.
“Will 2023 Be the Year That We Begin to Make the Most of Age Diversity in the Workplace?” by Ramona Schindelheim, WorkingNation, Dec. 27, 2022.
“Harnessing the Power of Age Diversity,” by Alene Dawson, John Templeton Foundation, Oct. 31, 2023.
“America Is Arguably the Most Age-Diverse Society in Human History—It’s High Time to Prepare for Our Increasingly Multigenerational Workforce,” by Ramona Shindelheim, WorkingNation, Dec. 10, 2023.
Encore Careers
“Encore Career: What It Is, How It Works, Prevalence,” by Julia Kagan, Investopedia, Jan. 16, 2022.
Encore: Finding Work That Matters in the Second Half of Life, by Marc Freedman
“The Case for Putting Seniors in Charge of Universal Pre-K | Opinion,” by Marc Freedman and Carol Larson, Newsweek, Nov. 29, 2021.
The Purpose Prize
Work/Life Across Generations
“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar, Oct. 20, 2020.
“Is America Ready to Unleash a Multigenerational Force for Good?” A National Opinion Survey From Encore.org With NORC at the University of Chicago.
Other
“The Globe: How BMW Is Diffusing the Demographic Time Bomb,” by Christoph Loch, Fabian J. Sting, Nikolaus Bauer, and Helmut Mauermann, Harvard Business Review, March 2010.
From Strength to Strength, by Arthur Brooks
Maggie Kuhn
Harvard Advanced Leadership Initiative
Encore Fellowships
David Galenson
Troops to Teachers
Modern Elder Academy
Live to 100: Secrets of the Blue Zones
“Dr. Anita Mukherjee: Exploring the Link Between Wealth, Longevity, and Quality of Life,” The Long View podcast, Morningstar, Oct. 10, 2023.
Now Teach
Michael Gurven
The Encore Career Handbook, by Marci Alboher
Our guest on the podcast today is Roger Young. Roger is thought leadership director at T. Rowe Price, where he and his team conduct research on retirement planning and financial planning matters. Roger has been with T. Rowe Price since 2017. Prior to that, he was a financial advisor at Wells Fargo Advisors, and he’s also held a number of corporate finance roles. Roger earned an M.S. in manufacturing and operations systems from Carnegie Mellon University, an M.S. in operations research and statistics from the University of Maryland, and a B.B.A. in accounting from Loyola University, Maryland. He is a Certified Financial Planner professional.
Background
Bio
Thought Leadership Projects
“How Coordinating Beneficiary Designations Can Increase Your After-Tax Legacy,” by Roger Young, troweprice.com, Oct. 12, 2023.
“Is Financial Advice Worth Paying For? Investors Share Their Perspectives,” by Roger Young, troweprice.com, Oct. 25, 2023.
Retirement: Financial Considerations
“2024 U.S. Retirement Market Outlook,” troweprice.com.
“How to Make Sure You Won’t Outlive Your Retirement Savings,” by Jasmin Suknanan, cnbc.com, July 30, 2023.
“How to Determine the Amount of Income You Will Need at Retirement,” by Roger Young, troweprice.com, Feb. 1, 2023.
“A Closer Look at RMDs and the New SECURE 2.0 Rules,” by Roger Young, troweprice.com, July 24, 2023.
“Spenders vs. Savers: How to Determine Your Retirement Spending Personality,” troweprice.com, Dec. 7, 2023.
“How to Make Your Retirement Account Withdrawals Work Best for You,” by Roger Young, troweprice.com, Aug. 7, 2023.
“Helpful Options to Take Into Consideration for Your 401(k) at Retirement,” by Roger Young and Judith Ward, troweprice.com, Feb. 6, 2024.
“A Closer Look at RMDs and the New SECURE 2.0 Rules,” by Roger Young, troweprice.com, July 24, 2023.
“How Catch-Up Contributions Help You Reach Your Retirement Savings Goal,” by Roger Young, troweprice.com, Sept. 12, 2023.
Retirement: Nonfinancial Considerations
“Beyond Retirement Savings: How to Achieve the Post-Career Life You Want,” by Roger Young, troweprice.com, Sept. 26, 2023.
“4 Things to Do in the Decade Leading Up to Retirement,” by Roger Young and Judith Ward, troweprice.com, April 10, 2023.
“‘Unretiring’: Why Recent Retirees Want to Go Back to Work,” by Judith Ward, troweprice.com, Sept. 18, 2023.
“5 Important Factors to Consider When Planning for Retirement,” T. Rowe Price, forbes.com, Dec. 19, 2022.
“Need to Boost Your Retirement Savings? Spend Less to Save More,” by Lindsay Theodore, troweprice.com, Jan. 23, 2024.
Other
“The State of Retirement Income 2023,” by Amy Arnott, John Rekenthaler, and Christine Benz, Morningstar.com, November 2023.
Retire, Inc.
Our guest this week is Justin Leverenz, who is the team leader and senior portfolio manager for the emerging-markets equity team at Invesco. Leverenz joined Invesco when it combined with OppenheimerFunds in 2019. He started managing the strategy now known as Invesco Developing Markets in May 2007, having joined Oppenheimer as a research analyst in 2004. Before that, he was the director of Pan-Asian technology research for Goldman Sachs. Leverenz has worked in Taiwan and Scotland. He is a fluent Mandarin speaker, and he holds bachelor’s and master’s degrees from the University of California.
Background
Bio
Invesco Developing Markets
Market View
“Mexico: A Few Reasons Why We’re Bullish on This Neglected Developing Market,” by Justin Leverenz, Invesco, March 17, 2023.
“The Case for Mexican Equities,” by Justin Leverenz, LinkedIn, April 6, 2023.
Emerging Markets
“FAQ: Our Active Approach to Emerging Markets,” by Justin Leverenz, Invesco, June 12, 2023.
“The Case for Emerging Markets,” by Justin Leverenz, LinkedIn, May 2, 2023.
“Why a Huge Emerging-Markets Fund Is Reopening to New Investors,” by Gregg Wolper, Morningstar, Feb. 16, 2023.
“What Is Going on With Chinese Equities?” by Justin Leverenz, LinkedIn, July 28, 2023.
“Why Hasn’t Fed Tightening Led to an EM Crisis?” by Justin Leverenz, LinkedIn, June 23, 2023.
“Invesco’s Justin Leverenz—Putting Emerging Markets Challenges Into Perspective,” WealthDFM, May 26, 2022.
Growth Themes
“Electric Vehicles and Renewable Power Fuel Emerging Market Investment Opportunities,” by Justin Leverenz, LinkedIn, Nov. 15, 2023.
“Western Spirits Companies Turning to China and India to Fuel Growth,” by Justin Leverenz, Invesco, May 22, 2023.
“Chinese Health Care Companies: A Growing Force for Global Innovation,” by Justin Leverenz, LinkedIn, March 16, 2021.
“Humans vs. Machines: Who Has the Edge in Emerging Markets?” by Justin Leverenz, Invesco, April 3, 2023.
Funds/Companies Mentioned
Yum China
H World
ZTO
Tencent
NetEase
Grupo Mexico
Pinduoduo
Our guests this week are Joel Fried and Al Mordecai of Primecap Management. Primecap is the longtime manager of several Vanguard funds, including Vanguard Primecap, as well as the Primecap Odyssey family of funds. This year, Vanguard Primecap will celebrate its 40th anniversary as a mutual fund. Over its life, Vanguard Primecap has handily topped the broad U.S. stock markets and relevant growth indexes, and Primecap’s other funds have also racked up impressive results. Morningstar has recognized Primecap for its successful record in shareholder-friendly practices on several occasions, most recently in the 2022 Morningstar Awards for Investing Excellence, when our analysts named the firm as the winner in the Exemplary Stewardship category. Before that, Primecap was a two-time winner of Morningstar’s annual Manager of the Year award.
Background
Joel Fried bio
Al Mordecai bio
Primecap Management
“U.S. Morningstar Awards for Investing Excellence: The Winners,” by Sarah Bush, Morningstar.com, April 20, 2022.
“Morningstar Awards for Investing Excellence: Exemplary Stewardship Nominees,” by Gabriel Denis, Morningstar.com, March 14, 2023.
Funds and Companies Mentioned
Primecap Odyssey Stock
Primecap Odyssey Growth
Primecap Odyssey Aggressive Growth
Vanguard Capital Opportunity
American Funds AMCAP
Adobe
Eli Lilly
Splunk
Alibaba
Baidu
Our guest this week on The Long View is Jody Jonsson. Jody is a 33-year veteran of Capital Group, a Los Angeles-based investment manager, where she is vice chair. Since 2005, Jody has been a portfolio manager on American Funds New Perspective, a global equity strategy, for which she has been honored with various Morningstar awards over the years. She serves on the management committee and the target-date solutions committee for Capital and was an equity analyst for many years after getting degrees from Princeton and Stanford.
Background
Bio
Capital Group
American Funds New Perspective
Investment Company Institute
Global Investing
“New Reality for Investors: 5 Big Trends Changing Markets,” by Jody Jonsson, capitalgroup.com, Nov. 2, 2022.
“Multinational Companies Can Thrive in Tough Times,” by Jody Jonsson, capitalgroup.com, March 2, 2023.
“Outlook: Long-Term Perspective on Markets and Economies,” Jody Jonsson, capitalgroup.com, 2023 edition.
“Emerging Markets: Positive Signs Even as China Slows,” by F. Chapman Taylor, Lisa Thompson, Brad Freer, and Kent Chan, capitalgroup.com, Oct. 18, 2023.
Markets, Artificial Intelligence, and ETFs
“The Changing Face of Trade: Idea-Driven Companies Come to the Fore,” Capital Ideas, Investment Insights from Capital Group, capitalgroup.com, Nov. 7, 2023.
“Magnificent Seven: What Do You Need to Believe?” by David Polak, capitalgroup.com, Jan. 9, 2024.
“AI: What It Means for Investors,” by Mark Casey, Richmond Wolf, and Drew Macklis, capitalgroup.com, April 13, 2023.
“AI and the New Megacycle for Tech,” by Julien Gaertner, Drew Macklis, and Mihir Mehta, capitalgroup.com, July 25, 2023.
“The World in 2030: Investing for the Next Decade,” by Martin Romo and Jody Jonsson, capitalgroup.com, Feb. 19, 2021.
“Meet the Suite: Exploring the Potential Benefits of Capital Group’s ETF Lineup,” capitalgroup.com, Oct. 2, 2023.
Our guest on the podcast today is Howard Gleckman. He is the author of a book called Caring for Our Parents and an expert on the topic of aging and caregiving. Howard is also a senior fellow at the Urban Institute where he is affiliated with the Tax Policy Center and the Program on Retirement Policy. He also writes a tax and budget policy blog called TaxVox, which is available at Forbes.com. Before joining the Urban Institute, he was a senior correspondent in the Washington Bureau of Businessweek.
Background
Bio
Urban Institute
TaxVox blog
Caring For Our Parents, by Howard Gleckman
Long-Term Care and Cognitive Decline
“Is Long-Term Care a Predictable Need, or an Unexpected One?” by Howard Gleckman, Forbes.com, April 15, 2022.
“The U.S. Needs to Help Seniors and Their Families Navigate Long-Term Care,” by Howard Gleckman, Forbes.com, Oct. 11, 2022.
“The Quiet Struggles With Those Living Alone With Memory Loss,” by Howard Gleckman, Forbes.com, July 18, 2023.
“Which States Provide the Best—and Worst—Long-Term Care Services?” by Howard Gleckman, howardgleckman.com, Oct. 2, 2023.
“Why Are Care Delivery Models for People With Dementia Developing so Slowly?” by Howard Gleckman, howardgleckman.com, June 27, 2023.
“FDA Has Approved the Anti-Alzheimer’s Drug, Leqembi. What You Need to Know,” by Howard Gleckman, howardgleckman.com, July 6, 2023.
“Experts Raise Questions About the Safety of Anti-Alzheimer’s Drug Leqembi,” by Howard Gleckman, howardgleckman.com, April 25, 2023.
“Aging in Place Is all the Rage, But It’s Not Easy,” by Howard Gleckman, Forbes.com, March 21, 2022.
Cost of Care
“Medicaid Will Pay for a Common Alzheimer’s Test But It May Not Be Reliable,” by Howard Gleckman, howardgleckman.com, Jan. 9, 2024.
“Why Medicare Is Right to Negotiate Drug Prices,” by Howard Gleckman, howardgleckman.com, Aug. 30, 2023.
“The Biggest Barrier to New Anti-Alzheimer’s Drugs May Be Cost, Not Medicare Rules,” by Howard Gleckman, howardgleckman.com, June 14, 2023.
“The War Over Whether Medicare Should Pay for new Anti-Alzheimer’s Drugs,” by Howard Gleckman, howardgleckman.com, May 17, 2023.
“The U.S. Predicts Big Increases in Skilled Nursing and Long-Term Care Costs,” by Howard Gleckman, howardgleckman.com, April 14, 2023.
“Should You Enroll in a Medicare Advantage Plan?” by Howard Gleckman, howardgleckman.com, Nov. 1, 2022.
Government and Policy
“CMS’ New Transparency Rule Can Help ‘Weed Out a Few Bad Actors’ but Won’t Impact Deals Much, Other Factors at Play,” by Shelby Grebbin, skillednursingnews.com, Dec. 6, 2023.
“Forbes’ Gleckman: Biden’s PE Ownership Scrutiny Is ‘Two Beats Behind,’” by Amy Stulick, skillednursingnews.com, April 28, 2022.
“Who Really Owns Nursing Homes, and How the Feds Are About to Learn More,” by Howard Gleckman, howardgleckman.com, Nov. 27, 2023.
“Should State Long-Term Care Insurance Funds Invest in Stocks?” by Howard Gleckman, howardgleckman.com, June 22, 2023.
Caregivers
“Forget National Caregivers Month. Think About What Family Caregivers Need,” by Howard Gleckman, howardgleckman.com, Nov. 7, 2023.
“For the First Time, Traditional Medicare Will Pay to Support Family Caregivers,” by Howard Gleckman, howardgleckman.com, Aug. 23, 2023.
Other
Lotsa Helping Hands
Medicare.gov
Five-Star Quality Rating System
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with portfolio managers and other investment specialists over the past year. It’s the companion to last week’s “Best Of” episode, in which Christine compiled some of her favorite moments from conversations we’ve had with financial planners, advisors, and retirement researchers.
“Bill Bernstein: Revisiting the Four Pillars of Investing,” The Long View podcast, Morningstar.com, July 11, 2023.
“David Giroux: ‘I Want to Look Forward, Not Backward,’” The Long View podcast, Morningstar.com, Oct. 3, 2023.
“Bill Nygren: The State of Value Investing Today,” The Long View podcast, Morningstar.com, Aug. 15, 2023.
“Michael Santoli: Decoding ‘an Indecisive Market,’” The Long View podcast, Morningstar.com, Sept. 26, 2023.
“Rick Rieder: Explaining the ‘Polyurethane’ U.S. Economy,” The Long View podcast, Morningstar.com, Aug. 22, 2023.
“Jeffrey Kleintop: What to Make of ‘the Cardboard Box Recession,’” The Long View podcast, Morningstar.com, Oct. 17, 2023.
“Katie Nixon: Bringing a Blurry Market Into Focus,” The Long View podcast, Morningstar.com, Aug. 29, 2023.
“Martin Lau: Revisiting the Case for Investing in Chinese Stocks,” The Long View podcast, Morningstar.com, Sept. 19, 2023.
“Jeremy Schwartz: Why Stocks Are Good Inflation Hedges,” The Long View podcast, Morningstar.com, June 13, 2023.
“Joel Tillinghast: The Art of Investing,” The Long View podcast, Morningstar.com, May 30, 2023.
“Aswath Damodaran: A Valuation Expert’s Take on Inflation, Stock Buybacks, ESG, and More,” The Long View podcast, Morningstar.com, May 16, 2023.
“Liz Ann Sonders: Navigating a New ‘Temperamental Era’ in Markets,” The Long View podcast, Morningstar.com, May 2, 2023.
“James Choi: How to Improve the Way We Present and Make Investment Choices,” The Long View podcast, Morningstar.com, April 4, 2023.
“Lubos Pastor: ‘Judging Fund Managers by the Company They Keep,’” The Long View podcast, Morningstar.com, March 7, 2023.
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. In next week’s episode, we’ll include some of our favorite excerpts from our interviews with portfolio managers and other investment specialists.
The Best-Of Show Notes
“Tiffany Aliche: Helping People ‘Move Past the Shame’ of Money Missteps,” The Long View podcast, Morningstar.com, Nov. 21, 2023.
“Scott Burns: The Case for a Simple Retirement Plan,” The Long View podcast, Morningstar.com, Nov. 7, 2023.
“JL Collins: The Many Paths to Financial Independence,” The Long View podcast, Morningstar.com, Oct. 31, 2023.
“Jill Schlesinger: ‘The Great Money Reset,’” The Long View podcast, Morningstar.com, April 18, 2023.
“Ramit Sethi: Investing Shouldn’t Be Your Identity,” The Long View podcast, Morningstar.com, June 6, 2023.
“Katie Gatti Tassin: ‘Openness Has Been a Bit of a Secret Sauce,’” The Long View podcast, Morningstar.com, Jan. 31, 2023.
“Manisha Thakor: Finding Your Enough,” The Long View podcast, Morningstar.com, Aug. 8, 2023.
“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.
“William Bernstein: Revisiting ‘The Four Pillars of Investing,’” The Long View podcast, Morningstar.com, July 11, 2023.
“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’” The Long View podcast, Morningstar.com, April 25, 2023.
“Robert Powell: ‘How Do I Generate Income?’” The Long View podcast, Morningstar.com, March 14, 2023.
“Kelli Hueler: Confronting the ‘Next Big Risk’ for Retirement,” The Long View podcast, Morningstar.com, Sept. 12, 2023.
“John Rekenthaler and Amy Arnott: What’s a Safe Retirement Spending Rate Today?” The Long View podcast, Morningstar.com, Nov. 14, 2023.
“Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals,” The Long View podcast, Morningstar.com, Feb. 21, 2023.
“Dan Haylett: Retirement Planning = Life Planning,” The Long View podcast, Morningstar.com, Dec. 5, 2023.
“Mike Piper: Financial Considerations for People Who Have Enough,” The Long View podcast, Morningstar.com, May 23, 2023.
“Mark Miller: Rebooting Retirement,” The Long View podcast, Morningstar.com, Jan. 10, 2023.
“Eric Weigel and Fritz Gilbert: Uncovering Blind Spots in Retirement Planning,” The Long View podcast, Morningstar.com, June 27, 2023.
On the podcast today, we welcome back Jonathan Clements, who was among our first guests when we launched this podcast back in 2019. Jonathan is the founder and editor of HumbleDollar, and he is also the editor of a new book called My Money Journey, which is a compilation of essays from 30 individuals about how they found financial freedom. Jonathan also sits on the advisory board of Creative Planning, one of the country’s largest independent financial advisors and is the author of nine personal finance books. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s U.S. Wealth Management arm.
Background
Bio
HumbleDollar
My Money Journey, edited by Jonathan Clements
Current Conditions
“What I Don’t Own,” by Jonathan Clements, humbledollar.com, March 4, 2023.
“Happy Talk,” by Jonathan Clements, humbledollar.com, Nov. 19, 2022.
“Behaving Badly,” by Jonathan Clements, humbledollar.com, Sept. 18, 2021.
“Nine Roads to Ruin,” by Jonathan Clements, humbledollar.com, March 6, 2021.
“New Rules for Success,” by Jonathan Clements, humbledollar.com, Nov. 26, 2022.
“Pay It Down,” by Jonathan Clements, humbledollar.com, Aug. 17, 2019.
Indexing, Retirement, and Real Estate
“Four Questions,” by Jonathan Clements, humbledollar.com, Feb. 22, 2020.
“Jonathan’s Portfolio,” by Jonathan Clements, humbledollar.com.
“Mix and Match,” by Jonathan Clements, humbledollar.com, Dec. 4, 2021.
“Risking My Life,” by Jonathan Clements, humbledollar.com, Aug. 8, 2020.
“Jonathan’s Retirement,” by Jonathan Clements, humbledollar.com.
“How to Overhaul Your Retirement Portfolio in Just 7 Days,” by Jonathan Clements, money.com, Jan. 3, 2019.
“The Long Game,” by Jonathan Clements, humbledollar.com, Feb. 4, 2023.
“Jonathan’s Homes,” by Jonathan Clements, humbledollar.com.
Theory and Thrift
“Helpful in Theory,” by Jonathan Clements, humbledollar.com, Feb. 11, 2023.
“Don’t Overdo It,” by Jonathan Clements, humbledollar.com, Jan. 23, 2021.
Other
“Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’” The Long View podcast, Morningstar.com, July 31, 2019.
“Credit Scores and Committed Relationships,” by Jane Dokko, Geng Li, and Jessica Hayes, federalreserve.gov, August 2015.
Morningstar Investment Conference 2023
If you’re looking for even more investing insights, data, and analysis, join us at this year’s Morningstar Investment Conference, April 25 through 27 in Chicago. We have a great agenda this year, featuring top financial minds from market gurus like Liz Ann Sonders to great investors like Steve Romick to retirement planning experts like Mary Beth Franklin and Dr. Laura Carstensen. There’s something for everyone looking to tackle the challenges and opportunities for investors in the current market. We’re in-person only this year. So, check out the link in our show notes to register. We’re looking forward to seeing you in Chicago.
Today on the podcast we welcome back Tim Steffen, who is the director of advanced planning for Baird. In that role, he researches, writes, and speaks about various planning and tax matters, including retirement planning, executive compensation, legislative changes, and overall best practices. Steffen originally joined Baird in 1999, serving in a variety of planning-oriented roles. He left Baird in 2019 to join the advisor education team at Pimco, then returned to Baird in 2021. Prior to 1999, Steffen worked in Arthur Andersen’s Private Client Services Group. He earned his bachelor’s degree in accounting from the University of Illinois. He’s a certified public accountant/personal financial specialist, a certified financial planner, and a certified private wealth advisor.
Background
Bio
“Tim Steffen: Tax-Saving Strategies for a Falling Market,” The Long View podcast, Morningstar, Sept. 20, 2022.
Tax Changes in 2024
“Highlights of the Secure 2.0 Act,” by Tim Steffen, Baird Wealth, September/October 2023.
“Secure 2.0 Act Summary: New Retirement Plan Rules to Know,” by Kelley R. Taylor, Kiplinger, July 17, 2023.
“A Smaller Tax Bill in 2024 Starts in 2023,” by Tim Steffen, Baird Wealth, Oct. 18, 2023.
“‘Tis the Season for Giving,” by Jonathan Raymon and Scott Grenier, Baird Wealth, Oct. 18, 2023.
“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar, Nov. 6, 2023.
Tax Cuts and Jobs Act
“Tax Cuts and Jobs Act: A Comparison for Businesses,” IRS.gov.
“2024 Tax Brackets,” by Alex Durante, Tax Foundation, Nov. 9, 2023.
“State and Local Tax (SALT): Definition and How It’s Deducted,” by Michelle P. Scott, Investopedia, Oct. 29, 2023.
“Alternative Minimum Tax (AMT) Definition, How It Works,” by Jim Probasco, Investopedia, Jan. 2, 2023.
“Don’t Get Tripped Up by These Tax-Reporting Missteps,” Interview With Christine Benz and Tim Steffen, Morningstar, Jan. 8, 2019.
Tax-Efficient Portfolio Planning and Retirement
“Why Municipal-Bond Funds Are Worth a Look,” by Amy Arnott, Morningstar, Nov. 14, 2022.
“Understanding 401(k) Contribution Limits,” by Debbie Carlson, Paul Curcio, and David Tony, CNN, Nov. 15, 2023.
“The Three Tests Before a Roth Conversion,” by Tim Steffen, Baird Wealth, Oct. 16, 2023.
“Are IRA Conversions a Good Idea During Volatility?” Interview With Christine Benz and Tim Steffen, Morningstar, May 12, 2020.
“4 Timeless Tax Planning Insights for Advisors,” by John Manganaro, Think Advisor, Oct. 11, 2022.
Our guest this week on The Long View is Ben Inker. Ben is the head of asset allocation at GMO, a Boston-based investment manager famous for its asset-class forecasting. Ben joined GMO in 1992 after completing his bachelor’s in economics from Yale. He’s been an analyst, a portfolio manager, and a CIO, and is a partner and board member for the firm.
Background
Bio
GMO U.S. Quality ETF
GMO Benchmark-Free Allocation III
Reflecting on the Past Few Years
“GMA Questions Links Between Higher Interest Rates and Value Stocks,” by Eric Rasmussen, fa-mag.com, March 27, 2021.
“GMO’s Inker: Why Investors Shouldn’t Fear a Recession in 2022,” by Jeff Berman, thinkadvisor.com, June 30, 2022.
“Profiting From a Bubble in Growth Stocks,” webcast with Jeremy Grantham, Simon Harris, Ben Inker, and Catherine LeGraw, GMO.com, March 25, 2021.
“GMO: There’s Joy in Missing Out,” by Julie Segal, institutionalinvestor.com, Jan. 31, 2023.
Current Outlook
“Update on the Bursting Bubble in Growth Stocks,” webcast with Jeremy Grantham, Simon Harris, and Ben Inker, GMO.com, June 15, 2022.
“Beyond the Landing,” by Ben Inker and John Pease, GMO.com, 3Q 2023.
“Value Is Really More Resilient in a Recession Than You Think,” by Ben Inker, Catherine LeGraw, and John Thorndike, GMO.com, June 6, 2023.
“Value Does Just Fine in Recessions,” by Ben Inker, GMO.com, June 1, 2023.
Non-U.S.
“Japan: This Time Really Is Different,” by Drew Edwards, Rick Friedman, and Ben Inker, GMO.com, Sept. 6, 2023.
Other
“Ben Inker: ‘The Portfolio We’re Running Today Is Abnormal Even for Us,’” The Long View podcast, Morningstar.com, July 28, 2020.
“Jeremy Grantham: The U.S. Market Is in a Super Bubble,” The Long View podcast, Morningstar.com, Feb. 8, 2022.
Our guest on the podcast today is Dan Haylett. Dan is a financial planner and head of growth for TFP Financial Planning based in the United Kingdom. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called The Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset-management industry.
Background
Bio
TFP Financial Planning
The Humans vs. Retirement podcast
Retirement
“How to Become a ‘Retirement Rebel’ for a Higher ‘Return on Life,’” by Dan Haylett, humansvsretirement.com.
“Retirement Is a Flawed Concept, With Carl Richards,” The Humans vs. Retirement podcast, humansvsretirement.com, June 19, 2023.
“Navigating the Changing Relationship With Your Spouse in Retirement, With Ashley Quamme,” The Humans vs. Retirement podcast, humansvsretirement.com, June 5, 2023.
Identity and Purpose
“Retiring With a Bang: Harvard’s 85-Year Study Unlocks Secrets to a Long and Happy Life,” by Dan Haylett, humansvsretirement.com.
“Happiness, Fulfillment, and Contentment in Retirement,” by Dan Haylett, humansvsretirement.com.
“The Anchors of Retirement Well-Being,” by Dan Haylett, humansvsretirement.com.
“Retirement Should Not Be Viewed as the Third and Final Phase of Life,” by Dan Haylett, humansvsretirement.com.
Psychology of Spending
“Understanding the Deep-Seated Fear of Running Out of Money and Its Impact on Retirement,” by Dan Haylett, humansvsretirement.com.
“From 4% Rule to 8% Fool: Unleashing Your Inner Retirement Spending Rockstar,” by Dan Haylett, humansvsretirement.com.
“The Psychology Behind Spending Money in Retirement,” by Dan Haylett, humansvsretirement.com.
“Annuitized Income and Optimal Asset Allocation,” by David Blanchett and Michael Finke, papers.ssrn.com, Sept. 22, 2017.
“Dan Haylett: Is It Good Advice to Give Money Away?” by Dan Haylett, essexcommunityfoundation.org.uk, July 27, 2022.
Other
“Lessons and Experiences Through the Lens of a Real-Life Retirement Journey, With Andy Murphy,” The Humans vs. Retirement podcast, humansvsretirement.com, June 26, 2023.
“6 Weeks Into His Retirement! An Inspirational Real Retirement Story With Neil Jones,” The Humans vs. Retirement podcast, humansvsretirement.com, Nov. 17, 2023.
“How to Light Your Retirement Torch With the Father of Life Planning, George Kinder,” The Humans vs. Retirement podcast, humansvsretirement.com, Oct. 6, 2023.
“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.
“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.
Mitch Anthony
Paul Armson
Our guest on the podcast today is Mike Moran, managing director and pension strategist for Goldman Sachs. Mike focuses on areas such as plan-funded status, contribution activity, and asset allocation for both defined-benefit and defined-contribution plans. He also works directly with plan sponsors on issues specific to their retirement plans. Mike has worked at Goldman Sachs for more than 24 years in a variety of roles focusing on capital markets, asset allocation, and investment strategy. He is a CFA charterholder and has an MBA in finance from New York University’s Stern School of Business, as well as a B.S. in accounting from Villanova University. Mike can speak to a wide range of retirement-related issues, but he is here today to discuss Goldman’s most recent retirement survey and insights report, titled “Diving Deeper Into the Financial Vortex: A Way Forward.”
Background
Bio
Survey
Retirement Survey and Insights Reports 2023: “Diving Deeper Into the Financial Vortex: A Way Forward,” Goldman Sachs Asset Management, gsam.com, 2023.
Retirement Survey and Insights Report 2022: “Navigating the Financial Vortex: Women & Retirement Security,” Goldman Sachs Asset Management, gsam.com, 2022.
“Retirement Survey and Insights Report 2021,” Goldman Sachs Asset Management, gsam.com, 2021.
“Despite Low Financial Literacy, Many Americans Manage Their Own Retirement,” Goldman Sachs, goldmansachs.com, Oct. 18, 2023.
Financial Vortex
“Financial Vortex Contributes to Looming U.S. Retirement Shortfalls,” by Michael Moran, fa-mag.com, Nov. 11, 2022.
“How to Avoid a ‘Financial Vortex’ in Retirement, According to Goldman Sachs,” by Alyssa Place, benefitnews.com, Sept. 19, 2023.
Investment Options
“No Time for Corporate Pension Complacency: An Interview With Michael Moran,” by Michael Moran, gsam.com, April 20, 2023.
“Why Most Americans Aren’t Saving Enough for Retirement,” Goldman Sachs Exchanges podcast with Mike Moran, goldmansachs.com, Oct. 3, 2023.
Other
NextCapital Group
Survey of Consumer Finances
Our guest on the podcast today is Tiffany Aliche, also known as “The Budgetnista.” She is the author of The New York Times bestseller Get Good With Money, and she also has a new book called Made Whole: The Practical Guide to Reaching Your Financial Goals. Through her Live Richer movement, she has helped more than 2 million women save, manage, and pay off hundreds of millions of dollars. Tiffany co-hosts the podcast Brown Ambition, and she has been a fixture in the media, including on the Today show and Good Morning America. She was the first Black woman to appear solo on the cover of Money Magazine. She received her bachelor’s degree in business from Montclair State University and her master’s degree in education from Seton Hall.
Background
Bio
The Budgetnista
Get Good With Money, by Tiffany Aliche
Made Whole: The Practical Guide to Reaching Your Financial Goals, by Tiffany Aliche
Brown Ambition podcast
Personal Finance/Financial Wellness
LiveRicherChallenge.com
Live Richer Academy
Mentors
Lynette Khalfani-Cox
“Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,” The Long View podcast, Morningstar.com, Sept. 28, 2021.
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Our guests on the podcast today are Amy Arnott and John Rekenthaler. Amy and John are two of the co-authors, along with me, of some recently released Morningstar research on retirement spending rates. The paper is called The State of Retirement Income, and it’s an update on some research that we published in 2021 and 2022. Amy and John are both long-tenured Morningstar researchers and part of Morningstar Research Services LLC, which is a wholly owned subsidiary of Morningstar. Amy is a portfolio strategist and John is director of research for that group. They’re both contributors to Morningstar.com as well.
Background
“The State of Retirement Income 2023,” by Amy Arnott, John Rekenthaler, and Christine Benz, Morningstar.com, November 2023.
“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.
“Christine Benz and John Rekenthaler: Revisiting What Is a Safe Retirement Spending Rate After a Tough Year,” The Long View podcast, Morningstar.com, Dec. 20, 2022.
“The State of Retirement Income,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, 2022.
“What’s a Safe Withdrawal Rate Today?” by Christine Benz and John Rekenthaler, Morningstar.com, Dec. 13, 2022.
Base Case Conclusions
“Determining Withdrawal Rates Using Historical Data,” by William Bengen, Financial Planning Association Journal, 2004.
“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.
Dynamic Spending Strategies
“When It Comes to Retirement Spending, Flexibility Pays,” by Christine Benz, Morningstar.com, April 14, 2023.
“Want to Boost Your Retirement Income? ‘Guardrails’ Could Help,” by Christine Benz, Morningstar.com, May 5, 2023.
“Why Do People Spend the Way They Do in Retirement? Findings From EBRI’s Spending in Retirement Survey,” by Lori Lucas, ebri.org, Jan. 14, 2021.
TIPS Ladders, Inflation, and Portfolio Returns
“High TIPS Yields Are a Retiree’s Best Friend,” by John Rekenthaler, Morningstar.com, Oct. 16, 2023.
“What High Inflation Means for Your Portfolio,” by Amy Arnott, Morningstar.com, April 24, 2023.
“The Good News on Safe Withdrawal Rates,” by Amy Arnott, Morningstar.com, Nov. 13, 2023.
“Expenditure Patterns of Older Americans, 2001-2009,” by Sudipto Banerjee, EBRI Issue Brief, February 2012.
Our guest on the podcast today is syndicated personal finance columnist and author Scott Burns. Burns began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Burns has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor’s degrees in humanities and biology from the Massachusetts Institute of Technology.
Background
Bio
Couch Potato Investing
The Coming Generational Storm: What You Need to Know About America’s Economic Future, by Laurence J. Kotlikoff and Scott Burns
Spend ‘Til the End: Raising Your Living Standard in Today’s Economy and When You Retire, by Laurence J. Kotlikoff and Scott Burns
Bonds and Retirement
“Do Bonds Have a Future?” by Scott Burns, scottburns.com, May 14, 2022.
“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, The Dallas Morning News, July 20, 2023.
Allan Roth
“TIPS Ladder Funds Don’t Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.
“Is America Hitting Peak Consumption?” by Scott Burns, scottburns.com, Oct. 12, 2023.
“The Pudding Report, 2022,” by Scott Burns, scottburns.com, Jan. 15, 2023.
“Examining the Tax Deferral Gift Horse,” by Scott Burns, scottburns.com, April 8, 2023.
Investing in Retirement
“What’s a Safe Withdrawal Rate Today?” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.
“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, SSRN, Jan. 15, 2013.
“The High Cost of Immortality,” by Scott Burns, scottburns.com, Dec. 18, 2022.
“Making a Plan to Retire Now, Not Later,” by Scott Burns, scottburns.com, April 25, 2022.
“Is Homeownership Bigger Than It Should Be?” by Scott Burns, scottburns.com, Nov. 14, 2020.
“Is Downsizing in Retirement Actually Possible?” by Scott Burns, scottburns.com, Nov. 21, 2020.
Other
Portfolio Visualizer
Center for Retirement Research at Boston College
Employee Benefit Research Institute
Kaiser Family Foundation
Our guest on the podcast today is author and blogger JL Collins. He blogs about financial independence and other matters at jlcollinsnh.com. JL’s first book, The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, was published in 2016 and has become something of a bible for people in the financial independence movement. His new book is called Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence.
Background
Bio
Jlcollinsnh.com
“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.
Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence—And How to Join Them, by JL Collins
The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by JL Collins
Saving, Spending, and Lifestyle Creep
Lifestyle Creep: What It Is, How It Works
“How ‘Geographic Arbitrage’ Can Make You Money,” by Eric Reed, smartasset.com, May 30, 2023.
“Why Your House Is a Terrible Investment,” by JL Collins, jlcollinsnh.com, Sept. 22, 2023.
“Higher for Longer vs. the Stock Market,” by Ben Carlson, awealthofcommonsense.com, Oct. 3, 2023.
Investing
“Things Important, and Unimportant,” by JL Collins, jlcollinsnh.com, March 1, 2023.
“Stocks—Part XXX: jcollinsnh vs. Vanguard,” by JL Collins, jlcollinsnh.com, Sept. 16, 2023.
Other
FI Chautauqua
Mr. Money Mustache
The Richest Man in Babylon, by George S. Clason
A Wealth of Common Sense
Quit Like a Millionaire, by Kristy Shen and Bryce Leung
Mad Fientist
Nizar Tarhuni heads up research for PitchBook, which is a Morningstar affiliate. PitchBook is a premier provider of data on public and private markets. We’re going to focus a little bit more on private markets today because this topic is aligned with what we’ve been talking about recently at Morningstar relating to the evolving investor. The concept there is it’s not traditional financial outcomes, it’s also nonfinancial outcomes. It’s also not just public markets, it’s private markets. It’s another important dimension that advisors have to manage on behalf of their clients.
Background
Bio
Venture Capital, Public, and Private Companies
“Battle of the Funds: Do VC Specialists Outperform Generalists?” by Leah Hodgson, PitchBook, Sept. 21, 2023.
“Quantitative Perspectives: US Market Insights, Q3 2023,” PitchBook, Aug. 10, 2023.
“Analyzing the IPO Market Outlook: Examining Current Market Conditions to Highlight Potential Next Steps for VC-Backed IPOs,” PitchBook, Sept. 7, 2023.
Performance Trends
PitchBook Indexes
Q3 2023 PitchBook-NVCA Venture Monitor
Return Smoothing
“Return Smoothing in Private Markets: Estimating the True Volatility of Private Market Returns,” PitchBook, June 4, 2021.
Strategy and Manager Selection
“Predicting Performance: How Persistent Are Private Fund Returns?” PitchBook, Aug. 26, 2023.
“Allocator Solutions: Evaluating Persistence in Fund Performance,” PitchBook, Aug. 24, 2023.
PitchBook PE Barometer
Our guest this week is Jeffrey Kleintop. Jeffrey is managing director, chief global investment strategist for Charles Schwab & Co. In his role, Jeffrey analyzes and comments on international markets, trends, and events. You can find Jeffrey’s commentary on social media at @JeffreyKleintop, as well as on Schwab’s site, where a full library of his content is available. Jeffrey is quoted often in national media and has been a regular guest on CNBC and other television outlets. Prior to joining Schwab, Jeffrey served as Chief Market Strategist at LPL Financial. He received his bachelor’s in business from the University of Delaware and his MBA from Pennsylvania State University and is a Chartered Financial Analyst charterholder.
Background
Bio
Market Evolution: How to Profit in Today’s Changing Financial Markets, by Jeffrey Kleintop.
Markets and Consumer Confidence
Charles Schwab Weekly Market Outlook
“Gloomy Consumer Confidence May Signal Stock Rally,” by Herbert Lash, Reuters, June 18, 2008.
“Confidence Is Everything: 3 Things May Shake It,” by Jeffrey Kleintop, VettaFi Advisor Perspectives, Aug. 18, 2020.
“Schwab Market Perspective: Different Speeds,” by Liz Ann Sonders, Kathy Jones, Jeffrey Kleintop, VettaFi Advisor Perspectives, June, 20, 2023
Liz Ann Sonders
Kathy Jones
“Kleintop: We’re in for an extended period of market volatility,” CNBC Television.
“Revisiting Short-Duration Stocks,” by Jeffrey Kleintop, Schwab, April 9, 2023.
Cardboard Box Recession
“Mid-Year Outlook: Global Stocks and Economy”, by Jeffrey Kleintop, Schwab, June 5, 2023.
“U.S. Is in a ‘Cardboard Box Recession,’ Says Strategist,” Yahoo Finance, June 13, 2023
“The US Is in a ‘Cardboard Box Recession’ That’s Pointing to a Sharp Fall in Inflation by the End of the Year,” by Jennifer Sor, Markets Insider, June 6, 2023.
Central Banks, Yen Carry Trade, International Markets
“Risk: Hikes May Be Over, But QT Goes On,” by Jeffrey Kleintop, Schwab, Sept. 25, 2023.
“Divergence: Rate Cuts, Pauses, and Hikes,” by Jeffrey Kleintop, Schwab, July 31, 2023.
“Are You Focusing on the Wrong Central Bank?” by Jeffrey Kleintop, Schwab, Feb. 26, 2023.
“Europe Sentiment: So Bad It’s Good,” by Jeffrey Kleintop, Schwab, Sept. 11, 2023.
IMF World Economic Outlook
“China: Contagion or Contained?” by Jeffrey Kleintop, Schwab, Aug. 28, 2023.
Artificial Intelligence
“Investing in Artificial Intelligence (AI),” by Jeffrey Kleintop, VettaFi Advisor Perspectives, Aug. 15, 2023.
Our guest on the podcast today is Dr. Anita Mukherjee, associate professor in Risk and Insurance at the Wisconsin School of Business at the University of Wisconsin at Madison. Professor Mukherjee conducts research on public policy related to prisons and the opioid crisis, as well as household finance, retirement, and aging. Professor Mukherjee joined the Wisconsin School of Business after completing her Ph.D. in applied economics at the Wharton School at the University of Pennsylvania. She holds an M.S. in management science and engineering, a B.S. in mathematics, and a B.A. in economics, all from Stanford University. Prior to enrolling at Wharton, she spent two years working as a consultant to Oliver Wyman.
Background
Bio
Abandoned Retirement Plans
“Lost and Found: Claiming Behavior in Abandoned Retirement Accounts,” by Anita Mukherjee and Corina Mommaerts, Retirement & Disability Research Center, 2020.
“Set It and Forget It? Financing Retirement in an Age of Defaults,” by Lucas Goodman, Anita Mukherjee, and Shanthi Ramnath, papers.ssrn.com, Oct. 19, 2022.
Lucas Goodman
“Frictions in Saving and Claiming: An Analysis of Unclaimed Retirement Accounts,” by Anita Mukherjee and Corina Mommaerts, Retirement & Disability Research Center, December 2019.
Wealth Inequality and Retirement
“Inequality in the Golden Years: Wealth Gradients in Disability-Free and Work-Free Longevity in the United States,” by Hessam Bavafa, Anita Mukherjee, and Tyler Q. Welch, Journal of Health Economics, Sept. 26, 2023.
“The Effects of the Opioid Crisis on Employment: Evidence From Labor Market Flows,” by Anita Mukherjee, Daniel W. Sacks, and Hoyoung Yoo, papers.ssrn.com, July 27, 2022.
“The Effects of Naloxone Access Laws on Opioid Abuse, Mortality, and Crime,” by Jennifer L. Doleac and Anita Mukherjee, papers.ssrn.com, Dec. 5, 2022.
“Intergenerational Altruism and Retirement Transfers: Evidence From the Social Security Notch,” by Anita Mukherjee, The Journal of Human Resources, September 2022.
Medicaid and Financial Literacy
“Medicaid and Long-Term Care: The Effects of Penalizing Strategic Asset Transfers,” by Junhao Liu and Anita Mukherjee, papers.ssrn.com, Jan. 6, 2020.
“Building Financial and Health Literacy at Older Ages: The Role of Online Information,” by Anita Mukherjee, Hessam Bavafa, and Junhao Liu, The Journal of Consumer Affairs, January 2019.
Our guest this week is David Giroux. This is his second appearance on The Long View. We first spoke to him in February 2021 and are pleased to welcome him back. Giroux is head of investment strategy and chief investment officer for T. Rowe Price Investment Management. He is best known as the longtime lead manager of T. Rowe Price Capital Appreciation, a strategy that invests in a mix of stocks and bonds. Since taking that fund’s helm in June 2006, he has racked up an impressive track record, handily beating the fund’s benchmark and peers. Giroux also manages T. Rowe Price Capital Appreciation Equity ETF, a stock ETF that T. Rowe Price launched in June 2023. Giroux began his career at T. Rowe in 1998 after graduating from Hillsdale College, from which he received his bachelor’s degree in finance and political economy.
Background
Bio
T. Rowe Price Capital Appreciation, Morningstar.com
T. Rowe Price Capital Appreciation, T.Rowe Price
T. Rowe Price Capital Appreciation Fund Annual Report, Dec. 31, 2022
“David Giroux: ‘What Are the Market Inefficiencies That We Can Exploit?’” The Long View podcast, Morningstar.com, Feb. 2, 2021.
ETF
“A Top Mutual Fund Manager Now Runs a Promising New Active ETF,” by Adam Millson, Morningstar.com, Aug. 4, 2023.
T. Rowe Price Capital Appreciation Equity ETF
Valuation and Risk Management
“How a Top T. Rowe Manager Keeps Beating the Markets,” by Tom Lauricella, Morningstar.com, March 30, 2023.
“Inflation Is Overhyped, Says This Pro. 4 Things That Really Matter for Investors,” by Andrew Welsch, Barron’s, June 8, 2023.
Mobileye
Revvity
Danaher
Thermo Fisher Scientific
Euroimmun
BioLegend
Applied Systems
Yum Brands
Our guest this week is Michael Santoli. This is Michael’s second appearance on The Long View, his first coming in August 2021. Michael is senior markets commentator at CNBC, which he joined in 2015. Prior to that, Michael was a senior columnist at Yahoo Finance, where he wrote analysis and commentary on the market and economy. That followed a long stint at Barron’s magazine, where Michael was a columnist and feature writer for 15 years. Michael began his career in the early 1990s as a reporter, covering the securities industry for Dow Jones Newswires. He earned his bachelor’s degree from Wesleyan University.
Background
Bio
“Michael Santoli: Navigating Through a Foggy Market Outlook,” The Long View podcast, Morningstar.com, Aug. 9, 2022.
Bonds and Interest Rates
“KKR’s Henry McVey Makes the Case for Real Assets,” Squawk on the Street, cnbc.com, Sept. 14, 2023.
“AI Hype Lifts Microsoft Shares at Alphabet’s Expense. An Opportunity May Be Investing for Investors,” by Michael Santoli, cnbc.com, Feb. 8, 2023.
Economy and the Stock Market
“Stocks Churn With the S&P 500 Sitting at the Same Level It Was Two Years Ago,” by Michael Santoli, cnbc.com, Sept. 16, 2023.
“The Stock Market Is Stuck in a Typical but Anxious Seasonal Pullback,” by Michael Santoli, cnbc.com, Sept. 9, 2023.
“Collective Embrace of Soft Landing Economic Scenario Extends 2023 Rally After Welcoming Drop in CPI,” by Michael Santoli, cnbc.com, July 15, 2023.
“Stock Market Heads Into the Second Half With Near 15% Total Return so far in 2023,” by Michael Santoli, cnbc.com, June 24, 2023.
“Is It a Bull or a Bear Market? Stocks Churning in Same Spot for Weeks Frustrates Investors,” by Michael Santoli, cnbc.com, April 22, 2023.
“Explaining the Relative Calm of the Stock Market as the Fed Hikes Rates Into a Mini Financial Panic,” by Michael Santoli, cnbc.com, March 25, 2023.
“Run on Silicon Valley Bank Injects Some Panic Into an Already Slumping Stock Market,” by Michael Santoli, cnbc.com, March 11, 2023.
“Resilient Stock Market Finds Support at Just the Right Time, Preserving Uptrend,” by Michael Santoli, cnbc.com, March 4, 2023.
“Who Is Right? Bulls and Bears Each Have Reliable Indicators Backing Them in This Confusing Market,” by Michael Santoli, cnbc.com, Feb. 11, 2023.
Our guest this week is Martin Lau. This is his second appearance on The Long View, the first being in August 2021. Lau is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He has been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including FSSA Asian Equity Plus, FSSA China Growth, and FSSA Hong Kong Growth. Lau has been in the investment business for nearly three decades and is based in Hong Kong. He earned a Bachelor of Arts degree from Cambridge University, a master’s degree in engineering from Cambridge, and holds the Chartered Financial Analyst® designation.
Background
Bio
FSSA Investment Managers
“Martin Lau: Now Is a Better Time to Buy China,” The Long View podcast, Morningstar.com, Aug. 3, 2021.
Morningstar Global Fund Report: FSSA Asian Equity Plus
Morningstar Global Fund Report: FSSA China Growth
Morningstar Global Fund Report: FSSA Hong Kong Growth
China Market and Foreign Investments
“FSSA Martin Lau’s Lessons Learnt From 30 Years of Investing in China,” by Kate Lin, Morningstar.com, April 18, 2023.
“Meeting Companies Amid China’s Post-Covid Rebound,” Fund Manager Q&A With Martin Lau, Winston Ke, and Helen Chen, FSSA Investment Managers, April 2023.
“Client Update: A Fast Thaw After a Long Winter,” by Martin Lau, FSSA Investment Managers, March 2023.
“China Equities: Keeping a Long-Term View,” by Martin Lau, FSSA Investment Managers, March 2023.
“Three Themes and Companies to Play China’s Rise,” by Martin Lau, Firstlinks, March 22, 2023.
Our guest on the podcast today is Kelli Hueler. Kelli is the CEO and founder of Hueler Companies. Hueler’s Income Solutions platform has been delivering lifetime income annuity products to the institutional marketplace since 2004. In addition, Hueler developed a database of stable-value fund analytics and reporting. It sold that database to Morningstar in 2020. Kelli is nationally recognized as a thought leader on the topic of lifetime income and is actively engaged in related public policy matters. Prior to founding Hueler Companies, Kelli held the position of a financial planning professional for IDS Life and was a registered representative for Kidder Peabody & Company, where she was responsible for institutional and retail clients. She received her bachelor’s degree from St. Olaf College in 1981.
Background
Bio
Income Solutions
“Morningstar Investment Management and Hueler Income Solutions Offer Integrated Lifetime Income Service,” Morningstar.com, Feb. 15, 2022.
Annuities
What Is an Annuity?
Annuity Types
“What the Future of Annuities Means for Advisors,” by John Manganaro, thinkadvisor.com, Oct. 6, 2022.
“Savings to Income: Creating a Paycheck for Life,” by Kelli Hueler, wiserwoman.org, Sept. 13, 2022.
“RIAs, 401(k)s, and Annuities: Is This the Future?” by Kerry Pechter, retirementincomejournal.com, Feb. 17, 2022.
Stable Value
“Trends Impacting Defined Contribution Plans and Stable Value,” by James Smith and Kelli Hueler, stablevalue.org.
Other
“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.
Our guest on the podcast today is Cynthia Haddad, an expert on financial planning for people with disabilities and their families. Cindy co-founded Affinia Financial Group, which was just acquired by Sequoia Financial Group. Cindy is now senior vice president and wealth advisor for Sequoia’s special needs planning practice. She is also co-author of The Special Needs Planning Guide, now in its second edition. Cindy is a certified financial planner and a chartered special needs consultant. She received her bachelor’s degree in economics and finance from Simmons University.
Background
Bio
John Nadworny
The Special Needs Planning Guide: How to Prepare for Every Stage of Your Child’s Life, by Cynthia Haddad and John Nadwordy
Basic Special Needs Planning
“A Parent’s Guide to the Special Needs Letter of Intent,” specialneedsplanning.com.
“Choosing a Guardian for an Adult With Special Needs,” specialneedsplanning.com.
The Academy of Special Needs Planners
Special Needs Alliance
NALA—The Paralegal Association
Government-Provided Assistance and Special Needs Trusts
The ABLE Account
Government Benefits
Housing and Transition
The Arc of Massachusetts
“A Special Needs Trust and Your Plan for the Future,” specialneedsplanning.com.
“How ‘Third-Party’ Special Needs Trusts Differ From Other Trusts,” specialneedsanswers.com, March 8, 2023.
Our guest this week is Katie Nixon. Katie is an executive vice president and chief investment officer for the wealth management business at Northern Trust. Katie’s responsibilities include investment policy development, and she directs the investment management activities of Northern Trust portfolio managers across the firm’s wealth management offices. She also sits on the firm’s Investment Policy Committee and Tactical Asset Allocation Committee and chairs the Wealth Management Investment Advisory Committee. Prior to joining Northern Trust, Katie worked at U.S. Trust Company as a senior leader in the firm’s wealth management division. Katie received her bachelor’s from Wellesley College and her MBA from New York University, Stern School of Business. Among other designations she’s been awarded, Katie is a CFA charter holder.
Background
Bio
Inflation and Interest Rates
“Katie Nixon: Exploring the ‘What Ifs,’” by Katie Nixon, Morningstar.com, July 1, 2022.
“Markets Brief: There’s Good News for Investors in Rates Staying Higher for Longer,” by Tom Lauricella and Caryl Anne Francia, Morningstar.com, July 7, 2023.
“Stock Market Correction? It’s a Buying Opportunity,” by Anne Kates Smith, Kiplinger.com, Feb. 24, 2022.
“Triumph of the Optimists?” by Katie Nixon, Northerntrust.com, Aug. 18, 2023.
Yield Curve
“The Yield Curve and What It Tells Us,” by Katie Nixon, Northerntrust.com, March 30, 2022.
Our guest this week is Rick Rieder. This is Rick’s second appearance on The Long View. We last interviewed him in May 2020, and we are happy to welcome him back. Rick is BlackRock’s chief investment officer of Global Fixed Income, head of the Fundamental Fixed Income Business, and head of the Global Allocation Investment Team. Rick also is a member of the firm’s Global Executive Committee, its Investment Subcommittee, and is chairman of the firmwide BlackRock Investment Council. In addition to these duties, Rick manages numerous multi-asset and fixed-income strategies, including BlackRock Global Allocation Fund and a new active exchange-traded fund that the firm recently launched called BlackRock Flexible Income ETF.
Background
Bio
“Rick Rieder: Nobody Has Ever Seen Anything Like This,” The Long View podcast, Morningtar.com, May 20, 2020.
BlackRock Flexible Income ETF BINC
Dispersion and Liquidity
“Investors Rediscover the Importance of Getting Paid Back,” by Rick Rieder, blackrock.com, June 21, 2023.
“BlackRock’s Rieder: Grab High Yields on Super-Safe Bonds While You Can,” by Tom Lauricella, Morningstar.com, May 18, 2023.
The Economy and Inflation
“BlackRock Bond Chief Rieder Says U.S. Economy in ‘Much Better Shape’ Than Doomsayers Say,” by Hugh Son, cnbc.com, May 23, 2023.
“The Polyurethane Economy: Flexible and Adaptable,” by Rick Rieder, blackrock.com, Feb. 22, 2023.
“5 Reasons to Call an Investment ‘Time-Out,’” by Rick Rieder, blackrock.com, March 31, 2023.
“The New Inflation Regime,” blackrock.com.
“Fed Chair Powell May Lean Hawkish on Inflation, but Stocks Have ‘Tremendous’ Technical Backdrop, Says BlackRock’s Rick Rieder,” by Christine Idzelis, marketwatch.com, July 26, 2023.
Consumer Spending and Allocation
“Investing in a Changing World: From Carburetors to Compilers,” by Rick Rieder, blackrock.com, Aug. 10, 2023.
“July Jobs Report Shows the Post-Pandemic Labor Market Is Over,” by Myles Udland, finance.yahoo.com, Aug. 4, 2023.
“Rotation to Duration: Seeking a More Resilient Portfolio,” by Rick Rieder, blackrock.com, Aug. 1, 2023.
BlackRock Global Allocation Fund MALOX
Our guest this week is Bill Nygren. Bill was one of our earliest guests on The Long View, appearing for the first time back in August 2019. Bill is a partner at Harris Associates, which he joined in 1983. There he serves as the firm’s chief investment officer for U.S. Equities and is also the longtime manager of several Oakmark funds, including the Oakmark Fund, the Oakmark Select Fund, as well as the Oakmark Global Select Fund. Bill received his bachelor’s in accounting from the University of Minnesota and his master’s in finance from the University of Wisconsin’s Applied Security Analysis Program. He is also a CFA charterholder.
Background
Bio
“Bill Nygren: ‘A Stock That Doesn’t Look Cheap on the Surface Might Be One of the Cheapest,’” The Long View podcast, Morningstar.com, Aug. 7, 2019.
Recent Commentaries
“Oakmark Fund: Second Calendar Quarter 2023,” by Bill Nygren, oakmark.com, June 30, 2023.
“Oakmark Select Fund: Second Calendar Quarter 2023,” by Bill Nygren, oakmark.com, June 30, 2023.
“Oakmark Global Fund: Second Calendar Quarter 2023,” by Bill Nygren, oakmark.com, June 30, 2023.
“Oakmark Global Select Fund: Second Calendar Quarter 2023,” by Bill Nygren, oakmark.com, June 30, 2023.
“Oakmark International Fund: Second Calendar Quarter 2023,” by Bill Nygren, oakmark.com, June 30, 2023.
“Oakmark International Small Cap Fund: Second Calendar Quarter 2023,” by Bill Nygren, oakmark.com, June 30, 2023.
“Oakmark Equity and Income Fund: Second Calendar Quarter 2023,” by Bill Nygren, oakmark.com, June 30, 2023.
“Oakmark Bond Fund: Second Calendar Quarter 2023,” by Bill Nygren, oakmark.com, June 30, 2023.
Investment Strategies
“5 Value Stocks With Oakmark’s Bill Nygren,” by Tom Lauricella, Morningstar.com, May 31, 2023.
“Why We Still Believe in Concentrated Investing,” by Bill Nygren, oakmark.com, Feb. 8, 2023.
“Differentiated Value Investing,” by Bill Nygren, oakmark.com, Jan. 6, 2022.
“The High Price of Low Volatility | U.S. Equity Market Commentary 2Q23,” by Bill Nygren, oakmark.com, June 30, 2023.
Financials
“Bill Nygren on CNBC’s ‘Closing Bell Overtime,’” oakmarkfunds.com, June 27, 2023.
(Please stay tuned for important disclosure information at the conclusion of this episode.)
Today on the podcast, we welcome back author and financial educator, Manisha Thakor. Manisha’s new book is called MoneyZen: The Secret to Finding Your “Enough.” She is also the founder of MoneyZen, a financial education consultancy. In addition to her latest book, Manisha is the co-author of two books with Sharon Kedar: On My Own Two Feet, published in 2007 and updated in 2013, and Get Financially Naked, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of Financial Well-Being at Brighton Jones. Before that, she was director of Wealth Strategies for Women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor’s degree in American Studies from Wellesley College and her MBA from Harvard Business School.
Background
Bio
MoneyZen
MoneyZen: The Secret to Finding Your “Enough,”by Manisha Thakor
On My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar
Get Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon Kedar
The Cult of Never Enough
Enough: True Measures of Money, Business, and Life, by Jack Bogle
Fayez Sarofim
Derek Thompson
“Perfectionism Is Increasing, and That’s Not Good News,” by Thomas Curran and Andrew P. Hill, Harvard Business Review, Jan. 26, 2018.
“Does More Money Correlate With Greater Happiness?” by Michele W. Berger, penntoday.upenn.edu, March 6, 2023.
Other
“Manisha Thakor: Beware of ‘Junk Personal Finance,’” The Long View podcast, Morningstar.com, July 20, 2021.
Moneyzenquiz
Mary LoVerde
On the podcast today, we welcome back real estate expert and author Ilyce Glink. Ilyce writes a nationally syndicated column on real estate matters, and she has written more than a dozen books on real estate and homebuying, including 100 Questions Every First-Time Home Buyer Should Ask, which is now in its fourth edition. She is also a regular contributor to WGN Radio. In addition, she is founder and CEO of Best Money Moves, an award-winning financial wellness company that helps employees of more than 1,000 companies to improve their financial wellness and reduce financial stress. Ilyce received her bachelor’s degree in English literature from the University of Illinois at Urbana-Champaign.
Background
Bio
WGN Radio
100 Questions Every First-Time Home Buyer Should Ask, Fourth Edition, by Ilyce Glink
Best Money Moves
“Ilyce Glink: The State of the U.S. Residential Real Estate Market,” The Long View podcast, Morningstar.com, June 28, 2022.
State of the Housing Market
“Home Prices, Rents Will Continue to Rise With Short Supply of Houses on Market, Analysis Finds,” by Ilyce Glink and Samuel J. Tamkin, Washingtonpost.com, July 28, 2021.
“Homeowners Don’t Want to Sell, so the Market for Brand-New Homes Is Booming,” by Nicole Friedman, wsj.com, July 19, 2023.
“Love, Money + Real Estate #014,” by Ilyce Glink, glink.stubstack.com, May 3, 2022.
“2023 Home Buyer Resolutions,” by Ilyce Glink, thinkglink.com, Dec. 26, 2022.
“Want to Buy a Home? Good Luck. We’re 4 Million Homes Short,” by Ilyce Glink, thinkglink.com, April 20, 2021.
“Underbuilding Has Led to ‘Acute Shortage’ of Housing and ‘Affordability Crisis’ Study Says,” by Ilyce Glink and Samuel J. Tamkin, Washingtonpost.com, July 19, 2021.
“Real Estate Trends for 2022,” by Ilyce Glink, thinkglink.com, Dec. 14, 2021.
“Advice for a First-Time Homebuyer in 2023,” by Ilyce Glink and Samuel J. Tamkin, tribunecontentagency.com, Feb. 7, 2023.
Rental Properties
“Real Estate Matters: Homeowner Weighs Renting vs. Buying for Next Stage in Life,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Aug. 8, 2021.
“Is It Better to Rent or Own Your Home in Retirement?” by Ilyce Glink, thinkglink.com, Dec. 11, 2020.
“Should Rental Income Be Part of Your Retirement?” by Chris Taylor, aarp.org, Aug. 1, 2022.
The Home as an Investment
“Capital Gains Tax on Inherited Property?” by Ilyce Glink, thinkglink.com, June 28, 2023.
IRS Publication 523: Selling Your Home
“Ramit Sethi: Investing Shouldn’t Be Your Identity,” The Long View podcast, Morningstar.com, June 6, 2023.
“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.
(Please stay tuned for important disclosure information at the conclusion of this episode.)
Our guest on the podcast today is Joel Dickson, global head of enterprise advice methodology for Vanguard. Joel oversees all investment methodology development for Vanguard’s advice programs, including Vanguard Personal Advisor and Vanguard Digital Advisor. Joel has worked at Vanguard for more than 25 years in a number of investment-related roles. He earned an A.B. from Washington University in St. Louis and a Ph.D. in economics from Stanford University. Joel can speak to a huge array of investment-related topics, but today he is here to discuss “How America Saves,” which is Vanguard’s annual report on the 401(k) plans it oversees and one of the best lenses into the state of American’s retirement preparedness.
Background
Bio
How America Saves
How America Saves 2023
“401(k) Auto Enrollment,” by Kat Tretina, forbes.com, Dec. 30, 2022.
“Target-Date Funds Have Normalized Workers’ Equity Allocations,” by Noah Zuss, plansponsor.com, April 10, 2023.
“Positive Signs in a Challenging Economy,” Vanguard.com, Feb. 3, 2023.
“A More Personalized Approach to Financial Advice,” by Joel Dickson, Vanguard.com, Sept. 23, 2022.
“SECURE 2.0 Offers New Wealth-Boosting Opportunities,” by Joel Dickson, Vanguard.com, May 9, 2023.
Other
“Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad M. Barber and Terrance Odean, The Quarterly Journal of Economics, February 2001.
Our guest this week is Dave Sekera. Dave is chief U.S. market strategist for Morningstar Research Services. In his role, Dave publishes research and commentary on the state of the markets and is a leading voice on Morningstar.com and other platforms. Before assuming his current role, Dave was a managing director for DBRS Morningstar. Prior to joining Morningstar in 2010, Dave worked in the alternative asset management field. Dave earned his bachelor’s degree in finance and decision sciences from Miami University and holds the Chartered Financial Analyst designation. You can follow him on Twitter at @MstarMarkets.
Background
Bio
Twitter handle: @MstarMarkets
Stock Market and Market Concentration
“The U.S. Stock Market Is Undervalued, but It Looks Like a Rough Road Ahead,” by Dave Sekera, Morningstar.com, March 3, 2023.
“What to Expect From Stocks in 2023,” by Susan Dziubinski and Dave Sekera, Morningstar.com, Jan. 23, 2023.
“How to Invest in 2023′s Uncertain Market,” by David Sekera, Morningstar.com, March 27, 2023.
“Q3 Stock Market Update: Time to Batten Down the Hatches or Raise the Sail,” by Dave Sekera, Morningstar.com, June 30, 2023.
“3 Cheap Stocks to Buy and Hold This Summer,” by Dave Sekera and Susan Dziubinski, Morningstar.com, July 10, 2023.
“Markets Brief: The ‘Magnificent 7′ Stock Have Driven the Rally, but Are They Too Expensive Now?” by Caryl Anne Francia, Morningstar.com, June 23, 2023.
“Despite Rally, Stock Market Remains Undervalued,” by Dave Sekera, Morningstar.com, May 8, 2023.
Sector View
“4 Stocks to Buy in Q3 2023,” by Dave Sekera and Susan Dziubinski, Morningstar.com, July 5, 2023.
“33 Undervalued Stocks,” by Susan Dziubinski, Morningstar.com, July 3, 2023.
“10 Top Small-Cap Stocks to Buy for the Long Term,” by Susan Dziubinski, Morningstar.com, June 20, 2023.
“2 Big Tech Stocks to Buy,” by David Sekera, Ali Mogharabi, and Susan Dziubinski, Morningstar.com, May 8, 2023.
Value and Quality
“Markets Brief: Fading Recession Fears, Cheap Valuations Have Small-Cap Stocks Looking Attractive,” by Sandy Ward and Jakir Hossain, Morningstar.com, June 2, 2023.
“4 Undervalued Wide-Moat Stocks With Defensive Traits,” by Susan Dziubinski and Dave Sekera, Morningstar.com, June 26, 2023.
Macroeconomic Environment
Preston Caldwell
“U.S. Leading Indicators,” The Conference Board, conference-board.org, June 22, 2023.
Bonds and Credit and Risk
“Markets Brief: There’s Good News for Investors in Rates Staying Higher for Longer,” by Tom Lauricella and Caryl Anne Francia, Morningstar.com, July 7, 2023.
“5 Undervalued Stocks for a Sideways Market,” by David Sekera and Susan Dziubinski, Morningstar.com, May 22, 2023.
“Where to Invest in Bonds in 2023,” by David Sekera, Morningstar.com, Dec. 14, 2022.
Real Estate
“5 Cheap Real Estate Stocks to Buy,” by David Sekera and Susan Dziubinski, Morningstar.com, March 6, 2023.
“Markets Brief: 10th Straight Fed Rate Hike Rate on Tap,” by Sandy Ward and Jakir Hossain, Morningstar.com, April 28, 2023.
On today’s episode of The Long View podcast, we welcome back William Bernstein. This is Bill’s third appearance on the podcast. In fact, he was our very first guest back when we started The Long View in 2019. Bill is a neurologist turned investment advisor. He is also the author of several books, including The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and The Delusion of Crowds. Bill has just come out with a new edition of The Four Pillars of Investing. So, we wanted to have him on to discuss the new book and what’s changed since that book’s original publication more than 20 years ago.
Background
Bio
The Four Pillars of Investing, Second Edition
The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk
If You Can: How Millennials Can Get Rich Slowly
The Delusion of Crowds: Why People Go Mad in Groups
“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’” The Long View podcast, Morningstar.com, May 7, 2019.
“Bill Bernstein: We’re Starting to See all of the Signs of a Bubble,” The Long View podcast, Morningstar.com, March 10, 2021.
The Four Pillars of Investing
Robert Kaplan
Who Is Charlie Munger?
Antti Ilmanen
Expected Returns: An Investor’s Guide to Harvesting Market Rewards, by Antti Ilmanen
“Bernstein’s ‘4 Pillars of Investing’ & How They Work To Boost Returns,” by Anupam Nagar, economictimes.indiatimes.com, July 31, 2021.
“Are You Leaving Money on the Table From Your Funds’ Returns?” by Amy Arnott, Morningstar.com, July 12, 2022.
“William Bernstein on Deep Risk, Shallow Risk, and Investing for the Long-Term,” by Larry Frank, Sr., betterfinancialeducation.com, Aug. 24, 2022.
Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street, by Fred Schwed
Retirement
“Playing Inflation Russian Roulette in Retirement,” by William Bernstein, advisorperspectives.com, Nov. 29, 2022.
“Riskless at Age 104,” by William Bernstein, advisorperspectives.com, March 20, 2023.
“William Bernstein on Holding Both Treasury Bonds and TIPS (or Savings I Bonds),” by Jonathan Ping, mymoneyblog.com, April 16, 2023.
We’re taking the week off for the 4th of July holiday but we wanted to use this week’s episode to honor Nobel prize winning economist Harry Markowitz, who recently passed away at the age of 95. Professor Markowitz is a giant of finance, someone who put diversification and modern portfolio theory on the map, with his research transforming the way we allocate and invest our assets. While we didn’t have the opportunity to interview Professor Markowitz for the podcast, we were able to chat recently with someone who had interviewed him: Author and financial researcher Dr. Andrew Lo. Dr. Lo recently published a book entitled “In Pursuit of the Perfect Portfolio”, in which he profiled some of the leading figures in academic research and finance. None stood taller than Professor Markowitz, who Dr. Lo discusses at length in this interview we aired in February of 2022. We think you’ll enjoy it. Thanks so much for listening and see you in a week. Have a happy holiday.
Our guests on the podcast today are Eric Weigel and Fritz Gilbert. Fritz is a repeat guest on The Long View. He writes the popular Retirement Manifesto blog, and he also wrote a book about retirement called Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years. Eric Weigel is the founder of a retirement coaching firm called Retire With Possibilities, and he is also the author of a book on retirement called Reimagining Retirement: 9 Keys to True Wealth. Together they collaborated on a recent survey of retirees and preretirees to gauge their attitudes about retirement and to help flag potential blind spots about retirement planning.
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Background
Eric Weigel Bio
Fritz Gilbert Bio
Retirement Manifesto Blog
Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years, by Fritz Gilbert
“Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, morningstar.com, Oct. 26, 2021.
Retire With Possibilities
Reimagining Retirement: 9 Keys to True Wealth, by Eric Weigel
Survey and Results
“Retirement Perspectives and Attitudes Survey,” by Fritz Gilbert and Eric Weigel, retirewithpossibilities.com, May 2023.
“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.
“7 Secrets to a Great Retirement,” by Fritz Gilbert, theretirementmanifesto.com, Feb. 2, 2023.
80th Birthday—FranklinCovey video
“The End of History Illusion,” by Jordi Quoidbach, Daniel Gilbert, and Timothy Wilson, science.org, Jan. 4, 2013.
Blind Spots
“Shining the Light on Retirement Blind Spots,” by Fritz Gilbert, theretirementmanifesto.com, May 18, 2023.
“Introducing the 90/10 Rule of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, Oct. 7, 2021.
Chip Conley
Holmes-Rahe Scale
“Longevity and the New Journey of Retirement,” EdwardJones study, agewave.com.
Other
“The Ten Commandments of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, March 6, 2018.
Our guest on the podcast today is New York Times economics reporter Talmon Smith. Before joining the Business desk, he was a staff editor for the Times Opinion section covering public policy, economics, and culture. He began his career as a researcher and visiting scholar at NYU’s Journalism Institute and was assistant to the editor in chief at GQ magazine. He graduated from Tufts University with a major in history.
Background
Bio
Twitter handle: @talmonsmith
Economy, Inflation, and the Great Wealth Transfer
“ ‘I’m in Hot Demand, Baby’: Nebraska Thrives (and Copes) With Low Unemployment,” By Talmon Joseph Smith, nytimes.com, April 1, 2022.
“Job Openings Rose in April, Defying Cooling Trend,” by Talmon Joseph Smith, nytimes.com, May 31, 2023.
“Companies Push Prices Higher, Protecting Profits but Adding to Inflation,” by Talmon Joseph Smith and Joe Rennison, nytimes.com, May 30, 2023.
“Wages May Not Be Inflation’s Cause, but They’re the Focus of the Cure,” by Talmon Joseph Smith, seattletimes.com, April 7, 2023.
“Even a Soft Landing for the Economy Might Be Uneven,” by Talmon Joseph Smith, buffalonews.com, Jan. 8, 2023.
“As the Fed Raises Rates, Worries Grow About Corporate Bonds,” by Talmon Joseph Smith, nytimes.com, Nov. 11, 2022.
“What Will Happen to Black Workers’ Gains if There’s a Recession?” by Talmon Joseph Smith, nytimes.com, Aug. 24, 2022.
“Hiring Remains Strong Even as Fed Tries to Cool Economy,” by Talmon Joseph Smith, Lydia DePillis, and Jeanna Smialek, nytimes.com, June 3, 2022.
“The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners,” by Talmon Joseph Smith, nytimes.com, May 14, 2023.
Our guest this week is Jeremy Schwartz. Jeremy is global chief investment officer for WisdomTree Investments. In that role, Jeremy leads the firm’s investment team and is responsible for constructing its equity indexes, quantitative active strategies, and model portfolios. Jeremy joined WisdomTree in May 2005 and previously held several posts at the firm, including serving as its global head of research. Prior to joining WisdomTree, Jeremy served as a research assistant for Professor Jeremy Siegel and is credited as Siegel’s co-author of the sixth edition of the book, Stocks for the Long Run. Jeremy received his bachelor’s degree from the Wharton School and is a CFA charterholder.
Background
Bio
Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, Sixth Edition, by Jeremy Siegel, with Jeremy Schwartz
The Future for Investors: Why the Tried and True Triumphs Over the Bold and the New, by Jeremy Siegel
Do-Nothing Strategies
“What Beat the S&P 500 Over the Past Three Decades? Doing Nothing,” by Jeffrey Ptak, Morningstar.com, April 17, 2023.
Creative Destruction: Why Companies That Are Built to Last Underperform the Market—and How to Successfully Transform Them, by Richard Foster and Sarah Kaplan
“Wise Words in Warren’s Recent Letter,” by Jeremy Schwartz, wisdomtree.com, March 8, 2023.
“Long-Term Returns on the Original S&P 500 Companies,” by Jeremy Siegel and Jeremy Schwartz, jstor.org, 2006.
Market Outlook
“The Most Important Charts for 2023,” by Jeremy Schwartz and Brian Manby, caia.org, May 8, 2023.
Risk and Return
“A Surprise Influence in S&P 500 Earnings? The Dollar,” by Jeremy Schwartz, wisdomtree.com, May 31, 2023.
Fama and French Three Factor Model Definition: Formula and Interpretation, by Adam Hayes, www.investopedia.com, May 31, 2022.
“A Deep Dive Into Growth & Momentum,” by Jeremy Schwartz, wisdomtree.com, July 12, 2021.
“A Surprising Rebalance Season for S&P Style Indexes,” by Jeremy Schwartz, wisdomtree.com, Jan. 5, 2023.
WisdomTree Index Performance Attribution
Inflation and Dividends
“A New Regime for Commodities: An Update,” by Jeremy Schwartz, wisdomtree.com, May 31, 2022.
“To Reveal Value, Start With Dividends,” Focus Points video series with Jeremy Schwartz, wisdomtree.com, Jan. 11, 2023.
“Quality Dividend Growth Performance Viewed Through Venn by Two Sigma,” by Jeremy Schwartz and Christopher Carrano, wisdomtree.com, May 15, 2023.
Foreign Stocks
“Lowering Your China Risk,” by Jeremy Schwartz and Matt Wagner, wisdomtree.com, May 19, 2023.
“Values Strong Run in Emerging Markets,” by Aneeka Gupta and Jeremy Schwartz, wisdomtree.com, May 5, 2023.
“Don’t Layer Currency Risk on Top of Equity Exposure,” by Jeremy Schwartz and Christopher Gannatti, wisdomtree.com, 2019.
ESG
“Revisiting the WisdomTree ESG Model Portfolios,” by Scott Welch, wisdomtree.com, Oct. 14, 2022.
“Aswath Damodaran: A Valuation Expert’s Take on Inflation, Stock Buybacks, ESG, and More,” The Long View podcast, Morningstar.com, May 16, 2023.
Today we’rewelcoming back Ramit Sethi. Ramit is a personal finance expert and author. And this year, he added a new line item to his resume: TV host. His series How to Get Rich debuted on Netflix in April. It features in-depth conversations with individuals about their financial lives. Ramit’s first book, I Will Teach You to Be Rich, published in 2009, was a bestseller; a second edition of the book came out in 2019. Ramit is the founder of iwillteachyoutoberich.com, and he’s also the host of a podcast called I Will Teach You To Be Rich, which features in-depth conversations with couples about money.
Background
Bio
I Will Teach You To Be Rich, by Ramit Sethi
I Will Teach You To Be Rich podcast
How To Get Rich, Netflix series
Twitter: @ramit
“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View podcast, Morningstar.com, Nov. 10, 2020.
“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.
Rich Lives
“10 Easy-to-Follow Money Rules to Improve Your Financial Health,” by Ramit Sethi, iwillteachyoutoberich.com, Nov. 23, 2020.
“‘I Will Teach You to Be Rich’ Author: 3 Money Rules I Follow to Build Wealth and Enjoy Life—and How to Create Your Own,” by Kamaron McNair, cnbc.om, April 14, 2023.
“How to Live a Rich Life (+Rules That Will Help You ACHIEVE It!),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.
“Ramit Sethi—How to Play Offense With Money, Plan Bucket Lists, Build a Rich Life With Your Partner, and Take a Powerful $100 Challenge (#524),” The Tim Ferriss Show podcast, tim.blog.com, July 26, 2021.
Budgeting and Conscious Spending
Ramit’s Conscious Spending Plan
“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.
“How to Find all my Debts (& Pay Them Off),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 3, 2022.
“4 Ways to Get Out of Debt Fast (+Mistakes to Avoid),” by Ramit Sethi, iwillteachyoutoberich.com, Aug. 10, 2021.
Jobs and Income
“Finding the Right Money-Making Ideas (That Anyone Can Do),” by Ramit Sethi, iwillteachyoutoberich.com, March 28, 2023.
Homeownership
“3 Practical Things Every First-Time Homebuyer Should Know, According to the Star of Netflix’s ‘How To Get Rich,’” by Lee Aquino, businessinsider.com, April 25, 2023.
“Buying a House in Recession: Pros, Cons, and Expert Advice,” by Ramit Sethi, iwillteachyoutoberich.com, March 20, 2023.
“Should I Buy a House Now? (5 Guidelines and Perfect Timing Tips),” by Ramit Sethi, iwillteachyoutoberich.com, Sept. 15, 2021.
Investing
“How to Trade Stocks (and Find Out if Trading Is Right for You),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.
“Here’s Our Take on Day Trading in 2023,” by Ramit Sethi, iwillteachyoutoberich.com, March 3, 2020.
“How to Invest in Index Funds (Get Invested in 5 Min),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.
“Diversified Investment Portfolios: How to Build One (+ Examples),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 27, 2021.
“High Risk vs. Low Risk Investing (The Reality),” by Ramit Sethi, iwillteachyoutoberich.com, Dec. 16, 2022.
Couples/Relationships
“Love and Money: Combining Finances After Marriage,” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.
“I’ve Been Writing About Money for 15 Years, and I Can Tell You Too Many Couples Talk About Money All Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019.
“Episode 65. I Make $200k/Month. He Makes $2k. Who Pays for Dates? (Part 2),” I Will Teach You To Be Rich podcast, iwillteahyoutoberich.com, October 2022.
Financial Advice
“Do I Need a Financial Advisor? (The ONLY Guide You Need!),” by Ramit Sethi, iwillteachyoutoberich.com, July 7, 2021.
(Please stay tuned for important disclosure information at the conclusion of this episode.)
Our guest this week is Joel Tillinghast, portfolio manager at Fidelity. Joel manages a number of equity funds focused on intrinsic value and mostly small-cap stocks—perhaps most notably, the Low-Priced Stock Fund, which he has managed since 1989. Joel originally joined Fidelity as an equities analyst in 1986 after famously cold-calling Peter Lynch to secure a job interview. He earned his bachelor’s in economics from Wesleyan University and MBA from the Kellogg School of Management at Northwestern and is a CFA charter holder. Joel’s track record is simply impressive. Morningstar recognized him in 2021 as Outstanding Portfolio Manager and in 2002, as Domestic Stock Fund Manager of the Year. After more than 40 years in investing, Joel is slated to retire as a full-time portfolio manager at the end of 2023. We’re so excited to host him on the podcast today to discuss his career and his insights.
Background
Bio
Fidelity Low-Priced Stock
Fidelity Global Growth and Value Class
Fidelity Global Intrinsic Value Class
Fidelity NorthStar® Fund
Big Money Thinks Small: Biases, Blind Spots, and Smarter Investing, by Joel Tillinghast
Value and Small-Cap Investing
“Don’t Judge a Stock by Its Price! That’s one of Tillinghast’s Stock-Picking Secrets,” by Anupam Nagar, economictimes.indiantimes.com, April 17, 2021.
“Happy Results Turned Up Everywhere You Looked,” by Tim Gray, nytimes.com, Jan. 17, 2020.
“Peter Lynch Protégé Joel Tillinghast: How to Avoid Value Traps,” by Johnny Hopkins, aquirersmultiple.com, June 25, 2018.
Investment Industry
“Fidelity’s Joel Tillinghast Was Out of Favor. Then the Meme-Stock Craze Happened,” by Justin Baer, wsj.com, Aug. 4, 2021.
“5 Traits of Successful Investors,” by Joel Tillinghast, oprah.com.
Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, the latest of which is called More Than Enough: A Brief Guide to the Questions That Arise After Realizing You Have More Than You Need. Other books include, After the Death of Your Spouse; Can I Retire?; Social Security Made Simple; Taxes Made Simple; and Investing Made Simple. Mike also writes a wonderful blog called Oblivious Investor, and he has developed a free tool for exploring Social Security-claiming decisions. It’s called Open Social Security. Mike is a certified public accountant.
Background & Books
Bio
Oblivious Investor
Open Social Security
“Mike Piper: Delaying Social Security Not Always a Good Deal,” The Long View podcast, Morningstar.com, April 27, 2021.
More Than Enough: A Brief Guide to Questions That Arise After Realizing You Have More Than You Need
After the Death of Your Spouse: Next Financial Steps for Surviving Spouses
Can I Retire?
Social Security Made Simple
Taxes Made Simple
Investing Made Simple
Tax Strategies
“How Much Can I Give Per Year Without Having to Pay Tax?” by Mike Piper, obliviousinvestor.com.
“401(k) Rollover: Where, Why, and How,” by Mike Piper, obliviousinvestor.com.
“Tax Planning Begins When Building Your Portfolio. Here’s What to Know,” by Kate Dore, cnbc.com, June 7, 2022.
“Roth Conversion Planning: A Step-by-Step Approach,” by Mike Piper, obliviousinvestor.com, July 5, 2021.
Social Security
“Social Security Strategies for Married Couples,” by Mike Piper, obliviousinvestor.com, Jan. 1, 2020.
“The Three Biggest Social Security Misconceptions,” by Mike Piper, obliviousinvestor.com, April 11, 2022.
Charitable Giving
“Deduction Bunching: Tax Planning Strategy for Charitable Giving,” by Mike Piper, obliviousinvestor.com, Jan. 1, 2022.
“What’s the Point of a Donor-Advised Funds?” by Mike Piper, obliviousinvestor.com, Feb. 28, 2022.
“Qualified Charitable Distributions (QCDs): How Do They Work, and Are They the Best Option for Charitable Giving?” by Mike Piper, obliviousinvestor.com, Nov. 22, 2021.
Asset Allocation
“Calculator for Backtesting a Portfolio or Asset Allocation (Also Monte Carlo Simulations),” by Mike Piper, obliviousinvestor.com, Sept. 12, 2022.
“How Much Cash Should a Retirement Savings Portfolio Include?” by Mike Piper, obliviousinvestor.com, Aug. 16, 2021.
“Simplifying a Retirement Bucket Portfolio,” by Mike Piper, obliviousinvestor.com, July 8, 2019.
Other
“Personal Representative vs. Trustee: What’s the Difference?” by Mike Piper, obliviousinvestor.com, May 22, 2023.
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Our guest on the podcast today is Aswath Damodaran. Damodaran is a professor of finance at the Stern School of Business at New York University, and he has been called the dean of valuation. He has written several books on equity valuation, investment management, and corporate finance. This interview was recorded at the Morningstar Investment Conference in April 2023.
Background
Bio
Books by Aswath Damodaran
Interest Rates and Inflation
“Inflation and Investing: Is the Genie Out of the Bottle?” by Aswath Damodaran, NYU Stern School of Business.
“In Search of a Steady State: Inflation, Interest Rates, and Value,” by Aswath Damodaran, Musings on Markets blog, May 6, 2022.
“A Follow Up on Inflation: The Disparate Effects on Company Values!” by Aswath Damodaran, Musings on Markets blog, May 20, 2022.
“Malaise in Market Will Last Longer if Investors Behave Like It’s the ‘70s: Aswath Damodaran,” by Nikhil Agarwal, The Economic Times, Sept. 27, 2022.
Equity Risk Premium
“Country Default Spreads and Risk Premiums,” by Aswath Damodaran, NYU Stern School of Business, Jan. 5, 2023.
“Equity Risk Premiums (ERP): Determinants, Estimation, and Implications—The 2022 Edition,” by Aswath Damodaran, NYU Stern School of Business, March 23, 2022.
“Equity Risk Premiums,” by Aswath Damodaran, NYU Stern School of Business.
Buybacks
“Data Update 7 for 2023: Dividends, Buybacks, and Cash Flows,” by Aswath Damodaran, Musings on Markets blog, March 8, 2023.
“Aswath Damodaran: The History of Buybacks,” GuruFocus.com, Aug. 29, 2019.
ESG
“The ESG Movement: The ‘Goodness’ Gravy Train Rolls On,” by Aswath Damodaran, Musings on Markets blog, Sept. 14, 2021.
“Valuing ESG: Doing Good or Sounding Good?” by Bradford Cornell and Aswath Damodaran, Portfolio Management Research, Fall 2020.
“Professor Damodaran’s Latest ESG Takedown Overlooks One Important Group of Investors,” by Adam Fleck, Morningstar.com, April 1, 2022.
Valuation and Capital Allocation
“Closure in Valuation: Estimating Terminal Value,” by Aswath Damodaran, NYU Stern School of Business.
“My Valuation Journey: Have Faith, You Must!” by Aswath Damodaran, NYU Stern School of Business, June 2020.
“3 Fund Portfolio: How to Save for Retirement With Just Three Investments,” by Carla Fried, Forbes, July 15, 2022.
Other
“Michael Mauboussin: Finding Easy Games,” The Long View podcast, Morningstar.com, Jan. 25, 2022.
Expectations Investing: Reading Stock Prices for Better Returns, by Michael Mauboussin and Alfred Rappaport.
Today on the podcast, we welcome back financial planning guru and Michael Kitces. I recently had the chance to catch up with Michael to get his take on asset allocation, specifically whether higher yields should have an impact on where investors hold their money. Today’s podcast is a recording of that conversation. Michael is the head of planning strategy for Buckingham Strategic Wealth, co-founder of XY Planning Network and AdvicePay and is the chief financial planning nerd—and yes, that’s his real title—for the advisor education platform Kitces.com and the Nerd’s Eye View blog. You can follow him via Twitter @MichaelKitces or on LinkedIn.
Background
Bio
XY Planning Network
AdvicePay
Buckingham Strategic Wealth
Kitces.com
@MichaelKitces
Investing Safe Assets
“Where Should Investors Stash Their Safe Money Today?” Video interview with Michael Kitces and Christine Benz, Morningstar.com, April 19, 2023.
“Kitces: Where to Park 3 Types of Client Cash,” by Dinah Wisenberg Brin, thinkadvisor.com, April 20, 2023.
“Client Cash Management: Why It’s Important, and the Next Generation of Technology to Make It Better,” by Ben Henry-Moreland, kitces.com, Aug. 22, 2022.
MaxMyInterest
Rising Yields, Asset Allocation, Retirement Withdrawals
“How Rising Yields Should Affect Asset Allocation for Retirees, Preretirees,” Video interview with Michael Kitces and Christine Benz, Morningstar.com, May 3, 2023.
“The ‘Yield-Split’ Method of Asset Allocation to Improve Tax Efficiency of Index Funds,” by Chris Murray, kitces.com, March 30, 2022.
“Increasing Retirement Withdrawal Rates Through Asset Allocation,” by Michael Kitces and Wade Pfau, aaii.com.
“8 Inflation Conversations for Financial Advisors to Have With Clients,” by Ben Henry-Moreland, kitces.com, April 27, 2022.
“Is Private Debt Worth Considering as an (Alternative) Asset Class in Client Portfolios?” by Larry Swedroe, kitces.com, Jan. 18, 2023.
“The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019.
Other
“Kitces: ‘The Model Has to Change Again,’” The Long View podcast, Morningstar.com, June 5, 2019.
“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.
Background
Bio
“Liz Ann Sonders: ‘We Could See Some Inflation Scares,’” The Long View podcast, Morningstar.com, Jan. 6, 2021.
Secular and Cyclical Looks
“What the End of the ‘Great Moderation Era’ Means for Investors: Morning Brief,” by Jared Blikre, news.yahoo.com, March 2, 2023.
“Market Snapshot With Liz Ann Sonders,” video commentary, schwab.com, April 2023.
“Helpless? Recession Risks Abound,” by Liz Ann Sonders and Kevin Gordon, schwab.com, Jan. 23, 2023.
“Expect Volatility, Rolling Recession, but Watch for Contagion, Schwab’s Sonders Says,” by Tracey Longo, fa-mag.com, March 15, 2023.
“Hurts So Good: Jobs Picture Stays Mixed,” by Liz Ann Sonders and Kevin Gordon, schwab.com, Jan. 9, 2023.
“Schwab’s Sonders Says Bear Market Hasn’t Yet Hit Bottom,” by Tracey Longo, fa-mag.com, Feb. 7, 2023.
Inflation and the Fed
“U.S. Stock Market ‘Pretty Expensive’ as Investors Parse Inflation Report in Choppy Trade,” by Christine Idzelis, marketwatch.com, April 12, 2023.
“Mixed (Inflation) Signals,” by Liz Ann Sonders and Kevin Gordon, schwab.com, April 17, 2023.
“Market Perspective: Searching for Spring,” by Liz Ann Sonders, Kathy Jones, and Jeffrey Kleintop, advisorperspectives.com, Feb. 19, 2023.
“Schwab Market Perspective: Top of the Rate Cycle,” by Liz Ann Sonder, Kathy Jones, and Jeffrey Kleintop, schwab.com, April 14, 2023.
“Under Pressure: Fed Hikes in Face of Bank Turmoil,” by Liz Ann Sonders, schwab.com, March 22, 2023.
Credit Risk and Real Estate
Senior Loan Officer Opinion Survey on Bank Lending Practices
“A Recession Seems ‘Somewhat Unavoidable’ as Tighter Credit Conditions Reveal More Zombies of the Easy-Money Era, Schwab Strategist Liz Ann Sonders Says,” by Phil Rosen, businessinsider.in, April 7, 2023.
“The US Housing Market Is in Recession—and the Pandemic Has Created a Unique Economic Headache, Elite Strategist Liz Ann Sonders Says,” by Theron Mohamed, markets.businessinsider.com, March 8, 2023.
Stocks and Earnings
“The Price You Pay: A Look at Equity Valuations,” by Liz Ann Sonders and Kevin Gordon, schwab.com, Feb. 21, 2023.
“This Indicator Clearly Shows Where Wall Street’s Top Money Managers Expect Stocks to Head Next,” by Sean Williams, Nasdaq.com, April 14, 2023.
Growth vs. Value and Asset Allocation
“Mysterious Ways: Growth vs. Value Debate,” by Liz Ann Sonders, schwab.com, May 1, 2023.
“Elevation: Largest Stocks to Market’s Rescue?” by Liz Ann Sonders and Kevin Gordon, schwab.com, April 3, 2023.
On the podcast today, we welcome back Jonathan Clements, who was among our first guests when we launched this podcast back in 2019. Jonathan is the founder and editor of HumbleDollar, and he is also the editor of a new book called My Money Journey, which is a compilation of essays from 30 individuals about how they found financial freedom. Jonathan also sits on the advisory board of Creative Planning, one of the country’s largest independent financial advisors and is the author of nine personal finance books. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s U.S. Wealth Management arm.
Background
Bio
HumbleDollar
My Money Journey, edited by Jonathan Clements
Current Conditions
“What I Don’t Own,” by Jonathan Clements, humbledollar.com, March 4, 2023.
“Happy Talk,” by Jonathan Clements, humbledollar.com, Nov. 19, 2022.
“Behaving Badly,” by Jonathan Clements, humbledollar.com, Sept. 18, 2021.
“Nine Roads to Ruin,” by Jonathan Clements, humbledollar.com, March 6, 2021.
“New Rules for Success,” by Jonathan Clements, humbledollar.com, Nov. 26, 2022.
“Pay It Down,” by Jonathan Clements, humbledollar.com, Aug. 17, 2019.
Indexing, Retirement, and Real Estate
“Four Questions,” by Jonathan Clements, humbledollar.com, Feb. 22, 2020.
“Jonathan’s Portfolio,” by Jonathan Clements, humbledollar.com.
“Mix and Match,” by Jonathan Clements, humbledollar.com, Dec. 4, 2021.
“Risking My Life,” by Jonathan Clements, humbledollar.com, Aug. 8, 2020.
“Jonathan’s Retirement,” by Jonathan Clements, humbledollar.com.
“How to Overhaul Your Retirement Portfolio in Just 7 Days,” by Jonathan Clements, money.com, Jan. 3, 2019.
“The Long Game,” by Jonathan Clements, humbledollar.com, Feb. 4, 2023.
“Jonathan’s Homes,” by Jonathan Clements, humbledollar.com.
Theory and Thrift
“Helpful in Theory,” by Jonathan Clements, humbledollar.com, Feb. 11, 2023.
“Don’t Overdo It,” by Jonathan Clements, humbledollar.com, Jan. 23, 2021.
Other
“Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’” The Long View podcast, Morningstar.com, July 31, 2019.
“Credit Scores and Committed Relationships,” by Jane Dokko, Geng Li, and Jessica Hayes, federalreserve.gov, August 2015.
Morningstar Investment Conference 2023
If you’re looking for even more investing insights, data, and analysis, join us at this year’s Morningstar Investment Conference, April 25 through 27 in Chicago. We have a great agenda this year, featuring top financial minds from market gurus like Liz Ann Sonders to great investors like Steve Romick to retirement planning experts like Mary Beth Franklin and Dr. Laura Carstensen. There’s something for everyone looking to tackle the challenges and opportunities for investors in the current market. We’re in-person only this year. So, check out the link in our show notes to register. We’re looking forward to seeing you in Chicago.
Our guest on the podcast today is Jill Schlesinger. She is the author of a new book called The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life. Jill is also a business analyst for CBS News and comments on the economy, investing, and personal finance for CBS television and radio programs. She also hosts the popular Jill on Money podcast and writes the nationally syndicated “Jill on Money” column for Tribune Media Services. Jill’s first book, The Dumb Things Smart People Do With Their Money, was published in 2019. She has received numerous awards over her career, including an Emmy Award for her work on CBS Sunday Morning. Jill is a certified financial planner and spent 14 years as the co-owner of and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York following her graduation from Brown University.
Background
Bio
The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life, by Jill Schlesinger
The Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs, by Jill Schlesinger
Jill on Money podcast
Making Changes and Mindful Spending
“How the Pandemic Changed the Rules of Personal Finance,” by Paddy Hirsch, npr.org, Jan. 31, 2023.
“Year-End Money Moves 2022,” by Jill Schlesinger, jillonmoney.com, Dec. 2, 2022.
“Use This Expert-Approved 5-Step Strategy to Assess Your Financial Health Today,” by Katie Couric Media, katiecouric.com, Feb. 15, 2023.
Negotiating in the Workplace
“How to Negotiate With Your Boss,” Jill on Money podcast, jillonmoney.com, Feb. 11, 2022.
“The Great Resignation,” by Jill Schlesinger, linkedin.com, Aug. 9, 2021.
Current Environment
“Investor Panic Prevention Plan 2022,” by Jill Schlesinger, jillonmoney.com, May 13, 2022.
“Scary Financial News: Actions to Take Now,” by Jill Schlesinger, jillonmoney.com.
“Bank Failures Put Fed in Hot Seat,” by Jill Schlesinger, jillonmoney.com.
“Silicon Valley Bank Fails: What Happened, What’s Next?” by Jill Schlesinger, jillonmoney.com.
Other
“Jill Schlesinger: ‘What Are You Going to Do With Your Life?’” The Long View podcast, Morningstar.com, Feb. 15, 2022.
Morningstar Investment Conference 2023
Our guest on the podcast today is Micah Hauptman. Micah is the director of investor protection at the Consumer Federation of America, a nonprofit association of nearly 300 national, state, and local pro-consumer organizations. He leads CFA’s investor protection work through conducting research and engaging in advocacy on investor protection issues, focusing primarily on the regulation of investment advisors, investment companies, and broker/dealers, particularly as they relate to the provision of retail investment products and services. Prior to rejoining CFA in early 2022 Micah served as counsel to Securities and Exchange Commission commissioner Caroline Crenshaw, and before that he served as CFA’s financial services counsel for nearly seven years. He also worked at Public Citizen on a broad range of banking and tax issues and started his career as a prosecutor for the Los Angeles City Attorney’s office. Micah received his bachelor’s degree in political science from UCLA and his JD degree from the University of the Pacific McGeorge School of Law.
Background
Bio
Key Challenges for Investors
“New Offerings of Crypto in Retirement Plans Underscore Need for DOL Fiduciary,” by Micah Hauptman and Dylan Bruce, consumerfed.org, April 4, 2023.
Department of Labor’s 2016 Fiduciary Rule: Background and Issues
“Improving Investment Advice for Workers & Retirees,” U.S. Department of Labor, dol.gov, June 29, 2020.
Regulation Best Interest
Regulation Best Interest (Reg BI) Overview
“What Regulation Best Interest Means for Brokers and Asset Managers,” by Aron Szapiro, Morningstar.com, Nov. 18, 2019.
“Beyond the FINRA Suitability Comfort Zone,” by Matthew Radgowski and Jill Axline, Morningstar.com, March 9, 2020.
Cryptocurrency
“Crypto: Risks Abound,” by Micah Hauptman, consumerfed.org, Nov. 17, 2022.
“With Crypto, Advisors Need to Tread Carefully,” by Jasmin Sethi, Morningstar.com, Aug. 15, 2022.
“Bitcoin in Your 401(k)? Not so Fast,” by Madeline Hume, Morningstar.com, April 27, 2022.
Social Media
“Investors in the United States: The Changing Landscape,” A Report of the FINRA Foundation National Financial Capability Study, finrafoundation.org, December 2022.
“Why You Should Stop Taking Investment Advice From Social Media,” by Sunniva Kolostyak, Morningstar.com, June 16, 2021.
Environmental, Social, and Governance
“CFA Strongly Supports SEC Proposals to Enhance ESG-Related Disclosures and Update Names Rule,” by Micah Hauptman and Dylan Bruce, consumerfed.org, Aug. 16, 2022.
“Amid Charges of Greenwashing, Sustainable-Investment Industry Attempts to Reassure Investors,” by Leslie Norton, Morningstar.com, June 8, 2022.
Other
“Robert Powell: ‘How Do I Generate the Income?’” The Long View podcast, Morningstar.com, March 14, 2023.
Morningstar Investment Conference 2023
Our guest this week is James Choi. Dr. Choi is a professor of finance at the Yale School of Management, where he teaches and conducts research on behavioral finance and economics, household finance, and sociology, among other topics. He is a two-time recipient of the TIAA Paul A. Samuelson Award for outstanding scholarly writing on lifelong financial security, and his work on automatic enrollment into retirement plans has had a major influence on retirement plan policy and design. Dr. Choi is a co-director of the Retirement and Disability Research Center at the National Bureau of Economic Research and an associate editor of the Journal of Finance, among other professional and scholarly affiliations. He received both his bachelor’s degree and doctorate from Harvard University.
Background
Bio
Retirement and Disability Research Center
Academics vs. Bestsellers
“Popular Personal Financial Advice Versus the Professors,” by James Choi, nber.com, October 2022.
Choice Architecture and Retirement Plan Design
“Nudge: Improving Decisions About Health, Wealth, and Happiness,” by Richard Thaler and Cass Sunstein, researchgate.net, June 2009.
“Contributions to Defined Contribution Pension Plans,” by James Choi, nber.org, August 2015.
“Small Cues Change Savings Choices,” by James Choi, Emily Haisley, Jennifer Kurkoski, Cade Massey, Journal of Economic Behavior & Organization, August 2017.
“Plan Design and 401(k) Savings Outcomes,” by James Choi, David Laibson, and Brigitte Madrian, National Tax Journal, June 2004.
“Saving for Retirement on the Path of Least Resistance,” by James Choi, David Laibson, Brigitte Madrian, and Andrew Metrick, scholar.harvard.edu., Dec. 1, 2005.
“Which Early Withdrawal Penalty Attracts the Most Deposits to a Commitment Savings Account?” by James Choi, John Beshears, Christopher Harris, David Laibson, Brigitte Madrian, and Jung Sakong, Journal of Public Economics, Feb. 8, 2020.
“Present Bias Causes and Then Dissipates Auto-Enrollment Savings Effects,” by John Beshears, James Choi, David Laibson, and Peter Maxted, hbs.edu, 2022.
Retirement Readiness and Policy Response
“Borrowing to Save? The Impact of Automatic Enrollment on Debt,” by John Beshears, James Choi, David Laibson, Brigitte Madrian, and William Skimmyhorn, nber.org, July 2019.
“The Effect of Providing Peer Information on Retirement Savings Decisions,” by James Choi, John Beshears, David Laibson, Brigitte Madrian, and Katherine Milkman, The Journal of Finance, June 2015.
Emergency Savings
“Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts,” by John Beshears, James Choi, J. Mark Iwry, David John, David Laibson, and Brigitte Madrian, journals.uchicago.edu, 2020.
Saving, Spending, Investor Behavior
“Economists Confirm It’s Actually OK to not Save Money in Your 20s,” by Sarah Hansen, money.com, Sept. 2, 2022.
“Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds,” by James Choi, Xavier Gabaix, David Laibson, and Brigitte Madrian, nber.org, December 2005.
“Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?” by James Choi, James Beshears, David Laibson, and Brigitte Madrian, National Library of Medicine, Oct. 19, 2016.
Other
“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.
Morningstar Investment Conference 2023
Our guest on the podcast today is Mark Berg. He is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Berg served as a client manager at a fee-only financial planning firm and has provided fee-only financial guidance since 1995. He holds a bachelor’s degree in economics from Wheaton College and is a certified financial planner practitioner and is registered with the National Association of Personal Financial Advisors. He served on the national board of directors for NAPFA from 2008 through 2011. Timothy Financial is the firm that Christine Benz and her husband use for financial planning, and a member of Jeff Ptak’s family is a Timothy Financial client as well.
Background
Bio
Timothy Financial Counsel
“Scaling Up to $1.4M of Revenue With (Only) Hourly Financial Planning Fees With Mark Berg,” by Michael Kitces, Financial Advisor Success podcast, March 20, 2018.
Influences
Garrett Planning Network
“Voices: Sheryl Garrett, on the Evolution of a Planning Firm,” Thomas Coyle, The Wall Street Journal, Dec. 31, 2009.
“Sheryl Garrett: ‘The Industry Thought I Was Nuts,’” The Long View podcast, Morningstar.com, July 17, 2019.
Tax Planning/Direct Indexing
“An Inside Look at Direct Indexing,” by Danny Noonan, Morningstar.com, March 23, 2023.
“Could Direct Indexing Lower Your Taxes?” by John Rekenthaler, Morningstar.com, March 27, 2023.
“4 Questions About Direct Indexing,” by Sheryl Rowling, Morningstar.com, Oct. 24, 2022.
Retirement
“What Is the ‘Retirement Spending Smile’?” by Wade Pfau, Retirement Researcher.
Resources
Michael Kitces
Financial Planning Association
The National Association of Personal Financial Advisors (NAPFA)
Other
Morningstar Investment Conference 2023
Our guest on the podcast today is Brad Barrett. Brad is the co-founder of ChooseFI, which is a website focused on achieving financial independence. With Jonathan Mendonsa, Brad is co-host of a popular podcast also called ChooseFI. Brad received his bachelor’s degree in accounting from the University of Richmond and became a CPA. He practiced public accounting for years and eventually achieved financial independence by age 35. Brad is passionate about all aspects of personal finance, but especially the topic of scoring good deals on travel, which is a topic we discussed in depth on the podcast.
Background
Bio
ChooseFI
Resources and Inspiration
Smart Couples Finish Rich, by David Bach
“The Shockingly Simple Math Behind Early Retirement,” Mr. Money Mustache blog, mrmoneymustache.com, Jan. 13, 2012.
Jlcollinsnh.com
The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by JL Collins
Financial Independence and Real Estate
Karsten Jeske: Early Retirement Now
“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.
Paula Pant: Afford Anything
“Paula Pant: A Different Path to Financial Independence,” The Long View podcast, Morningstar.com, Jan. 18, 2022.
Coach Carson
BiggerPockets
Nick Maggiulli: Of Dollars and Data
“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View podcast, Morningstar.com, April 12, 2022.
“What to Do With $2.5 Million & Real Estate Update | Scott Trench | Ep 426,” ChooseFI podcast, choosefi.com, Feb. 26, 2023.
Travel Hacks
ChooseFi.com/travel
“The Ultimate Guide to Credit Card Travel Rewards | Part 1,” by Jonathan Mendonsa, choosefi.com, April 3, 2022.
The Points Guy
View From the Wing
Million Mile Secrets
Travel Miles 101
Our guest on the podcast today is financial journalist and certified financial planner, Robert Powell. His work appears regularly in MarketWatch.com, USA TODAY, TheStreet.com, The Wall Street Journal, and AARP. Bob also serves as the director of Retirement Education at Sensible Money and as editor in chief of the Investments and Wealth Institute’s Retirement Management Journal. He is also an instructor in Salem State University’s Online Elder Planning Specialist program. In addition, Bob hosts two podcasts himself: the Investments and Wealth Institute’s Exceptional Advisor podcast and the Callaway Climate Insights podcast. He received his bachelor’s degree from Marquette University and a master’s degree from Boston University.
Background
Bio
Twitter handle: @Retirementpedia
The Exceptional Advisor podcast
Callaway Climate Insights
Current Environment
“60/40 Portfolio—Dead or Alive?” by Robert Powell, marketwatch.com, Jan. 11, 2023.
Tony Davidow
“Common Retirement Questions: Should I Be More Conservative With My Portfolio?” by Mer Brown, the street.com, Dec. 23, 2022.
“Estimating the True Cost of Retirement,” by David Blanchett, Morningstar.com, Nov. 5, 2013.
“The Bucket Approach to Building a Retirement Portfolio,” by Christine Benz, morningstar.com, Nov. 23, 2022.
“Spending Trajectories After Age 65,” by Michael Hurd and Susann Rohwedder, rand.org, 2022.
Decumulation
“Why Target-Date Funds May Be Sabotaging Your Retirement,” by Robert Powell, marketwatch.com, Aug. 17, 2022.
“What Is the Average Retirement Age?” by Emily Brandon, money.usnews.com, July 26, 2022.
“2018 Retirement Confidence Survey,” Employee Benefit Research Institute, ebri.org, April 24, 2018.
Retirement Income Style Awareness Profile (the RISA®)
“Managing Post-Retirement Risks: A Guide to Retirement Planning,” Society of Actuaries, soa.org, 2011.
“Saving for Retirement Is Easy Enough—Spending It Is More Complicated,” by Robert Powell, marketwatch.com, March 26, 2022.
Annuities
Moshe Milevsky
“Retirement Spending and Biological Age,” by M.A. Milevsky, H. Huang, and T.S. Salisbury, moshemilevsky.com, Sept. 20, 2017.
“Retirement Income for Life: 4-Box Strategy,” by Robert Powell, marketwatch.com, Nov. 8, 2012.
Social Security
“How to Claim Social Security at the Right Time,” by Robert Powell, marketwatch.com, Aug. 28, 2021.
“Do the Math. Here’s Why You Shouldn’t Claim Social Security at Age 62,” by Robert Powell, usatoday.com, Aug. 9, 2019.
“Who Does Social Security Provide Benefits To? It’s Not Just the Elderly Who Qualify,” by Robert Powell, usatoday.com, Jan. 10, 2023.
Long-Term Care
“Planning for Unexpected Health Care Costs in Retirement,” by Sudipto Banerjee, troweprice.com, March 2022.
“A New Way to Calculate Retirement Health Care Costs,” by Sudipto Banerjee, troweprice.com, February 2020.
“Cumulative Out-of-Pocket Health Care Expenses After the Age of 70,” by Sudipto Banerjee, ebri.org, April 3, 2018.
“Are Healthcare Costs in Retirement Overwhelming?” by Robert Powell, fa-mag.com, Nov. 1, 2022.
“Planning for Health Care Costs in Retirement,” Vanguard Research and Mercer Health & Benefits, vanguard.com, June 2021.
Other
Elder Planning Specialist Program
Our guest this week is Lubos Pastor. He is the Charles P. McQuaid Professor of Finance at the University of Chicago Booth School of Business, where he’s taught since 1999. Pastor is a leading researcher on financial markets and asset management, publishing numerous award-winning papers that have been widely cited in academic finance literature. His research spans a number of areas, including liquidity risk, return predictability, active fund performance, and more. Pastor serves as a director of the Center for Research in Security Prices and is a member of the board of the Fama-Miller Center for Research in Finance. He also holds various positions outside of the Booth School, including serving as a member of the bank board of the National Bank of Slovakia. He received his doctorate in finance from the Wharton School at the University of Pennsylvania.
Background
Bio
Research
Research and Stocks
The Journal of Finance
Journal of Financial Economics
The Review of Financial Studies
The Journal of Portfolio Management
Journal of Investment Management
Financial Analysts Journal
Social Science Research Network
“Are Stocks Really Less Volatile in the Long Run?” by Lubos Pastor and Robert F. Stambaugh, National Bureau of Economic Research, December 2011.
ESG
“Dissecting Green Returns,” by Lubos Pastor, Robert F. Stambaugh, and Lucian A. Taylor, SSRN, June 15, 2022.
“Sustainable Investing in Equilibrium,” by Lubos Pastor, Robert F. Stambaugh, and Lucian A. Taylor, SSRN, Aug. 12, 2020.
Myth-Busting
“Mutual Fund Performance and Flows During the COVID-19 Crisis,” by Lubos Pastor and Blair Vorsatz, SSRN, Aug. 14, 2020.
“Mutual Fund Performance: An Empirical Decomposition Into Stock-Picking Talent, Style, Transaction Costs, and Expenses: Discussion,” by Tobias Moskowitz, The Journal of Finance, 2000.
“Scale and Skill in Active Management,” by Lubos Pastor, Robert F. Stambaugh, and Lucian A. Taylor, SSRN, Aug. 11, 2020.
Factors and Liquidity
“Liquidity Risk and Expected Stock Returns,” by Lubos Pastor and Robert F. Stambaugh, SSRN, Aug. 17, 2001.
“Liquidity Risk After 20 Years,” by Lubos Pastor and Robert F. Stambaugh, SSRN, May 10, 2019.
“Steering a Ship in Illiquid Waters: Active Management of Passive Funds,” by Naz Koont, Yiming Ma, Lubos Pastor, and Yao Zeng, SSRN, Feb. 2, 2023.
Manager Selection
“Judging Fund Managers by the Company They Keep,” by Randolph B. Cohen, Joshua D. Coval, and Lubos Pastor, SSRN, July 30, 2022.
“How Long Can a Good Fund Underperform?” by Maciej Kowara and Paul Kaplan, Morningstar.com, Aug. 17, 2018.
“Diseconomies of Scale in Active Management: Robust Evidence,” by Lubos Pastor, Robert F. Stambaugh, Lucian A. Taylor, and Min Zhu, SSRN, July 16, 2021.
Other
“Political Cycles and Stock Returns,” by Lubos Pastor and Pietro Veronesi, SSRN, May 28, 2019.
“Fifty Shades of QE: Comparing Findings of Central Bankers and Academics,” by Brian Fabo, Martina Jancokova, Elisabeth Kempf, and Lubos Pastor, SSRN, April 8, 2021.
Our guest on the podcast today is Stacy Francis. She is president and chief executive officer of Francis Financial, a fee-only financial advisory firm that focuses on serving women, especially those who have experienced divorce or the loss of a loved one. Francis is a certified financial planner, and she’s also a certified divorce financial analyst, a divorce financial strategist, and a certified estate and trust specialist. She also founded Savvy Ladies, a nonprofit organization that aims to educate and empower women to take control of their finances. To date, Savvy Ladies has helped over 20,000 women through free one-on-one financial counseling, workshops, and retreats. Francis also hosts her own podcast; it’s called Financially Ever After. She earned her bachelor’s degree at Middlebury College.
Background
Bio
Francis Financial
Savvy Ladies
Financially Ever After podcast
Woman and Money
“How Do Women Really Invest?” by Christine Benz, Morningstar.com, March 2, 2021.
“100 Must-Know Statistics About Women and Retirement,” by Christine Benz, Morningstar.com, March 3, 2021.
“The Biggest Financial Mistake Women Make? Not Investing Enough,” by Arielle O’Shea, The Florida Times-Union, Feb. 15, 2019.
“Are Women Better Investors?” by Farnoosh Torabi, farnoosh.tv.com.
“Happy Women’s History Month—How Can Women Improve Their Financial Wellness,” by Natalie Colley, Francis Financial, March 8, 2022.
“Stop Letting Your Man Make These Financial Decisions Without You,” by Dayana Yochim, HerMoney, Oct. 1, 2020.
Divorce and Couples
“Financial Abuse—The Most Common Type of Abuse That Far Too Many Ignore,” by Stacy Francis, Francis Financial, Sept. 16, 2020.
“Financial Abuse Is on the Rise: What It Is and What to Do About It,” by Stacy Francis, Savvy Ladies, Feb. 19, 2023.
“Why Financial Advice Is Key Before Beginning Your Divorce,” by Stacy Francis, Francis Financial, Aug. 6, 2020.
“Farnoosh Torabi: ‘Money Is Meaningless Without Goals,’” The Long View podcast, Morningstar.com, Sept. 13, 2022.
“Why Anyone Getting Married Should Consider a Prenuptial Agreement,” by Julia Rodgers, Savvy Ladies.
Divorce Financial Advice for Women: A Free Divorce Resource Guide, Francis Financial.
Widows
LastPass
“What Do Widows Need to Know About Their Finances When Their Partner Dies,” by Stacy Francis, Francis Financial, Nov. 22, 2021.
“Managing Your Finances Through Widow’s Fog,” by Stacy Francis, Francis Financial, June 17, 2022.
Financial Help for Widows, Francis Financial.
Our guest on the podcast today is financial and retirement planning expert Derek Tharp. Derek is an assistant professor of finance at the University of Southern Maine, and he’s also lead researcher at Kitces.com where he writes about a broad range of financial and retirement planning matters. In addition, Derek is a senior advisor at Income Lab and he’s president of a private wealth management firm called Conscious Capital. Derek received his bachelor’s degree in finance from Iowa State University and his doctorate in personal financial planning from Kansas State University. He’s a certified financial planner, and he’s also a chartered life underwriter.
Background
Bio
Retirement Withdrawal Rates
“The Retirement Distribution ‘Hatchet’: Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021.
“Using Probability-of-Success-Driven Guardrails to Manage Safe Retirement Spending,” by Derek Tharp, kitces.com, March 3, 2021.
“With Retirement-Spending Plans, the Odds Are Stacked in the Investor’s Favor,” by John Rekenthaler, Morningstar.com, Jan. 13, 2023.
“Justin Fitzpatrick: ‘Retirees Have a Superpower,’” The Long View podcast, Morningstar.com, July 12, 2022.
“Retirement Income Guardrails Beyond Withdrawal Rates,” Webinar, incomelaboratory.com, Jan. 12, 2022.
“Why 50% Probability of Success Is Actually a Viable Monte Carlo Retirement Projection,” by Derek Tharp, kitces.com, Jan. 6, 2021.
“Christine Benz and John Rekenthaler: Revisiting What Is a Safe Retirement Spending Rate After a Tough Year,” The Long View podcast, Morningstar.com, Dec. 20, 2022.
“What Is the ‘Retirement Spending Smile’?” by Wade Pfau, retirementresearcher.com.
“The Ratcheting Safe Withdrawal Rate—A More Dominant Version of the 4% Rule?” by Michael Kitces, kitces.com, June 3, 2015.
“Reframing Monte Carlo Results to Increase Trust in Dynamic Retirement Spending,” by Derek Tharp, kitces.com, June 29, 2022.
“Simplifying Retirement Income Planning Visualization Using the ‘Spending Risk Curve,’” by Derek Tharp and Justin Fitzpatrick, kitces.com, April 13, 2022.
“The Impact of Decreasing Retirement Spending on Safe Withdrawal Rates,” by Derek Tharp, kitces.com, Feb. 22, 2017.
Portfolio Construction and Tax-Loss Harvesting
“The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019.
“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.
“Tax Loss Harvesting+ Methodology,” by Boris Khentov, betterment.com, Sept. 7, 2021.
“Tax-Loss Harvesting Best Practices (and How to Scale It Across a Client Base),” by Ben Henry-Moreland, kitces.com, Sept. 7, 2022.
“Quantifying the Value of Tax Loss Harvesting,” by Derek Tharp, retirementprof.com, Jan. 10, 2023.
ESG
“The Tricky Ethics of Socially Responsible Investing,” by Derek Tharp, wsj.com, Sept. 4, 2017.
Robo-Advice
“The Value of Robo-Advisor Technology: A Practical Tax-Loss Harvesting Case Study,” by Derek Tharp, retirementprof.com, Jan. 9, 2023.
“Why DIY Investors Should Still Use a Robo-Advisor,” by Derek Tharp, retirementprof.com, Dec. 7, 2022.
Our guest on the podcast today is Cody Garrett. He is a certified financial planner and heads up Measure Twice Financial, an advice-only financial planning firm geared toward serving do-it-yourself investors. He also created measuretwicemoney.com, an educational website for DIY investors. Before starting up Measure Twice, Garrett was a financial planner at Legacy Asset Management. He was a professional musician before beginning his career as a financial planner. He received his bachelor’s degree in music and music theory at the University of Houston.
Background
Bio
Measure Twice Financial
Measure Twice Money
Measure Twice Planners
Measure Twice Mentors
Twitter handle: @MeasureTwiceMNY
Advice-Only Planning
“Does Being a Fiduciary Depend on the Fee Model?” by Tracey Longo, Financial Advisor, Sept. 23, 2022.
“Advice-Only Financial Advisers Don’t Touch Your Money,” by Elaine Silvestrini, Kiplinger, Nov. 17, 2022.
Influences and Other
Dave Ramsey
Financial Peace University
Radical Personal Finance podcast
ChooseFI podcast
Michael Kitces
David Allen’s Getting Things Done
“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.
“How to Use the 4 Ds of Effective Time Management,” by Bryan Collins, Forbes, June 14, 2018.
Our guest this week is Kathy Jones, the managing director and chief fixed-income strategist for the Schwab Center for Financial Research. Prior to joining Schwab in 2011, Jones was a fixed-income strategist at Morgan Stanley. Before that, she served as executive vice president of the debt capital markets division of Prudential Securities. Jones received her bachelor’s degree in English literature from Northwestern University and her Master of Business Administration from Northwestern’s Kellogg Graduate School of Management.
Background
Bio
Twitter handle: @KathyJones
Practical Matters
“U.S. Treasurys at ‘Critical Point’: Stocks, Bonds Correlation Shifts as Fixed-Income Market Flashes Recession Warning,” by Christine Idzelis, MarketWatch, Jan. 23, 2023.
“Don’t Give Up on the 60/40 Portfolio, Says Schwab’s Jones,” Bloomberg, Aug. 9, 2022.
Interest Rates and Bonds
“Bond Market Mess Is a Chance to Lock In Higher Yields for Longer,” by John Manganaro, Think Advisor, Sept. 29, 2022.
“For Income Investors, Bond Yields Are Looking Attractive,” by Tom Lauricella, Morningstar.com, Sept. 15, 2022.
“Has the U.S. Dollar Peaked?” by Kathy Jones, Charles Schwab, Jan. 12, 2023.
“Fixed Income Outlook: Bonds Are Back,” by Kathy Jones, Charles Schwab, Dec. 6, 2022.
Inflation
“Fed Rate Hikes: Why Are Bond Yields Falling?” by Kathy Jones, Charles Schwab, July 6, 2022.
“Inflation Is Real Enough to Take Seriously,” by Jeff Sommer, The New York Times, July 28, 2021.
“Kathy Jones on Monitoring Inflation Risks,” TD Ameritrade Network.
Rates and Recession
“Is a Recession Coming Soon? This Bond Market Indicator Is Flashing Red,” by Mallika Mitra, Money, April 11, 2022.
“Liftoff: Fed Hikes Rates, Signals More to Come,” by Kathy Jones, VettaFi, March 17, 2022.
“Market Perspective: Slowdown or a Recession?” by Liz Ann Sonders, Kathy Jones, and Jeffrey Kleintop, Charles Schwab, Jan. 13, 2023.
“The Fed’s Policy Tightening Plan: a One-Two Punch,” by Kathy Jones, Schwab Moneywise, Jan. 11, 2022.
Our guest on the podcast today is Katie Gatti Tassin. She’s the creator of the Money with Katie blog, podcast, and newsletter, which was acquired by Business Insider’s Morning Brew in 2022. The Money with Katie Show podcast is consistently one of the best-performing finance-related podcasts. Katie started up Money with Katie after stints as a content designer and writer for other firms including Meta, Dell Technologies, and Southwest Airlines. She received her bachelor’s in Communication & Information Sciences from the University of Alabama where she was a presidential scholar.
Background
Bio
Money With Katie
The Money With Katie Show
Resources
Mr. Money Mustache
Mad Fientist
Wealth Planner
“The Monetization of Self: Personal Brands and the Business of Influencing,” The Money With Katie Show, podcasts.apple.com, Jan. 19, 2023.
“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.
Key Financial Lessons and Investing
“4 Simple Index Fund Portfolios That Would’ve Beaten the Total Stock Market Over the Last 25 Years,” by Katie Gatti Tassin, moneywithkatie.com, Nov. 8, 2021.
“How to Navigate Your Options While Setting Up Your 401(k),” by Katie Gatti Tassin, moneywithkatie.com, Oct. 19, 2022.
“Achieving Success With Target Date Funds,” by Chris Pedersen, paulmerriman.com.
“Making Sense of Cryptocurrency,” by Katie Gatti Tassin, moneywithkatie.com, May 17, 2022.
“How to Confidently Start Investing: A Beginner’s Guide,” by Katie Gatti Tassin, moneywithkatie.com, Aug. 29, 2022.
Financial Independence
“Why Hitting ‘Half FI’ Is More Likely 75%,” by Katie Gatti Tassin, moneywithkatie.com, July 28, 2021.
“Why You Actually Need Less to Retire Early (Than in 30 Years From Now),” by Katie Gatti Tassin, moneywithkatie.com, Aug. 2, 2021.
“Why I Want to Retire Early,” by Katie Gatti Tassin, moneywithkatie.com, April 14, 2021.
Saving and Debt
“A Tale of Two Budgets: An Honest Look at My Lifestyle Creep,” by Katie Gatti Tassin, moneywithkatie.com, Sept. 19, 2022.
“Bonus Episode: Student Loan Forgiveness, Repayment, Taxes, and Inflation With a Certified Student Loan Professional®,” The Money with Katie Show, podcast.moneywithkatie.com, Sept. 1, 2022.
“How to Cut Your High-Interest Debt’s Payoff Time and Interest Paid in Half,” by Katie Gatti Tassin, moneywithkatie.com, Sept. 16, 2020.
Housing
“Hot Takes on Home Ownership: Keep Renting,” by Katie Gatti Tassin, moneywithkatie.com, Dec. 9, 2022.
“The #1 Way to Substantially Impact Your Financial Situation,” by Katie Gatti Tassin, moneywithkatie.com, June 23, 2022.
“Are Homes Actually More Expensive in 2022?” by Katie Gatti Tassin, morningbrew.com, Sept. 28, 2022.
“Does the Dream of Home Ownership Rest Upon Biased Beliefs? A Test Based on Predicted and Realized Life Satisfaction,” by Reto Odermatt and Alois Stutzer, Journal of Happiness Studies, Vol. 23, Sept. 14, 2022.
Financial Anxiety
“How to Cope With Financial Anxiety,” by Katie Gatti Tassin, moneywithkatie.com, Nov. 1, 2021.
“How Your Money Anxiety Might Actually Help Build Wealth,” The Money with Katie Show, podcast.moneywithkatie.com, Sept. 21, 2022.
Our guest on the podcast today is Ann Garcia. She is a certified financial planner and the author of the book How to Pay for College. Garcia is the managing partner of Independent Progressive Advisors, a fee-only Registered Investment Advisor in Portland, Oregon, and she’s also the author of The College Financial Lady blog. She received her bachelor’s degree from the University of California, Berkeley.
Background
Bio
How to Pay for College, by Ann Garcia
The College Financial Lady blog
College/Rankings
“The Big 6 for Well-Being in College and Beyond,” by Ann Garcia, howtopayforcollege.com, June 7, 2022.
U.S. News & World Report Rankings
CollegeData
College Navigator
Financial Aid
“Student Loan Options,” by Ann Garcia, howtopayforcollege.com.
“FAFSA Resources,” by Ann Garcia, howtopayforcollege.com, Oct. 1, 2021.
“The CSS Profile,” by Ann Garcia, howtopayforcollege.com, Oct. 12, 2021.
Gallup-Purdue Index Report
Federal Student Aid Estimator
“Student Loans: The Good, The Bad and The Ugly,” by Ann Garcia, howtopayforcollege.com, Dec. 17, 2020.
College Costs/Savings
“Prepaid Tuition Plans,” by Ann Garcia, howtopayforcollege.com, June 21, 2022.
“Net Price Calculators,” by Ann Garcia, howtopayforcollege.com, Jan. 18, 2022.
“Choosing a 529 Plan,” by Ann Garcia, howtopayforcollege.com, Dec. 15, 2021.
“Budgeting for College Applications,” by Ann Garcia, howtopayforcollege.com, Sept. 30, 2021.
Our guest on the podcast today is tax and retirement planning expert, Jeffrey Levine. Jeff is the chief planning officer for Buckingham Strategic Wealth. He’s also the lead financial planning nerd at kitces.com, home of the popular Nerd’s Eye View blog. Jeff recently launched a podcast with Ed Slott called The Great Retirement Debate. He has authored several books, including The Baby Boomer’s Guide to IRA Planning, The Financial Advisor’s Guide to Savvy IRA Planning, and The Definitive Guide to Required Minimum Distributions for Baby Boomers. Jeff is a frequent public speaker and media commentator and maintains a high profile on social media and on the Nerd’s Eye View blog, where he readily shares tax and retirement planning insights. ThinkAdvisor recently named Jeff Thought Leader of the Year for 2022.
Background
Bio
The Great Retirement Debate podcast
The Baby Boomer’s Guide to IRA Planning and The Financial Advisor’s Guide to Savvy IRA Planningby Jeffrey Levine
The Definitive Guide to Required Minimum Distributions for Baby Boomers, by Jeffrey Levine
Nerd’s Eye View blog
The Great Retirement Debate podcast
“Should I Take Social Security at Age 62?” Episode 1, greatretirementdebate.com, Nov. 10, 2022.
Changes in 2023
“Getting Clients Comfortable Delaying Social Security With Reversible Delays,” by Jeffrey Levine, financial-planning.com, March 14, 2022.
“4 Ways Inflation Can Help Clients Cut Taxes in 2023,” by Ed Slott, thinkadvisor.com, Dec. 14, 2022.
“Inflation and Rising Interest Rates Have Stressed the 60/40 Investment Portfolio Strategy—'But It’s Not Dead,’ Says Financial Advisor,” by Greg Iacurci, cnbc.com, June 24, 2022.
“How the TCJA Tax Law Affects Your Personal Finances,” by Amy Fontinelle, Investopedia.com, Dec. 27, 2022.
Secure Act. 2.0
“The Impact of New IRS Proposed Regulations on the SECURE Act,” by Jeffrey Levine, financial-planning.com, May 17, 2022.
“Secure 2.0 Act Needs a Fix: Jeff Levine,” by John Manganaro, thinkadvisor.com, Dec. 22, 2022.
“Jeff Levine Answers Secure 2.0 Tax Questions From Advisors,” by John Manganaro, thinkadvisor.com, Jan. 6, 2023.
“SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, and Other Tax Planning Opportunities,” by Jeffrey Levine, kitces.com, Dec. 28, 2022.
Taxes in Retirement
“How Advisors Can Help Clients Get Early Retirement Account Distributions—Without Paying a Penalty,” by Jeffrey Levine, financial-planning.com, May 4, 2022.
“3 Reasons the New RMD Tables for 2022 (and Beyond) Are Overrated,” by Jeffrey Levine, forbes.com, Feb. 14, 2022.
Other
“Jeff Levine: Cracking the New Retirement Code,” The Long View podcast, Morningstar.com, Feb. 12, 2020.
“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.
Today on the podcast we welcome back Mark Miller, who is an author, columnist, and a nationally recognized expert on trends in retirement and aging. His latest book is called Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track. Miller’s work considers retirement holistically, including healthcare and Medicare, Social Security, retirement investing, midlife careers, and housing. He is a regular contributor to Morningstar.com, and he also writes about retirement matters for Reuters, The New York Times, and WealthManagement.com. In addition to Retirement Reboot, Miller has written several other books, including The Hard Times Guide to Retirement Security and Jolt: Stories of Trauma and Transformation. Additionally, Miller has his own podcast and newsletter, both of which are called Retirement Revised.
Background
Bio
Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track, by Mark Miller
The Hard Times Guide to Retirement Security: Practical Strategies for Money, Work, and Living, by Mark Miller
Jolt: Stories of Trauma and Transformation, by Mark Miller
The State of Retirement
“Toward a New Social Insurance Era,” by Mark Miller, WealthManagement.com, Dec. 23, 2022.
“Retirement Planning Amidst Inflation,” by Mark Miller, WealthManagement.com, Oct. 13, 2021.
“The Inflation Reduction Act’s Impact on Retirees,” by Mark Miller, Morningstar, Aug. 16, 2022.
“How to Cope With Medicare’s Rising Costs,” by Mark Miller, The New York Times, Dec. 21, 2021.
“Social Security Benefits’ 2023 COLA: Is It Enough?” by Mark Miller, Morningstar, Nov. 9, 2022.
Delaying Retirement
“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar, Oct. 21, 2020.
“For Disabled Workers, a Tight Labor Market Opens New Doors,” by Ben Casselman, The New York Times, Oct. 25, 2022.
“Returning to Work but Close to Retirement? Adjust Your Plan,” by Mark Miller, Reuters, April 21, 2022.
“Why Working Till Whenever Is a Risky Retirement Strategy,” by Mark Miller, The New York Times, May 16, 2019.
“How Have Older Workers Fared in the Pandemic-Induced Downturn?” by Mark Miller, Morningstar, June 2, 2021,
CoGenerate
Medicare, Healthcare, and Long-Term Care
“Optimizing Social Security for Clients,” by Mark Miller, WealthManagement.com, Sept. 29, 2022.
“Social Security’s Cost-of-Living Increase Largest in Four Decades, Estimate Says,” by Mark Miller, The Seattle Times, Sept. 14, 2022.
“Social Security Doomsayers Are Wrong Again, but Reform Choices Loom,” by Mark Miller, Reuters, Sept. 16, 2021.
“A Quiet Experiment Is Testing Broader Privatization of U.S. Medicare,” by Mark Miller, Reuters, Jan. 14, 2022.
“Big Changes May Be Coming to Traditional Medicare,” by Mark Miller, Morningstar, April 22, 2022.
“Medicare’s Private Option Is Gaining Popularity, and Critics,” by Mark Miller, The New York Times, Dec. 3, 2022.
State Health Insurance Assistance Program
“Medicare vs. Medicare Advantage,” by Mark Miller, WealthManagement.com, March 24, 2020.
“How to Evaluate Medigap Plans,” by Mark Miller, Morningstar, March 2, 2022.
“The Financial Health of Medicare and Social Security: A Closer Look,” by Mark Miller, Morningstar, June 29, 2022.
“Long-Term-Care Coverage Is Trending in the Wrong Direction,” by Mark Miller, WealthManagement.com, June 13, 2022.
Housing and Other Debt
“Should You Pay Off Your Mortgage?” by Mark Miller, Morningstar, Oct. 8, 2021.
“Waiting for the Reverse Mortgage Surge,” by Mark Miller, WealthMangement.com, Feb. 8, 2022.
Retirement Complexity
“‘The Cash Monster Was Insatiable’: How Insurers Exploited Medicare Advantage for Billions,” by Reed Abelson and Margot Sanger-Katz, The New York Times, Oct. 8, 2022.
“U.S. Health Officials Seek New Curbs on Private Medicare Advantage Plans,” by Reed Abelson and Margot Sanger-Katz, The New York Times, Dec. 17, 2022.
Last week, we ran the “best of” our interviews with financial planners, advisors, and retirement researchers over the past year. On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with portfolio managers and investment specialists.
“Jeremy Grantham: The U.S. Market Is in a Super Bubble,” The Long View podcast, Morningstar.com, Feb. 8, 2022.
“Mary Childs: The Rise and Fall of the Bond King,” The Long View podcast, Morningstar.com, April 19, 2022.
“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.
“Andrew Lo: Finding the Perfect Portfolio—a ‘Never-Ending Journey,’” The Long View podcast, Morningstar.com, Feb. 1, 2022.
“Eric Balchunas: Assessing Jack Bogle’s Monumental Legacy,” The Long View podcast, Morningstar.com, May 24, 2022.
“Wesley Gray: Perspectives on Market Efficiency, Investor Behavior, and ETFs,” The Long View podcast, Morningstar.com, Nov. 29, 2022.
“Sarah Ketterer: ‘Forget Value, Think Valuation,’” The Long View podcast, Morningstar.com, Sept. 6, 2022.
“Michael Santoli: Navigating Through a Foggy Market Outlook,” The Long View podcast, Morningstar.com, Aug. 9, 2022.
“Jim Grant: ‘Rising Interest Rates Are the Kryptonite of Financial Assets,’” The Long View podcast, Morningstar.com, May 3, 2022.
“Morgan Housel: No One Hires a Luck Manager,” The Long View podcast, Morningstar.com, May 22, 2019.
“Morgan Housel: ‘Little Rules About Big Things,’” The Long View podcast, Morningstar.com, Nov. 1, 2022.
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. In next week’s episode, we’ll include some of our favorite excerpts from our interviews with portfolio managers and other investment specialists.
“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View podcast, Morningstar.com, April 12, 2022.
“Justin Fitzpatrick: ‘Retirees Have a Superpower,’” The Long View podcast, Morningstar.com, July 12, 2022.
“Dana Anspach: How to Build an All-Weather Retirement Plan,” The Long View podcast, Morningstar.com, Oct. 18, 2022.
“Jamie Hopkins: A Framework for Financial Freedom,” The Long View podcast, Morningstar.com, Dec. 6, 2022.
“Wade Pfau: The Risks of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.
“Jill Schlesinger: ‘What Are You Going to Do With Your Life?’” The Long View podcast, Morningstar.com, Feb. 15, 2022.
“Roger Whitney: ‘Retirement Planning Is Not Financial Planning,’” The Long View podcast, Morningstar.com, Nov. 8, 2022.
“Clark Howard: Financial Well-Being Starts With Being a Smart Consumer,” The Long View podcast, Morningstar.com, March 1, 2022.
“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.
“Ilyce Glink: The State of the U.S. Residential Real Estate Market,” The Long View podcast, Morningstar.com, June 28, 2022.
“Farnoosh Torabi: ‘Money Is Meaningless Without Goals,’” The Long View podcast, Morningstar.com, Sept. 13, 2022.
“Paula Pant: A Different Path to Financial Independence,” The Long View podcast, Morningstar.com, Jan. 18, 2022.
“Julien and Kiersten Saunders: ‘How Much Is Enough?’” The Long View podcast, Morningstar.com, Oct. 25, 2022.
“Joe Saul-Sehy: What Is Your Growing Season?” The Long View podcast, Morningstar.com, Aug. 16, 2022.
“Jordan Grumet: A Hospice Doctor Shares Lessons About Work, Money, and Life,” The Long View podcast, Morningstar.com, July 26, 2022.
On this week’s episode, we’ll be chatting about “The State of Retirement Income” study that Christine and I recently co-authored with our colleague John Rekenthaler, who joins us for this conversation. This is the second year we’ve conducted this study, which examines how much retirees can safely withdraw in retirement. Much has changed since last year as the stock and bond markets have sold off and inflation has risen sharply. This can create uncertainty about whether retirement assets will sustain spending over a multidecade horizon, an issue we explore in this study. In this episode, I’ll be asking Christine and John about “The State of Retirement Income” study and key takeaways. For reference, you can find a link to the study in the show notes to this episode.
Safe Withdrawal Rates
“Determining Withdrawal Rates Using Historical Data,” by William Bengen, Journal of Financial Planning, October 1994.
“The State of Retirement Income,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, 2022.
“What’s a Safe Withdrawal Rate Today?” by Christine Benz and John Rekenthaler, Morningstar.com, Dec. 13, 2022.
“How Much Do You Know When It Comes to Preparing for Retirement? Fidelity’s Retirement IQ Survey Uncovers Significant Knowledge Gaps,” Fidelity.com, March 6, 2017.
“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.
“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 16, 2020.
“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.
Inflation
“How to Build a TIPS Ladder,” by John Rekenthaler, Morningstar.com, Dec. 8, 2022.
“Is It Too Late to Inflation-Proof Your Portfolio?” Christine Benz and Susan Dziubinski, Morningstar.com, Nov. 14, 2022.
The Retirement Spending Smile
“What Is the ‘Retirement Spending Smile’?” by Wade Pfau, retirementresearcher.com.
“Estimating the True Cost of Retirement,” by David Blanchett, Morningstar.com, Nov. 5, 2013.
The Required Minimum Distribution Approach
“Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, Journal of Financial Planning, March 1, 2006.
“Yes, RMDs Can Improve Your Portfolio,” by Christine Benz, Morningstar.com, May 3, 2022.
“ABCs of RMDs,” by Christine Benz, Morningstar.com, June 15, 2022.
Sequence of Return
“Sequence Risk During Retirement,” by John Rekenthaler, Morningstar.com, Aug. 25, 2022.
“Don’t Panic on Sequence of Returns,” by Amy Arnott, Morningstar.com, May 16, 2022.
“How Worried Should New Retirees Be About Market Losses and High Inflation?” by Jeff Ptak and Christine Benz, Morningstar.com, Dec. 15, 2022.
In this week’s episode, we’re chatting to Joe Wiggins. Joe is the CIO of Fundhouse, a provider of manager research, model portfolios, and ESG services to clients ranging from charities, pension funds, wealth managers, and select financial advisors. Joe is here today because he has written a rather useful book about fund investing, but he is also a decision-maker in his own right at Fundhouse. We’re excited to get his view on the world of investing, too.
Background
Bio
Fundhouse
The Intelligent Fund Investor, by Joe Wiggins
Behavioural Investment Blog
Financial Decision-Making
“Six Simple Steps to Improve Decision Making,” by Joe Wiggins, livewiremarkets.com, March 14, 2019.
“Three Questions to Answer Before Investing in an Active Fund,” by Joe Wiggins, behaviouralinvestment.com, Dec. 6, 2022.
“A Behavioural Finance Toolkit,” by Joe Wiggins, abrdn.com, March 5, 2019.
“Betting Against Warren Buffet,” by Joe Wiggins, behaviouralinvestment.com, Nov. 23, 2021.
“Learning How to Be a Good Investor Is Hard,” by Joe Wiggins, behaviouralinvestment.com, Sept. 20, 2022.
“The Behavioural of Gilt Market Turmoil,” by Joe Wiggins, behaviouralinvestment.com, Sept. 30, 2022.
“Why Can’t We Stop Making Short-Term Market Forecasts?” by Joe Wiggins, behaviouralinvestment.com, March 8, 2022.
“Why Do Fund Investors Neglect Base Rates?” by Joe Wiggins, behaviouralinvestment.com, May 6, 2021.
Star Fund Managers
“Neil Woodford: The Inside Story of his Rise and Dramatic Fall,” by Owen Walker and Peter Smith, ft.com, Oct. 18, 2019.
“What Is the Attraction of Star Fund Managers?” by Joe Wiggins, behaviouralinvestment.com, Oct. 27, 2020.
Risks
“How to Identify Behavioural Investment Opportunities and Risks,” by Joe Wiggins, behaviouralinvestment.com, July 19, 2022.
“Investors Are Still Scare of Funds,” by Sunniva Kolostyak, Morningstar.co.uk, Nov. 29, 2022.
Book Recommendations
Against the Gods: The Remarkable Story of Risk, by Peter Bernstein
War and Chance: Assessing Uncertainty in International Politics, by Jeffrey A. Friedman
On the podcast today, we welcome back Jamie Hopkins. Jamie is managing partner of Wealth Solutions at Carson Wealth. He is also a Finance Professor of Practice at Creighton University’s Heider College of Business. Jamie and Ron Carson cowrote a new book called Find Your Freedom: Financial Planning for a Life on Purpose. Jamie also wrote the book Rewirement: Rewiring the Way You Think About Retirement! Prior to joining Carson Group, he was with the American College of Financial Services, most recently serving as director of retirement research. He received his bachelor’s degree from Davidson College, his JD from Villanova University, and his LLM degree from Temple University. He is also a certified financial planner, a chartered financial consultant, and a chartered life underwriter. Jamie co-hosts his own podcast called Framework, and he is also active on social media. His Twitter handle is @RetirementRisks.
Background
Bio
Find Your Freedom: Financial Planning for a Life on Purpose, by Jamie Hopkins and Ron Carson
Rewirement: Rewiring the Way You Think About Retirement! by Jamie Hopkins
“Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning,” The Long View podcast, morningstar.com, July 15, 2020.
Twitter handle: @RetirementRisks
Financial Freedom
“Jamie Hopkins: Finding Your Financial Freedom,” Framework podcast, carsongroup.com, Nov. 21, 2022.
“Framework: What It Takes to Find Financial Freedom,” Framework podcast, carsongroup.com, Nov. 25, 2022.
Dennis Moseley-Williams
“Maslow’s Hierarch of Needs,” by the CFI Team, corporatefinancialinstitute.com, Nov. 24, 2022.
Bucketing
The Bucket Plan, by Jason Smith
“What Is the ‘Bucket’ Approach Strategy to Retirement Income Planning?” by Jamie Hopkins, forbes.com, April 25, 2019.
“How to Include Home Equity in Your Retirement Plan With the Bucketing Approach,” by Jamie Hopkins, forbes.com, April 21, 2020.
“Bucketing Asset Allocation Strategy Protects Against Investor Emotion, Sequence of Return Risk,” by The Carson Group, carsongroup.com, Jan. 23, 2020.
“Is Housing Headed for a Fall? Advisors Beware,” by FA staff, fa-mag.com, Nov. 8, 2022.
“Busting Three Half-Truths About Reverse Mortgages,” by Jamie Hopkins, forbes.com, June 24, 2019.
“Jamie Hopkins on the Role of Emotions in Reverse Mortgage Decisions,” HousingWire Daily podcast, housingwire.com, Oct. 1, 2021.
Retirement Planning
“What You Need to Do 10, 5 and 1 Year Before Retirement,” by Jamie Hopkins, jamiehopkins.com, April 7, 2022.
“Jamie Hopkins: Congress Will Fix Social Security—Eventually,” by Ginger Szala, thinkadvisor.com, March 29, 2022.
“Thinking of Social Security as Our Biggest Asset,” by Jamie Hopkins, jamiehopkins.com, Aug. 25, 2021.
“Spend Without Worry in Retirement,” by Sandra Block, Kiplinger.com, Aug. 30, 2021.
“Markets and Policy Post-Midterm,” webinar, carsongroup.com, Nov. 21, 2022.
“Senate Addresses Taxes, Deficit, Inflation, Health Care in Proposed Bill,” by Jamie Hopkins, Sonu Varghese, and Ryan Detrick, jamiehopkins.com, Aug. 2, 2022.
“Jamie Hopkins: Why Debt Is ‘Powerful,’ Annuities Are ‘Underutilized’ and the 4% Rule Is Just a ‘Finding,’” by Jane Wollman Rusoff, thinkadvisor.com, Nov. 14, 2022.
“Wade Pfau: The Risks of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.
“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.
“Well, Hello, Sequence Risk! Where’ve Ya Been?” by Jennifer Lea Reed, fa-mag.com, Oct. 1, 2022.
“Don’t Settle for Someone Else’s Vision: Rewire the Way You Define Retirement Income Planning,” by Jamie Hopkins, forbes.com, Nov. 29, 2022.
“What Almost Everyone Gets Wrong About the Retirement Distribution 4% ‘Rule,’” by Jamie Hopkins, forbes.com, Dec. 6, 2021.
Other
Michael Finke
David Blanchett
“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.
“Ronsense: How Ron Carson Uses the 6 Most & Vital One Method for Productivity,” Carson Group, youtube.com, June 6, 2019.
reMarkable
Calendly
Our guest this week is Wes Gray. Wes is the CEO, chief investment officer, and founder of Alpha Architect, a Registered Investment Advisor that offers ETFs and works with other RIAs to launch their own ETFs. An accomplished researcher and writer, Wes has authored numerous books on investing and financial topics, including Quantitative Value and Quantitative Momentum. Before founding Alpha Architect, Wes worked in academia and consulted for a family office. Wes’ path into finance began at the University of Chicago, where he earned his MBA and Ph.D. and studied under Nobel Prize winner Eugene Fama. Prior to that, Wes served as a captain in the United States Marine Corps. In addition to his MBA and Ph.D., Wes also earned a bachelor’s degree in economics from The Wharton School.
Background
Bio
Twitter handle: @alphaarchitect
Alpha Architect
Quantitative Momentum: A Practitioner’s Guide to Building a Momentum-Based Stock Selection System, by Wesley Gray, Ph.D., and Jack Vogel, Ph.D.
Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors, by Wesley Gray, Ph.D., and Tobias Carlisle, LLB
Active Investing
“Even God Would Get Fired as an Active Investor,” by Wesley Gray, alphaarchitect.com, Feb. 2, 2016.
“Has the Stock Market Systematically Changed?” by Wesley Gray, alphaarchitect.com, Sept. 20, 2022.
“The Cross Section of Stock Returns Pre-CRSP Data: Value and Momentum Are Confirmed as Robust Anomalies,” by Elisabetta Basilico, Ph.D., CFA, alphaarchitect.com, Nov. 7, 2022.
Stock Market/Trend-Following
“How I Invest My Own Money: Robust to Chaos,” by Wesley Gray, alphaarchitect.com, June 24, 2022.
“Trend Following: The Epitome of No Pain, No Gain,” by Wesley Gray, alphaarchitect.com, June 26, 2019.
“Trend-Following: A Deep Dive Into a Unique Risk Premium,” by Wesley Gray, alphaarchitect.com, Oct. 18, 2017.
“Does Emerging Markets Investing Make Sense?” by Wesley Gray, alphaarchitect.com, June 17, 2022.
Value Investing
“Value Investing Live Recap: Wesley Gray,” by Graham Griffin, gurufocus.com, Aug. 25, 2021.
“Value Investing: Headwinds, Tailwinds, and Variables,” by Ryan Kirlin, alphaarchitect.com, May 20, 2022.
“Value Investing: What History Says About Five-Year Periods After Valuation Peaks,” by Jack Vogel, Ph.D., alphaarchitect.com, Dec. 21, 2021.
Behavioral Investing
“Terry Odean: Who’s on the Other Side of the Trade?” The Long View podcast, Morningstar.com, May 14, 2022.
“Behavioral Finance Warning: Humans Love Complexity,” by Wesley Gray, alphaarchitect.com, Aug. 3, 2021.
“Individual Investor Behavior: What Does the Research Say?” by Wesley Gray, alphaarchitect.com, July 22, 2022.
“Momentum Investing, Like Value Investing, Is Simple, but Not Easy,” by Wesley Gray, alphaarchitect.com, Sept. 18, 2018.
Bonds and ETF Investing
“Treasury Bonds: Buy and Hold, or Trend Follow?” by Wesley Gray, alphaarchitect.com, Aug. 10, 2022.
“Why Advisors (and Family Offices) Should Consider Creating Their Own ETFs,” by Pat Cleary, alphaarchitect.com, Nov. 4, 2022.
“ETF Tax Efficiency Isn’t Always Efficient,” by Sean Hegarty, alpharchitect.com, Feb. 25, 2022.
A financial planner and financial planning professor on the value of mentors at every life stage, the evolution of financial advice, and what works in financial education.
Our guest on the podcast today is Feraud Calixte. Feraud is the founder and lead financial planner of Vantage Pointe Planning, which is a fee-only financial planning firm based in Burlington, North Carolina. He started Vantage Pointe in order to serve clients who weren’t being served by the traditional models for financial advice, especially those who don’t meet an asset minimum and business owners with a lot of their net worth tied up in their firms. Before starting Vantage Pointe, Feraud worked as an advisor for several large wealth management firms. He currently serves as a national board member for the National Association of Personal Financial Advisors, and he also frequently teaches financial literacy courses. Investment News named Feraud to its 40 under 40 list of financial advisors under the age of 40. He earned his undergraduate degree from New York University and his law degree from Southern University Law Center. He is also a CFP certificant.
Background
Bio
Investment News 40 Under 40: Feraud Calixte
“Business Spotlight #5—Feraud Calixte,” City of Burlington, Economic Development Department, burlingtonnc.gov.com, Jan. 6, 2022.
Financial Education and Advice
National Organization for the Professional Advancement of Black Chemists and Chemical Engineers (NOBCChE)
“Financial Education to Stoke Wealth Creation for Diverse Groups,” by Bloomberg, investmentnews.com, Sept. 18, 2018.
“Blue Ocean: The Future Is Bright for Financial Planners,” by Feraud Calixte, feraudcalixte.substack.com, Nov. 12, 2021.
Current Environment
“Bonds vs. Bond Funds: What’s the Difference?” by Kent Thune, thebalancemoney.com, April 26, 2022.
“Should You Invest in Individual Bonds or Bond Funds Today?” by Christine Benz and Susan Dziubinski, Morningstar.com, April 20, 2022.
Other
Garrett Planning Network
NAPFA
Our guest on the podcast today is Roger Whitney. Roger hosts the popular Retirement Answer Man podcast, and he’s also the author of a book called Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future. He’s also senior financial planner at Agile Retirement Management and the creator of the Agile Retirement Management Process. Roger has a CFP certificate and has earned numerous other designations, including the accredited Investment Fiduciary, Certified Investment Management Analyst, and Retirement Management Advisor designations. Investopedia has named him to its list of 100 Top Financial Advisors in the U.S. on five occasions.
Background
Bio
The Retirement Answer Man podcast
Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future, by Roger Whitney
Rock Retirement Club
Current Environment, Tax Matters, and In-Retirement Spending
″#309: Crashes, Retirement, and Bears, Oh My! How to Protect Your Retirement Lifestyle,” The Retirement Answer Man podcast, rogerwhitney.com, Jan. 22, 2020.
″#421: How Will Inflation Impact My Retirement?” The Retirement Answer Man podcast, rogerwhitney.com, Feb. 9. 2022.
“#411—Overcoming Frugality,” The Retirement Answer Man podcast, rogerwhitney.com, Dec. 1, 2021.
“#386: Retirement Withdrawal Strategies: The Safety-First Approach,” The Retirement Answer Man podcast, rogerwhitney.com, July 14, 2021.
“#282: Is an Annuity Right for Retirement? The Pros and Cons of Fixed Annuities,” The Retirement Answer Man podcast, rogerwhitney.com, July 17, 2019.
“The RISA Framework: A Systemized Approach to Personalizing Retirement Income Strategies for Clients,” by Alex Murguia and Wade Pfau, kitces.com, April 20, 2022.
“#456: Should I Switch My Bond Portfolio to CDs?” The Retirement Answer Man podcast, rogerwhitney.com, Oct. 12, 2022.
“#310: Crashes, Retirement, and Bears, Oh My! Investing in Retirement: The Pie Cake,” The Retirement Answer Man podcast, rogerwhitney.com, Jan. 29, 2020.
“How to Simplify Your Decision Making Process for Retirement Planning,” by Roger Whitney, forbes.com, Oct. 13, 2020.
“#455: Which Account Should I Begin Drawing From First In Retirement?” The Retirement Answer Man podcast, rogerwhitney.com, Oct. 5, 2022.
Real Estate
“#383—Listener Questions: Should I Pay Off the Mortgage or Keep the Cash if I’m About to Retire?” The Retirement Answer Man podcast, rogerwhitney.com, June 23, 2021.
“#452—Should We Consider a Mortgage for Building Our Retirement House?” The Retirement Answer Man podcast, rogerwhitney.com, Sept. 14, 2022.
Other
“Dana Anspach: How to Build an All-Weather Retirement Plan,” The Long View podcast, Morningstar.com, Oct. 18, 2022.
“#311: Will I Need Long-Term Care? Reviewing the Statistics With Christine Benz From Morningstar,” The Retirement Answer Man podcast, rogerwhitney.com, Feb. 5, 2020.
Our guest this week is Morgan Housel. Morgan was one of our first guests on The Long View back in May 2019, and we’re happy to welcome him back. Morgan is a partner at The Collaborative Fund, a venture capital firm. He is also a successful author—his first book, The Psychology of Money, having sold more than 2 million copies and been translated to 49 languages. In addition to his book, Morgan frequently publishes content to The Collaborative Fund’s blog and is active on social media at @MorganHousel. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of The New York Times Sydney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He also serves on the board of directors at Markel.
Background
Bio
The Psychology of Money, by Morgan Housel
Collab Blog
Storytelling and Advice
“What’s the Curse of Knowledge, and How Can You Break It?” by Loren Soelro, Ph.D., psychologytoday.com, April 28, 2021.
Cancer: The Emperor of All Maladies, Ken Burns Presents a Film by Barak Goodman
Robert A. Weinberg
“Best Story Wins,” by Morgan Housel, collabfund.com, Feb. 11, 2021.
“Never Saw It Coming,” by Morgan Housel, collabfund.com, April 25, 2022.
“Deep Roots,” by Morgan Housel, collabfund.com, March 31, 2022.
Contradictions and Enough
The Economist
“Little Rules About Big Things,” by Morgan Housel, collabfund.com, Oct. 11, 2022.
“Expectations (Five Short Stories),” by Morgan Housel, collabfund.com, Oct. 6, 2022.
“Good Enough,” by Morgan Housel, collabfund.com, Sept. 7, 2022.
“Surprise, Shock, and Uncertainty,” by Morgan Housel, collabfund.com, March 3, 2022.
Randomness, Chance, and Happiness
“Tails, You Win,” by Morgan Housel, collabfund.com, July 26, 2022.
The Intelligent Investor: The Classic Text on Value Investing, by Benjamin Graham
“Wealth vs. Getting Wealthier,” by Morgan Housel, collabfund.com, June 28, 2022.
“Low Expectations,” by Morgan Housel, collabfund.com, March 9, 2022.
Behavioral and History
The Great Depression: A Diary, by Benjamin Roth
“We’ll Get Through This,” by Morgan Housel, collabfunds.com, March 9, 2020.
Daniel Kahneman
Jason Zweig
“The Big Lessons of the Last Year,” by Morgan Housel, collabfunds.com, April 2, 2021.
Our guests on the podcast today are Kiersten and Julien Saunders. Together they blog about finance and life at the website richandregular.com. And they’re also the authors of a new book called Cashing Out: Win the Wealth Game by Walking Away. In addition, they co-host the rich & REGULAR podcast. After discovering the Financial Independence, Retire Early movement in 2012, they proceeded to pay off $200,000 in debt and walked away from their corporate jobs before turning 40.
Background
Bio
rich & REGULAR podcast
Money on the Table
Cashing Out: Win the Wealth Game By Walking Away, by Julien and Kiersten Saunders
Financial Independence, Retire Early and Financial Wellness
“How My Experience as a Black Entrepreneur Shaped My Views on Building Financial Freedom,” by Julien Saunders, success.com, Oct. 17, 2022.
“They’re on a Mission to Bring FIRE Back to the Black Community. ‘It Is Harder, But It Is Still Possible’,” by Kimanzi Constable, time.com, Sept. 16, 2022.
“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020.
“Paula Pant: A Different Path to Financial Independence,” The Long View podcast, Morningstar.com, Jan. 18, 2022.
Rich Dad Poor Dad, by Robert Kiyosaki
Books by Dr. Dennis Kimbro
“From Homeowner to Landlord (Park 1 of 2),” rich & REGULAR blog, richandregular.com, Feb. 27, 2020.
“From Homeowner to Landlord (Part 2 of 2),” rich & REGULAR blog, richandregular.com, March 26, 2020.
Erin Lowry
The Racial Wealth Gap
“The Racial Wealth Gap: How Did We Get Here?” richandregular.com, Feb. 6, 2019.
“A Black Couple Who Retired Early Says There’s a ‘Black Tax’ on Common Wealth-Building Strategies,” by Leo Aquino, businessinsider.com, June 3, 2022.
“Michelle Singletary: ‘You Need Diversity,’” The Long View podcast, Morningstar.com, July 1, 2020.
“Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’” The Long View podcast, Morningstar.com, Sept. 27, 2021.
Financial Advice and Education
“New Ariel-Schwab Black Investor Survey Shows Black Americans Continue to Trail Their White Counterparts in Building Wealth,” aboutschwab.com.
“4 Investing Rules Even ‘Regular’ People Can Use to Get Rich,” by Julien and Kiersten Saunders, money.com, June 14, 2022.
Junior Achievement BizTown
“Our Experiment With Cryptocurrency,” richandregular.com, Jan. 10, 2019.
“How to Offset the Cost of Education With a 529 Plan,” rich & REGULAR podcast, July 11, 2021.
Reading Rainbow
Neil deGrasse Tyson
Other
“Talking to Mom About Money,” Money on the Table, youtube.com, Aug. 2, 2020.
Our guest on the podcast today is Dana Anspach. She is the founder and CEO of the financial planning firm, Sensible Money, based in Scottsdale, Arizona, and she has been practicing as a financial planner since 1995. Dana is also the author of the lecture series How to Plan for the Perfect Retirement, available on The Great Courses, and the author of the books Control Your Retirement Destiny and Social Security Sense. She has been writing as an expert on retirement-related topics since 2008, including contributions to MarketWatch and U.S. News & World Report, About.com, and The Balance. Dana is actively involved in the industry, serving on the Strategic Retirement Advisory Council for the Investments & Wealth Institute, where she helps them expand the reach of the Retirement Management Analyst, RMA, designation. She earned her bachelor’s degree from the University of Florida.
Background
Bio
Sensible Money
How to Plan for the Perfect Retirement, by Dana Anspach, The Great Courses
Control Your Retirement Destiny: Achieving Financial Security Before the Big Transition, by Dana Anspach
Social Security Sense: A Guide to Claiming Benefits for Those Age 60-70, by Dana Anspach
Retirement Spending and Current Environment
“Sequence Risk’s Impact on Your Retirement Money,” by Dana Anspach, thebalancemoney.com, Oct. 20, 2021.
“Well, Hello, Sequence Risk! Where’ve Ya Been?” by Jennifer Lea Reed, fa-mag.com, Oct. 1, 2022.
“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.
“3 Ways to Plan for Inflation in Retirement,” by Dana Anspach, thebalancemoney.com, April 6, 2022.
“Don’t Cheat Your Retirement With the 4% Rule,” by Dana Anspach, sensiblemoney.com, Aug. 25, 2020.
“The Three Phases of Retirement,” by Dana Anspach, sensiblemoney.com, June 22, 2022.
Retirement Portfolio Planning
“How to Build a Retirement Portfolio That Will Stand Up Over Time,” by Dana Anspach, sensiblemoney.com, July 28, 2020.
“Time Segmentation, a Smart Way to Invest Retirement Money,” by Dana Anspach, thebalancemoney.com, Jan. 31, 2022.
“5 Options for Retirement Income Portfolios,” by Dana Anspach, thebalancemoney.com, Nov. 24, 2021.
“How to Use Bond Ladders for Retirement Income,” by Dana Anspach, the balancemoney.com, Oct. 31, 2021.
“What Is an Inflation-Protected Bond?” by Dana Anspach, thebalancemoney.com, May 22, 2022.
“Comparing I Bonds to Treasury Inflation-Protected Securities,” by Dana Anspach, thebalancemoney.com, May 4, 2022.
Retirement Planning Lifestyle
“3 Ways to Stress-Test Your Retirement Income Plan,” by Dana Anspach, sensiblemoney.com, Dec. 19, 2020.
“Roth Conversions—When Is Enough Enough?,” by Robert Powell, thestreet.com, Dec. 22, 2021.
“Delayed Retirement Credits Boost Social Security Benefits Up to 25%,” by Dana Anspach, thebalancemoney.com, March 15, 2022.
“7 Smart Ways to Secure Guaranteed Retirement Income,” by Dana Anspach, thebalancemoney.com, July 30, 2022.
“How to Add Annuities to Your Retirement Asset Allocation,” by Dana Anspach, thebalancemoney.com, April 25, 2022.
“3 Reasons to Buy Long-Term Care Insurance,” by Dana Anspach, thebalancemoney.com, Nov. 27, 2021.
“4 Alternatives to Buying Traditional Long-Term Care Insurance,” by Dana Anspach, thebalancemoney.com, June 30, 2022.
Our guest on the podcast today is Bob Pisani. Bob is senior markets correspondent for CNBC, and he is also the author of a new book called Shut Up and Keep Talking. He got his start at CNBC covering the real estate market, then moved on to cover corporate management issues before becoming on-air stocks editor in 1997. In addition to covering the global stock market, he also covers initial public offerings, exchange-traded funds, and financial market structure for CNBC. Prior to joining CNBC, Bob co-authored Investing in Land: How to Be a Successful Developer. He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987 through 1992.
Background
Bio
Shut Up and Keep Talking: Lessons on Life and Investing From the Floor of the New York Stock Exchange, by Bob Pisani
Investing in Land: How to Be a Successful Developer, by Robert Pisani and Ralph Pisani
“Confessions of a Deadhead: 40 Years With the Grateful Dead,” by Bob Pisani, cnbc.com, July 1, 2015.
Helping Investors
“Bob Pisani: Lessons I Learned Watching the Financial Crisis Unfold From a Front-Row Seat at NYSE,” by Bob Pisani, cnbc.com, Sept. 7, 2018.
“15 Big Ideas in ‘Disruptive Innovation’ According to Cathie Wood, Ark Funds,” by Chris Katje, yahoo.com, Feb. 1, 2021.
Behavioral Finance and Markets
What is Groupthink?
John Mulheren
Irrational Exuberance, by Robert Shiller
Influences
Art Cashin
Walter Cronkite
Jack Welch
“Jack Welch’s Approach to Leadership,” by Claudio Fernandez-Araoz, hbr.org, March 3, 2020.
Other
“U.S. Stock Market Is Taking Hits, But We’re Still Doing Better Than the Rest of the World,” by Bob Pisani, cbnc.com, Oct. 7, 2022.
“Billionaire Warren Buffet Swears by This Inexpensive Investing Strategy That Anyone Can Try,” by Bob Pisani, cnbc.com, Oct. 3, 2022.
“The Signs Traders Are Watching to Signal the Stock Market Has Bottomed,” by Bob Pisani, cnbc.com, Sept. 26, 2022.
Our guest this week is Dave Nadig. Dave is Financial Futurist at VettaFi, a data and research firm that focuses on the ETF industry as well as nascent technologies like digital assets. Dave boasts decades of experience analyzing and writing about the investment management business both at VettaFi and before that at ETF.com. Dave is a sought-after speaker and frequently quoted in the media on matters pertaining to the ETF industry, market structure, and many other topics. He is also the author of a book on ETFs called A Comprehensive Guide To Exchange-Traded Funds. Dave received his bachelor's degree in Creative Writing from the University of Massachusetts Amherst and his MBA from Boston University.
Background
Bio
@DaveNadig
VettaFi
A Comprehensive Guide to Exchange-Traded Funds, by Dave Nadig
Futurism and Innovation
“Financial Futurist,” by Dave Nadig, etftrends.com.
“Tokenize Absolutely Everything,” by Dave Nadig, etfdb.com, Nov. 19, 2021.
Indexing
“ETF Prime: Dave Nadig on the Ethics of Indexing,” by Dave Nadig, nasdaq.com, May 17, 2022.
“Dimensional’s Conversion of Mutual Funds Into ETFs Pays Off,” by Beagan Wilcox Volz, ft.com, July 14, 2022.
“Bloomberg: Dave Nadig on Single-Stock ETF Risks,” by Aaron Neuwirth, etfdb.com, Aug. 19, 2022.
“ETF Edge: Dave Nadig Talks Direct Indexing,” by Aaron Neuwirth, etftrends.com, Sept. 13, 2021.
“Commentary: Direct Indexing: A Point Solution for Global Crises,” by Dave Nadig, jii.pm-research.com, May 19, 2022.
“Direct Indexing Is Like Customizing a Tesla, but With Your Portfolio, Investor Says,” by Lizzy Gurdus, cnbc.com, Sept. 16, 2021.
“Are You in the Retirement ‘risk zone’? These Investments Might Be Able to Protect You,” by Robert Powell, MarketWatch, July 15, 2022.
Governance and Regulation
“Proposed Legislation Promises to Empower Investors. What to Know,” by Lauren Foster, barrons.com, June 14, 2022.
“The INDEX Act: The Next ESG Battle Is for Your Vote,” by Dave Nadig, etftrends.com, Aug. 5, 2022.
“VettaFi’s Mid-Year Research Update: Big Picture,” by Dave Nadig, etfdb.com, July 15, 2022.
“The Inelastic Market Hypothesis: A Microstructural Interpretation,” by Jean-Philippe Bouchaud, arvix.org, January 2022.
“Yahoo Finance: Dave Nadig Discusses Investing Amidst Rising Rates, Crypto, and ESG,” by Karrie Gordon, etftrends.com, April 14, 2022.
“The Tricky Politics of Anti-ESG Investing,” by Liam Denning, washingtonpost.com, May 19, 2022.
Asset Allocation
“ETF Edge: Dave Nadig on Changes to the 60-40 Portfolio,” Nasdaq.com, April 19, 2021.
“Don’t Kill the 60/40 Portfolio: Vanguard Consultant,” by Bernice Napach, thinkadvisor.com, Aug. 3, 2021.
“TD Ameritrade: Dave Nadig on ESG and Bond Trends,” by Aaron Neuwirth, etftrends.com, May 3, 2021.
“Yahoo Finance: Dave Nadig on Alternative Allocations,” by Aaron Neuwirth, yahoo.com, May 25, 2022.
Advice Market
“Yahoo Finance: Dave Nadig Putting Crypto in Focus,” by Aaron Neuwirth, etftrends.com, May 19, 2021.
“Announcing the New Kitces AdvisorTech Directory and the State of the (Nerd’s Eye View) Blog,” by Michael Kitces, kitces.com, Jan. 31, 2022.
Knudge
Crypto and ETFs
“Nadig Appears on ETF Edge to Talk Emerging Markets, Value Investing, Crypto, and More,” by Evan Harp, etftrends.com, Aug. 29, 2022.
“Bitcoin Futures ETF: Lucy & the Football?” by Dave Nadig, etftrends.com, Aug. 31, 2021.
“How to Talk to your Client About NFTs,” by Dave Nadig, etftrends.com, March 30, 2021.
“The Problem With a Bitcoin Futures ETF,” by Dave Nadig, etftrends.com, Oct. 12, 2021.
Our guest on the podcast today is David John. David is a senior strategic policy advisor at the AARP Public Policy Institute, where he works on pension and retirement savings issues. He also serves as deputy director of the Retirement Security Project at the Brookings Institution. RSP focuses on improving retirement savings in the United States, especially among moderate and low-income workers. Before joining AARP, David was a senior research fellow at the Heritage Foundation. He also has extensive public policy experience working for a money center bank, a law firm, a credit union trade association, and four members of the House of Representatives. David has written and spoken extensively about the importance of reforming the nation's retirement programs. He is co-author with J. Mark Iwry of the Automatic IRA, a small business retirement savings program for firms that do not sponsor any other form of retirement savings or pension plan. In addition, David is one of four co-editors of the 2009 book Automatic: Changing the Way America Saves. David holds an ABJ in journalism, an M.A. in economics, and an MBA in finance—all from the University of Georgia.
Background
Bio
Automatic: Changing the Way America Saves, by William G. Gale, J. Mark Iwry, David C. John, and Lina Walker
Retirement Landscape
“How to Make Retirement Saving Easier for Millions of Americans,” by Renu Zaretsky, taxpolicycenter.org, Oct. 6, 2021.
“Small Retirement Accounts: Issues and Options,” by David C. John, J. Mark Iwry, Christopher Pulliam, and William G. Gale, brookings.edu.com, September 2021.
“Cashing Out: The Systemic Impact of Withdrawing Savings Before Retirement,” Savings Preservation Working Group, tsretirement.com, Oct. 29, 2019.
“How Auto IRAs Could Soon Improve Retirement for Millions of Americans,” by David C. John and J. Mark Iwry, brookings.edu.com, Oct. 20, 2021.
“The Current State of U.S. Workplace Retirement Plan Coverage,” by John Sabelhaus, repository.upenn.edu, March 2022.
“How Can the Retirement System Help More People Afford Retirement?” by William G. Gale, David C. John, and J. Mark Iwry, brookings.edu, Aug. 3, 2021.
“Nontraditional Workers Face Multiple Barriers to Saving for Retirement,” by Alison Shelton and John Scott, pewtrusts.org, Nov. 9, 2021.
“How to Take Portfolio Withdrawals in a Market Downturn,” by Adam Shell, aarp.org, March 25, 2022.
“State Auto-IRAs Continue to Complement Private Market for Retirement Plans,” by Theron Guzoto, Mark Hines, and Alison Shelton, pewtrusts.org, July 25, 2022.
“The Automatic IRA at 15: Helping Americans Build Retirement Security,” by J. Mark Iwry and David C. John, brookings.edu, Feb. 12, 2021.
Emergency Savings
“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.
“Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts,” by John Beshears, James J. Choi, Mark Iwry, David C. John, David Laibson, and Brigitte C. Madrian, hbs.edu, 2020.
“Saving at Work for a Rainy Day: Results From a National Survey of Employees,” aarp.org, Dec. 4, 2018.
Retirement Decumulation
“When Income Is the Outcome: Reducing Regulatory Obstacles to Annuities in 401(k) Plans,” by J. Mark Iwry, William Gale, David John, and Victoria Johnson, brookings.edu, July 2019.
“The SECURE Act: A Good Start but Far More Is Needed,” by J. Mark Iwry, David C. John, and William G. Gale, brookings.edu, Jan. 8, 2020.
Our guest on the podcast today is Tim Steffen, director of tax planning for Baird. In his role, Tim researches, writes, and speaks about various tax matters, including retirement planning, executive compensation, legislative changes, and overall best practices. Tim originally joined Baird in 1999, serving in a variety of planning-oriented roles, most recently as director of advanced planning. He left Baird in 2019 to join the Advisor Education team at Pimco, then returned to Baird in 2021. Prior to 1999, Tim worked in Arthur Andersen's Private Client Services group. He earned his bachelor's degree in accounting from the University of Illinois. He is a Certified Public Accountant/Personal Financial Specialist, a Certified Financial Planner professional, and a Certified Private Wealth Advisor professional.
Background
Bio
Student Loan Forgiveness and Inflation Reduction Act
American Rescue Plan
“5 Questions About Student Loan Forgiveness,” by Lia Mitchell and Karen Wallace, Morningstar.com, Aug. 29, 2022.
“What Student Loan Forgiveness Means for Your Finances,” by Amy C. Arnott, Morningstar.com, Sept. 2, 2022.
“Fact Sheet: The Inflation and Reduction Act Supports Workers and Families,” whitehouse.gov, Aug. 19, 2022.
“IRS Tax Return Audit Rates Plummet,” by Ashlea Ebeling, forbes.com, May 18, 2022.
S Corporations
Tax-Loss Selling in a Weak Market
What Is Tax Selling?
“It’s Time for Tax-Loss Selling,” by Christine Benz, Morningstar.com, June 3, 2022.
“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.
IRA Conversions
“IRAs: To Convert or Not To Convert?” bairdwealth.com, August 2022.
“Surprising Upsides in a Down Market,” bairdwealth.com, June 22, 2022.
“Are IRA Conversions a Good Idea During Volatility?” Interview with Christine Benz and Tim Steffen, Morningstar.com, May 12, 2020.
“Is the Backdoor Roth Still Legit?” by Christine Benz, Morningstar.com, Jan. 21, 2022.
“Don’t Let Pro Rata Rules Trip Up Your Retirement Plan,” by Christine Benz, Morningstar.com, Feb. 27, 2018.
Inherited IRAs
“The Secure Act, RMDs, and Beneficiaries: Another Wrinkle,” by Natalie Choate, Morningstar.com, Dec. 8, 2021.
“Why You Should Review Your Estate Plan This Year,” Interview with Christine Benz and Ed Slott, Morningstar.com, March 23, 2022.
Our guest on the podcast today is personal finance expert Farnoosh Torabi. Farnoosh is editor at large for CNET Money. She has also written several books, including When She Makes More and You're So Money. In addition, Farnoosh hosts the Webby-nominated So Money podcast, where she interviews leading experts and authors about their financial perspectives and answers listeners' questions. For several years, she has hosted the Webby-nominated web series Financially Fit on Yahoo. She has also served as a money coach on such shows as Remake America on Yahoo, Bank of Mom and Dad on SOAPnet, and TLC's Real Simple, Real Life. Farnoosh graduated with honors from Penn State University with a degree in finance and international business. She also holds a master's degree from the Columbia University Graduate School of Journalism.
Background
Bio
CNET Money
So Money podcast
When She Makes More: The Truth About Navigating Love and Life for a New Generation of Women, by Farnoosh Torabi
You’re So Money: Live Rich, Even When You’re Not, by Farnoosh Torabi
David Bach
Jean Chatzky
“Jean Chatzky: ‘Financial Stress Is a Big Topic in Need of More Oxygen,’” The Long View podcast, Morningstar.com, Dec. 15, 2020.
Current Environment and Personal Finance
“3 Money Questions to Ask Yourself in a Recession, According to Financial Expert Farnoosh Torabi,” by Nick Wolny, time.com, April 11, 2022.
“Saving for Retirement at Every Age,” by Farnoosh Torabi, farnoosh.tv.com.
“The Best Financial Apps and Tools to Help You Save, Spend, and Invest Better,” by Farnoosh Torabi, time.com, Jan. 4, 2022.
Women and Money
“Why the World Is Better Off When Women Make More—With Farnoosh Torabi,” Marriage, Kids, and Money interview, youtube.com, Oct. 22, 2018.
“Americans See Men as the Financial Providers, Even as Women’s Contributions Grow,” by Kim Parker and Renee Stepler, pewresearch.org, Sept. 20, 2017.
“Equal Pay Day: One Bright Spot,” by Farnoosh Torabi, farnoosh.tv.com.
“Why Financial ‘Fairness’ Can Be a Losing Game in Your Marriage,” by Farnoosh Torabi, cnet.com, Oct. 13, 2021.
“Ask Farnoosh: Investing in a Bear Market, Changing Jobs and Earning More,” So Money podcast, cnet.com, July 8, 2022.
“How to Ask for a Raise in a Pandemic Recession,” by Farnoosh Torabi, washingtonpost.com, Aug. 31, 2020.
So Money Podcast
“Black Wealth Matters: Queen Latifah,” So Money with Farnoosh Torabi, June 10, 2020.
“Adam Torabi (Dad!): A Layoff Comeback Story,” So Money with Farnoosh Torabi, July 11, 2018.
“Ask Farnoosh: Your Biggest Student Loan Forgiveness Questions, Answered,” So Money with Farnoosh Torabi, Sept. 2, 2022.
Our guest this week is Sarah Ketterer. She is CEO and fundamental portfolio manager at Causeway Capital Management, the firm she co-founded in 2001. In her role, she is responsible for overseeing investment research across all sectors and is a member of the firm's operating committee. As a part of her duties, Ketterer manages Causeway's flagship international value strategy, including the Causeway International Value fund, which she has run since its 2001 inception. Prior to founding Causeway, she was a senior leader and portfolio manager at Hotchkis & Wiley. She earned her bachelor's degree in economics and political science from Stanford University and an MBA from the Tuck School, Dartmouth College.
Background
Bio
Causeway
Girls Who Invest
100 Women in Finance
Women in Institutional Investments Network
Causeway International Value Fund Investment Team Named Morningstar’s 2017 International-Stock Fund Manager of the Year
Investment Approach
“A Topnotch Foreign Large-Value Vehicle for the Long Haul,” by William Samuel Rocco, Morningstar.com, Nov. 8, 2021.
“Growth and Value Equity Opportunities: Morningstar Investment Conference,” by Charles Paikert, familywealthreport.com, May 23, 2022.
“Combining our Time-Tested Abilities in Developed and Emerging International Markets,” causewaycap.com.
“Investors Should Be Ready to Buy When We Are Clearly in a Recession,” by Cristoph Gisiger, causewaycap.com, Dec. 6, 2022.
“Where to Invest $10,000 Right Now,” by Suzanne Woolley, Bloomberg.com, May 18, 2022.
The StarMine Analyst Revisions Model (ARM)
Value Investing and Turnarounds
“'We Started Jumping Out of Our Shoes': Auto Share Drop Revs Up Value Shop,” by Vicky Ge Huang, citywireusa.com, April 2, 2018.
“Buy ‘Dull’ Cash-Flowing Stocks, Causeway’s Ketterer Says,” by John Gittelsohn, financialpost.com, June 5, 2022.
“Top Global Value Manager Sarah Ketterer Identifies Some ‘Outstanding’ Bear Market Opportunities,” Wealthtrack podcast, wealthtrack.com, July 8, 2022.
“Why This Top Manager Thinks Markets Are Less Risky Now,” by Katie Rushkewicz Reichart, Morningstar.com, May 17, 2022.
“Where a Value Manager and a Growth Manager See Opportunities, Risks Now,” by Dinah Wisenberg Brin, thinkadvisor.com, May 23, 2022.
“Activist Investors Descend on ‘Bargain Basement’ UK Companies,” by Harriet Agnew and Arash Massoudi, ft.com, Feb. 1, 2022.
Portfolio Positioning
“Sarah Ketterer’s 5 Favorite Energy Stocks,” by Sydnee Gatewood, gurufocus.com, June 20, 2022.
“Sarah Ketterer’s 5 Favorite Tech Stocks,” by Sydnee Gatewood, gurufocus.com, June 15, 2021.
Background
Bio
Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, by Cameron Huddleston
Carefull
Talking to Parents and Kids About Money
“Why I Wrote ‘Mom and Dad, We Need to Talk,’” by Cameron Huddleston, cameronhuddleston.com, June 19, 2019.
“What I Teach My Kids About Money,” by Cameron Huddleston, cameronhuddleston.com, July 10, 2019.
“Why You Should Talk to Your Adult Children About Your Finances,” by Cameron Huddleston, getcarefull.com, July 29, 2022.
“Protect Aging Parents by Auditing Their Wallets,” by Cameron Huddleston, getcarefull.com, Aug. 19, 2022.
“Financial Signs of Alzheimer’s Disease and Dementia,” by Cameron Huddleston, getcarefull.com, July 6, 2022.
“How Financial Advisors Are Becoming Financial Caregivers,” by Cameron Huddleston, thinkadvisor.com, June 18, 2021.
“How to Help Your Parents Hire a Financial Advisor,” by Cameron Huddleston, getcarefull.com, June 9, 2022.
Estate Planning
“Estate Planning for Aging Parents: It’s Never Too Late,” by Peter Lauria, thebalance.com, Aug. 15, 2022.
“Why You Need a Living Will Now More Than Ever,” by Cameron Huddleston, cameronhuddelston.com, April 23, 2020.
“Why You Need a Will or Trust,” by Cameron Huddleston, getcarefull.com, Dec. 7, 2021.
Cognitive Decline and Long-Term Care
“6 Signs Your Parents Need Help With Their Finances,” by Cameron Huddleston, getcarefull.com, Nov. 8, 2021.
“Your Parent Was Diagnosed With Alzheimer’s. Now What?” by Cameron Huddleston, getcarefull.com, June 9, 2022.
“How Hybrid Life Insurance Pays for Long-Term Care,” by Cameron Huddleston, forbes.com, July 26, 2022.
“How Your Risk of Financial Exploitation Increases As You Age,” by Cameron Huddleston, security.naifa.org, Feb. 3, 2022.
“What to Know About the Different Types of Long-Term Care,” by Cameron Huddleston, getcarefull.com, June 9, 2022.
“How to Talk to Your Parents About Long-Term Care,” by Cameron Huddleston, June 9, 2022.
“Financial Risks That Make It Difficult to Age in Place,” by Cameron Huddleston, getcarefull.com, Aug. 26, 2022.
“How Financial Care Is Part of Aging in Place,” by Cameron Huddleston, getcarefull.com, Aug. 15, 2022.
Financial Fraud
“How Your Risk of Financial Exploitation Increases as You Age,” by Cameron Huddleston, security.naifa.org, March 29, 2022.
“How to Guard Against Elder Fraud,” by Cameron Huddleston, getcarefull.com, June 9, 2022.
We welcome back Michael Kitces, who was one of our first guests on The Long View. Michael is the head of planning strategy for Buckingham Wealth Partners. In addition, he is a co-founder of the XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and XY BeanCounters. Kitces also oversees the leading industry blog for financial advisors, Nerd's Eye View at kitces.com, which reaches more than 250,000 readers each month. He also has two podcasts, Financial Advisor Success and Kitces & Carl, the latter of which he produces with Carl Richards. He has received numerous financial planning designations, including the Certified Financial Planner, Chartered Financial Consultant, and Chartered Life Underwriter designations. He received his bachelor's degree in psychology from Bates College and subsequently earned master's degrees in taxation and financial planning.
BackgroundBio
XY Planning Network
AdvicePay
New Planner Recruiting
fpPathfinder
XY BeanCounters
Nerd's Eye View
Financial Advisor Success podcast
Kitces & Carl podcast
Buckingham Strategic Wealth
Time Management and Productivity"Resolving the Paradox—Is the Safe Withdrawal Rate Sometimes Too Safe?" by Michael Kitces, kitces.com, May 6, 2008.
"To Roth or Not To Roth," by Michael Kitces, kitces.com, May 2009.
Jeffrey Levine
Inoreader
Joshua Brown
Barry Ritholtz
Tadas Viskanta
"Maximizing Your Productivity by Leveraging Your Time Not Your Technology, With Patty Kreamer," Financial Advisor Success podcast, kitces.com, June 15, 2021.
"7 Big Rocks—The Productivity System," by Stephen Covey, youtube.com, Dec. 27, 2013.
Advice Business"Financial Advisor Fee Trends and the Fee Compression Mirage," by Derek Tharp, kitces.com, Feb. 8, 2021.
"The 3 Domains of Financial Advisor Value: Why Human Advisors Continue to Thrive Amid Competition From Robos," by Adam Van Deusen, kitces.com, May 23, 2022.
Direct Indexing and Taxes"The Four Types of Direct Indexing and Technology Solutions for Advisors," by Michael Kitces and Adam Van Deusen, kitces.com, Feb. 16, 2022.
"Why Tax-Loss Harvesting During Down Markets Isn't Always a Good Idea," by Ben Henry-Moreland, kitces.com, July 13, 2022.
"Financial Advisor Trends in Constructing Mutual Fund vs. ETF Investment Portfolios," by Michael Kitces, kitces.com, July 25, 2018.
Parametric
Aperio
"What This Week's Market Volatility Teaches About Making Customized Portfolios for Every Client," by Michael Kitces, kitces.com, Feb. 8, 2018.
"Kitces & Carl Ep 65: Handling Clients Who Bring Their Own 'Hot' Investment Ideas," Kitces & Carl podcast, kitces.com, July 29, 2021.
"10 Key Performance Indicators for Financial Advisory Firms to Compare With Industry Benchmarking Studies," by Ben Henry-Moreland, kitces.com, March 28, 2022.
Our guest on the podcast today is Joe Saul-Sehy, the co-host of the popular Stacking Benjamins podcast. He is also the co-author of a new book called Stacked: Your Super-Serious Guide to Modern Money Management, which he co-wrote with Emily Guy Birken. Saul-Sehy was a financial advisor and represented American Express and Ameriprise in the media before embarking on his current career as a financial educator. He received his bachelor's degree in English from Michigan State University.
BackgroundBio
Stacked: Your Super-Serious Guide to Modern Money Management, by Joe Saul-Sehy and Emily Guy Birken
Stacking Benjamins podcast
Emily Guy Birken's books
Basic Principles and Investing"Finding the Right Financial Advisor With Joe Saul Sehy," Micro Empires podcast, micro-empires.com, Oct. 20, 2020.
"Timeline Your Goals: Stacked With Joe Saul-Sehy," Choose FI podcast, choosefi.com, March 28, 2022.
"6 Financial Steps to Take Before You Retire," by Joe Saul-Sehy, stackingbenjamins.com, May 17, 2021.
"5 Simple and Effective Ways to Practice Financial Self-Care," by Joe Saul-Sehy, stackingbenjamins.com, June 24, 2022.
"Why Your Target-Date Funds Suck," Stacking Benjamins podcast, stackingbenjamins.com, June 5, 2017.
Money Scripts"What's Your Money Script?" Clarity Wealth Development.
"Who Is Dave Ramsey?" Investopedia.
Tiller
Qube Money
Marcus Insights
Mint
Stacking Benjamins Podcast"Conquer Your 'Mount Everest',” with Colin O'Brady, Aug. 1, 2022.
"Lessons From Cirque du Soleil's Daniel Lamarre on Your Work and Career," Jan. 17, 2022.
"Learn to Steal Like an Artist (With Austin Kleon)," April 27, 2022.
"Creativity, Collaboration and Innovation—Don Hahn, Lion King Producer," April 9, 2014.
Other"The Secret Financial Lives of Americans," Study by Nonfiction Research, nonfiction.co.
The Retirement Answer Man podcast
Kitchen Confidential, by Anthony Bourdain
Our guest this week is Michael Santoli, who is senior markets commentator at CNBC, which he joined in 2015. Prior to that, he was a senior columnist at Yahoo Finance, where he wrote analysis and commentary on the market and economy. That followed a long stint at Barron's magazine, where Santoli was a columnist and feature writer for 15 years. Santoli began his career in the early 1990s as a reporter covering the securities industry for Dow Jones Newswires. He earned his bachelor's degree from Wesleyan University.
BackgroundBio
Corporate Earnings"Santoli: The S&P 500, Lifted by Earnings, Makes a Run at a Key Threshold and Tests Its Downtrend," by Michael Santoli, cnbc.com, July 19, 2022.
"Santoli: Earnings Beats Propel Some Major Bank Stocks, but They Still Have a lot to Prove," by Michael Santoli, cnbc.com, July 18, 2022.
"Santoli: The S&P 500 Nears a Level That Could Indicate Whether the Recent Rebound Is Sustainable," by Michael Santoli, cnbc.com, June 27, 2022.
"Santoli: Agreeable Economic Data and Earnings Releases Lift Stocks Into a Relief Rally," by Michael Santoli, cnbc.com, July 15, 2022.
Inflation and Recession"Santoli: There's Little for the Market to Like in June's Hot Inflation Report," by Michael Santoli, cnbc.com, July 13, 2022.
"Santoli: Investors' Worries Migrate From Inflation Panic to Fears Over U.S. Growth Risk," by Michael Santoli, cnbc.com, June 22, 2022.
"Santoli: June's Jobs Reports Is Too Strong to Feed Recession Fears, but Key Inflation Data Looms," by Michael Santoli, cnbc.com, July 8, 2022.
"Santoli: Strengthening Case Against a Recession Pushing S&P 500 to Highest Levels Since Early June," by Michael Santoli, cnbc.com, Aug. 3, 2022.
Risk and Rising RatesJeff deGraaf
"Santoli: Investors Grapple With a Sense of Surrender After the Fed Raises Interest Rates," by Michael Santoli, cnbc.com, June 16, 2022.
"Santoli: Investors' Worries Around the Fed’s Rate Hikes Have Found a New Focal Point—Risks to Growth," by Michael Santoli, cnbc.com, May 25, 2022.
Housing, Stocks, and Tech"The Spring Setup for a Resilient Market That Got Past a Tough First Quarter Without Much Damage," by Michael Santoli, cnbc.com, April 2, 2022.
"The 2022 Stock Market Doesn't Have to Repeat—It Only Has to Rhyme," by Michael Santoli, cnbc.com, Aug. 6, 2022.
"Santoli: Low Expectations Lift Netflix Shares, but the Stock Remains in Growth Purgatory," by Michael Santoli, cnbc.com, July 20, 2022.
"After Another Big Weekly Loss, Assessing Whether Weekly Stocks Are Cheap and a Buying Opportunity Is Near," by Michael Santoli, cnbc.com, June 18, 2022.
"Santoli: As a Reckoning Unfolds in Tech, Could Megacap Growth Names Be Poised for a Bounce?" cnbc.com, May 11, 2022.
Our guest on the podcast today is Wade Pfau. He is professor of retirement income in the Ph.D. in financial and retirement planning program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and RICP program director at the American College. Pfau has written several books, including his most recent, Retirement Planning Guidebook. He is a co-editor of the Journal of Personal Finance, and he publishes frequently in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog and is a regular contributor to Advisor Perspectives, MarketWatch, and Forbes. Pfau holds a doctorate in economics and a master's degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a Chartered Financial Analyst.
BackgroundBio
Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success, by Wade Pfau
Wade Pfau books
Wade Pfau blogs posts on Retirement Researcher
Retirement Income Strategies
Alex Murguia
“Selecting a Personalized Retirement Income Strategy,” by Alejandro Murguia and Wade Pfau, Retirement Management Journal, Dec. 1, 2021.
“Determining Your Retirement Income Style,” by Wade Pfau, financialplanningassocation.org, 2021.
“Two Philosophies for Retirement Income Planning Part One: Probability-Based,” by Wade Pfau, forbes.com, Dec. 18, 2019.
“What Is a Safety-First Retirement Plan?” by Wade Pfau, retirementresearcher.com.
“The RISA Framework: A Systemized Approach to Personalizing Retirement Income Strategies for Clients,” by Wade Pfau and Alex Murguia, kitces.com, April 20, 2022.
Inflation and Other Risk Factors
“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.
“Inflation, Deflation, Confiscation & Devastation—The Four Horsemen of Risk,” by Wade Pfau, retirementresearcher.com.
“Wade Pfau: TIPS and Annuities Good Bets When Inflation Is High,” by Ginger Szala, thinkadvisor.com, March 31, 2022.
“The Changing Risks of Retirement,” by Wade Pfau, retirementresearcher.com.
“The Four Approaches to Managing Retirement Income Risk,” by Wade Pfau, papers.ssrn.com, Dec. 31, 2019.
“Don’t Panic on Sequence of Returns,” by Amy Arnott, Morningstar.com, May 16, 2022.
Withdrawal Rates
“Wade Pfau: The 4% Rule Is No Longer Safe,” The Long View Podcast, Morningstar.com, April 29, 2020.
“Retiring Soon? Why the Popular 4% Withdrawal Rule May Be a Bad Idea,” by Greg Iacurci, cnbc.com, April 13, 2021.
“What Is the ‘Retirement Spending Smile?’” by Wade Pfau, retirementresearcher.com.
Annuities
“Retirement Income Strategies With Annuities,” by Wade Pfau, retirementreseacher.com.
“Wade Pfau Takes a Balanced Look at a Retirement Product Some Advisors Love to Hate,” by Ed McCarthy, thinkadvisor.com, July 22, 2022.
“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.
“Are Annuities Too Expensive?” by Wade Pfau, linkedin.com, July 2, 2021.
Long-Term Care
“Costs and Incidence of Long-Term Care,” by Wade Pfau, retirementresearcher.com.
“Managing Long-Term Care Spending Risks in Retirement,” by Wade Pfau and Michael Finke, lecp.naifa.org, Jan. 7, 2020.
“Hybrid Long-Term Care Insurance Policies,” by Wade Pfau, retirementresearcher.com.
Other
“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.
Listen Now: Listen and subscribe to Morningstar's The Long View from your mobile device: Apple Podcasts | Spotify | Google Play | Stitcher
Our guest on the podcast today is Jordan Grumet. He is a physician and an associate medical director at JourneyCare Hospice. He also hosts the popular “Earn & Invest” podcast, which he launched after years of blogging about financial independence and wellness at the website DiverseFI.com. His latest book is called Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life. In it, he shares lessons that he has learned from interacting with patients during the last parts of their lives. He received his undergraduate degree from the University of Michigan and his medical degree from Northwestern University.
BackgroundBio
“Earn & Invest” podcast
Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, by Jordan Grumet
DiverseFI.com
FIRE Movement
Jim Dahle, The White Coat Investor
“Jim Dahle: ‘Income Is Not Wealth,’” The Long View podcast, Morningstar.com, Sept. 2, 2020.
“Coping With FIRE,” by Jordan Grumet, earnandinvest.com, June 5, 2021.
Other
“The Opportunity Cost Fallacy,” by Jordan Grumet, diversefi.com, June 5, 2018.
Our guest this week is Larry Siegel. He is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research for the Ford Foundation's investment division for 15 years. Siegel began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and TheJournal of Investing. Siegel is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. He earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago Booth School of Business.
BackgroundBio
Unknown Knowns: On Economics, Investing, Progress, and Folly, by Laurence Siegel
Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance, by Laurence Siegel
Research"Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance," by Roger Ibbotson, Moshe Arye Milevsky, and Kevin Zhu, ResearchGate, January 2007.
Popularity: A Bridge Between Classical and Behavioral Finance, by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, Jan. 15, 2019.
"Bursting the Bubble—Rationality in a Seemingly Irrational Market," by David F. DeRosa, SSRN, April 29, 2021.
"Equity Risk Premium Forum: Don’t Bet Against a Bubble?," by Paul McCaffrey, CFA Institute, April 8, 2022.
The Myth of Artificial Intelligence: Why Computers Can't Think the Way We Do, by Erik Larson, April 6, 2021.
"Value Investing: Robots Versus People," by Laurence Siegel, larrysiegel.org, June 30, 2017.
Endowments and Investing Lessons"Don't Give Up the Ship: The Future of the Endowment Model," by Laurence Siegel, larrysiegel.org, April 7, 2021.
"Where's Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach," by M. Barton Waring and Laurence Siegel, larrysiegel.org, April 21, 2022.
"Debunking Nine and a Half Myths of Investing," by Laurence Siegel, larrysiegel.org, March 12, 2020.
Inflation"Protecting Portfolios Against Inflation," by Eugene Podkaminer, Wylie Tollette, and Laurence Siegel, The Journal of Investing, April 2022.
"The Novelty of the Coronavirus: What It Means for Markets," by Laurence Siegel, larrysiegel.com, April 1, 2020.
"Will Demographic Trends Drive Higher Inflation and Interest Rates?" by Laurence Siegel, larrysiegel.com, Feb. 10, 2021.
Other"Cliff Asness: Value Stocks Still Look Like a Bargain," The Long View podcast, Morningstar.com, May 31, 2022.
"Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning," The Long View podcast, Morningstar.com, June 7, 2022.
TranscriptJeff Ptak: Hi, and welcome to The Long View. I'm Jeff Ptak, chief ratings officer for Morningstar Research Services.
Christine Benz: And I'm Christine Benz, director of personal finance and retirement planning for Morningstar.
Ptak: Our guest this week is Larry Siegel. Larry is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research at the Ford Foundation's investment division for 15 years. Larry began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and The Journal of Investing. Larry is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. Larry earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago, Booth School of Business.
Larry, welcome to The Long View.
Laurence Siegel: Thank you.
Ptak: Thank you so much for joining us. We're really excited to chat with you. I wanted to start with your early career. You worked for Roger Ibbotson early in your career. In fact, you were Ibbotson's first employee if I'm not mistaken. Talk about Roger's influence on you and more broadly, the impact he has had on our understanding of markets and investing.
Siegel: Roger was not only my first boss, he was my first finance professor at the University of Chicago. So, I got fed the Ibbotson—and to give credit where it's due, to Sinquefield—view of the markets early. I was 21 years old. And I would describe that view as that asset classes are what's important; that security, individual securities, are best viewed as components of asset classes, although when you get involved in the business, you realize that you have to understand the market at the security level, too; and that long-term performance is very strongly in favor of equities. So, at the time, pension funds, who were the main customers for Ibbotson Associates' work, had relatively little in equities, and one of our missions was to improve the returns of those funds and thus for the sponsors and the employees by holding more equities. This was in the early ‘80s. I was hired in 1979. So, you can see that was a good strategy.
Benz: So, sticking with your background in your early career, you think young professionals should have a grounding in the humanities and liberal arts. Why is that?
Siegel: Well, not every single one needs to, but the ones who are going to rise to the top in the business need a grounding in the common cultural heritage of the human race, and that's given by humanities and social sciences that the liberal arts broadly construed. Investors invest in businesses or governments, but mostly businesses, and businesses exist to serve the needs and wants of people, an ever-changing group of people around the world. So, without a deep understanding of human affairs—in other words, of the why of business—young investment professionals are likely to fall into some intellectual traps: short-termism, geographically narrow thinking, where you only think about your own country, and a bunch of other well-documented behavioral biases—you shouldn't do that.
Ptak: Maybe a dumb question to follow up on that: Why doesn't the market do a better job of creating incentives to ensure that younger professionals—let's talk about those who are heading into finance and in investing in particular—that they have a liberal arts background and they're able to better avoid some of those traps? Why haven't those incentives really taken shape and why is it still so typical to see this procession of MBAs and people with the traditional finance background dominating finance and investing?
Siegel: Well, if you're as old as me, I'm 68, you have observed that it used to. The market, when I was getting out of school, was in a very different position. There weren't many MBAs. It was an unpopular decision to go to business school. And most of the people who were accepted in business school had an Ivy Plus background where a liberal arts education is required in order to graduate. By Ivy Plus I mean the University of Chicago, Stanford, Northwestern, places like that, plus the Ivy League. So, this staffed the investment business with a fairly broadly educated group of people. What happened in the next 40 years is that business got too big. And the MBA programs mushroomed from a little specialty of a dozen or two dozen schools to something that everybody felt they had to get in order to get a job. So, it just became more of a trade school degree rather than an academic degree. And I'm sorry if I'm offending anybody here, but that's the way I see it. And the investment business became more of a trade. So, the market became less efficient, I think, because it just got so big that it had to pull in a lot of different people, including people who had specialized early because they wanted to be in finance because they were seeing people in finance made a lot of money.
Benz: Speaking of specialization, do you think that the only way to truly specialize is to have had a generalist humanistic education first? In other words, are the most successful specialists people who trained as generalists first and is there any evidence for this?
Siegel: I think there is among CEOs and maybe CIOs, chief investment officers. The greatest businesspeople in the world have generally had a pretty broad background and a lot of them started, the legend is in the mail room, but they may have started in engineering, accounting. They may have started in sales. Whatever they did, they found their way to the investment business through a kind of evolution over time. An organization needs foxes and hedgehogs. Isaiah Berlin, drawing on an ancient Greek story, said that there are two kinds of people of foxes who know a little about everything and hedgehogs who no one big thing. Einstein, for example, was a hedgehog. He really only cared about physics, and he was very productive. We would have a very different world without him. I am suggesting that you're better off looking for foxes, but you also want to have a few Einsteins in there, and an organization that consists entirely of foxes would be very unfocused and would be more like a college dorm than a business.
Ptak: Wanted to shift and talk about something that seems like it's been an awfully short supply lately, which is optimism. You wrote a book called Fewer, Richer, Greener, evincing optimism about the global economy and humanity in general. Have you always been an optimistic person? Or has it gone back and forth or been situation dependent?
Siegel: I've always been an optimistic person in terms of my intrinsic biases. I do know enough economic history and regular history to know that living conditions have improved so much in the last 250 years, and actually in the last 50, that you'd be kind of crazy to deny that things have improved. This is a bad year and a bad decade. And it's very easy to become pessimistic when you read the news or check the stock market or look at the world situation with wars and so forth. But underneath the surface of all this chaos and negativity, technology is continuing to advance at an amazing rate of speed. And what we really rely on for economic growth is improvements in technology, where I use the word technology to mean it very broadly. Technology is not just the gadgets or computing power. It's biology. It's social technology—my ability to gather together a bunch of people in a Zoom meeting from all over the world and have a board meeting. And as this technology has grown in the broad sense, we have made our lives much easier; work has gotten easier. We do less of it. The 80-hour work week has now become a specialty of doctors, lawyers, and CEOs. Coal miners—my father-in-law was a coal miner and he worked 80 hours a week in a coal mine when they let him. He would have preferred to work 40, but he needed the money. So, we have an economy in which we produce an awful lot without doing all that much, frankly. We have probably the easiest lives of any population that's ever existed.
Benz: Optimism seems like one of those secret weapons in investing, in finance in that if you're optimistic, you're more likely to stick with it, stick with your plan, and markets have tended to reward people who have stuck with it over the longer term. But it's hard to be optimistic about the long term given how unknowable things are. So, is the equity-risk premium compensation for subjecting ourselves to that unknowability?
Siegel: Yes. There are two kinds of risks. One is fluctuations in asset prices. We all know what that is. The market just went down 20% or 25%, and we're feeling it. And we might forget this, but it went down 34% in a month in the spring of 2020, which is a profound dislocation in the markets. And a few months later, we forgot it. The other kind of risk is actually more profound, and it's the possibility that our general expectations for assets are wrong. And if you look back, equities have returned about real 7%, 7% plus inflation. Going forward, it's pretty unlikely that they're going to do that over the next 20 or 30 years just because of the high prices. Even if economic growth were as rapid in the future as it was in the past, you want to pay less rather than more for the stocks. So, right now, they're selling at a premium to their historical average. That conventional asset-allocation input of equities generate 6.7% or 7% real is almost certainly too optimistic, and we've got to do what Jack Bogle said, which is budget for it. We can't all earn alpha and earn a higher return, because the net alpha in the market is 0, so we would all be trying to take it away from somebody else. We have to budget for lower returns.
When you look at the bond market, it's even worse. Bonds seem to be priced to yield about real 0% to real 1%. That's much lower than the historical average, about half the historical average.
Ptak: You got that right. It looks like real yields across the yield curve 49 to 99 basis points as of yesterday, which would be July 11, so a pretty paltry real yield. I did want to, if I may, stick with the general topic of optimism and its nexus with investing, talk about that in the context of value investing. I sometimes wonder if value investing pays off because it's so repulsive over long stretches that it's almost impossible to be optimistic. That does, though, raise questions about the implications for its practical usability. For instance, if investors are likely to give up on it because they do find it so repulsive when it underperforms growth as it had done until relatively recently, they might miss out on some of that payoff, which can come in bunches. Or do you think that's off base? Do you think that value investing really is usable, you just have to stick with it long enough?
Siegel: I think that value investing is usable. But you shouldn't concentrate your whole portfolio in it. What we've seen is that the pendulum has swung between value and growth in very long cycles and large cycles where value does much better or much worse for the entire time that data are available. Fama and French did this back to 1927 and you get these five- to 15-year swings, which is so long that people give up on either value or growth at exactly the wrong time. So, in 2007, value had outperformed massively, and it was a great time to buy growth stocks because we were just about to enter not a tech bubble but a period of tech innovation that produced huge returns for a decade and a half. Anybody who went against the grain, anybody who went against the tide and overweighted growth stocks did much better than the market from 2007 until a year or two ago. Now people are saying, only growth works, so value is disgusting. And the more disgusted you are, the more likely it is to work. I would overweight value right now, but not all the time.
Benz: I wanted to ask about intuition. It's something that tends to be greatly valued in everyday life, but it can lead us astray when it comes to investing. For example, in March 2020, which you referenced earlier, few of us expected the great snap back in the markets because intuitively we knew the pandemic would be bad for humanity. Do you think intuition was a better model for investing before markets became so efficient or has it never really worked?
Siegel: Well, informed intuition, if you've spent a lifetime in, let's say, engineering and you know something about the way that computers are put together or the internet is put together or something, you might have had the intuition that this was going to be a profound change in the way everybody did everything and you bought those stocks. But the problem is that most people who bought the stocks in the first tech wave, in the 1990s, bought them without knowing anything about the individual companies. They were right about the technology; they were wrong about the companies. So, you would now have a portfolio of AltaVista and Netscape and AOL and a bunch of other companies that had promised but they were just outcompeted by somebody else. So, I would rather hang my hat on analysis than intuition unless you just happen to be one of those people with special inside knowledge but that is obtained legally. But most people who think they have inside knowledge don't. So, I would try to avoid relying on intuition too much.
Ptak: Wanted to shift and talk about your role at the CFA Institute. You have a lot of experience assessing research proposals in that role. What are the best pieces of research have in common based on your experience?
Siegel: Well, they draw heavily on theory to make practical recommendations that can be implemented in the short to medium term. And going back to Roger Ibbotson, we published a piece in 2007 on lifetime financial advice that came from Roger with several colleagues. We are about to publish, but have not yet received the manuscript, the second installment of that from Paul Kaplan, Tom Idzorek, and a third author whose name I forget, and that will come out later this year or early next year. So, even though they're 15 years apart, the Ibbotson people have an integrated theory of investing insurance, annuities—all these different tools in order to provide people with a lifetime income that's secure and yet has the room for adding value through either asset allocation or security selection alpha. So, that's the kind of research I like most. We sometimes have also done pieces that step outside of the box of the Financial Analysts Journal or the Journal of Portfolio Management -type of research and look at a broader set of issues—for example, geopolitics, demography. There was a beautiful piece by David DeRosa on bubbles. He's against them. I don't know how he can be for or against bubbles. Either bubbles are or bubbles are not. But he takes the position that what we think are bubbles are mostly rational responses to circumstances and then when the circumstances change, the bubble bursts. But it wasn't a bubble; it was rational at the time. I don't know that I buy that 100%, but it sure was interesting reading his logic because he expresses it so well. So, these are the kinds of research I enjoy the most.
I've also done some of my own research here. I am compiling for the CFA Institute Research Foundation a book on the equity risk premium, which was a symposium of 11 fairly famous people—Marty Leibowitz, Rob Arnott, Cliff Asness and so forth—which I led. I'm not one of the famous people, but I know them all socially, so I was able to get them to come. And I edited it with a co-editor, Paul McCaffrey, who is producing a book on that as we speak. It could come out in the next month.
Ptak: I did want to ask you about what's become the new rage in investing research and portfolio management, which is combining quantitative and human-driven decisions. If you had to draw up a CFA curricula for a bot, how would it differ for the current human-based curricula? And on the flip side, how do you think the current human curricula ought to be reshaped to account for the rise of things like machine learning? Is that something you've given any consideration?
Siegel: A little bit. I'm writing a book review right now for Advisor Perspectives, which is an industry newsletter, a very good one. And the review is of a book by Erik Larson that's called The Myth of Artificial Intelligence. I'm giving it a good review, so you can see where I'm going to come out. I believe that machine learning is a real thing. Machines can be programmed to learn, and that's a valuable tool in investment management. But when you step beyond that to the idea of artificial general intelligence, I think it's an illusion caused by very fast computers, very big data and very clever programmers who want to create that illusion. So, we have had 300 million years of evolution—not as human beings obviously but as animals—to develop a set of connections in our brains that actually are intelligent. Yet intelligence in the sense that we are talking about now didn't really emerge until the last 200,000 years. So, it is rare. It is fragile. And we don't know what it is. It's like Justice Potter Stewart said about pornography: We don't know what it is, but we know it when we see it. And to imagine that we're, as human beings, of one level of intelligence, whatever we are, can build a machine in a few decades of those 200,000 years that's more intelligent than we are with all that evolutionary heritage is frankly ridiculous. These machines are going to do what we tell them to do. But if we tell them using instructions that are crafted well enough, it will give the illusion of being intelligent. When I don't know how something works, like everybody else, I tend to think it's magic. I'm driving and there are two or three cars lined up at a red light, it immediately turns green and makes the other traffic stop because it's a smart red light, and all it's doing is counting the number of cars that are waiting for it to turn and changes the cycle, changes the frequency, according to the traffic instead of operating on a fixed time cycle. But it looks like a pretty smart red light when you haven't encountered it before and you say “Gee, that's really amazing.” Well, I think that AI as we're experiencing it now is kind of the same as that. It's just a technology that other people understand because they developed it, but we don't because we don't have the knowledge and so we feel like it's magic or intelligence, whichever you want to call it.
Benz: There's been a lot written about the glut of skilled, highly trained professionals in the investing field. Can you talk about the level of competition you see now versus what you saw earlier in your career?
Siegel: The industry has become way too big. Every stockbroker has become a financial advisor. Ninety-six percent of them ought to tell people buy, hold, diversify, and rebalance and minimize taxes, and then they have to fill in that outline through implementation. In other words, somebody has to do it; their clients aren't qualified to do it. But they should mostly be telling people to buy index funds and to use premixed asset-allocation decisions that conform to what somebody at the headquarters has decided is optimal. To add value for an individual, what you really need to do is be more like a psychologist and a life counselor who says, “You have too much debt, you're not saving enough; you have too many houses; at some point your assets become a liability.” Or you don't have a house at all, you are a renter—you might want to consider a house as a hedge against inflation. But telling them which securities to buy or micromanaging the list of mutual funds, to me, is a fool's errand for most people.
Inside the business, that's the public-facing side. Inside the business there are too many security analysts, too many asset allocators, too many broker/dealers. And I think that competition has become more and more people fighting over fewer and fewer real alpha opportunities, and that's why the competition feels so fierce. It used to be an easy business. And it's not easy anymore because the market is more efficient, I guess.
Ptak: Wanted to shift gears and talk about asset allocation, specifically the 60/40 portfolio. And my question for you, which is a question I think many are asking, is the 60/40 debt. It's having one of its worst years ever. But the paradox is that yields are now, albeit they're still paltry, they're now a little bit higher and valuations are a tad lower, which you'd think would boost the 60/40's future prospects. What's your take on the 60/40, Larry?
Siegel: I think that it's a pretty good consensus outcome of people buying what's available in the market. If you look at the supply of securities, it has to be somewhere around 60/40 because everybody holds it, and the supply and demand have to equilibrate in the long run. But why do issuers produce that ratio? I think that the underlying reason is that for a very long period of history, bonds were a very good investment. If you didn't have 40% in bonds, you wanted to, because they were producing high real returns. And that period is roughly 1981 to 2007. It's a long time. From 1940 to 1981, bonds did terribly because interest rates were going up and up and up, and we didn't have a lot of 60/40 portfolios, but what we had was mostly 0 or 100. Institutions bought fixed income to fund their pension plans. They bought fixed income to fund if there were insurance companies. The big money was in fixed income and equities were this gravy—you sold some stocks to some rich people. And over time as the stock market went up and the bond market didn't go up, you had greater interest in equities, and the consultants who emerged from this world of pension funds settled on 60/40 as a consensus. And so, you've got what I call the standard model. The allocators picked from a list of active managers in each asset class, usually buy way too many of them, didn't have access to index funds or didn't want to buy them. And so, they compared the performance of their active managers to benchmarks, fired the underperforming ones, gave more money to the outperforming ones, and since these things tend to run in cycles, generally underperform the market. They also had to have an overall asset-allocation policy where 50/50 was the tradition that they'd been coming from, but they moved it up to 60/40 because the stock market was beating the bond market and it just stayed there. Stocks are risky. So, 70/30 or 80/20 seemed like it was too volumed. We're all human, and we do what we see the person next to us doing. I think it’s really just consensus-building, although there is a supply aspect to it. You have to buy what's out there. And if we all decided to increase our allocation to equities, we couldn't. But we would just be buying them from each other. This is a point Cliff Asness made. He can usually be counted on for very good thinking.
Benz: Our research has found that fund investors tend to do a really poor job of utilizing so-called liquid alternative funds. If you take the illiquidity and gates away from alternatives, do you think they can still work for individual investors in the form of liquid alternatives?
Siegel: Well, the term liquid alternatives has changed over time. When I started hearing about liquid alternatives in the early to mid-90s, it meant hedge funds and to some extent managed-futures funds because the stuff they were buying was liquid, and then the illiquid alternatives were venture capital and private equity. Over time, liquid alternatives have come to mean liquid to the investor. And when you securitize an alternative investment, you've removed—so that you can trade it like a stock—you've removed the one thing that has tended to give alternative investments better returns, which is the lockup. If you can lock up somebody's money for a long time, you can take risks that don't necessarily pay off in the short run, but that may pay off in the long run. If you take that away, I would rather just invest in liquid nonalternatives, stocks, bonds, and some real estate. Although some people call real estate an alternative. It's the oldest asset class, so I'm reluctant to put it in the alternatives bucket.
Ptak: Wanted to shift and talk about endowments. You spent a good chunk of your career in the endowment world. And as you know, a lot of ink has been spilled concerning debates over the endowment model. Some decried it as costly and complex, others defend it as path-breaking. What are the lessons an advisor or an individual investor should take away from the success of the endowment approach? And conversely, what are the lessons they need to unlearn, so to speak?
Siegel: I'll start with the last one because it's so easy. The lesson they need to unlearn is that if David Swensen can do it, so can I. He and the people at other big endowments and foundations have access to the best funds because they come to you, you don't have to go ferret them out. The best people they can afford to hire, outstanding analysts and other chief investment officers who can make millions. And if they do lose money, they have this capability of withstanding some pain. A foundation, in particular, which doesn't have professors to pay, or buildings to maintain, or students to give scholarships to, has to pay out 5% of whatever it has at the time, so if it loses some of the assets, their liabilities go down too in a one-to-one correspondence and so, at some level, they don't care. Of course, they do care because it's always better to have more money to give away than less. But the foundation isn't going to be destroyed by a 20% decline in the market.
Endowments are a little trickier because the liabilities are not so flexible. If you start paying your professors less, they will just go to another place that doesn't pay less. Students will do the same thing. But these institutions also have a lot of reserve in their fundraising ability. An ordinary individual investor doesn't have any of this backstop. If I want to raise funds, I have to work harder. I'm already working as hard as I can. And I don't have the option to reduce my liabilities by saying I'm just not going to pay them. So, individuals have to be inherently more conservative. You get older, life becomes a race against diminishing capabilities and your risk level has to go down as you get older. So, there's a lifecycle effect that institutions don't experience. So, I would say that's the main lesson is, endowments and foundations have generally done well, but they have some structural advantages over individuals. Unless you have a rich uncle—a university has a rich uncle—which is the alumni and yet that's not an unlimited resource any more than your rich uncle is. But it is a backstop for bad performance.
Benz: One investing paradox is that success demands humility, but humility is a tough sell. What's the humblest thing an investor can do to boost their odds of success while also attracting clients? Is it to have a long time horizon?
Siegel: Well, the humblest thing an investor can do is buy index funds. It says to the client, I don't know what stocks are going to do best, but other people collectively as a market make pretty good decisions, so I'm just going to trust them to say the prices are roughly right. And when you buy an index fund, you're making a bet that the prices are roughly right. They're obviously not exactly right. In terms of having a long time horizon, it can be humility, or it could be hubris. I can claim to have a long time horizon, but I don't know what liabilities I'm going to face tomorrow, so I better have a short time horizon with some of my investments and I could also live 30 more years, so I need to have a long time horizon with other parts of my portfolio. But the time horizon issue I don't see so much as humility versus hubris, but it's a planning tool that a lot of people don't use effectively.
Ptak: One of your more popular pieces of writing in recent years was an article you wrote on investing myths. If I'm not mistaken, I think you've updated it a few times to this point, the most recent being in 2020. Why'd you write it, and how would you change it if you were to update the piece yet again today?
Siegel: I wrote it because somebody in Brazil paid me to come down there and give a talk on Siegel's Nine Myths of Investing. So, when that gave me an outline I had to fill in. Most of the myths have changed over time. I've updated it every two to five years. And what would I change now? Well, first of all, you'd have to go back and look at what the myths are. I don't really think I have time to go over all of them. But the one that I would change today is that stocks and bonds are always negatively correlated, so each is a good hedge against the other. It's not true. It runs in cycles. There was a period where they were positively correlated in the ‘90s and then before that at some other time, and all of a sudden, it's back. So, with stock market down, the bond market is also down, and people say, "Diversification doesn't work." Well, first of all, nobody told you to go out and buy the longest bond. Diversification within the bond market works in the sense of holding some less-volatile, shorter-term securities. They sacrifice some yield in order to get that safety. Secondly, stocks and bonds will again be uncorrelated or negatively correlated someday. But this is not that day. And there are other assets. The one that comes to mind is the original alternative investment: cash. Right now, you’re losing money in cash in real terms, because inflation is so high. But, on average, over time cash has paid a percent or so over the inflation rate. And then the other one is real estate. I keep coming back to real estate because it has become the unloved stepchild in the investment world. And other than their house, nobody has any. The last time I heard somebody talking about real estate as an investment was probably in the decade of the 2000s, and probably it was going up a lot. Then there was a crash. And the crash stuck in people's minds while real estate itself turned around and went up again. And there may yet be another crash, but it's just another asset class that should probably be in your toolkit.
Other myths—I kind of went out on a limb in the last version of that article and started talking more about social and political issues. One is that we can transition to entirely green energy without disrupting the entire world economy. We can't. We either have to transition slowly, which may not be good enough, but I actually happen to think it is, because energy transitions have taken a half century or so—wood, coal, coal to oil, oil to natural gas, and so forth—and the next transition is not going to be all solar and wind. Nuclear power is going to be a vital and probably the most important part of it. So, if the myth that you're subscribing to is the, let's call it the European version, although that's not quite fair because they have plenty of nuclear power in Europe. It's not going to happen, but we're going to need all the energy we've got, because the world is getting richer fast. Growth rates in China are down to 5%. That's still huge. Indonesia is higher than that, and it's a country of 300 million people that most Americans couldn't find on a map. The energy demands are going to be huge from all these different parts of the world that are growing and becoming middle class. And so that myth is something I spent a little time on in the article and I would write more about it next time.
Benz: You more or less predicted the spate of inflation we would have before it happened. In fact, one of the myths you wrote about in 2020 was that the government could borrow all it wanted without sparking inflation. What did you see then and what do you think people should be monitoring to assess how long high inflation will persist into the future?
Siegel: My forecast at the time was based on basic economic history from the 1700 and 1800s, which is that when the government borrows more money than it can pay back, it's going to pay it back anyway but in cheaper dollars. And the way that you get cheaper dollars is to have inflation. Inflation is a transfer of resources, of real resources, from savers who are bondholders and cash holders, to borrowers, which in this case is the government itself. So, it's tax. So, when you have a budget—that's how government budgets, it's out of balance by a lot for a long time— you're going to have a lot of inflation, because it's the only way the government is going to be able to make those payments on the bonds. I didn't see anything in the economy other than the budget deficits. And it was so early that you could say, I was wrong. There's not much difference between being a decade and a half early and being outright wrong. So, I'll say I was wrong.
What I didn't see was the supply catastrophe that came with COVID and our response to COVID. So, when you get a supply shock like the one we've just been through, prices are going to rise, and you don't even need an unbalanced government budget, you don't need budget deficits for prices to rise when there are shortages of things because by ships not being able to dock and workers not coming to work, we just have never seen anything like this. And so, I think the inflation rate will come down from these astronomical rates to something more normal, 2%, 3%, 4%, 5%, but we're not going to go back to zero to 2, because governments have over-leveraged, and deleveraging is always inflationary.
Ptak: What role do you think top-down macro should play in an allocation and investing process? Obviously, it's hard to correctly make a macro bet, though we've just talked about one you did correctly make, but it's even harder to translate that into a successful investment. So, should most people just avoid macro and diversify and call it a day?
Siegel: If you mean macro bets to guide your general asset-allocation philosophy, I think you should. In other words, if you believe, as I do, that global economic growth, while slowing, is going to be very large in absolute terms for a very long time. In other words, the absolute terms meaning the number of overall dollars, or whatever your currency is, generated by the world economy that you want to hold equities because bonds don't give you a claim to that growth. And they give you a very indistinct claim I wouldn't bank on it. But international investors say that when a country is growing rapidly, the currency goes up, so you get a little bit of diversification that way. But equities are much more powerful, and international equities are frankly cheap relative to the United States. So, that's a macro bet, and I'm recommending it. But again, I recommended it for a long time. I thought the U.S. was expensive. It hasn't been cheap since the 2007-08-09 period. So, you should make an evaluation of those conditions and implement it through your portfolio.
In general, most Americans suffer from home country bias because the U.S. is so big that you can get a pretty diversified portfolio with just the S&P 500 actually, because that's a lot of stocks, and those are all the big caps. If you lived in Belgium, you would not be under the illusion that Belgium was the whole world. It's just you can reach the border in an hour from anywhere in the country. So, you've known since you were a little kid that there's a big world out there. We Americans just don't have that intuition. So, that's why I'm saying that international is a macro bet that is reasonable to make. Now, if by macro bets you think that you act like a hedge fund and you think that the pound is going to crash, and that oil is going to go to $70 and then back to $110. No, individual investors should not do that.
Benz: People aren't very good at respectfully disagreeing these days. You're someone who seems unafraid of having a fulsome debate. Besides stepping away from social media and the internet, what are some things we can do to exchange differing views without becoming polarized?
Siegel: Well, if I knew I would run for President. People have become dug in—I don't like it at all. Spend a quarter of your reading time reading points of view that you know in advance you're going to disagree with, see how that person expresses themselves and what arguments they make and trying to take their side mentally while you're reading it. Consider maybe I'm wrong, maybe they're right. If I name some names, that would be too obvious where my biases are. But I would read the moderates on the other side, because the extremists are extremists, and they overstate everything. That's about all I can think of other than be nice. If the people you care about and generally respect have different views from you, ask yourself why. It's not because they're crazy or stupid or evil. It's because they've looked at the same data in the broad sense. They've looked at the same world and come up with different conclusions. Try to think about why that might happen, and then picture them doing that to you. That's about all I have to say about that.
Ptak: Well, that's great advice and I think a great way to close this conversation, which we very much enjoyed, Larry. Thanks so much for your time and insights. We very much enjoyed having you on The Long View.
Siegel: Well, thank you very much.
Benz: Thanks so much, Larry.
Ptak: Thanks for joining us on The Long View. If you could, please take a minute to subscribe to and rate the podcast on Apple, Spotify, or wherever you get your podcasts.
You can follow us on Twitter @Syouth1, which is, S-Y-O-U-T-H and the number 1.
Benz: And @Christine_Benz.
Ptak: George Castady is our engineer for the podcast and Kari Greczek produces the show notes each week.
Finally, we'd love to get your feedback. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Until next time, thanks for joining us.
(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.)
Our guest on the podcast today is Justin Fitzpatrick. Justin is the co-founder and chief innovation officer at Income Lab, which provides retirement planning software. Before co-founding Income Lab, Justin spent over 15 years in financial services, leading teams in advanced financial planning and portfolio strategy and managing the development of financial technology tools. Prior to his work in financial services, Justin spent seven years in academia. He has taught at the Massachusetts Institute of Technology; Harvard University; Queen Mary, University of London; and the University of California, Los Angeles. Justin is a Chartered Financial Analyst charterholder and a Certified Financial Planner professional.
Background
Bio
Income Lab
Income Lab LinkedIn Page
Sequence Risk and Spending Rules
“Will Higher Inflation Harm Retirees?” by Justin Fitzpatrick, advisorperspectives.com, Feb. 14, 2022.
“How the 4% Rule Undermines Advisors and Clients,” by Johnny Poulsen, advisorperspectives.com, Oct. 25, 2021.
“Rethinking Risk in Retirement Planning,” by Justin Fitzpatrick, thinkadvisor.com, Oct. 1, 2021.
“Retirement Withdrawal Rates Alone Are Misleading. Here’s Why,” by Justin Fitzpatrick, financial-planning.com, Jan. 21, 2022.
“Reducing Retirement ‘Outrage’ Risk With Adjustment-Based Planning and Communication,” by Justin Fitzpatrick, kitces.com, May 19, 2021.
“How to Use Economic Context in Retirement Income Decision-Making,” by Justin Fitzpatrick, kitces.com, June 1, 2022.
“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.com, May 2014.
“The Retirement Distribution ‘Hatchet’: Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021.
“The Transformative Value of Retirement Planning as an Ongoing Service,” by Justin Fitzpatrick, incomelaboratory.com, 2020.
“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com.
“A Dynamic Approach to Decumulation Planning,” Fintech Impact podcast with Jason Pereira, incomelaboratory.com, July 6, 2022.
Portfolio Construction, Housing, and Annuities
“’Next-Gen’ Retirement Planning Tool for Advisors Launched by Income Lab,” by Brian Anderson, thewealthadvisor.com, June 29, 2022.
“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.
Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement, by Wade Pfau
Robert C. Merton
“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.
Our guest on the podcast today is Tim Ranzetta. Tim is the co-founder of the nonprofit Next Gen Personal Finance, which provides free curricula, professional development, and advocacy tools to more than 40,000 teachers who reach 75% of high school students in the U.S. The goal of Next Gen Personal Finance and its community of teachers is for all high school students to take at least one stand-alone one-semester course focusing on personal finance by the end of 2030. Prior to founding NGPF, Tim co-founded several companies, including Equilar, a compensation and corporate governance research firm; and Student Lending Analytics, a student loan research firm. He began his career as a management consultant at Bain & Company. He graduated from the University of Virginia with a Bachelor of Science degree in commerce and received his MBA at the Stanford Graduate School of Business.
Background
Bio
Next Gen Personal Finance
Eastside College Preparatory School
What Works in Financial Education
Interactive: The Financial Times’ The Uber Game
“Financial Education Affects Financial Knowledge and Downstream Behaviors,” by Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, and Carly J. Urban, National Bureau of Economic Research, April 2020.
“Annamarie Lusardi: ‘Financial Education Works,’ ” The Long View podcast, Morningstar.com, Feb. 19, 2020.
Fidelity Youth Account
Million Bazillion podcast
“Bringing Personal Finance to the Classroom for Generation Z,” by Ann Carrns, nytimes.com, March 18, 2022.
“The Truth About Day Trading,” by Ben Felix, YouTube.com, Oct. 24, 2020.
The Stock Market Game
STAX
finviz.com
The State of Financial Education in the U.S.
“NGPF’s 2022 State of Financial Education Report,” ngpf.org, April 2022.
Jump$tart Coalition for Personal Financial Literacy
Council for Economic Education
“Financial Education Mandates 2022,” poll by National Endowment for Financial Education, nefe.org, March 17-21, 2022.
“What I Learned Reading the State Auditor’s Report About Financial Education in Utah,” by Tim Ranzetta, ngpf.org, Oct. 22, 2018.
Mississippi Department of Education: National Board Certification—Master Teacher Program
The North Carolina Council on Economic Education
Rhode Island Department of Education
The Most Important Class You Never Had, NGPF documentary
Other
“Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad,” The Long View podcast, Morningstar.com, May 28, 2022.
Our guest on the podcast today is real estate expert and author Ilyce Glink. Ilyce writes a nationally syndicated column on real estate matters, and she’s written more than a dozen books on real estate and home buying, including 100 Questions Every First-Time Homebuyer Should Ask, which is now in its fourth edition. She’s also a regular contributor to WGN Radio. Her latest project, Best Money Moves, is a mobile-first employee benefit designed to help employees with financial wellness and reduce financial stress. Ilyce received her bachelor’s degree in English literature from the University of Illinois at Urbana-Champaign.
Background
Bio
Ilyce Glink books
100 Questions Every First-Time Home Buyer Should Ask, Fourth Edition: With Answers From Top Brokers From Around the Country, by Ilyce Glink
Best Money Moves
ThinkGlink
Newsletter: Love, Money + Real Estate: Exploring Truths, Lies and Life’s Financial Milestones
Housing Market and Prospective Homebuyers
“What Today’s Market Means for First-Time Home Buyers,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, May 25, 2022.
“Love, Money + Real Estate #014: Is a Recession Looming?” by Ilyce Glink, glink.substack.com, May 3, 2022.
“Real Estate Matters: Industry Trends as a New Year Arrives,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Jan. 16, 2022.
“Real Estate Matters: Homeowner Weighs Renting vs. Buying for Next Stage in Life,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Aug. 8, 2021.
“Retiree Considers Selling Townhouse, Buying Larger Single-Level Home,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, May 30, 2022.
“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, morningstar.com, Jan. 11, 2022.
“Real Estate Trends for 2022,” by Ilyce Glink, thinkglink.com, Dec. 14, 2021.
Real Estate as an Investment
“Real Estate Matters: We Stand by Advice That LLCs Aren’t for All Property Investors,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Jan. 23, 2022.
Housing Shortage
“Underbuilding Has Led to ‘Acute Shortage’ of Housing and ‘Affordability Crisis,’ Study Says,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, July 19, 2021.
Older Adults, Taxes, and Retirement
“Calculating Capital Gains,” by Ilyce Glink, thinkglink.com, May 9, 2022.
“Should You Prepay Your Mortgage?” by Ilyce Glink, hermoney.com, July 2, 2019.
“The Benefits of Paying Down a Mortgage Before Retirement,” Interview with Christine Benz and Ilyce Glink, morningstar.com, Sept. 4, 2018.
“Reverse Mortgages: Readers Share Their Experiences,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, June 2, 2021.
“Reverse Mortgage Not Working Out? Here Are Some Options,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, Dec. 1, 2021.
Our guest on the podcast today is David Lau, founder and CEO of DPL Financial Partners, which develops and distributes low-cost, commission-free insurance and annuity products. In addition, DPL Financial Partners provides tools and educational resources for registered investment advisors and individual investors. Prior to founding DPL, David was chief operating officer of Jefferson National and before that he was principal and co-founder of the Oysterhouse Group, a management consulting firm. He also served as chief marketing officer of E-Trade Bank and its predecessor TeleBank. David received his bachelor's degree in economics from the College of William and Mary.
Background
Bio
DPL Financial Partners
Annuities
Annuities—Product Overview
Your Guide to Annuities
“Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle,” The Long View podcast, morningstar.com, May 4, 2021.
“DPL Financial RIA Survey Shows Continued Uptick in Annuity Usage,” insurancenewsnet.com, Sept. 30, 2021.
“Another Reason Advisors Are Warming to Annuities,” by Bernice Napach, thinkadvisor.com, Sept. 30, 2021.
“Talk Your Book: Rethinking the 4% Rule,” Podcast With Wade Pfau and David Lau, dplfp.com, May 2, 2022.
“DPL Financial Partners Launches Commission-Free MYGA Marketplace for RIAs,” businesswire.com, Dec. 2, 2021.
MYGA Marketplace
“A Day at DPL With Wade Pfau | How to Use a Fixed Index Annuity,” by Wade Pfau, dplfp.com, Feb. 3, 2020.
“Too Much ‘Hocus Pocus,’ ” by Kerry Pechter, retirementincomejournal.com, June 4, 2021.
Taxes and Asset Location
“The Tax-Efficient Frontier: Improving the Efficient Frontier With the Power of Tax Deferral,” by David Lau, dplfp.com, Sept. 8, 2021.
“David Lau on Ways to Enhance the Tax Efficient Frontier at NAPFA Session,” by John Sullivan, thinkadvisor.com, May 19, 2011.
Other
“Long-Term Care a Big Question in Pandemic,” by Emile Hellez, investmentnews.com, July 2, 2020.
This week we’re pleased to bring you a special “State of Retirement Income” episode, which we recorded live at the annual Morningstar Investment Conference held recently in Chicago, Illinois. For this discussion, we turn the tables on Christine, who is part of an expert retirement planning panel that also includes David Blanchett, managing director and head of retirement research at PGIM DC Solutions, and Karsten Jeske, the founder of Early Retirement Now. Both were guests on past episodes of The Long View.
In this panel discussion, recorded before a live audience, we delve into a number of retirement-planning topics, including the impact of inflation on spending patterns; the implications of the recent selloff on asset allocation; sequence-of-returns risk; optimal Social Security-claiming practices; the role and importance of guaranteed income sources; and a lot more. Without further ado, please enjoy this special episode of The Long View.
Background
“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.
Karsten Jeske’s blog, Early Retirement Now
Karsten Jeske’s bio
David Blanchett’s bio
“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.
“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.
Inflation
“How Much Should You Worry About Inflation in Retirement?” by Christine Benz, Morningstar.com, March 26, 2021.
“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.org, May 2014.
Safe Withdrawal Rates
The Trinity Study
“The Safe Withdrawal Rate Series—A Guide for First-Time Readers,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 15, 2021.
“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, November 2021.
“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.
“Drawdown From Financial Accounts in Retirement,” Vanguard Research by Thomas J. De Luca and Anna Madamba, vanguard.com, July 2021.
Retirement Portfolio Construction
“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.
“Bonds May Be Down, But Some Annuity Payouts Are Up,” by David Blanchett, thinkadvisor.com, May 13, 2022.
“Inflation at 7%! Here’s Why I’m Not Running for the Hills (Yet)!” by Karsten Jeske, earlyretirementnow.com, Jan. 13, 2022.
“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.
Christine Benz’s model bucket portfolios
Harold Evensky
What Is a Monte Carlo Simulation?
Guaranteed Income and Social Security
“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, papers.ssrn.com, June 28, 2021.
Open Social Security
Other
“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.
“Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311-2018,” by Paul Schmelzing, bankofengland.co.uk, January 2020.
Tom Idzorek Show Notes
Our guest this week is Tom Idzorek. Tom is chief investment officer, retirement, for Morningstar Investment Management, which is Morningstar's affiliated asset-management arm. Previously, Tom was president of Morningstar Investment Management and before that was a leading researcher at Ibbotson Associates. Tom has collaborated on a number of influential academic studies on topics including asset allocation, the liquidity of stocks, and the role of popularity and security prices. Tom serves on the editorial board of the CFA Institute's Financial Analysts Journal. He received his bachelor's degree from Arizona State University and his MBA from Thunderbird School of Global Management. He is also a CFA charterholder.
Background
Bio
Asset Allocation and Managed Accounts
Roger Ibbotson
Peng Chen
Barton Waring
Larry Siegel
Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, by Richard Grinold and Ronald Kahn
“Stop Guessing: Using Participant Data to Select the Optimal QDIA,” by Thomas Idzorek, David Blanchett, and Daniel Bruns, Morningstar.com, Jan. 30, 2018.
ByAllAccounts
Modern Portfolio Theory
Academic Research
“Liquidity Style of Mutual Funds,” by Thomas Idzorek, James Xiong, and Roger Ibbotson, papers.ssrn.com, Feb. 10, 2012.
“The Popularity Asset Pricing Model,” by Thomas Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 25, 2021.
“Forming ESG-Oriented Portfolios: A Popularity Approach,” by Thomas Idzorek and Paul Kaplan, papers.ssrn.com, May 20, 2022.
“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, papers.ssrn.com, Dec. 10, 2018.
Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst Journal, the Journal of Finance, and the Journal of Financial Economics. This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor’s degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago.
Background
Bio
@CliffordAsness
Return Environment
Antti Ilmanen
Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least, by Antti Ilmanen
“Demystifying Illiquid Assets: Expected Returns for Private Equity,” by Antti Ilmanen, Swati Chandra, and Nicholas McQuinn, aqr.com, Jan. 31, 2019.
“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.
“Why Not 100% Equities,” by Clifford Asness, aqr.com, Dec. 1, 1996.
“Leverage Aversion and Risk Parity,” by Clifford S. Asness, Andrea Frazzini, Lasse H. Pedersen, aqr.com, January/February 2012.
“An Update to Cliff Asness’s Study on the Benefits of a Levered 60/40,” by Jeremy Schwartz, wisdomtree.com, May 20, 2021.
“Are Value Stocks Cheap for a Fundamental Reason?” by Cliff Asness, aqr.com, Aug. 30, 2021.
“The Long Run Is Lying to You,” by Cliff Asness, aqr.com, March 4, 2021.
“Quant Legend Cliff Asness Is Back to Defending Value Again,” by Justina Lee, Bloomberg.com, July 15, 2021.
“Still Crazy After All This YTD,” by Cliff Asness, aqr.com, May 9, 2022.
“Everything and More,” by Cliff Asness, aqr.com, April 4, 2022.
“Bonds Are Frickin’ Expensive,” by Cliff Asness, aqr.com, Aug. 13, 2019.
“Should Taxable Investors Shun Dividends?” by Ronen Israel, Joseph Liberman, Nathan Sosner, Lixin Wang, The Journal of Wealth Management, Winter 2019.
ESG
“Cliff Asness Says ESG Is Here to Stay Amid Growing Interest,” by Isabelle Lee and Silla Brush, Bloomberg.com, May 17, 2022.
“Shorting Counts,” by Cliff Asness, aqr.com, Feb. 23, 2022.
“Shorting Your Way to a Greener Tomorrow,” by Cliff Asness, aqr.com, Sept. 7, 2021.
“Virtue Is Its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor,” by Cliff Asness, aqr.com, May 8, 2017.
Taxes
“Now There’s Nothing Certain But Death,” by Cliff Asness, aqr.com, Jan. 15, 2021.
Our guest this week is Eric Balchunas, who is a senior exchange-traded fund analyst for Bloomberg Intelligence, where he writes for and leads the fund research team. Balchunas is a fixture in financial media. He hosts the TV show Bloomberg ETF IQ and the podcast Trillions and is also a mainstay of social media under his popular Twitter account @EricBalchunas. Balchunas is also an accomplished author, his latest book being The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions, which we devote this episode to discussing. He earned his bachelor's degree in journalism and environmental economics from Rutgers University.
BackgroundBio
Twitter: @EricBalchunas
The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions
Vanguard: The Early Years"Inside 'The Bogle Effect'," Trillions podcast, Bloomberg.com, April 27, 2022.
"Investor Jack Bogle Founded His Legendary Company Based on His Princeton Senior Thesis," by Veronika Kero, cnbc.com, Jan. 17, 2019.
"How the Index Fund Was Born," by John C. Bogle, The Wall Street Journal, Sept. 3, 2011.
"Challenge to Judgment," by Paul A. Samuelson, The Journal of Portfolio Management, Fall 1974.
"Q&A With Jack Bogle: "We're in the Middle of a Revolution'," by Michael Regan, Bloomberg.com, Nov. 23, 2016.
Gus Sauter
Ted Aronson
Michael Lewis
Jason Zweig
"Investing Legend Jack Bogle Says There's a Big Problem With Index Funds," by Sergei Klebnikov, money.com, Nov. 30, 2018.
Bogle's BooksStay the Course: The Story of Vanguard and the Index Revolution, by John C. Bogle
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, by John C. Bogle
Enough: True Measures of Money, Business, and Life, by John C. Bogle
Character Counts: The Creation and Building of The Vanguard Group, by John C. Bogle
Other"Sheryl Garrett: 'The Industry Thought I Was Nuts'," The Long View podcast, Morningstar.com, July 17, 2019.
"Michael Kitces: The Model Has to Change Again," The Long View podcast, Morningstar.com, June 5, 2019.
"Rick Ferri: 'There Are No Average Investors'," The Long View podcast, Morningstar.com, July 3, 2019.
"Gus Sauter: Efficient Markets Are a Good Thing," The Long View podcast, Morningstar.com, Dec. 4, 2019.
"Jack Brennan: Price Pressure in the Advice Business 'Is Inevitable'," The Long View podcast, Morningstar.com, June 23, 2021.
"Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021.
Our guest today is Ric Edelman, the founder of the Digital Assets Council of Financial Professionals, or DACFP, an organization he formed in 2018. DACFP aims to advance financial professionals' knowledge of blockchain and digital assets. Prior to forming DACFP, Edelman and his wife Jean founded Edelman Financial Services, which grew to become one of the largest Registered Investment Advisors in the United States before it acquired Financial Engines to form Edelman Financial Engines in 2018. Edelman is a fixture in financial media where he is known for his radio show and frequent print and television appearances and has authored numerous books, including his latest, The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets. Edelman began his career as a journalist after graduating from Rowan University with a degree in communications.
BackgroundBio
Digital Assets Council of Financial Professionals (DACFP)
DACFP Course on Blockchain and Digital Assets℠
Edelman Financial Engines
The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets, by Ric Edelman
The Truth About Your Future With Ric Edelman
Other books by Ric Edelman
Cryptocurrency"Crypto Attitudes Around the World," by Ric Edelman, dacfp.com, April 25, 2022.
"Ric Edelman Expects the SEC Will Approve a Bitcoin ETF," by Bernice Napach, benefitspro.com, July 2, 2021.
"A Bitcoin ETF Could Be a Game-Changer for Advisors. Not Everyone's Buying It," by Avi Salzman, Barron's, Oct. 19, 2021.
"Ric Edelman's '22 Predictions for 2022," by Brian Anderson, 401kspecialistmag.com, Dec. 29, 2021.
"Here's the Best Time to Buy Bitcoin, According to Yale Data,” by Ali Montag, cnbc.com, Aug. 8, 2018.
"Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals," by Matt Hougan and David Lawant, CFA Institute, 2021.
The Future of Advice"What's Coming Next in This Technological and Investment Revolution," YouTube, April 13, 2022.
Milken Institute
Stanford Center on Longevity
"Laura Carstensen: 'I'm Suggesting We Change the Way We Work,'" The Long View podcast, Morningstar.com, Sept. 14, 2021.
Retirement"Ric Edelman on the Future of Retirement," YouTube, Nov. 1, 2021.
"U.S. Is Facing 'a Real Retirement Crisis,' Top Investor Says—His Plan for Doubling Savings and Reducing Income Inequality," by Lizzy Gurdus, cnbc.com, June 22, 2021.
"More Americans Could Outlive Their Savings. How Advisors Can Protect Them," by Amey Stone, Barron's, July 21, 2021.
Other"This Chart Perfectly Sums Up Why It’s Important to Have a Diverse Investment Portfolio," by Kathleen Elkins, cnbc.com, Jan. 12, 2021.
Richard Thaler
Our guest on the podcast today is Brian Feroldi. Brian is the author of a new book called Why Does the Stock Market Go Up? He is also a writer and contributor to the Motley Fool, where he focuses on the technology and healthcare industries. In addition, Brian has a big presence on YouTube. The videos on his YouTube channel have hundreds of thousands of views. He received his bachelor's degree from the University of Connecticut and his MBA from the University of Rhode Island.
Background
Bio
Brian Feroldi—Spread Financial Wellness YouTube channel
Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren’t
Individual Stock Investing
“10 Investing Lessons for Stock Market Beginners,” by Brian Feroldi, youtube.com, July 15, 2021.
“The Hardest Part About Picking Stocks for New Investors,” video with Brian Feroldi and Brian Withers, fool.com, Feb. 10, 2021.
“Opinion: ‘Time in the Stock Market Is More Important Than Timing the Market’ and More Critical Money and Investing Lessons I Wish My Younger Self Had Understood,” by Brian Feroldi, marketwatch.com, May 5, 2022.
Peter Lynch
“Brian Feroldi’s Stock Investing Checklist: A Step by Step Guide,” by Brian Feroldi, youtube.com, June 18, 2021.
Antifragile: Things That Gain From Disorder, by Nassim Taleb
“Good Reasons to Ignore Valuation,” by Brian Feroldi, MicroCap Leadership Summit 2021, microcapclub.com, Oct. 6, 2021.
“Interview With Tom Engle: Investing Legend,” with Chris Reining, chrisreining.com.
“GameStop: Squeezed to the Max|Brian Feroldi|EP 293,” choosefi.com, Feb. 4, 2021.
“The 5 Biggest Investing Mistakes I’ve Ever Made,” by Brian Feroldi, yahoo.com, Sept. 23, 2018.
Other
ChooseFI
Afford Anything
All the Hacks
Invest Like the Best with Patrick O’Shaughnessy
Rule Breaker Investing
Bankless
The Tim Ferriss Show
Our guest this week is Jim Grant. Jim is the founder and editor of Grant's Interest Rate Observer, a twice-monthly newsletter on financial markets with a focus on bonds. He is the author of numerous books and has made frequent appearances in the financial press where his views on markets and the macroeconomy are much sought after. Before founding Grant's Interest Rate Observer, Jim did stints as a journalist, first as a reporter at The Baltimore Sun, and later at Barron's. He received his bachelor's degree from Indiana University and his master's in international relations from Columbia University.
Background
Bio
Grant’s Interest Rate Observer
The Forgotten Depression: 1921: The Crash That Cured Itself
Mr. Market Miscalculates: The Bubble Years and Beyond
Money of the Mind
Bagehot: The Life and Times of the Greatest Victorian
Inflation and Interest Rates
“Jim Grant: The Fed Cannot Control Inflation,” by Robert Huebscher, advisorperspectives.com, May 4, 2021.
“Jim Grant: The Trouble With Treasuries,” by James Grant, barrons.com, Oct. 11, 2019.
“The High Cost of Low Interest Rates,” by James Grant, wsj.com, April 1, 2020.
“Happy Birthday, Federal Reserve! Have Some Punch (Before the Bowl Gets Taken Away),” by Paul Vigna, wsj.com, Dec. 23, 2013.
“The Inflation Headshake,” by Eric Cinnamond, palmvalleycapital.com, March 9, 2022.
Horizon Kinetics Inflation Beneficiaries ETF
Murray Stahl bio
“Jim Grant: The Endgame for the Bull Market in Bonds,” by James Grant, barrons.com, Sept. 13, 2019.
“Jim Grant: Low Interest Rates Forever? Don’t Get Used to That Idea,” by James Grant, barrons.com, June 7, 2019.
“James Grant: Bitcoin and Other Bubbles,” Wealthtrack podcast, youtube.com, Feb. 26, 2021.
Policymaking
“Jim Grant: The Big Flaw in Ph.D-conomics,” by James Grant, barrons.com, July 19, 2019.
What Is the Taylor Rule?
A History of Interest Rates, by Sidney Homer
Recession and Macroeconomic Forecast
“The Difficult Art of Conjuring Up Yield From Mortgage-Backed Securities,” by James Grant, barrons.com, March 15, 2019.
“The Fed Is Well Behind the Curve: Jim Grant,” cnbc.com interview, youtube.com, Feb. 25, 2022.
Our guest on the podcast today is William Reichenstein. Dr. Reichenstein is an author and emeritus professor of finance at Baylor University. He is also head of research for Social Security Solutions and Retiree, Inc., where he and William Meyer have developed software to facilitate tax-efficient Social Security and asset-drawdown strategies for retirees. His recent books include Income Strategies and Social Security Strategies with William Meyer. A fourth edition of that book will be forthcoming soon. He has also published more than 200 articles in various financial journals. He earned his B.A. in economics from St. Edward's University and his Ph.D. from the University of Notre Dame. He is also a CFA charterholder.
BackgroundBio
Social Security Solutions
Income Solver
Income Strategies: How to Create a Tax-Efficient Withdrawal Strategy to Generate Retirement Income, by William Reichenstein
Social Security Strategies: How to Optimize Retirement Benefits, by William Reichenstein and William Meyer
Tax-Efficient Withdrawal Strategies“Pay Attention to Marginal Tax Rates and Not Tax Brackets,” by William Reichenstein, advisorperspectives.com, Sept. 28, 2021.
“Tax Considerations for Relatively Wealthy Households,” by William Reichenstein, Journal of Financial Planning, December 2021.
“How Social Security Coordination Can Add Value to a Tax-Efficient Withdrawal Strategy,” by William Reichenstein and William Meyer, jor.pm-research.com, Fall 2021.
“Saving in Roth Accounts and Making Roth Conversions Before Retirement in Today’s Low Tax Rates,” by William Reichenstein, financialplanningassociation.org, July 2020.
“Investment Implications of the Rising and Falling Pattern of Marginal Tax Rates for Retirees,” by William Reichenstein and William Meyer, jor.pm-research.com, Summer 2020.
“A Comparison of the Tax Efficiency of Decumulation Strategies,” by Greg Geisler, Bill Harden, and David Hulse, financialplanningassociation.org, March 2021.
“Advice for Married Couples When One Spouse Will Die Years(s) Before the Other Spouse,” by William Reichenstein and William Meyer, financialplanningassociation.org, January 2021.
“Using Roth Conversions to Add Value to Higher-Income Retirees’ Financial Portfolios,” by William Reichenstein and William Meyer, financialplanningassociation.org, February 2020.
“The Asset-Location Decision and Related Topics,” by William Reichenstein, advisorperspectives.com, June 1, 2020.
“Basic Truths About Asset Allocation: A Consensus View Among the Experts,” by William Reichenstein, aaii.com, July 2019.
Social Security, Medicare, and Taxes“How to Prepare for a No-to-Low 2021 Social Security COLA,” by William Reichenstein, thestreet.com, July 27, 2020.
“The Relationship Between Wealth and Delaying Social Security Benefits,” by William Reichenstein, aaii.com, June 2020.
“Social Security Claiming Strategies for Singles and Their Implications for Couples,” by William Reichenstein and William Meyer, financialplanningassociation.org, May 2021.
“A Top Social Security Expert Blasts Biden’s Reform Plan,” by Jane Wollman Rusoff, thinkadvisor.com, June 2, 2020.
“Understanding the Tax Torpedo and Its Implications for Various Retirees,” by William Reichenstein and William Meyer, financialplanningorganization.org, July 2018.
“How Retirees Can Avoid the ‘Tax Torpedo’,” by Mark Miller, Morningstar.com, Feb. 9, 2022.
“Minimizing the Damage of the Tax Torpedo,” by William Reichenstein, financialplanningorganization.org, September 2021.
“Medicare and Tax Planning for Higher-Income Households,” by William Reichenstein and William Meyer, jwm.pm-research.com, Winter 2019.
“How Retirees Can Avoid Higher Medicare Premiums,” by William Reichenstein, wsj.com, June 14, 2018.
Retirement Income/Other “There Is No Perfect Way to Protect Your Investments Against Inflation,” by Anne Tergesen, goodwordnews.com, Feb. 14, 2022.
Our guest this week is Mary Childs. Mary is a cohost and correspondent for National Public Radio's Planet Money. Previously, she was a reporter at Barron's magazine and before that, a reporter at the Financial Times and Bloomberg News. She received her bachelor's degree in business journalism from Washington & Lee University. Mary is the author of a new biography about the iconic Pimco bond fund manager, Bill Gross. It's called the The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. We spent this episode delving into the book with Mary's help.
Background
Bio
Planet Moneypodcast
The Bond King: How One Man Made a Market, Built an Empire, and Lost It All, by Mary Childs
Pimco Total Return Analyst Report
Early Life and Career
Beat the Dealer, by Ed Thorpe
“The Strange Billionaire Who Revolutionized the Bond Market,” by Greg Rosalsky, npr.org, March 15, 2022.
“Bill Gross Made the Bond Market What It Is Today,” by Mary Childs, barrons.com, Feb. 8, 2019.
Psychology and Motivations
Jeffrey Gundlach
“Gross Friendly to Fannie and Freddie,” by Bloomberg News, investmentnews.com, Oct. 31, 2011.
“Pimco Shook Hands With the Fed—and Made a Killing,” by Reuters, cnbc.com, Sept. 27, 2013.
“Special Report—The Twilight of the Bond King,” by Jennifer Ablan and Matthew Goldstein, reuters.com, Feb. 9, 2012.
“Announcing the Morningstar Fund Managers of the Decade,” by Karen Dolan, Morningstar.com, Jan. 12, 2010.
“Fall of the Bond King: How Gross Lost Empire as Pimco Cracked,” by Mary Childs, Bloomberg.com, Dec. 2, 2014.
“Inside the Showdown Atop Pimco, the World’s Biggest Bond Firm,” by Gregory Zuckerman and Kirsten Grind, wsj.com, Feb. 24, 2014.
“Pimco Dissidents Challenge Bill Gross in ‘Happy Kingdom,’” by Mary Childs, Bloomberg.com, July 8, 2014.
“Gross: Economy Can’t Survive Much Higher Rates,” keynote presentation at the Morningstar Investment Conference, Morningstar.com, June 25, 2014.
Gross’ Departure From Pimco
Mohamed El-Erian
“Exclusive: Pimco’s Gross Declares El-Erian Is ‘Trying to Undermine Me,’” by Jennifer Ablan, reuters.com, March 6, 2014.
“5 Years Later: Pimco Total Return,” by John Rekenthaler, Morningstar.com, June 26, 2018.
“Pimco in the Post-Gross Era,” by Eric Jacobson, Morningstar.com, Dec. 26, 2017.
“Gross Loses Pimco Power Struggle With ‘Stunning’ Exit,” by Mary Childs and Alexis Leondis, Bloomberg.com, Sept. 26, 2014.
Our guest on the podcast today is Nick Maggiulli. He is the author of a new book called "Just Keep Buying: Proven Ways to Save Money and Build Your Wealth." He is also the author of OfDollarsAndData.com, a blog focused on the intersection of data and personal finance. In addition, he is COO and data scientist for Ritholtz Wealth Management. He graduated from Stanford University with a degree in economics.
Background
Bio
Of Dollars And Data
Just Keep Buying: Proven Ways to Save Money and Build Your Wealth
Personal Finance
What Is a Data Scientist?
“Go Big, Then Stop,” by Nick Maggiulli, ofdollarsanddata.com, July 27, 2021.
“The Biggest Lie in Personal Finance,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 4, 2020.
“The 9 Best Income Producing Assets to Grow Your Wealth,” by Nick Maggiulli, ofdollarsanddata.com, Sept. 15, 2020.
“Just 5 Years Can Change Your Life,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 28, 2021.
“We Begin our Lives as Growth Stocks, but end our Lives as Value Stocks,” by Nick Maggiulli, ofdollarsanddata.com, Nov. 24, 2020.
“How to Spend Money,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 3, 2019.
The Paradox of Choice: Why More Is Less, by Barry Schwartz
Investing and Markets
“Dollar-Cost Averaging vs. Lump Sum: The Definitive Guide,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 25, 2020.
“How Often Does Dollar-Cost Averaging Fail?” by Nick Maggiulli, ofdollarsanddata.com, June 29, 2021.
“We Are All Investors Now,” by Nick Maggiulli, ofdollarsanddata.com, July 20, 2021.
“The Yield Curve Just Inverted…Now What?” by Nick Maggiulli, ofdollarsanddata.com, April 5, 2022.
“How to Save for a Big Purchase,” by Nick Maggiulli, ofdollarsanddata.com, Nov. 17, 2020.
“In Defense of Global Stocks,” by Nick Maggiulli, ofdollarsanddata.com, July 6, 2021.
“Why Investing Like Your Neighbors Isn’t as Dumb as It Seems,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 1, 2022.
“Why You Shouldn’t Pick Individual Stocks,” by Nick Maggiulli, ofdollarsanddata.com, April 6, 2021.
“Why Market-timing Can Be So Appealing,” by Nick Maggiulli, ofdollarsanddata.com, Jan. 28, 2020.
“When Does Market-timing Work?” by Nick Maggiulli, ofdollarsanddata.com, May 7, 2019.
“Ask Yourself Why,” by Nick Maggiulli, ofdollarsanddata.com, March 28, 2018.
Other
Kyla Scanlon
Jack Raines
Our guest on the podcast today is author and blogger JL Collins. He blogs about financial and other matters at JLCollinsnh.com. Collins' first book, The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life was published in 2016 and has been an international best-seller. His latest book is How I Lost Money in Real Estate Before It Was Fashionable. That one came out in 2021.
BackgroundBio
JLCollinsnh.com
The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life
How I Lost Money in Real Estate Before It Was Fashionable: A Cautionary Tale
Investing"Stocks--Part XV: Target Retirement Funds, the Simplest Path to Wealth of All," by JL Collins, jlcollinsnh.com, Dec. 18, 2012.
“Stocks—Part XIII: The 4% Rule, Withdrawal Rates and How Much Can I Spend Anyway?" by JL Collins, jlcollinsnh.com, Dec. 7, 2012.
"The Alfred Hitchcock Path to FI," by JL Collins, jlcollinsnh.com, May 5, 2021.
"The Trinity Study and Portfolio Success Rates," by Wade Pfau, Forbes, Jan. 16, 2018.
"Stocks—Part XXVII: Why I Don't Like Dollar Cost Averaging," by JL Collins, jlcollinsnh.com, Nov. 12, 2014.
Real Estate"Truly Passive Real Estate Investing," by JL Collins, jlcollinsnh.com, Nov. 28, 2018.
"Why Your House Is a Terrible Investment," by JL Collins, jlcollinsnh.com, May 29, 2013.
OtherThe Psychology of Money, by Morgan Housel
Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren't, by Brian Feroldi
Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required, by Kristy Shen and Bryce Leung
Rich & Regular blog
Cashing Out: Win the Wealth Game by Walking Away, by Julien and Kiersten
Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, by Jordan Grumet
Earn & Invest podcast
Our guests on the podcast today are Dan Otter and Scott Dauenhauer. Together they run the website 403bwise, which is geared toward providing education and advocacy on retirement planning for educators. Dan started 403bwise in 2000 with John Moore as a means of shedding light on the often opaque landscape of retirement plans for K-12 educators. Scott is a certified financial planner and principal and owner of Meridian Wealth Management. He got interested in the 403(b) space after researching retirement plan options available to his wife, who is a teacher. They've each written books about 403(b)s and retirement planning for K-12 educators. Dan's is called Teach and Retire Rich, while Scott's book is called Wild West: Providing Fiduciary Advice to Public School Employees. They also host a podcast called Teach and Retire Rich, and they recently released a short podcast series called Learned by Being Burned: Teachers in the K-12 403(b).
Background
403bwise.org
Dan Otter
Teach and Retire Rich, by Dan Otter
Scott Dauenhauer
Wild West: Providing Fiduciary Advice to Public School Employees, by Scott Dauenhauer
Teach and Retire Rich podcast
Learned by Being Burned podcast
The Ins and Outs of 403(b)s
“401(k) and 403(b) Plans: Knowing the Difference,” investopedia.com, March 19, 2021.
“Many Teacher Pension Plans Get Failing Grade,” by Kaitlin Mulhere, money.com, Aug. 31, 2021.
“How 403bwise.org Provides Financial Education to K-12 Employees,” by Dan Otter, investmentnews.com, April 9, 2021.
What Is a 457 plan?
“457(b)s: The Solution to Bad K-12 403(b) Plans?” by Dan Otter, investmentnews.com, July 29, 2021.
“Project Aims to Grade 14,000 School Districts’ 403(b) Plans,” by Emile Hallez, investmentnews.com, Jan. 4, 2022.
“The Two Faces of 403(b) Index Funds,” by Scott Dauenhauer, 403b.substack.com, Oct. 7, 2021.
403bCompare.com
NEA DirectInvest
Next Gen Personal Finance
“Bringing Personal Finance to the Classroom for Generation Z,” by Ann Carrns, nytimes.com, March 18, 2022.
New York State Deferred Compensation Plan
Our guest today is Eric Schoenstein. Eric is a managing director at Jensen Investment Management, where he serves as the firm’s chief investment officer and is a portfolio manager of several Jensen strategies, including its flagship Quality Growth strategy. That strategy is a concentrated portfolio of 25-30 stocks of growing businesses that Jensen’s team believes boast durable competitive advantages. Prior to joining Jensen in 2002, Eric was a senior manager at Arthur Andersen. He earned his bachelor’s in business administration from Oregon State University. He is also a trustee and the board chair for the Oregon State University Foundation Board of Trustees.
Background
Bio
Jensen Quality Growth
Quality and Growth
"15 Cheap Growth Stocks Amid the Volatility," by Dave Sekera, Morningstar.com, Feb. 28, 2022.
"The Best Way To Capture Quality Growth," by Helen Fowler, ETF.com, Dec. 4, 2013.
"The What, Why, and How of Quality," by Ben Johnson, Morningstar.com, March 30, 2016.
“A Closer Look at Quality: The Fuzziest of Factors,” by Ben Johnson, Morningstar.com, Feb. 13, 2019.
Risk Management
“Risk Management--U.S. Equity Investing,” by Eric H. Schoenstein.
“Interview With Eric Schoenstein of Jensen Investment Management,” Motley Fool, June 3, 2016.
“Jensen Quality Growth Invests Patiently--and Very Successfully,” by Reshma Kapadia, Barron’s, Jan. 21, 2017.
“Q&A: Jensen Investment on Bracing for Volatility,” by Coryanne Hicks, U.S. News & World Report, Jan. 13, 2021.
Stocks
“Jensen Quality Growth Fund: Stock Investing With a High Hurdle for Entry,” by Steve Schaefer, Forbes, July 23, 2013
“Jensen Fund Managers Asks One Really Important Question When Deciding to Invest,” by John Sullivan, ThinkAdvisor.com, June 24, 2012.
“How Microsoft, PepsiCo and Other Solid Plays Helped This Fund Manager Ride Out a Bumpy Decade,” Barbara Kollmeyer, MarketWatch, Jan. 29, 2020.
“Microsoft Results Point to New Growth Chapter,” by Daisuke Wakabayashi, Reuters, Oct. 29, 2007.
“Apple Services to Drive Next Leg of Growth, Says Schoenstein,” Bloomberg Technology, March 27, 2018.
“Why One Of 2016's Best Large-Cap Funds Finally Bought Apple Shares,” Steve Schaefer, Forbes, April 11, 2016.
Our guest on the podcast today is Terrance Odean. Dr. Odean is the Rudd Family Foundation Professor of Finance at the Haas School of Business at the University of California, Berkeley. Individual investor trading has been a key area of research throughout his academic career. In 2016, Dr. Odean received the James R. Vertin Award from the CFA Institute for research notable for its relevance and enduring value to investment professionals. He has been an editor and an associate editor of numerous academic finance journals, including The Review of Financial Studies, The Journal of Finance, and The Journal of Behavioral Finance. As an undergraduate student at UC Berkeley, Dr. Odean studied judgment and decision-making with a 2002 Nobel Laureate in Economics, Daniel Kahneman.
Background
Bio
The Review of Financial Studies
The Journal of Finance
The Journal of Behavioral Finance
Free Trading and Robinhood
“Online Investors: Do the Slow Die First?” by Brad Barber and Terrance Odean, faculty.haas.berkeley.edu, 2002.
“The Behavior of Individual Investors,” by Brad Barber and Terrance Odean, umass.edu, September 2011.
“Attention Induced Trading and Returns: Evidence From Robinhood Users,” by Brad Barber, Xing Huang, Terrance Odean, and Christopher Schwarz, paper.ssrn.com, Oct. 12, 2021.
“Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” by Brad Barber and Terrance Odean, faculty.haas.berkeley.edu, April 2000.
“All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors,” by Brad Barber and Terrance Odean, academic.oup.com, April 2008.
“Robbin’ Who?” by William Ehart, humbledollar.com, May 11, 2021.
“Systematic Noise,” by Brad Barber, Terrance Odean, papers.ssrn.com, May 2006.
Gender Differences in Investing
“Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad Barber and Terrance Odean, papers.ssrn.com, November 1998.
“Seeing Is Believing: Female Leaders’ Presence Narrows the Gender Gap in Girls’ Aspirations and Advancement in Education,” by Lori Beaman, Esther Duflo, Rohini Pande, and Petia Topalova, gap.hks.harvard.edu, February 2012.
“What Accounts for the Gender Equality Among Pharmacists?” by Claudia Goldin, premarket.org, Oct. 7, 2021.
Behavioral Finance
Daniel Kahneman
Our guest this week is Andrew Miller. Andrew is a partner at Creative Planning where he advises clients on financial planning and investment issues. Prior to joining Creative Planning in 2020, Andrew was a partner at Miller Financial Management, where he focused on portfolio construction, financial and tax planning, as well as investment management. He's active on social media--you can find him on Twitter @millerak42--and has authored research on various financial-planning and investing topics that you can find online. Andrew is a CFA charterholder and also is a certified financial planner. He received his bachelor's degree in finance from Indiana University.
Background
Bio
General
“Alpha, Beta, and Now ... Gamma,” by David Blanchett and Paul Kaplan, Morningstar.com, Aug. 28, 2013.
Asset Allocation and Portfolio Construction
“Alternative Investments--A Field Manual,” by Andrew Miller, alphaarchitect.com, Oct. 3, 2019.
“Who’s Afraid of a Big Bad Bear? Many Investors Shouldn’t Be That Concerned,” by Andrew Miller, alphaarchitect.com, March 2, 2018.
Investing
What Is Home Country Bias?
“Investors Have Fewer Reasons Than Ever for Home Bias,” by Ben Johnson, Morningstar.com, June 7, 2019.
“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.
“Rebalance Your Portfolio? You Are a Market Timer and Here’s What to Consider,” by Andrew Miller, alphaarchitect.com, March 23, 2017.
“Large-Cap Price-to-Book Investing: What Is Dead May Never Die,” by Andrew Miller, alphaarchitect.com, June 25, 2019.
“Upside-Down Markets: Profits, Inflation and Equity Valuation in Fiscal Policy Regimes,” by Jesse Livermore, osam.com, September 2020.
What Is FRED?
Retirement
“Using Trend-Following Managed Futures to Increase Expected Withdrawal Rates,” by Andrew Miller,
Papers.ssrn.com, Oct. 7, 2017.
“Using Flexible Spending to Achieve Financial Goals,” by Andrew Miller, alphaarchitect.com, March 5, 2019.
“Should Retirees Still Follow the 4% Rule?” The Long View podcast, Morningstar.com, Dec. 23, 2021.
“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Nov. 11, 2021.
Our guest on the podcast today is consumer advocate and personal finance expert Clark Howard. Clark has been hosting the nationally syndicated radio show and podcast The Clark Howard Show since 1989. He's also the author of 10 books, three of which have been New York Times best-sellers. He also sponsors the Consumer Action Center, which is a free resource for advice on money and consumer issues. He received his B.A. in urban government from American University, and his MBA from Central Michigan University.
Background
Bio
Clark.com
The Clark Howard Podcast
Books by Clark Howard
Home Ownership, Debt, and Investing
“Should I Pay Off Debt, Save Money or Invest?” by Christopher Smith, clark.com, Feb. 18, 2021.
“How to Pay Off Debt and Save Money on a Fixed Income,” by clark.com staff, clark.com, Nov. 25, 2020.
“Key Rules for First-Time Homebuyers and Investors in Real Estate,” by Clark Howard, clark.com, March 22, 2017.
“Clark Howard Has Advice if You’re Looking to Buy a Home Amid the Pandemic,” by Sarah Thompson, wokv.com, Sept. 29, 2020.
“86% of Renters Can’t Afford to Buy a Home: Here’s How You Can Prepare,” by Charis Brown, clark.com, April 17, 2017.
“Should I Buy a House in This Crazy Real Estate Market?” by Craig Johnson, clark.com, Feb. 21, 2022.
“Clark Howard’s Special Rule for Refinancing Your Mortgage,” by Nick Cole, clark.com, Aug. 28, 2020.
“How Old Is Too Old to Take Out a Mortgage?” by Craig Johnson, clark.com, Nov. 1, 2021.
“When Is It OK to Have a Mortgage in Retirement?” by Clark Howard, clark.com, March 22, 2017.
“Should I Pay Off My Mortgage Before I Retire?” by Wes Moss, clark.com, Feb. 20, 2019.
“What Is a Reverse Mortgage and Is It Right For Me?” by clark.com staff, clark.com, June 19, 2020.
Cars
“3 Things to Know Before You Lease a Car,” by John Cress, clark.com, July 20, 2020.
“New vs. Used Cars: Which Should You Buy?” by Dallas Cox, clark.com, Jan. 24, 2022.
“New Report: These 2022 Vehicles Are the Best for the Money,” by Craig Johnson, clark.com, Jan. 21, 2022.
“Are You Following Clark’s Maximum Auto Loan Length Rule?” by clark.com staff, clark.com, April 27, 2021.
Saving Money
“Free Budget Worksheet: The Clark Method to Create a Monthly Budget,” by clark.com staff, clark.com, Feb. 18, 2021.
“How to Save and Invest the Clark Howard Way,” by Christopher Smith, clark.com, Jan. 25, 2021.
“15 Financial New Year’s Resolutions for 2022,” by clark.com staff, clark.com, Dec. 17, 2021.
“8 Spending Habits People Are Changing After Coronavirus,” by Craig Johnson, clark.com, June 19, 2020.
Investing and Retirement
“How to Start Investing and Saving for Retirement,” by clark.com staff, clark.com, May 20, 2021.
“How Retirees Can Combat Inflation,” by Christopher Smith, clark.com, Dec. 1, 2021.
“What Is an Annuity, and Why Does Clark Think They Stink?” by Christopher Smith and Clark Howard, ajc.com, May 27, 2021.
“Why Clark Howard Is Obsessed With Roth for Retirement Savings,” by Christopher Smith, clark.com, Feb. 23, 2022.
Finding an Advisor
“How to Find and Choose a Financial Advisor,” by Christopher Smith, clark.com, March 25, 2021.
“How Much Does a Financial Advisor Cost?” by Christopher Smith, clark.com, Feb. 24, 2021.
Travel
“Follow Clark Howard’s #1 Rule to Travel Cheap,” by clark.com staff, clark.com, Jan. 28, 2022.
“How to Plan a Trip: Clark’s Best Travel Tips to Save Money,” by clark.com staff, clark.com, June 10, 2021.
Our guest on the podcast today is Lori Lucas, the president and CEO of the Employee Benefits Research Institute, or EBRI. EBRI aims to provide unbiased research and data on retirement, healthcare, and other employee benefits. Prior to joining EBRI, Lori was an executive vice president and practice leader at Callan. She has also served as director of Retirement Research at Hewitt associates, vice president at Ibbotson associates, pension fund consultant at J.H. Ellwood & Associates, and as an analyst and product development leader at Morningstar. Lori received a Bachelor of Arts from Indiana University and earned a master’s from the University of Illinois. Additionally, she is a Chartered Financial Analyst.
Background
Bio
Employee Benefits Research Institute
Retirement Confidence and Financial Wellness
EBRI’s Retirement Confidence Survey
“2021 Retirement Confidence Survey: A Closer Look at Black and Hispanic Americans,” by Craig Copeland and Lisa Greenwald, ebri.org, June 10, 2021.
EBRI 2021 Workplace Wellness Survey
“Why Do People Spend the Way They Do in Retirement? Findings From EBRI’s Spending in Retirement Survey,” by Lori Lucas, ebri.org, Jan. 14, 2021.
“These Retirees Are More Likely to Be ‘Comfortable’ or ‘Affluent,’ Study Finds,” by Kate Dore, cnbc.com, Aug. 4, 2021.
“Retirement Confidence Survey Highlights Overwhelming Participant Support for Auto Portability,” Retirement Clearinghouse, prnewswire.com, April 22, 2021.
“Racial Inequities and Retirement Income: Contributing Factors and Possible Solutions,” by Lori Lucas, lifeandretirement.aig.com, December 2021.
The Financial Alliance for Racial Equity “FARE” Coalition
“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.
“Emergency-Fund-Focused-Employers: Goals, Motivations, and Challenges,” by Lori Lucas, ebri.org, Feb. 13, 2020.
“Talking About My Generation: Comparing the Financial Wellness of Baby Boomers, Gen Xers and Millennials,” by Lori Lucas, ebri.org, Jan. 13, 2022.
The Retirement System
“Senators Look at Ways to Make Retirement Saving Easier,” by Susan Rupe, insurancenews.net, May 13, 2021.
“The Rising Retirement Perils of 401(k) ‘Leakage’,” by Anne Tergesen, wjs.com, April 2, 2017.
“401(k) Plan Leakage and the Bipartisan Budget Act of 2018,” by Lori Lucas, lifehealth.com, Feb. 26, 2018.
“Participants Still Support Automatic Portability of 401(k)s: Survey,” by Alan Goforth, benefitspro.com, April 27, 2021.
“Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, Morningstar.com, May 25, 2021.
Illinois Secure Choice
OregonSaves
CalSavers
Healthcare
“What Leads to Greater Satisfaction With High-Deductible Health Plan Coverage?” ebri.org, Feb. 17, 2022.
2021 Consumer Engagement in Health Care Survey
“Projected Savings Medicare Beneficiaries Need for Health Expenses Spike in 2021,” by Paul Fronstin and Jack VanDerhei, ebri.org, Jan. 20, 2022.
“Why Patients Aren’t Cost-Conscious Consumers of Health Care,” by Lori Lucas, ebri.org, Sept. 9, 2021.
Our guest on the podcast today is Jill Schlesinger. Jill is a business analyst for CBS News and comments on the economy, investing, and personal finance for CBS television and radio programs. She also hosts the popular "Jill on Money" podcast and writes the nationally syndicated "Jill on Money" column for Tribune Media Services. Jill's first book, The Dumb Things Smart People Do With Their Money was published in 2019. She has received numerous awards over her career, including an Emmy Award for her work on CBS Sunday Morning. Jill is a certified financial planner and spent 14 years as the co-owner of and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York following her graduation from Brown University.
Background
Bio
Jill on Money
The Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs, by Jill Schlesinger
Current Market
“Coronavirus: Emergency Reserves,” Jill on Money podcast, jillonmoney.com.
“Jill on Money: ‘New Normal’ Raises Financial Questions,” by Jill Schlesinger, mercurynews.com, Aug. 24, 2020.
“CBS News Business Analyst Jill Schlesinger Discusses Inflation and the Housing Market,” by Grace Segers, cbsnews.com, June 4, 2021.
“How to Fight Inflation,” by Jill Schlesinger, jillonmoney.com.
“Fall Housing: From Boiling Over to Just Hot,” by Jill Schlesinger, jillonmoney.com.
“Inflation on Hot Housing,” Jill on Money podcast, jillonmoney.com, Jan. 13, 2022.
“Real Estate Conundrum: No Houses,” by Jill Schlesinger, jillonmoney.com.
Retirement
“How to Avoid the Retirement Freak-Out,” by Jill Schlesinger, nextave.org, Feb. 14, 2019.
“At 67, Is My 80/20 Portfolio Too Risky?” Jill on Money podcast, jillonmoney.com, Nov. 23, 2021.
“Jill on Money: Thinking About Joining the Great Resignation?” by Jill Schlesinger, mercurynews.com, Aug. 16, 2021.
“Should FINE Replace FIRE?” by Jill Schlesinger, jillonmoney.com.
Our guest this week is Jeremy Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO, which he cofounded in 1977. He serves on GMO's Asset Allocation Committee and board of directors. Prior to GMO, Jeremy was cofounder of Batterymarch Financial Management and before that was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the U.K., and is a recipient of the Carnegie Medal of Philanthropy.
Background
Bio
“10 Things You Didn’t Know About Jeremy Grantham,” by Allen Lee, moneyinc.com.
Bubbles
Three-Sigma Limits Definition
“Let the Wild Rumpus Begin,” by Jeremy Grantham, gmo.com, Jan. 20, 2022.
“‘Super Bubble’: Jeremy Grantham Says Historic Crash Has Begun,” by Clayton Jarvis, financialpost.com, Jan. 25, 2022.
“Market ‘Superbubble’ Could Lead to 50% Plunge, Says Grantham,” by Lawrence Carrel, forbes.com, Jan. 26, 2022.
“GMO’s Grantham: 7 Signs We’re in a Stock Collapse (And What to Do Now),” by Janet Levaux, thinkadvisor.com, Jan. 24, 2022.
“Is the Plunge in the Nasdaq and Bitcoin the end of the ‘Superbubble’”? by John Cassidy, newyorker.com, Jan. 24, 2022.
“The U.S. Is in One of the Greatest Bubbles in Financial History,” by Merryn Somerset Webb, moneyweek.com, Sept. 3, 2021.
“Grantham Calls Meme Stocks ‘Biggest U.S. Fantasy Trip,’” Kriti Gupta and John Authers, Bloomberg.com, June 22, 2021.
“Profiting From a Bubble in Growth Stocks,” by Jeremy Grantham, Simon Harris, Ben Inker, and Catherine LeGraw, gmo.com, March 25, 2021.
“Nikkei Back Above 30,000 After More Than Three Decades,” by Hideyuki Sano, reuters.com, Feb. 14, 2021.
“Waiting for the Last Dance,” by Jeremy Grantham, gmo.com, Jan. 5, 2021.
“COVID-19, Climate Change, and the Need for a New Marshall Plan,” by Jeremy Grantham, gmo.com, Oct. 30, 2020.
Forecast
GMO 7-Year Asset Class Forecast: 4Q 2021
“Why Are Stock Market Prices So High?” by Jeremy Grantham, GMO Quarterly Letter, gmo.com, 2017.
“Loose Monetary Policy Is Today’s Biggest Market Risk,” by John Plender, ft.com, April 14, 2021.
“An Investment Only a Mother Could Love: The Tactical Case,” by Jeremy Grantham and Lucas White, gmo.com, April 30, 2020.
Innovation, Venture Capital, and Green Investing
“Grantham Stumbles on $200m Profit After Spac Swoop on Battery Maker,” by Robin Wigglesworth and Eric Platt, ft.com, Dec. 7, 2020.
Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever, by Robin Wigglesworth.
“You Can’t Fool All the People All the Time,” by Jeremy Grantham, jpm.pm-research.com, Winter 1986.
“Green Investing May Be a Bubble, Jeremy Grantham Says, But He’s Doubling Down,” by Ben Steverman, fa-mag.com, Nov. 15, 2021.
“Where Jeremy Grantham Expects to Be ‘Kicking Ass,’” by Christine Idzelis, institutionalinvestor.com, Feb. 13, 2020.
Our guest this week is Dr. Andrew Lo. Dr. Lo is the Charles E. & Susan T. Harris Professor, a professor of finance, and the director of the Laboratory for Financial Engineering at the MIT Sloan School of Management. His current research spans five areas, including evolutionary models of investor behavior and adaptive markets, systemic risk, and financial regulation, among others. Dr. Lo has published extensively in academic journals and authored a number of books including In Pursuit of the Perfect Portfolio, which he cowrote with Stephen Foerster. He has received numerous awards for his work and contributions to modern finance research throughout his career. He holds a bachelor's in economics from Yale University and an AM and Ph.D. in economics from Harvard University.
Background
Bio
In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest, by Andrew W. Lo and Stephen R. Foerster
Adaptive Markets: Financial Evolution at the Speed of Thought, by Andrew W. Lo
History
“Thirty Maidens of Geneva,” the Tontine Coffee-House, thetch.blog.com, Aug. 5, 2019.
“Why 18th Century Swiss Bankers Bet on the Lives of Young Girls,” by Stephen Foerster, sfoerster-5338.medium.com, Sept. 2, 2021.
John Maynard Keynes
Benjamin Graham
Harry Markowitz
Harry Markowitz
Modern Portfolio Theory
What Is a Gunslinger?
William F. Sharpe
William F. Sharpe
What Is the Sharpe Ratio?
Capital Asset Pricing Model (CAPM)
“Keynes the Stock Market Investor: A Quantitative Analysis,” by David Chambers, Elroy Dimson, and Justin Foo, papers.ssrn.com, Sept. 26, 2013.
Eugene F. Fama
Eugene Fama
What Is the Efficient Market Hypothesis?
“Algorithmic Models of Investor Behavior,” by Andrew Lo and Alexander Remorov, eqderivatives.com, 2021.
“In Pursuit of the Perfect Portfolio: Eugene Fama,” Interview with Andrew Lo and Eugene Fama, youtube.com, Dec. 15, 2016.
“Why Artificial Intelligence May Not Be as Useful or as Challenging as Artificial Stupidity,” by Andrew Lo, hdsr.mitpress.mit.edu, July 1, 2019.
John C. Bogle
John Bogle
Cost Matters Hypothesis
Charles D. Ellis
Charley Ellis
Greenwich Associates
“Charley Ellis: Why Active Investing Is Still a Loser’s Game,” The Long View podcast, Morningstar.com, May 27, 2020.
Other
“7 Principles to Help You Create Your Perfect Portfolio,” by Robert Powell, marketwatch.com, Nov. 10, 2021.
Our guest this week is Michael Mauboussin. Michael is the head of consilient research at Counterpoint Global. Before joining Counterpoint Global in January 2020, Michael was director of research at BlueMountain Capital Management and prior to that held research leadership roles at Credit Suisse and Legg Mason Capital Management. Michael is the author of three books including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also coauthor with Alfred Rappaport of Expectations Investing: Reading Stock Prices for Better Returns. He has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham & Dodd Investing. Michael is also chairman emeritus of the board of trustees of the Santa Fe Institute. He received his bachelor's degree from Georgetown University.**
Background
Bio
The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, by Michael Mauboussin
Expectations Investing: Reading Stock Prices for Better Returns, by Michael Mauboussin and Alfred Rappaport
More Than You Know: Finding Financial Wisdom in Unconventional Places, by Michael Mauboussin
Consilience
Consilience: The Unity of Knowledge, by Edward O. Wilson
“Charlie Munger’s System of Mental Models: How to Think Your Way to Success,” by Andrew McVagh, mymentalmodels.info.com, Aug. 7, 2018.
“Increasing Returns and the New World of Business,” by W. Brian Arthur, harvardbusinessreview.com, July-August 1996.
Santa Fe Institute
“Why Foxes Make Better Decisions Than Hedgehogs,” by Kevin Sookocheff, sookocheff.com, July 15, 2021.
Jonathan Baron, Professor, University of Pennsylvania
Active Fund Success
“Turn and Face the Strange: Overcoming Barriers to Change in Sports and Investing,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Sept. 8, 2021.
“Dispersion and Alpha Conversion: How Dispersion Creates the Opportunity to Express Skill,” by Michael Mauboussin and Dan Callahan, morganstanley.com, April 14, 2020.
Fundamental Law of Active Management
“The ‘Paradox of Skill’ Adds to Active Management Woes,” by Christine Idzelis, institutionalinvestor.com, Sept. 17, 2020.
Triumph and Tragedy in Mudville: A Lifelong Passion for Baseball, by Stephen Jay Gould
“Looking for Easy Games in Bonds,” by Michael Mauboussin, bluemountaincapital.com, April 16, 2019.
“Do Individual Day Traders Make Money? Evidence From Taiwan,” by Brad Barber, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, Berkeley.edu, May 2004.
Expectations Investing
Creating Shareholder Value: A Guide for Managers and Investors, by Alfred Rappaport
“Market-Expected Return on Investment: Bridging Accounting and Valuation,” by Michael Mauboussin and Dan Callahan, morganstanely.com, April 14, 2021.
Security Analysis course taught by Michael Mauboussin at Columbia Business School
“The Math of Value and Growth: Growth, Return on Capital, and the Discount Rate,” by Michael Mauboussin and Dan Callahan, morganstanely.com, June 9, 2020.
“Public to Private Equity in the United States: A Long-Term Look,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Aug. 4, 2020.
“How the Parting of Two Market Forces Helped Spur the Equity Rally,” by Michael Mauboussin, ft.com, Feb. 8, 2021.
Business Quality and Capital Allocation
“Thoughts on Cost of Capital and Buffet’s $1 Test--Part 1,” by John Huber, sabercapitalmgt.com, Oct. 30, 2017.
“Return on Invested Capital (ROIC)--Michael Mauboussin on Investment Concepts,” anthenarium.com.
“Michael Mauboussin on Capital Allocation and Value Creation,” anthenarium.com, Nov. 29, 2019.
“Chancellor: Tech Growth Comes at Irrational Price,” by Edward Chancellor, reuters.com, Sept. 9, 2021.
“Categorizing for Clarity: Cash Flow Statement Adjustments to Improve Insight,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Oct. 6, 2021.
Other and Recommended Reading
Aswath Damodaran, Professor of Finance, Stern School of Business
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel
The Warren Buffett Way, by Robert Hagstrom
Warren Buffett: Inside the Ultimate Money Mind, by Robert Hagstrom
Richer, Wiser, Happier: How the World’s Greatest Inventors Win in Markets and Life, by William Green
Our guest on the podcast today is Paula Pant, host of the popular Afford Anything podcast. She is also the founder of affordanything.com, a personal finance website. Paula is a frequent public speaker and is a leading voice in the “Financial Independence, Retire Early” movement, better known as FIRE. She is a graduate of the Honors Program at the University of Colorado at Boulder.
Background
Bio
Afford Anything
Afford Anything podcast
FIRE
“Why the FIRE Movement Is Misunderstood,” by Paula Pant, affordanything.com, Oct. 17, 2018.
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas Stanley and William Danko
“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020.
“The Great Resignation: Why More Americans Are Quitting Their Jobs Than Ever Before,” by Bill Whitaker, cbsnews.com, Jan. 9, 2022.
“Ask Paula: FIRE Vs. FOMO—How Do You Balance Between These?” Afford Anything podcast, affordanything.com, Jan. 11, 2022.
“The FIRE Take on Wall St. Bets, GameStop, and Meme Stonks,” by Paula Pant, affordanything.com, Jan. 29, 2021.
Mindful Spending
“Your Money Should Make Buckets of Excess Money,” by Paula Pant, affordanything.com, Feb. 25, 2011.
“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.
Advice and Investing
“Income Producing Properties With Paula Pant of Afford Anything,” Martinis and Your Money podcast, martinisandyourmoney.com, Sept. 10, 2021.
“Ask Paula: How to Make Smarter Real Estate Decisions,” Afford Anything podcast, affordanything.com, Oct. 4, 2021.
“Why Index Funds Are a Good Investment--With Paula Pant,” Marriage, Kids, and Money podcast, marriagekidsandmoney.com, Oct. 5, 2020.
Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen also authors the popular blog "Pragmatic Capitalism," where he writes about a range of macroeconomic and investing topics. He is active on social media, including Twitter, where you can find him at @cullenroche. Cullen started his career as an advisor at Merrill Lynch and did a stint at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business..
Background
Bio
Pragmatic Capitalism Blog
Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, by Cullen Roche
Macroeconomics and Financial Planning/Advice
“Three Things I Think I Think—Macro Thoughts,” by Cullen Roche, pragcap.com, Aug. 3, 2021.
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel
“The Most Important Investment Factor—Behavior,” by Cullen Roche, pragcap.com, April 6, 2018.
“What Is the Value of Financial Advice?” by Cullen Roche, pragcap.com, Sept. 18, 2019.
“Understanding Quantitative Easing,” by Cullen Roche, papers.ssrn.com, Feb. 10, 2014.
“2 Reasons the Surging Deficit Worries Me,” by Cullen Roche, pragcap.com, Sept. 26, 2018.
Economic Cycle and Fiscal Picture
@jasonzweigwsj
“Three Things I Think I Think: Cycles, Hunting Biden and Life,” by Cullen Roche, pragcap.com, Oct. 15, 2020.
“Three Things I Think I Think: Housing Bubble 2.0, Passive Investing and Hyperinflation,” by Cullen Roche, pragcap.com, April 8, 2021.
“Should House Prices Be in the CPI?” by Cullen Roche, pragcap.com, Aug. 24, 2021.
“Understanding Government Liabilities,” by Cullen Roche, pragcap.com, March 28, 2021.
Inflation and Interest Rates
“Let’s Talk About Inflation,” by Cullen Roche, pragcap.com, May 12, 2021.
“Is Hyperinflation Coming?” by Cullen Roche, pragcap.com, Oct. 25, 2021.
“Three Things I Think I Think—Myths That Never Die,” by Cullen Roche, pragcap.com, Oct. 5, 2021.
“Government Bond Markets Aren’t ‘Free’ Markets,” by Cullen Roche, pragcap.com, Oct. 8, 2020.
“What if It’s all Going to Zero?” by Cullen Roche, pragcap.com, Nov. 9, 2021.
“Why Stocks and Bonds Are the Core of any Portfolio,” by Cullen Roche, pragcap.com, March 16, 2021.
Discipline Fund ETF
“Introducing the Discipline Fund ETF,” by Cullen Roche, pragcap.com, Sept. 21, 2021.
“John Bogle: How to Create Perfect Asset Allocation,” video interview, youtube.com, June 24, 2018.
Discipline Fund ETF Overview
Wesley Gray
“What Is Discipline-Based Investing?” by Cullen Roche, pragcap.com, Jan. 1, 2019.
Target-Date Funds
“The Zoom Climb Glide Path & Why the Age in Bonds Rule Is Wrong,” by Cullen Roche, pragcap.com, Sept. 30, 2021.
“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.
“Three Things I Think I Think—Dangerous & Terrible Stuff,” by Cullen Roche, pragcap.com, Sept. 29, 2021.
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with investment managers, writers, and thinkers over the past year.
Here are the complete episodes that are referenced in this week’s episode.
“David Giroux: What Are the Market Inefficiencies We Can Exploit?” The Long View podcast, Feb. 2, 2021.
“Hamish Douglass: On the Hunt for Super-Compounding Stocks,” The Long View podcast, Feb. 23, 2021.
“John Rogers, Jr.: ‘Be Willing to Talk about These Uncomfortable Issues’,” The Long View podcast, Apr. 6, 2021.
“William Bernstein: ‘We’re Starting to See All of the Signs of a Bubble’,” The Long View podcast, Mar. 9, 2021.
“Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir’,” The Long View podcast, Apr. 20, 2021.
“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, June 29, 2021.
“David Herro: ‘We Are Not at All Afraid to Vary from an Index’,” The Long View podcast, July 13, 2021.
“Robin Wigglesworth: The Rise of Indexing and the ‘Renegades’ Who Ushered It In,” The Long View podcast, Nov. 16, 2021.
“Bob Seawright: There Is No Such Thing As a Passive Investor,” The Long View podcast, Nov. 2, 2021.
“Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser',” The Long View podcast, Sept. 7, 2021.
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year.
Here are the complete episodes that are referenced in this week’s episode.
"Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,' " The Long View podcast, Aug. 31, 2021.
"Manisha Thakor: Beware of ‘Junk Personal Finance,' " The Long View podcast, July 20, 2021.
"Daniel Egan: Noisy Successes and Silent Failures,” The Long View podcast, Dec. 7, 2021.
"Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’ ” The Long View podcast, Sept. 28, 2021.
"Sarah Newcomb: ‘I Love Rules of Thumb,’ ” The Long View podcast, Aug. 10, 2021.
"Hal Hershfield: People Treat Their Future Self As If It’s Another Person,” The Long View podcast, Sept. 21, 2021.
“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Nov. 30, 2021.
“Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, Oct. 26, 2021.
“Mike Piper: Delaying Social Security Not Always a Great Deal,” The Long View podcast, April 27, 2021.
“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Dec. 14, 2021.
“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View podcast, May 18, 2021.
“Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, May 25, 2021.
“Meg Bartelt: ‘More Money Does Not Make You Happier,’ ” The Long View podcast, March 2, 2021.
“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’ ” The Long View podcast, Sept. 14, 2021.
“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, July 27, 2021.
On this week's special episode, we'll be chatting about a recent study on retirement withdrawal rates that Christine and I authored with our colleague John Rekenthaler, who joins us for this conversation.
As listeners probably know, this is an especially challenging time for retirees trying to figure out how much they can safely withdraw in retirement given lofty stock valuations, paltry bond yields, and uncertain inflation. With that in mind, the study assessed potential retirement withdrawal rates, projecting what spending rate would be successful over an assumed 30-year retirement horizon after taking the market outlook into consideration. In this episode, I'll be asking Christine and John about the study and key takeaways, including the finding that withdrawal rates will likely have to be lower going forward than they've been in the past. For reference, you can find a link to the study in the show notes to this episode.
Morningstar Retirement Research
“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.
“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler.
Other Retirement Research Referenced
“Determining Withdrawal Rates Using Historical Data,” by William P. Bengen, Journal of Financial Planning, October 1994.
“Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, Journal of Financial Planning, March 1, 2006.
“Asset Valuations and Safe Portfolio Withdrawal Rates,” by David Blanchett, Michael S. Finke, and Wade D. Pfau, July 2013.
“Exploring the Retirement Consumption Puzzle,” by David Blanchett, Journal of Financial Planning, May 2014.
“Experts Forecast Stock and Bond Returns: 2021 Edition,” by Christine Benz, Morningstar.com, Jan. 20, 2021.
“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.
“Wade Pfau: The 4% Rule Is No Longer Safe,” The Long View podcast, Morningstar.com, April 29, 2020.
“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.
“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.
“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.
10-Year Breakeven Inflation Rate, Federal Reserve Bank of St. Louis
Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what's now called the 4% rule. Bill is the former owner of Bengen Financial Services, an independent Registered Investment Advisor that he launched in 1989, after his family sold the soda-bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates. We're excited to have him here today.
Background
Bio
In-Retirement Withdrawal Rates and Asset Allocation
“The Originator of ‘the 4% Rule’ Thinks It’s Off the Mark. He Says It Now Could Be Up to 4.5%,” by Neal Templin, barrons.com, Jan. 23, 2021.
“The Planner’s Toolkit for Managing Retirement Withdrawal Plans,” by William Bengen, financialplanningassociation.org, April 2021.
“Resolving the Paradox--Is the Safe Withdrawal Rate Sometimes Too Safe?” by Michael Kitces, kitces.com, May 2008.
“Bill Bengen Revisits the 4% Rule Using Schiller’s CAPE Ratio, Michael Kitces’s Research,” by Bill Bengen, fa-mag.com, Dec. 17, 2020.
“Can We Raise Our Safe Withdrawal Rate When Inflation Is Low?” earlyretirementnow.com, Oct. 26, 2020.
“Economic Outlook: Still Rising,” by Preston Caldwell, Morningstar.com, Oct. 3, 2021.
“Jonathon Guyton: What the Crisis Means for Retirement Planning,” The Long View Podcast, Morningstar.com, June 17, 2020.
“Determining Withdrawal Rates Using Historical Data,” by William Bengen, retailinvestor.org.
“The Rules of Retirement Spending Are Changing,” by Anne Tergesen, wsj.com, Nov. 26, 2021.
“Choosing the Highest Safe Withdrawal Rate at Retirement,” by William Bengen, fa-mag.com, Oct. 1, 2020.
Our guest on the podcast today is Dan Egan. Egan is the director of behavioral finance and investing at Betterment, and he has researched behavioral finance topics extensively over his career. Prior to joining Betterment, he was a behavioral finance specialist for Barclays Wealth. He received his bachelor's degree in economics from Boston University and his Master of Science degree in decision science from the London School of Economics.
BackgroundBio
Research
Frictions and 'Free'"Closing the Behavior Gap," Betterment.com, Dec. 11, 2018.
"'Most People Don’t Want to Be Called Average,' Says Betterment's Dan Egan, Who Designs Financial Tools for Them Anyway," by Andrea Riquier, MarketWatch, June 16, 2020.
"How Checking Performance Might Hurt Your Performance," by Dan Egan, Betterment.com, May 20, 2019.
"The Myth of the Panicky Individual Investor," by Dan Egan, dpegan.com, March 14, 2020.
"Memestonks: What's Different About This Market," by Dan Egan, Betterment.com, Jan. 29, 2021.
"5 Red Flags to Look out for in Your Favorite Investing App," by Liz Knueven, Insider, Feb. 17, 2021.
"Low Cost Is Better Than Free," by Dan Egan, dpegan.com, March 23, 2021.
"Are Commission-Free Investing Apps Encouraging Reckless Behavior?" by Robert Farrington, Forbes, Dec. 3, 2019.
Betterment"Using Investment Goals at Betterment," by Dan Egan, Betterment.com, July 27, 2021.
"How Much to Save: Our Advice Guides You Toward Your Goals," by Dan Egan, Betterment.com, Jan. 24, 2019.
“Betterment's 401(k) Investment Approach," by Dan Egan, Betterment.com, Feb. 2, 2021.
"Q&A: What's the Future of Investing?" Betterment.com, Feb. 17, 2021.
"When It Comes to ESG, Investors Want Specifics—and They Should," by Elizabeth Thompson, Spark Network, Feb. 4, 2021.
"'Robo' Advisers Betterment, Wealthfront Get in on Socially Responsible Investing," by Anne Tergesen, The Wall Street Journal, July 19, 2017.
Retirement"Lifestyle Creep: The Biggest Threat to Financial Planning," by Dan Egan, Betterment.com, Feb. 28, 2019.
"Tiny Changes Can Help You Achieve Savings Goals for Retirement," by Anne Tergesen, The Wall Street Journal, Dec. 28, 2020.
Our guest on the podcast this week is personal finance expert and author, Ramit Sethi. His first book I Will Teach You to Be Rich, published in 2009, was a best-seller. A second edition of the book came out in 2019. Ramit is the founder of IWillTeachYouToBeRich.com, and he is also the host of a new podcast called, I Will Teach You to Be Rich, which features in-depth conversations with couples about money.
Background
Bio
I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a Six-Week Program That Works, by Ramit Sethi
I Will Teach You to Be Rich Podcast
IWillTeachYoutoBeRich.com
In-Depth Conversations With Couples
“Ramit Sethi Launches Groundbreaking Podcast,” Yahoo.money.com, Aug. 4, 2021.
“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Kara Copple, Iwillteachyoutoberich.com, Nov. 23, 2020.
“Is Renting a Waste of Money? Ramit Sethi Explains,” by Ramit Sethi, Iwillteachyoutoberich.com, Sept. 22, 2021.
“Episode 17: I Think He Should Pay for Everything Because He’s the Man,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 9, 2021.
“Episode 18: He’s the Man & He Should Pay. We Can’t Go on Like This Anymore,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 16, 2021.
“Episode 14: I Hide My Spending From My Husband,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Oct. 19, 2021.
“Episode 16: We’re Worth $8 Million but I Comparison Shop for Strawberries,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 2, 2021.
“Money Dials: The Reason You Spend the Way You Do According to Ramit Sethi,” by Ramit Sethi, Iwillteachyoutoberich.com, Oct. 22, 2021.
Our guest this week is Phil Huber. He is chief investment officer at Savant Wealth Management, a fee-only registered investment advisor. Previously, Huber worked for Huber Financial Advisors, which Savant acquired in 2020. Huber is active in the financial blogosphere with his blog bps and pieces.com. He has a bachelor's degree in finance from the Kelley School of Business at Indiana University and has earned both the Certified Financial Planner and Chartered Financial Analyst designations. Huber is also the author of a new book, The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification.
BackgroundBio
Savant Wealth Management
Bps and pieces
The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification
Trade Allocations and the Case for Alternatives"Evidence-Based Investing: Application and Monitoring," by Phil Huber, savantwealth.com, March 22, 2021.
"In Defense of Complexity," by Phil Huber, bpsandpieces.com, March 16, 2019.
"The Four C's of Investment Costs," by Phil Huber, bpsandpieces.com, Nov. 3, 2021.
"Inflation: Temporary or Here to Stay?" by Daniel G. Noonan, savantwealth.com, Sept. 15, 2021.
"Ask Meaningful Questions: Bonds and Alternatives," by Phil Huber, savantwealth.com, March 21, 2021.
“The Elements of Diversification," by Phil Huber, bpsandpieces.com, Nov. 19, 2018.
Retirees "Three Tips for Evidence-Based Retirement Plans," by Isaac Presley, cordantwealth.com, Nov. 29, 2017.
Practice and Behavioral"Diversification Means Always Having to Say You're Sorry," by Brian Portnoy, forbes.com, March 9, 2015.
Liquid Alts"Liquid Alts Revival?" by Phil Huber, bpsandpieces.com, April 7, 2021.
"Inside the Morningstar Style Box for Alternatives," by Jason Kephart, Morningstar.com, Oct. 30, 2017.
Indexing and ETFs"Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'," The Long View, Morningstar.com, May 12, 2021.
Canvas
"For a While, Bond Funds Were an Exception to the Indexing Rule," by Carla Fried, nytimes.com, Jan. 11, 2019.
"Around the ETF World in 80 Hours," by Phil Huber, bpsandpieces.com, Feb. 14, 2020.
Our guest this week is Robin Wigglesworth. Robin is the Financial Times' global finance correspondent based in Oslo, Norway. He covers investing in markets with a focus on technological disruption and quantitative investing. He joined the FT as a Gulf correspondent in June 2008. Before that, he was a Nordic economics and politics correspondent for Bloomberg News. Robin is a graduate of City, University of London and received his master's in history of international relations from the London School of Economics and Political Science. Robin is here to discuss his new book, Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever.
Background
Bio
Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
History of Indexing
“Louis Bachelier: An Underappreciated Revolutionary,” historyofdatascience.com, June 3, 2021.
Paul Samuelson
Efficient Market Hypothesis
Rex Sinquefield
Dean LeBaron
Mac McQuown
Jack Bogle
John Brennan
Dimensional Fund Advisors
Dan Wheeler
Larry Fink
Eugene Fama
Harry Markowitz
Bill Sharpe
Baby Bells
Technology
Cowles Foundation for Research in Economics
“Can Stock Market Forecasters Forecast?” by Alfred Cowles, yale.edu, 1933.
The Beginning of ETFs
“Passive Attack: The Story of a Wall Street Revolution,” by Robin Wigglesworth, FT.com, Dec. 19, 2018.
“All That Drama About Fixed-Income ETFs Was Overplayed,” by Robin Wigglesworth, FT.com, April 21, 2020.
Nate Most
Our guest on the podcast today is Charles Rotblut. Charles is vice president at the American Association of Individual Investors, and he's also editor of the AAII Journal. Charles wrote the book Better Good Than Lucky, which was published in 2010. And he's a CFA charterholder.
Background
Bio
AAII Journal
Better Good Than Lucky: How Savvy Investors Create Fortune With the Risk-Reward Ratio, by Charles Rotblut
AAII
PRISM Wealth-Building Process
“Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay,” by Drazen Prelec and Duncan Simester, Marketing Letters, NYtimes.com, June 8, 2000.
“Aging’s Adverse Impact on Decision-Making,” by Charles Rotblut, aaii.com.
AAII Investor Sentiment Survey
“Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser,’” The Long View Podcast, morningstar.com, Sept. 7, 2021.
Investor Behavior
“A Rules-Based Approach to Managing a Portfolio,” by Charles Rotblut, aaii.com, April 6, 2017.
“A Process for Creating Your Own Investing Plan,” by Charles Rotblut, aaii.com.
“Using the Power of the Written Word to Improve Your Returns,” by Charles Rotblut, cannonfinancial.com, September 2018.
The National Weight Control Registry
“Save More Tomorrow:™ Using Behavioral Economics to Increase Employee Saving,” by Richard H. Thaler and Shlomo Benartzi, journals.uchicago.edu, February 2004.
“There’s a Brilliant Reason Why Van Halen Asked for a Bowl of M&Ms With all the Brown Candies Removed Before Every Show,” by Julie Zeveloff, businessinsider.com, Sept. 7, 2016.
“Avoid the Psychological Traps of the Market With The Dreman Screen,” by Charles Rotblut, forbes.com, Oct. 6, 2021.
Investing at Level 3, by James Cloonan
“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.
“Managing Sequence of Return Risk With Bucket Strategies Vs. a Total Return Rebalancing Approach,” by Michael Kitces, kitces.com, Nov. 12, 2014.
Our guest this week is Bob Seawright. Bob is chief investment and information officer at Madison Avenue Securities, a Registered Investment Advisorand broker/dealer based in San Diego, California. Bob has received a number of accolades through the years but is perhaps best known for his popular newsletter, "The Better Letter," where he writes about a wide range of topics, including human behavior, decision-making, and investing. Before coming to the finance industry, Bob was a practicing lawyer. He later joined Merrill Lynch, where he worked as a financial advisor until joining Madison in 2010. Bob earned his bachelor's degree from the State University of New York at Fredonia, his J.D. from Duke University, and is a CFA charterholder.
Background
Bio
The Better Letter
How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, by Joshua Brown and Brian Portnoy
Ubiquity: Why Catastrophes Happen, by Mark Buchanan
Terrance Odean: “The Average Investor Is His Own Worst Enemy,” Forbes.com, June 10, 2010.
Confirmation Bias and Addition by Subtraction
“The Better Letter: Believing Is Seeing,” by Bob Seawright, betterletter.substack.com, May 21, 2021.
The Geometry of Wealth: How to Shape a Life of Money and Meaning, by Brian Portnoy
“A Hierarchy of Advisor Value,” by Bob Seawright, RPSeawright.wordpress.com, Feb. 12, 2016.
“The Better Letter: Addition by Subtraction,” by Bob Seawright, betterletter.substack.com, July 30, 2021.
Error Avoidance
“Investors’ 10 Most Common Behavioral Biases,” by Bob Seawright, RPSeawright.wordpress.com, July 16, 2012.
“Not Stupid Wins,” by Bob Seawright, RPSeawright.wordpress.com, Dec. 20, 2019.
“The Better Letter: Crash Protection,” by Bob Seawright, betterletter.substack.com, Sept. 24, 2021.
“Forecasting Follies 2020,” by Bob Seawright, RPSeawright.wordpress.com, Jan. 2, 2020.
Skill Versus Randomness
“The Better Letter: Randomness Rules,” by Bob Seawright, betterletter.substack.com, July 16, 2021.
“The Better Letter: Process, Probability, and Power,” by Bob Seawright, betterletter.substack.com, Aug. 14, 2020.
Our guest on the podcast today is author and blogger Fritz Gilbert. Fritz spent more than 30 years in corporate America, before retiring at age 55. He and his wife moved to a cabin in the Georgia mountains, where they enjoy community involvement and charity work. Fritz has been writing about the experience and giving advice at his blog, theretirementmanifesto.com. He also wrote a book about retirement, called Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years.
Background
Bio
Twitter: https://twitter.com/RetireManifesto
What I've Learned From 2 Years of Retirement, by Fritz Gilbert; June 3, 2020
Wise Advice for a Successful Retirement, by Fritz Gilbert; April 22, 2020
Freedom for Fido, by Fritz Gilbert; May 7, 2019
Freedom for Fido website
The Dark Side of Retirement, by Fritz Gilbert; Nov. 19, 2019
The One Retirement Question Project, by Fritz Gilbert; May 18, 2018
The Wall Street Journal. Complete Retirement Guidebook: How to Plan It, Live It and Enjoy It
Karsten Jeske/Early Retirement Now
The Safe Withdrawal Rate Series
Karsten Jeske: Cracking the Code on Safe Withdrawal Rates. The Long View podcast. Oct. 13, 2020.
Retirement Readiness
10 Steps to Make Sure You Have Enough Money to Retire, by Fritz Gilbert; May 26, 2021
20 Steps to Take in the Year Before Retirement, by Fritz Gilbert; Jan. 2, 2019
The Ultimate Pre-Retirement Checklist, by Fritz Gilbert; March 27, 2018
How To Build a Retirement Paycheck From Your Investments, by Fritz Gilbert; Oct. 4, 2016
Retirement: Decumulation and Investments
How to Manage the Bucket Strategy, by Fritz Gilbert; Jan. 15, 2020
A Step-By-Step Guide for Your Annual Financial Update, by Fritz Gilbert; Jan. 1, 2020
Our Retirement Investment Drawdown Strategy, by Fritz Gilbert; June 20, 2017
How to Move Your Retirement From Good to Great in 7 Days, by Fritz Gilbert; May 31, 2017
Our guest on the podcast today is author Zachary Karabell. He’s written numerous books about global history, economics, and politics. His latest is called Inside Money: Brown Brothers Harriman and the American Way of Power.
Background
Bio
Website
Twitter: @zacharykarabell
The Progress Network
Brown Brothers Harriman
Career/Investing
Inside Money: Brown Brothers Harriman and the American Way of Power, by Zachary Karabell, 2021.
“Zachary Karabell: How a Boring Bank Shaped the Rise of American Power," by Jane Wollman Rusoff, ThinkAdvisor.com, July 30, 2021.
The Leading Indicators: A Short History of the Numbers That Rule Our World, by Zachary Karabell, 2014.
"Capitalism Doesn’t Have to Be This Way," by Zachary Karabell, The Atlantic, May 21, 2021.
“The Capitalist Culture That Built America,” by Zachary Karabell, The Wall Street Journal, May 14, 2021.
“Fannie, Freddie, and the Destructive Dream of the 'Ownership Society,’ ” by Zachary Karabell, The Atlantic, Aug. 10, 2013.
“A House Is a Home--Not an Investment,” by Zachary Karabell, The Atlantic, Sept. 13, 2013.
C-Span Inside Money, hosted by Museum of American Finance in New York City, July 14, 2021.
China
Superfusion: How China and America Became One Economy and Why the World's Prosperity Depends on It, by Zachary Karabell, 2009
“Trump Got China All Wrong. Now Biden Is Too,” by Zachary Karabell, Foreign Policy, March 24, 2021
“China’s Didi Crackdown Isn’t All That Different From U.S. Moves Against Big Tech,” by Zachary Karabell, Time, July 9, 2021.
Our guest this week is the Dhananjay Phadnis. DJ is the manager of the Fidelity Sustainable Asian Equity strategy, which he has run since 2013. DJ joined Fidelity as an analyst in 2004 and has served in a number of roles during his tenure, including stints managing Fidelity Indonesia Fund as well as Fidelity's director of research in Hong Kong. DJ graduated from Pune University in India and holds a postgraduate degree in management from the Indian Institute of Management. He is a CFA charterholder and an associate of the Institute of Chartered Accountants of India.
Background
Bio
Fidelity Sustainable Asia Eq A-Dis-EUR
China
“Fund Update--Sustainable Asia Equity,” by Dhananjay Phadnis, fidelity.co.uk.com, Aug. 25, 2021.
“Capitalising on Asia’s Sustainability Transition,” by Dhananjay Phadnis, fidelity.co.uk.com, July 12, 2021.
“On the Hunt for Sustainable Growth in Asia,” by Dhananjay Phadnis, fidelity.co.uk.com, April 21, 2021.
“Seven Themes That Investors in Emerging Asia Have to Watch,” by Gary Jackson, trustnet.com, Feb. 15, 2019.
ESG
“Sustainability Is Key for Value Creation,” by Dhananjay Phadnis and Flora Wang, fidelityinternational.com, March 2, 2021.
“DJ Phadnis: A Commitment to Sustainable Practices Can Improve Long-Term Value,” YouTube video, Fidelity International, March 25, 2021.
“An Active Approach to ESG Investing Is Key for Investors Trying to Drive Sustainable Change in Asia,” by Dhananjay Phadnis, linkedin.com, Sept. 20, 2021.
“Investors Eye Early Stage Sustainability,” esgclarityasia.com, July 15, 2021.
“ESGenius: A Sustainability Lens Can Help Discern the Trends That Matter,” by Dhananjay Phadnis, fidelityinternational.com, June 10, 2020.
Investing and Stocks
“Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,’” The Long View Podcast, Morningstar.com, April 21, 2021.
“Martin Lau: Now Is a Better Time to Buy China,” The Long View Podcast, Morningstar.com, Aug. 3, 2021.
“Asia Equities: Bottom-Up, Stock Specific Opportunities Abound,” by Dhananjay Phadnis, fidelity.com.
“Macau, China’s Casino Capital, Has Enjoyed a Decades-Long Winning Streak. It Might Finally End,” by Eamon Barrett, fortune.com, Sept. 16, 2021.
Our guest on the podcast today is Tadas Viskanta. Tadas is the director of investor education at Ritholtz Wealth Management. He's also the founder and editor of the popular financial and investing blog Abnormal Returns, which he launched in 2005. Tadas is the author of the book Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere and has coauthored a number of papers that have appeared in esteemed academic publications like the Financial Analysts Journal. Tadas earned his bachelor's degree in economics and political science from Indiana University and his MBA from the University of Chicago Booth School of Business.
Background
Bio
Abnormal Returns
Twitter: @abnormalreturns
Abnormal Returns: Winning Strategies From the Frontlines of the Investment Blogosphere by Tadas Viskanta
Investor Education
“Financial Literacy vs. a Fiduciary Standard: Which Matters More?” by Tadas Viskanta, abornormalreturns.com, May 26, 2019.
“What Has the Stock Market Taught Us Since 2010? ” by Ben Carlson, awealthofcommonsense.com, Sept. 10, 2021.
Content
“Earning the Permission of Your Audience,” by Tadas Viskanta, abnormalreturns.com, Feb. 21, 2021.
“Keys to Social Media Success: Curiosity, Conversation, and Patience,” by Sloane Ortel, cfainstitute.org, May 15, 2016.
HumbleDollar
Jonathan Clements
The Rational Reminder Podcast
Retirement Planning and Personal Finance
“Don’t Short-Circuit Your Financial Plan With an Inflexible Spending Rule,” by Tadas Viskanta, abnormalreturns.com, July 31, 2019.
“Shifting Gears in Retirement Isn’t Easy,” by Tadas Viskanta, abnormalreturns.com, Nov. 23, 2019.
“Social Influence and the Rise of Index Investing,” by Tadas Viskanta, medium.com, Feb. 12, 2017.
Canvas platform, O'Shaughnessy Asset Management
“Not All That Glitters Is Gold With Tadas Viskanta,” ycharts.com, 2021.
Other
The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, by Michael J. Mauboussin
“Consilient Observer,” by Michael Mauboussin and Dan Callahan
Our guest on the podcast today is Lynnette Khalfani-Cox. She's a personal finance expert, speaker, and author of 15 money-management books, including The New York Times best-seller, Zero Debt: The Ultimate Guide to Financial Freedom. Khalfani-Cox and her husband co-own TheMoneyCoach.net, which offers financial education consulting services, courses, and workshops. Before starting TheMoneyCoach.net, Khalfani-Cox was a Wall Street Journal reporter for CNBC, where she covered business and personal finance news. She spent nearly 10 years at Dow Jones & Company working as a reporter, bureau chief, deputy managing editor, and personal finance editor. She received her undergraduate degree from the University of California at Irvine, and her master's degree in broadcast journalism from the University of Southern California.
BackgroundBio
TheMoneyCoach.net
Books by Lynnette Khalfani-Cox
Improving the Racial Wealth Gap"Here's What the 'Black Tax' Does to so Many Families--Including Mine," by Lynnette Khalfani-Cox, Vox, March 24, 2021.
"How Income and Savings Affect the Racial Wealth Gap," by Steve Wendel, Morningstar.com, Aug. 27, 2021.
"100 Must-Know Statistics about Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020.
"Why the Racial Wealth Gap Exists, and What You Can Do About It," by Nicole Dieker, Haven Life, July 10, 2020.
"3 Ways to Close the Racial Wealth Gap After the Pandemic," by Kemberley Washington, Forbes, June 10, 2021.
"A Lesson in Economic Violence," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com.
"Financial Advice During the COVID-19 Pandemic," by Lynnette Khalfani-Cox, aalbc.com, May 30, 2020.
"How to Set Money Boundaries With Your Family," Meena Thiruvengadam, Yahoo News, Sept. 8, 2021.
Ariel-Schwab Black Investor Survey
"A Money Expert Who Bought her Daughter an Apartment for College Said It Worked So Well She's Doing the Same Thing for her Son," by Liz Knueven, Business Insider, Sept. 24, 2019.
"Are You Ready for Homeownership?" by Lynnette Khalfani-Cox, AskTheMoneyCoach.com.
"Are You a Victim of Financial Abuse?" by Lynnette Khalfani-Cox, AARP.
College Funding"What to Do If You Can No Longer Afford to Pay for College Due to COVID-19," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com.
"Student Debt Sinks Retirees," by Lynnette Khalfani-Cox, AARP, April 18, 2017.
"Seven Ways to Pay Off Your Student Loans," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com.
"Tackling Student Loan Debt," by Lynnette Khalfani-Cox, AARP.
"Are Your Kids Making You Broke?" by Lynnette Khalfani-Cox, AARP, January 2013.
“7 Financial Tips for Parents of College Students," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com.
Financial Wellness and Education"7 Tips for Tackling Your Credit Card Debt, From Someone Who Paid Off $100,000 in 3 Years," by Elizabeth Gravier, CNBC, June 1, 2021.
Our guest on the podcast today is Professor Hal Hershfield. Dr. Hershfield is Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA's Anderson School of Management. His research concentrates on the psychology of long-term decision-making and how people's perceptions of the passage of time affect the decisions that they make. He has consulted with numerous organizations including Prudential, the Consumer Financial Protection Bureau, Merrill Lynch, and the Principal Financial Group. He received his B.A. at Tufts University and his Ph.D. at Stanford.
Background
Bio
The Pandemic
“How Elvis Got Americans to Accept the Polio Vaccine,” by Hal Hershfield and Ilana Brody, scientificamerican.com, Jan. 18, 2021.
“Should You Immerse Yourself in Bad News These Days or Ignore It Completely?” by Hal Hershfield, scientificamerican.com, May 5, 2020.
“How to Craft the Vaccine Message for the Undecided,” by Bill Kisliuk, ucla.edu, May 4, 2021.
“Your Messaging to Older Audiences Is Outdated,” by Hal Hershfield and Laura Carstensen, harvardbusinessreview.org, July 2, 2021.
“Time Is Meaningless Now,” by Shayla Love, vice.com, April 10, 2020.
Saving for the Future
Daniel Kahneman
“Temporal Reframing and Participation in a Savings Program: A Field Experiment,” by Hal Hershfield, Stephen Shu, and Shlomo Benartzi, halhershfield.com, 2020.
“Using Vividness Interventions to Improve Financial Decision Making,” by Hal E. Hershfield, Elicia M. John, and Joseph S. Reiff, halhershfield.com, 2018.
“Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self,” by Hal Hershfield, Daniel Goldstein, William Sharpe, Jesse Fox, Leo Yeykelis, Laura Carstensen, and Jeremy Bailenson, halhershfield.com, 2011.
“The Future Self,” by Hal E. Hershfield and Daniel Bartels, uchicago.edu, 2018.
“Beliefs About Whether Spending Implies Wealth,” by Heather Barry Kappes, Joe J. Gladstone, and Hal Hershfield, londonschoolofeconomics.com, 2020.
“Seeking Lasting Enjoyment With Limited Money: Financial Constraints Increase Preference for Material Goods Over Experiences,” by Stephanie M. Tully, Hal E. Hershfield, and Tom Meyvis, halhershfield.com, 2015.
“Do Images of Older Americans Reinforce Stereotypes?” by Colette Thayer and Laura Skufca, aarp.org, September 2019.
Retirement and Older Adults
“People Search for Meaning When They Approach a New Decade in Chronological Age,” by Adam Alter and Hal Hershfield, halhershfield.com, 2014.
Mike North
“You Owe It to Yourself: Boosting Retirement Saving With a Responsibility-Based Appeal,” by Christopher J. Bryan and Hal E. Hershfield, halhershfield.com, 2012.
Our guest on the podcast today is Laura Carstensen. She is professor of psychology at Stanford University, where she is the Fairleigh S. Dickinson Professor in Public Policy and founding director of the Stanford Center on Longevity. Her research focuses on the motivational and emotional changes that occur with age and the influence such changes have on cognitive processing. She is the author of a A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity. She received her bachelor's degree from the University of Rochester, and her Ph.D. in clinical psychology from West Virginia University.
Background
Bio
Stanford Center on Longevity
A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity, by Laura Carstensen, Ph.D.
The Pandemic
“Age Advantages in Emotional Experience Persist Even Under Threat From the COVID-19 Pandemic,” by Laura L. Carstensen, Yochai Z. Shavit, and Jessica T. Barnes, journals.sagepub.com, Oct. 26, 2020.
“A Life-Course Model for Healthier Ageing: Lessons Learned During the COVID-19 Pandemic,” by Laura L. Carstensen, Ashley Jowell, and Michele Barry, ncbi.nlm.nih.gov, October 2020.
Longevity
“Growing Old or Living Long: Take Your Pick,” by Laura L. Carstensen, issues.org, Winter 2007.
“Laura Carstensen’s TED Talk: Older People Are Happier,” ted.com, April 2012.
“Retire at 80!—So Says University Professor and Longevity Expert,” by Perry Brissette, perrybrissette.medium.com, July 4, 2018.
“Opinion: We Need a Major Redesign of Life,” by Laura Carstensen, washingtonpost.com, Nov. 29, 2019.
“Longevity and Retirement: An Expert on Aging Explains How Retirement Is Being Redefined,” Fidelity Viewpoints, fidelity.com, Feb. 3, 2021.
“Boomers: Less Tied to Friends and Family as Others Are,” by Laura L. Carstensen, nextavenue.org, May 31, 2016.
“Exercise Holds Immediate Benefits for Affect and Cognition in Younger and Older Adults,” by Candace L. Hogan, Jutta Mata, and Laura L. Carstensen, pubmed.ncbi.nlm.nih.gov, June 2013.
“How Merrill Lynch Is Planning for Its Customers to Live to 100,” by Susan Wilner Golden and Laura L. Carstensen, harvardbusinessreview.org, March 4, 2019.
“There’s a New Way of Living Thanks to Longevity,” wealthchoice.com, May 16, 2019.
“Selective Narrowing of Social Networks Across Adulthood Is Associated With Improved Emotional Experience in Daily Life,” by Laura L. Carstensen and Tammy English, researchgate.net, March 2014.
“Leveraging Goals to Incentivize Healthful Behaviors Across Adulthood,” by Laura L. Carstensen, Teja Chemudupati, Jessica T. Barnes, Candice L. Hogan, and Sarah Raposo, researchgate.net, July 2020.
Cognitive Decline
“Selective Narrowing of Peripheral Social Networks Predicts Poor Long-Term Cognition in Old Age,” by Laura L. Carstensen, Hsiao-Wen Liao, and Yochai Shavit, researchgate.net, November 2019.
“Integrating Cognitive and Emotion Paradigms to Address the Paradox of Aging,” by Laura L. Carstensen, researchgate.net, November 2018.
“The Theory Behind the Age-Related Positivity Effect,” by Laura L. Carstensen and Andrew E. Reed, frontiersinpsychology.org, Sept. 27, 2012.
“The Positivity Effect: A Negativity Bias in Youth Fades With Age,” by Laura L. Carstensen and Marguerite DeLiema, researchgate.net, February 2018.
“Alternative Retirement Paths and Cognitive Performance: Exploring the Role of Preretirement Job Complexity,” by Laura L. Carstensen, Dawn C. Carr, Robert Willis, and Ben Lennox Kail, thegerentologist.com, April 2020.
Messaging to Older Adults
Hal Hershfield
“Your Message to Older Adults Is Outdated,” by Hal Hershfield and Laura L. Carstensen, harvardbusinessreview.org, July 2, 2021.
Our guest this week is Meb Faber. He is co-founder and chief investment officer of Cambria Investment Management, which manages exchange-traded funds and separate accounts. In addition to his duties at Cambria, Faber is a prolific author who has written influential books on tactical allocation and endowment-styled investing, among other published works. He also hosts the popular Meb Faber Show podcast, is an active participant in financial Twitter, and is the architect of The Idea Farm, a web-based research resource he developed for investors. Faber is an experienced angel investor in small, private businesses as well as an investor in alternative assets like farmland and rare coins. He graduated from the University of Virginia with a dual major in engineering science and biology.
Background
Bio
Books
The Meb Faber Show podcast
@MebFaber
The Idea Farm
Celera Corporation
Gattaca
Richard Thaler
James Montier
Current Environment and Market Valuations
Triumph of the Optimists, by Elroy Dimson
"The Best way to Add Yield to Your Portfolio," by Meb Faber, mebfaber.com, July 6, 2017.
"Should a Robot Be Managing CalPERS Portfolio?" by Meb Faber, mebfaber.com, June 8, 2015.
"Should Harvard’s Endowment Be Managed by a Robot?" by Meb Faber, mebfaber.com, Sept. 29, 2016.
Jim Rogers
"I Don’t Feel Overweight," by Meb Faber, mebfaber.com, July 8, 2019.
"The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020.
"Designing a Portfolio With Crypto, Cannabis, and Value in Mind," by Evie Liu, barrons.com, July 1, 2021.
"Stocks Are Allowed to Be Expensive Since Bonds Are Low…Right?" by Meb Faber, mebfaber.com, Jan. 6, 2021.
Twitter thread on contrarian investment beliefs
"Journey to 100x," by Meb Faber, mebfaber.com, July 1, 2021.
"Stock Market Valuations," by Meb Faber, mebfaber.com, March 21, 2020.
Shiller P/E Ratio
Research Affiliates
AAII Sentiment Survey
Galapagos: A Novel, by Kurt Vonnegut
Trend-Following
"A Quantitative Approach to Tactical Asset Allocation," by Meb Faber, papers.ssrn.com, Feb. 1, 2013.
"How Does a Market Get Cheap? The P in P/E," by Meb Faber, mebfaber.com, April 4, 2016.
"OPTO Sessions: Meb Faber on Spotting Market Bubbles," cmcmarkets.com, Aug. 28, 2020.
"The Biggest Valuation Spread in 40 Years?" by Meb Faber, mebfaber.com, Jan. 25, 2019.
"The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020.
"Is Buying Stock at an All-Time High a Good Idea?" by Meb Faber, mebfaber.com, Nov. 4, 2019.
"You Would’ve Missed 961% in Gains Using The CAPE Ratio, and That’s a Good Thing," by Meb Faber, mebfaber.com, Jan. 6, 2019.
Global Asset Allocation, by Meb Faber
Dow Theory
"Diversify, Tilt, Relax--Meb Faber’s Case for Global Investing," by Aaron Neuwirth, efttrends.com, Jan. 14, 2020.
"FAQs on Share Buybacks for Lawmakers, Journalists, and Investors," by Meb Faber, mebfaber.com, Aug. 5, 2019.
Qualified Small Business Stock (QSBS)
AngelList
Unclaimed.org
The Coffee Can Portfolio," by James Kirby, csinvesting.org, Fall 1984.
Favorite Interviews
"Episode #39: Ed Thorp, Hedge Fund Manager, Author, & Professor, ‘If You Bet Too Much, You’ll Almost Certainly Be Ruined,’" The Meb Faber Show, mebfaber.com, Feb. 8, 2017.
"Episode #343: Dr. Nathan Myhrvold, Intellectual Ventures, ‘Pizza in the United States Is What Convinced the World That Pizza Was a Great Thing,’" The Meb Faber Show, mebfaber.com, Aug. 25, 2021.
Our guest on the podcast today is psychologist and author Dr. Daniel Crosby. Daniel is the chief behavioral officer at Orion Advisor Solutions. Daniel has written numerous books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and The Secret to Investor Success, and You're Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science and doctorate at Brigham Young University.
Background
Bio
The Behavioral Investor, by Daniel Crosby
The Laws of Wealth: Psychology and the Secret to Investor Success, by Dr. Daniel Crosby
You’re Not That Great, by Daniel Crosby, Ph.D.
Standard Deviations podcast
Orion Advisor Solutions
Current Environment
“3 Tips to Handle Financial Peer Pressure With Ease,” ally.com, Aug. 18, 2021.
“Loneliness and Social Isolation as Risk Factors for Mortality: A Meta-Analytic Review,” by Julianne Holt-Lunstad and Timothy Smith, scholarsarchive.byu.edu, 2015.
“Episode #337: Professor Richard Thaler, University of Chicago, ‘When Somebody Would Fire Us, It Was Almost Always at Exactly the Wrong Time,’” The Meb Faber Show podcast, mebfaber.com, Aug. 4, 2021.
“Help Wanted: How Investor Behavior Is Rewriting the Job Description of Financial Professionals,” Natixis Global Survey of Individual Investors, fa-mag.com, 2016.
Orion Advisor Technology
Betterment
“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.
Pandemic
“The Strange Psychology of COVID-19 and Investor Behavior,” by Daniel Crosby, Kiplinger.com, Aug. 11, 2020.
“Daniel Crosby: Investing Rules for Uncertain Times,” by Daniel Crosby, investec.com, June 4, 2020.
“When It Rains,” by Daniel Crosby, blog.brinkercapital.com, 2020.
“How COVID-19 Will Impact the Future of Investor Behavior,” by Daniel Crosby, blog.brinkercapital.com, 2020.
Behavioral Finance and Investing
“Daniel Crosby on the Three E’s of Behavioral Investing,” financialplanningassociation.org, August 2021.
“The BIG List of Behavioral Nudges,” by Daniel Crosby, blog.brinkercapital.com, 2019.
“Robert Shiller: 'Wild West' Mentality Is Gripping Housing, Stocks and Crypto,” by Stephanie Landsman, cnbc.com, May 24, 2021.
“Dr. Daniel Crosby’s Three Drivers of Human Behavior,” E-book by Daniel Crosby, orionadvisortech.com.
“The Formula for Happiness: Wanting What You Have,” by Daniel Crosby, blog.brinkercapital.com, 2019.
“Can Money Buy Happiness? Sort Of,” by Daniel Crosby, linkedin.com, July 19, 2016.
“What Is the PERMA Model?” corporatefinanceinstitute.com.
Denise Shull
Daniel Kahneman
Standard Deviations Podcast
“Christine Benz--Goals Based Approaches to Retirement,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, April 11, 2019.
“Morgan Housel--The Psychology of Money,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, Sept. 4, 2019.
“Jim O’Shaughnessy--What Works on Wall Street,” Standard Deviations podcast with Daniel Crosby, podcasts.apple.com, Aug. 14, 2019.
Our guest on the podcast today is Michael Falk. Falk is a partner at the Focus Consulting Group, where he specializes in helping investment and wealth management firms with investment decision-making, strategic planning, and succession. Previously, he was a chief strategist at Global Macro LP and a chief investment officer in charge of manager due diligence and asset allocation for a multi-billion-dollar advisory practice. Falk has authored or coauthored several books, including Let's All Learn How to Fish To Sustain Long-Term Economic Growth, Get to Work on OUR Future, and Money, Meaning, and Mindsets. He is a frequent public speaker and is also a CFA charterholder.
Background
Bio
Let's All Learn How to Fish … To Sustain Long-Term Economic Growth, by Michael Falk
Get to Work … On OUR Future, by Michael Falk
Money, Meaning, and Mindsets: Radical Reform for the Investment Industry, by Michael Falk
"Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021.
Retirement and Target-Date Funds
"Psychological Safety & Career Risk in the Investment Management Industry," by Michael Falk and Bob Schmidt, Brandes Institute, February 2020.
“Enough About the Assets, Already!" by Michael Falk, Retirement InSight and Trends, 2014.
"Falk: Immunize Your Retirement Portfolio Before Optimizing," Morningstar.com, June 30, 2014.
"Off With Your (Rules of) Thumbs!" by Michael Falk, Retirement InSight and Trends, 2015.
"Target Date Fund Warning," by Terry Savage, terrysavage.com, July 6, 2021.
"Is Retirement Past Its Prime? The Economic & Behavioral Realities of Retirement," by Michael Falk, Retirement InSight and Trends, 2014.
"A Popular Retirement Rule of Thumb Isn't Wrong, but It Could Be Disruptive for Retirees," by Stephanie Yang, yahoo.com, July 9, 2014.
Investments and Asset Allocation
"Michael Falk: Emotional Intelligence as Investment Alpha," Standard Deviations With Dr. Daniel Crosby, Aug. 17, 2021.
"Still Learning to Fish: Three Years On," by Michael Falk, CFA Institute, Jan. 23, 2020.
"Everything You Need to Know About Investing," by Michael Falk, Investments & Wealth Monitor, November/December 2020.
"Taking Investment Teams From Good to Great," by Michael Falk, CFA Institute, Oct. 4, 2018.
"Michael Falk: I'll Never Buy Bonds Again, and You Shouldn't Either," Money Life With Chuck Jaffe, Dec. 31, 2020.
Herfindahl-Hirschman Index
"Crypto Dreamin'? The Good, the Bad, and the Ugly," by Michael Falk, CFA Institute, June 16, 2020.
"Green Carrots and Sticks: Incentivizing Climate Solutions," by Michael Falk and Joachim Klement, CFA Institute, June 23, 2021.
"An Alternative to the 60/40 Portfolio," by Ben Carlson, A Wealth of Common Sense, March 5, 2015.
"Michael Falk: How a Money Mind Deals With a Terminal Diagnosis," Money Life With Chuck Jaffe, Feb. 26, 2020.
Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor’s in economics at Brigham Young University and earned a doctorate in economics from MIT.
Background
Bio
Fabric
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, by Rick Bookstaber
The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, by Rick Bookstaber
Risk Management Macro
“7 Risks That Are Creating a New Market Paradigm,” by Rick Bookstaber, barrons.com, June 17, 2021.
“Agent-Based Models for Financial Crises,” by Rick Bookstaber, bookstaber.com, Aug. 30, 2017.
“Can Global Capitalism Survive in its Current Form?” by Rick Bookstaber, Age of Economics on youtube.com, March 6, 2021.
“Bill Bernstein: We’re Starting to See All of the Signs of a Bubble,” The Long View Podcast, Morningstar.com, March 10, 2021.
“A More Realistic Look at Risk,” by Amanda White, top1000funds.com, Oct. 6, 2017.
“Can High Liquidity + Low Volatility = High Risk?” by Rick Bookstaber, rick.bookstaber.com, Aug. 23, 2007.
“Our Low Risk (Low Volatility) World,” by Rick Bookstaber, rick.bookstaber.com, Nov. 4, 2017.
“Building Forward-Looking Scenarios: Why You’re Doing It Wrong,” by Rick Bookstaber, Alicia Karspeck, and Govinda Quish, risk.net, Aug. 3, 2021.
Investments
“How to Make Risk Management Work for Advisers,” by Rick Bookstaber, investmentnews.com, June 24, 2021.
Aladdin (BlackRock)
“MSCI’s Principles of Sustainable Investing,” msci.com.
Organization and Culture
“Adaptability Versus Optimization: The Cockroach Approach,” by Alex Barrow, macro-ops.com, Aug. 28, 2019.
“Opinion: A Chief Risk Officer Offers the Simplest Way to Fight Back Against Stock-Market Memes,” by Rick Bookstaber, marketwatch.com, July 10, 2021.
“This Is the Way Facebook Ends (and Maybe Apple and Google),” by Rick Bookstaber, rick.bookstaber.com, Jan. 28, 2018.
“Facebook and the Awakening of our Private Selves,” by Rick Bookstaber, rick.bookstaber.com, April 1, 2018.
Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her research into Morningstar financial management applications and tools. Before joining Morningstar in 2015, Sarah earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She's the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind. Sarah also holds a bachelor’s degree in mathematics from Salem State University, a master's degree in financial economics from the University of Maine, and a master’s certification in personal financial planning from Bentley University.
Background
Bio
Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind, by Sarah Newcomb
Financial Education
“Smart Shortcuts for the Good-Enough Investor,” by Sarah Newcomb, Morningstar.com, Sept. 3, 2019.
“Can a Rule of Thumb Be a Shortcut to Financial Well-Being?” by Samantha Lamas, Morningstar.com, Jan. 25, 2021.
“Keeping it Simple: Financial Literacy and Rules of Thumb,” by Greg Fischer, Alejandro Drexler, and Antoinette Schoar, findevgateway.org, July 1, 2010.
“Making the Science Practical: Behavioral Interventions in Practice,” by Sarah Newcomb and Benjamin Cummings, researchgate.net, January 2019.
“A Simple Plan for Financial Independence,” by Sarah Newcomb, Morningstar.com, Oct. 15, 2019.
“The Complicated Art of Making Things Simple,” by Sarah Newcomb and Samantha Lamas, fa-mag.com, May/June 2017.
“Sarah Newcomb: Understanding a Client’s Money Mindset in Order to Maximize Their Well-Being,” The Human Side of Money podcast with Brendan Frazier, audible.com, March 17, 2021.
“Encouraging Action Through Design and Testing,” by Sarah Newcomb, slideshare.net, April 29, 2015.
“Don’t Give Up on Financial Literacy Efforts,” investmentnews.com, Feb. 8, 2020.
“Money Doesn’t Buy Happiness, but Power Might,” by Sarah Newcomb, medium.com, Jan. 13, 2017.
“Coaching Clients to Teach Their Kids About Investing,” by Sarah Newcomb, investmentnews.com, Jan. 21, 2020.
“How to Start Teaching Your Kids About Money,” by Sarah Newcomb and Samantha Lamas, Morningstar.com, Aug. 4, 2018.
“What Is Mad Money?” by Keonhee Kim, Morningstar.com, April 6, 2021.
“John Lynch: Rethinking Financial Education,” The Long View Podcast, Morningstar.com, Dec. 11, 2019.
“Overcoming Clients’ Behavioral Biases Using Nudges, Smart Heuristics, and Behavioral Coaching,” by Michael Kitces, kitces.com, March 24, 2021.
“Separating ‘Needs’ From ‘Wants’ Could Be Harming Your Financial Planning,” by Bill Keen, keenwealthadvisors.com, June 2, 2021.
Financial Wellness and Tools
“5 Financial Signs to Check Your Financial Independence,” by Sarah Newcomb, Morningstar.com, Jan. 16, 2020.
“What Makes People Happy?” by Carla Fried, nny360.com, April 15, 2021.
“Neighbors of Lottery Winners Are More Likely to Go Bankrupt,” by Leslie Albrecht, marketwatch.com, Oct. 21, 2018.
“An Innovative Way to Face Retirement,” by Emily Brandon, money.usnews.com, Jan. 14, 2103.
Hal Hershfield
“Is Instagram Making You Poor?” by Sarah Newcomb, psychologytoday.com, Oct. 18, 2018.
“How Stories Drive Financial Behavior--and What to Do About It,” by Sarah Newcomb, Morningstar.com, Sept. 14, 2020.
Pandemic
“Year in Review: Pandemic Edition,” by Sarah Newcomb, investmentnews.com, Dec. 3, 2020.
“Sick of Uncertainty? Read This,” by Sarah Newcomb, morningstar.com, Nov. 3, 2020.
“It’s the End of the World as We Know It,” by Sarah Newcomb, investmentnews.com, Oct. 8, 2020.
Behavioral Finance
Daniel Kahneman
Richard Thaler
Gerd Gigerenzer
Our guest this week is Martin Lau. Martin is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He's been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including the FSSA Asian Equity Plus Fund, the FSSA China Growth Fund, and the FSSA Hong Kong Growth Fund. Martin has been in the investment business for nearly three decades and is based in Hong Kong. Morningstar's analysts have recognized Martin's achievements on a number of occasions, most recently in 2020, when they named the FSSA Hong Kong Growth Fund the winner of the Best Hong Kong Equity Fund Award. Martin earned a Bachelor of Arts degree from Cambridge University, as well as master’s degree in engineering from Cambridge. Martin is a CFA charterholder.
Background
BioFSSA Investment Managers
Morningstar Global Fund Report: FSSA Asian Equity Plus Fund Class I
FSSA China Growth Fund Class I
FSSA Hong Kong Growth Fund
Portfolio Management and Investing in China
“Some Chinese Stocks Are Starting to Look Like Bargains. Where to Look,” by Reshma Kapadia, barrons.com, July 12, 2021.
“Tencent’s Margins Are Going Down, and That’s Great News for Shareholders,” by Billy Duberstein, themotleyfool.com, May 23, 2021.
“Chinese Internet Stocks Are Riding on China’s Rising Self-Reliance and Policy Changes,” seekingalpha.com, June 13, 2021.
“Didi Global Considers Going Private to Placate China and Compensate Investors,” by Jing Yang, wsj.com, July 29, 2021.
“Factbox: From Education to Bitcoin, China’s Season of Regulatory Crackdown,” reuters.com, July 27, 2021.
“China’s New Rules Raise Risks for Private K-12 Education Companies,” fitchratings.com, June 17, 2021.
“Tap Into the World’s Fastest Growing Markets by Investing Into High Quality Companies Driving Sustainable Growth Outcomes,” by Martin Lau, fssaim.com.
Companies Mentioned in This Episode
Tesla
Tencent
DiDi
Alibaba Group
Apple
PetroChina
China Mobile
Industrial and Commercial Bank of China
JP Morgan
Wells Fargo
China Merchants Bank
Kuaishou
ENN Energy Holdings Limited
Nike
ANTA Sports
Fila
Our guest on the podcast this week is Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new venture is called The Society of Advice, which he describes as a global gathering of real financial advisors. Carl created the Sketch Guy column in The New York Times. And he is also author of two books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money. In addition, he hosts the Behavior Gap Radio podcast and also cohosts a podcast with financial planning guru Michael Kitces, called Kitces & Carl.
Background
Bio
The Society of Advice videos
“Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’,” The Long View podcast, Morningstar.com, May 13, 2020.
Behavior Gap
The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money by Carl Richards
The One-Page Financial Plan: A Simple Way to Be Smart About Your Money by Carl Richards
How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, edited by Joshua Brown and Brian Portnoy and illustrated by Carl Richards.
Sketch Guy
Kitces & Carl Podcast
Real Financial Planning
“Learning to Deal With the Imposter Syndrome,” by Carl Richards, behaviorgap.com, Oct. 26, 2015.
“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View Podcast, Morningstar.com, June 29, 2021.
“Should You Buy Bitcoin? Ask a Different Question First,” by Carl Richards, nytimes.com, Jan. 5, 2018.
“The Single Most Valuable Asset Is Trust,” by Carl Richards, behaviorgap.com.
“The Value of an Advisor,” by Carl Richards, behaviorgap.com.
Financial Planning Process
Start With Why: How Great Leaders Inspire Everyone to Take Action, by Simon Sinek.
Bill Bachrach
George Kinder
Dan Sullivan, Strategic Coach
RescueTime
“Carl Richards on How to Simplify Your Appointment Process and Build Trust by Asking Better Questions,” Podcast with Brad Johnson, Aug. 19, 2019.
The Private Client Lawyer Now and in the Future, by Russ Alan Prince.
Money Decisions
“How Do You Define Enough?” by Carl Richards, behaviorgap.com.
“How Much Is Enough?” by Carl Richards, behaviorgap.com.
“Time Off Is a Prerequisite for Good Work (Not a Reward for It): An Interview With New York Times Columnist Carl Richards,” by Jory MacKay, blog.rescuetime.com, June 7, 2018.
“Sure… #CrushIt. Then Get Some Rest,” by Carl Richards, behaviorgap.com.
Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. She's also the coauthor of two books with Sharon Kedar: On My Own Two Feet, published in 2007 and updated in 2013, and Get Financially Naked, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of financial well-being at Brighton Jones. Before that she was director of wealth strategies for women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor's degree in American Studies from Wellesley College and her MBA from Harvard Business School.
Background
Bio
MoneyZen
On My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar.
Get Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon Kedar.
Women in Investing/Financial Planning
“The White House Report on Women: 3 Surprising Insights,” by Manisha Thakor, moneyzen.com, March 8, 2011.
“Women Are Quitting: How We Can Curb the ‘She-Cession’ and Support Working Women,” by Margie Warrell, forbes.com, Jan. 26, 2021.
“The 5 Most Common Mistakes Investors Make,” by Manisha Thakor, moneyzen.com, Oct. 7, 2013.
“Growing Up Comfortable With Money,” by Candice Helfand-Rogers, thestoryexchange.org, June 5, 2014.
Financial Wellness in Younger Generations and Couples
“The Worst Financial Advice to Give to a College Grad,” by Manisha Thakor, wsj.com, June 18, 2015.
“Gen X & Gen Y--Dialing Financial 911,” by Manisha Thakor, moneyzen.com, Sept. 29, 2010.
“Priceless Financial Advice For Recent Graduates,” by Manisha Thakor, feminist.com.
“The Math Behind a Pricey College Degree,” by Manisha Thakor, wsj.com, April 16, 2014.
“Don’t Buy a Property Before Saying ‘I Do’,” by Manisha Thakor, wsj.com, Feb. 12, 2014.
All Your Worth: The Ultimate Lifetime Money Plan, by Elizabeth Warren and Amelia Warren Tyagi.
“What is the 50/20/30 Budget Rule?” by Eric Whiteside, Investopedia.com, Oct. 29, 2020.
“The Beauty of a Budget,” by Manisha Thakor, moneyzen.com, March 18, 2013.
“The Quiet Wisdom of Saving,” by Manisha Thakor, moneyzen.com, Dec. 8, 2011.
“Manisha Thakor on Managing Money in Uncertain Times,” by Kathleen Harris, thecru.com, April 10, 2020.
“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View Podcast, Morningstar.com, May 19, 2021.
Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence, by Vicki Robin and Joe Dominguez.
“The Marriage of Love & Money: How to Protect Yourself From Financial Heartbreak,” by Manisha Thakor, moneyzen, May 6, 2013.
“How to Become a Financially Compatible Couple,” by Manisha Thakor, wsj.com, Feb. 13, 2015.
Financial Advice
“Finding the Right Advisor: It’s Complicated,” by Jim Pavia, cnbc.com, Jan. 15, 2015.
“Reboot Your Finances: A 3-Part Workshop for Women,” with Manisha Thakor, eomega.org.
Ellevest
Betterment
XY Planning Network
Mental Health
“Slow Down to Do More: ‘Enjoy Life’ With Manisha Thakor,” by Ben Ari, thriveglobal.com, April 24, 2020.
“Walking the Tightrope Between Workaholism and Mental Health,” mmlafleur.com, April 5, 2019.
Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.
Background
Bio
Oakmark Funds
Oakmark Global Investor
Oakmark Global Select Investor
Oakmark International Investor
Oakmark International Small Cap Investor
Macro
“Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound, cnbc.com, March 16, 2020.
“The Next Generation of Would-Be Buffetts--and the Stocks They’re Buying Now,” by Reshma Kapadia, barrons.com, May 21, 2021.
“Oakmark Global Fund: Second Quarter 2021,” by David Herro, Clyde McGregor, Tony Coniaris, and Jason Long, oakmark.com, July 8, 2021.
“Oakmark Global Select Fund: Second Quarter 2021,” by David Herro, William Nygren, Tony Coniaris, and Eric Liu, oakmark.com, July 8, 2021.
“Oakmark International Fund: Second Quarter 2021,” by David Herro and Michael Manelli, oakmark.com, July 8, 2021.
“Oakmark International Small Cap Fund: Second Quarter 2021,” by David Herro, Michael Manelli, and Justin Hance, oakmark.com, July 8, 2021.
Financials
“The Case for European Financials,” by David Herro, Jason Long, and Justin Hance, oakmark.com, March 24, 2020.
“Investor Insight: David Herro,” Value Investor, Oct. 30, 2020.
“David Herro Comments on Glencore,” by Sydnee Gatewood, gurufocus.com, July 9, 2020.
“David Herro on CNBC’s ‘Closing Bell,’” oakmark.com, Jan. 1, 2021.
“David Herro on ‘Squawk on the Street,’” oakmark.com, June 24, 2021.
“Herro Holding Credit Suisse Slumps Amid Archegos Fallout,” by John Coumarianos, citywireusa.com, March 30, 2021.
“Major Credit Suisse Investor Mulling Exit?” by Katharina Bart, finews.com, April 1, 2021.
“Credit Suisse Investors Target Board Over Archegos, Greensill Failures,” by Margot Patrick, wsj.com, April 26, 2021.
ESG
“Danone Announces Appointment of New CEO; No Changes to Thesis and Fair Value Estimate,” by Ioannis Pontikis, Morningstar.com, May 18, 2021.
“Manager Adopts Climate Measures After Investor Pressure,” Bloomberg.com, April 7, 2020.
Naspers
Prosus
Exor
Our guest on the podcast today is Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist at age 43. Since that time, he has been blogging about his own financial independence, retire early journey, sharing early retirement and investing guidance with other professionals who might also wish to retire early. He attended the University of Minnesota for his undergraduate and medical school education, completed an internship at Gundersen Lutheran in La Crosse, Wisconsin, and finished his residency at the University of Florida.
Background
Bio
Physician on FIRE
Early Retirement Lifestyle and Financial Considerations
“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View Podcast, Morningstar.com, Nov. 10, 2020.
“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast, Morningstar.com, Oct. 14, 2020.
“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020.
“Chris Mamula: What Young Retirees Need to Know,” The Long View podcast, Morningstar.com, Jan. 15, 2020.
Afford Anything
The White Coat Investor
“Choose FI Over Fire,” by Leif Dahleen, physicianonfire.com.
“The Most Important Factor in Retirement Withdrawal Plans,” by Leif Dahleen, physicianonfire.com.
“How Early Retirement Prepared Us for the Pandemic,” by Leif Dahleen, thephysicianphilosopher.com.
“How to Get Wealthy Investing in a Bear Market,” by Leif Dahleen, physicianonfire.com.
“Asset Location and Making Your Money Last in Early Retirement,” by Leif Dahleen, physicianonfire.com.
“Prices Are Rising. Should We Be Worried About Inflation?” by Leif Dahleen, physicianonfire.com
“Social Security & Early Retirement 2021: Know Your Bend Points!” by Leif Dahleen, physicianonfire.com.
“5 Reasons Why You Shouldn’t Ignore Social Security in Your Retirement Calculations,” whitecoatinvestor.com, March 30, 2021.
Real Estate and Passive Income Sources
“12 Passive Income Ideas for 2020 and Beyond,” by Leif Dahleen, physicianonfire.com.
“My 5 Current and 3 Future Passive Income Streams,” by Leif Dahleen, physicianonfire.com.
Taxes
“Taxes on a Million Dollars of Earned Income,” by Leif Dahleen, physicianonfire.com.
“Top 10 Ways to Lower Your Taxes,” by Leif Dahleen, physicianonfire.com.
TurboTax
Charitable Giving
“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar.com, May 17, 2021.
“Giving Faceoff: Charitable Remainder Trust (CRT) Versus Donor Advised Fund (DAF),” by Leif Dahleen, physicianonfire.com.
“A Gift on Giving Tuesday: $100 to 100 of Your Favorite Charities,” by Leif Dahleen, physicianonfire.com.
“DAF Giving Tutorial From Fidelity and Vanguard Charitable,” by Leif Dahleen, physicianonfire.com.
Our guest on the podcast this week is The Wall Street Journal columnist and author Jason Zweig. Jason became a personal finance columnist for The Wall Street Journal in 2008. His weekly column, “The Intelligent Investor,” is a must-read for people inside and outside of the investment industry. Jason is also the editor of the revised edition of Benjamin Graham's The Intelligent Investor. And he is the author of Your Money and Your Brain, which explores the neuroscience of investing. He also wrote the Devil's Financial Dictionary, which is a satirical glossary of Wall Street.
Background
Bio
Jason’s twitter handle: @jasonzweigwsj
Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich
The Devil’s Financial Dictionary
Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel
Life and Fateby Vasily Grossman
Palace Walk: The Cairo Trilogy by Naguib Mahfouz
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happinessby Morgan Housel
Matt Levine, Bloomberg Opinion Columnist
Jesse Livermore, Philosophical Economics
Nick Maggiulli, Ritholtz Wealth Management
Michael Batnick, Ritholtz Wealth Management
Ben Carlson, Ritholtz Wealth Management
Joe Weisenthal, Bloomberg
Tracy Alloway, Bloomberg
Robin Wigglesworth, Financial Times
Research Institute: Credit Suisse Global Investment Returns, Yearbook 2021 Summary Edition
Georgarakos, D. & Pasini, G. 2011. “Trust, Sociability and Stock Market Participation,” Review of Finance, Vol. 15, No. 4, P. 693.
Thinking, Fast and Slow by Daniel Kahneman
“Investment Policy and the Competent Stranger,” speech by Charles D. Ellis, empireclub.org, April 7, 1988.
Feynman, R.P. 1974.“Cargo Cult Science,” Engineering and Science.
Bogleheads
Investing
“Stock Market 101: Teaching the Wrong Lessons?” by Jason Zweig, Jasonzweig.com, May 8, 2015.
“How to Keep Your Cool When Markets Are Sizzling,” by Jason Zweig, wsj.com, April 23, 2021.
“Why You Shouldn’t Buy Bitcoin When You’re Hungry,” by Jason Zweig, wsj.com, May 21, 2021.
“You Can’t Invest Without Trading. You Can Trade Without Investing,” by Jason Zweig, wsj.com, June 18, 2021.
“Robinhood Trader’s Battle Cry: ‘It’s All Just a Game to Me,' " by Jason Zweig, wsj.com, March 26, 2021.
“Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,' " The Long View Podcast, morningstar.com, April 20, 2021.
ETFs and Index Funds
“The Stock Got Crushed. Then the ETFs Had to Sell,” by Jason Zweig, Jasonzweig.com, Jan. 31, 2020.
“The Story Behind the Market’s Hottest Funds,” by Jason Zweig, wsj.com, Jan. 15, 2021.
“ETFs: What They Are and How They Can Fit Into Your Investment Portfolio,” by Jason Zweig, wsj.com, May 20, 2021.
Retirement
“Jason Zweig’s Proposal to Scrap 401(k)s,” by John Rekanthaler, Morningstar.com, Feb. 26, 2019.
“Wishful Thinking in a World Without Yield,” by Jason Zweig, wsj.com, June 18, 2021.
“The Safe, High-Return Trade Hiding in Plain Sight,” by Jason Zweig, wsj.com, May 28, 2021.
“The Funds That Make You Buy Low and Sell High,” by Jason Zweig, wsj.com, Aug. 30, 2019.
Financial Advice
“The Intelligent Investor: Saving Investors From Themselves,” by Jason Zweig, wsj.com, July 1, 2013.
“The First Line of Investing Defense? You,” by Jason Zweig, wsj.com, March 8, 2019.
“Looking for a Financial Planner? The Go-To Website Often Omits Red Flags,” by Jason Zweig and Andrea Fuller, wsj.com, July 30, 2019.
“Financial Advisor Fee Trends and the Fee Compression Mirage,” by Michael Kitces, kitces.com, Feb. 8, 2021.
“Want to Get Rich Quick? Who Can Stop You?” by Jason Zweig, wsj.com, May 7, 2021.
Our guest on the podcast today is former Vanguard CEO, Jack Brennan. Jack is the author of a new book, More Straight Talk on Investing, which he cowrote along with John Woerth. He is also author of Straight Talk on Investing, which was published in 2004. Jack served as the CEO of Vanguard from 1996 to 2008 and was chairman of the board from 1998 to 2009. He is now chairman emeritus and senior advisor at Vanguard. He also serves as the chairman of the board of trustees at Notre Dame University and has served on numerous corporate boards, including General Electric and American Express. He received his undergraduate degree from Dartmouth College and his MBA from Harvard Business School.
Background
Bio
More Straight Talk on Investing: Lessons For a Lifetime
Straight Talk on Investing: What You Need to Know
Current Environment
“Opinion: Former Vanguard CEO: 5 Hurdles Facing Investors Now and How to Overcome Them,” by Jack Brennan, marketwatch.com, May 1, 2021.
“Straight Talk,” by Jack Brennan, humbledollar.com, April 27, 2021.
“Vanguard’s Jack Brennan: The Best Way to Build Wealth,” Nasdaq.com, May 24, 2021.
“The Former CEO of Vanguard Has Some Surprising Views on Alternatives,” by Julie Segal, institutionalinvestor.com, April 30, 2021.
Asset Allocation and Investing
“Run Your Race: Money Wisdom From Vanguard’s Jack Brennan,” by Chris Taylor, money.usnews.com, May 19, 2021.
“5 Investing Principles That Are Built to Last,” by Jack Brennan, investornews.vanguard.com, April 12, 2021.
Our guest this week is Sonal Desai. Sonal is executive vice president and chief investment officer of the Franklin Templeton Fixed Income Group. In addition to her responsibilities overseeing many of Franklin’s fixed-income teams, Sonal also co-chairs the group’s fixed-income policy committee and is a member of Franklin Resources executive committee as well as the firm’s management and investment committees. Sonal is a listed portfolio manager at a number of strategies, including Core Plus, Strategic Income, and Global Fixed Income. Sonal joined Franklin in 2009 from Thames River Capital in London. Before that, Sonal worked at the International Monetary Fund and as director and senior economist at Dresdner Kleinwort Wasserstein. She earned her bachelor’s in economics from the University of Delhi and her doctorate in economics from Northwestern University.
Background
Bio
Franklin Strategic Income A
Franklin Total Return A
Franklin Low Duration Total Return A
Fiscal and Monetary Policy
“On My Mind: Adrift--Has Monetary Policy Become Unanchored?” by Sonal Desai, franklintempleton.com.
“On My Mind: Modern Magical Thinking,” by Sonal Desai, franklintempleton.com, March 12, 2019.
“On My Mind: Bringing the Economy Back From Life Support,” by Sonal Desai, franklintempleton.
“On My Mind: Now Let’s Get Those Jobs Back,” by Sonal Desai, franklintempleton.
“If You Open It, They Will Come,” by Sonal Desai, advisorperspectives.com, June 5, 2020.
“Quick Thoughts: Why Our Managers Disagree on Inflation, Rates, and Growth,” by Stephen Dover, John Bellows, Sonal Desai, and Francis Scotland, franklintempleton.com, April 23, 2021.
“U.S. Macro Outlook: Let’s Bend the Economic Growth Curve,” by Sonal Desai and Nikhil Mohan, franklintempleton.com, April 22, 2020.
“On My Mind--Inflation: The Devil We Knew,” by Sonal Desai, franklintempleton.com, Feb. 26, 2021.
Bonds
“Sonal Desai: ‘In Fixed Income, Active Investment Historically Has Been the Winning Strategy,’” by Sonal Desai, advisoranalyst.com, Nov. 8, 2019.
“On My Mind: A Tale of Two Recoveries,” by Sonal Desai, franklintempleton.com, April 22, 2021.
“Too Much of a Good Thing?” by Sonal Desai, David Yuen, John Beck, and David Zahn, franklintempleton.com, April 8, 2021.
Our guest this week is Eduardo Repetto. Eduardo is chief investment officer of Avantis Investors, where he is responsible for overseeing the research, design, and implementation of the firm's investment strategies. Prior to forming of Avantis in 2019, Eduardo was co-CEO, co-CIO, and a director at Dimensional Fund Advisors. Eduardo earned a Ph.D. in aeronautics from the California Institute of Technology, and an MSc degree in engineering from Brown University.
Background
Bio
“American Century Launches Systematic Active Manager Avantis Investors,” by Christine Williamson, Pensions & Investments, June 26, 2019.
Hal Hershfield
Suzanne Shu
Meir Statman
Markets and Factors
"'Is a Hot Dog a Sandwich?' Ex-DFA Chief Weighs Factor Funds and Starting Anew,” by Alex Steger, citywireusa.com, July 30, 2019.
“The Joint Distribution of Value and Profitability: International Evidence,” by Sunil Wahal and Eduardo Repetto, papers.ssrn.com, Nov. 30, 2020.
“Could ‘Flying to Safety’ Be Dangerous?” by Eduardo Repetto and Phil McInnis, avantisinvestors.com, April 2020.
“Patrick O’Shaughnessy: ‘Custom Indexing Unlocks a Lot of Benefits,’” The Long View, Morningstar.com, May 12, 2021.
“A Discussion About Value and Small-Cap Factors With Avantis Investors’ CIO Dr. Eduardo Repetto,” Jonathan Chevreau, findependencehub.com, March 30, 2021.”
“Two Active ETFs We Like,” by Ben Johnson and Susan Dziubinski, Morningstar.com, Feb. 21, 2021.
In this bonus episode of “The Long View,” we hear from three Morningstar equity analysts who cover airlines, cruise lines, and Airbnb. Welcome to “Market X-Ray," our new podcast that looks at investment opportunities and risks that go beyond the market headlines.
Want to hear more? Let us know at podcast@morningstar.com.
Companies mentioned in this episode:
Southwest (LUV); Delta (DAL); Royal Caribbean (RCL); Carnival (CCL); Norwegian (NCLH); Airbnb (ABNB); Booking (BKNG); Expedia (EXPE); Polaris (PII); Malibu Boats Inc. (MBUU); Sabre (SABR); Hilton (HLT); and Marriott (MAR).
Our guest on the podcast today is Alan Moore. With Michael Kitces, Alan cofounded XY Planning Network, a support network for advisors looking to serve younger clients. He is also the CEO of AdvicePay, which is a compliant payment processor for financial advisors. Alan has been recognized by InvestmentNews as a top "40 Under 40" in financial planning, by Wealth Management as one of a "The 10 to Watch in 2015," and was the first recipient of the NAPFA Young Professional award in 2015. He is a certified financial planner, and he is also the host of XYPN Radio podcast.
Background
Bio
XY Planning Network
AdvicePay
XYPN Radio
Serving Millennial Clients
“Forget About Retirement Planning for Millennials,” by Alan Moore, Money.com, Feb. 10, 2015.
“Why Do We Work With Younger Clients?” by Alan Moore, xyplanningnetwork.com, Oct. 16, 2017.
“When Subscription Fees Work,” by Christopher Robbins, fa-mag.com, September 2019.
“How Advisors Can Attract and Profitably Serve Millennial Clients,” by Alan Moore, xyplanningnetwork.com, Aug. 29, 2019.
“9 Keys to Building a Practice Focused on Next-Gen Investors,” schwab.com.
“The Boomer-Millennial War in Planning Is Real,” by Eric Rasmussen, fa-mag.com, March 17, 2020.
The Future of Advice
“How to Create a Business That Supports Your Great Life,” by Alan Moore, linkedin.com, July 13, 2015.
“Don’t Be Afraid to Grow Your Firm,” by Alan Moore, xyplanningnetwork.com, Sept. 3, 2018.
“Niche Advisors Grow Faster,” by Samuel Steinberger, wealthmanagement.com, Sept. 10, 2019.
“Why a Niche Model Helps Advisers,” Morningstar.com, Sept. 23, 2020.
“Have You Found Your Niche?” by Greg Dalgetty, investmentexecutive.com, Sept. 16, 2020.
“7 Takeaways on the Future of Advice: Morningstar Panel,” by Ginger Szala, thinkadvisor.com, Sept. 17, 2020.
“Financial Advisors Are Becoming More Digital, Specialized--and Affordable,” by Evie Liu, barrons.com, Sept. 17, 2020.
Fiduciary Standards
Fiduciary Oath
“What Is a Fiduciary?” by Alan Moore, xyplanningnetwork.com, May 7, 2014.
“XYPN Pivots From Supreme Court to States in Fiduciary Fight,” by Patrick Donachie, Oct. 12, 2020.
We’ve been exploring the state of retirement in the United States on The Long View. Last week, we talked with progressive labor economist Teresa Ghilarducci. On this week’s episode, we chatted with Andrew Biggs, resident scholar at the American Enterprise Institute. He is more sanguine about the state of retirement in the U.S., though he is also in favor of some reforms. Andrew is an expert on Social Security reform, state and local government pensions, and public sector pay and benefits. Before joining AEI, Biggs was the principal deputy commissioner of the Social Security Administration, where he oversaw the agency's policy research efforts. In 2005, as an associate director of the White House National Economic Council, he worked on Social Security reform. In 2001, he joined the staff of then-President George W. Bush's Commission to Strengthen Social Security. He holds a bachelor's degree from Queen's University Belfast in Northern Ireland, master's degrees from Cambridge University and the University of London, and a Ph.D. from the London School of Economics.
Background
Bio
The American Enterprise Institute
State of Retirement in the U.S.
The Model of Income in the Near Term (MINT)
National Retirement Risk Index
“Social Security Replacement Rates and Other Benefit Measures: An In-Depth Analysis,” Congressional Budget Office, cbo.gov, April 2019.
“How Do Children Affect the Need to Save for Retirement?” by Andrew Biggs, aei.org, Dec. 16, 2019.
“Two Decades Ago, Progressives Warned of a Retirement Crisis. It Didn’t Happen,” by Andrew Biggs, forbes.com, May 29, 2020.
“Opinion: Here’s Some Good News for Parents Struggling to Save Enough for Retirement,” by Andrew Biggs, marketwatch.com, Jan. 26, 2020.
“Improving the Measurement of Retirement Income of the Aged Population,” by Irena Dushi and Brad Trenkamp, ssa.gov, January 2021.
“At Last, Some Action on Misleading Retirement Income Statistics,” by Andrew Biggs, aei.org, April 29, 2021.
Social Security
“Status of the Social Security and Medicare Programs: A Summary of the 2020 Annual Reports,” ssa.gov.
“Obama Appoints Social Security Critic to Fix Puerto Rico’s Budget,” by David Dayen, theintercept.com, Aug. 31, 2016.
“Social Security Benefits Aren’t Earned If You Didn’t Pay for Them,” by Andrew Biggs, forbes.com, March 12, 2020.
“Americans Want to Own Their Retirement, not Expand Social Security,” by Andrew Biggs, realclearmarkets.com, June 19, 2020.
“Factcheck: Do 40% of Retirees Rely on Social Security for Their Entire Income?” by Andrew Biggs, forbes.com, Jan. 27, 2020.
“PWBM Budget Contest: A Flat Benefit for Social Security,” by Andrew Biggs, budgetmodel.wharton.upenn.edu, Jan. 26, 2021.
“Social Security Reform Can Boost the Economy--or Hold it Back,” Andrew Biggs, Washingtonexaminer.com, March 26, 2021.
Retirement Savings and Decumulation
Thrift Savings Plan
“How Generous Are Federal Employee Pensions?” by Andrew Biggs, aei.org, Sept. 30, 2011.
“Can Retirement Saving Increase Your Debt?” by Andrew Biggs, forbes.com, Jan. 8, 2018.
“How Hard Should We Push the Poor to Save for Retirement?” by Andrew Biggs, aei.org, May 6, 2019.
“Opinion: Stop Pushing Poor People to Save More for Retirement,” by Andrew Biggs, marketwatch.com, Sept. 12, 2019.
“Factcheck: Will Half of Americans Over 55 Retire Poor?” by Andrew Biggs, forbes.com, Oct. 8, 2020.
“Follow the Facts: Employer-Based Retirement Savings Are Stronger Than Ever,” by Andrew Biggs, forbes.com, Aug. 21. 2020.
“Opinion: Now That Annuities Can Be Part of Your 401(k), Here’s How to Make Them More Palatable,” by Andrew Biggs, marketwatch.com, Jan. 11, 2020.
Over the next two weeks, we'll be taking a closer look at the state of retirement security in the United States, and we'll be featuring two very different perspectives on the topic. We're kicking things off with labor economist and retirement expert Teresa Ghilarducci, who will offer a progressive perspective. Ghilarducci joined The New School for Social Research as a professor of economics in 2008 after teaching at Notre Dame for 25 years. At The New School, she also directs the Schwartz Center for Economic Policy Analysis, which focuses on economic policy research and outreach. Ghilarducci has frequently testified before U.S. Congress on matters of retirement planning. She has also published numerous research pieces in economics journals and has authored several books. Her most recent book, Rescuing Retirement, is co-authored by Tony James, executive vice chairman of the Blackstone Group. She received her bachelor's and doctorate degrees in economics from the University of California at Berkeley.
Background Bio
The New School for Social Research
Schwartz Center for Economic Policy Analysis
Books
The Retirement Crisis"The Retirement Crisis," by Teresa Ghilarducci, The New School.
"Whose Retirement Crisis? Household Savings or Public Financing?" by Teresa Ghilarducci, Forbes, Feb. 20, 2018.
"America's Unusual High Rates of Old-Age Poverty and Old-Age Work," by Teresa Ghilarducci, Forbes, March 2, 2018.
"Working Longer Cannot Solve the Retirement Crisis," by Teresa Ghildarducci, Michael Papadopoulos, Bridget Fisher, and Anthony Webb, Schwartz Center for Economic Policy Analysis, Feb. 3, 2021.
The Defined-Contribution System"How Defined Contribution Plans and 401(k)s Affect Employer Pension Costs," by Teresa Ghilarducci, ResearchGate, July 2006.
"Americans Haven't Saved Enough for Retirement. What Are We Going to Do About It?" by Teresa Ghilarducci and Tony James, Harvard Business Review, March 28, 2018.
"America's Retirement Savings Crisis Is Now. Here's How to Fix It," by Teresa Ghilarducci and Tony James, CNN Business, Sept. 15, 2020.
"Fixing the U.S. Retirement System," Written Testimony by Teresa Ghilarducci; Committee on Finance, Subcommittee on Social Security, Pensions, and Family Policy, U.S. Senate, May 21, 2014.
"Laying the Groundwork for More Efficient Retirement Savings Incentives," by Teresa Ghilarducci and Christian Weller, Center for American Progress, Nov. 18, 2015.
"Retirement Savings Inequality: Different Effects of Earnings Shocks, Portfolio Selections, and Employer Contributions by Worker Earnings Level," by Teresa Ghilarducci, Joelle Saad-Lessler, and Gayle Reznik, Social Security Office of Retirement and Disability Policy, 2018.
"The Inequitable Effects of Raising the Retirement Age on Blacks and Low-Wage Workers," by Teresa Ghilarducci, Kyle Moore, and Anthony Webb, The Review of Black Political Economy, April 26, 2019.
"Everyone Should Have the Retirement Plan Federal Employees Enjoy," by Teresa Ghilarducci and Kevin Hassett, The Washington Post, March 29, 2021.
"What if Low-Income American Workers Had Access to Wealth-Building Vehicles Like the Federal Employees' Thrift Savings Plan?" by Teresa Ghilarducci and Kevin Hassett, Economic Innovation Group, March 25, 2021.
Social Security"A Nobel Laureate's Plan to Use Social Security to Fix the Retirement Crisis--and Why it Won't Work," by Teresa Ghilarducci, The New School's Retirement Equity Lab, April 19, 2019.
"Teresa Ghilarducci on Social Security Fixes to Protect the Poorest," by Teresa Ghilarducci, Bloomberg Businessweek, March 27, 2020.
Income Inequality and Women in Economics"The Unique Disadvantage Older Women Face in the Workforce," by Teresa Ghilarducci, PBS News Hour, March 25, 2016.
"Women's History Month: Gender Pay Gap Contributes to Elderly Poverty Gap," by Teresa Ghilarducci, The New School's Retirement Equity Lab, May 1, 2017.
"Labor Market Discrimination: A Bleak Outlook for Older Women," by Teresa Ghilarducci and Kyle Moore, Schwartz Center for Economic Policy Analysis, 2017.
"How Big Firms Keep Wages Low," by Teresa Ghilarducci, Forbes, Jan. 21, 2019.
"Barring Women From Economics," by Teresa Ghilarducci, Forbes, March 31, 2019.
"Economists Weigh In on Covid-19 and Inequality," by Teresa Ghilarducci, Forbes, March 4, 2021.
Behavioral Finance"Financial Literacy: Just Another Word for Financial Shaming," by Teresa Ghilarducci, Psychology Today, May 7, 2018.
"Go Ahead and Spend Your Children's Inheritance," by Teresa Ghilarducci, Advisor Perspectives, Dec. 17, 2020.
Our guest this week is Patrick O’Shaughnessy. Patrick is the CEO of O’Shaughnessy Asset Management. He also is a portfolio manager at the firm. Prior to assuming his current role, Patrick served on O’Shaugnessy’s research and portfolio management teams. Patrick is the author of Millennial Money: How Young Investors Can Build a Fortune and was a contributing author to the fourth edition of What Works on Wall Street. Patrick is also the host of the popular Invest Like the Best podcast. He received his bachelor’s in philosophy from the University of Notre Dame and is a CFA charter holder.
Background
Bio
O’Shaughnessy Asset Management
Canvas
Millennial Money: How Young Investors Can Build a Fortune
What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time
Invest Like the Best Podcasts
ESG
“ESG the Right Way: Customization and Not Scale,” by Travis Fairchild, osam.com, October 2019.
“Custom Indexing Leader Canvas Expands ESG/SRI Offering,” businesswire.com, March 9, 2021.
“Investing in Environmental Protection,” by the OSAM Research Team, osam.com, April 2021.
“Helping Financial Advisors Solve ESG Investing Challenges,” by Travis Fairchild, osam.com, March 2021.
Factors and Custom Indexing
“Combining the Best of Passive and Active Investing,” by Patrick O’Shaughnessy, advisorperspectives.com, March 6, 2013.
“Alpha or Assets? Factor Alpha Vs. Smart Beta,” by Patrick O’Shaughnessy, osam.com, April 2016.
“Combining the Best Stock Selection Factors by Patrick O’Shaughnessy at QuantCon 2016,” slideshare.net, April 14, 2016.
“Factors From Scratch: A Look Back, and Forward, at How, When, and Why Factors Work,” by Chris Meredith, Jesse Livermore, and Patrick O’Shaughnessy, osam.com, May 2018.
"'Humans Love a Narrative. We Have Safeguarded Against That': Jim and Patrick O’Shaughnessy,” by Vicky Ge Huang, citywireusa.com, Dec. 6, 2018.
“Introducing Canvas,” by Patrick O’Shaughnessy, osam.com, September 2019.
“Custom Indexing: The Next Evolution of Index Investing,” by Patrick O’Shaughnessy, osam.com, December 2020.
“O’Shaughnessy’s Quarterly Letter Q4 2019,” by Patrick O’Shaughnessy, osam.com, January 2020.
Podcast and Reading
“Chetan Puttagunta--Go Slow to Go Fast: Software Building and Investing,” Invest Like the Best With Patrick O’Shaughnessy, investlikethebest.com, Jan. 28, 2020.
“Nick Kokonas—Know What You Are Selling,” Invest Like the Best With Patrick O’Shaughnessy, investlikethebest.com, Nov. 19, 2020.
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel
The Razor’s Edge by Somerset Maugham
Our guest on the podcast today is Kerry Pechter. He is the editor and publisher of Retirement Income Journal, which he launched in 2009 to provide unconflicted news and analysis to the annuity and financial advice industries. RIJ recently celebrated its 500th issue. Kerry is also the author of Annuities for Dummies and two other nonfiction books. He has been an editor of Annuity Market News, a writer in Vanguard's individual annuity marketing department, a senior editor at Rodale Press, and a reporter for The Billings Montana Gazette.
Background
Bio
Annuities for Dummies
Retirement Income Journal
Advisor Landscape
“Out of Commission,” by Kerry Pechter, retirementincomejournal.com, Sept. 19, 2013.
“Seeking ‘Ambidextrous Advisers’,” by Kerry Pechter, retirementincomejournal.com, Jan. 9, 2020.
RetireOne
DPL Financial
Annuity Basics
“Will Fee-Only Advisors Warm to Annuities?” by Kerry Pechter, retirementincomejournal.com, Oct. 19, 2018.
“Two Client-Centric Income Strategies,” by Kerry Pechter, retirementincomejournal.com, Jan. 10, 2019.
“A Primer for Annuity Newbies,” by Kerry Pechter, retirementincomejournal.com, May 28, 2020.
“Another Advantage of Annuities: You Can Be More Aggressive With Non-Annuity Funds and Fare Better Long-Term,” by Kerry Pechter, annuityfyi.com.
“The One True Path to Income--The New DIAs,” by Kerry Pechter, annuityfyi.com.
“Now You Can Invest in a Longevity Annuity Within an IRA or 401(k),” by Kerry Pechter, annuityfyi.com.
“The Catch-22 of In-Plan Annuities,” by Kerry Pechter, retirementincomejournal.com, Dec. 17, 2020.
“'Dull' Investments Shine in a Crisis,” by Kerry Pechter, retirementincomejournal.com, March 26, 2020.
“Why Is Income Planning So Hard?” by Kerry Pechter, retirementincomejournal.com, June 30, 2020
Annuity Trends
Registered Index-Linked Annuities
“Stormy Weather for Life Insurers,” by Kerry Pechter, retirementincomejournal.com, April 9, 2020.
“Low Interest Rates Shock Sales of Most Annuities,” retirementincomejournal.com, Aug. 6, 2020.
“Pandemic Hurt Annuity Sales in 2020,” by Kerry Pechter, retirementincomejournal.com, March 10, 2021.
“Trends RIJ Will Track in 2021,” by Kerry Pechter, retirementincomejournal.com, Jan. 7, 2021.
Due Diligence
AM Best
Weiss Ratings
NOLHGA
Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, including Social Security Made Simple, Taxes Made Simple, Accounting Made Simple, and Can I Retire? His blog, Oblivious Investor, covers Social Security, taxes, and investing. Piper has also developed a free tool for exploring Social Security-claiming decisions called Open Social Security. He is a certified public accountant.
BackgroundBio
Mike Piper's Books
Oblivious Investor
Open Social Security
Social Security"How Is Social Security Taxed?" by Mike Piper, Oblivious Investor, Jan. 1, 2019.
"Does Delaying Social Security Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020.
"Philosophy of Social Security Claiming Strategies," by Wade Pfau, Retirement Researcher.
Social Security Solutions
Maximize My Social Security
"Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments," The Long View podcast, Morningstar.com, Sept. 9, 2020.
"Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020.
Retirement Planning"An Ideal Retirement Spending Strategy? "by Mike Piper, Oblivious Investor, March 12, 2018.
"Building a Safe Floor of Retirement Income--in Advance," by Mike Piper, Oblivious Investor, July 2, 2018.
"A Rough, General-Purpose Retirement Plan," by Mike Piper, Oblivious Investor, Jan. 28, 2019.
"Simplifying a Retirement Bucket Portfolio," by Mike Piper, Oblivious Investor, July 8, 2019.
"What's in My Portfolio?" by Mike Piper, Oblivious Investor, Dec. 11, 2019.
"Single Premium Immediate Annuity: Why They're Useful and When to Buy Them," by Mike Piper, Oblivious Investor, Jan. 1, 2020.
"From Assets to Income: A Goals-Based Approach to Retirement Spending," by Colleen Jaconetti, Michael DiJoseph, Francis Kinniry, David Pakula, and Hank Lobel, Vanguard, April 2020.
"Father of 4% Rule Says it Was Really More of a Guideline," by Ginger Szala, ThinkAdvisor, Oct. 19, 2020.
Retirement Accounts"Marginal Tax Rate or Effective Tax Rate?," by Mike Piper, Oblivious Investor, Dec. 7, 2020.
"Marginal Tax Rate: Not (Necessarily) the Same as Your Tax Bracket," by Mike Piper, Oblivious Investor, March 15, 2021.
"Taxes in Retirement: What Happens After Your Husband or Wife Dies?" by Mike Piper, MarketWatch, Feb. 6, 2021.
"Long-Term Tax Planning Requires Guessing. Focus on the Near Term," by Mike Piper, Oblivious Investor, Feb. 2, 2021.
"Retirement Tax-Planning Error: Not Planning for Widow(er)hood," by Mike Piper, Oblivious Investor, Jan. 4, 2021.
Target-Date Funds "Don't Judge a Fund by Its Cover," by Mike Piper, The Wall Street Journal, Aug. 8, 2013.
"Why Would an Experienced Investor Buy a Target-Date Fund?" by Mike Piper, Oblivious Investor, May 11, 2015.
"Why I (Still) Like All-in-One Mutual Funds," by Mike Piper, Oblivious Investor, Sept. 14, 2015.
Our guest this week is Jason Hsu. Jason is founder and chairman of Rayliant Global Advisors, a quantitative asset manager based in Hong Kong. Jason also cofounded Research Affiliates with Robert Arnott and has been at the forefront of the fundamental indexing movement. Jason is a member of the board of directors at the Anderson School of Management at the University of California at Los Angeles, as well as an adjunct professor in finance there. He has authored more than 40 peer-reviewed articles, is an associate editor of the Journal of Investment Management, and serves on the editorial board of numerous other financial journals, including the Financial Analysts Journal. Jason earned his bachelor's in physics from the California Institute of Technology, his master's in finance from Stanford, and his doctorate in finance from UCLA.
Background
Bio
Rayliant Global Advisors
Research Affiliates
Anderson School of Management at UCLA
Journal of Investment Management
The Fundamental Index: A Better Way to Invest, by Robert D. Arnott, Jason C. Hsu, and John M. West
Investing in China
“Timing Poorly: A Guide to Generating Poor Returns While Investing in Successful Strategies,” by Jason Hsu, Brett W. Myers, and Ryan Whitby, jpm.com, January 2016.
“Buy the Best, Perform the Worst,” by John Rekenthaler, Morningstar.com, April 15, 2016.
“In Defense of Alpha?!” by Jason Hsu, researchaffiliates.com, October 2017.
“The Biggest Failure in Investment Management: How Smart Data Can Make It Better or Worse,” by John West and Jason Hsu, researchaffiliates.com, October 2018.
“Where Retail Rules: Buying Into China’s Alpha Opportunity,” Rayliant.com, August 2019.
“How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020.
“Should You Have More China in Your Portfolio? Putting Common Arguments for Increased Chinese Exposure to the Test,” by Jason Hsu, Xiang Liu, and Phillip Wool, The Journal of Index Investing, Winter 2020.
“China’s Got Talent: Fund Manager Skill and Alpha in Chinese Stocks,” by Phillip Wool, rayliant.com, March 2021.
Chinese Market
“The China Syndrome: Lessons From the A-Shares Bubble,” by Jason Hsu, researchaffiliates.com, September 2015.
“Value, Growth and Bubbles: A Comparison Between China and US Markets,” by Jason Hsu, linkedin.com, Jan. 11, 2021.
“Fewer Loans in China: Impactful, but Perhaps Not in the Way You’d Expect,” by Jason Hsu, rayliant.com, April 9, 2021.
“Why Few Foreign Funds Are Entering China’s $3tr Mutual Fund Market,” by Twinkle Zhou, Asianinvestor.net, April 19, 2021.
“’Tiger Mom’ Vs. Montessori: A Simple Analogy for Comparing Chinese and U.S. Financial Regulation,” by Jason Hsu, linkedin.com, March 4, 2021.
Quantitative Investing
“The Surprising Alpha From Malkiel’s Monkey and Upside-Down Strategies,” by Robert D. Arnott, Jason Hsu, Vitali Kalesnik, and Phil Tindall, The Journal of Portfolio Management, Summer 2013.
“A Framework for Assessing Factors and Implementing Smart Beta Strategies,” by Jason Hsu, Vitali Kalesnik, and Vivek Viswanathan, valuewalk.com, Summer 2015.
“Rob Arnott: Don’t Sleep on Value Investing (Especially Emerging-Markets Value),” The Long View Podcast, Morningstar.com, Aug. 21, 2019.
“Going Local: Developing a Quant Approach Specific to Emerging Markets,” by Phillip Wool, Rayliant.com, April 10, 2020.
Academic Research
“The Harm in Selecting Funds That Have Recently Outperformed,” by Bradford Cornell, Jason Hsu, and David Nanigian, papers.ssrn.com, Feb. 25, 2016.
“Coronavirus Crisis, Supertrends and Disruptive Innovations in Asset Management,” Financial Investigator Conference, rayliant.com, July 2, 2020.
“When Dollar-Cost Averaging Can Help (or Hurt),” by Amy Arnott, Morningstar.com, Sept. 4, 2020.
Our guest on the podcast today is Joe Davis, global chief economist at Vanguard. Joe also heads up Vanguard's Investment Strategy Group, a team that conducts research on portfolio construction, develops the firm's economic and market outlook, and helps oversee Vanguard's asset-allocation strategies for both institutional and individual investors. He is also a member of the senior portfolio management team for Vanguard Fixed Income Group. He earned a doctorate in economics at Duke University.
Background
Bio
Asset Bubbles
“Bitcoin: Digital Gold or Fool’s Gold?” by Joe Davis, vanguard.com, March 13, 2018.
“Vanguard’s Joe Davis on the State of the Markets & the Global Economy,” cnbc.com, Jan. 28, 2020.
“Asset Bubbles and Where to Find Them,” by Joe Davis, vanguard.com, March 8, 2021.
“Value vs. Growth: Widest Performance Gap on Record,” by Katherine Lynch, Morningstar.com, Jan. 11, 2021.
The Pandemic and the Economy
“Vanguard Economic and Market Outlook for 2021: Approaching the Dawn,” Vanguard Investment Strategy Group, vanguard.com, December 2020.
“Vanguard Economists Discuss Their Global Outlook,” vanguard.com, July 23, 2020.
“The ‘Great’ Fall and the Road to Recovery,” by Joe Davis, vanguardinstitutionalblog.com, May 1, 2020.
“A Pandemic, a Vaccine, and a Sea of Ideas,” by Joe Davis, vanguardinstitutionalblog.com, Nov. 10, 2020.
“The Key to Achieving COVID-19 Herd Immunity,” by Joe Davis, vanguardinstitutionalblog.com, Jan. 27, 2021.
“A Timetable for Overcoming COVID-19,” by Joe Davis, vanguard.com, Feb. 1, 2021.
“Vanguard’s Joe Davis Talks Healthy Economy Amid Covid,” Bloomberg, Feb. 8, 2021.
Inflation
“Vanguard 2020 Outlook: The New Age of Uncertainty,” by Joe Davis, vanguard.com, Nov. 18, 2019.
“Inflation Prospects Amid the Pandemic,” by Andrew J. Patterson, vanguardinstitutionalblog.com, May 20, 2020.
“Envisioning a Post-Pandemic Future,” by Joe Davis, vanguard.com, Sept. 1, 2020.
Market Outlook
“Vanguard Comes to Defense of the 60/40 Portfolio As It Forecasts Stock Market Returns for the Next Decade,” by Steve Goldstein, marketwatch.com, July 25, 2020.
“A Sharp Contraction, Then an Upswing,” by Joe Davis, vanguard.com, March 22, 2020.
“Why Portfolio Diversification Still Works,” by Amy Arnott, Morningstar.com, March 30, 2021.
“Active Fixed Income Perspectives: Q1 2021,” by Active Fixed Income Leadership and Research Teams, vanguard.com, Jan. 28, 2021.
Megatrends
“Megatrends: The Future of Work,” Vanguard Research, vanguard.com.
“Automation Isn’t the End of Jobs,” Interview with Christine Benz and Joe Davis, Morningstar.com, Nov. 24, 2018.
“Quantifying the Future of Remote Work,” by Joe Davis, vanguard.com, Nov. 30, 2020.
Our guest this week is John Rogers, Jr. John is chairman, co-CEO, and chief investment officer of Ariel Investments, the firm he founded in 1983. John is the lead portfolio manager of the Ariel Fund and also comanages other Ariel strategies, including Ariel Small Cap Value, Small/Mid Cap Value, Mid Cap Value as well as Ariel Appreciation. John sits on several corporate boards, including the board of directors of McDonald's, Nike, and The New York Times and serves as vice chair of the University of Chicago's board of trustees. In 2008, John was given Princeton University's highest honor, the Woodrow Wilson Award, for his work in civic and philanthropic circles. John received his bachelor's degree from Princeton.
Background
Bio
DEI
“White House Advisor on Importance of Financial Education,” CNBC.com, April 14, 2014.
Ariel Community Academy
“Empowering the Next Generation of Investors Through Rapunzl,” Nasdaq.com, Nov. 12, 2020.
The University of Chicago Laboratory Schools’ Diversity, Equity, and Inclusion
Ariel-Schwab Black Investor Survey 2020
"Chicago-Based Ariel Investments Launches 'Project Black' to Grow Minority-Owned Businesses With $200 Million From JPMorgan Chase," by Robert Channick, chicagotribune.com, Feb. 27, 2021.
"Ariel Investments’ John Rogers Jr. Pushes Corporate Boards to Have Their Own 'Jackie Robinson Moment'," by Andrew Keshner, marketwatch.com, Dec. 2, 2020.
ESG
" 'This Is the Shareholders’ Money': Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs," by Ben Winck, businessinsider.com, Jan. 2, 2020.
Ariel Investments ESG Policy
Nike Sustainability Initiatives
McDonald’s Sustainability Initiatives
Market Outlook and Value Investing
“Warren Buffett Watcher Echoes Warning on Bitcoin: 'We’re Probably Near the Top of a Bubble'," by Berkeley Lovelace Jr., cnbc.com, Jan. 11, 2018.
“Martijn Cremers Unveils ActiveShare.info Fund Website 2.0,” by Martijn Cremers, prnewswire.com, Sept. 15, 2020.
“Bill Bernstein: We’re Starting to See All the Signs of the Bubble,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, March 10, 2021.
“These 7 Value Stocks Will Benefit From an Economic Recovery,” by Reshma Kapadia, barrons.com, Feb. 28, 2021.
“Ariel Investments’ John Rogers: Taking a Contrarian View to Beat Markets and Prejudice,” financialtimes.com, April 3, 2021.
Stocks
“A Wall Street Investment Chief Reveals How He Found Stocks at ‘Extraordinary Bargains’ at the Depths of Pandemic Crash--and Reaped Huge Returns,”by Emily Graffeo, businessinsider.com, Nov. 19, 2020.
Nielsen Holdings
“ViacomCBS Shares Slide 18% After Company Prices Roughly $3 Billion Offering of Equity Securities,” by Ciara Linnane, marketwatch.com, March 24, 2021.
Leadership at Ariel
Mellody Hobson Biography
“At Ariel Investments, Mellody Hobson Gets Promoted to Co-CEO and Becomes Largest Shareholder,” by Mary Ellen Podmolik, chicagotribune.com, July 11, 2019.
“Starbucks’s Mellody Hobson, the Only Black Chairwoman in S&P 500, Says ‘Civil Rights 3.0’ Is Brewing,” by Heather Haddon, wsj.com, March 13, 2021.
Our guest on the podcast today is financial educator and author Paul Merriman. He founded Merriman, a fee-only investment advisory firm, in 1983. He retired from Merriman in 2011 and started The Merriman Financial Education Foundation, which is dedicated to providing comprehensive financial education to investors. Merriman has written several books on investing. His latest released in November 2020 and is called We're Talking Millions! 12 Simple Ways To Supercharge Your Retirement. He writes a weekly column on MarketWatch, and he also hosts the weekly Sound Investing podcast.
BackgroundBio
Books
MarketWatch columns
Sound Investing podcasts
Financial EducationThe Merriman Financial Education Foundation
Next Gen Personal Finance
NGPF Documentary: The Most Important Class You Never Had, by Tim Ranzetta, ngpf.org, March 20, 2020.
"Opinion: My Wild Ride Owning GameStop Stock," by Paul Merriman, MarketWatch, Feb. 12, 2021.
Investments "The Ultimate Buy-and-Hold Strategy," by Paul Merriman, MarketWatch, July 17, 2013.
"30 Reasons to Fall in Love With Index Funds," by Paul Merriman, MarketWatch, June 4, 2014.
"Why REITs Belong in Your Retirement Portfolio," by Paul Merriman, MarketWatch, April 1, 2015.
"Opinion: Here Are the two Funds you Need—Before and After Retirement," by Chris Pedersen, MarketWatch, Nov. 30, 2019.
"Target Date Funds and Portfolio Choice in 401(k) Plans," by Olivia S. Mitchell and Stephen P. Utkus, Wharton Pension Research Council, Jan. 9, 2020.
"The Lessons of Vanguard's Jack Bogle Have Helped Countless Investors—but His Picks Could Be Improved," by Paul Merriman, MarketWatch, Feb. 13, 2020.
Telltale Chart, Bogleheads.org.
"Paul Merriman 4 Fund Portfolio Review," OptimizedPortfolio, March 24, 2021.
Retirement Decumulation"Fine-Turning Retirement Portfolio Allocations," by Paul Merriman, MarketWatch, July 31, 2013.
"Retire With More Money and Less Risk," by Paul Merriman, MarketWatch, April 30, 2014.
"FAQs About the Merriman Target Date Portfolios," by Chris Pedersen, paulmerriman.com.
"How to Double Your Target-Date Retirement Fund’s Return in a Single Move," by Paul Merriman, MarketWatch, April 15, 2015.
"Why Target-Date Funds Are the Best Retirement Investment," by Paul Merriman, MarketWatch, Sept. 7, 2019.
Our guest this week is Ted Seides. Ted hosts the popular “Capital Allocators” podcast, where each week he interviews leaders in the investing and finance fields, including hedge fund managers, endowment chiefs, and prominent academics. Prior to launching “Capital Allocators,” Ted was a founding partner at Protégé Partners, a firm that invested in and seeded hedge funds. Ted began his career at the Yale University Investment Office before doing stints at Stonebridge Partners and J.H. Whitney & Company. Ted recently published a book reflecting on his conversations with investment leaders and experts entitled Capital Allocators: How the World's Elite Money Managers Lead and Invest. Ted earned his bachelor's degree from Yale University and his MBA from Harvard Business School. He is also a CFA charterholder.
BackgroundBio
“Capital Allocators”
Books
Outsourcing and Complexity“Drew Dickson—Blending Behaviors and Fundamentals at Albert Bridge Capital (First Meeting, Ep. 13),” Capitalallocatorspodcast.com, Nov. 24, 2019.
Thinking in Bets: Making Smarter Decisions When You Don’t Have all the Facts by Annie Duke
“The Surprising Cost of Volatility,” by Ted Seides, Capitalallocatorspodcast.com, April 26, 2010.
“The Future of Long-Short Equity,” by Ted Seides, cfainstitute.org, April 11, 2013.
Portfolios and Investment CommitteesTed Seides’ personal portfolio
How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest by Joshua Brown and Brian Portnoy
Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David Swensen
Arctos Sports Partners
“Scott Malpass—The Fighting Irish’s Twelfth Man (Ep. 25),” Capitalallocatorspodcast.com, Sept. 18, 2017.
“Michael Mauboussin—Consilient Observations in a Crisis (Ep. 127),” Capitalallocatorspodcast.com, March 22, 2020. 2020.
Our guest on the podcast today is financial advisor and author Bill Schultheis. His latest book is "The Coffeehouse Investor's Ground Rules: Save, Invest, and Plan for a Life of Wealth and Happiness." His first book, published in 1998 and updated several times thereafter, is "The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life." When he is not writing books, He is a financial advisor with Soundmark Wealth Management, a firm he co-founded in 2008. He received his bachelor's degree in business at Texas A&M University.
BackgroundBio
The Coffeehouse Investor
Soundmark Wealth Management
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, by Burton Malkiel
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by William Danko
Investing and Retirementh2“The Coffeehouse Portfolio: Caffeinate Your Investment Strategy,” by Candice Elliott, listenmoneymatter.com, Sept. 11, 2020. “The Coffeehouse Portfolio--2020 Update,” by blbarnitz, bogleheads.org, Jan. 2, 2021.The Dalbar Study"Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020. “On Finance: Understanding the Advantages of Index Funds,” by Bill Schultheis, 425business.com, July 17, 2017.“The Odds of Outperforming Through Active Management,” by Larry Swedroe, investorevidence.com, Feb. 24, 2021.“The Data Don’t Lie—It’s Time to Diversify,” by Bill Schultheis, 425business.com, May 9, 2018.“Twenty Years On, These Three Investing Principles Are as Important as Ever,” by Bill Schultheis, 425business.com, Dec. 11, 2019.“Autopilot Features Can Help Direct You Toward a More Comfortable Retirement,” by Bill Schultheis, 425business.com, June 4, 2019.“Don’t Get Bitten by the Popularity of FAANG Stocks,” by Bill Schultheis, 425business.com, Feb. 5, 2020.
Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique--a neurologist by training, Bill taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and his latest, The Delusions of Crowds.
Background
Bio
Books
“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’”The Long View Podcast, May 7, 2019.
Current Market Environment
The Wisdom of Crowds, by James Surowiecki
“A Stock Market Bubble Is Forming,” by John Rekanthaler, Morningstar.com, Oct. 20, 2020.
“From 1720 to Tesla, FOMO Never Sleeps,” by Jason Zweig, wsj.com, July 17, 2020.
“The 4 Pillars of Investing,” by Larissa Fernand, Morningstar.com, June 19, 2020.
“4 Ways Today’s Stock Market Resembles That of the Late 1990s,” by John Rekenthaler, Morningstar.com, March 4, 2021.
Inflation, Bonds, and Other Asset Classes
“The Case for Minimizing Risk in Your Bond Holdings,” by William Bernstein, wsj.com, Oct. 18, 2015.
Inflation, Deflation, Confiscation & Devastation--The Four Horsemen of Risk,” by Wade Pfau, forbes.com, March 4, 2020.
“What if Inflation Isn’t Dead?” by John Rekenthaler, Morningstar.com, Aug. 11, 2020.
Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment by David F. Swensen.
“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, April 1, 2020.
“What Are SPACs and Should I Care?” by David Sekera, Morningstar.com, March 2, 2021.
Retirement
“How to Think About Risk in Retirement,” by William Bernstein, wsj.com, Nov. 30, 2014.
“Retirement Planning When You Have Enough,” by Christine Benz, Morningstar.com, Sept. 11, 2020.
"Of Viruses, Distressed Sales, and Stocks' 'Rightful Owners,' " by Bill Bernstein, efficient frontier.com, 2020.
ETFs
“No Room on the ARK?” by Ben Johnson and Bobby Blue, Morningstar.com, March 3, 2021.
“Digging Into ARK Innovation’s Portfolio,” by Amy Arnott, Morningstar.com, Feb. 18, 2021.
“Gerard O’Reilly: Control for the Unexpected, Focus on the Expected,” The Long View Podcast, Jan. 26, 2021.
Our guest on the podcast today is financial advisor Meg Bartelt. She started Flow Financial Planning, a fee-only practice, geared toward providing financial guidance for women in the technology sector in 2016. Prior to starting Flow Financial, Meg worked for a fee-only Registered Investment Advisor in Virginia and was a technical writer for 10 years in the San Francisco Bay Area. She received her master's degree in financial planning from Golden Gate University, and her Bachelor of Arts in economics from Wellesley College. She is also a certified financial planner.
Background
Bio
Flow Financial Planning
“How to Prepare for the Surprising Costs of Motherhood,” by Stacy Rapacon, money.usnews.com, Nov. 5, 2018.
Niche Marketing and Life Planning
“The Who, What, and Why of Hiring a Business Coach,” by Meg Bartelt, xyplanningnetwork.com, Dec. 15, 2016.
“The Efficiency Benefits of Niching From the Start to Launch an Advisory Firm,” by Michael Kitces, Kitces.com, July 23, 2018.
XY Planning Network
Grace Hopper Celebration
“My Takeaways From #GHC18. And Yes They’re All About Money,” by Meg Bartelt, flowfp.com, Oct. 2, 2018.
“What Can You Negotiate For? Pretty Much Anything. What SHOULD You Negotiate For?” by Meg Bartelt, flowfp.com, Jan. 20, 2021.
EVOKE: A Life Planning Methodology
“George Kinder: A Financial Plan Needs to Be a Life Plan,” The Long View Podcast, Morningstar.com, Jan. 20, 2021.
Investments and Financial Planning
“If You Work in Tech Your 401(k) Is Probably Not Enough,” by Meg Bartelt, you.women2.com, June 22, 2017.
“Pay Attention to Your Employee Benefits,” by Meg Bartelt, you.women2.com, April 4, 2018.
“If you Have RSUs and Your Company Just Went Public, You Miiiight Want to Check Your Tax Situation,” by Meg Bartelt, flowfp.com, May 24, 2019.
“Lessons From Airbnb’s IPO,” by Meg Bartelt, flowfp.com, Dec. 21, 2020.
Our guest this week is Hamish Douglass. He is the co-founder, chairman, and chief investment officer of Magellan Financial Group, a roughly $80 billion asset-management firm with headquarters in Sydney. Among his duties, Douglass is lead manager of the Magellan Global Equity strategy, which is a concentrated portfolio of high-quality growth stocks. That strategy has been very successful since its July 2007 inception, handily beating its benchmark, the MSCI World Index, with significantly less risk. Before forming Magellan in 2006, Douglass was co-head of global banking for Deutsche Bank in Australia and New Zealand. He received his undergraduate degree from the University of New South Wales.
Background
Bio
Frontier MFG Global Equity
"The Essential Balance: Independent Thinker, Team Player," by Rebecca Thurlow, The Wall Street Journal, Dec. 11, 2006.
"Learn More About Magellan's Global Equity Strategy," Magellan, July 2019.
"Being a Successful Investor," by Hamish Douglass, MFG Asset Management.
Investment Style and Portfolio Construction
"10 Cognitive Biases That Can Lead to Investment Mistakes," by Hamish Douglass, Magellan, May 2017.
"Business Model Disruption Has Barely Begun," by Hamish Douglass, Firstlinks, Oct. 15, 2017.
"Business Model Disruption--Part 2," by Hamish Douglass, Firstlinks, Oct. 19, 2017.
"Passive Investing and Disruption," by Hamish Douglass, Magellan, July 2017.
“13 of the best: reflections from an investor,” by Hamish Douglass, Firstlinks, July 31, 2019.
"Hamish Douglass' Map for Investing This Decade," by Vesna Poljak, Financial Review, Jan. 24, 2020.
"Hamish Douglass on What Really Matters," by Hamish Douglass and Frank Casarotti, Firstlinks, Oct. 21, 2020.
"What Sort of Economy Awaits on the Other Side? Hamish Douglass Shares Four Possibilities," by Vishal Teckchandani, Livewire, April 1, 2020.
"Magellan to Offer Low-Cost Investment Strategies," by Charlotte Grieve, The Sydney Morning Herald, Aug. 13, 2020.
"China's Clampdown on Jack Ma's Ant Boosts Rivals," by Sun Yu and Tom Mitchell, Financial Times, Feb. 18, 2021.
Our guest today is Russ Kinnel. Russ is director of manager research for Morningstar Research Services and the longtime editor of the Morningstar FundInvestor newsletter. As part of his duties, Russ chairs the North America ratings committee that oversees and approves the Morningstar Analyst Ratings that Morningstar's manager research analysts assign to the funds they cover. A mainstay of our research efforts for years, Russ has authored a number of well-known and widely cited studies, including the annual “Mind the Gap” study of investor returns, and is frequently quoted in the financial media. Russ is a graduate of the University of Wisconsin-Madison, where he received his bachelor's degree in economics.
Background
Bio
Books
Author Page
Morningstar FundInvestor
Related Articles
“Environmental, Social, and Governance Investing,” Morningstar.com.
“What Helen Young Hayes’ Departure Means to Janus,” by Russ Kinnel, April 21, 2003.
“Lessons From the Bill Gross Saga,” by John Rekenthaler, Morningstar.com, Oct. 1, 2014.
“Flows + Bloat = Headaches for Funds,” by Russ Kinnel, Morningstar.com, March 27, 2017.
“Fink: BlackRock Continues to Evolve,” by Daniel Culloton, Morningstar.com, April 28, 2017.
“Enhancement to Sustainability Rating Emphasizes Material ESG Risk,” by Jon Hale, Morningstar.com, Nov. 8, 2019.
“Where the Medalists Are,” by Christine Benz and Russ Kinnel, Morningstar.com, Sept. 15, 2020.
“The Best Fund Companies and Their Ratings,” by Russ Kinnel, Morningstar.com, Jan. 28, 2020.
“Flowmageddon: Is it Time Yet?” by Russel Kinnel, Morningstar.com, July 24, 2020.
“Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020.
“Can Bond Funds Grow Large More Gracefully Than Stock Funds?” by Christine Benz and Russ Kinnel, Sept. 22, 2020.
“Farewell, Mutual Funds,” by John Rekenthaler, Morningstar.com, Jan. 21, 2021.
“A Quick Survey of Investment Vehicles,” by Russ Kinnel, Morningstar.com, Jan. 20, 2021.
Our guest on the podcast today is The New York Times financial columnist and author Ron Lieber. His latest book is called The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make. He is also the author of The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money and coauthor of Taking Time Off: Inspiring Stories of Students Who Enjoyed Successful Breaks From College and How You Can Plan Your Own. Ron has been the "Your Money" columnist for The New York Times since 2008. Before coming to The Times, he wrote the "Green Thumb" personal finance column for The Wall Street Journal and was part of the startup team at the paper's “Personal Journal” section. He attended Amherst College.
Background
Bio
Books
College in the Pandemic
“Remote Learning Is Unequal. Coronavirus Changed That--For Now,” by Jonathan Zimmerman, thephiladelphiainquirer.com, April 8, 2020.
“Spelman College Faces a Redefined Reality,” by Mary Schmidt Campbell, nytimes.com, April 23, 2020.
“Colleges Won’t Refund Tuition. Autumn May Force a Reckoning,” by Ron Lieber, nytimes.com, May 1, 2020.
“Back to School: How the Coronavirus Could Shape the Future of Higher Education,” by Karen Wallace, Morningstar.com, Nov. 9, 2020.
“Will College Tuition Go Down Because of the Pandemic?” by Norman Vanamee, townandcountrymag.com, Feb. 4, 2021.
School Choice and Cost
Where You Go Is Not Who You’ll Be: An Antidote to the College Admission’s Mania, by Frank Bruni, March 8, 2016.
“The Price You Pay for College, 21 Important Questions to Ask,” by Ron Lieber, grownandflown.com, Jan. 23, 2021.
“College Costs Are Less Terrifying Than You Think,” by Ron Lieber, nytimes.com, Jan. 28, 2021.
“How to Pay for College (and Not Lose Your Shirt),” by Ron Lieber, nytimes.com, Jan, 26, 2021.
“How Taking a Gap Year Can Shape Your Life,” by Ron Lieber, nytimes.com, Oct. 19, 2016.
Financial Aid and Merit Aid
“How to Predict Merit Aid in a Strange College Application Season,” by Ron Lieber, nytimes.com, Sept. 25, 2020.
“How to Ask a College for More Financial Aid,” by Ron Lieber, nytimes.com, April 25, 2020.
“What a $300,000 College Might Cost a $200,000 Family,” by Ron Lieber, nytimes.com, Oct. 3, 2020.
“High School Grades Could Be Worth $100,000. Time to Tell Your Child?” by Ron Lieber, nytimes.com, Jan. 23, 2021.
“FAFSA’s Expected Family Contribution Is Going Away. Good Riddance,” by Ron Lieber, nytimes.com, Jan. 4, 2021.
“Inside College Merit Aid—and the Manipulative, Lucrative System That Keeps it Running,” by Ron Lieber, nbcnews.com, Feb. 4, 2021.
Loans
“Parent PLUS Loans: What You Need to Know,” by Kimberly Rotter and Bob Musinski, usnews.com, Feb. 7, 2020.
“For Millions Deep in Student Loan Debt, Bankruptcy Is No Easy Fix,” by Ron Lieber and Tara Siegel Bernard, nytimes.com, Nov. 18, 2020.
“An Invisible Cost of College: Parental Guilt,” by Ron Lieber, nytimes.com, Feb. 3, 2021.
“Here’s a Guide to How Grandparents Can Help Pay for College,” by Ron Lieber, marketwatch.com, Feb. 2, 2021.
Background
Bio
T. Rowe Price Capital Appreciation
“Morningstar Announces 2012 Fund Manager of the Year Award Winners,” by Scott Burns, Morningstar.com, Jan. 3, 2013.
“Announcing Morningstar’s 2017 U.S. Fund Managers of the Year,” by Laura Pavlenko Lutton, Morningstar.com, Jan. 28, 2018
“This Fund Manager Is Among the Greats,” by Leo Acheson, Morningstar.com, Dec. 2, 2020.
Outlook/Forecast
“2021 Global Market Outlook: Managing to the Other Side,” by David Giroux, Justin Thomson, and Mark Vaselkiv, troweprice.com, Dec. 14, 2020.
“What it’s Like to Buy $9 billion in Stocks During a Market Crash—This Fund Manager Did Just That,” by Philip van Doorn, marketwatch.com, June 4, 2020.
Reorganization
T. Rowe Price Investment Management Overview
“Is T. Rowe’s Split a Smart Way to Handle Growth?” by Katie Rushkewicz Reichart, Morningstar.com, Nov. 19, 2020.
Portfolio Construction & Stock-Picking
“Why Every Growth Stock Portfolio Should be Overweight in Utilities,” by Sergei Klebnikov, forbes.com, Nov. 21, 2019.
“Finding Overlooked Opportunities in the COVID-19 Market,” by David Giroux, troweprice.com, Sept. 10, 2020.
“An Investor Bought Billions in Stocks When it Really Hurt,” by Tim Gray, nytimes.com, July 10, 2020.
“Creativity in a Low-Yield Era,” by David Giroux and Mark Vaselkiv, troweprice.com, Jan, 21, 2020.
Our guest this week is Gerard O'Reilly. Gerard is co-CEO and chief investment officer of Dimensional Fund Advisors, an asset manager headquartered in Austin, Texas, that manages more than $600 billion using a systematic investing approach. In his role, Gerard works with his co-CEO, Dave Butler, to set the firm's vision and strategy while also overseeing its investment processes. Prior to assuming his current post, Gerard was Dimensional's head of research. In addition to serving as a Dimensional director, Gerard co-chairs the firm's Investment Research Committee and is a member of its Investment Committee. Gerard obtained his doctorate in aeronautics from the California Institute of Technology and his master's degree in high-performance computing from Trinity College, Dublin.
Background
Bio
“Dimensional Eyes the Fund Sector’s Trillion-Dollar Club,” by Owen Walker, thefinancialtimes, March 31, 2019.
ETF Launch
“Dimensional Fund Advisors Significantly Expands ETF Offering,” dimensional.com, Nov. 17, 2020.
“Dimensional Investing in an Active ETF Structure,” dimensional.com, Nov. 17, 2020.
“Dimensional Funds ETFs Launch as Quant Plans to Convert Mutual Funds,” by Claire Ballentine, Bloombergquint, Nov. 19, 2020.
“Why Dimensional Fund Advisors Is Converting Six of its Mutual Funds to the ETF Format,” by Lizzy Gurdus, cnbc.com, Dec. 1, 2020.
Innovation, Value, and Return
“Market Beaters: A Different Dimension,” by Beverly Goodman, barrons.com, Jan. 6, 2014.
“3 Shades of Value,” by Daniel Sotiroff, Morningstar.com, Sept. 26, 2018.
“Robert Merton on Financial Innovation,” by Robert C. Merton, dimensional.com, June 24, 2019.
“The Real Reason Value Has Been Lagging Growth,” by Julie Segal, institutionalinvestor.com, Oct. 24, 2019.
“Tesla’s Charge Reveals Weak Points of Indexing,” dimensional.com, Jan. 15, 2020.
“Untangling Intangibles,” by Savina Rizova and Namiko Saito, dimensional.com, Sept. 28, 2020.
“An Exceptional Value Premium,” dimensional.com, Oct. 5, 2020.
“Securities Lending Fees as a Short-Term Driver of Stock Returns,” by Kaitlin Simpson Hendrix and Gavin Crabb, dimensional.com, Nov. 11, 2020.
ESG
“Sustainability Report,” dimensional.com, Dec. 31, 2020.
“Burton Malkiel: ‘I Am Not a Big Fan of ESG Investing,’ ” The Long View podcast with Christine Benz and Jeff Ptak, Morningstar.com, Aug. 5, 2020.
“Dimensional Finds ‘Little Evidence’ Emissions Are Linked to Expected Returns,” by Christine Idzelis, institutionalinvestor.com, Oct. 22, 2020.
Our guest on the podcast today is George Kinder. He founded the Kinder Life Institute, which trains financial professionals in the field of what's called Life Planning after a 30-year career as a practicing financial planner and tax advisor. George is also the author of several books dedicated to teaching advisors about life planning: The Seven Stages of Money Maturity, Lighting the Torch, and Life Planning for You. He was the first winner of the Financial Planning Association's Heart of Financial Planning Award, which recognizes "individuals who demonstrate commitment and passion in doing extraordinary work to contribute or give back to the financial planning community and/or the public."
Background
Bio
The Kinder Institute of Life Planning
Books
The Genesis & Discovery Process of Life Planning
EVOKE:® A Life Planning Methodology
“Psychology and Life Planning,” by George Kinder and Susan Galvan, kinderinstitute.com.
“George Kinder: Three Questions About Life Planning,” by J.D. Roth, getrichslowly.org, Feb. 15, 2009.
“Financial Planner Vs. Financial Life Planner. Which One Is the “Right One” for Me?” by Cristina Livadary, manafld.com, Jan. 24, 2020.
“Kinder: Wisdom and Life Planning in the Coronavirus Era,” by George Kinder, financialplanningtoday.co.uk, April 6, 2020.
Financial Advice
Webinar: “George Kinder on Work-Life Balance--Life Planning & Mindfulness,” by George Kinder, brighttalk.com, Jan. 28, 2016.
Seven Stages of Money Maturity Workshop
EVOKE® 5-Day Life Planning Training
Life Planning for You
Our guest on the podcast today is Steve Chen. Steve is the founder and CEO of NewRetirement.com, which he describes as a TurboTax for financial planning. NewRetirement advisors also offer one-on-one financial advice and coaching with certified financial planners. Prior to founding NewRetirement, Steve founded venture-backed companies in education and financial services and worked as a consultant at firms including Charles Schwab, Fidelity, and Dimensional Fund Advisors. He also hosts the NewRetirement podcast and contributes to Forbes. Steve received his Bachelor of Science in systems engineering from Boston University.
Background
Bio
NewRetirement.com
Retirement Planning
“Podcast: Nobel Prize Winner Robert Merton on Fixing Retirement,” by Steve Chen, newretirement.com, July 5, 2018.
“The Future of Retirement Planning Is Already Here, It’s Just Not Evenly Distributed,” by Stephen Chen, soa.org, 2018.
“Why Retirement Decumulation Is the New Accumulation,” by Stephen Chen, forbes.com, Sept. 30, 2019.
“5 Steps to Ensure Your Money Lasts Through Retirement,” by Steve Chen, moneytalksnews.com, Jan. 6, 2021.
The Pandemic & Retirement
“2021: The Good, The Bad and The Ugly,” by Stephen Chen, forbes.com, Sept. 7, 2020.
“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 21, 2020.
“The Most Dangerous Age for Retirement,” by Stephen Chen, forbes.com, Nov. 1, 2020.
Spending & Withdrawal Rates
“Tax-Efficient Retirement Withdrawal Strategies,” by Stephen Chen, forbes.com, Dec. 17, 2018.
“5 Mistakes to Avoid When Shopping for Annuities,” by Steve Chen, newretirement.com, June 27, 2020.
“5 Steps for Defining Your Retirement Drawdown Strategy,” by Steve Chen, newretirement.com, June 29, 2020.
“The Pros and Cons of Annuities: How to Evaluate Annuities for Your Retirement,” by Kathleen Coxwell, newretirement.com, Sept. 15, 2020.
“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 14, 2020.
Zvi Bodie
Social Security & Long-Term Care
“The Actual Costs of Long-Term Health Care,” by Kathleen Coxwell, newretirement.com, July 3, 2020.
“Changes Coming to Social Security & Medicare: Small COLA and 6 Other New Developments for 2021,” by Kathleen Coxwell, newretirement.com, Oct. 14, 2020.
“Serious Medical Crisis: Many Retirees Will Require Long-Term Care, but Few Will Be Able to Afford It,” newretirement.com.
Our guest on the podcast is Liz Ann Sonders, who is senior vice president and chief investment strategist at Charles Schwab. In her role, Sonders is responsible for conducting market and economic analysis, which she and her team publish in a variety of forms. She also regularly appears in the financial media and was recently named to the Barron's "100 Most Influential Women in Finance" list. Sonders joined Schwab in 2000, when the firm acquired her prior employer, U.S. Trust. Before that, she was a managing director and senior portfolio manager at Avatar Associates. Sonders received her bachelor's degree from the University of Delaware and her Master of Business Administration from Fordham University's Gabelli School of Business.
Background
Liz Ann Sonders' bio
Market Outlook
"Schwab Market Perspective: Watching the Wheels," by Liz Ann Sonders, Jeffrey Kleintop, and Kathy Jones, Charles Schwab, Dec. 11, 2020.
"2021 U.S. Market Outlook: Better Days?" by Liz Ann Sonders, Charles Schwab, Nov. 30, 2020.
"2020 Mid-Year Outlook: U.S. Stocks and Economy," by Liz Ann Sonders, Charles Schwab, June 15, 2020.
"2020 U.S. Market Outlook: Ramble On? by Liz Ann Sonders, Charles Schwab.
"Another Tricky Day," by Liz Ann Sonders, AdvisorAnalyst.com, Aug. 11, 2020.
Martin Zweig's Winning on Wall Street
"What Is Don't Fight the Fed?" by Kent Thune, The Balance, July 15, 2020.
"Fed Aims to Help Nurse the Economy Back to Health," by Liz Ann Sonders, AdvisorAnalyst.com, April 30, 2020.
"The Song Remains the Same: Fed Keeps Rates/Balance Sheet Steady," by Liz Ann Sonders, Charles Schwab, Dec. 16, 2020.
The Pandemic and the Future
"How the U.S. Economic Stimulus Package May Affect Investors," by Schwab Center for Financial Research, March 27, 2020.
"Schwab's Liz Ann Sonders Puts Odds of Stimulus at Slim to None," by Jeff Benjamin, InvestmentNews, Oct. 28, 2020.
"Triage: Throwing Everything at the Virus," by Liz Ann Sonders, AdvisorAnalyst.com, March 24, 2020.
"Schwab's Sonders, Kleintop Predict Weak Start for Economy in 2021," by Jeff Berman, ThinkAdvisor, Dec. 20, 2020.
Hear some of favorite clips from conversations we had in 2020 with portfolio managers and investors in this week's episode.
Here are the complete episodes that are referenced in this week’s episode.
Mohamed El-Erian: 'We Did Not Prepare for Something As Severe As What We’re Facing’
Rick Rieder: Nobody Has Ever Seen Anything Like This
Dan Fuss: It's Too Early to Relax
Mary Ellen Stanek: Hitting for Singles and Doubles in the Bond Market
Jon Stein: 'Free Trading Is Actually Going to Cost You'
Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'
Jim Dahle: 'Income Is Not Wealth'
Charley Ellis: Why Active Investing Is Still a Loser's Game
Will Danoff: Succeeding at Scale
Jerome Clark: 'We Tend to Become Myopic in a Bear Market'
Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields
On this week’s episode we’ll feature some of our favorite clips from interviews we’ve done on the topics of financial planning and retirement research.
Here are the complete episodes that are referenced in this week’s episode.
Michelle Singletary: ‘You Need Diversity’
Kerry Hannon: Remote Work Trend Benefits Older Workers
Wade Pfau: The 4% Rule Is No Longer Safe
Jonathan Guyton: What the Crisis Means for Retirement Planning
Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement
Mary Beth Franklin: To Fix Social Security, 'Everybody Is Going to Have to Be Unhappy’
Tim Maurer: ‘Personal Finance Is More Personal Than It Is Finance’
Lazetta Rainey Braxton: ‘Financial Planning for ‘the Rest of Us’
Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’
Ramit Sethi: ‘What Is Your Rich Life?’
Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind
Our guest on the podcast today is personal finance expert, Jean Chatzky. She is the CEO of HerMoney.com and host of the podcast "HerMoney with Jean Chatzky." Jean has served as the financial editor of NBC's TODAY show for the past 25 years and she is also the financial ambassador for AARP. She has written several best-selling personal finance books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. She holds a BA in English from the University of Pennsylvania.
Background
Bio
Books
HerMoney
HerMoney Podcasts
The Pandemic and Personal Finances
“Should You Save More Right Now (in the Pandemic) or Pay Down Debt?” by Jean Chatzky, savvymoney.com, Dec. 8, 2020.
“Four Secrets to Mastering Your Money (Even in a Pandemic),” by Jean Chatzky, hermoney.com, Nov. 6, 2020.
“The Hidden Costs of Unpaid Caregiving,” by Sarah Gammage, Naziha Sultana, and Manon Mouran, imf.org, March 2019.
“7 Personal Finance Concerns in These Uncertain Times--and a Plan of Action for Each,” by Jennifer Folsom, nbcnews.com, March 16, 2020.
“Jean Chatzky on the Financial Challenges of Being a Caregiver,” AARP.org, March 11, 2020.
Financial Education and College Funding
“Financial Literacy Effectiveness & Providing Just-In-Time Training By Financial Advisors,” by Michael Kitces, kitces.com, Sept. 21, 2016.
NextGenVest
Frank
Mark Kantrowitz
Jason Zweig
“Do Schools Get an F in Financial Education?” by Jean Chatzky, jeanchatzky.com.
“This Week in Your Wallet: Funding a College Education,” by Jean Chatzky, jeanchatzky.com.
“6 Ways to Talk to Your Kids About Money,” by Jean Chatzky, nbcnews.com, March 6, 2019.
“Are You Teaching Your Kids the Wrong Money Lessons?” by Jean Chatzky, thebalance.com, Nov. 20, 2019.
Women & Money
“The Real Challenge for Women Breaking the Glass Ceiling,” by Jean Chatzky, hermoney.com, Oct. 29, 2020.
“Women Face Financial Challenges in Retirement That Men Just Don’t. Here’s How to Overcome Them,” by Jean Chatzky, hermoney.com, Nov. 11, 2019.
“Jean Chatzky: Here’s How Women Can Take Charge of Their Money,” by Jessica Dickler, cnbc.com, March 31, 2019.
Financial Advice & Wellness
Alliance for Lifetime Income
Wealthramp
“Jean Chatzky: The 4 Biggest Money Mistakes of My Life,” by Jean Chatzky, nbcnews.com, May 16, 2019.
“Saving for a Goal,” by Jean Chatzky, savvymoney.com, May 20, 2019.
Alliance for Lifetime Income
“Jean Chatzky on how to Make Your Money Last After Retirement,” by Jean Chatzky, today.com, Jan. 2, 2017.
“This Week in Your Wallet: The Truth About Multitasking,” by Jean Chatzky, jeanchatzky.com.
Our guest today is Simon Hallett. He is the co-chief investment officer at Harding Loevner, an investment boutique that manages more than $70 billion for individuals and institutions. Harding Loevner's specialty is global-equity investing, which it offers through its flagship International Equity and Emerging Markets strategies. In his role as co-CIO, Hallett oversees research and decision-making for the firm. Prior to joining Harding Loevner in 1991, Hallett was stationed in Hong Kong, where he did research and portfolio management stints at Kleinwort Benson and Jardine Fleming Investment Management. He's a graduate of Oxford University and a CFA charterholder. In addition to these duties, Hallett is also the chairman and majority owner of the Plymouth Argyle Football Club in Plymouth, England.
Background
Bio
Harding Loevner
Plymouth Argyle Football Club
Behavioral Finance and Decision-Making
"Taking the Emotion out of Investment Decisions," by Barry Ritholtz, Bloomberg, Aug. 4, 2020.
"Simon Hallett: Original Thought Is Overrated, Good Decisions Matter More," by Alex Steger, Citywire, Sept. 11, 2020.
Prospect Theory definition
Michael Maubboussin
Strategies
Harding Loevner strategies
Harding Loevner Emerging Markets
Harding Loevner International Equity
Harding Loevner Global Equity
Our guest on the podcast is Michael Jantzi. Michael is the chief executive officer of Sustainalytics, a Morningstar affiliate that specializes in ESG and corporate governance research and ratings. Prior to forming Sustainalytics in 2009, Michael was the founder of Jantzi Research and has been active in the responsible investment field since 1990. Michael has been recognized with numerous awards for his leadership and work on sustainable investing, including the Responsible Investment Association's Lifetime Achievement Award, which he received in 2010. Michael is a director of the Tides Canada Foundation and sits on the Advisory Council of Ivy Business School's Institute for Long-Term Prosperity Through Business. He also serves as a director of the Principles for Responsible Investment, or PRI. Michael holds degrees from Western University and Dalhousie University.
Background
Bio
Sustainalytics
MakeWay (formerly Tides Canada Foundation)
Principles for Responsible Investment (PRI)
ESG Evolution
What is ESG?
“ESG Investing Comes of Age,” by Jon Hale and Bridget Ginty, Morningstar.com, June 2020.
Sustainalytics’ ESG Risk Ratings
Environmental, Social, and Governance Investing, Morningstar.com
The Value and Efficacy of ESG
“The True Value of ESG Data,” by Leon Saunders Calvert, refinitiv.com, Sept. 3, 2020.
“Who Cares About ESG Investing?” by Steve Wendel and Samantha Lamas, Morningstar.com, May 3, 2019.
“Why ESG Matters in a Crisis,” institutionalinvestor.com, June 9, 2020.
“Breaking the Tragedy of the Horizon--Climate Change and Financial Stability,” speech by Mark Carney, bankofengland.co.uk., Sept. 29, 2015.
“How to Align Your Investments With the U.N. Sustainable Development Goals,” by Dan Lefkovitz, Morningstar.com, Oct. 28, 2019.
ESG Ratings/Subjectivity
“’This Is the Shareholders’ Money’: Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs,” by Ben Winck, businessinsider.com, Jan. 2, 2020.
“The Department of Labor Attempts to Throttle ESG Investing,” by John Rekenthaler, Morningstar.com, July 2, 2020.
ESG Best Practices
“U.S. Lags Europe on Regulation of ESG Investing,” by Joe McGrath, expertinvestoreurope.com, June 3, 2019.
“Sustainable Finance Disclosure Regulation: An Industry Game-Changer,” by Anne Schoemaker, sustainalytics.com, Nov. 4, 2020.
Risk/Return
“ESG Investing Is About Long-Term Risk Management,” by Alex Bryan, morningstar.com, July 14, 2020.
“Sustainable Funds Weather Downturns Better Than Peers,” by Tom Lauricella and Jess Liu, Morningstar.com, June 15, 2020.
“COVID-19 and Beyond: Using Sustainable Finance to Build Social Resilience,” by Jonathan Laski, sustainalytics.com, April 7, 2020.
Our guest this week is Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley oversees PitchBook's voluminous research and editorial content on private markets, including private equity, private debt, venture capital, real estate, as well as the vehicles that invest in these areas. In addition, Adley is also a regular host at PitchBook's "In Visible Capital" podcast, which just kicked off its second season and is available on most popular podcast players. Adley first joined PitchBook in 2008 and has served in a number of roles prior to assuming this current post. He's a graduate of the University of Washington from which he earned his bachelor's degree in economics and international studies.
Background
Bio
Pitchbook
In Visible Capital Blog
Private Equity Investing
PitchBook Private Markets Guide
“What Are the Private Markets?” PitchBook Blog, PitchBook.com, July 8, 2020.
“Digging Into the Fine Print of LP Agreements,” PitchBook.com, Sept. 11, 2020.
“What Is GP Stakes Investing?” PitchBook Blog, PitchBook.com, July 31, 2020.
“What Factors Drive Risk and Return in GP Stakes Investing?” PitchBook.com, Sept. 29, 2020.
Private Markets
“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, morningstar.com, April 1, 2020.
“The Cons (and Pros) of Vanguard’s Decision to Offer Private Equity,” by John Rekenthaler, Morningstar.com, Feb. 25, 2020.
“Private Equity’s Potential for Strategic Portfolios,” by Roger Aliaga-Díaz, Giulio Renzi-Ricci, Harshdeep Ahluwalia, Douglas M. Grim, and Chris Tidmore, Vanguard.com, Nov. 5, 2020.
“The ‘Private for Longer’ Effect: Step-Up Valuations at IPO Declining for US VC-Backed Companies,” by Dana Olsen, PitchBook.com, Dec. 1, 2017.
“Private vs. Public Market Investors: Who’s Reaping the Gains From the Rise of Unicorns?” by Adley Bowden and Andy White, PitchBook.com, June 19, 2018.
Private Market Interest and Performance
“What Is Dry Powder?” PitchBook Blog, PitchBook.com, March 2, 2020.
“Private Markets See All-Time Highs in Dry Powder,” PitchBook.com, Feb. 19, 2019.
“How’d Active Funds Do in 2019? So-So,” by Jeffrey Ptak, Morningstar.com, Jan. 20, 2020.
“Private Equity-Backed Bankruptcies Surged in May, But Future Might Not Be So Bleak,” by Adam Lewis, PitchBook.com, June 5, 2020.
“Venture Capital Exit Values Achieved Second Highest Total Ever in Q3 Despite Continued Uncertainty,” PitchBook.com, Oct. 13, 2020.
“Private Equity Risk and Public Equity Opportunity,” Dan Rasmussen and Ted Seides, Capital Allocators Podcast, Feb. 16, 2020.
Special Purpose Acquisition Companies
“Private Equity Plays a Starring Role in 2020’s SPAC Boom,” by Adam Lewis, PitchBook.com, Oct. 17, 2020.
“9 Big Things: 2020’s SPAC-tacular Keeps Getting Crazier,” by Kevin Dowd, PitchBook.com, Oct. 11, 2020.
Impact of the Pandemic
“Live Coronavirus Updates: Coronavirus Effects on Private Markets,” PitchBook.com, Nov. 18, 2020.
“Investors Are Cautious on Private Markets During Shutdowns, PitchBook Survey Shows,” by Alexander Davis, PitchBook.com, April 9, 2020.
“Coronavirus Forces Venture Capitalists to Adopt New Script on Fundraising,” by James Thorne and Priyamvada Mathur, PitchBook.com, June 2, 2020.
“Venture Capital Fundraising and Investment Dollars Remained Healthy Through 1H 2020 Amid Slowdown in Exits and Deal Count Due to Impacts of COVID-19,” PitchBook.com, July 14, 2020.
“PitchBook Analyst Note: COVID-19’s Influence on Private Market Strategies and Allocators,” by James Gelfer, Dylan Cox, Hilary Wiek, and Wylie Fernyhough, Pitchbook.com,
“PitchBook Analyst Note: The Great Unlocationing,” by Paul Condra, PitchBook.com, April 30, 2020.
Our guest this week is noted author and researcher Larry Swedroe. Larry is chief research officer at financial advisory firm Buckingham Wealth Partners, which he joined in 1996. In his role, Larry is responsible for reviewing academic research on financial and investing matters and determining how that research should inform Buckingham's investment strategy. Larry is also a member of the firm's Investment Policy Committee. Larry has written numerous books on investing and finance, the most recent being the second edition of The Incredible Shrinking Alpha, which he coauthored with Andrew Berkin. His work has also been published in various academic journals, including the Journal of Investing. Larry began his career as a risk manager at Citicorp and later at Prudential Home Mortgage. He received his bachelor's in finance from Baruch College in New York and his MBA in finance and investment from New York University.
Background
Bio
Larry Swedroe’s books
Investment Strategies/Factor Investing
“Swedroe: A Five-Factor Evaluation,” by Larry Swedroe, Yahoo.com, Sept. 25, 2017.
“Swedroe: Factor Persistence & Diversification,” by Larry Swedroe, ETF.com, May 8, 2017.
“Swedroe: Simple Factor Investing,” by Larry Swedroe, ETF.com, Sept. 10, 2018.
“Swedroe: 3 Factor Investing Myths,” by Larry Swedroe, ETF.com, Feb. 13, 2019.
“Swedroe: Virtues of a Long/Short Strategy,” by Larry Swedroe, ETF.com, Aug. 14, 2015
“Factors in Commodity Returns,” by Larry Swedroe, seekingalpha.com, Sept. 9, 2020.
“Swedroe: Understanding Risk & Return,” by Larry Swedroe, ETF.com, Nov. 7, 2018.
“Larry Swedroe: Risk Warrior in Action,” by Janet Levaux, thinkadvisor.com, March 26, 2019.
“An Investment Strategy That Reduces the Risk of Black Swans,” by Robert Powell, thestreet.com, March 27, 2019.
“Value and Momentum Everywhere,” by Clifford S. Asness, Tobias J. Moskowitz, and Lasse Heje Pedersen, The Journal of Finance, Vol. LXVIII, No. 3, June 2013.
“Profitability, Investment and Average Return,” by Eugene F. Fama and Kenneth R. French, Journal of Financial Economics, July 28, 2006.
“The Other Side of Value: The Gross Profitability Premium,” by Robert Novy-Marx, National Bureau of Economic Research, April 2010.
“The Simple Explanation for Value’s Underperformance,” by Larry Swedroe, evidenceinvestor.com, Jan. 3, 2020.
“Even Great Investments Experience Massive Drawdowns,” by Larry Swedroe, alphaarchitect.com, Aug. 20, 2020.
“Swedroe: Small Value Lags for 15 Years,” by Larry Swedroe, ETF.com, Feb. 20, 2019.
“Passive Investing Without Indexes,” by Larry Swedroe, ETF.com, April 13, 2016.
“A Comparison of Passively Managed, Small-Value Funds,” by Larry Swedroe, advisorperspective.com, March 10, 2020.
Fixed Income
“Swedroe: Factors in Fixed Income,” by Larry Swedroe, ETF.com, May 4, 2018.
“Swedroe: Consider Factors in Fixed Income,” by Larry Swedroe, ETF.com, June 27, 2016.
“Swedroe: Why Chasing Yield Fails,” by Larry Swedroe, ETF.com, Dec. 26, 2018.
“Swedroe: High-Yield Rewards Underwhelming,” by Larry Swedroe, ETF.com, Dec. 30, 2015.
Retirement Planning
“Sequence Risk Is a Big Threat to Retirees,” by Larry Swedroe, evidenceinvestor.com, Oct. 18, 2019.
“8 Retirement Planning Mistakes to Avoid,” by Larry Swedroe and Kevin Grogan, nextavenue.org, Jan. 8, 2019.
“Safe Withdrawal Rate: Is 3 Percent the new 4 Percent?” by Larry Swedroe, cbsnews.com, Oct. 4, 2013.
“Do you Choose a Declining or Rising Equity Strategy in Retirement?” by Larry Swedroe, buckinghamadvisor.com, July 22, 2016.
ESG Investing
“Swedroe: ESG Strategy Performance,” by Larry Swedroe, ETF.com, April 10, 2019.
“The Risk and Return Implications of ESG,” by Larry Swedroe, buckinghamadvisor.com, May 29, 2018.
“How ESG Makes Companies Better,” by Larry Swedroe, advisorperspectives.com, June 16, 2020.
“Determining the Nature of ESG Returns,” by Larry Swedroe, thebamalliance.com, Sept. 6, 2018.
Our guest on the podcast today is personal finance expert and author Ramit Sethi. Ramit's first book I Will Teach You To Be Rich, published in 2009, was a best-seller. A new edition of the book came out last year. Ramit is the founder of Iwillteachyoutoberich.com and Earnable, an online course created to help entrepreneurs start and accelerate their businesses. He received his bachelor's and master's degrees from Stanford.
Ramit Sethi's Background
Bio
Ramit Sethi’s books
Iwillteachyoutoberich.com
Earnable
Financial Decision-Making and Wellness
“Self-Made Millionaire Ramit Sethi: This Is the Mindset you Need to Be Rich,” by Ali Montag, cnbc.com, Sept. 18, 2018.
“Money Dials: Why you Spend the Way you Do,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.
“How to Get out of Debt Fast (…Even if You’re Dead Broke),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 8, 2019.
“I’ve Been Writing About Money for 15 Years, and I Can Tell you too Many Couples Talk About Money all Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019.
“Emergency Fund: How a few Thousand Dollars Can Save Your Life,” by Ramit Sethi, iwillteachyoutoberich.com.
“How Much Do I Need to Retire?” by Ramit Sethi, iwillteachyoutoberich.com.
“The World’s Easiest Guide to Understanding Retirement,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.
“Self-Made Millionaire Ramit Sethi Shares his No. 1 Piece of Advice to Invest for Retirement,” by Tom Huddleston, Jr., cnbc.com, Oct. 31, 2018.
“I Always Thought People who Flew First Class Were Suckers, Until I Realized They Knew Something About Spending Money it Took me Years to Figure Out,” by Ramit Sethi, businessinsider.com, Feb. 19, 2019.
“Economic Class in America: A new Framework,” by Ramit Sethi, iwillteachyoutoberich.
The Pandemic
“Ramit Sethi: Here’s What to Do if You’re Short on Cash Right Now,” by Megan Leonhardt, cnbc.com, June 24, 2020.
“Coronavirus: Panic Is bad, but Overreaction is Good,” by Ramit Sethi, iwillteachyoutoberich.com, March 11, 2020.
“Money & Coronavirus: How to Save for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com.
“The 3 Most Important Money Rules for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com.
Advice and Investing
“Why Personal Finance ‘Experts’ Continue Giving Worthless Advice,” by Ramit Sethi, iwillteachyoutoberich.com.
“Betterment Versus Wealthfront: Which Is the Better Robo-advisor?” by Marquette Carney, iwillteachyoutoberich.com.
“A Financial Expert and Best-Selling Author Says for Building Wealth in the Long Term, ‘Average’ Is More Than Enough,” by Tanza Loudenback, businessinsider.com, May 21, 2019.
“Money Expert Ramit Sethi Shares his 3-Step Strategy to Save Money While Eliminating Debt,” by Anna Hecht, cnbc.com, March 26, 2020.
“Investing for Beginners: How to Save Millions for the Future,” by Ramit Sethi, iwillteachyoutoberich.com, March 2, 2020.
“How to Help Clients Choose Between Funding Retirement and a Child’s College Education,” by Samantha Lamas, Morningstar.com, Oct. 11, 2019.
Housing
“Don’t Buy a House (+ How to Ignore Dumb Propaganda),” by Ramit Sethi, iwillteachyoutoberich.
“Buying Vs. Renting: Which Is the Best Option for You?” by Marquette Carney, iwillteachyoutoberich.com.
Our guest on the podcast today is financial advisor and author Tim Maurer, the director of advisor development for Buckingham Wealth Partners. He coauthored The Ultimate Financial Plan: Balancing Your Money and Your Life with Jim Stovall, and he also wrote Simple Money: A No-Nonsense Guide to Personal Finance. He's a member of the CNBC Financial Advisor Council and is also a regular contributor to CNBC, Forbes, and Time/Money. Maurer is a certified financial planner and a graduate of Towson University.
Tim Maurer's Background
Bio
The Ultimate Financial Plan: Balancing Your Money and Your Life
Simple Money: A No-Nonsense Guide to Personal Finance
Financial Life Planning
"What Is Financial Life Planning?" by Sheiresa Ngo, CheatSheet, May 31, 2015.
"Beyond Finances: Holistic Life Planning Trends Among Advisors," InvestmentNews, Jan. 23, 2020.
"How Should Retirees Deal With Crazy Markets When They Don't Have Time to Stay the Course?" by Tim Maurer, timmaurer.com, March 20, 2020.
"Reconsidering Your Life Because of the Pandemic? You're Not Alone," by Mimi Montgomery, Washingtonian, April 21, 2020.
"Financial Planner vs. Financial Life Planner. Which one Is the 'Right One' for Me?" by Cristina Livadary, Mana, Jan. 24, 2020.
"'The Whole Financial Planning Process Is Wrong,' Expert Says,” by Tim Maurer, Forbes, July 28, 2017.
Financial Planning Association
NAPFA: The National Association of Personal Financial Advisors
Kinder Institute of Life Planning
"George Kinder: Three Questions About Life Planning," by J.D. Roth, Get Rich Slowly, Aug. 1, 2019.
Money Quotient
Your Mental Wealth, Drs. Ted Klontz and Brad Klontz
Kahler Financial Group
The Future of Financial Advice
Buckingham Strategic Wealth
Drive: The Surprising Truth About What Motivates Us, by Daniel Pink.
"Simple Money Portfolio," by Tim Maurer, timmaurer.com.
"Tim Maurer Simple Money Portfolio Review and ETFs to Use," by Tim Maurer, Optimized Portfolio, Oct. 7, 2020.
"Kitces: Pandemic to Accelerate Shift to AUM-Based Fee Model," by Jeff Berman, ThinkAdvisor, May 7, 2020.
"ESG Index Funds Hit $250 billion as Pandemic Accelerates Impact Investing Boom," by Pippa Stevens, CNBC, Sept. 2, 2020.
College Planning
"Is COVID-19 Creating an Education Planning Crisis?" by Tim Maurer, The Bam Alliance, June 3, 2020.
"The Non-Conformist's 4-Step Education Savings Plan," by Tim Maurer, Forbes, May 31, 2012.
Our guest this week is Peter Hayes. Peter is a managing director at BlackRock where he heads the firm's municipal income group and sits on its global fixed-income Executive Committee. In his role, Peter oversees all aspects of municipal fund management, including portfolio management, research, strategy, and trading. Among his responsibilities, Peter is one of the managers of the BlackRock Strategic Opportunities Fund. In addition to these duties, Peter is also a member of BlackRock's Global Operating Committee. Before joining BlackRock in 2006, Peter was a portfolio manager at Merrill Lynch Investment Management, where he led the short-term tax-exempt trading desk and managed short-term municipal bond strategies. Peter earned a bachelor's in economics from the College of the Holy Cross.
Background
Peter Hayes Bio
The Big Picture
“Local Finances Are Troubled, but Fund Investors May Still Profit,” by Carla Fried, nytimes.com, July 10, 2020.
“Muni Investors Scale Back,” by Peter Hayes, blackrock.com, Oct. 7, 2020.
“How Much Is COVID-19 Hurting State and Local Revenues?” by Louise Sheiner and Sophia Campbell, brookings.edu, Sept. 24, 2020.
“Record Increases of new Covid-19 Cases in 3 U.S. States With the Most Population,” by Jay Croft, Christina Maxouris, and Douglas Wood, cnn.com, June 24, 2020.
Stimulus
“Second Stimulus Checks (10/1/20): What Will the Next Stimulus Package Look Like?” by Claudia Dimuro, pennlive.com, Oct. 2, 2020.
“CARES Act Includes Essential Measures to Respond to Public Health, Economic Crises, But More Will Be Needed,” by Sharon Parrott and others, cbpp.org, March 27, 2020.
Municipal Liquidity Facility definition
“The Fed Says It Is Expanding its Municipal Bond Buying Program,” by Jeff Cox, cnbc.com, April 27, 2020.
“U.S. Municipal Market Activity Witnessing Positive Momentum Post Fed’s Intervention,” by Nikhil Francis and Saswata Mohanty, acuitykp.com, Sept. 18, 2020.
“Lawmakers Tangle Over Fed’s Muni-Market Rescue,” by Heather Gillers, morningstar.com, Sept. 17, 2020.
“Riskier Fixed-Income Sectors Bounce Back in the Second Quarter,” by Gabriel Denis, Morningstar.com, July 6, 2020.
Credit
“Municipal Bond Perspective: Where We Go From Here,” beyondbullsandbears.com, April 24, 2020.
“How Is the Coronavirus Crisis Affecting the Municipal Bond Market?” by Daniel Bergstresser, econofact.org, April 8, 2020.
“Bond Insurance Returns to the Muni Market in a Big Way,” by Heather Gillers, wsj.com, Oct. 22, 2020.
“Muni Bond Insurers See Demand Grow Amid Pandemic Worries,” by Liz Kiesche, seekingalpha.com, Oct. 22, 2020.
Supply and Demand
“Municipal Bond Market Update—September Edition,” by Corey Boller, dividend.com, Sept. 10, 2020.
“Supply and demand shocks in the COVID-19 pandemic: an industry and occupation perspective,” by R Maria del Rio-Chanona and others, academic.oup.com, Aug. 29, 2020.
“Will Supply-Chain Disruptions and Delayed Capital Spending Be Material,” by Brian Bernard, Morningstar.com, March 25, 2020.
“Munis in Focus: 2020 Municipal Market Update,” by David Hammer, pimco.com, Sept. 11, 2020.
“Global Supply Chains in a Post-Pandemic World,” by Willy C. Shih, hbr.org, Sept.-Oct. 2020.
“Reviving States, Cities and the Munibond Market Amid COVID-19,” by Brian Wynne, morganstanley.com, April 27, 2020.
“Revenue Streams Drying Up? Municipal Bonds in the Pandemic,” by Dennis DiCicco, jhinvestments.com, Aug. 20, 2020.
Taxes
“Calculating Tax Equivalent Yield: Are Municipal Bonds Right for You?” by Thomas Kenny, thebalance.com, May 11, 2020.
“7 Best Tax-Free Municipal Bond Funds,” by Barbara Friedberg, money.usnews.com, Oct. 7, 2020.
“Taxable Munis? They’re Worth a Look,” by Jeffrey R. Kosnett, Kiplinger.com, Jan. 2, 2020.
“Coronavirus Fears Affect the Municipal Bond Market,” by Cooper Howard, schwab.com, March 18, 2020.
“What Is the Muni-Treasury Ratio or M/T Ratio?” by Thomas Kenny, thebalance.com, July 29, 2020.
Portfolio/Positioning
Strategic Municipals Opportunities Fund
“Muni Market Tailwinds Turn to Headwinds,” by Peter Hayes and Sean Carney, blackrock.com, April 2, 2020.
“Short Term Treasuries Are ‘Overvalued’: BlackRock Muni Bonds Head,” Peter Hayes on “On the Move” video panel, finance.yahoo.com, Sept. 18, 2020.
“Stay the Course Amid Market Volatility,” blackrock.com.
“Volatility, the Vote and Taking the Long View,” by Tony DeSpirito, blackrock.com, Oct. 12, 2020.
Issue Selection
“How Munis Can Boost Your Investment Health,” gsam.com, Oct. 5, 2020.
“How to Invest in Municipal Bonds,” by Miranda Marquit, forbes.com, July 9, 2020.
“Small Investors Ruled the Municipal-Bond World for a few Days in March,” by Heather Gillers, wsj.com, May 7, 2020.
“How and Why to Build a Bond Ladder,” fidelity.com, Sept. 17, 2020.
“Rising Rates Series: The Ups and Downs of Bond Ladders,” by Karen Schenone, fundsociety.com, June 4, 2018.
“2011: The Year 60 Minutes Misled Americans About Municipal Bonds,” by Janet Tavakoli, businessinsider.com, Dec. 30, 2011.
Our guest on the podcast is author and retirement expert Kerry Hannon. Hannon has written 14 books thus far. Her latest is called Great Pajama Jobs: Your Complete Guide to Working from Home. She is also a regular contributor to The New York Times, MarketWatch, and Forbes and is the personal finance and entrepreneurship expert on the PBS website NextAvenue.org. Hannon's work focuses on career, financial, and life guidance for midlife workers. She has also written extensively about how women can take charge of their own financial planning. Hannon is a former National Press Foundation Fellow and a former Fellow of the Columbia Journalism School and the Robert N. Butler Columbia Aging Center's Age Boom Academy. She is also a former MetLife Foundation and New America Media Fellow on Aging. She received a bachelor's degree from Duke University.
Background
Kerry Hannon bio
Kerry Hannon books
Remote Work
"10 Tips To Be a Successful Remote Worker," by Kerry Hannon, kerryhannon.com, Oct. 3, 2020.
"Coronavirus Suddenly Transformed the Workplace," by Kerry Hannon, kerryhannon.com, May 31, 2020.
"ProBoomer Interview: Work From Home Tips," by Kerry Hannon, kerryhannon.com, May 24, 2020.
"Is Working Remote a Blessing or Burden? Weighing the Pros and the Cons," by Bryan Robinson, Forbes, June 19, 2020.
"These Simple Habits Can Stop Work-From-Home Burnout," by Kerry Hannon, MarketWatch, Sept. 10, 2020.
"I've Been Working From Home for Years--This Is How to Do It Successfully," by Kerry Hannon, MarketWatch, March 21, 2020.
"Work From Home Is Here to Stay, but It May Put Younger Workers at a Disadvantage," by Juliana Kaplan and Hillary Hoffower, Business Insider, May 29, 2020.
Midlife and Older Workers
"Tips for Finding a Job When You're Over 50," by Kerry Hannon, kerryhannon.com, Oct. 18, 2020.
"Why Working From Home Benefits Older Workers--and Their Employers," by Kerry Hannon, kerryhannon.com, July 12, 2020.
"Prepare Yourself for the New Job Market," by Kerry Hannon, kerryhannon.com, June 6, 2020.
"Sorry, 'OK, Boomer'--Workplaces of the Future Will Be Multigenerational," by Kerry Hannon, kerryhannon.com, Feb. 19, 2020.
"Here's Why the Workplace of the Future Must Include Older Workers," by Kerry Hannon, kerryhannon.com, Dec. 29, 2019.
"Why Are People Working Longer? It's Not What You Think," by Kerry Hannon, MarketWatch, Sept. 18, 2020.
"5 Ways to Help Your Aging Workforce Embrace Digital Transformation," by Nick Candito, Entrepreneur, July 12, 2017.
"How to Combat age Discrimination," by Kerry Hannon, kerryhannon.com, Oct. 2, 2016.
"Are You Ready for Your Encore Career?" by Kerry Hannon, kerryhannon.com, Feb. 25, 2018.
"The Impact of the Coronavirus Recession on Older Workers," by Congressman Don Beyer, Vice Chair of the Joint Economic Committee, August 2020.
Entrepreneurship for Older Adults
"Seven Tips for Starting Your Own Business," by Kerry Hannon, kerryhannon.com, July 14, 2019.
"At Last, a Co-Working Space for Midlife Entrepreneurs," by Kerry Hannon, kerryhannon.com, Jan. 5, 2020.
Financial Advice for Women
"What Women 50+ Want From Financial Advisers--Much More Than Men," by Kerry Hannon, Forbes, May 21, 2020.
"Why It's Hard for Women to Save for Retirement," by Kerry Hannon, kerryhannon.com, Dec. 7, 2019.
"Four Ways Women Can Get Smarter About Money," by Kerry Hannon, kerryhannon.com, Aug. 6, 2017.
"Facing the Financial Shocks of Widowhood," by Kerry Hannon, kerryhannon.com, Nov. 12, 2018.
"Women Facing Financial Challenges for Retirement," by Kerry Hannon, kerryhannon.com, March 3, 2019.
Long-Term Care/Caring for Aging Parents
"Love You, Dad. Alzheimer's Care and My Family's Story," by Kerry Hannon, Forbes, June 17, 2012.
"The 5 Money Lessons I Learned From My Father," by Kerry Hannon, kerryhannon.com, June 16, 2013.
"Women and Long-Term Care Insurance," by Kerry Hannon, kerryhannon.com, March 4, 2014.
"Must-Know Statistics About Long-Term Care: 2019 Edition," by Christine Benz, morningstar.com, Nov. 25, 2019.
“4 Ways the Pandemic Is Affecting Long-Term Care," by Christine Benz, morningstar.com, Aug. 7, 2020.
"How Does a Pandemic Change Everything?" by Hannah Wolfson, HomeCare, Aug. 4, 2020.
"How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020.
Our guest on the podcast today is Karsten Jeske, the founder of the website EarlyRetirementNow and a thoughtful and technically proficient member of the Financial Independence, Retire Early (FIRE) community. In 2018, Karsten retired in his early 40s, after a career in the financial world. He served as Director of Asset Allocation Research for Mellon Capital Management from 2008 through 2018, and before that, was a research economist at the Federal Reserve Bank of Atlanta for a decade. Karsten has his PhD in economics from the University of Minnesota and has taught undergraduate and PhD-level economics at Emory University. He's also a chartered financial analyst.
Background
Karsten Jeske Bio
Early Retirement Now
FIRE Definition
The Pandemic’s Impact on the FIRE Movement
“The Shortest Recession Ever? My Thoughts on the State of the Economy,” by Karsten Jenke, EarlyRetirementNow.com, Aug. 25, 2020.
“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” by Christine Benz and Jeffrey Ptak, The Long View, June 3, 2020.
“The Coronavirus Pandemic and Retirement Security,” by Mark Miller, Morningstar.com, Aug. 24, 2020.
“Retiring During a Pandemic,” by Christine Benz and Maria Bruno, Morningstar.com, Aug. 14, 2020.
“Can You Retire Early? Should You?” by Christine Benz and Susan Dziubinski, Aug. 7, 2020.
Early Withdrawal Rates for Early Retirees
The Trinity Study
The Safe Withdrawal Rate Series--A Guide for First-Time Readers
“Do We Really Have to Lower our Safe Withdrawal Rate to 0.5% Now?” by Karsten Jeske, EarlyRetirementNow.com, Aug. 31, 2020.
Shiller P/E Ratio Definition
“Who’s Afraid of a Bear Market?” by Karsten Jeske, EarlyRetirementNow.com, Oct. 30, 2019.
Low Bond Yields and Withdrawal Rates
“Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning,” by Christine Benz and Jeffrey Ptak, The Long View, July 14, 2020.
“Wade Pfau: The 4% Rule is No Longer Safe,” by Christine Benz and Jeffrey Ptak, The Long View, April 29, 2020.
“What Ultralow Yields Mean for Your Financial and Retirement Plan,” by Christine Benz, Morningstar.com, May 4, 2020.
“Low Rates Aren’t Going Anywhere. Here’s What That Means for Retirement Planning,” by David Blanchett, ThinkAdvisor.com, Aug. 14, 2020.
IRA Required Minimum Distribution Worksheet
Bogleheads’ Variable Percentage Withdrawal
Sequence of Return Risk/Asset Allocation
Sequence Risk Definition
“The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019.
“The Pros and Cons of Rising Equity Glide Paths in Retirement,” by Wade Pfau, forbes.com, May 4, 2017.
“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, Kitces.com, Oct. 5, 2016.
“Cut Stocks or Add to Them? A Key Dilemma to Your Retirement Plan,” by Christine Benz, morningstar.com, July 25, 2019.
“How to Determine Asset Allocation in a Retirement Portfolio,” interview with Christine Benz and David Blanchett, Morningstar.com, April 29, 2015.
“The Yield Illusion: How Can a High-Dividend Portfolio Exacerbate Sequence Risk?” by Karsten Jeske, EarlyRetirementNow.com, Feb. 13, 2019.
Healthcare and the FIRE Movement
“Top 3 Health Insurance Options If You Retire Early,” by Thom Tracy, Investopedia.com, April 14, 2020.
“How Does the F.I.R.E Movement Affect Insurance?” by Brianna Slattery, clearsurance.com, Jan. 23, 2020.
“The Ten Commandments of Whole Life Insurance,” by Karsten Jeske, EarlyRetirementNow.com, Sept. 26, 2018.
Health Care Sharing Ministry
Affordable Care Act
Social Security
“Taxation of Social Security: The Tax Torpedo & Roth Conversion Tightrope,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 13, 2019.
“Social Security Benefits: Early or Late Retirement?” ssa.gov.
Networking & Socializing in Retirement
“Work, Retirement, and Social Networks at Older Ages,” by Eleonora Patacchini and Gary V. Engelhardt, Center for Retirement Research at Boston College, November 2016.
“Why It’s Important to Stay Social in Retirement and How to Do It,” by Rob Pascale, forbes.com, Oct. 31, 2019.
Our guest on the podcast today is financial advisor Lazetta Rainey Braxton. Lazetta is the co-founder and co-CEO of 2050 Wealth Partners, a virtual financial planning and wealth management firm geared toward serving individuals who haven't traditionally been recruited by other financial advisors because of their income, age, race, or gender. She has frequently appeared on national television shows, and she's also a member of CNBC's Digital Financial Advisory Council and a contributor to The Wall Street Journal's Experts blog. Lazetta was the recipient of Investment News' inaugural Women to Watch and Excellence in Diversity and Inclusion Awards. She also received the Association of African American Financial Advisors' Leadership Legacy Award and the Heart of Financial Planning Award from the Financial Planning Association. Lazetta received her bachelor's degree at the University of Virginia and her MBA at Wake Forest University. She's also a certified financial planner.
Background
Lazetta Rainey Braxton Bio
Rianka R. Dorsainvil
2050 Wealth Partners
CBNC Digital Financial Advisory Council
Launch of New Firm
“Lazetta Braxton and Rianka Dorsainvil target young, diverse clients with ‘fully virtual’ firm,” by Jake Martin, citywireusa.com, Feb. 10, 2020.
“Two Investopedia Top 100 Advisors Launch New Firm,” by Irene Huhulea, Investopedia.com, Feb. 12, 2020.
Planning During the Pandemic
“Coronavirus market plunge is making people question if they should sell stocks and run to cash,” by Sharon Epperson, cnbc.com, March 23, 2020.
“Steps You Can Take to Utilize the CARES Act,” by Lazetta Rainey Braxton, 2050wealthpartners.com, April 2, 2020.
“Coronavirus Giving You Financial Anxiety? How to Avoid Debt During the Pandemic,” by Sharon Epperson, 2050wealthpartners.com, March 31, 2020.
“Financial Pros Offer Smart Investment Tips During the Coronavirus Crisis,” by AJ Horch, cnbc.com, April 21, 2020.
Reaching a Diverse Population
“It’s Past Time to Advance Black Advisors,” by Lazetta Rainey Braxton, financial-planning.com, May 26, 2020.
“An Open Letter to Planners of Color,” by Rianka Dorsainvil, 2050wealthpartners.com, Sept. 17, 2019.
“More Black Investors Should Look to Stock Market to Grow Their Wealth,” by Lazetta Rainey Braxton, 2050wealthpartners.com, Feb. 20, 2019.
“Helping Underserved Clients Turn Income Into Wealth,” by Jane Wollman Rusoff, thinkadvisor.com, Feb. 14, 2019.
Association of African American Financial Advisors
“Building a Diverse and Inclusive Culture,” webinar with Lazetta Rainey Braxton, John Mackey, and Anand Sekhar, institutional.fidelity.com, Aug. 31, 2020.
“We Asked, Advisors Answered: How Can the Industry Increase Diversity?” by Bernice Napach, thinkadvisor.com, July 1, 2020.
“Record growth for black and Latino CFPs; status quo for women,” by Charles Paikert, financial-planning.com, Feb. 28, 2020.
Firm Operations and Business Models
2050 Wealth Partners’ introduction process
2050 Wealth Partners’ comprehensive planning
Understanding the Sandwich Generation
“Michelle Singletary: ‘You Need Diversity,’” podcast, Morningstar.com, July 1, 2020.
The Advice Profession
NAPFA: The National Association of Personal Financial Advisors
CFP.net
Financial Planning Association
XY Planning Network
YNAB: You Need a Budget
AAAA Foundation
Our guest on the podcast today is author Brian Portnoy. Brian has written two books on the field of behavioral finance, The Investor's Paradox and The Geometry of Wealth. He's also the editor of a forthcoming book of essays about how financial experts invest their own money called How I Invest My Money.
Brian is the founder of Shaping Wealth, a financial-wellness platform that works with individuals and organizations to make better money decisions. For more than two decades, Brian has worked in the hedge fund and mutual fund industries as portfolio manager and educator. He was also our colleague at Morningstar in the early 2000s. He's a CFA charterholder and earned his doctorate at the University of Chicago.
Links
Brian Portnoy’s bio
Brian Portnoy’s books
Shaping Wealth
“How I Invest My Own Money,” by Joshua Brown, The Reformed Broker blog, July 16, 2019.
Robert Seawright blog
Dasarte Yarnway
Morgan Housel
Shirl Penney
Efficient frontier definition
Harry Markowitz
Fama-French three-factor model
Capital Allocators
Ted Seides
Howard Lindzon
“Four ‘Money Scripts’: Four Ways to Feel the Power of Money,” by Ken Eisold, psychologytoday.com, May 15, 2011.
Blair duQuesnay
Nina O’Neal
Ashby Daniels
Financial Wellness
“Financial Wellness in a Time of Crisis,” speaker Brian Portnoy, Association for Coaching, April 20, 2020
Funded Contentment
Behavioral Finance
Daniel Kahneman
Amos Tversky
Prospect theory
“The Two Friends Who Changed How We Think About How We Think,” by Cass R. Sunstein and Richard Thaler, newyorker.com, Dec. 7, 2016
Misbehaving: The Making of Behavioral Economics, Richard H. Thaler, June 14, 2016
Daniel Crosby
Alliance for Decision Education
Annie Duke
Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401(k) Plans, by Shlomo Benartzi, April 12, 2012.
Save More Tomorrow, Shlomobenartzi.com
“Governments Are Trying to Nudge Us Into Better Financial Behavior. Is it Working?” by Shlomo Benartzi, John Beshears, Katherine L. Milkman, Cass R. Sunstein, and Richard H. Thaler, Washington Post, Aug. 11, 2017.
Financial Literacy
“Annamaria Lusardi: ‘Financial Education Works,’ ” Long View Podcast with Christine Benz and Jeffrey Ptak, morningstar.com, Feb. 19, 2020.
“John Lynch: Rethinking Financial Education,” Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 11, 2019.
The University of Chicago Financial Education Initiative
Our guests this week are Michael Reckmeyer and Matthew Hand. Mike and Matt are managing directors at Wellington Management, where they oversee a number of prominent values investing mandates, including the stock sleeve of Vanguard Wellesley Income Fund, as well as Wellington's portion of Vanguard Equity Income Fund, among other duties. Mike's investing career began in 1984 at the State of Michigan Pension Fund, followed by eight years at Kemper Financial Services, after which he joined Wellington in 1994. He received both his bachelor's degree and MBA from the University of Wisconsin-Madison and is a CFA charterholder. Matt joined Wellington in 2004 after graduating from the University of Pennsylvania. Like Mike, Matt is also a CFA charterholder.
Background
Michael Reckmeyer bio
Matthew Hand bio
Wellington Management
“Four Fantastic Income Funds,” by Russell Kinnel and Christine Benz, Morningstar.com, Aug. 11, 2020
Funds Mentioned
Vanguard Wellington
Vanguard Wellesley Income
Vanguard Equity Income
Hartford Equity Income
Other References
Jack Bogle bio
“Gus Sauter: Efficient Markets Are a Good Thing,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 4, 2019.
“The Wildly Popular Trades Behind the Market’s Swoon and Surge,” by Gregory Zuckerman and Gunjan Banerji, wsj.com, Sept. 13, 2020
Securities Mentioned in the Podcast
ADP https://www.morningstar.com/stocks/xnas/adp/quote
Archer-Daniels-Midland https://www.morningstar.com/stocks/xetr/adm/quote
Cisco https://www.morningstar.com/stocks/xnas/csco/quote
Comcast https://www.morningstar.com/stocks/xnas/cmcsa/quote
Crown Castle International https://www.morningstar.com/stocks/xnys/cci/quote
Dominion Energy https://www.morningstar.com/stocks/xnys/d/quote
Intel https://www.morningstar.com/stocks/xnas/intc/quote
Lockheed Martin https://www.morningstar.com/stocks/xnys/lmt/quote
Medtronic https://www.morningstar.com/stocks/xnys/mdt/quote
Philip Morris https://www.morningstar.com/stocks/xnys/pm/quote
Progressive https://www.morningstar.com/stocks/xnys/pgr/quote
Our guest this week is Karen Andersen, a healthcare strategist on Morningstar's equity research team. She has written a number of influential commentaries and analyses on the healthcare sector, with a focus on the pharmaceutical and biotechnology industries. Her most recent work has focused on the outlook for the COVID-19 pandemic, treatments for the disease, and the race for a vaccine. Before joining Morningstar in 2005, Andersen earned her bachelor's degree in biochemistry from Rice University and received her Master of Business Administration from Rice's Jones Graduate School of Business. She is a CFA charterholder.
Background
Karen Andersen's healthcare commentaries and analyses
Virus Containment and Diagnostics
"COVID World Map: Tracking the Global Outbreak," The New York Times, Sept. 15, 2020.
"Relaxing the Lockdown: Move Slowly, Stay Nimble," by Karen Andersen, Morningstar.com, May 12, 2020.
“Slow Burn Likely Until Coronavirus Vaccines Are Widely Available," by Karen Andersen, Morningstar.com, Sept. 1, 2020.
"Patients Are Waiting Weeks for COVID-19 Test Results. Here's Why That's a Huge Problem," by Jamie Ducharme, Time, July 22, 2020.
Contact tracing definition
"Treatments for COVID-19," Harvard Health Publishing, Aug. 24, 2020.
Vaccine Development and Approval
"Vaccine Testing and the Approval Process," Centers for Disease Control and Prevention.
"The Drug Development Process," U.S. Food and Drug Administration.
"Draft Landscape of COVID-19 Candidate Vaccines," World Health Organization, Sept. 9, 2020.
"Potential Antiviral Drugs Under Evaluation for the Treatment of COVID-19," National Institutes of Health, Aug. 27, 2020.
"A Coronavirus Vaccine, or Three, Could Be Available by Year-End," by Karen Andersen, Morningstar.com, Sept. 4, 2020.
"Morningstar's Guide to the Development of a Coronavirus Vaccine," by Carole Hodorowicz, July 16, 2020.
"Coronavirus Vaccine Progress Accelerates," by Karen Andersen and Debbie Wang, Morningstar.com, May 13, 2020.
RNA vaccine definition
"Pfizer, BioNTech COVID-19 Vaccines Fast Tracked by FDA," by Anna Baran, Morningstar.com, July 13, 2020.
"All Eyes on BioNTech's COVID-19 Vaccine," by Anna Baran, Morningstar.com, June 26, 2020.
"AstraZeneca's Pause on Vaccine Raises Uncertainty," by Damien Conover, Morningstar.com, Sept. 9, 2020.
Herd immunity definition
"What if 'Herd Immunity' Is Closer Than Scientists Thought?" by Apoorva Mandavilli, The New York Times, Aug. 31, 2020.
Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar at the Stanford Center on Longevity, where he conducts and directs research on retirement planning and behavioral economics. He is also the author of several books on retirement planning, including his latest, Don't Go Broke in Retirement and Retirement Game-Changers. In addition, Vernon writes a regular column on retirement planning for Forbes. He previously helped large employers design and manage their retirement programs. Vernon retired as vice president and consulting actuary with the human resources consulting firm Watson Wyatt Worldwide and also consulted to Mercer. He graduated from the University of California at Irvine with a double major in mathematics and social science.
Background
Steve Vernon bio
Stanford Center on Longevity
Steve Vernon books
Forbes column
The Role of Work
"The Question Many Pre-Retirees and Retirees Will Need to Answer," by Steve Vernon, Forbes, Aug. 25, 2020.
"Redesigning Retirement and Human Resource Programs to Support Longer Lives," by Steve Vernon, Stanford Center on Longevity, third-quarter 2019.
"How To Find Work (After Retirement)," by Steve Vernon, CBSNews.com, March 27, 2013.
"Good News for Older Workers Seeking New Careers," by Steve Vernon, CBSNews.com, April 27, 2015.
Encore career definition
Social Security Program Health
"The 2020 OASDI Trustees Report," Social Security Administration, April 22, 2020.
"No, You Won't Lose All of Your Social "Security Benefits," by Steve Vernon, Forbes, April 22, 2020.
Social Security Claiming Strategies
"Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020.
"Does Delaying Social Security Really Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020.
"When to Take Social Security: The Complete Guide," by Amy Fontinelle, Investopedia.com, Nov. 24, 2019.
"Introducing the Social Security Claiming Decision," by Wade Pfau, Retirement Researcher.
"How the Retirement Estimator Works," Social Security Administration.
Open Social Security
"How to Calculate the Break-Even Age for Taking Social Security," by Ken Moraif, Kiplinger, April 7, 2020.
Retiree Investment Portfolio/Holistic Retirement Income Planning
"A Portfolio Approach to Retirement Income Security," by Steve Vernon, Stanford Center on Longevity, July 2015.
"How Much Should Older Workers and Retirees Invest in the Stock Market?" by Steve Vernon, Forbes, March 3, 2020.
"Here's a Foolproof Way To Create Retirement Income for the Rest of Your Life," by Darla Mercado, CNBC.com, June 26, 2020.
"Stanford Analyzed 292 Retirement Strategies to Determine the Best One--Here's How It Works," by Kathleen Elkins, CNBC.com, Aug. 6, 2019.
Housing
"Don't Make This Costly Retirement Planning Mistake," by Steve Vernon, Forbes, June 11, 2020.
"Planning Your Retirement: 10 Ways to Reduce Housing Costs," by Steve Vernon, CBSNews.com, Sept. 4, 2013.
"How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020.
Longevity/Mitigating Longevity Risk
"Rich People Don't Just Live Longer. They Also Get More Healthy Years," by Heather Murphy, The New York Times, Jan. 16, 2020.
“The Risk of Outliving Your Assets Is Real And Defending Against It Is No Small Task," by Martin Pelletier, Financial Post, June 17, 2019.
Our guest on the podcast today is Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses on helping other healthcare professionals get smarter about managing their money. He founded the White Coat Investor website in 2011 and it rapidly grew into the most widely read physician-specific website in the world. Jim's first book, The White Coat Investor: A Doctor's Guide to Personal Finance and Investing came out in 2014. The White Coat Investor's Financial Boot Camp: A 12 Step High-Yield Guide to Bring Your Finances Up to Speed was released in February 2019. In addition, Jim has a podcast and videocast, online courses, and runs a live conference. Jim earned his Bachelor of Science degree in molecular biology from Brigham Young University and then attended the University of Utah School of Medicine. He trained at the University of Arizona Emergency Medicine Residency Program and then served four years with the Air Force and the Navy.
Background
Jim Dahle bio
The White Coat Investor
Jim Dahle books
WCI podcast
Physician Finances
The Student Doctor Network
Sermo
“Physician Debt and Net Worth Report 2016,” Medscape.com, April 20, 2016.
“The Physician Net Worth Rule Part 2,” by Jim Dahle, whitecoatinvestor.com, Nov. 10, 2011.
“The Right Way to Use Debt in Medical School,” by Jim Dahle, whitecoatinvestor.com, Aug. 24, 2020.
“Financial Burdens and Physician Burnout,” by Jimmy Turner (The Physician Philosopher), Thephysicianphilospher.com, Nov. 13, 2019.
“7 Ways to Reduce Medical School Debt,” by Ken Budd, aamc.org, Oct. 9, 2018.
“5 Financial Planning Tips Every Young Physician Should Know,” by Michael Winters, ama.org, May 10, 2016.
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by ThomasJ. Stanley and William D. Danko, Amazon.com, Nov. 16, 2010.
Finding a Financial Advisor
“How to Find a Good Financial Advisor at a Fair Price,” by Jim Dahle, whitecoatinvestor.com, March 8, 2019.
“The Perfect Financial Advisor,” by Jim Dahle, whitecoatinvestor.com, May 18, 2015.
“How to Tell a Good Financial Advisor From the Rest,” by Jimmy Turner (The Physician Philosopher), whitecoatinvestor.com, Aug. 10, 2019.
“What you Need to Know About Financial Advisers,” by Jim Dahle, whitecoatinvestor.com.
Asset Allocation and Portfolio Management
“150 Portfolios Better Than Yours,” by Jim Dahle, whitecoatinvestor.com, Jan. 21, 2020.
“Rules for Asset Allocation Implementation,” by Jim Dahle, whitecoatinvestor.com, Oct. 28, 2019.
Bogleheads
“Three-Fund Portfolio,” Bogleheads.org.
The Bogleheads’ Guide to the Three-Fund Portfolio: How a Simple Portfolio of Three Total Market Index Funds Outperforms Most Investors With Less Risk, by Taylor Larimore, July 3, 2018.
“Review of Bogleheads Guide to the Three Fund Portfolio,” by Jim Dahle, whitecoatinvestor.com, Aug. 3, 2018.
“Top 10 Things Bogleheads Get Wrong,” by Jim Dahle, whitecoatinvestor.com, June 19, 2020.
Retirement Planning
“Investing in Retirement,” by Jim Dahle, whitecoatinvestor.com, July 21, 2015.
The Bogleheads’ Guide to Retirement Planning, by Taylor Larimore, Mel Lindauer, Laura F. Dogu, and Richard A. Ferri, Feb. 22, 2011.
“Cracking the Nest Egg--Decumulation Strategies in Retirement,” by Jim Dahle, whitecoatinvestor.com, May 30, 2014.
Healthcare
“Long Term Care Insurance,” by Jim Dahle, whitecoatinvestor.com, Sept. 6, 2013.
“The Best Ways To Use an HSA,” by Jim Dahle, whitecoatinvestor.com, Dec. 10, 2019.
“7 Reasons an HSA Should be Your Favorite Investing Account,” by Jim Dahle, whitecoatinvestor.com, Jan. 18, 2019.
“The Four Keys to Health Care Reform,” by Jim Dahle, whitecoatinvestor.com, Sept. 28, 2018.
Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder.
Bio and Background
Steve Romick and FPA team bios
FPA Crescent Morningstar “Quicktake” report
FPA Crescent home page
FPA Crescent Q2 2020 commentary
FPA Crescent historical asset allocation
FPA Crescent historical performance attribution
References
Berkshire Hathaway letter from the chairman; 1996
“Active Share”
High-yield spreads
10-year breakeven inflation rates
Our guest on the podcast is retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and tax planning education to investment advisors and financial institutions. Ed has written several books including the recently published Ed Slott's Retirement Decisions Guide: 2020 Edition and Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s. PBS viewers may know Ed from his frequent appearances on public television. He also hosts the popular website irahelp.com, where The Slott Report blog regularly dispenses wisdom about retirement, tax, and estate planning. He provides a monthly Q&A column to AARP and is also a contributing columnist and media resource to Financial Planning, Financial Advisor, and InvestmentNews magazines. Ed is a certified public accountant.
Background
Ed Slott bio
The Slott Report blog
Books by Ed Slott
Ed Slott AARP articles
Ed Slott InvestmentNews articles
Ed Slott Financial Planning articles
IRAs and ConversionsTax-deferred definition
A Comprehensive Guide to Tax Treatment of Roth IRA Distributions
Roth IRA Conversion Rules
“New Tax Law Provides the Opportunity for Tax-Rate Arbitrage on Roth IRAs,” by Ed Slott, InvestmentNews, Feb. 15, 2018.
“Seize the Opportunity to Convert to Roths,” by Christine Benz and Ed Slott, Morningstar.com, April 1, 2020.
“Rothification?” by Sarah Brenner, Irahelp.com, Oct. 16, 2017.
Backdoor Roth IRA definition
“The Definitive Guide to the Back-Door Roth,” by Jeffrey Levine, Irahelp.com, Aug. 12, 2015.
“Backdoor Roth IRA Conversions Alive and Well,” by Christine Benz and Ed Slott, Morningstar.com, Aug. 14, 2018.
“Am I Too Old for an IRA Conversion?” by Christine Benz and Ed Slott, Aug. 21, 2018.
“When IRA Conversions Don’t Add Up,” by Christine Benz, Morningstar.com, June 1, 2020.
Required Minimum DistributionsRequired minimum distribution definition
“The CARES Act and 2020 RMDs,” by Ian Berger, Irahelp.com, Aug. 6, 2020.
“The 411 on RMDs for 2020,” by Christine Benz, Morningstar.com, April 22, 2020.
“SECURE Act Targets Minimum Distribution Rules,” by Natalie Choate, Morningstar.com, Jan. 8, 2020.
Charitable Giving“QCDs: Still Available in 2020 and Still a Good Strategy,” by Sarah Brenner, irahelp.com, April 20, 2020.
“How Charitable Giving Is Changing in 2020,” by Christine Benz, Morningstar.com, April 20, 2020.
"Morningstar’s Guide to Donor-Advised Funds," Morningstar.com, Nov. 20, 2018.
Modified adjusted gross income (MAGI) definition
Estate Planning“Did the SECURE Act Kill the Stretch IRA?” by Ed Slott, AARP.com, Feb. 27, 2020.
“10 Things to Know about the SECURE Act’s 10-Year Rule,” by Sarah Brenner, IRAhelp.com, Feb. 26, 2020.
Step-up in Basis definition
Stretch IRA definition
Our guest on the podcast is Pramod Atluri. He is a fixed-income portfolio manager at Capital Group. Atluri began in the investment business more than two decades ago and has been at Capital Group since 2016. Before joining Capital Group, Atluri was a bond portfolio manager at Fidelity Investments, where he also worked as a fixed-income strategist and credit analyst. He began his career as a management consultant at McKinsey & Company. Atluri earned his bachelor's degree from the University of Chicago and his Master of Business Administration from Harvard Business School, and he is a CFA charterholder.
Background
Pramod Atluri bio
American Funds Bond Fund of America
American Funds Income Fund of America
American Funds American Balanced
Commentary
"Four Actions to Take in Bond Portfolios," by Pramod Atluri, Mike Gitlin, and Karl Zeile, Capital Group, June 17, 2020.
"Answers to Your 5 Biggest Fed Rate Cut and Bond Questions," by Mike Gitlin and Pramod Atluri, Capital Group, March 17, 2020.
"Fixed-Income Outlook: Meet Uncertainty With Balance," by Pramod Atluri, Mike Gitlin, and Margaret Steinbach, Capital Group, Dec. 11, 2019.
Fund Management
The Capital System
"Capital Group: Multimanager System the 'Best of Both Worlds'," by Alec Lucas and Brad Vogt, Morningstar.com, June 16, 2018.
2020 Market Turbulence
Nonbank financial companies
"Enormous De-Leveraging in Bond Market Smacks of Margin Calls," by Stephen Spratt, Bloomberg.com, March 19, 2020.
"Treasury Bonds Sold Off as the Dow Sank Into a Bear Market. That's Not Supposed to Happen," by Alexandra Skaggs, Barron's, March 11, 2020.
Role of Bonds in a Portfolio
"Why Fixed Income: 4 Roles Your Bond Portfolio Should Play," by Kelly Campbell and Mike Gitlin, Capital Group, February 2019.
"U.S. Fund Flows in June Cap a Wild First Half of 2020," by Tony Thomas and Nick Watson, Morningstar.com, July 17, 2020.
"How the Great Inflation of the 1970s Happened," by Leslie Kramer, Investopedia, April 29, 2020.
Our guest this week is Dr. Burton Malkiel. Dr. Malkiel is the Chemical Bank chairman's professor of economics at Princeton University. And he's also author of the widely influential investment book, "A Random Walk Down Wall Street." He's also the Chief Investment Officer at Wealthfront. He's a longtime professor in economics at Princeton, where he was also chairman of the economics department. Before that, he was the dean of the Yale School of Management, and William S. Beinecke Professor of Management Studies there from 1981 through 1988. Dr. Malkiel has served on boards of directors of several firms, including the Vanguard Group and on the investment committees of Active Investment Advisors, and the American Philosophical Society. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co. He holds a BA and MBA degrees from Harvard and a PhD from Princeton University.
Bio and Background
Dr. Malkiel's bio
Malkiel. B.G. 2020. “A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing” (Twelfth Edition).” (New York: W.W. Norton & Co.).
Dr. Malkiel’s WealthFront blog
Retirement Income
The 4% spending rule
10-year Treasury yield
Asset Allocation
Riquier, A. 2020. "Investing legend Burton Malkiel on day-trading millennials, the end of the 60/40 portfolio and more.” MarketWatch. July 15, 2020.
Wealthfront portfolio construction methodology
Malkiel, B.G. 2015. “How Much Should We Invest in Emerging Markets?” WealthFront blog; April 14, 2015.
*Equity Valuation*
Cyclically adjusted price/earnings ratio
Malkiel, B.G. 2020. “It’s a Good Time to Stock Up.” The Wall Street Journal; April 7, 2020.
Finke, M. 2020. "The Remarkable Accuracy of CAPE as a Predictor of Returns.” Advisor Perspectives. July 20, 2020
Equity risk premium data; Damodaran Online
Global CAPE ratio data; Star Capital
Active/Passive
Morningstar Active/Passive Barometer
Rekenthaler, J. 2018. "The Paradox of Skill.” Morningstar. Dec. 17, 2018.
Factor Investing
Goldman Sachs ActiveBeta US Large-cap Equity
Vanguard US Multifactor ETF
Risk Parity
WealthFront Risk Parity
ESG
Kinder Morgan; Morningstar analysis
Kinder Morgan; Sustainalytics analysis
Facebook; Morningstar analysis
Facebook; Sustainalytics analysis
Our guest on the podcast is Ben Inker. Ben is GMO's head of asset allocation. In that capacity, he leads GMO's asset-allocation team and is a member of the firm's board of directors. He joined GMO in 1992 after obtaining his bachelor's in economics from Yale University. Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset-allocation teams, a portfolio manager of various equity and asset-allocation portfolios the firm offers, co-head of international quantitative equities, and CIO of quantitative developed equities. Ben is a CFA charterholder.
Background
Ben Inker bio
Ben Inker articles
GMO’s Research Library
GMO Global Asset Allocation
Asset Allocation
GMO 7-Year Asset-Class Return Forecast, 2Q 2020
“Uncertainty Has Rarely Been Higher; Oddly, Neither Has the Stock Market,” by Ben Inker and Jeremy Grantham, June 4, 2020.
“Stocks Are Too Risky. What GMO’s Inker Says to Buy Instead,” by Jack Otter, Barron’s, May 24, 2020.
Mean reversion definition, Investopedia.
GMO Mean Reversion Strategy
“GMO’s Mean Reversion Strategy Is Tested in Today’s Market,” by Bailey McCann, Institutional Investor, July 25, 2016.
“60/40 Portfolios Face Double Trouble Ahead,” by Rick Friedman, GMO Insights, Feb. 26, 2020.
ESG Investing
GMO’s ESG Capabilities
“Climbing the ESG Learning Curve: Lessons Learned in Emerging Markets,” by Amit Bhartia, Binu George, and Hardik Shah,” GMO Insights, Nov. 4, 2019.
“ESG Managers Say Pandemic Is a Stress Test That Proves Their Point,” by Alastair Marsh, Bloomberg.com, April 9, 2020.
Emerging Markets
“Emerging Markets: Tamed Child O’ Mine,” by Amit Bhartia, Mehak Dua, and Alvaro Pascual, GMO White Papers, July 7, 2020.
“COVID-19: Risk and Resilience in Emerging Markets,” by Amit Bhartia, Tiger Tong, and Uday Tharar, GMO White Papers, April 16, 2020.
“GMO: 5 Reasons to Own Emerging Market Stocks Now,” by Bernice Napach, ThinkAdvisor, July 13, 2020.
“Emerging Markets Value: A Rare Ray of Sunshine from GMO’s Strategists,” by David Snowball, Mutual Fund Observer, Dec. 1, 2018.
Value Investing
"The Trouble with Value," by Ben Inker.
“Risk and Premium: A Tale of Value,” by John Pease, GMO White Papers, July 30, 2019.
“During the Coronavirus Crisis, Does Value Investing Still Make Sense?” by Robin Wigglesworth, Financial Times, May 14, 2020.
"GMO Is Feeling Pain Reminiscent of the Late 1990s,” by Christine Idzelis, Institutional Investor, Oct. 10, 2019.
Portfolio Construction and Strategy
"How to Lose Your Job in Asset Allocation," by Jeremy Grantham and Ben Inker.
GMO Benchmark-Free Allocation Fund
GMO Alternative Allocation Fund
GMO’s Systematic Global Macro Strategy
Our guest on the podcast is Jerome Clark. He is the portfolio manager of the asset-allocation target-date strategies and oversees the college savings plan portfolios in T. Rowe Price's multi-asset division. He's also a member of the firm's asset-allocation committee and serves on the multi-asset steering committee. Clark joined T. Rowe's fixed-income division in 1992 as a portfolio manager of the firm's U.S. Treasury Long Term Bond strategy. He began managing multi-asset portfolios in 2001. Before joining T. Rowe Price, Clark was a captain in the United States Marine Corps and a mathematics instructor at the U.S. Naval Academy. He earned his bachelor's degree in mathematics from the U.S. Naval Academy, his master's in operations research from the Naval Postgraduate School, and his Master of Business Administration from Johns Hopkins University. Clark is also a CFA charterholder.
For his accomplishments during his tenure, Morningstar analysts recently named Clark the winner of the Outstanding Manager Award at the 2020 Morningstar Awards for Investing Excellence. He's slated to step down from his current role in early 2021.
Background
Jerome Clark bio
"Winners of the 2020 Morningstar Awards for Investing Excellence," by Sarah Bush, June 22, 2020.
"Meet the U.S. Winners of Our Awards for Investing Excellence," by Christine Benz and Sarah Bush, Morningstar.com, June 22, 2020.
"Pioneer of Target-Date Funds Looks to the Future: Hedging and 'Tail-Risk' Strategies," by Howard Gold, MarketWatch, July 16, 2020.
Target-Date Funds
Target-date fund
Liability matching
Pension Protection Act of 2006
"The Pension Protection Act's Impact on Defined-Contribution Plans," T. Rowe Price, May 2016.
"Success Story: Target-Date Fund Investors," by Jeffrey Ptak, Morningstar.com, Feb. 19, 2018.
"Mind the Gap 2019," by Russel Kinnel, Morningstar.com, Aug. 15, 2019.
"Brigitte Madrian: 'Inertia Can Actually Be a Helpful Thing'," Morningstar.com, April 22, 2020.
Glide Paths/Asset Allocation
T. Rowe Price Target-Date Glide-Path Design
"Beyond Averages: A More Robust Approach to Glide-Path Design," by Lorie Latham, Zachary Rayfield, and Kathryn Farrell, T. Rowe Price, Jan. 16, 2020.
"Enhancing the T. Rowe Price Glide Paths," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, February 2020.
Retirement Decumulation
Sequence risk
"The Art and Science of Developing Retirement Income Strategies," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, 2019.
Qualified default investment alternative (QDIA)
Monte Carlo simulation
Our guest on the podcast is retirement expert Jamie Hopkins, who is managing director of Carson Coaching and the director of retirement research at wealth management firm Carson Group. He's also a finance professor of practice at Creighton University's Heider College of Business. Hopkins wrote the book Rewirement: Rewiring the Way You Think About Retirement!, and he's a regular contributor to Forbes, InvestmentNews, and MarketWatch. Prior to joining Carson Group, he was with The American College of Financial Services, most recently serving as director of retirement research. He received his bachelor's degree from Davidson College, his law degree from Villanova University, and his Master of Laws from Temple University. He's also a certified financial planner, a chartered financial consultant and a chartered life underwriter. Hopkins cohosts a podcast that launched earlier this year. It's called Framework.
Disclosure: CWM, LLC, an affiliate of Carson Group, licenses and/or offers products and services of Morningstar and its affiliates.
Background
Jamie Hopkins bio
Jamie Hopkins' Forbes articles
Jamie Hopkins' InvestmentNews articles
Framework With Jamie Hopkins podcast
Rewirement: Rewiring the Way You Think About Retirement
The American College of Financial Services
Behavioral Coaching
"How the Human-to-Human Connection Helps Facilitate Positive Behavior Change," by Derek Tharp, Kitces.com, Aug. 16, 2017.
"Using Behavioral Finance Principles to Behaviorally Coach Clients to Make Better Decisions," by Jay Mooreland, Kitces.com, May 13, 2020.
Your Mental Wealth, Klontz Consulting Group
Shlomo Benartzi bio
Save More Tomorrow
"Help Clients Overcome These 3 Common Emotional Biases," by Jamie Hopkins, InvestmentNews, June 3, 2020.
"The Neuroscience of Decision-Making Explained in 30 Seconds," by Christian Jarrett, Wired, March 18, 2014.
"The Social Security Mistake Risk-Averse Folks Make," by Jamie Hopkins, Kiplinger's, July 9, 2019.
The Pandemic's Effects on Retirement Planning and Older Workers
"Jonathan Guyton: What the Crisis Means for Retirement Planning," by Christine Benz, Jeff Ptak, and Jonathan Guyton, Morningstar.com, June 16, 2020.
Paychecks and Playchecks: Retirement Solutions for Life, by Tom Hegna, 2011.
"4 Reasons to Work Longer," by Rebecca Koenig, U.S. News & World Report, June 1, 2018.
"Working Longer and Other Ways to Optimize Retirement Income," T. Rowe Price.
"The Pandemic Paradox for Older Workers," by Richard Eisenberg, NextAvenue.org, May 19, 2020.
"A Coronavirus Recovery: How to Ensure Older Workers Fully Participate," by Monique Morrissey, Economic Policy Institute, April 16, 2020.
"A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?" by Mark Miller, The New York Times, June 26, 2020.
Retirement Portfolio Planning
"Cutting Interest Rates Hurts Retirees the Most," by Jamie Hopkins, Forbes, Aug. 3, 2019.
"7 Ways an Interest Rate Cut From the Fed Can Impact Retirees," by Matthew Goldberg, Bankrate.com, March 15, 2020.
"How's Your Bond Fund Holding Up?" by Miriam Sjoblom, Morningstar.com, March 18, 2020.
"How Short-Term Bond Funds Went Wrong (Again)," by Miriam Sjoblom, Morningstar.com, July 1, 2020.
"4 Ways to Manage Sequence of Returns Risk," by Jamie Hopkins, Forbes, Oct. 30, 2019.
"The 4 Percent Rule Is Not Safe in a Low-Yield World," by Michael S. Finke, Wade D. Pfau, and David Blanchett, Journal of Wealth Management, Jan. 15, 2013.
"Is the '4% Rule' Broken?" by Christine Benz and Wade Pfau, Morningstar.com, July 10, 2020.
"Decision Rules and Maximum Initial Withdrawal Rates," by Jonathan T. Guyton and William J. Klinger, Journal of Financial Planning, March 2006.
"3 Reasons Annuities Are the Unsung Heroes of Retirement Income Planning," by Jamie Hopkins, Forbes, June 14, 2019.
"Can Annuities Become a Bigger Contributor to Retirement Security?" by Martin Neil Baily and Benjamin H. Harris, Brookings, June 2019.
"Fixed Index Annuities: Consider the Alternative," by Roger Ibbotson, Zebra Capital Management, January 2018.
"3 Advantages of Using Fixed Indexed Annuities in Retirement," by Jamie Hopkins, InvestmentNews, Oct. 23, 2019.
"Mitigating the 3 Common Conflicts of AUM Fiduciaries," by Jamie Hopkins, InvestmentNews, Jan. 10, 2020.
The CARES Act and Retirement Planning
"5 Ways the CARES Act Impacts Retirement Planning," by Jamie Hopkins, Forbes, April 10, 2020.
"3 Roth Conversion Traps to Avoid After the SECURE Act," by Jamie Hopkins, Forbes, Jan. 21, 2020.
"Why the SECURE Act Makes 2020 the Year of Missed RMDs from IRAs," by Jamie Hopkins, Forbes, Dec. 18, 2019.
"How You Can 'Undo' 2020 Retirement Distributions and RMDs," by Jamie Hopkins, Forbes, May 1, 2020.
"Advancing the Study of Using Future-Self Images to Alter Behavior," by Carla Fried, UCLA Anderson Review, Sept. 26, 2018.
Our guest this week is Social Security and retirement planning expert Mary Beth Franklin. Mary Beth is president of RetirePro and a contributing editor to InvestmentNews. She's a frequent public speaker and she also has her own podcast, "Retirement Repair Shop." In addition to her deep knowledge about retirement planning, Mary Beth is a virtual encyclopedia on the ins and outs of Social Security, especially beneficial claiming strategies. Her most recent book is Maximizing Social Security Retirement Benefits: Everything You Need to Know to Get the Most Out of Complicated New Claiming Rules. Prior to joining InvestmentNews, Mary Beth was tax editor at Kiplinger’s Personal Finance and a Capitol Hill reporter at United Press International. She has also earned the Certified Financial Planner designation.
Background
Mary Beth Franklin bio
Mary Beth Franklin InvestmentNews article archive
Mary Beth Franklin on Twitter
Mary Beth Franklin Retirement Repair Shop podcast
Pandemic Impact on Retirement, Social Security Planning
“Rethinking Retirement Amid the COVID-19 Crisis,” by Mary Beth Franklin, InvestmentNews, May 10, 2020.
“Americans Remain Confident about Their Retirement Prospects,” by Mary Beth Franklin, InvestmentNews, April 29, 2020.
Withdrawing Your Social Security Application, SSA.gov.
Suspending Your Retirement Benefits Payments, SSA.gov.
“Pandemic Prompts Some to Rethink Social Security Claiming Strategy," by Mary Beth Franklin, InvestmentNews, April 7, 2020.
“Escape Hatch for Workers Claiming Social Security Early,” by Mary Beth Franklin, Investment News, April 22, 2020.
“Taking Social Security in the Pandemic: What to Know,” by Mark Miller, The New York Times, April 17, 2020.
“Social Security Has a Quick Cash Solution,” by Mary Beth Franklin, Investment News, May 19, 2020.
“Coronavirus-Related Relief for Retirement Plans and IRAs: Questions and Answers,” IRS.gov.
“Few Use CARES Act to Tap Retirement Savings,” by Mary Beth Franklin, InvestmentNews, June 10, 2020.
“How to Fund a Social Security Delay,” by Mary Beth Franklin, Investment News, Aug. 11, 2017.
“Wade Pfau: The 4% Rule Is No Longer Safe,” by Wade Pfau, Christine Benz, and Jeff Ptak, The Long View podcast, April 29, 2020.
“Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, Retirement Researcher.com.
“Senior-Housing Communities Face Higher Vacancy Rates Amid Coronavirus,” by Peter Grant, The Wall Street Journal, May 12, 2020.
Tax Planning and Retirement
“Stimulus Package Has Helpful Provisions for Retireees,” by Mary Beth Franklin, InvestmentNews, April 1, 2020.
“RMD Rollover Relief Granted Under CARES Act,” by Jeff Stimpson, Accounting Today, June 23, 2020.
“Now Is the Time to Convert Your Traditional IRA to a Roth,” by Rodney Brooks, U.S. News & World Report, April 3, 2020.
Social Security Claiming
“Coronavirus Is Closing Social Security Offices: Here’s How to Get Benefit Help,” by Mark Miller, The New York Times, March 17, 2020.
My Social Security
Social Security Retirement Estimator
"Your Retirement Benefit: How It’s Figured," SSA.gov.
“Social Security and Survivor Benefits,” by Mary Beth Franklin, InvestmentNews, Feb. 27, 2020.
“Social Security Claiming Strategies for Married Couples,” by Mary Beth Franklin, InvestmentNews, Feb. 21, 2020.
“Social Security Strategies for Singles,” by Lynnette Khalfani-Cox, AARP.org.
“Social Security Surviving Divorced Spouse Benefits,” Benefits.gov.
“Social Security Widow(er)’s Insurance Benefits," Benefits.gov.
Social Security Financial Health
“Social Security Funding Still Set to Run Out in 2035,” by Mary Beth Franklin, InvestmentNews, April 22, 2020.
"No, You Won't Lose All of Your Social Security Benefits," by Steve Vernon, Forbes.com, April 22, 2020.
The 2020 OASDI Trustees Report
Our guest this week is personal finance columnist and author Michelle Singletary. Singletary writes the nationally syndicated column "The Color of Money," which appears in The Washington Post, as well as in dozens of other newspapers nationwide. She's also the author of three personal finance books. The most recent was called The 21-Day Financial Fast: Your Path to Financial Peace and Freedom. Singletary is a frequent guest on TV and radio, and she was host of her own national television program, "Singletary Says," on TV One. She is a graduate of the University of Maryland at College Park. She has received the Distinguished Alumni Award from Johns Hopkins University, where she earned a master's degree in business and management.
Background
Michelle Singletary's bio and Washington Post columns
Michelle Singletary's website
Michelle Singletary's books
Financial Impact of Pandemic
"Michelle Singletary Answers Viewer Questions About Pandemic Finances," PBS NewsHour, April 30, 2020.
"What Coronavirus Fears Could Mean for Personal Finance," by Audie Cornish and Michelle Singletary, NPR, March 9, 2020.
"Didn't Get Your Stimulus Payment? Here's How to Find It," by Michelle Singletary, The Washington Post, June 2, 2020.
Get My Payment, IRS.gov.
"IRS Stimulus Checks Are Going to Dead People, While Needy Go Without," by Michelle Singletary, The Washington Post, April 21, 2020.
"Stimulus Prepaid Debit Card Is Causing a Lot of Confusion," by Michelle Singletary, The Washington Post, June 1, 2020.
"No, the IRS Should Not Try to Claw Back $1.4 Billion Sent to Dead People," by Michelle Singletary, The Washington Post, June 26, 2020.
"The IRS Just Made It Easier to Take Out a Loan or Withdraw Money From Your Retirement Account," by Michelle Singletary, The Washington Post, June 23, 2020.
“Trust Me: You Need to Start Saving Now So You Can Fly Last-Minute to Be There for Someone You Love When the Time Comes," by Michelle Singletary, The Washington Post, Nov. 9, 2019.
"Rent, Mortgage, Car Loans, Utilities and Child Support. The Other Bills Can Wait," By Michelle Singletary, The Washington Post, April 4, 2020.
Racial Wealth Gap
"The Racial Wealth Gap in America," by Michelle Singletary, Alanna McCargo, and Michael Neal, The Washington Post, June 18, 2020.
"Coronavirus Could Widen Black Wealth Gap," by Michelle Singletary, The Washington Post, June 13, 2020.
"The Black-White Economic Divide Is as Wide as It Was in 1968," by Heather Long and Andrew Van Dam, The Washington Post, June 4, 2020.
"75 Must-Know Statistics About Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020.
"Income and Wealth Inequality in America: 1949-2016," by Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins, Federal Reserve Bank of Minneapolis, June 14, 2018.
"New Data Suggest COVID-19 is Widening Housing Disparities by Race and Income," by Solomon Greene and Alanna McCargo, Urban Institute, June 2, 2020.
Diversity in Financial Services
"Wall Street Says It Cares About Diversity. But Most Big Banks Won't Share Complete Workforce Data," by Renae Merle and Jena McGregor, The Washington Post, Dec. 6, 2019.
"Diversity and Inclusion: Holding America's Large Banks Accountable," U.S. House Committee on Financial Services, February 2020.
"Six Charts That Illustrate the Financial Advice Industry's Lack of Diversity," by John Kador, WealthManagement.com, July 19, 2017.
"Three Reasons You Don't See People of Color in the Financial Services Industry—and How to Fix It," by Alessandra Malito, MarketWatch, June 23, 2020.
Paying for College
"Community College Should Be a First Choice, Not a Last Resort," by Michelle Singletary, The Washington Post, July 16, 2019.
"The Worst Thing You Can Do for Your College-Bound Teen Is Saddle Them With Student Debt," by Michelle Singletary, The Washington Post, Nov. 16, 2019.
"How to Pay for College During a Pandemic," by Michelle Singletary, The Washington Post, May 16, 2020.
Budgeting
"Here's One Way to Stop Living Paycheck to Paycheck," by Michelle Singletary, The Washington Post, Jan. 13, 2019.
"It's Still Crucial to Budget, Even When Your Money Meets Your Needs," by Michelle Singletary, The Washington Post, June 25, 2019.
"When Family and Friends in Your Social Network Lack Good Financial Judgment, Do You Butt In or Butt Out?" by Michelle Singletary, Deseret News, Oct. 23, 2019.
Our guest this week is Mary Ellen Stanek. Mary Ellen is managing director and chief investment officer of Baird Advisors, which is the manager of the Baird family of mutual funds. Mary Ellen's career in the investment business began more than four decades ago. In her current role she oversees fixed-income strategy and portfolio management among other duties. In addition, Mary Ellen serves on the board of Baird Financial Group as president of the Baird Funds and as chair of the Baird Diversity Steering Committee. She obtained her undergraduate degree from Marquette University, her MBA from the University of Wisconsin Milwaukee, and she's a CFA charterholder. Mary Ellen was recently named one of the 100 Most Influential Women in U.S. Finance by Barron's, and Morningstar named her a finalist for Outstanding Portfolio Manager for the 2020 Morningstar Awards for Investing Excellence.
Bio
Mary Ellen Stanek and team bios
Pesce, N.L. 2020. “The 100 Most Influential Women in U.S. Finance” by Nicole Lyn Pesce; Barron’s; April 10, 2020.
Heine, G. 2020. “Morningstar Awards for Investing Excellence—Outstanding Portfolio Manager Nominees” Morningstar.com; June 15, 2020.
Baird Bond Funds
Baird Aggregate Bond Fund
Baird Core Intermediate Municipal Bond Fund
Baird Core Plus Bond Fund
Baird Intermediate Bond Fund
Baird Municipal Bond Fund
Baird Quality Intermediate Municipal Bond Fund
Baird Short-Term Bond Fund
Baird Short-Term Municipal Bond Fund
Baird Strategic Municipal Bond Fund
Baird Ultra Short Bond Fund
Market Commentary
Baird Advisors Fixed Income Market Commentary; May 2020
Baird Advisors Municipal Fixed Income Market Commentary; May 2020
Our guest on the podcast this week is Jonathan Guyton, principal at Cornerstone Wealth Advisors, a fee-only advisory firm in Minneapolis. In addition to his financial advice practice, Guyton has contributed valuable research in the retirement planning arena. Among his best-known pieces of research are "Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?" as well as "Decision Rules and Maximum Initial Withdrawal Rates," which he coauthored with computer scientist William Klinger. He currently serves as a retirement planning columnist for the Journal of Financial Planning, and he's also an expert panelist on retirement for The Wall Street Journal and an online columnist for Time and Money.
Background
Jonathan Guyton bio
Cornerstone Wealth Advisors
Cornerstone Wealth Advisors ADV
Cornerstone Wealth Advisors' investment approach
Jonathan Guyton articles for The Wall Street Journal
Retirement Planning Amid the Pandemic
Cornerstone Wealth Advisors' first-quarter commentary
"Amid Market Chaos, Strategies for Your Retirement Savings," by Anne Tergesen, The Wall Street Journal, March 7, 2020.
Retirement Withdrawal Rates
"Decision Rules and Maximum Initial Withdrawal Rates," by Jonathan T. Guyton and William J. Klinger, Journal of Financial Planning, March 1, 2006.
"Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?," by Jonathan T. Guyton, FPA Journal, October 2004.
"The Original Retirement Spending Decision Rules," by Wade Pfau, Forbes.com, Nov. 8, 2016.
"How Retirees Can Spend Enough, but Not Too Much," by Ron Lieber, The New York Times, Aug. 28, 2009.
"Avoid These Mistakes With Discretionary Income in Retirement," by Jonathan T. Guyton, MarketWatch.com, March 15, 2017.
"Estimating the True Cost of Retirement," by David Blanchett, Morningstar, Nov. 5, 2013.
"Why David Blanchett's Retirement Spending Research Is a Big Deal," by Jonathan Guyton, Journal of Financial Planning, May 1, 2016.
Tax Planning
"When a Roth IRA Is a Wrong Choice," by Jonathan T. Guyton, The Wall Street Journal, May 12, 2016.
"Are IRA Conversions a Good Idea Amid Volatility?" by Christine Benz and Tim Steffen, Morningstar.com, May 12, 2020.
Our guest this week is Jonathan Stein, the founder and chief executive of Betterment. Stein founded Betterment in 2008 as an automated, goals-based investing service, and it's currently the largest of the independent robo-advisors. Betterment offers two main services--Betterment Digital, which is a pure robo-advisor, and Betterment Premium, which offers clients ongoing financial planning guidance from a Certified Financial Planner. Stein began his career consulting with banks and brokerage firms on risk and products. He's a graduate of Harvard University and Columbia Business School and holds the Chartered Financial Analyst designation.
Background
Jonathan Stein bio
Betterment.com
"Betterment: Jon Stein," How I Built This with Guy Raz, Oct. 26, 2018.
"Jonathan Stein Built Betterment to Help Investors Make Better Decisions," by Bruce Rogers, Forbes.com, Jan. 18, 2018.
The Coronavirus and Investor Behavior
"Thoughts on the Volatile Market," by Jon Stein, Betterment.com, March 19, 2020.
"COVID-19's Impact on Investor Sentiment," Betterment.com, May 6, 2020.
"How Betterment's Customers Are Behaving Amid the Volatility," by Caleb Silver, Investopedia.com, April 10, 2020.
"Betterment Halted Trade Amid Brexit Panic--Here's Why," by Anora Mahmudova, MarketWatch, July 1, 2016.
"Coronavirus Turmoil, Free Trades Draw Newbies Into Stock Market," by Alexander Osipovich and Caitlin McCabe, The Wall Street Journal, April 29, 2020.
"Americans Are Hoarding Cash: Savings Rate Hits Its Highest Level Since 1981," by Paul R. La Monica, CNN.com, April 30, 2020.
Betterment's Offerings and Investment Process
Betterment Digital vs. Premium
Betterment's Cash Analysis Methodology
"Are Robo-Advisors Better Than Target-Date Funds?," by Arielle O'Shea, NerdWallet.
Betterment for Business
"How Tax Impact Preview Works to Help Avoid Surprises," by Boris Khentov, Betterment.com, Oct. 29, 2014.
"ETF Selection for Portfolio Construction: A Methodology," by Adam Grealish, Betterment.com, Aug. 27, 2014.
"Value Investing: Research on the Risk and Return," by Adam Grealish, Betterment.com, Oct. 25, 2016.
Future of Advice
"The Fiduciary Rule Should Be Fully Implemented," by Jon Stein, Betterment.com, June 8, 2017.
"Will New SEC Regulations Change Anything for Retail Investors?" by Theresa W. Carey, Investopedia.com, June 8, 2019.
"The Future of Advice: Jon Stein, Betterment," March 6, 2017.
“Betterment Paints It Black in Robo-Retail," by Oisin Breen, RIABiz.com, Aug. 5, 2019.
Our guest this week is Tanja Hester, whom The New York Times referred to as the matriarch of the FIRE movement. For the uninitiated, FIRE stands for financial independence/retire early. Tanja is the author of the Our Next Life blog, and she is also author of the book Work Optional: Retire Early the Non-Penny-Pinching Way. Tanja and her husband Mark retired in 2017 at the ages of 38 and 41. Her blog is devoted to chronicling their journey and sharing guidance for others who might be considering an early retirement.
Background
Tanja Hester’s blog “Our Next Life”
Tanja Hester’s bio and backstory
Tanja Hester’s twitter handle @ournextlife
Tanja Hester’s author/speaker page
Tanja Hester’s book, “Work Optional: Retire Early the Non-Penny-Pinching Way”
“For These Women, a FIRE That Burns Too Male and Too White” by Charlotte Cowles; The New York Times; June 7, 2019
Early Retirement/Sequence-of-Return Risk
Tanja Hester’s writings on sequence-of-return risk
Karsten Jaske’s “Early Retirement Now” blog
Tanja Hester’s multi-phase retirement financial plan
Savings and Withdrawal Rates
“You’ve been diligently investing for retirement all these years. Why now is the time to hang onto cash” by Tanja Hester; MarketWatch; March 7, 2020
Tanja Hester’s writings on savings rates
Tanja Hester’s writings on mortgage pay-off
Tanja Hester’s writings on 4% safe-withdrawal rule
“The 4% Rule is Not Your Friend” by Tanja Hester; Our Next Life blog; June 10, 2019
Karsten Jaske’s “Safe Withdrawal Rate” series
“How We Calculated Our ‘Enough’ Number for Early Retirement” by Tanja Hester; Our Next Life blog; Aug. 23, 2017
“The Best Retirement Withdrawal Strategies” by Darrow Kirkpatrick; Can I Retire Yet blog; March 9, 2016
Healthcare Planning
Tanja Hester’s writings on health insurance
“The Roth strategy we wish we’d built for early retirement” by Tanja Hester; MarketWatch; Jan. 29, 2020
Home Ownership and Rental Properties
Tanja Hester’s tweet on peace of mind from owning a home mortgage-free
“Choosing People Over Money: The Story of Our Rental Property” by Tanja Hester; Our Next Life blog; Aug. 29, 2016
Motivation for Retiring Early
“Why the Urgency?” by Tanja Hestery; Our Next Life Blog; April 8, 2015
“The Privilege of Retiring When We Want, How We Want” by Tanja Hester; Our Next Life blog; Nov. 7, 2016
“My Other Motivation for Retiring Early” by Tanja Hester; Our Next Life blog; July 23, 2018
“New Life Rhythms, A Delayed Reckoning and Being Okay with Blogging Less” by Tanja Hester; Our Next Life blog; Sept. 16, 2019
Budgeting and Travel-Planning
Tanja Hester’s writings on budgeting
Tanja Hester’s writings on travel planning
Lessons Learned
“What Everyone Should Know About Early Retirement” by Tanja Hester; Our Next Life blog; Sept. 12, 2018
Social Security, Medicare, and Later-Life Needs
“Why We Aren’t Banking on Social Security for Our Retirement--But Why You Might” by Tanja Hester; Our Next Life Blog; Oct. 9, 2017
Tanja Hester’s writings on medicare
“Don’t Forget About Your Later Years” by Tanja Hester; Our Next Life blog; Aug. 16, 2017
Our guest on the podcast is investment consultant and author Charley Ellis. In 1972, Ellis founded Greenwich Associates, an investment consultant to institutional investors, government organizations, and wealthy families. His seminal book about the benefits of passive investing, Winning the Loser's Game, is in its seventh edition. Ellis has also authored or coauthored books about investment policy and strategy, the retirement system in the United States, and large investment firms, including Goldman Sachs and Capital Group. He has taught investment management courses at the Yale School of Management and Harvard Business School and was the successor trustee of Yale University, where he chaired the university's investment committee with David Swensen. He also served on the board of directors at The Vanguard Group. Ellis was awarded the Graham & Dodd Award of Excellence from the Financial Analysts Journal and is one of only 12 people recognized by the CFA Institute for lifetime contributions to the investment profession. He received his undergraduate degree from Yale College, his Master of Business Administration from Harvard Business School, and his doctorate in financial economics at New York University.
Background
Charley Ellis bio
Charley Ellis books
"The Loser's Game," by Charles D. Ellis, Financial Analysts Journal, July/August 1975.
"Words From the Wise: Charley Ellis on Challenges Facing Investors," by Antti Ilmanen and Rodney N. Sullivan, AQR Insights, June 5, 2015.
Passive vs. Active Management
"How to Decide Where to Hire Active Managers," by Alex Bryan, Morningstar.com, April 8, 2020.
Regulation Fair Disclosure (Reg FD)
Jim Simons bio
"Index Funds Aren't Too Big, but Asset Managers Might Be," by John Rekenthaler, Morningstar.com, Jan. 17, 2020.
"The Secret History of Index Mutual Funds," by Stephen Mihm, InvestmentNews, Sept. 6, 2016.
ESG Investing
"David Blood and Al Gore Want to Reach the Next Generation," by Imogen Rose-Smith, Institutional Investor, Sept. 8, 2015.
"The ESG Fund Universe Is Rapidly Expanding," by Jon Hale, Morningstar.com, March 19, 2020.
Private Equity
"Vanguard Moves into Private Equity with HarbourVest Partnership," by Chris Flood, Robin Wigglesworth, and Richard Henderson, Financial Times, Feb. 5, 2020.
"The Cons (and Pros) of Vanguard's Decision to Offer Private Equity," by John Rekenthaler, Morningstar.com, Feb. 25, 2020.
"Fran Kinniry: Applying the Vanguard Approach to Private Equity," by Christine Benz and Jeffrey Ptak, Morningstar's The Long View podcast, April 1, 2020.
"SEC Looking to Open Private Markets to a Wider Audience,” by Hazel Bradford, Pensions & Investments, Oct. 28, 2019.
David Swensen/Yale Endowment
David Swensen bio
David Swensen books
Yale University Endowment
Yale's Strategy
Our guest this week is Rick Rieder. Rieder is BlackRock's global chief investment officer of fixed income, and co-head of BlackRock's global fixed-income platform. In addition, Rieder serves as a member of BlackRock's global operating committee and is chairman of the BlackRock firm-wide Investment Council. As part of his responsibilities Rieder manages several prominent BlackRock strategies, including BlackRock Global Allocation, BlackRock Total Return, and BlackRock Strategic Income Opportunities. He's currently a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets. Before joining BlackRock in 2009, Rieder was president and CEO of R3 Capital Partners, and prior to that did a stint at Lehman Brothers. Rieder earned his Bachelor's degree in finance from Emory University and his MBA from the Wharton School of Business.
Background
Rick Rieder’s bio
Rick Rieder’s twitter account @rickrieder
BlackRock Total Return Fund
BlackRock Global Allocation Fund
BlackRock Strategic Income Opportunities Fund
Macro and Outlook
BlackRock’s 2020 Global Outlook
“Eight Key Investment Themes for 2020” by Rick Rieder, Russell Brownback, and Trevor Slaven; January 2020
“How Large is the Coronavirus Macro Shock?” by Elga Bartsch, Jean Boivin, and Philipp Hildebrand; April 7, 2020
BlackRock Global Allocation Fund Monthly Commentary; April 2020
BlackRock Global Allocation Fund Special Commentary; April 2020
Our guest on the podcast is Carl Richards, who specializes in conveying sophisticated financial concepts in an easy-to-understand way--specifically, using a Sharpie. Carl is a Certified Financial Planner™ and creator of the Sketch Guy column in The New York Times. He’s also author of two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money. In addition, he hosts the “Behavior Gap Radio” podcast and also co-hosts a podcast with financial-planning guru Michael Kitces called “Kitces and Carl.”
Background
Carl Richards bio
Carl Richards' books
Carl Richards articles
Carl Richards “Sketch Guy” column in The New York Times
Behavior Gap Radio podcast
Kitces and Carl podcast
“12 Simple Sketches That Perfectly Illustrate the Path to Wealth and Financial Happiness,” by Libby Kane and Libertina Brandt, Business Insider, July 22, 2019.
The Behavior Gap
“The Behavior Gap,” by Carl Richards. Medium.com. Oct. 18, 2018.
“To Avoid the Biggest Investing Mistake, Stay Strong,” by Carl Richards, The New York Times, March 26, 2013.
“Yes, Numbers Matter in Financial Decisions, but So Do Emotions,” by Carl Richards, The New York Times, May 8, 2017.
Articulating and Achieving Goals
“Goals As Guesses,” by Carl Richards, YouTube, Jan. 16, 2018.
“The Magic of a Single Micro-Action,” by Carl Richards, The New York Times, Nov. 6, 2017.
“A Simple Formula for Making Dreams Come True,” by Carl Richards, Medium.com, June 28, 2018.
“Hal Gregersen Interview: Asking the Right Questions,” YouTube.com, April 8, 2018.
Questions Are the Answer: A Breakthrough Approach to Your Most Vexing Problems at Work and in Life, by Hal Gregersen, Harper Business, 2018.
The Dan Sullivan Question, by Dan Sullivan, The Strategic Coach, 2009.
“Your Future Should Be Bigger Than Your Past. Here’s How to Do It,” by Carl Richards, The New York Times, Sept. 14, 2018.
“The First (and Last) Step to Financial Satisfaction? Defining ‘Enough’,” by Carl Richards, The New York Times, May 1, 2017.
“Setting Aside Shame and Blame in Financial Decisions,” by Carl Richards, The New York Times, Sept. 8, 2015.
“How to Talk About Money,” by Carl Richards, The New York Times, Dec. 18, 2018.
“Look Inward to Determine Your Financial Values,” by Carl Richards, The New York Times, April 20, 2015.
“Where Does the Time Go? You Can Find Out, If You Dare,” by Carl Richards, The New York Times, July 5, 2017.
“Seeking More Fun? Examine the Returns on Your Time Investments,” by Carl Richards, The New York Times, July 10, 2017.
When Things Fall Apart: Heart Advice for Difficult Times, by Pema Chodron, Shambhala, 2016.
“We Are All Normal,” Meir Statman, Morningstar The Long View podcast, Oct. 30, 2019.
Finance for Normal People, by Meir Statman, Oxford University Press, 2019.
Thinking Fast and Slow, by Daniel Kahneman, FSG Adult, 2013.
“The Benefits of Getting an Icy Start to the Day,” by Carl Richards, The New York Times, March 14, 2016.
Our guest on the podcast today is renowned retirement researcher Moshe Milevsky, who has conducted research on a broad range of topics, including pensions, annuities, investment strategies for people approaching retirement, and asset allocation over the human lifecycle. A prolific writer and researcher, Milevsky is also the author of several books, including Are You a Stock or a Bond?, The 7 Most Important Equations for Your Retirement, and The Calculus of Retirement Income. His recent books include King William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past and The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672. He's served as a professor of finance at the Schulich School of Business at York University for the past 25 years. He received his bachelor's degree in physics at Yeshiva University, his master's degree in mathematics and statistics at York University, and his doctorate in finance at York University's Schulich School of Business.
Background
Moshe Milevsky's home page
Milevsky's Twitter account @retirementquant
Milevsky's CV
Moshe Milevsky Books
Are You a Stock or a Bond?
The 7 Most Important Equations for Your Retirement
The Calculus of Retirement Income
King William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past
The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672
Human Capital
Roger Ibbotson bio
"The U.S. Labor Market During and After the Great Recession: Continuities and Transformations," by Arne Kalleberg. The Russell Sage Foundation Journal of the Social Sciences, Vol. 3, No. 3, April 2017.
"No Portfolio is an Island," by David Blanchett and Phillip Straehl, Financial Analysts Journal, Vol. 71, issue 3, May/June 2015.
Longevity Risk
"Forget Your Real Age: Plan Your Retirement Around Your 'Biological Age'," by Lewis Braham, Barron's, Jan. 27, 2019.
"Retirement Spending and Biological Age," by Huaxiong Huang, Moshe Milevsky, and T.S. Salisbury. Journal of Economic Dynamics & Control, September 2017.
"The Utility Value of Longevity Risk Pooling: Analytic Insights," by Huaxiong Huang and Moshe Milevsky, North American Actuarial Journal, Feb. 8, 2019.
The SECURE Act
Annuities and Tontines
"Valuation and Hedging of the Ruin-Contingent Life Annuity (Rcla)," by Huaxiong Huang, Moshe Milevsky, and T.S. Salisbury, Journal of Risk and Insurance, Vol. 81, No. 2, May 2014.
"Pros and Cons of 2 Key Annuity Types," by Christine Benz and David Blanchett, Morningstar.com, Oct. 18, 2014.
"Could a Tontine Be Superior to Today's Lifetime Annuity Income Products?" by Michael Kitces, Nerd's Eye View, Feb. 3, 2016.
"Estimating the True Cost of Retirement," by David Blanchett, Morningstar Investment Management, Nov. 5, 2013.
Retirement System and Planning
Olivia Mitchell CV
Our guest on the podcast is retirement researcher Dr. Wade Pfau. Wade is a professor of retirement income in the Ph.D. in Financial and Retirement Planning program at the American College of Financial Services. He is also co-director of the New York Life Center for Retirement Income. A prolific writer and researcher, Wade has authored papers and books on a wide spectrum of retirement-related topics, including in-retirement withdrawal rates, optimal asset allocations for retirement, and the role of annuities in retirement portfolios. He is a two-time winner of the Journal of Financial Planning's Montgomery-Warschauer Award, a two-time winner of the Academic Thought Leadership Award from the Retirement Income Industry Association, and a best paper award winner in the retirement category from the Academy of Financial Services. His latest book, part of the Retirement Researcher Guide Series, is called Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement.
He holds a doctorate in economics and a master's degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a Chartered Financial Analyst.
Background
Wade Pfau bio
Books by Wade Pfau
Wade Pfau blog posts on Retirement Researcher
Wade Pfau Forbes columns
Wade Pfau blog posts for WSJ’s “The Experts”
Wade Pfau on Twitter
Asset Allocation in Retirement
Kitces, M. & Pfau, W. “Reducing Retirement Risk with a Rising Equity Glide Path.” Journal of Financial Planning. Vol. 1. P. 38.
Pfau, W. “To Rise or Not To Rise: Stock Allocation During Retirement.” Retirement Researcher.
Pfau, W. “4 Ways to Manage Sequence of Returns Risk in Retirement.” Retirement Researcher.
Benz, C. 2019. “Cut Stocks Or Add to Them? A Key Dilemma for Your Retirement Plan.” Morningstar.com, July 25, 2019.
Blanchett, D., Finke, M., & Pfau, W. 2013. "Asset Valuations and Safe Portfolio Withdrawal Rates." June 28, 2013.
Shiller P/E Ratio
Withdrawal Rates in Retirement
Wollman Rusoff, J. 2020. “Wade Pfau: Pandemic Tears Up 4% Rule.” ThinkAdvisor, April 14, 2020.
Blanchett, D., Finke, M., & Pfau, W. “The 4 Percent Rule Is Not Safe in a Low-Yield World.” Journal of Financial Planning, Vol. 26, No. 6, P. 46.
Pfau, W. 2020. “How Much Can Retirees Spend on March 11, 2020? It May Not Be What You Think.” Forbes.com, March 11, 2020.
Pfau, W. “Using Reverse Mortgages in a Responsible Retirement Income Plan.” Retirement Researcher.
Pfau, W. 2015. “Improving Retirement Outcomes with Investments, Life Insurance, and Income Annuities.” Forbes.com. May 23, 2015.
Finke, M., Pfau, W., & Williams, D. “Spending Flexibility and Safe Withdrawal Rates." Journal of Financial Planning.
Pfau, W. 2016. “What Is the 'Floor and Ceiling' Retirement Spending Strategy?” Forbes.com, Oct. 18, 2016.
Pfau, W. 2015. "Making Sense Out of Variable Spending Strategies for Retirees.” Journal of Financial Planning, Vol. 10, P. 42.
Bengen, W.P. “Conserving Client Portfolios During Retirement, Part IV.” FPA Journal.
Guyton, J.T. & Klinger, W.J. “Decision Rules and Maximum Initial Withdrawal Rates.” FPA Journal.
Blanchett, D. 2013. “Simple Formulas to Implement Complex Withdrawal Strategies.” Journal of Financial Planning, Vol. 26, No. 9, P. 40.
Healthcare and Long-Term Care
Blanchett, D. 2013. “Estimating the True Cost of Retirement.” Morningstar.
Pfau, W. “What Is Age Banding and What Does It Mean for Retirees?” Retirement Researcher.
Pfau, W. 2016. “Two Options for Funding Long-Term Care Expenses.” Forbes.com. Jan. 12, 2016.
Finke, M. and Pfau, W. 2017. “Managing Long-Term Care Spending Risks in Retirement.” AnnuityAdvisors.com.
Annuities
Pechter, K. 2019. " 'Safety-First' Income Plans, Per Wade Pfau.” Retirement Income Journal, Oct. 10, 2019.
Hopkins, J. 2019. “3 Reasons Annuities Are the Unsung Heroes of Retirement Income Planning.” Forbes.com. June 14, 2019.
Pechter, K. 2019. “The Reason for SPIAs, from Pfau and Finke.” Retirement Income Journal, April 25, 2019.
Our guest on the podcast is Dr. Brigitte Madrian, a leading light in the field of behavioral economics. She is the dean and Marriott Distinguished Professor in the Brigham Young University Marriott School of Business. Dr. Madrian has a joint appointment in the Department of Finance and the George W. Romney Institute of Public Service and Ethics.
Household savings and investment behavior have been key focuses of her research, and her work in these areas has influenced the design of 401(k) plans and pension reform legislation. She also uses the lens of behavioral economics to understand health behaviors and improve health outcomes.
Background
Brigitte Madrian bio and research archive
Emergency Funds/Decision-Making Under Financial Duress
Intertemporal choice
Beshears, J., Choi, J.J., Iwry, J.M., John, D.C., Laibson, D., & Madrian, B.C. 2020. “Building Emergency Savings Through Employer-Sponsored Rainy Day Accounts.” Tax Policy and the Economy, Vol. 34, National Bureau of Economic Research.
Benartzi, S. 2020. “People Don’t Save Enough for Emergencies, but There Are Ways to Fix That.” The Wall Street Journal, Feb. 17, 2020.
Harvey, C.S. 2019. “Unlocking the Potential of Emergency Savings Accounts.” AARP Public Policy Institute, October.
Tergesen, A. 2019. “Employers Help Workers Build Household-Emergency Funds.” The Wall Street Journal, June 13, 2019.
Pension Rights Center. 2019. “How Many Workers Participate in Workplace Retirement Plans?” July 15, 2019.
Eisenberg, R. 2017. "R.I.P. myRA Retirement Account, Gone Too Soon." Forbes.com.July 28, 2017.
Mental accounting
Retirement Savings
Benz, C., & Levine, J. 2020. “What Does the CARES Act Mean for Retirement Accounts?” Morningstar.com. April 3, 2020.
Madrian, B.C., & Shea, D.F. 2000.“The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior.” The National Bureau of Economic Research, May 2000.
Finke, M. 2015. “Brigitte Madrian’s Power of Suggestion--and How It Improved Retirement.” ThinkAdvisor, Aug. 31, 2015.
Madrian, B.C. 2014. “That Was Easy: The Importance of Auto Features in Promoting Retirement Savings.” AARP Public Policy Institute, October 2014.
Rosenberger, J. 2019. “The Woman Behind the Way You Save for Retirement.” Guideline blog, April 4, 2019.
Choi, J.J., Laibson, D., & Madrian, B.C. 2007. “$100 Bills on the Sidewalk: Suboptimal Investment in 401(k) Plans.” The National Bureau on Economic Research, December 2007.
Choi, J.J., Laibson, D., & Madrian, B.C. 2007. “Mental Accounting in Portfolio Choice: Evidence from a Flypaper Effect.” The National Bureau of Economic Research, September 2007.
Choi, J.J., Laibson, D., & Madrian, B.C. 2001. “For Better or For Worse: Default Effects and 401(k) Savings Behavior.” The National Bureau of Economic Research, December 2001.
Carroll, G.D., Choi, J.J., Laibson, D., Madrian, B.C., & Metrick A. 2005. “Optimal Defaults and Active Decisions.” The National Bureau of Economic Research, January 2005.
Beshears, J., Choi, J.J., Laibson, D., Madrian, B.C., & Skimmyhorn, W.L. 2016. “Does Borrowing Undo Automatic Enrollment’s Effect on Savings?” The National Bureau of Economic Research, August 2016.
Our guest this week is Chris Davis. Chris is a portfolio manager at Davis Advisors, where he runs a number of strategies, including the Davis New York Venture, Selected American, and Clipper Funds. Chris joined Davis in 1989 and has more than 28 years' experience in investment management and securities research. Among other accolades, Chris was the recipient of the Morningstar Domestic-Stock Fund Manager of the Year award in 2005. He received his M.A. from the University of St. Andrews in Scotland.
Background
Chris Davis bio
Davis Funds website
“Davis NY Venture Fund: Special PM Update” by Chris Davis and Danton Goei; March 2020
Davis NY Venture Fund: Update from Portfolio Managers Chris Davis and Danton Goei; Annual Review 2020
Davis NY Venture Fund
Davis NY Venture Fund portfolio data
Working From Home
“Management by Wandering Around”; Wikipedia
Behavioral Biases
Buffett Partnership Letters—Letter to Partners dated Jan. 18, 1965 (pg. 69)
Richard Feynman bio; Wikipedia
Stocks Referenced
AIG
United Technologies
Otis Elevators
Raytheon
Carrier
Bank of America
US Bancorp
Wells Fargo
Capital One
Bank of New York Mellon
Visa
JPMorgan
American Express
Berkshire Hathaway
Apache
EOG
Devon
Ultra Petroleum
Alphabet
Our guest this week is Dan Fuss. Dan is vice chairman of Loomis Sayles board of directors and is the longtime manager of the firm’s flagship Loomis Sayles Bond Fund LSBDX as well as a number of other strategies. Dan is one of the most experienced bond managers in the industry today; he recently entered his seventh decade in the investment business. He’s also one of the most accomplished bond managers around, racking up an excellent long-term record over his career. In recognition of this, Morningstar named Dan the Outstanding Portfolio Manager at last year’s Morningstar Awards for Investing Excellence. Dan has twice served as president of the CFA Institute’s Boston chapter. He earned a bachelor’s and MBA from Marquette University and served in the United States Navy from 1955 to 1958.
Background and Research
Dan Fuss bio
Morningstar analysis of Loomis Sayles Bond, March 2, 2020
Morningstar’s analysis of Loomis Sayles Strategic Income, March 12, 2020.
Morningstar’s analysis of Loomis Sayles Global Allocation, Oct. 16, 2019.
Morningstar report for Loomis Sayles Investment Grade Fixed Income
Morningstar report for Loomis Sayles Fixed Income
"Winners of the 2019 Awards for Investing Excellence," by Laura Pavlenko Lutton, Morningstar.com, May 9, 2019.
Current Market/Investment Outlook
Loomis Sayles Investment Outlook, April 2020.
1973-74 Stock Market Crash, Wikipedia.
“Dollar Climbs on Safe-Haven Beds, Shrugs Off Horrible U.S. Jobs Number,” by Gertrude Chavez-Dreyfuss, Reuters.com, April 2, 2020.
“The Fed Starts a New Program to Provide Dollars to Central Banks and Calm the $5 Trillion Currency Market,” by Ben Winck, Markets Insider, Mar. 31, 2020.
“U.S. High Grade Corporate Bond Issuance Sets Weekly Record,” by Kate Duguid and Joshua Franklin, Reuters.com, April 2, 2020.
“Long-Term Capital Hedge Fund Crisis,” by Kimberly Amadeo, The Balance.com, Jan. 8, 2020.
“Here’s a List of Companies That Have Suspended Their Dividends and Stopped Buying Back Stock,” by Lawrence C. Strauss and Andrew Bary, Barron’s, March 23, 2020.
Hyperinflation in the Weimar Republic, Wikipedia.
(A note to listeners: We recorded this interview before the recent sell-off began, and that is why it's not discussed. We'll address the recent downturn in future installments of The Long View. Please enjoy this episode and thanks again for listening.)
Our guest this week is Fran Kinniry. He is a principal in the Vanguard Investment Strategy Group, which develops Vanguard's investment philosophy, methodology, and portfolio construction strategies. Kinniry has been a leading researcher on topics like capital markets, portfolio design, and investment strategy. He was recently tapped by Vanguard to lead the firm's initiative to offer private equity investment management to certain institutional and high-net-worth clients. Before joining Vanguard in 1997, Kinniry was a partner and senior portfolio manager for institutional asset manager Executive Investment Advisors, and before that he was the portfolio manager for H. Katz Capital. Kinniry is a CFA charterholder and earned his Master of Business Administration and bachelor's degree from Drexel University.
Background and Research
Fran Kinniry bio
HarbourVest
"Vanguard and HarbourVest Announce Private Equity Partnership." The Vanguard Group, Feb. 5, 2020.
"The Role of Private Equity in a Nonprofit Portfolio." The Vanguard Group, Nov. 15, 2019.
Vanguard research library
"Vanguard Advisor's Alpha," by Donald Bennyhoff and Fran Kinniry, Vanguard Research, July 2018.
John C. Bogle: A Look Back at the Life of Vanguard's Founder
(A note to listeners: We recorded this interview before the recent sell-off took began, explaining why it’s not discussed. We’ll address the recent downturn in future installments of The Long View. Please enjoy this episode and thanks again for listening.)
Our guests this week are Arman Kline and Trevor Magyar of investment management boutique, Ruane, Cunniff & Goldfarb, or RCG for short. Arman and Trevor sit on the five-person investment committee at RCG that oversees management of all client assets, including those held in the Sequoia Fund. This year, the Sequoia fund will celebrate its 50th anniversary as a mutual fund. From its July 15, 1970, inception through Jan. 31, 2020, the fund gained 13.6% per year, topping the S&P 500 index by 240 basis points annually. Arman joined RCG in 2002, following a stint as an equity analyst at Merrill Lynch. He graduated from Colby College. Trevor began at the firm in 2007, following an early career in investment banking, private equity, and hedge funds. He's a graduate of Princeton University and received his MBA from Harvard University.
General
Ruane, Cunniff & Goldfarb (RCG)
RCG investment committee and team bios
Sequoia Fund 2019 Annual Report
Sequoia Fund Q4 2019 Investor Letter
Sequoia Fund shareholder communications
Morningstar analysis of Sequoia Fund; Aug. 8, 2019
Sequoia Fund portfolio analytics
Stocks Referenced
Rolls Royce PLC ADR RYCEY
Mastercard MA
CarMax KMX
Carvana CVNA
Wayfair W
Amazon.com AMZN
Zalando SE ZLDSF
Zooplus AG ZLPSF
Vivendi SA VIVEF
Alphabet GOOGL
Berkshire Hathaway BRK.A
Our guest today is Dr. Mohamed El-Erian. Dr. El-Erian is Chief Economic Advisor at Allianz, the parent of PIMCO, where he formerly served as chief executive and co-chief investment officer, and President-Elect of Queens’ College, Cambridge University. He first joined PIMCO in 1999 and was a senior member of PIMCO’s portfolio management and investment strategy group. He rejoined the company at the end of 2007 after serving for two years as president and CEO of Harvard Management Company.
Before coming to PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that spent 15 years at the International Monetary Fund in Washington, D.C., where he served as Deputy Director. Dr. El-Erian has served on numerous boards and committees, including a stint as Chair of President Obama’s Global Development Council from Dec. 2012 to Jan. 2017.
A much sought-after author, columnist, and speaker, Dr. El-Erian has published two best-selling and critically acclaimed books, When Markets Collide and The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse. He also was named to _Foreign Policy _magazine's list of “Top 100 Global Thinkers” four years in a row, among other accolades.
Dr. El-Erian holds a master’s degree and doctorate in economics from Oxford University and received his undergraduate degree from Cambridge University.
Background
• Dr. Mohamed El-Erian bio
• Dr. El-Erian’s commentary
• Dr. El-Erian’s tv and radio interviews
• The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, by Mohamed El-Erian, January 2016.
• When Markets Collide, by Mohamed El-Erian, June 2008.
• “The FP Top 100 Global Thinkers," Foreign Policy, Nov. 26, 2012.
• Dr. El-Erian’s Twitter handle @elerianm
Dr. El-Erian’s Recent Comments on COVID-19
• “The Coming Coronavirus Recession: And the Uncharted Territory Beyond," Foreign Affairs, Mar. 17, 2020.
• “The Federal Reserve Takes its Crisis Management Game Up Several Notches,” Yahoo Finance, Mar. 17, 2020,
• “It Will Get Better But After We Feel Even More Unsettled,” Yahoo Finance, Mar. 13, 2020.
• “Six Things Investors Should Remember Amid Extreme Stock Market Volatility,” Yahoo Finance; Mar. 8, 2020.
• “El-Erian: We Shouldn’t Bail Out Every Industry Halted by Coronavirus Crisis,” CNBC, Mar. 19, 2020.
• “El-Erian: Fed Should Have Been More ‘Laser-Focused’ on Market Failures,” CNBC, Mar. 16, 2020.
• “El-Erian on Markets: ‘It’s Getting Less Scary Than It Has Been for a While," CNBC, Mar. 13, 2020.
• “El-Erian: U.S. Stock Market Could End Up Dropping 20%-30% Before Bottom Is Finally Reached," CNBC, Mar. 9, 2020.
Shownotes (Note: We will add the interview transcript soon.)
Introduction
• Introducing Dr. El-Erian and bio (0:21)
High Level Macro
• The market and economic backdrop have changed drastically in what seems like no time. You’ve been prescient in foreseeing some of the impacts. But what has surprised you thus far? (1:48)
• We’ve heard you say that financial “sudden stops” are more addressable than economic “sudden stops”. Can you explain the difference between financial/economic “sudden stops," why the latter is harder to deal with, and how that relates to our current situation? (2:58)
Policy Response
• Public health concerns are trumping economic realities at the moment. For instance, entire states are being told to shelter in place. This is economically devastating. Do you think this is prudent policy without a stimulus package or backstop of some kind? (5:13)
• You’ve argued that interest-rate cuts and broad fiscal stimulus shouldn’t be emphasized during this initial phase of the crisis. That we should instead focus on containment and building immunity to COVID-19. That seems surprising considering the scores of those who have been abruptly laid off or seen business dry up. What are they supposed to do without a massive, immediate stimulus? (7:02)
• Can we talk about the impacts that you foresee for the private and public sectors and what you view as the correct policy response for addressing each? Let’s take them one by one: (9:29)
- The suddenly unemployed
- The small business owner
- The lender
- The airline and hospitality sectors
- The state or municipality
Capital Markets
• Turning to capital markets, we’ve obviously seen stocks enter a steep sell-off. But the bond market has also broken down. Can you describe for some of our listeners--who might not be as familiar with the inner workings or dynamics of the bond market--what has happened there, why, and what will stem it? (11:29)
• The Fed stepped in to backstop money market funds in recent days. Have you seen signs that is succeeding in stabilizing corporate funding markets like the commercial paper market? (15:05)
• What will be point of equilibrium at which fiscal and monetary policy relief overtakes fear to stabilize markets and the economy? (16:57)
Aftermath
• You wrote that one of the lasting consequences of novel coronavirus will be accelerating deglobalization and deregionalization. Global supply-chain management and trade interconnection has been the dominant trend in recent decades. Why would we retreat from that, and how will that be felt in the real economy and daily life? (19:12)
• To this point, while COVID-19 has been deemed a global pandemic, its impacts have been mostly northern hemispheric. What do you think the implications of the virus spreading to the southern hemisphere over the balance of this year will be on trade, markets, etc.? (21:18)
Outlook
• About a week ago you said you expected the stock market to decline 30% from its highs. At that time it was down around 19%, and we’ve seen the market fall another 10 percentage points since then, putting it down almost 30% from the high. Have you revised your view or do you feel the sell-off has largely played itself out? (23:40)
• Most of our listeners are individual investors or advisors who diversify their assets widely across asset classes and styles, often using index funds and ETFs. Do you think this episode warrants a re-think of how they’ve approached asset allocation and investment selection? (27:03)
Closing
• Closing, disclosures, and outro (32:03)
(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.)
Editor's Note: The following interview with Chuck Bath, comanager of Diamond Hill Large Cap, was recorded on March 4, 2020. As such, it doesn't incorporate recent market volatility, and the manager's views and positions may have changed since the recording.
Our guest on the podcast is Chuck Bath, a portfolio manager who has logged a tremendous record over nearly 40 years. Since 2002, Bath has been manager of Diamond Hill Large Cap, a $6 billion fund that earns a Morningstar Analyst Rating of Gold. He is assistant portfolio manager for Bronze-rated Diamond Hill Long-Short.
Prior to joining Diamond Hill, he steered Nationwide Fund to outstanding returns during 17 years at the helm. An accountant by training, Bath uses a patient value-oriented approach, seeking out companies with above-average returns on capital that are trading below his estimates of intrinsic value.
Background
Chuck Bath bio
Diamond Hill Large Cap DHLAX
Diamond Hill Long-Short DIAMX
Diamond Hill blog
"Diamond Hill: Accounting for Taste," by Lawrence Strauss, Barron's, Dec. 12, 2015.
Strategy and Portfolio
"Permanent Change Versus Long-Term Fundamentals," by Chuck Bath, March 10, 2020.
Diamond Hill Intrinsic Value Estimator
Security Analysis, by Benjamin Graham and David Dodd.
Warren Buffett on Durable Competitive Advantage, April 21, 2018.
"Valuing U.S. Equities: A Historical Perspective," by Chuck Bath, Austin Hawley, and Nate Palmer, as presented at the CFA Institute Financial Analysts Seminar in Chicago, Sept. 26, 2014.
International Business Machines
Microsoft
Walmart
Amazon.com
Abbott Laboratories
Procter & Gamble
Eastman Chemical
Alphabet
"State AGs, Justice Department Discuss Google Antitrust Probe," by Diane Bartz, Reuters, Feb. 4, 2020.
Chevron
Norfolk Southern
Parker Hannifin
Peter Lynch
Jeffrey Vinik
John Neff
Robert Sanborn
Citigroup
Charles Schwab Corp
"The Charles Schwab-TD Ameritrade Merger Shocked Wall Street. Why It Had to Happen," by Lisa Beilfuss and Daren Fonda, Barron's, Dec. 16, 2019.
Organization/Succession
"Diamond Hill Announces Addition of Austin Hawley as Co-Portfolio Manager on Large-Cap Strategy," Dec. 18, 2017.
"Channeling His Inner Buffett," by Marla Brill, Financial Advisor, Dec. 2, 2019.
Our guest this week is Lawrence Hamtil. Lawrence is a principal at Fortune Financial Advisors, an independent Registered Investment Advisor firm he co-founded in 2008. He provides financial advice and investment management services to the firm’s high-net-worth clients. Lawrence came to our attention on social media, where he can be found on twitter at @lhamtil. A prolific researcher and excellent writer, Lawrence frequently publishes investments research and commentary on Fortune Financial’s blog. His research has covered a lot of ground, but a few topics have gained him a following, including his work on the role of sectors and industries in explaining stocks returns; the low-volatility phenomenon; sin stocks; equal-weighted portfolios; and more. Lawrence is a graduate of Rockhurst University..
Background and Influences
Lawrence Hamtil bio
Fortune Financial advisor blog
Lawrence Hamtil’s twitter account @lhamtil
“Contrarian Investment Ideas” by David Dreman; May 18, 1998
“Common Stocks and Uncommon Profits” by Phil Fisher; Jan. 1, 1960
Value Investing and Inflation
“Who Killed Value?” by William Bernstein; Efficient Frontier blog
“How Inflation Makes the Value Factor a Sector Bet” by Lawrence Hamtil; Fortune Financial blog; May 14, 2019
Equal-Weighting and Inflation
“The Inflation Advantage of Equal Weight” by Lawrence Hamtil; Fortune Financial blog; Aug. 28, 2018
Sectors and Industries: Importance to Stock Returns
“Hedge Fund Contagion and Liquidity Shocks” by Nicole Boyson, Christof Stahel, and Rene Stulz; Journal of Finance, Volume 55, No. 5. October 2010.
Financial Advisor Conflicts
“Breaking Down 50 Years of Industry Data” by Lawrence Hamtil; Fortune Financial blog; Jan. 17, 2020
“Is Risk a Function of Sector or Size?” by Lawrence Hamtil; Fortune Financial blog; Jan. 22, 2019
“Is Risk a Function of Sector or Size? Part II” by Lawrence Hamtil; Fortune Financial blog; July 24, 2019
“The Perils of Sector Bias” by Lawrence Hamtil; Fortune Financial blog; Oct. 29, 2018
“The Compelling Case for Mid Cap Stocks” by Lawrence Hamtil; Fortune Financial blog; June 27, 2019
“Compendium of Posts on Investing in Emerging Markets” by Lawrence Hamtil; Fortune Financial blog; Aug. 15, 2019
Low-Volatility Factor
“Compendium of Low Volatility Articles” by Lawrence Hamtil; Fortune Financial blog; July 22, 2019
Andrew Miller’s Twitter account @millerak42
Sin Stocks
“Casino Stocks and the Missing Sin Premium” by Lawrence Hamtil; Fortune Financial blog; Feb. 18, 2019
“Virtue Is Its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor” by Cliff Asness; AQR; May 18, 2017
Our guest this week is Nicole Boyson. Boyson is the Patrick F. and Helen C. Walsh Research Professor at Northeastern University's D’Amore-McKim School of Business, where she teaches and conducts research in the areas of investments and corporate finance. Professor Boyson has authored numerous publications and referee journals, with a focus on regulatory arbitrage, hedge fund management, and hedge fund activism. She also recently published a provocative working paper on financial advisor conflicts of interest entitled, "The Worst of Both Worlds? Dual-Registered Investment Advisers." A certified public accountant, Professor Boyson serves on the Editorial Board of the Financial Analysts Journal. She received her bachelor's degree from Kent State University, her MBA from Case Western Reserve University, and her Ph.D. in Finance from Ohio State University. Professor Boyson is active on social media, where she can be found on Twitter at @nikir1.
Background and Influences
Nicole Boyson’s home page
Nicole Boyson’s Twitter profile @nikir1
Josh Brown’s Twitter profile @reformedbroker
Wes Gray’s Twitter profile @alphaarchitect
Max Schatzow’s Twitter profile @advisercounsel
Investment Company Institute (ICI) Fact Books
Published Research: Hedge Fund Activism
“Corporate Governance and Hedge Fund Activism” by Nicole Boyson and Robert Mooradian; Review of Derivates Research, volume 14, no. 2, 2011
“Activism Mergers” by Nicole Boyson, Nickolay Gantchev, and Anil Shivdasani; Journal of Financial Economics; Oct. 23, 2015
Published Research: Female Hedge Fund Managers
“The Performance of Female Hedge Fund Managers” by Rajesh Aggarwal and Nicole Boyson; Review of Financial Economics; Feb. 3, 2016
Published Research: Hedge Funds and Contagion
“Hedge Fund Contagion and Liquidity Shocks” by Nicole Boyson, Christof Stahel, and Rene Stulz; Journal of Finance, volume 55, no. 5; October 2010
Financial Advisor Conflicts
Working Paper: “The Worst of Both Worlds? Dual-Registered Investment Advisers” by Nicole Boyson
“Report of the Committee on Compensation Practices” dated April 10, 1995
SEC Final Rule “Certain Broker-Dealers Deemed Not to Be Investment Advisers”
Rick Ferri’s website
“Ferri: There are No Average Investors,” The Long View podcast, July 3, 2019
SEC Investment Adviser Public Disclosure (IAPD) website
Financial Planning Association v. Securities and Exchange Commission
SEC Final Rule: “Regulation Best Interest: The Broker-Dealer Standard of Conduct”
SEC Share Class Selection Disclosure Initiative
“SEC Share Class Initiative Returning More Than $125 Million to Investors”
Our guest on the podcast today been called one of the most powerful women in finance. Sallie Krawcheck started her career as an equity analyst at Sanford C. Bernstein, where her reputation for impartial advice and criticism of conflicts of advice in the financial-services sector prompted Fortune magazine to call her the last honest analyst. She later moved to Citigroup, where she served as CEO of the firm's Smith Barney unit, Citi's chief financial officer, and CEO of Citi's, Wealth Management Business. In the latter role, she was an early advocate of a fiduciary standard for the brokerage industry. She went on to Bank of America where she served as president of the firm's wealth management unit. Sallie is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. She is also owner and chair of Ellevate Network, a global network of women committed to promoting gender equality in the workplace.
In the spirit of full disclosure, Morningstar Inc. invested in Ellevest in 2015 and 2019, and Morningstar Investment Management LLC, a subsidiary of Morningstar Inc. provides consulting services to Ellevest for their core portfolios.
Background
Sallie Krawcheck bio
Ellevest
Ellevate Network
“In Search of the Last Honest Analyst,” by David Rynecki, Fortune, June 10, 2002.
“BofA’s Krawcheck Backs a Fiduciary Standard,” InvestmentNews, April 20, 2010.
“When Citi Lost Sallie,” by Geraldine Fabrikant, The New York Times, Nov. 15, 2008.
“Sallie Krawcheck Wants to Take Women to the Top of Business,” by Abigail Jones, Newsweek, Dec. 23, 2014.
Gender Pay Gap/Lifetime Earnings
“The Narrowing, But Persistent, Gender Gap in Pay,” by Nikki Graf, Anna Brown, and Eileen Patten, Pew Research Center, March 20, 2019.
“How a Common Interview Question Hurts Women,” by Claire Cain Miller, The New York Times, May 1, 2018.
Salary History Bans: A Running List of States and Localities That Have Outlawed Pay History Questions, HRdive.com, 2020.
“Unlocking the Full Potential of Women in the U.S. Economy,” McKinsey & Company, 2011.
Education and Lifetime Earnings, Social Security Administration.
Women and Caregiving, Facts and Figures, Family Caregiver Alliance.
“The Trickle-Down Effect of Caregiving on Women,” by Kathleen Fitfield, AARP.org, Nov. 29, 2018.
“Older Women Workers and Economic Security,” U.S. Department of Labor Issue Brief.
“How to Stand Up for Paid Family Leave,” Ellevest.com, May 14, 2018.
“How to Afford Parental Leave and Some Time Off,” by Sallie Krawcheck, Ellevest.com, Oct. 10, 2016.
Diversity in the Workplace/Gender Lens Investing
Gender lens investing definition
“Gender and Diversity Funds: Intentional Or Not?,” by Madison Sargis, Morningstar.com, April 15, 2019.
"2 Options for Gender-Lens Investing," by Jon Hale, Morningstar.com, March 2, 2017.
Pax Ellevate Global Women’s Leadership Fund
“Why Diverse Teams Are Smarter,” by David Rock and Heidi Grant, Harvard Business Review, Nov. 4, 2016.
“Diverse Teams Feel Less Comfortable—And That’s Why They Perform Better,” by David Rock, Heidi Grant, and Jacqui Gray, Harvard Business Review, Sept. 22, 2016.
“New Research: Diversity + Inclusion = Better Decision-Making at Work,” by Erik Larson, Sept. 21, 2017.
Women and Investing
“Why Women Invest 40 Percent Less Than Men (and How We Can Change It),” by Jean Chatzky, Nbcnews.com, Sept. 25, 2018.
“Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad Barber and Terrence Odean, The Quarterly Journal of Economics, February 2001.
“What Does It Mean to Invest Intentionally?” by Sallie Krawcheck, Ellevest.com, Nov. 19, 2019.
“Women Reach Their Peak Salaries 10 Years Sooner Than Men,” by Patricia Nilsson and Hannah Murphy, Financial Times, Sept. 19, 2018.
Benefits Planner/Life Expectancy, Social Security Adminstration.
“Do Women Take As Many Risks As Men?,” by Doug Sundheim, Harvard Business Review, Feb. 27, 2013.
"Sallie Krawcheck: The Retirement Crisis Is a Gender Crisis, Too," Morningstar.com, July 11, 2015.
“For Some Widows, Breaking Up with An Advisor Is Easy to Do,” by Ilana Polyak, Oct. 11, 2014.
“Women Put Financial Security at Risk by Deferring Long-Term Financial Decisions to Spouses, UBS Research Reveals,” UBS.com.
“What Women Want in a Financial Advisor,” by Kerry Hannon, Forbes.com, May 13, 2018.
“Female Fund Manager Performance: What Does Gender Have to Do with It?” by Madison Sargis and Kathryn Wing, Morningstar.com, March 8, 2018.
“Fund Managers By Gender: The Global Landscape,” Morningstar.
Fiduciary definition
“Let’s Demand Better from the Financial Services Industry,” by Sallie Krawcheck, Ellevest.com, Sept. 20, 2019.
“How Wall Street Keeps #MeToo Claims Out of the Spotlight,” by Rob Copeland, Liz Hoffman, and Rachel Louise Ensign, The Wall Street Journal, Jan. 19. 2018.
“Wall Street Has Been Unscathed by MeToo. Until Now,” by David Gelles, The New York Times, March 16, 2019.
“My Best Career Advice ... Isn’t Career Advice,” by Sallie Krawcheck, Ellevest.com, Nov. 12, 2019.
Our guest on the podcast is Annamaria Lusardi, an authority on financial literacy and financial education. Lusardi is the Denit Trust Distinguished Scholar and Professor of Economics and Accountancy at the George Washington University School of Business, where she also serves as the academic director of the Global Financial Literacy Excellence Center. Prior to joining George Washington University, she taught at Dartmouth College for 20 years. She has also taught at Princeton University, the University of Chicago Harris School of Public Policy, the University of Chicago Booth School of Business, and Columbia Business School. She received her doctorate from Princeton.
Background
Annamaria Lusardi bio
Annamaria Lusardi curriculum vitae
Annamaria Lusardi publications
Financial Literacy
"The Economic Importance of Financial Literacy: Theory and Evidence," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Economic Literature, 2014.
"A Financial Literacy Test That Works," by Annamaria Lusardi and Olivia S. Mitchell, Forbes, Dec. 14, 2017.
The 2019 TIAA Institute-GFLEC Personal Finance Index
"Financial Literacy and Wellness Among African-Americans," by Paul J. Yakoboski, Annamaria Lusardi, and Andrea Hasler, Global Financial Literacy Excellence Center.
"Financial Literacy and Retirement Planning in the United States," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Pension Economics & Finance, October 2011.
“Financial Literacy Around the World: An Overview," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Pension Economics and Finance, October 2011.
Implications of Financial Illiteracy
"Optimal Financial Knowledge and Wealth Inequality," by Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell, The National Bureau of Economic Research, January 2013.
"Financial Literacy and Stock Market Participation," by Maarten van Rooij, Annamaria Lusardi, and Rob Alessie, The National Bureau of Economic Research, October 2007.
"National Financial Capability Study," Finra Investor Education Foundation, December 2019.
“Financially Fragile Households: Evidence and Implications,” by Annamaria Lusardi, Daniel J. Schneider, and Peter Tufano, The National Bureau of Economic Research, May 2011.
"Financial Literacy and Planning: Implications for Retirement Wellbeing," The National Bureau of Economic Research, by Annamaria Lusardi and Olivia S. Mitchell, May 2011.
Financial Education
"Are States Providing Adequate Financial Literacy Education?" by Matt Kasman, Benjamin Heuberger, and Ross A. Hammond, Brookings, Oct. 3, 2018.
"Five Steps to Planning Success. Experimental Evidence From U.S. Households," by Aileen Heinberg, Angela A. Hung, Arie Kapteyn, Annamaria Lusardi, Anya Savikhin Samek, and Joanne Yoong, The National Bureau of Economic Research, June 2014.
"John Lynch: Rethinking Financial Education," The Long View podcast, Morningstar.com, Dec. 11, 2019.
"Financial Literacy, Financial Education, and Downstream Financial Behaviors," by Daniel Fernandes, John G. Lynch, and Richard G. Netemeyer, Management Science, Jan. 6, 2014.
"Ariel Community Academy Students Are Investing on Wall Street by Fourth Grade," by Rodney Brooks, The Undefeated, Oct. 18, 2017.
Our guest this week is tax and retirement planning expert, Jeffrey Levine. Jeff is director of advisor education at Kitces.com, home of the popular Nerd's Eye View blog. He's also the CEO and director of financial planning for BluePrint Wealth Alliance. Previously, Jeff served as chief retirement strategist at Ed Slott and Company. He has authored several books including, The Baby Boomer's Guide to Savvy IRA Planning, The Financial Advisor's Guide to Savvy IRA Planning, and The Definitive Guide to Required Minimum Distributions for Baby Boomers. Jeff is a frequent public speaker and media commentator, and he maintains a high profile on social media and on the Nerd's Eye View blog, where he readily shares tax and retirement planning insights.
Background
Jeffrey Levine bio
Kitces.com
Blueprint Wealth Alliance
Jeffrey Levine on Twitter: @CPAPlanner
SECURE Act: Stretch IRA
SECURE Act text
Stretch IRA definition
“SECURE Act And Tax Extenders Creates Retirement Planning Opportunities and Challenges,” by Jeffrey Levine, Kitces.com, Dec. 23, 2019.
“Navigating the Secure Act: What Retirement Savers Need to Know to Optimize Their 401(k)s and IRAs,” by Reshma Kapadia, Barron’s, Dec. 20, 2019.
“New Retirement Law Throws IRA Heirs a Curveball,” by Mark Miller, Morningstar.com, Jan. 21, 2020.
“Inheriting a Parent’s IRA or 401(k)? Here’s How the Secure Act Could Create a Disaster,” by Alessandra Malito, MarketWatch, Jan. 9, 2020.
“Who Should Consider a Roth Conversion Under the SECURE Act?,” by Liz Weston, MarketWatch, Feb. 1, 2020.
“The Stretch IRA Strategy Is Largely Gone. Here Are 5 Alternatives to Consider,” by Cheryl Winokur Munk, Barron’s, Feb. 8, 2020.
Charitable trust definition
SECURE Act: RMD Age Change
Required minimum distribution definition
IRA Required Minimum Distribution Worksheet
“How Required Minimum Distribution (RMD) Changes Under The SECURE Act Impact Retirement Accounts,” by Jeffrey Levine, Kitces.com, Jan. 8, 2020.
“Why the SECURE Act Makes 2020 the Year of Missed RMDs from IRAs,” by Jamie Hopkins, Forbes.com, Dec. 18, 2019.
“Could Later RMDs Lower Your Tax Bill?” by Christine Benz, Morningstar.com, Feb. 3, 2020.
“Updated Life Expectancy and Distribution Period Tables Used for Purposes of Determining Minimum Required Distributions,” (proposed rule by the IRS), IRS.gov, Nov. 8, 2019.
SECURE Act: Qualified Charitable Distributions
“How to Reduce Your Taxes and AGI by Giving to Charity,” by Mark P. Cussen, Investopedia.com, Jan. 16, 2020.
“Coordinating QCDs with Post 70 1/2 IRA Contributions Under the SECURE Act,” by Jeffrey Levine, Kitces.com, Jan. 22, 2020.
Tax Cuts and Jobs Act of 2017
Adjusted gross income definition
SECURE Act: Traditional IRA Contributions After 72
“The Kaye Bailey Hutchison Spousal IRA Receives Congressional Agreement,” by Beverly DeVeny, irahelp.com, Aug. 9, 2013.
SECURE Act: Open MEPs
“Could Multiple-Employer Plans Be a Game Changer for Retirement Security?” by Aron Szapiro, Morningstar.com, Dec. 19, 2019.
“Secure Act’s MEP Changes Are a Game Changer for 2020,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Jan. 8, 2020.
“The New American Retirement Plan,” by John Rekenthaler, Morningstar.com, Jan. 14, 2020.
“Replacing 401(k) Plans: Further Thoughts,” by John Rekenthaler, Morningstar.com, Jan. 21, 2020.
SECURE Act: Annuities in Company Retirement Plans
"What the SECURE Act Means for Annuities," by Jamie Hopkins, InvestmentNews, Dec. 17, 2019.
“Security Act’s 401(k) Annuity Options: The Pros and Cons,” by William H. Byrnes and Robert Bloink, ThinkAdvisor, Jan. 14, 2020.
Our guest this week is Ben Carlson, the director of institutional asset management at Ritholtz Wealth Management. A prolific and insightful writer, Carlson frequently publishes pieces on investing, personal finance, and other topics on his popular blog, A Wealth of Common Sense. In addition, he co-hosts the Animal Spirits podcast with his colleague Michael Batnick and is active on social media, including Twitter, where he can be found @awealthofcs. A CFA charterholder and graduate of Grand Valley State University, Carlson has authored several books, including A Wealth of Common Sense and Organizational Alpha. In today's episode, we'll be discussing Carlson's most recently published book, Don't Fall for It: A Short History of Financial Scams.
Background
Ben Carlson bio
A Wealth of Common Senseblog
Michael Batnick bio
Animal Spirits podcast
Ritholtz Wealth Management
Don't Fall for It: A Short History of Financial Scams, by Ben Carlson
Scams: Victims and Perpetrators
Nigerian prince scam
Annals of Gullibility: Why We Get Duped and How to Avoid It, by Stephen Greenspan
Charles Ponzi bio
Bernie Madoff bio
John R. Brinkley bio
The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success, by Kevin Dutton
"Troubles at Atlanta Hedge Fund Snare Doctors, Football Players" by Ian McDonald and Valerie Bauerlein, The Wall Street Journal, March 9, 2006.
William J. Bernstein: "The wealthy are different than you and I: They have many more ways of having their wealth stripped away." The Four Pillars of Investing: Lessons for Building a Winning Portfolio, Chapter 7, Page 179.
"How Did Spike Lee Convince Michael Jordan to Help Fund His Malcolm X Film?" by Gene Marks, Entrepreneur, Feb. 28, 2019.
"Johnny Depp Spends $200,000 a Month on a Private Jet and $30,000 on Wine--Here's How Else He Blows His Fortune," by Emmie Martin, CNBC.com, Aug. 31, 2017.
Enough: True Measures of Money, Business, and Life, by John C. Bogle
"South Sea Bubble Short History," Harvard Business School
Railway mania
"Fraudster Poses as Jason Statham to Steal Victim's Money," by Andy Bell and Dan Box, BBC News, April 29, 2019.
Ulysses S. Grant bio
"Lessons From the General," by Michael Batnick, The Irrelevant Investor, Dec. 12, 2017.
Our guest this week is Will Danoff. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. During his nearly three-decade tenure at Contrafund, Will has trounced the market indexes and, even more remarkably, managed to maintain the fund's performance at scale. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. We're thrilled to have him as our guest.
Background
Will Danoff bio
Fidelity Contrafund
Inspirations
“Letters”, Fidelity Investments TV commercial
Peter Lynch bio
Meetings with Management
Nelson Peltz bio
Idea Generation
Salesforce Dreamforce conference
Joel Tillinghast
Fidelity Low-Priced Stock
Circle of Competence
Michael O’Leary, Michael Cawley bios
Portfolio Construction
Corporate profit margins
Investing in Private Firms
Securities and Exchange Commission’s “Investment Company Liquidity Risk Management Program”
Our guest this week is Jon Hale, Morningstar's head of sustainability research. In that role, he directs our research into the environmental, social, and governance investing practices of mutual funds and exchange-traded funds. An incisive analyst and writer, Hale authors the biweekly "Sustainability Matters" column on Morningstar.com. He's regularly quoted by the media on ESG matters and speaks often on sustainable investing at industry conferences and other events. Prior to assuming his current role, Hale held a number of other leadership positions in Morningstar's research and investment management divisions, most recently serving as head of manager research in North America. Hale, who holds the Chartered Financial Analyst designation, earned his undergraduate degree at the University of Oklahoma and his doctorate at Indiana University. We're pleased to have him as our guest.
Background
Jon Hale bio
"Sustainability Matters" columns
Hale's "The ESG Advisor" blog
Morningstar's Approach to Assessing ESG
Morningstar Sustainability Rating methodology
Sustainalytics
Investor Interest and Demand
"Sustainable Fund Flows in 2019 Smash Previous Records," by Jon Hale, Morningstar.com, Jan. 10, 2020.
Morgan Stanley's "Sustainable Signals" survey
Other
Sustainability Accounting Standards Board (SASB)
TIAA-CREF Social Choice Bond TSBRX
Our guest on the podcast today is Chris Mamula. Chris blogs on the website, "Can I Retire Yet?" and he has also cowritten a book called Choose FI: Your Blueprint to Financial Independence, which was published in 2019. Chris is loosely part of the FIRE, or Financial Independence Retire Early, movement, but he brings a fresh perspective to the concept. He retired from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, do-it-yourself investing, financial planning, early retirement, and lifestyle design.
Background
Can I Retire Yet?
Choose FI: Your Blueprint to Financial Independence, by Chris Mamula, Brad Barrett, and Jonathan Mendonsa.
FIRE Movement
FIRE Movement
"Your Questions about FIRE, Answered," by Steven Kurutz, The New York Times, Sept. 11, 2018.
Lifestyle and Personal Considerations
"Nearly 2 Years into Early Retirement, Here’s All That I’ve Gotten Wrong," by Chris Mamula, marketwatch.com, Aug. 19, 2019.
“A Strong Marriage in Retirement,” by Darrow Kirkpatrick, Can I Retire Yet?, March 19, 2017.
"Does Fire Make Life Harder?," by Chris Mamula, Can I Retire Yet?, Dec. 10, 2018.
“A Week in the Life of a Fire Household,” by Chris Mamula, Can I Retire Yet?, Sept. 17, 2018.
Healthcare Coverage for Early Retirees
“Navigating ACA Tax Credits to Purchase Affordable Health Insurance,” by Chris Mamula, Can I Retire Yet?, Nov. 12, 2018.
“How to Qualify for Affordable Care Act (‘Obamacare’) Premium Subsidies,” by Mike Piper, Oblivious Investor.
“Are Health Care Sharing Ministries a Viable Alternative to Health Insurance for Early Retirement?” by Chris Mamula, Can I Retire Yet?, Nov. 19, 2018.
Health care sharing ministry, Wikipedia.
“Do You Plan to Retire by 50? Great, But Can You Cover Your Health Care?” by Janna Herron, USA Today, June 4, 2019.
Investing and Withdrawal Rates
Bogleheads website
Jim Collins blog
"The Safe Withdrawal Rate Series: A Guide for First-Time Readers," Early Retirement Now.
Stock Series, jlcollinsnh.com
The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by J.L. Collins.
“Retirement Saving and the Empty Nest Transition,” by Michael Kitces, kitces.com, May 25, 2016.
"The Stages of Financial Independence," by Chris Mamula, Can I Retire Yet?, Sept. 23, 2019,
“The Problem with FIREing at 4% and the Need for Flexible Spending Rules,” by Michael Kitces, Kitces.com, July 23, 2019.
“The 25X Rule to Early Retirement,” by Rob Berger, Forbes.com, Feb. 23, 2017.
Human capital definition, Investopedia
“Going Back to Work,” by Chris Mamula, Can I Retire Yet?, July 22, 2019.
Mr. Money Mustache
Our guest this week is John Rekenthaler. Rekenthaler is a director in Morningstar Research Services and a feature contributor to our platforms, including Morningstar.com. A lucid thinker and brilliant writer, his popular "Rekenthaler Report" column has become a must read among investors, financial advisors, fund industry participants, and beyond.
Rekenthaler began his career at Morningstar in 1988 and has worn a number of hats, including leadership roles in our research and investment management divisions. Among other achievements, Rekenthaler has been a key player in developing some of Morningstar's best-known tools, including the Morningstar Rating for funds and the Morningstar Style Box. He holds a bachelor's degree in English from the University of Pennsylvania and a master's degree in business administration from the University of Chicago Graduate School of Business.
Background
The Rekenthaler Report
Morningstar Rating for funds methodology
Morningstar Style Box methodology
Investor Behavior
Morningstar's Mind the Gap study
Rekenthaler Report: "Mutual Funds: Where Fun Came to Die"
Rekenthaler Report: "3 Reasons Index Investors Deserve Perdition (or Not)"
Rekenthaler Report: "Up-Front Investment Fees Are (Almost) No More"
Incentives
Rekenthaler Report: "Give Performance Fees a Chance"
How John Invests
Rekenthaler Report: "What's in My Portfolio?"
Most and Least Popular Columns
Rekenthaler Report: "Enough with Revenue Sharing!"
Rekenthaler Report: "About that Rigging Claim"
Flash Boys: A Wall Street Revolt, by Michael Lewis, March 2014.
Compelling Academic Research
Rekenthaler Report: "Predicting Mutual Fund Returns With the Ownership Lens"
"Judging Fund Managers by the Company They Keep," by Randolph Cohen, Joshua Coval, and Lubos Pastor; NBER Working Paper No. 9359, December 2002.
The State of Retirement
Rekenthaler Report: "The Retirement Crisis That Isn't?"
Teresa Ghilarducci
"A Perplexing Tale About 401(k)s," by Scott Cooley; Morningstar.com, Nov. 26, 2015.
Rekenthaler Report: "The British Show How to Improve 401(k)s"
Best and Worst Innovations
Rekenthaler Report: "Why ETFs Succeeded for Retail Investors"
Rekenthaler Report: "Tactical-Allocation Funds: Even Worse Than Expected"
Jack Bogle
Rekenthaler Report: "Jack Bogle Strikes Back!"
Rekenthaler Report: "Jack Bogle's (Somewhat) Accidental Legacy"
Corporate Governance
"Anticompetitive Effects of Common Ownership," by Jose Azar, Martin Schmalz, and Isabel Tecu; Journal of Finance, May 2018.
Rekenthaler Report: "Are Index Funds Too Soft on CEOs?"
Rekenthaler Report: "The Latest Salvo Against Indexing"
Rekenthaler Report: "The Doctrine of Shareholder Value Has Indeed Helped Shareholders"
Albert J. "Chainsaw Al" Dunlap bio
What John Reads
Berkshire Hathaway shareholder letters
Joe Mansueto bio
Reflections on Investing
Rekenthaler Report: "My Investment Howler"
On this week’s episode of The Long View, we’ll recap some of our favorite moments from the podcast so far.
Since the podcast’s launch in May 2019, we’ve had the chance to talk to some of the best portfolio managers, retirement researchers, and financial planners and advisors in the business. It’s been a treat to spend an hour each week chatting with them, and we’ve learned a great deal from each of the interviews.
Last week’s episode included highlights from our interviews with portfolio managers. This week, we’ll feature some of our favorite clips from interviews with financial planners, advisors, and retirement researchers.
William Bernstein: 'If You've Won the Game, Quit Playing'
Jonathan Clements: 'It's in Wall Street's Interest to Make Everyday Investors Think That They Are Stupid'
Allan Roth: 'I Embrace Dumb Beta'
Josh Brown: 'Standardize the Process, Personalize the Advice'
Carolyn McClanahan: 'There's More to Money Than Just Numbers'
Sheryl Garrett: 'The Industry Thought I Was Nuts'
David Blanchett: 'If You're Retiring Now You're in a Pretty Rough Spot'
Michael Finke: Here's What Makes Retirees Happy
Archive of all Long View episodes so far
On this week’s episode of The Long View, we recap some of our favorite moments from the podcast so far.
Since the podcast’s launch in May 2019, we’ve had the chance to talk to some of the best portfolio managers, retirement researchers, and financial planners and advisors in the business. It’s been a treat to spend an hour each week chatting with them, and we’ve learned a great deal from each of the interviews.
This week’s episode includes highlights from our interviews with portfolio managers and investment strategists. Next week, we’ll feature some of our favorite clips from interviews with financial planners, advisors, and retirement researchers.
Bill Nygren: 'A Stock That Doesn't Look Cheap on the Surface Might Be One of the Cheapest'
Rob Arnott: Don't Sleep on Value Investing (Especially Emerging-Markets Value)
Rupal Bhansali: FAANG Stocks Are 'Extremely Risky'
Dan Ivascyn: Building a Portfolio to Bend but Not Break
Ben Johnson: Index Funds Are Not 'Zombie Investors'
Dana Emery: You're Not Getting a Valuation Discount for Free
Dennis Lynch: 'Have a Growth Mindset and Be Willing to Learn New Things'
Charles de Vaulx: Why Value Investing Has Slumped but Will Rebound
Our guest on the podcast today is Dr. Moira Somers, a clinical neuropsychologist and professor. She’s also author of the book Advice That Sticks: How to Give Financial Advice That People Will Follow, published in 2018. Dr Somers’ expertise is in brain functioning, behavior change, and mental health, topics that she often discusses in the context of financial advice. She’s a frequent public speaker and also consults with advisors on improving their client outcomes.
Dr. Somers is a senior faculty member with the Sudden Money Institute, where she trains advisors and conducts research into the psychological factors at play during major life transitions.
Background
Moira Somers' biography
Moira Somers' website
Somers, M. 2018. Advice That Sticks: How to Give Financial Advice That People Will Follow (London: Practical Inspiration Publishing).
Improving Client Adherence
Behavioral finance definition
Martin, L., Williams, S.L., Haskard, K.B., et al. 2005. “The Challenge of Patient Adherence.” Therapeutics and Clinical Risk Management, Vol. 1, No. 3, P. 189.
Somers, M. “Does Your Advice Stick?” Journal of Financial Planning, May 2018.
Stone, G.C. 1979. “Patient Compliance and the Role of the Expert.” Journal of Social Issues, Winter.
“Financial Jargon Your Advisor May Throw at You,” CNBC.com, Oct. 8, 2012.
Beerens, M. 2019. “Listening, Empathy and Personal Attention Go A Long Way in Client Acquisition and Retention.” Investors Business Daily, Nov. 4, 2019.
Lee, B.Y. 2018. “11 Seconds: How Long Your Doctor Waits Before Interrupting You." Forbes.com, July 22, 2018.
Jung, D. 2019. “Nudge Action: Overcoming Decision Inertia in Financial Planning Tools.” BehavioralEconomics.com, March 12, 2019.
Benartzi, S. 2017. “How Digital Tools and Behavioral Economics Will Save Retirement.” Harvard Business Review, Dec. 7, 2017.
Raihani, N. 2013. “Nudge Politics: Efficacy and Ethics.” Frontiers in Psychology, Vol. 4, P. 972.
Eisenberg, R. 2013. “To Solve the U.S. Retirement Crisis, Look to Australia,” Forbes.com, Aug. 19, 2013.
Frankenfield, J. 2019. “What Is a Robo-Advisor?” Investopedia.com, Oct. 1, 2019.
Knudge.com
Touchstone Pathway
Gamification definition
Kahneman, D. 2011. Thinking, Fast and Slow.
Background
John Lynch bio
John Lynch research
Center for Research on Consumer Financial Decision Making
Academic Research Council, Consumer Financial Protection Bureau
Financial Education
Fernandes, Lynch, J.G., & Netemeyer, R.G. 2013. “Financial Literacy, Financial Education, and Downstream Financial Behaviors.” forthcoming in Management Science.
“Examining Financial Education: How Literacy and Interventions Affect Financial Behaviors,” National Endowment for Financial Education, 2014.
“Financial Literacy: Just-in-Time Is the Ticket,” Christine Benz and John Lynch, Morningstar.com, March 12, 2016.
Thaler, R. 2013. “Financial Literacy: Beyond the Classroom.” The New York Times, Oct. 5, 2013.
Kitces, M. 2016. “Financial Literacy Effectiveness and Providing Just-in-Time Training by Financial Advisors.” Nerd’s Eye View, Sept. 21, 2016.
Ward, A.F. & Lynch, J.G. 2019. “On a Need-to-Know Basis: How the Distribution of Responsibility Between Couples Shapes Financial Literacy and Financial Outcomes.” Journal of Consumer Research, Vol. 45, No. 5, P. 1013.
Retirement Planning and Financial Outcomes
Sammer, J. “Retirement Plans Are Leaking Money. Here’s Why Employers Should Care.” Society of Human Resources Management, Oct. 17, 2017.
Nudge theory definition
Thaler, R. & Sunstein C. 2008. “Nudge: Improving Decisions About Health, Wealth, and Happiness" (New Haven: Yale University Press).
Wright, O. 2013. “How Organ Donation Is Getting Nudge in the Right Direction.” The Independent, Dec. 24, 2013.
“How America Saves,” Vanguard, 2019.
Financial Decision-Making and Well-Being
“Four-Year Myth,” Lumina Foundation.
Hunter, W.G., Zhang, C.Z., Hesson, A., et al. 2016. “What Strategies Do Physicians and Patients Discuss to Reduce Out-of-Pocket Costs? Analysis of Cost-Saving Strategies in 1,755 Outpatient Clinic Visits.” Society for Medical Decision Making, Vol. 36, No. 7, P. 900.
Netemeyer, R., Warmath, D., Fernandes, D. & Lynch. J. 2017. “How Am I Doing? Financial Well-Being, Its Potential Antecedents, and Its Relation to Psychological/Emotional Well-Being.” Advances in Consumer Research, Vol. 45, P. 780.
“Complaint Snapshot: Debt Collection,” Consumer Financial Protection Bureau, May 2018.
Nova, A. 2019. “A $1,000 Emergency Would Push Many Americans Into Debt,” CNBC.com, Jan. 23, 2019.
Background
Gus Sauter bio
Gus Sauter retirement announcement
Fast Facts About Vanguard
Council on University of Chicago Booth School of Business
Jack Bogle bio https://en.wikipedia.org/wiki/John_C._Bogle
Jack Brennan bio
Search for Alpha
“Alpha and the Paradox of Skill” by Michael J. Mauboussin and Dan Callahan. Credit Suisse, July 15, 2013.
Growth, and Limits, of Indexing
Charles Ellis bio
Charles Ellis books
Burton Malkiel bio
Burton Malkiel books
Indexing and Price Discovery
“Setting the Record Straight: Truths About Indexing” by James J. Rowley, Joshua M. Hirt, and Haifeng Wang. The Vanguard Group, January 2018.
Indexing and Corporate Governance
“Vanguard CEO Jack Brennan Makes His Demands Heard” by Aaron Lucchetti. The Wall Street Journal, February 2003.
Private Markets and Alternatives
David Swensen bio
David Swensen books
The Case for Indexing
William Sharpe bio
“The Arithmetic of Active Management” by William Sharpe; The Financial Analysts Journal, Volume 47, No. 1; January/February 1991.
Innovation
“Nudge: Improving Decisions About Health, Wealth, and Happiness” by Richard Thaler and Cass Sunstein, February 2009.
Our guest on the podcast today is Dr. Jeffrey Brown, the Josef and Margot Lakonishok Professor and the Dean of the University of Illinois Gies College of Business. A key focus of Dean Brown's research is how to create sustainable retirement income, including the role of annuities, Social Security, 401(k)s, pensions and long-term care planning. He's a research affiliate at the National Bureau of Economic Research, a faculty affiliate of the Institute on Government and Policy Affairs, and a fellow at the TIAA Institute. He also serves as a trustee for TIAA. In addition, he served on the Social Security Advisory Board under President George W. Bush and was also a senior economist at the White House Council of Economic Advisers. He has published extensively on the topic of retirement security and public and private insurance markets, and he has received numerous awards for his research as well. He holds a Ph.D. in economics from MIT, and a master's in public policy from Harvard.
Background
Jeffrey Brown bio
Jeffrey Brown C.V.
Jeffrey Brown publications and working papers
Defined Contribution (DC) Plans
Defined contribution plan definition
Defined benefit plan definition
“A Brief History of the 401(k), Which Changed How Americans Retire,” by Kathleen Elkins, CNBC.com, Jan. 4, 2017.
“The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers,” by Barbara A. Butrica, Howard M. Iams, Karen E. Smith, and Eric J. Toder, Social Security Bulletin, Vol. 69, No. 3, 2009.
“What Killed Pensions,” by Mary Beth Franklin, Kiplinger, Oct. 6, 2011.
“Public Pensions Are Still Marching to Their Death,” by Jeffrey Dorfman, Forbes.com, Sept. 11, 2014.
“House Passes SECURE Act to Ease 401(k) Compliance, Promote Savings,” by Stephen Miller, SHRM.org, May 23, 2019.
“How the SECURE Act Would Impact Your 401(k),” by Simon Moore, Forbes.com, June 25, 2019.
“Annuities in 401(k)s Won’t Solve the Retirement Crisis. Here’s Why,” by Mary Romano, Barron’s, June 28, 2019.
“What Does It Mean to Annuitize?” by Justin Pritchard, Thebalance.com, Jan. 21, 2019.
“Crash Course Needed: Four Out of Five Americans Fail When Quizzed on How to Make Their Nest Eggs Last,” by The American College for Financial Planning, Dec. 3, 2014.
“401(k) Nudges and Course Corrections,” by Kimberly Blanton, Squared Away blog, Oct. 24, 2017.
“Thank Richard Thaler for Your Retirement Savings,” by Ben Steverman, Bloomberg, Oct. 10, 2017.
“Plan Quality Varies Significantly by Industry,” by John Manganaro, PlanAdviser, March 20, 2017.
“Corporate Profits and 401(k) Plan Performance Go Hand in Hand: T. Rowe Price,” by Michael S. Fischer, ThinkAdvisor, Sept. 17, 2018.
“The Conundrum of State-Run Retirement Plans,” by Terry Dunne, InvestmentNews, May 8, 2017.
“Reasons to Be Wary of State-Run Retirement Plans,” by Jeffrey Brown, Forbes.com, Feb. 10, 2014.
Multiple Employer Plan (MEP) definition
“How Hard Should We Push the Poor to Save for Retirement?” by Andrew G. Biggs, The Journal of Retirement, Spring 2019.
Thrift Savings Plan
Annuities
“Use Annuities to Protect Yourself from Yourself,” by Jeffrey Brown, Forbes.com, May 22, 2014.
“Income Annuities Provide Retirees Longevity Protection,” by Wade Pfau, Investment News, Sept. 28, 2019.
“Why Don’t People Insure Late-Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle,” by Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, and Marian V. Wrobel, National Bureau of Economic Research, January 2008.
Variable annuity definition
Equity-indexed annuity definition
Deferred payment annuity definition
“The Main Types of Annuities Made Easy,” by Clair Boyte-White, Investopedia, July 27, 2019.
“Annuities and Inflation Risk,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Sept. 3, 2011.
“Lifetime Income for Women: A Financial Economist’s Perspective,” by David F. Babbel, Wharton Financial Institutions Center Policy Brief, Aug. 12, 2008.
“Jeff Brown Tackles Tough Annuity Questions,” by Michael Finke, ThinkAdvisor, Sept. 29, 2014.
“Annuities and Individual Welfare,” by Thomas Davidoff, Jeffrey Brown, and Peter Diamond, The Center for Retirement Research at Boston College, May 2003.
“Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing,” by Jeffrey R. Brown, Arie Kapteyn, Erzo F.P. Luttmer, Olivia S. Mitchell, and Anya Samek. National Bureau of Economic Research, Oct. 11, 2019.
Intertemporal choice definition
Long-Term Care
“Does Medicare Cover Long-Term Care?” Medicare.com
"Insuring Long-Term Care in the U.S.," by Jeffrey Brown and Amy Finkelstein, National Bureau of Economic Research, September 2011.
“The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market,” by Jeffrey R. Brown and Amy Finkelstein, National Bureau of Economic Research, October 2004.
“Can Increasing The Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015.
Long-Term Care Financing Project
“Hybrid Long-Term Care Policies,” by Wade Pfau, Forbes.com, Jan. 21, 2016.
“Is the LTC Cost Guarantee of Today's Hybrid Life/LTC or Annuity/LTC Insurance Policies Just a Mirage?” by Michael Kitces, Nerd’s Eye View, Oct. 16, 2013.
“Life-LTC Hybrid Sales Level Off: LIMRA,” by Allison Bell, ThinkAdvisor, July 22, 2019.
Social Security
Social Security Trustees’ Summary Report, 2019.
“How Would You Fix Social Security?” The Center for Retirement Research at Boston College.
“How the Latest Report on Social Security’s Solvency Changes Your Retirement Plan,” by Bob Carlson, Forbes.com, May 24, 2019.
Our guest on the podcast this week is Charles de Vaulx. De Vaulx is chief investment officer and portfolio manager at International Value Advisers, where he is also a partner. With his colleague Chuck de Lardemelle, de Vaulx manages the IVA International and IVA Worldwide strategies. Before joining IVA in 2008, de Vaulx had been the portfolio manager of First Eagle Global, First Eagle Overseas, First Eagle U.S. Value, and First Eagle Variable. For his accomplishments, Morningstar has recognized de Vaulx several times in the past, awarding him and his comanager our International-Stock Manager of the Year Award in 2001 and nominating them for the same award in 2006. De Vaulx began his career at Societe Generale Bank as a credit analyst in 1985. He graduated from the Ecole Superieure de Commerce de Rouen and holds the French equivalent of a master's degree in finance.
Background
Charles de Vaulx bio
Charles de Lardemelle bio
IVA Worldwide IVWIX
IVA International IVIOX
References
Modern monetary theory (MMT) definition
Herfindahl-Hirschman Index (HHI) definition
Creative destruction definition
A History of Interest Rates, by Sidney Homer and Richard Sylla; 2007
"The Irresistible Charm of the Family Factor," by Credit Suisse, Sept. 27, 2017
Jean-Marie Eveillard bio
"The Superinvestors of Graham-and -Doddsville," by Warren Buffett, Columbia Business School, May 17, 1984
Berkshire Hathaway 2013 shareholder letter, Page 20
Edward O. Thorp bio
Superforecasting: The Art and Science of Prediction, by Philip E. Tetlock and Dan Gardner, 2016
Our guest on the podcast today is Barbara Roper. She is director of investor protection for the Consumer Federation of America, where she has been employed since 1986. A leading consumer spokesperson on investor protection issues, Roper has conducted studies of abuses in the financial planning industry, state oversight of investment advisors, state and federal financial planning regulation, financial planning software, financial education needs of low-income older persons, the information preferences of mutual fund shareholders, systemic risk regulation, and securities law weaknesses as a cause of the financial crisis. She has testified frequently before Congress and has supported federal and state legislative and regulatory initiatives on a broad range of investor protection issues. Roper is a member of the SEC's Investor Advisory Committee, Finra's Investor Issues Group, and the CFP Board's Public Policy Council and Standards Commission.
Background
Barbara Roper bio
Micah Hauptman bio
Consumer Federation of America
Consumer Federation of America, Investor Protection Division
State of Investor Protections Today
"The Laws That Govern the Securities Industry"
Investment Company Act of 1940
Investment Advisers Act of 1940
Growth of Private Market
"Looking Behind the Declining Number of Public Companies," by Les Brorsen, Harvard Law School Forum on Corporate Governance and Financial Regulation, May 18, 2017.
"Where Have All the Public Companies Gone?" by the Bloomberg.com editorial board, April 9, 2018.
Accredited Investor definition
Concept Release on Harmonization of Securities Offering Exemptions, Securities and Exchange Commission.
Letter from Consumer Federation of America to SEC Regarding Concept Release on Harmonization of Securities Offering Exemptions, by Barbara Roper and Micah Hauptman, Oct. 1, 2019.
"Private-Equity Funds in 401(k) Plans?" by John Rekenthaler, Morningstar.com, July 9, 2019.
"SEC's Proposal on Private Placements Isn't Backed by Data," by the InvestmentNews editorial board, Aug. 31, 2019.
Investment Fees
"2018 Morningstar Fee Study Finds That Fund Prices Continue to Decline," by Adam McCullough, CFA, Morningstar.com, April 30, 2019.
"Money Flowed to the Cheapest Funds in the Third Quarter," by Tom Lauricella and Gabrielle Dibenedetto, Morningstar.com, Oct. 18, 2019.
"That Investment Fees Are Falling Is a Popular Narrative, But It's Not the Whole Story," by Tom Bradley, Financial Post, April 4, 2019.
"401(k) Plan Quality Correlates with Company Profits," by Anne Tergesen, The Wall Street Journal, Sept. 17, 2018.
"How High Is Too High for 401(k) Fees?" Consumer Reports, Dec. 31, 2018.
Consumer Federation of America on SEC Proposal Regarding Fee Disclosure in Mutual Fund Point-of-Sale and Confirmation Documents, April 21, 2004.
Fund Democracy and Consumer Federation of America letter to the Employee Benefits Security Administration Regarding Fee Disclosure for Individual Accounts, July 24, 2007.
Disclosure
"House Approves Bill Requiring SEC to Test Investor Disclosures," by Mark Schoeff Jr., InvestmentNews, Oct. 17, 2019.
Speech by SEC Commissioner Cynthia Glassman, Nov. 4, 2005.
Investment Advice
"House Members Urged to Vote Yes on Bill to Improve SEC Disclosure Effectiveness," Consumer Federation of America, Oct. 11, 2019.
SEC Proposed Regulation Best Interest
Regulation Best Interest definition
"SEC Passes Regulation Best Interest, but Fiduciary Rules Could Make a Comeback," by Andrew Welsch, Financial Planning, June 5, 2019.
"SEC's Regulation Best Interest Comes Under Attack," by Melanie Waddell, ThinkAdvisor, Sept. 24, 2019.
"What Investors Need to Know About Regulation Best Interest," by Aron Szapiro, Morningstar.com, June 14, 2019.
The SEC's Best-Interest Proposal: What We Told Regulators," by Aron Szapiro, Morningstar Blog, Aug. 8, 2018.
Form CRS Relationship Summary; Amendments to Form ADV, SEC.gov.
"SEC's New Customer Relationship Form Confuses Consumers," by Melanie Waddell, ThinkAdvisor, Sept. 13, 2018.
Retirement
"Court Overturns Obama-Era Rule on Retirement Planners," by Tara Siegel Bernard, The New York Times, March 16, 2018.
"Think Your Retirement Plan Is Bad? Talk to a Teacher," by Tara Siegel Bernard, The New York Times, Oct. 21, 2016.
"Teachers and Annuities: A Questionable Match and a Hard Product to Shed," by Ron Lieber, The New York Times, March 16, 2018.
"The Annuity Trap Teachers Need to Avoid," by Leslie P. Norton, Barron's, May 25, 2019.
"SEC Probes Practices in Public-Sector Retirement Plans," Barron's, Oct. 9, 2019.
"Legislation That Aims to Help Workers Save," by Aron Szapiro, Morningstar.com, April 12, 2019.
"House Passes SECURE Retirement Bill With Massive Bipartisan Support," by Greg Iacurci, InvestmentNews, May 23, 2019.
"What the New Retirement Bill Means for Savers and Retirees," by Reshma Kapadia, Barron's, May 26, 2019.
Our guest on the podcast today is is Dennis Lynch. Lynch is the head of Counterpoint Global at Morgan Stanley Investment Management. He joined Morgan Stanley in 1998 and has 25 years of investment experience. In his role, Lynch and his team run a number of growth equity strategies under the Morgan Stanley banner, including Morgan Stanley Institutional Advantage, Morgan Stanley Institutional Growth, and Morgan Stanley Institutional Discovery funds. All told, he and his team manage nearly $30 billion across their various mandates. On the strength of his track record, Morningstar named Lynch and his team Domestic Stock Fund Manager of the Year in 2013. Lynch received a B.A. in political science from Hamilton College and an MBA with honors and finance from Columbia University. We're pleased to have him join us today.
Background
Dennis Lynch bio
Morgan Stanley Counterpoint Global
Morgan Stanley Institutional Growth Fund
Morgan Stanley Institutional Discovery Fund
“A Closer Look at a Fund Manager of the Year” by Janet Yang; Morningstar; Feb. 3, 2014
Team Members Referenced
Kristian Heugh bio
Sam Chainani bio
David Cohen bio
Stan Delaney bio
Innovation vs. Mission Creep
“Facebook stock jumps 12.6 percent as share lockup expires” by Alexei Oreskovic; Reuters; Nov. 14, 2012
"Shared Reading" and ESG
“Earth Has a Hidden Plastic Problem—Scientists Are Hunting It Down” by Andrea Thompson; Scientific American; Aug. 13, 2018
“ESG and Sustainable Investing Report” by Kristian Heugh and Marc Fox; Morgan Stanley Investment Management; Mar. 7, 2019
Disruptive Technologies and Forces
“The EDGE: Automation/Robotics” by Morgan Stanley Counterpoint Global; Dec. 18, 2018
“Three Big Things: The Most Important Forces Shaping the World” by Morgan Housel; Collaborative Fund; Oct. 4, 2019
"What is a Tech Company?" by Ben Thompson; Stratechery; Sept. 3, 2019
Our guest in the podcast today is Meir Statman, the Glenn Klimek Professor of Finance at Santa Clara University and a specialist in behavioral finance. Meir's research focuses on how investors and managers make financial decisions and how these decisions are reflected in financial markets. His work has been published in The Journal of Finance, The Financial Analysts Journal, The Journal of Portfolio Management, and many other publications. Meir has also received numerous awards for his research, including three Graham and Dodd Awards and the Matthew R. McArthur Industry Pioneer Award. His latest book, Finance For Normal People, was just released in paperback.
Background
Meir Statman bio
Finance for Normal People by Meir Statman, Oxford University Press, 2017
What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions by Meir Statman,McGraw-Hill Education, 2010.
Investor Behavior
“The Expressive Nature of Socially Responsible Investors” by Meir Statman, January 2008.
“Money Flowed to the Cheapest Funds in the Third Quarter” by Tom Lauricella and Gabriel Dibenedetto, Morningstar.com, Oct. 2019.
“Morningstar Fund Flows Commentary” by Morningstar, August 2019.
Retirement Happiness
FIRE movement
“Michael Finke: Here’s What Makes Retirees Happy” by Morningstar, The Long View podcast, episode 23, October 2019.
“To Compete with Robos, Advisors Must Become Financial Physicians” by Lauren Foster, CFA Institute blog, April 2017.
Retirement Spending
“Carolyn McClanahan: There’s More to Money Than Just the Numbers” by Morningstar, The Long View podcast, episode 5, June 2019.
“The Mental Mistakes We Make with Retirement Spending” by Meir Statman, Wall Street Journal, April 2017.
“The Bucket Approach to Retirement Allocation” by Christine Benz, Morningstar.com, February 2019.
Our guest on this week’s podcast today is Dana Emery, chief executive officer, president, and co-director of fixed income at Dodge & Cox. Dodge & Cox is a privately held firm that was founded in 1930; it manages six mutual funds and separately managed accounts. The firm uses a value-oriented approach across asset classes.
Dana joined Dodge & Cox in 1983 and serves as comanager on Dodge & Cox Income DODIX, Dodge & Cox Balanced DODBX, and Dodge & Cox Global Bond DODLX; she became Dodge & Cox’s chief executive officer in 2013. She is also president and a trustee of the Dodge & Cox Funds.
Background
Dana Emery Bio
Dodge & Cox Overview
Morningstar Analyst Report for Dodge & Cox Income
Morningstar Analyst Report for Dodge & Cox Balanced
Morningstar Analyst Report for Dodge & Cox Global Bond
Stewardship
“Here’s What Warren Buffett’s Hero Jack Bogle Is Most Worried About in the Markets Right Now,” by John Melloy, CNBC.com, March 21, 2017.
“Dodge & Cox: Built to Last,” by Andrew Daniels, Morningstar.com, Nov. 16, 2017.
“Is Any Mutual Fund Company Better Than Vanguard? 1 Comes Close,” by Daren Fonda, Barron’s, Sept. 7, 2019.
“An Old School Investment Manager That Builds Wealth Quietly,” by Landon Thomas, Jr., The New York Times, Oct. 13, 2017.
“The Top Fund Families,” by Michael Laske, Morningstar blog, Feb. 22, 2019.
“Morningstar Fund Family 150,” Morningstar Direct, July 1, 2019.
Dodge & Cox “People” Page (including management tenure and fund ownership), Morningstar.com
Dodge & Cox “Parent” Page, Morningstar.com
Portfolio Management and Strategy
"Investment Risk Management," Dodge & Cox, April 2017
Government-sponsored enterprise (GSE), Wikipedia.
Senior and Subordinated Debt, Corporate Finance Institute.
"Finding Value in BBB Debt--Not All Corporate Bonds Are Created Equal," Dodge & Cox, October 2019.
"A Value Investor’s Case for European Financials," Dodge & Cox, April 2019.
"Understanding the Case for Active Management," Dodge & Cox, October 2016.
Women in Fund Management
“Fund Family with 25% Women Managers Far Exceeds Industry Average,” by Liz Skinner, InvestmentNews, June 2, 2015.
“Who Runs Mutual Funds? Very Few Women,” by Jeff Sommer, The New York Times, May 4, 2018.
Girls Who Invest
ESG
"Evaluating Environmental, Social, and Governance Factors as Active Owners," Dodge & Cox, April 2018.
"Dodge & Cox’s Approach to Evaluating ESG Factors," Dodge & Cox, January 2019.
Our guest on this week’s episode of The Long View podcast is Ben Johnson. Ben is Morningstar's director of global passive research. In that role, Ben leads a team of analysts who conduct research on index mutual funds and exchange-traded funds and publish research on the global passive investing industry.
Before assuming his current role, Ben was director of ETF research for Europe and Asia and served as the editor of the Morningstar ETFInvestor newsletter. Prior to that, Ben served as a senior equity analyst at Morningstar covering the agriculture and chemicals industry. Before joining Morningstar in 2006, Ben worked as a financial advisor for Morgan Stanley. He holds a bachelor's degree in economics from the University of Wisconsin, as well as the Chartered Financial Analyst designation. In 2015, Fund Directions and Fund Action named Ben among the 2015 Rising Stars of Mutual Funds.
Background
Ben Johnson articles and videos on Morningstar.com
Growth of Indexing
“Investors Still Pouring Money Into Passive Funds,” by Christine Benz and Kevin McDevitt, Morningstar.com, July 29, 2019.
“Have Fee-Based Models Won the Battle ... or the War?,” by Ginger Szala, ThinkAdvisor, Feb. 21, 2019.
“End of Era: Passive Equity Funds Surpass Active in Epic Shift,” by John Gittelsohn, Bloomberg.com, Sept. 11, 2019.
“Retail Distribution Review: Effects on Fund Fees in the UK,” by Jackie Beard, Morningstar blog, Nov. 9, 2018.
“Passive Investing Hasn’t Taken Over the World,” by Barry Ritholtz, Investment News, Oct. 1, 2019.
Risks in the Growth of Indexing“The Big Short’s Michael Burry Explains Why Index Funds Are Like CDOs,” by Reed Stevenson, Bloomberg.com, Sept. 4, 2019.
“Market-Cap-Weighted Index Funds Not Broken,” by Ben Johnson and Jeremy Glaser, Morningstar.com, Oct. 3, 2018.
“Bogle Sounds a Warning on Index Funds,” by John C. Bogle, The Wall Street Journal, Nov. 29, 2018.
“Passive Fund Providers Take an Active Approach to Fund Stewardship,” by Hortense Bioy, Morningstar.com, Dec. 6, 2017.
“Indexing Impact Fears Overblown,” by Ben Johnson and Jeremy Glaser, Morningstar.com, Sept. 8. 2016.
Retirement Plans
“Use of Index Funds in 401(k)s Increasing,” by Rebecca Moore, PlanSponsor, June 21, 2019.
“Here’s the Real Reason Why Your 401(k) Fees Are Falling,” by Darla Mercado, CNBC.com, May 9, 2018.
“Using ETFs in a Retirement Plan,” by Susan Dziubinski, Morningstar.com, Sept. 9, 2016.
Commissions and Fees“Fidelity’s Free Funds and the Changing Brokerage Business,” by John Rekenthaler, Morningstar.com, Aug. 8, 2018.
“Looking Past the Fidelity Zero Headlines,” Christine Benz and Ben Johnson, Morningstar.com, Aug. 9, 2018.
"Schwab to Drop Commissions on U.S. Stock, ETF and Options Trades, Slamming Online Broker Stocks," by Ciara Linnane, Marketwatch, Oct. 1, 2019.
"E-Trade Drops Commissions on Trades, Joining Schwab, TD Ameritrade in Brokerage Fee War," by Maggie Fitzgerald, CNBC.com, Oct. 2, 2019.
“Are No-Commission Trades Good for Investors?” by Christine Benz and Ben Johnson, Morningstar.com, Oct. 2, 2019, Morningstar.com.
Indexing Market Segments“Everything You Need to Know About Strategic-Beta ETFs,” by Ben Johnson, Morningstar.com, April 8, 2016.
“Are High-Yield ETFs Junk?” by Alex Bryan, Morningstar.com, April 26, 2017.
“Indexing in Less-Efficient Markets,” by Alex Bryan, Morningstar.com, Oct. 5, 2016.
“An Overview of the Passive Bond Funds Landscape,” by Christine Benz and Alex Bryan, Morningstar.com, March 22, 2018.
“Better Bond ETFs?” by Alex Bryan, Morningstar.com, Aug. 3, 2016.
“Are There Viable Alternatives to Traditional Bond ETFs?” by Christine Benz and Alex Bryan, Morningstar.com, June 29, 2016.
“Introducing Two New Morningstar Bond Categories,” by Sarah Bush, Morningstar.com, May 2, 2019.
Morningstar Analyst Report for iShares 20+ Year Treasury Fund TLT
Morningstar Analyst Report for iShares iBoxx $ High Yield Corporate Bond ETF HYG
Morningstar Analyst Report for SPDR Bloomberg Barclays High Yield Bond ETF JNK
“6 Questions about Low-Vol Investing,” by Susan Dziubinski, Morningstar.com, Sept. 8, 2017.
Morningstar Analyst Report for iShares Edge MSCI Min Vol USA ETF USMV
“A Checklist for Assessing Dividend ETFs,” by Ben Johnson, Morningstar.com, June 29, 2016.
“Not All Dividend ETFs Are Created Equal,” by Ben Johnson, Morningstar.com, Aug. 25, 2017.
Morningstar Analyst Report for Schwab U.S. Dividend Equity ETF SCHD
Morningstar Analyst Report for Vanguard Dividend Appreciation VIG
Our guest on the podcast today is Alicia Munnell, the director of The Center for Retirement Research at Boston College. Alicia is a towering figure in the retirement research space. She and the team at the Center for Retirement Research produce articles and white papers on a wide variety of retirement-related topics, including Social Security, tax policy, retirement preparedness, and healthcare. Prior to joining Boston College in 1997, Alicia was a member of the president’s council of economic advisors and assistant secretary of the Treasury for economic policy. Previously, she spent 20 years at the Federal Reserve Bank of Boston, where she became senior vice president and director of research in 1984. Alicia has written scores of articles and authored and edited many books over the years; most recently, she co-authored Falling Short: The Coming Retirement Crisis and What to Do About It.
Background
Alicia Munnell bio
Alicia Munnell research archive
Center for Retirement Research at Boston College
Books by Alicia Munnell
Retirement Preparedness
“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, The Wall Street Journal, April 23, 2017.
“The Wealth of Households: An Analysis of the 2016 Survey of Consumer Finance,” Center for Economic and Policy Research, November 2017.
“Women, Marriage, and the National Retirement Risk Index,” by Alicia H. Munnell, Wenliang Hou and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, June 2019.
“Exploring the Retirement Consumption Puzzle,” by David Blanchett, Journal of Financial Planning, May 2014.
“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View, Sept. 18, 2019.
“The Extraordinary Happiness of Retirees,” by Steve Vernon, Global Coalition on Aging, May 16, 2016.
Defined-Contribution Plans
“The Federal Government Should Fix the Pension Coverage Gap,” by Alicia H. Munnell, Marketwatch, June 6, 2018.
“An Analysis of Retirement Models to Improve Portability and Coverage,” by Alicia H. Munnell, Anek Belbase, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, March 2018.
“Are Americans Really Able to Manage Their 401(k) Plans?” by Alicia Munnell, NextAvenue, May 17, 2012.
“401(k) Plan Fees: What Is Reasonable?” by Liam Pleven, The Wall Street Journal, Feb. 20, 2015.
“A Safe Harbor for Annuities Could Help Retirement Savers,” by Aron Szapiro, Morningstar blog, Oct. 18, 2018.
“State-Based Retirement Plans for the Private Sector,” Pension Rights Center.
Social Security
"Social Security’s Financial Outlook: The 2019 Update in Perspective," by Alicia H. Munnell, Center for Retirement Research at Boston College, May 2019.
Status of the Social Security and Medicare Programs: A Summary of the 2019 Annual Reports, Social Security and Medicare Boards of Trustees.
“Alicia Munnell: The Social Security Fix No One Wants,” by Jane Wollman Rusoff, ThinkAdvisor, Jan. 30, 2018.
“The Implications of Social Security’s 'Missing Trust Fund',” by Alicia H. Munnell, Wenliang Hou, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, June 2019.
The Role of Home Equity in Retirement Planning
“Retiree Housing Wealth: Battered but Still Significant,” by Alicia Munnell, MarketWatch, Feb. 4, 2015.
“How Much Does Housing Affect Retirement Security? An NRRI Update,” by Alicia H. Munnell, Wenliang Hou, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, September 2015.
“Can a Reverse Mortgage Help Save an Underfunded Retirement?” by Michelle Singletary, The Washington Post, July 2, 2018.
“This Secret Tax Break Could Help You Save Thousands of Dollars a Year If You Own a Home,” by Sarah Max, Money, Aug. 27, 2018
Long-Term Care
“Long-Term Care: How Big a Risk?” by Leora Friedberg, Wenliang Hou, Wei Sun, and Anthony Webb, Center for Retirement Research at Boston College, November 2014.
“Can Increasing the Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015.
Our guest on this week’s episode of The Long View podcast is nationally renowned retirement researcher Dr. Michael Finke. Michael is Professor of Wealth Management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services. He joined the College in June 2016 having served since 2006 as a professor and PhD coordinator in the department of personal financial planning at Texas Tech University. From 1999 through 2006, he served as the Director of Graduate Studies at the University of Missouri. Michael has published more than 50 peer review articles with a focus on the value of financial advice, financial planning regulation, investments and individual investor behavior. He was named to the 2012 Investment Advisor IA 25 list and the 2013 and 2014 Investment News Power 20. His research conducted with Wade Pfau, questioning the 4% rule was published in the Journal of Financial Planning and won the 2014 Montgomery-Warschauer award for the most influential article in the publication. He had previously won the award with Thomas Langdon in 2013. He was also selected to present his research on financial literacy and aging at the 2015 MIT Center for Finance and Policy Conference.
Background
Michael Finke, PhD, CFP bio
Finke CV
2013 Investment Advisor IA 25 profile
2013 Investment news Power 20 profile
Montgomery-Warshauer Award
Withdrawal Rates
“The 4% Rule is Not Safe in a Low-Yield World” by Michael Finke, Ph.D., CFP; Wade D. Pfau Ph.D., CFP; David M. Blanchett CFP, CFA; Journal of Financial Planning; June 2013
“Determining Withdrawal Rates Using Historical Data” by William Bengen; Journal of Financial Planning; October 1994
“Low Bond Yields and Safe Portfolio Withdrawal Rates” by David Blanchett, CFP, CFA; Michael Finke, Ph.D., CFP, and Wade Pfau, Ph.D., CFP; Morningstar Investment Management; January 2013
“Reduce Retirement Costs with Deferred Income Annuities Purchased before Retirement” by Michael Finke, Ph.D., CFP and Wade Pfau, Ph.D., CFP; Journal of Financial Planning; July 2015
“Why Advisors Should Use Deferred-Income Annuities” by Michael Finke, Ph.D., CFP; Advisor Perspectives; November 2015
“Retirement Income for Life; Here’s a New Way to Get It” by Michael Finke, Ph.D., CFP; Bottom-line Personal; July 2016
“Lifetime Income Solutions as a Qualified Default Investment Alternative (QDIA) Focus on Decumulation and Rollover”; Written Testimony of Michael Finke, Chief Academic Officer, The American College of Financial Services; 2018 ERISA Advisory Council, August 2018
Health and Cognitive Decline
“Old Age and the Decline in Financial Literacy” presented by Michael Finke at the MIT Center for Finance & Policy; September 2015
“Health and Retirement Study”; National Institute on Aging, Social Security Administration; University of Michigan’s Institute for Social Research
“Managing Long-term Care Spending Risks in Retirement” by Michael Finke Ph.D., CFP and Wade Pfau Ph.D., CFP; 2017
“Old Age and the Decline in Financial Literacy” by Michael Finke, Ph.D., CFP, John Howe, Sandra Huston; Management Science; August 2011
“Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations” by Hannes Schwandt; American Economic Journal; October 2018>
Retiree Spending
“Spending, Relationship Quality, and Life Satisfaction in Retirement” by Michael Finke, Nhat Ho, Sandra J. Huston; 2018 Academic Research Colloquium for Financial Planning & Related Disciplines; September 2017
“Spending in Retirement: Determining the Consumption Gap” by Chris Browning, Ph.D., Tao Guo, Ph.D., Yuanshan Cheng, and Michael Finke, Ph.D., CFP; Journal of Financial Planning
“Estimating the True Cost of Retirement” by David Blanchett, CFP, CFA; Morningstar Investment Management; 2013
Asset Allocation in Retirement
“An Old Friend: The Stock Market's Shiller P/E” by Cliff Asness; AQR; November 2012
Daily Treasury U.S. Real Yield Curve Rates; U.S. Department of the Treasury
“Reducing Retirement Income Risk with a Rising Equity Glide-Path” by Wade Pfau and Michael Kitces; SSRN; September 2013
“The Effect of Advanced Age and Equity Value on Risk Preferences” by David Blanchett, Michael Finke, and Michael Guillemette; Journal of Behavioral Finance; January 2018
Equity risk premium data; website of professor Aswath Damodaran; Stern School of Business at New York University
Other
“The Impact of the Broker-Dealer Fiduciary Standard on Financial Advice” by Michael Finke, Ph.D., CFP, and Thomas P. Langdon, J.D., LL.M., CFP, CFA; Journal of Financial Planning; July 2012
Our guest today on the podcast is Judith Ward, senior financial planner and a vice president of T. Rowe Associates. In her role at T. Rowe, Ward provides guidance on personal finance and retirement-related issues and is responsible for developing a broad range of financial-planning products and services. Additionally, she provides T. Rowe Price perspectives to individuals, institutions, and the media and contributes to T. Rowe Price publications. She has been with T. Rowe Price since 1983 and is a CFP certificant.
Background
Judith Ward bio
Related Links
Paying for College
2019 Parents, Kids & Money Survey
How Much Cash Should You Have on Hand?
Are Your Retirement Savings on Track?
Retirement Savings Guidelines
Aiming for a 15% Savings Goal
Retirement Savings And Spending 4: Behaviors And Attitudes Toward Retirement
T. Rowe Price Retirement Target-Date Fund Series Report
Evaluating Roth and Pretax Retirement Savings Options
Roth or Traditional IRA: Which Should You Choose?
Five Ways to Avoid Drowning in Student Loan Debt
4 Reasons to Save for Retirement in a Taxable Account
Using Health Savings Accounts Wisely
Delaying Retirement But Not Your Retirement Dreams
Retiring in a Volatile Market
Dismal Decade Offers Cautionary Lessons for Retirees
Should Your Withdrawals Mirror Your RMDs?
5 Great Uses for Your Required Minimum Distribution
Helping Your Clients Decide When to Take Social Security Benefits
Our guest this week is David Blanchett, head of retirement research for Morningstar Investment Management. In his role at Morningstar, Blanchett works to enhance the Investment Management group's consulting and investment services and conducts research primarily in the areas of financial planning, tax planning, annuities, and retirement. He's also adjunct professor of wealth management at The American College of Financial Services.
Blanchett's research has been published in a variety of academic and industry journals, such as the Financial Analysts Journal, the Journal of Financial Planning, The Journal of Portfolio Management, The Journal of Retirement, and The Journal of Wealth Management. His research won the Journal of Financial Planning's 2007 Financial Frontiers Award, the Retirement Income Industry Association's 2012 Thought Leadership Award, the Journal of Financial Planning's 2014 and 2015 Montgomery-Warschauer Awards, and the Financial Analysts Journal's 2015 Graham & Dodd Scroll Award.
Background
David Blanchett's bio
David Blanchett's research archive
Quantifying the Value of Advice
Alpha, Beta, and Now ... Gamma
The Value of a Gamma-Efficient Portfolio
Vanguard Advisor's Alpha
Capital Sigma: The Advisor Advantage
Reducing Wealth Volatility: The Value of Financial Advice as Measured by Zeta
Retirement
Annuities are Likely Coming to Your 401(k). Should You Use Them?
A Safe Harbor for Annuities Could Help Retirement Savers
Save More Today: Improving Retirement Savings Rates With Carrots, Advice, and Nudges
Nudge, by Richard Thaler and Cass Sunstein
Behavioral Nudges for Goals-Based Financial Planning
You Can't Fix What You Can't Measure, Aron Szapiro on The Long View podcast
I Don't Think the System Needs Nudges. I Think the System Needs Dynamite, William Bernstein on The Long View podcast
Man Bites Dog! Congress Is Writing Retirement Legislation!
Retiree Survey: Nearly All Say They Are Happy Though Many Are Financially Insecure
Estimating the True Cost of Retirement
Exploring the Retirement Consumption Puzzle
75 Must-Know Statistics About Long-Term Care: 2018 Edition
The 4% Rule Is Not Safe in a Low-Yield World
Simple Formulas to Implement Complex Withdrawal Strategies
Reducing Retirement Risk With a Rising Equity Glide-Path
Revisiting the Optimal Distribution Glide Path
Annuitized Income and Optimal Asset Allocation
Should Annuities Be Purchased From Tax-Sheltered Assets?
The Home as a Risky Asset
Careful With That Company Stock
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)
Our guest this week is Dan Ivascyn. Dan is group chief investment officer of PIMCO, where he leads the firm's income, credit hedge fund, and mortgage opportunistic strategies and sits on its executive and investment committees. Dan is perhaps best known as the longtime manager of the PIMCO Income Fund, where he's produced one of the best records of any bond manager since taking the helm in 2007. In 2013, Morningstar named Dan our Fixed Income Manager of the Year. Dan has been in the investment business for nearly three decades. He joined PIMCO in 1998, following stints at Bear Stearns, T. Rowe Price, and Fidelity Investments.
Related links:
Dan Ivascyn bio
PIMCO Income Fund
2013 Fund Manager of the Year Award
PIMCO Secular Outlook
Income Fund Update: “Positioning for the Long Term”
Income Fund Update: “Favoring a Responsible Approach Over Yield Chasing”
Bloomberg: “The Unstoppable Surge in Negative Yields Reaches $17 Trillion”
Residential Mortgage-backed Security
Alfred Murata bio
Joshua Anderson bio
“PIMCO in the post-Gross Era” by Eric Jacobson, Morningstar
Richard Thaler bio
Bill Gross bio
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)
Our guest on the podcast today is Allan Roth, one of the pre-eminent hourly financial advisors in the United States. After a career in corporate finance and as a consultant for McKinsey and Company, Roth started the holistic financial advisory firm Wealth Logic in 2003. Wealth Logic focuses on financial planning and ultra-low-cost simplified investing; his firm's motto is "Dare to be Dull." In addition to working directly with clients, Roth is a prolific writer: He's the author of How a Second Grader Beats Wall Street, which was published in 2009 with the second edition in 2011, and he's also a regular contributor to Financial Planning magazine, Advisor Perspectives, ETF.com, and AARP.
Background Information
• Allan Roth bio
• How a Second Grader Beats Wall Street
• Allan Roth's archive for Financial Planning
• Allan Roth’s archive for Advisor Perspectives
• Allan Roth's archive for ETF.com
• Allan Roth's blog on AARP.org
Advice Business/Choosing an Advisor
• "Save $52,000 on Financial Advice," by William Baldwin (Forbes, May 10, 2016)
• Vanguard Personal Advisor Services
• "The CFP Board 'Inexcusably' Protects Certificants," by Allan Roth (Financial Planning, Aug. 2, 2019)
• "Does the CFP Board Choose Advertising Over Enforcement?" by Allan Roth (Financial Planning, Sept. 24, 2018)
• "Looking for a Financial Planner? The Go-To Website Often Omits Red Flags," by Jason Zweig and Andrea Fuller (The Wall Street Journal, July 30, 2019)
• "CFP Board to Create Tax Force to 'Strengthen and Modernize' Enforcement," by Brian Anderson (401(k) Specialist, July 31, 2019)
• "CFP Board Responds to The Wall Street Journal" (cfp.net, July 29, 2019)
• "How to Choose a Financial Planner," by Allan Roth (AARP Magazine)
• Finra BrokerCheck
Asset Allocation
• "William Bernstein: If You've Won the Game, Stop Playing" (The Long View podcast, May 7, 2019)
•"How to Set Your Asset Allocation," by Allan Roth (The Wall Street Journal, Dec. 2, 2016)
• "The Risk of Taking a Risk-Profile Questionnaire," by Allan Roth (CBS News.com, Aug. 21, 2009)
• "Financial Advisor Exposes His Own Portfolio," by Allan Roth (AARP.org, June 15, 2015)
• "Mind the Gap 2019" by Russ Kinnel (Morningstar.com, Aug. 15, 2019)
Investment Selection and Portfolio Management
• "Why CDs Can Still Be Better Than Bonds by Allan Roth," by Allan Roth (CBS News.com, Aug. 20, 2013)
• "Municipal Bonds and the Industry's Dirty Little Secret," by Allan Roth (CBSNews.com, June 20, 2010)
• "4 Reasons Not to Load Up on Muni Bonds," by Allan Roth (aarp.org, July 14, 2015)
• "At Last, a Tool Muni Investors Sorely Needed," by Allan Roth (CBSNews.com, July 8, 2014)
• Municipal Bond Price Discovery Tool
• "A Seer on Banks Raises a Furor on Bonds," by Nelson D. Schwartz (New York Times, Feb. 10, 2011)
• "Low-Risk Inflation Protection from Uncle Sam," by Allan Roth (aarp.org, Feb. 24, 2017)
•"When Will Smart Beta Be Smart?" by Allan Roth (ETF.com, July 9, 2019)
• "Boosting Returns with Rebalancing" by Allan Roth (ETF.com, March 19, 2018)
• "Give Due Care to Your Cost Basis Elections," by Christine Benz (Morningstar.com, Feb. 27, 2013)
• "Advanced Strategies for Investment Taxation" by Allan Roth (Advisor Perspectives, May 6, 2019)
• Smart Beta (Research Affiliates)
• "How Can Smart Beta Go Horribly Wrong" by Rob Arnott, Noah Bech, Vitali Kalesnik, John West (Research Affiliates, Feb. 2016)
• "The Arithmetic of Active Management," by William Sharpe (Financial Analysts Journal, January-February 1991)
• "Fidelity Zero vs. Vanguard: Which Index Fund Is Better?" by Allan Roth (Financial Planning, Aug. 14, 2018)
• "At Vanguard, Customer Complaints Rise Along with Assets," by John Waggoner, (InvestmentNews, Feb. 16, 2017)
Retirement Planning
• "Is the 4% Rule Still Safe for Retirement Planning?" by Allan Roth (Financial Planning, May 8, 2019)
• “Estimating the True Cost of Retirement” by David Blanchett (Retirement Insight and Trends, June 30, 2015)
• "Why So Critical of Annuities?" by Allan Roth (CBSNews.com, Sept. 17, 2009)
• "My 3 Most-Often Recommended Annuities," by Allan Roth, aarp.org, Dec. 20, 2016
• "Reducing Retirement Risk with a Rising Equity Glide Path," by Michael E. Kitces and Wade D. Pfau (Journal of Financial Planning)
Influences
• Prospect Theory
• Predictably Irrational by Dan Ariely
• "What I, and Millions of Others, Owe Jack Bogle" by Allan Roth (Financial Planning, Jan. 16, 2019)
• A Random Walk Down Wall Street by Burton Malkiel
• Bogle on Mutual Funds by John C. Bogle
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)
Our guest on the podcast this week is Rupal Bhansali, Ariel's chief investment officer of international and global equities. She manages Ariel International and Ariel Global and also oversees Ariel's global-equity research team. Bhansali has nearly three decades' worth of experience. Prior to joining Ariel, she managed international-equity portfolios and served in leadership positions at MacKay Shields and Oppenheimer Capital. She also has experience in the hedge fund world, including a stint at Soros Fund Management.
Background Information
- Rupal Bhansali bio
- Morningstar Analyst Report for Ariel International
- Morningstar Analyst Report for Ariel Global
- "10 Questions With Rupal Bhansali"
- Investment philosophy
- Approach to global markets
- Approach to risk management
- Non-Consensus Investing: Being Right When Everyone Else Is Wrong
Other Topics Referenced in This Episode
- "Banking Collapse of 2008: Three Weeks That Changed the World"
- Quantitative easing definition
- Regulation Fair Disclosure
- Channel check definition
- Government Pension Investment Fund
- Sovereign wealth fund definition
- "A $30 Billion Exodus Puts Hedge Funds for the Masses to the Test"
- Investors Still Pouring Money Into Passive Funds
``` About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
```
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)
Our guest on the podcast today is Rob Arnott. Arnott is partner and chairman of the board of Research Affiliates, a firm he established in 2002, following stints at First Quadrant and Salomon Brothers. He also runs several prominent mutual funds, including PIMCO All Asset. In addition to these duties, Arnott is an accomplished thought leader, having published more than 100 articles in professional journals. Among other plaudits for his work, he has received seven Graham and Dodd Scrolls, awarded by the CFA Institute to the top financial analyst journal articles of the year. An innovator, Arnott popularized the concept of fundamental indexation, which some refer to as smart beta.
Background Information
- Rob Arnott bio
- Research Affiliates website
- Research Affiliates smart-beta interactive tool
- Research Affiliates asset-allocation interactive tool
- Financial Analysts Journal website
- PIMCO All Asset PAAIX
- "Fundamental Indexation," by Robert D. Arnott, Jason Hsu, and Philip Moore (2005, Financial Analysts Journal)
Related Links
Research Affiliates Forecasts
- Value strategy
- High-dividend strategy
- Emerging-markets equity
- Low-volatility strategy
Research Affiliates Research
- "Are Valuations Now Irrelevant?" by Rob Arnott (2019 Research Affiliates Advisor Symposium)
- "If Factor Returns are Predictable, Why Is There an Investor Return Gap?" by Jason Hsu (November 2015, Research Affiliates)
- "Buy High and Sell Low With Index Funds!" by Rob Arnott, Vitali Kalesnik, and Lillian Wu (June 2018, Research Affiliates)
- "Too Big to Succeed," by Rob Arnott (June 2010, Research Affiliates)
- "The Incredible Shrinking Factor Return," by Rob Arnott, Vitali Kalesnik, and Lillian Wu (April 2017, Research Affiliates)
- "How Can 'Smart Beta' Go Terribly Wrong?" by Rob Arnott, Noah Beck, Vitali Kalesnik, and John West (February 2016, Research Affiliates)
- "To Win With 'Smart Beta' Ask if the Price Is Right," by Rob Arnott, Noah Beck, and Vitali Kalesnik (June 2016, Research Affiliates)
- "Rob Arnott: 'I Want the Quant Community to Get Its Act Together," by Alex Steger (Feb. 28, 2019, Citywire)
- "What Risk Matters? A Call for Papers!" by Rob Arnott (September/October 2003, Financial Analysts Journal)
- "Who Is on the Other Side of the Trade?" by Jason Hsu (December 2013, Research Affiliates)
Other Research Referenced
- "Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk," by William F. Sharpe (September 1964, The Journal of Finance)
- "Mind the Gap 2019," by Russel Kinnel (Aug. 15, 2019, Morningstar)
- "Alpha and the Paradox of Skill," by Michael J. Mauboussin and Dan Callahan (July 15, 2013, Credit Suisse)
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)
Our guest on the podcast today is Mark Miller, a nationally recognized expert on trends in retirement and aging. Miller's work considers retirement holistically, including healthcare and Medicare, Social Security, retirement investing, midlife careers, and housing. Miller is a regular contributor to Morningstar.com, and he also writes about retirement matters for Reuters, The New York Times, and WealthManagement.com. In addition, Miller has written several books, including The Hard Times Guide to Retirement Security and his most recent book, Jolt: Stories of Trauma and Transformation.
Background Information
- Mark Miller bio
- RetirementRevised newsletter
- RetirementRevised podcast
- Books by Mark Miller
- RetirementRevised Guides
- Mark Miller archive on Morningstar.com
Related Links
State of Retirement Preparedness in U.S.
- U.S. Retirement Savings: Statistics and Facts (Statista)
- "How Much Income Do Retirees Actually Have? Evaluating the Evidence from Five National Datasets," by Alicia H. Munnell and Geoffrey T. Sanzenbacher (November 2018, Center for Retirement Research working paper)
- "How Retirement Readiness Varies by Gender and Family Status: A Retirement Savings Shortfall Assessment of Gen Xers," by Jack VanDerhei (Jan. 17, 2019, Employee Benefit Research Institute)
- "Retirement Savings Shortfalls: Evidence from EBRI's 2019 Retirement Security Projection Model," by Jack VanDerhei (March 7, 2019, EBRI)
- Perspectives on Retirement Readiness in the United States (May 13, 2016, SEC's Office of the Investor Advocate)
- 2019 Retirement Confidence Survey (EBRI)
- "Is There Really a Retirement Crisis?," Aron Szapiro and Christine Benz (May 7, 2019, Morningstar.com)
- "Retirement Prospects for the Millennials: What Is the Early Prognosis?," by Richard W. Johnson, Karen E. Smith, Damir Cosic, and Claire Xiaozhi Wang (November 2017, Center for Retirement Research working paper)
- "Retiring Earlier Than Planned: What Matters Most?," by Alicia H. Munnell, Matthew S. Rutledge, and Geoffrey T. Sanzenbacher (February 2019, Center for Retirement Research working paper)
The State of Work for Older Adults
- "Working Longer: Older Americans' Attitudes on Work and Retirement," by Jennifer Benz, Matt Sedensky, Trevor Tompson, and Jennifer Agiesta (2013, The Associated Press-NORC Center for Public Affairs Research)
- "Surprising Reasons Boomers Are Working Longer," by Martha Deevy (Dec. 26, 2012, NextAvenue)
- "More Older Americans Are Working, and Working More, Than They Used To," by Drew DeSilver (June 20, 2016, Pew Research Fact Tank)
- "Why Working Till Whenever Is a Risky Retirement Strategy," by Mark Miller (May 16, 2019, The New York Times)
- "Should Working Longer Be a Part of Your Retirement Plan?" Mark Miller and Christine Benz (July 30, 2019, Morningstar.com)
- "Finding the Bright Side in a Graying U.S. Workforce," by Mark Miller (Jan. 17, 2019, RetirementRevised)
- "How Does Delayed Retirement Affect Mortality and Health?," by Alice Zulkarnain and Matthew S. Rutledge (October 2018, Center for Retirement Research working paper)
Fixing Retirement at an Individual Level
- "How to Blend Work and Retirement," by Mark Miller (Sept. 2, 2018, RetirementRevised)
- "Treat Your Work As a Retirement Asset," by Mark Miller (June 25, 2019, Morningstar.com)
- "The Uptick in Annuities," by Mark Miller (May 28, 2019, Morningstar.com)
- "How to Bridge a Retirement Shortfall," by Christine Benz (Jan. 28, 2019, Morningstar.com)
- "How Life Expectancy Affects Retirement Planning," by Mark Miller (Feb. 19, 2019, Morningstar.com)
- "Women Need Better Advice, Earlier Planning," by Christopher Robbins (June 17, 2016, Financial Advisor)
- "How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income Strategies," by Wade D. Pfau (June 30, 2018, Retirement Insight and Trends)
- "Estimating the True Cost of Retirement," by David Blanchett (June 30, 2015, Retirement Insight and Trends)
- "Inflation-Linked SPIAs Are a Bad Deal," by David Blanchett (May 20, 2019, Advisor Perspectives)
Social Security
- "Is It Time to Raise Social Security's Retirement Age?," by Mark Miller (March 14, 2019, RetirementRevised)
- Social Security Calculators
- Social Security Solutions
Healthcare for Retirees
- "Retirement Healthcare Costs: Let's Get Real," by Mark Miller (July 16, 2019, Morningstar.com)
- "Retirement Healthcare Costs: Strategies for Meeting the Challenge," by Mark Miller (Aug. 6, 2019, Morningstar.com)
- "5 Key Retiree Healthcare Trends," Mark Miller and Christine Benz (Nov. 12, 2018, Morningstar.com)
Our guest on this week's installment of The Long View is noted portfolio manager Bill Nygren. Nygren joined Chicago-based Harris Associates as an analyst in 1983 and later served as the firm's director of research. He has managed Oakmark Select OAKLX since 1996 and Oakmark Fund OAKMX since 2000 and has comanaged Oakmark Global Select OAKWX since 2006. In addition to these duties, Nygren serves as Harris' chief investment officer for U.S. equities. For his investing achievements, Morningstar recognized Nygren as its Domestic-Stock Manager of the Year in 2001, and his funds remain highly rated by Morningstar's manager research analysts. A frequent and insightful commentator on investing and markets, Nygren's shareholder letters are a must-read on the Street and beyond. In this far-ranging conversation, he discusses how his team's competitive edge has evolved, how traditional value metrics won't cut it in today's evolving economy, and the lasting lessons of the financial crisis.
Background Information
- Bill Nygren bio
- Bill Nygren's Commentary and Shareholder Letters
- Oakmark's Philosophy and Process
- Morningstar Analyst Report for Oakmark Fund
- Morningstar Analyst Report for Oakmark Select
- Morningstar Analyst Report for Oakmark Global Select
- "Morningstar Fund Managers of the Year 2001," by Russ Kinnel (Jan. 4, 2002, Morningstar.com)
Related Links
How Stock-Picking Has Changed and What Defines Value
- "Value Investors Are Vexed," by Ben Johnson (April 10, 2019, Morningstar.com)
- "Value Stocks Haven't Traded This Low Since the Dot-Com Bubble," by Justina Lee (July 23, 2019, Bloomberg)
- Generally Accepted Accounting Principles (GAAP)
- Shiller P/E Ratio
Portfolio/Risk Management
- "Do Concentrated Funds Outperform?" Alex Bryan and Christine Benz (May 8, 2019, Morningstar.com)
- "The World Cup and Investing," by Win Murray (July 16, 2018, Oakmark.com)
Portfolio and Holdings
- Oakmark Fund portfolio, June 30, 2019
- Oakmark Select portfolio, June 30, 2019
- Oakmark Global Select portfolio, June 30, 2019
- "Bank of America Plans to Boost Dividend 20%, Increase Pace of Stock Buybacks" (July 17, 2019, Marketwatch)
- "Famed Value Investor Bill Nygren on His New Stock Picks" (April 25, 2019, CNBC)
-
"Value Investor Bill Nygren Gets Bullish on Tech" (Feb. 25, 2019, CNBC)
-
"Value Investor Bill Nygren Likes Netflix, Saying It Won't Lose Subscribers on Price Hike" (Jan. 15, 2019, CNBC)
- "Nygren: A Lot of Value Still Out There" (May 28, 2009, Morningstar)
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
Our guest on today's podcast is Jonathan Clements, the founder and editor of the website HumbleDollar. Clements has been a prolific and influential writer over his several-decade career. Prior to starting HumbleDollar, he was the longtime money and investing columnist for The Wall Street Journal, where he wrote more than 1,000 columns. After he left The Journal, Clements spent six years heading up investor education at Citi Personal Wealth Management. He has also authored seven investment books and a novel, including the Jonathan Clements Money Guide, How to Think about Money, and From Here to Financial Happiness.
Background Information
- Jonathan Clements bio
- HumbleDollar
- Books by Jonathan Clements
Related Links
Frugality and Setting Financial Goals
- FIRE Movement Wikipedia entry
- HumbleDollar's Spending Guide
- HumbleDollar's Saving Guide
- "Can Money Buy Happiness?" by Andrew Blackman (Nov. 10, 2014, The Wall Street Journal)
The Role of Advisors in Improving Outcomes
- Michael Kitces on "The Long View" podcast
- Great Debates on HumbleDollar's site
- "Hire an Advisor?" by Jonathan Clements (HumbleDollar)
- Bogleheads.org
Whether Investors Undermine Their Results With Bad Behavior
- DALBAR's Quantitative Analysis of Investor Behavior
- "Taking Us for Fools," by Jonathan Clements (Dec. 1, 2018, HumbleDollar)
- "Maybe Investors Aren't Stupid After All," by Jonathan Clements (March 31, 2004, The Wall Street Journal)
- "Just How Dumb Are Investors?" by Jason Zweig (May 9, 2014, The Wall Street Journal)
- "A Warning to the Advisory Profession: DALBAR's Math is Wrong" by Wade D. Pfau (May 6, 2017, Advisor Perspectives)
- "Mind the Gap 2018" by Russel Kinnel (Aug. 21, 2018, Morningstar.com)
Retirement Decumulation
- "Reducing Retirement Risk with a Rising Equity Glide Path" by Wade D. Pfau and Michael Kitces (Journal of Financial Planning)
- "Initial Conditions and Optimal Retirement Glide Paths" by David M. Blanchett (Journal of Financial Planning)
- "Cut Stocks or Add to Them? A Key Decision for Your Retirement Plan" by Christine Benz (July 25, 2019, Morningstar.com)
- HumbleDollar's Retirement Guide
- "Immediate Fixed" (HumbleDollar blog post)
Asset Allocation and Investing
- HumbleDollar's Investing Guide
- "Our Humble Opinion: Asset Allocation" (HumbleDollar blog post)
- "Market Portfolio" (HumbleDollar blog post)
- "Investors Have Fewer Reasons Than Ever for Home Bias" by Ben Johnson (June 7, 2019, Morningstar.com)
Our guests for the latest installment of "The Long View," Maria Bruno and Joel Dickson, are both veterans of investment behemoth Vanguard.
Bruno is the head of U.S. wealth planning research at Vanguard, leading a team responsible for conducting research and analysis on a wide range of retirement, wealth planning, and portfolio construction topics. She also contributes to the oversight of the investment philosophy, methodology, and wealth management strategies supporting Vanguard's advisory products and services. Bruno is a Certified Financial Planner, and she's a fount of wisdom on many subjects, but especially retirement planning.
Dickson has worn many hats at Vanguard during his long career there. In his current position as Vanguard's global head of advice methodology, he oversees all investment methodology development for Vanguard's advice programs whose end consumers are individual investors.
The transcript for this podcast can be found here.
Background Information
- Maria Bruno bio
- Joel Dickson bio
- "The Planner and the Geek" podcast series
- Vanguard Research and Commentary Archive
How Retirement Savers Can Play Catch-Up
"It's the 'how much?' But then also how do you actually direct those savings?" (1:30-2:56)
"It's such an idiosyncratic or individual sort of consideration from a planning standpoint; there are plenty of people that have little wealth but high income." Whether traditional tax-deferred accounts are automatically better than Roth for people playing catch-up on retirement savings. (2:57-5:53)
"It's a little bit simpler when you're younger and accumulating." How basic savings and investing habits, combined with plan defaults, make the accumulation period much simpler than decumulation. (5:54-8:24)
'Off-Label Uses': Ways Supersavers Can Maximize Their Investments Aftertax
401(k): What it is and how heavy savers can take advantage of it. (10:41-12:55)
- After-Tax 401(k), Bogleheads Wiki entry
- "Should You Make Aftertax Contributions to Your 401(k)?" Morningstar.com article
- "Aftertax 401(k) vs. Taxable Account? Evaluating Options for High-Income Savers," Morningstar.com article
- "Heavy Savers, Meet the Mega-Backdoor Roth," Morningstar.com article
Backdoor Roth IRA: How it works, who should consider, and potential pitfalls to be aware of. (12:56-16:34)
- "IRA Insights: The Benefits of a Backdoor Roth," Vanguard research
- "Backdoor IRAs: What You Need to Know," Morningstar.com article
"There's more and more focus on minimizing income taxes during one's life than there is about avoiding estate taxes." Using a 529 as an additional tax-advantaged savings vehicle. (16:35-21:26)
- Navigating College Savings episode from The Planner and The Geek podcast
Decumulation
"How do I meet my goals today but then also make sure that I'm protecting myself down the road?" Why setting spending rates can be so tricky. (21:27-24:26)
- "Determining Withdrawal Rates Using Historical Data," research paper by William Bengen
- William Bengen bio
- "How to Put a Dynamic Retirement Spending Strategy in Place," Vanguard research
- "Spending Trends Boost Safe Withdrawal Rate for Retirees," Morningstar.com video
- "The 4 Percent Rule Is Not Safe in a Low-Yield World," research paper by Michael Finke, David Blanchett, and Wade Pfau
"We're telling people to, on average, oversave and underspend." Balancing longevity, sequence risk with spending and quality of life. (24:27-28:35)
- "Is There an Upside to Sequence of Return Risk?" Morningstar.com video
- Exploring the Retirement Consumption Puzzle, research paper by David Blanchett
"At the end of the day you still kind of get to the same end result." How bucket portfolios may not look very different from traditionally allocated retirement portfolios. (28:36-31:30)
- "The Bucket Approach to Retirement Portfolio Allocation," Morningstar.com article
"Retirees could be overexposed to equity risk." Whether retirees aren't derisking their portfolios. (31:31-32:41)
- "Best Practices for Portfolio Rebalancing," Vanguard research paper
- "Generations: Key Drivers of Investor Behavior," Vanguard research paper
"The rules of thumb just don't work as well." Why managing taxes during retirement is necessarily an individualized process. (32:42-36:24)
- "Spending from a Portfolio: Implications of Withdrawal Order for Taxable Investors," Vanguard research paper
"Here you're actually looking at strategies that could accelerate income taxes." How the post-retirement/pre-RMD years are a prime time to control future tax bills. (36:25-39:41)
• "An IRA Conversion Sweet Spot," Morningstar.com video
• "Age Is Just a Number: Start Thinking About RMDs Now," Vanguard blog post
• "Strategies for Annual Roth Conversions," Vanguard research
• "But What If I Don't Want My RMD?," Vanguard research
• "What to Do With RMDs You Don't Need," Morningstar.com article
Building Portfolios
"You have human capital risk at the same time you have investment risk." How investors should think holistically about risk when building their portfolios. (39:42-44:37)
- "Vanguard ETF Strategic Model Portfolios," Vanguard research paper
- "Global Equity Investing: The Benefits of Diversification and Sizing Your Allocation," Vanguard research paper
"Focus on the things that you can control." What to do if investment returns are muted in the future. (44:38-46:23)
- "What Fed Projections May Mean for Longer-Term Stock Returns," Vanguard research
- "Vanguard Economic and Market Outlook for 2019: Down but not Out," Vanguard research
- "Experts Forecast Long-Term Stock and Bond Returns: 2019 Edition," Morningstar.com article
ETF Landscape
"Investors that were more likely to trade chose the ETF." Are ETFs being used for long-term investing or trading? (46:24-49:28)
- "ETFs: For the Better or Bettor?," Vanguard research paper
- "Morningstar's 2018 Fee Study Finds That Prices Continue to Decline," Morningstar.com article
"98% of the DNA is the same." Whether the benefits of ETFs relative to traditional index funds been overstated. (49:29-51:27)
- "ETFs Versus Mutual Funds: A Comparison," Vanguard research
- "Traditional Index Fund vs. ETF Cage Match," Morningstar.com article
Vanguard's Personal Advisor Service
"The most important part of the financial planning process is the goal discovery." Why Vanguard's service offers a combination of human and automated advice. (51:28-56:17)
- "Helping Vanguard Personal Advisor Service Clients Understand the Anatomy of Our Methodology," Vanguard research
- The Robo-Advice Market Is Growing, but Changing, InvestmentNews article
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
Our guest this week on "The Long View" is Sheryl Garrett. Garrett is a legendary figure in financial-planning circles, having pioneered the concept of offering hourly financial-planning guidance. She's founder of the Garrett Planning Network, a national network of hourly, fee-only financial planners that she started in 2000. Garrett has authored, co-authored, or served as technical editor on many books, including Garrett's Guide to Financial Planning, Just Give Me the Answer$, and the Personal Finance Workbook for Dummies. She has worked with the U.S. House Committee on Financial Services regarding predatory lending regulation, financial literacy, and Social Security reform. She has also received numerous awards in the realm of financial planning during her career. Most recently, InvestmentNews named Garrett as its 2019 Icon.
Background Information
- Sheryl Garrett bio
- Garrett Planning Network
- Books by Sheryl Garrett
- Garrett's Guide to Financial Planning: How to Capture the Middle Market and Increase Your Profits by Sheryl Garrett
- Just Give Me the Answer$: Expert Advisors Address Your Most Pressing Financial Questions by Sheryl Garrett and Marie Swift
- Personal Finance Workbook for Dummies by Sheryl Garrett
- U.S. House of Representatives Committee on Financial Services; hearing dated Wednesday, April 20, 2005; testimony of Sheryl Garrett, CFP
- InvestmentNews Icons and Innovators: Sheryl Garrett
Advice Best Practices
"How would I want to receive advice?" How Garrett came to build an hourly, fee-only planning practice that eventually spawned a network of advisors. (1:03-3:58)
"The industry thought I was nuts." Why Garrett opted for an hourly fee-for-advice model. (3:59-7:53)
Advice Models
"The issue is bigger between the financial advisor's ears than it is between the client's ears." How to get clients over paying for advice out of pocket. (7:54-14:16)
"I see financial planning as a job and I see ongoing investment advice as a different job." How the advice model--and manner of charging fees--should adapt to clients' evolving needs over time. (14:17-22:30)
- Rick Ferri bio
- First Ascent Asset Management
Subscription-based vs. hourly advice: What's the better model? (22:31-25:51)
- XY Planning Network
Working With Clients
Hourly advice is most successful (and cost-effective) when the client participates. (25:52-32:54)
Temperament matters: What people should look for in a financial planner or advisor. (32:55-43:12)
- Garrett Planning Network's "Financial Advisor Interview Questionnaire"
- The National Association of Personal Financial Advisors (NAPFA)
Planning Business
"They look at me as their financial advisor." Are hourly financial planners constantly in customer-acquisition mode and might that attract those who are better at sales than planning? (43:13-46:06)
Commoditization: Given the popularity of planning and advice, could financial planning go the way of the Chartered Financial Analyst designation? (46:07-48:46)
- Chartered Financial Analyst designation
- Certified Financial Planner designation
Our guest on this week's installment of "The Long View" podcast is James Montier. Montier is a member of the asset-allocation team at Grantham, Mayo, Van Otterloo & Co. Before joining GMO in 2009, he was co-head of global strategy at Societe Generale. A prolific and incisive writer, Montier has authored several books, including Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance; Value Investing: Tools and Techniques for Intelligent Investment; and The Little Book of Behavioral Investing. He's also a regular contributor to GMO's library of white papers and research studies on topics ranging from productivity, strategic asset allocation, contrarianism, and more. In addition to his duties at GMO, Montier is also a visiting fellow at the University of Durham and a fellow of the Royal Society of Arts.
Background
Grantham, Mayo, Van Otterloo & Co.
Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance by James Montier
Value Investing: Tools and Techniques for Intelligent Investment by James Montier
The Little Book of Behavioral Investing: How Not to Be Your Own Worst Enemy by James Montier
GMO's research library
Montier's articles in GMO's research library
Montier's Role at GMO
"My role is essentially to be difficult, and it turns out I'm quite good at that." Montier describes his role at GMO and how his contributions to the firm are measured. (1:10-3:11)
- Ben Inker bio
Fostering Debate at GMO
"We have never had a house view." Why debate and constructive devil's advocacy is welcome at GMO. (3:12-4:31)
"Investing is one of those fields where there is almost constant evidence that we are all wrong." How to foster humility and a diversity of views. (4:32-7:38)
Debating Jeremy Grantham on mean reversion: Montier gives an example of an issue the team has debated recently--how long it takes for markets to revert to their long-term averages. (7:39-9:36)
- Jeremy Grantham bio
- "This Time Seems Very, Very Different" by Jeremy Grantham (GMO Quarterly Letter, 1Q 2017)
- "The S&P 500: Just Say No" by Matt Kadnar and James Montier (Aug. 15, 2017)
Forecasting and Portfolio Construction
How the debate over mean reversion informs GMO's asset-class forecasts. (9:37-10:09)
- GMO 7-Year Asset Class Forecast (May 2019)
Corporate concentration and low interest rates: How GMO is reconsidering these variables and their impact on the asset-class forecasts it makes. (10:10-11:38)
"The Idolatry of Interest Rates, Part II: Financial Heresy and Potential Utility in an ERP Framework" by James Montier and Ben Inker (Aug. 11, 2015)
How GMO incorporates its asset-class forecasts into the multi-asset strategies it manages. (11:39-12:37)
- GMO Benchmark-Free Allocation III GBMFX
The appeal of a "robust" forecast that's meant to help portfolios withstand various potential outcomes. (12:38-14:15)
"Our portfolios look a little freakish." Montier explains why GMO is U.S.-stock-phobic and, conversely, why the firm is finding value in alternatives. (14:16-18:04)
- GMO Benchmark-Free Allocation II Fund's asset allocation
- Sir John Templeton: "If you want to have a better performance than the crowd, you must do things differently from the crowd."
Career risk: Where individual investors hold an edge over institutions. (18:05-18:55)
- "Career Risk Is Likely to Always Dominate Investing" by Jeremy Grantham (Dec. 24, 2014, Finanz and Wirtschaft)
Alternatives
Montier defines "alternatives." Different ways of owning standard risks--depression risk, inflation risk, and liquidity. (18:56-21:49)
- "The General Theory of Employment, Interest, and Money" by John Maynard Keynes
Montier presents two examples of alternative strategies that GMO employs--merger arbitrage and put-selling--to own standard risks in different ways. (21:50-25:49)
- Merger-arbitrage definition
- Put-selling definition
- "Is This Purgatory, or Is It Hell?" by Ben Inker (GMO Quarterly Letter, 3Q 2014)
"We should size them such that they cannot hurt the overall fund should we get something wrong." How GMO sizes its positions in alternative strategies. (25:50-27:33)
- GMO Systematic Global Macro Trust
Alpha, beta, and decay: How GMO assesses an alternative strategy's vulnerability to being arbitraged away. (27:34-29:57)
GMO's Bearish U.S. Equity Forecast
"How do I get paid for owning this asset?" Key inputs to GMO's U.S. equity forecast--multiple, margin, yield, and growth. (29:58-32:08)
- "Back to Basics: Six Questions to Consider Before Investing" by Ben Inker (Nov. 8, 2010)
"A behavioral self-defense mechanism." How GMO's approach to forecasting helps to structure its thinking and anchors decision-making. (32:09-34:54)
"It's really valuation where we've been most wrong." Where GMO's U.S. equity forecast erred in recent years. (34:55-36:01)
"We have to wear that. We have to own it." Montier on steps that GMO has taken to introspect on its forecasting error and how that expresses itself in the way it makes decisions and manages money. (36:02-39:45)
Planning Amid a Dearth of Value
"A reach for yield in any way, shape, or form." Explaining the dearth of value. (39:46-41:43)
- "The Deep Causes of Secular Stagnation and the Rise of Populism" by James Montier and Philip Pilkington (March 22, 2017)
"We have always been pretty bad at (forecasting), and it's unlikely we're going to get a lot better." (41:44-44:37)
How should investors and advisors forecast asset-class returns and plan for the future? (44:38-47:25)
- "Investing for Retirement: The Defined Contribution Challenge" by Ben Inker and Martin Tarlie (April 5, 2014)
Capital Allocation
Montier on the folly of firms borrowing to repurchase shares: "The more stable the environment, the easier it is to take on leverage, but the greater the danger that taking leverage creates further down the line when you get some random shock." (47:26-50:49)
- "The Late Cycle Lament: The Dual Economy, Minsky Moments, and Other Concerns" by James Montier (Dec. 17, 2018)
- "The Financial Instability Hypothesis" by Hyman P. Minsky (May 1992; The Jerome Levy Economics Institute of Bard College)
Our guest today on The Long View podcast is Rick Ferri. Ferri is an hourly fee-only investment consultant at Ferri Investment Solutions; he's also a CFA charterholder. Prior to starting his new firm in April 2019, he was the founder and head of investing at a $1.5 billion advisory firm that specialized in low-fee asset management using index funds and exchange-traded funds. Prior to that, he worked for a brokerage firm, where he was an early adopter of inexpensive index products for client portfolios. Ferri is a Marine Corps officer and retired fighter pilot.
Ferri has written several books on low-fee investing, including All About Asset Allocation, The ETF Book, All About Index Funds, and The Power of Passive Investing. He has also authored numerous investment-related articles and research papers, including a research paper on index investing that won S&P Dow Jones Indices' third-annual SPIVA Award.
Introduction and Background
- Rick Ferri's bio
- Ferri's philosophy
- Ferri Investment Solutions
- Ferri's books
- Ferri's Forbes column
- "Bogleheads on Investing" podcast hosted by Rick Ferri
- "Ferri: 3 Keys to a Successful Investment Strategy," Morningstar.com video
"The conversation about asset allocation comes later, and the conversation about investments comes after that." Ferri discusses how his definition of value-add has changed over the past 10-15 years. (0:55-3:24)
"I've been through the whole gantlet." Transitioning from broker to Registered Investment Advisor. (3:25-5:14)
On clients who have needs that go beyond investment management. (5:15-5:56)
"You get the work done, you pay for the work." Why Ferri's new advisory practice charges clients by the hour, not by their assets under management. (5:57-9:44)
- "Rick Ferri, Back in Business, Drops Bomb on AUM Model," ThinkAdvisor article
- "Move Over 1% Advisor Fee: Change Is Here," Ferri's blog post on Forbes
"Advisors talk about how they add value behaviorally; I think a lot of that is created by the advisor and not so much by the client." The role of advisors in managing client behavior. (9:45-11:12)
Asset Allocation
- "Ferri: 3-Fund Portfolio the Simplest Way to Best Return," Morningstar.com video
- Ferri's Core-4 Portfolios
"There are no average investors." How investors of the same age can vary widely in their appetite for equity risk. (11:13-15:03)
"Those are the things that are going to add value to a client's portfolio." Focusing on keeping taxes and investment costs down, not trying to play factors. (15:03-18:21)
"There seem to be a lot of factor renters, rather than factor owners." Ferri is skeptical that factor investing will outperform in the future. (18:23-20:44)
- Factor investing defined
- Dr. Wesley Gray interview on factor investing, "Bogleheads on Investing" podcast
"I don't use anything that doesn't have an expected real return." Why Ferri sticks with plain-vanilla asset classes. (20:45-21:56)
How to go about making return assumptions for the major asset classes. (21:57-24:14)
"It depends on how much money the client has." A total bond market index as a one-stop option for fixed-income exposure. (24:15-27:20)
International bonds as a core asset class. (27:21-28:46)
- "Global Fixed Income: Considerations for U.S. Investors," Vanguard research paper
- "Six Advisors on Investing in International Bonds," OregonLive article
"I don't think they're pivotal." REITs as a direct allocation. (28:47-31:45)
- "REITs and Your Portfolio," Ferri's Forbes blog post
Decumulation
"The software doesn't seem to be very good at this." Decumulation is inherently more complicated and customized than accumulation. (31:46-34:19)
"There seem to be better ways of doing it than the classic way in which we've been taught." On whether the traditional declining equity glide path makes sense. (34:20-39:28)
Indexing and the Legacy of Jack Bogle
"It's been around forever." Direct indexing: the wave of the future? (39:29-42:09)
- "Could Direct Indexing Help Your Portfolio?" Forbes blog post by Simon Moore
"I don't see it as big of a threat as other people do." Should investors be worried about concentration in very few ETFs, and do index funds and ETFs own too much of the market? (42:10-44:07)
"I was having a real moral dilemma." How influential Jack Bogle was in shaping Ferri's career path. (44:08-46:08)
- "The Worth of a Man: A Tribute to John C. Bogle," Forbes blog post
- Ferri's interview with Bogle, "Bogleheads on Investing" podcast
- "Vanguard Founder Jack Bogle Passes Away," Morningstar.com article
Our guest on this week's episode of the Long View is none other than Josh Brown, CEO of Ritholtz Wealth Management. Brown's story is unique and inspiring. He began his career as a broker but grew disillusioned with the industry's skewed incentives and practices, eventually pursuing a career as an independent Registered Investment Advisor. Along the way, Brown managed to author an acclaimed book, Backstage Wall Street, and build an enormous following around his blog, "The Reformed Broker," as well as his twitter handle, @reformedbroker. Now he oversees Ritholtz's day-to-day operations in addition to his other duties, which include serving as a regular contributor on CNBC, as a member of fintech firm BrightScope's advisory board, and most recently as a technical advisor on the Showtime hedge fund drama Billions.
Introduction and Background
- Ritholtz Wealth Management
- Josh Brown bio
- The Reformed Broker
- Josh Brown @reformedbroker
- Backstage Wall Street: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments by Josh Brown
- BrightScope
- Brown's appearance on Showtime's Billions
Origin Story
"A personal crisis." Josh describes the epiphany he had in leaving the brokerage industry for the advice business after 10 years (1:20-3:41).
"It worked immediately." How the Reformed Broker blog was born and led to a chance meeting with Barry Ritholtz, which gave rise to an RIA (3:42-5:21).
- Barry Ritholtz bio
- Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy by Barry Ritholtz
- "How I Met Barry" by Josh Brown, The Reformed Broker blog
The Advice Business
"If they haven’t figured it out by now, they probably don’t want to." Observations on how the advice business has changed (5:22-7:29).
- "Understanding Mutual Fund Classes" by Finra
- SEC Regulation Best Interest
- Definition of a nontraded REIT
"Brokerages in name only." Why wirehouse clients aren't necessarily being ill-served by the system (7:30-8:09).
- Morgan Stanley First Quarter 2019 Earnings Results
- James P. Gorman, chairman and CEO of Morgan Stanley
Lending: The key difference between a fee-based account at a Wall Street wirehouse and a fee-based account at a traditional RIA (8:10-10:34).
- "The Rise of Rich Man's Subprime" by Josh Brown, Fortune magazine
- Securities-based lending, explained
How to Provide Financial Advice
Telling the client "no." The difference between pushing product and offering advice (10:35-12:16).
- "When Fund Companies Pay to Play, So Do You" by Leslie Norton, Barron's
"It's recreation; it's not a necessity." Helping clients to scratch an itch without putting their financial plans at risk (12:17-14:53).
"Financial planning is the highest calling within our profession." Ensuring clients get past the firm's public persona and truly buy into its plan and approach (14:54-16:46).
An ensemble approach to delivering advice to clients: The anti "eat what you kill." (16:47-18:58).
- Michael Batnick bio
- Michael Batnick's "The Irrelevant Investor" blog
- Ben Carlson bio
- Ben Carlson's "A Wealth of Common Sense" blog
- Blair duQuesnay bio
- Blair duQuesnay's "The Belle Curve" blog
- "Consider Firing Your Male Broker" by Blair duQuesnay, The New York Times op-ed
How to Build an Advice Firm
"Barry and I don't spread out a map like Napoleon and start sticking thumb-tacks in it." How Brown thinks about strategically expanding the firm (19:04-20:45).
"If somebody comes to us in a rush, it's probably a bad situation, and we don't want anything to do with it." The advisor recruitment and weeding-out process (20:46-24:23).
- Kris Venne bio
- Bill Sweet bio
Portfolio Construction and Asset Allocation
"You're going to lose money. It's gonna happen. There's no way around it." The firm's approach to allocating assets and setting client expectations (24:24-27:33).
Tactical asset allocation's role in their process: "We don't believe in investment alpha using tactical." (27:34-29:33)
- Sequence-of-return risk
"What if you had a tactical model that almost never did anything?" How they built their tactical-asset-allocation overlay to help manage client behavior (29:34-33:13).
"I hope it underperforms, because most of our clients' money is not invested in tactical." (33:14-35:03)
"Every client is different, but their needs are not." Implementing a scalable asset allocation (35:04-37:08).
"You want to be wrong in such a way that it's not going to be catastrophic for the end client." How Ritholtz sets capital-markets expectations (37:09-38:41).
Managing Client Assets
How Ritholtz approaches assets that clients bring in with them: "You've got a human being with their own issues." (38:42-40:58)
- Mark Tibergien bio
"The longer I'm doing this, the more stuff I want to take out, not add." Brown explains why they err on the side of excluding various types of investments from client portfolios (40:59-42:33).
"Our clients are here because they want us." Brown says fee pressure hasn't been an issue for the firm (42:34-44:22).
- Wealth/Stack Conference
- Nerd's Eye View blog (Michael Kitces)
The Future of Advice
"You're being judged on the portfolio, you should get paid on the portfolio you recommend." Brown is dubious of clients who aren't willing to pay for advice as a percentage of assets under advisement (44:23-46:50).
- "What People Will Pay For" by Josh Brown, Reformed Broker blog
How a chocolatier's success reinforced the importance of consistency in client interactions: "Standardize the process, personalize the advice." (46:51-50:25)
- Hershey Park
- Hershey Museum
This week's guest on The Long View is financial advisor Harold Evensky, who Morningstar managing director Don Phillips has often called the "dean of financial planning."
Evensky is chairman of Evensky & Katz/Foldes Financial, and he's a retired professor of personal financial planning at Texas Tech University. Evensky has been extremely active in the planning community during his career. He's the past chairman of the International CFP Council, the CFP Board of Directors, the CFP Council on Examinations, and the Board of Appeals. Evensky is a frequent public speaker and has authored several books, including The New Wealth Management. During the course of this conversation, he weighed in on the SEC's newly approved Regulation Best Interest, calling it an "unmitigated disaster." He also discussed asset allocation leading up to and in retirement, his firm's application of a core/satellite approach, and different business models for financial advice.
Show Notes and References
Background (0:18-0:57)
• Harold Evensky bio
• Evensky & Katz/Foldes Financial
• Personal Financial Planning Department, Texas Tech University
• Financial Planning Standards Board Council (formerly known as "International CFP Council")
• CFP Board of Directors (formerly "Board of Governors")
• CFP Council on Examinations (formerly "Board of Examiners")
• The New Wealth Management: The Financial Advisor's Guide to Managing and Investing Client Assets (CFA Institute Investment Series Book 28) by Harold Evensky
• Books by Harold Evensky
Evensky explains why his practice opted to charge clients a percentage of assets under advisement instead of an annual retainer: "An unmitigated disaster." (0:58-2:51)
How Evensky and his fellow practitioners spend their time: "It's all built around the planning." (2:52-4:02)
On the firm's receptiveness to younger clients with less assets to advise: "Absolutely yes." (4:03-4:40)
The future: Comprehensive, modular financial planning. (4:41-6:49)
On the commodification of financial advice: "To the general public … it pretty much looks like the same service." (6:50-7:37)
On robo-advice: "Our conclusion was ... it's dangerous." (7:38-11:15)
• "The Efficacy of Publicly Available Retirement Planning Tools" by Taft Dorman, Barry S. Mulholland, Qianwen Bi, and Harold Evensky (Oct. 9, 2018).
Helping clients navigate turbulence: "Our goal is to call the client before they call us." (11:16-12:15)
The critical importance of communicating with clients: "Brokers and, much to my surprise, trust officers … hide under their desks." (12:16-13:02)
Where risk tolerance and client-specific circumstances come to the fore and human capital and age take a back seat: "Everything calls for a customized mix." (13:03-15:25)
• Human Capital
"That's horribly inefficient." How Evensky came to embrace the simplicity of the core-and-satellite approach to portfolio construction. (15:26-19:27)
Evensky's construct for "explore" positions: "It can be most anything." (19:28-20:37)
Value's dry spell: "The basic concept of the value premium remains viable." (20:38-22:19)
• Dimensional Fund Advisors
Permanent impermanence: How Evensky and his colleagues grapple with investing ephemera. (22:20-23:58)
Global diversification: "We've always believed in an international exposure." (23:59-25:45)
• Home-bias definition
• Market capitalization of listed companies in current prices
Risk tolerance and return needs drive strategic asset-allocation decisions: "Our maximum equity allocation is 80%." (25:46-27:53)
"Rebalancing is an immensely powerful tool, painful though it is in the short-term." (27:54-30:44)
Human capital's influence on the planning process: Car salesman versus tenured professor. (30:45-32:42)
Ramping up equity exposure through retirement: "Intellectually I think it's very sound research; but from a behavioral standpoint I don’t think it's realistic." (32:43-34:24)
• "Reducing Retirement Risk With a Rising Equity Glide Path" by Wade D. Pfau and Michael Kitces (Sept. 12, 2013) .
The simple two-bucket approach: "My experience is the relatively small opportunity costs (associated with the bucketing approach) are way outweighed by the behavioral benefits." (34:25-38:24)
• Testimony of Deena Katz, CFP, on "Boomer Bust? Securing Retirement in a Volatile Economy" before the Senate Special Subcommittee on Aging, Feb. 25, 2009 (see Page 7 for "paycheck syndrome").
Time- and goals-based bucketing: "A great deal of appeal but they don't make any sense." (38:25-39:19)
How the complexion of retirement has changed: People will have to work longer. (39:20-41:32)
"Where's the protection of the investor?" Evensky takes a dim view of the SEC's just-finalized Regulation Best Interest measure. (41:33-43:34)
• "A New Rule Won’t Make Your Broker an Angel" by Jason Zweig, The Wall Street Journal, May 31, 2019.
Competency standards: Professionalism subsumes competency. (43:35-46:57)
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
Is there a retirement crisis in the United States, and what role does the government have in improving the system? What's the current status of a fiduciary standard for financial advice?
Aron Szapiro, Morningstar's director of policy research and our guest for The Long View podcast, obsesses over these topics. In his role, he and his team conduct research on various matters of public policy and formulate views on policy proposals under consideration by Congress and regulatory bodies. Szapiro has testified before Congress, and he has an inside view of how Washington works: Before venturing into the private sector, he was a senior analyst in the U.S. Government Accountability Office, and he also worked for the New Jersey state legislature.
In this wide-ranging interview, Szapiro defines Morningstar's approach to policy research and homes in on some of the policy matters dominating our discourse today: whether financial advisors should be held to a fiduciary standard, how the U.S. retirement system might be improved, and whether meaningful retirement legislation can make it through partisan gridlock in Washington.
This conversation was recorded on April 30, 2019. Since then, the House passed the SECURE Act (on May 23); that legislation has provisions related to annuities in 401(k) plans, multiple employer plans, and required minimum distributions. As of June 11, 2019, the provisions have not passed the Senate. And the Securities and Exchange Commission approved a final version of Regulation Best Interest, which aims to hold broker/dealers to a higher standard of care than was previously required.
Show Notes and References
Background and Professional Development
Szapiro's trajectory into policy research: "It was this arcane language that I wanted to understand." (1:15-2:39)
• 10 Millennials Making Their Mark on Washington and Beyond
Policy ResearchWhat policy means at Morningstar and for investors: "Policy really drives and dictates a lot of what ends up happening to investors." (2:40-4:55)
How his team avoids conflicts with Morningstar's business interests: "What would be best for investors and what evidence do we have to support that position?" (4:56-6:25)
How his team works to ground policy recommendations in the data: "What we don't do is we don't try to make values-based arguments." (6:26-8:25)
On whether investors are shaping the investment landscape more than policymakers are: "It's in government's long-term interest to make sure we have a system that protects and empowers people to save and make some decisions." (8:26-10:35)
Policy Matters Today
The state of fiduciary regulation for financial advisors: "It's sort of a mess." (10:36-14:53)
- Morningstar's Take on the SEC's Proposed Conflict of Interest Rules
- The SEC's Best-Interest Proposal: What Morningstar Told Regulators
- DOL Sets Date to Propose New Fiduciary Rule
States' role in creating policies that affect investors: "I hope these things build toward a federal solution." (14:54-16:58)
- New Jersey Proceeds With Adoption of a Uniform Fiduciary Standard
- Nevada's Draft Regulations for a Uniform Fiduciary Standard
What will drive substantive change in Washington with respect to the investment and retirement landscape: "It's a very slow-moving ship." (16:59-19:51)
The State of the U.S. Retirement SystemRetirement preparedness in the U.S.: "There are a lot of people who have been left behind by the fragmented system that we have." (19:52-22:48)
How to measure retirement adequacy: "People should be able to sustain their standard of living that they had during their working lives in retirement." (22:49-24:13)
Whether today's retirees are running out of money, and how we would know. "You don't want to do policy by anecdote." (24:14-26:38)
- Rand Corporation Retirement and Retirement Benefits Research
- 2019 Retirement Confidence Survey (EBRI)
On the bifurcation in retirement-plan quality between big and small employers. "Small employers are busy keeping the lights on." (26:39-29:22)
- SECURE Act (passed by the U.S. House of Representatives on May 23, 2019)
- Retirement Enhancement and Savings Act of 2018
- Solutions for Small-Company Retirement Plans
- Legislation That Aims to Help Workers Save
On whether the Thrift Savings Plan for federal workers should be available to more workers. "It's great as a model that others can aspire to." (29:23-31:50)
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
Our guest on this week's podcast is Michael Kitces. Michael is a partner and the director of wealth management for Pinnacle Advisory Group, a Columbia, Maryland-based wealth management firm that advises on about $1.8 billion of assets. In addition, he is a co-founder of the XY Planning Network. As the host of the Financial Advisor Success podcast and the publisher of the popular financial planning industry blog Nerd's Eye View, Michael has established himself as one of the most prolific and insightful commentators on the financial advice business. A fixture on the speaking circuit and in the media, Michael often addresses key trends and innovations in the way advisors serve their clients; our interview with him focused on the future of the financial advice business.
Show Notes and References
Background and Professional DevelopmentMichael’s formative years: “The only thing I really think I figured out by the end of college was … that I didn’t want to do psychology, theater, or medicine” (0:59-2:51)
- Michael’s bio
- Pinnacle Advisory Group
- XY Planning Network
- Financial Advisor Success podcast
- Nerd’s Eye View blog
Dad’s old life insurance policy: How a wedding gift led Michael down a path to a career in the financial services industry (2:52-4:21)
- Michael’s background and entry-path into finance
“He was just a really different guy than everybody else”: Michael’s recounts his breakthrough realization that he wanted to be a financial planner (4:22-6:07) ·
- Certified financial planner designation
How Michael used his pre-med training to overcome a crisis of confidence that he didn’t know what he was doing: “I probably shouldn’t be giving them advice; I’m going to hurt someone” (6:08-7:31)
- Hippocratic oath
Going deep to differentiate: “I’m going to get really good at these annuity benefit riders” (7:32-8:45)
- Leveraging a Mini-Specialization to Gain Experience and Get More Client Referrals” by Michael Kitces (Aug. 16, 2018; Nerd’s Eye View blog)
- Variable universal life insurance—a short explainer
-
The Advisor’s Guide to Annuities (5th Edition) by Michael E. Kitces and John L. Olsen Behavioral Finance in PracticeWhere behavioral finance falls short: Practicality (8:46-11:40)
-
Recency bias: A brief explainer
Persuasion: Using psychology and coaching to help clients overcome their biases (11:41-13:01)
- “Why Evolutionary Psychology May Be Better Than Behavioral Finance Research to Understand Financial Behaviors” by Dr. Derek Tharp, lead researcher for Kitces.com (Jan. 16, 2019; Nerd’s Eye View blog)
- Influence: Science and Practice (5th Edition) by Robert Cialdini
- Advice that Sticks by Dr. Moira Somers
“Most of us just don’t want to say that about ourselves”: Clients don’t hire us to save them from themselves, but to get on a better path and save time (13:02-16:37)
- “Do Clients Really Value Getting Help Managing Their Behavior Gap?”; transcript of episode 5 of “Kitces and Carl” video series
“Zoom the camera out a little bit”: The key to helping clients through difficult times is being available, clearly communicating, and setting context (16:38-18:18)
“There’s very little research at all about what you’re actually supposed to do about this stuff” (18:19-19:56)
Financial Advice: Evolution and Great Leaps“Disturbingly like clockwork”: Technology’s role in propelling financial-advice from stock-brokering to the mutual-fund era to asset-allocation models (19:57-22:14)
- “How May Day Remade Wall Street” by Jason Zweig (May 1, 2015; Wall Street Journal; Total Return Blog)
- “So Easy a Baby Could Do It” E-trade commercial
Computers disrupted the stock-broker model and the internet disrupted the mutual-fund model. Michael on why he thinks software will disrupt the fee-based asset-allocation model (22:15-24:06)
An S&P 500 index fund just for you: “Technology is going to allow us to completely disintermediate not just mutual funds but most of the ETF complex as well” (24:07-25:36)
- “Indexing 2.0: How Declining Transaction Costs and Robo-Indexing Could Disintermediate Index Mutual Funds and ETFs” by Michael Kitces (May 28, 2014; Nerd’s Eye View blog)
- “Global Fund Flows Report” by Morningstar
The Future of Advice
“If we can do that with medicine and we can do this with clothing, we can do this with at least large portion of financial advice as well”: Michael on delivering advice virtually (25:37-30:25)
- “How Video Conferencing Can Put the Face-to-Face (Back) into Distance Financial Planning Client Relationships” by Michael Kitces (July 27, 2015; Nerd’s Eye View blog)
“(Saying) ‘Oh no one’s ever going to want to work with an advisor virtually; it’s all in person’ … is like clothing stores insisting that Amazon was no threat to them 20 years ago” (30:26-32:56)
- “The Future of Financial Planning in the Digital Age,” a presentation by Michael Kitces to FPA Georgia (May 24, 2017)
- “Is Digital Search About to Replace Referrals for Finding a Good Financial Advisor” by Michael Kitces (June 3, 2013; Nerd’s Eye View blog)
Technology leaps like robo-advice are less of a threat to the financial advisor than to the the back- and middle-office that supports them (32:57-33:54)
- “The Advisory Firm Jobs That Robots Really Do Threaten” by Michael Kitces (May 10, 2018; Nerd’s Eye View blog)
The great inversion: In the future, advisors will charge for financial-planning services and give away investment management for free (vs. today where the opposite often holds true) (33:55-35:36)
- “Pricing Models for Financial Adviosrs and the Power of 'Free' Financial Planning” by Michael Kitces (Aug. 10, 2015; Nerd’s Eye View blog)
Best Practices for Delivering and Paying for Advice
“We still have a huge industry gap”: Not even 30% of financial advisors have achieved a baseline financial-planning designation—the CFP mark (35:37-39:20)
- “3 Reasons Why the Financial Advisor Market Size Isn’t Actually Shrinking” by Michael Kitces (Nov. 15, 2018; Nerd’s Eye View blog)
- “The Long Tail, the Big Head, and the Dangerous Middle of Financial Advisory Firms” by Michael Kitces (Aug. 27, 2018; Nerd’s Eye View blog)
- FINRA Series 6 exam
- FINRA Series 63 exam
- FINRA Series 7 exam
- FINRA Series 65 exam
A question of when, not if, more exacting financial-advice standards will arrive: “The U.S. has become a laggard on fiduciary and competency standards” (39:21-43:21)
- Australia’s Financial Adviser Standards and Ethics Authority (FASEA)
- The Fiduciary Standard
- “Is Financial Planning an Industry or a Profession?” by Michael Kitces (Dec. 15, 2016; Nerd’s Eye View blog)
We can’t do financial advice for young people? Michael on why that’s ridiculous and how flat-fee or subscription-based advice will come to fill that void (43:22-46:51)
- “How the Financial Planning Process Differs for Young Clients: Not Simpler, but Different Complexities” by Michael Kitces (Apr. 17, 2019; Nerd’s Eye View blog)
- “Introducing AdvicePay and the Automation of Billing Financial Planning Fees (without Custody)” by Michael Kitces (Jan. 22, 2018; Nerd’s Eye View blog)
- “The New 1% Advisory Fee: 1% of Income, Instead of 1% of Assets” by Michael Kitces (Feb. 11, 2019; Nerd’s Eye View blog)
“I don’t … see anything wrong with the AUM model”: Why charging a percentage of assets-under-advisement makes sense for some clients, but will become less common in the future (46:52-48:56)
- “How to Profitably Price Fee-for-Service Financial Planning” by Alan Moore, co-founder XY Planning Network (May 21, 2018; Nerd’s Eye View blog)
When it does and doesn’t makes sense to pay for financial advice by the hour (48:57:51:47)
- “The Opportunities in Providing Hourly As-Needed Financial Advice for the Middle Market with Sheryl Garrett” by Michael Kitces (Jan. 23, 2018; Financial Advisor Success podcast)
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research in Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
Our guest for this week's installment of The Long View podcast sits at the busy intersection of healthcare and financial planning. Carolyn McClanahan was a practicing physician for a number of years, but after a frustrating search for a financial planner for her and her husband, she decided to study financial planning and earned the CFP designation. In 2004, she founded financial planning firm Life Planning Partners, and serves as the firm's director of financial planning. She also co-founded Whealthcare, a software program that identifies and troubleshoots age-related financial risks.
Carolyn strongly believes that individuals and financial advisors should think proactively about the implications of aging for healthcare and financial planning. She is also sought-after as a public speaker and a media expert on matters of aging, healthcare, and personal finances.
Show Notes
The quest for real advice: How a "math nerd" found her way to medicine and eventually sought financial advice (1:12-3:32)
Frustrated: How disappointing experiences with financial advisors spurred Carolyn to pursue a career in financial planning (3:33-4:56)
"It worked beautifully": Why Carolyn decided to charge flat fees for her planning services instead of taking a percentage of client's assets (4:57-6:50)
"It's a lot harder": Carolyn explains why the flat-fee model isn't more commonplace, how they determine the right fee for each client, and why it makes economic sense (6:51-8:44)
An "ensemble model": How Carolyn built her practice and how she hones her focus (8:45-13:01)
A piece, not the whole pie: The role investments play in a client's financial plan (and how to avoid expectation gaps) (13:02-14:43)
The healthcare spending conundrum: "We spend so much money on end-stage healthcare that really doesn't help anybody." (14:44-17:39)
Heal thyself: "We're going to start seeing lawsuits from employees…about employers not being good purchasers of (health) insurance" (17:40-19:35)
Primary care as a public service: Carolyn's ideal healthcare system puts community health centers at its core (and removes primary care from insurance coverage) (19:36-22:35)
How to address the big-four "aging planning" issues: When to stop driving, when to move, when to get help with financial decisions, when to get help with healthcare decisions (22:36-26:02)
How to take the keys away: Addressing the issue of aging parents who shouldn't be driving anymore (26:03-28:08)
Bringing the family together: "90% of fraud and abuse is done by people close to you" (28:09-30:36)
"It's been a beautiful thing to use": How Carolyn employs "engagement standards" to align expectations and ensure clients commit to the plan (30:37-32:42)
Cognitive decline: "A client's biggest risk to their financial security is actually themselves" (32:43-34:33)
How to plan for healthcare spends: Live healthy, work as long as you can, reflect on how you use healthcare (34:34-37:52)
Whealthcare: A programmatic attempt to project and plan for healthcare costs (37:53-39:02)
A construct for long-term care planning: "People who are very healthy are going to have a longer long-term care need; people with dementia have an average long-term care need; if you're very unhealthy you don't have to worry about long-term care." (39:03-42:10)
Paying for long-term care: Carolyn suggests setting aside a "bucket" of money to self-fund long-term care, which avoids problems with acceptance into nursing facilities and complexity of long-term care insurance (42:11-45:20)
"There's more to money than just the numbers": Why hybrid long-term care insurance isn't usually a good answer, but sometimes piece of mind makes up for its opportunity costs (45:21-47:45)
How to avoid cognitive decline: It's not all hereditary, so learn as much as possible and live a healthy lifestyle (47:46-50:31)
Other ways to anticipate and manage cognitive decline: How a checklist helped a client determine he was suffering a series of mini-strokes (50:32-53:29)
References
Caroyln McLanahan bio
Whealthcare
National Association of Personal Financial Advisors (NAPFA)
Employee Benefit Research Institute
Our guest in this special bonus episode of The Long View podcast is Tim Buckley, chairman and CEO of the Vanguard Group, which manages over $5 trillion in assets globally. Tim took the helm at Vanguard in January 2018, succeeding Bill McNabb. Tim is a longtime Vanguard veteran, having joined the firm in 1991. Before assuming his current role, he served as Vanguard’s chief investment officer, head of its retail investor group, as well as its chief information officer.
In this mini episode, which was recorded live at the 31st annual Morningstar Investment Conference in Chicago, we discuss the significance of Vanguard's recent Morningstar Award for Investing Excellence, which the firm received for exemplary stewardship. Tim also addressed how Vanguard attempts to balance growth with delivering good outcomes to clients, its capital allocation philosophy and key initiatives, the future of advice, the trend toward "free" funds, as well as the firm's recent forays into sustainable investing, among other topics.
Show Notes“It’s the core of Vanguard”: What stewardship and investor-centricity has meant to the firm (0:28-1:20)
Defining “client”: How Vanguard balances off the objectives of its different lines of business (1:21-2:51)
Incredible scale can’t be taken for granted: Is it enough to just be a fund company? (2:52-4:15)
Gazing into our crystal ball: What Vanguard looks like in 10 years and how that compares to today (4:16-5:30)
Goal-setting: How Vanguard defines success and how that informs the way they run the business (5:31-6:40)
The future of advice: “I can’t imagine anything but the price (for advice) coming down” (6:41-7:24)
Embrace technology and personalize: Tim’s counsel to advisors who are trying to adapt to falling advice fees (7:25-8:43)
“There’s no one even close to us”: What matters in a “freemium” world is the cost of the whole portfolio (8:44-10:12)
Pathways to growth: The future of ESG funds and factor investing and how Vanguard tries to position these strategies to advisors and other markets (10:13-12:40)
“All the money flowing to index funds--it’s not because active doesn’t work. It’s because high-cost active doesn’t work” (12:41-14:31)
“You can have your cake and eat it, too, in the active ESG approach”: How to succeed with ESG investing (14:32-16:22)
Best practices: How Vanguard settled on its approach to ESG investing (16:23-17:02)
“We’ve looked”: Vanguard’s approach to capital investment and answering the build-vs.-buy question (17:03-18:26)
“Vanguard is defined by its structure, and we’re going to keep it”: Tim on why Vanguard will never de-mutualize (18:27-19:20)
ReferencesTim Buckley, chairman and CEO, The Vanguard Group
2019 Morningstar Awards for Investing Excellence: Nominees for Exemplary Stewardship
Winners of the 2019 Morningstar Awards for Investing Excellence
Vanguard founder John “Jack” Bogle
Vanguard’s mutual ownership structure, explained
Vanguard funds snapshot page
Analyst-rated Vanguard Funds
Analyst-rated Vanguard ETFs
“Investing Crosses the Rubicon: Free Index Funds”
“Vanguard: Competitors’ Pricing Behavior is Inconsistent”
“2018 Morningstar Fee Study Finds that Prices Continue to Decline”
“Vanguard: Cost of Advice Could Fall Further”
Our guest for this week's installment of The Long View podcast is Morgan Housel. Morgan is a partner at the Collaborative Fund, a venture capital firm that makes investments in firms that in its words are "at the intersection of for-profit and for-good." A former columnist at The Motley Fool and The Wall Street Journal, Morgan has become one of the most prolific and insightful writers on the investment decision-making process, as evidenced by his impressive body of work on the Collaborative Fund website's blog.
Morgan joined us in this live recording of The Long View from the 31st annual Morningstar Investment Conference in Chicago. Our interview covered a lot of ground, from how Morgan found his way into the finance world, to the role he plays at Collaborative Fund, to a host of other personal and behavioral finance topics that draw on his work.
Show NotesThe accidental writer: Morgan's background and how he came to write about financial topics (0:55-3:04)
"The ability to write a check is no longer a competitive advantage": What Collaborative Fund does, why Morgan was drawn to it, and the role content plays in its strategy (3:05-5:05)
Authorial license: "It's really important to write what … you yourself would find interesting" (5:06-5:58)
Transparency and impact: "We're looking for companies whose ability to do good is their competitive economic advantage" (5:59-8:21)
Public vs. private investing: "If I made a Venn diagram of public and privates, the overlap is much greater than I ever thought it would be" (8:22-9:19)
Theory vs. practice: How private-market "lock-ups" can make sense for individual investors but are still inappropriate for the vast majority (9:20-10:24)
The future of public-private investing: "There's some liquidity in private markets but it’s not very efficient" (10:25-11:16)
Be honest with yourself: Don't try to fight behavioral biases which can't be eliminated anyway; work around them (11:17-13:13)
"That's what works for me": How Morgan reckons with his own behavioral biases (13:14-13:44)
Financial advisors' job one? Don't allow events or emotions to interrupt compounding (13:45-15:52)
History and psychology: "The most important intersection in investing" (15:53-18:24)
Scarred, not complacent: Investors are still licking their wounds from the global financial crisis (18:25-20:12)
You can't shake investors out of their experiences; it takes a new generation to come along (20-13-21:17)
"There’s no other industry in the world where the rewards are as big as in finance": How big paydays can distract focus from everyday work (21:18-23:42)
How fee arrangements can impact portfolio managers' risk and reward calculations (23:43-24:26)
Avoiding confirmation bias and bringing in diverse perspectives: "Find someone who you admire their thought process in one aspect of thinking … but you disagree with them about something else" (24:27-26:10)
A crank whose views Morgan respects--"Jake" on financial Twitter (@econompic) (26:11-26:45)
"No one hires a luck manager": Morgan explains how investors tend to account for risk, but not luck, in their decisions (26:46-29:17)
"Investing isn't the study of finance. Investing is the study of how people behave with money." Morgan explains why he doesn't read investing books (29:18-30:03)
How people deal with uncertainty and opportunity: The importance of content aggregators and of ditching bad books (30:04-31:14)
Perishable: Morgan's favorite non-investing book of the last few years is about how much things can change, on average, in everyday life (31:15-33:03)
"You're not proven until you've survived a calamity": Why it’s so hard to distinguish skill from luck (33:04-35:16)
Good advice (that Morgan doesn't follow himself): Carry a little bit of debt to hone your focus (35:17-36:56)
"You have to pay the fee": How thinking of volatility as an ongoing price for the opportunity to grow capital can help investors put risk in the right context (36:57-38:56)
Are investors giving up on investment skill? Yes, but that’s probably OK (38:57-40:41)
The importance of financial planning: Telling clients the truth (i.e., that they're not on a path to a secure, comfortable retirement, not matter how much they want to believe otherwise) (40:42-43:09)
On Jack Bogle: "The biggest undercover philanthropist of all time." (43:10-44:48)
What matters is how well you behave: The psychology of investing (44:49-45:41)
References
The Collaborative Fund blog
Morgan Housel’s collected works
Morgan Housel, bio
“You Played Yourself” by Morgan Housel (Apr. 24, 2019)
“You Have to Live it to Believe It” by Morgan Housel (Apr. 9, 2019)
“Useful and Overlooked Skills” by Morgan Housel (May 1, 2019)
Jake (@econompic) and Econompic
Patrick O’Shaughnessy, “The Investor’s Field Guide”
Abnormal Returns
“The Big Change: America Transforms Itself 1900-1950” by Frederick Lewis Allen
Books recommended by Charlie Munger
“Origins of Greed and Fear” by Morgan Housel (Jan. 31, 2019)
George Soros
“A Man in the Mirror” by William H. Gross (April 2013)
10-year Treasury Rate
“Counterintuitive Competitive Advantages” by Morgan Housel (Mar. 13, 2019)
“Fees vs. Fines” by Morgan Housel (Apr. 2, 2019)
“Statement of Principles” by Jason Zweig
“When You’ll Believe Anything” by Morgan Housel (Apr. 15, 2019)
Jack Bogle
Morgan Housel’s tweet about Jack Bogle
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.
About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research in Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.
To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com
Our guest for this week's installment of The Long View podcast is Morningstar managing director Don Phillips. Don was Morningstar's first mutual fund analyst and eventually became CEO of the firm; he established Morningstar's independent voice and mentored scores of analysts. He also helped develop many of the tools that investors today take for granted, such as the Morningstar Style Box and the Morningstar Rating for stocks (also known as the star rating). Throughout his career Don has worked to enact positive change in the fund industry, speaking out on issues such as misleading advertising and high-fee funds as well as the need for better shareholder disclosures.
In this broad-ranging interview, Don discusses his path from a paper boy investor in Templeton Growth Fund to a job analyzing mutual funds at Chicago startup Morningstar in the mid-1980s. He also opines on the industry's evolution from the opaque, sales-driven culture that he encountered 30-plus years ago to its current emphasis on transparency and very low costs.
Early influences
• The paper-boy years: Don’s early investing influences (1:40) • The magic of mutual funds: “Sir John Templeton is my personal money manager” (2:45) • “I had gotten married”: How an aspiring literature professor became Morningstar’s first mutual-fund analyst (4:00)
Building Fund Research
• “Dark days”: What it was like in the fund industry of the 1980s (5:20)
• Democratizing data: When the freshest fund stats were nine months old (7:10)
• Getting them to answer the phone: How Morningstar’s fund database was built (8:30)
• “Putnam wouldn’t talk to us”: How pull demand (i.e., a reporter’s background notes) changed that (9:45)
• “My first job was to read 777 mutual fund prospectuses” (11:20)
• Don’s “el-train” indoctrination to investing (12:10)
• “Not interested (click)”: Opening doors in the early days (13:00)
• “It’s who you surround yourself with”: How to build a team (14:20)
• “Their funds are better than some, not as good as others…”: Morningstar’s approach to serving the financial journalists that called on it (16:10)
• “They found us”: Connecting with our audiences, finding our voice (17:00)
Analyzing Funds, Finding Our Voice
• “Let’s add a gold fund”: Behind the development of the Morningstar Style Box (18:00)
• “You had to be an insider to know that Windsor was a value fund and Janus was a growth fund”: Turning the tables on fund-company marketers (19:05)
• “Lies, Damn Lies, and Fund Advertisements”: Facing down a fund company’s libel suit (21:45)
Achieving Better Outcomes
• Low-cost trend means “better and better deals for the investor” but beware unintended consequences (23:00)
• It’s not the only thing: “You can have a low-cost portfolio that’s wildly inappropriate for an investor that leads to a disastrous outcome” (25:00)
• “We’re all in the behavior-modification business”: Helping people chart a path to their goals (26:40)
• “I would have closed the (Vanguard) Growth Index Fund”: How the experience you create for investors determines your success in the fund industry (36:30)
• Avoiding the “arms-dealer mentality”: How fund companies can ensure investors have better experiences (39:30)
• “The best thing I can do for my clients…is to go on vacation”: On the wisdom of investing without tinkering, and the hazards of information overload (41:00)
Active vs. Passive Investing (and Remembering Jack Bogle)
• “Passive is getting more active every day”: Finding ways to evaluate algorithms and indexes (28:00)
• “Jack is very much with us today”: Remembering Jack Bogle and his impact on investors and Morningstar (29:10)
• “You can’t get away from arithmetic”: If cost is the enemy then investors probably aren’t overdoing it in fleeing active funds for passive (31:30)
• “To me it’s not an either/or battle”: Don on the mix of active and passive funds in his personal portfolio (32:50)
• Personalization as the new active: “The art of investing is matching investment to investor” (35:00)
The Future of Funds, Advice, and Research
• Imagining the fund industry in 10 years (and its similarity to the music business’s radical transformation): “It may be that the mutual fund is like the old LP” (42:20)
• “Investors have a right to know” the ESG consequences of where their money is going (45:00)
• “Digitizing process”: Using big data to assess the investment process (46:10)
• “When you’re reading literature, you’re seeing the world through different eyes”: The importance of diversity to decision-making and life (47:30)
• “Put it on a little piece of paper and put it in a drawer”: How investment committees can avoid knee-jerk reactions and make better decisions (48:30)
• “The art of investing is the match between investment and investor”: New frontiers in fund research (52:00)
• “There is fee pressure, but there’s also a lot of satisfaction”: How the advice industry evolves amid automation and declining prices (56:30)
• “Fiduciary standards in general are hard to enact”: The intentions are good, but beware bureaucracy, red tape, and unintended consequences (58:30)
References
• Don Phillips, recipient of 2016 Matthew R. McArthur Industry Pioneer Award https://investmentsandwealth.org/news-room/2016/imca-awards-recognize-outstanding-achievement
• Sir John Templeton https://www.templeton.org/about/sir-john
• Wall Street Week https://www.youtube.com/watch?v=3ADn7V_l4Ws
• Joe Mansueto https://www.morningstar.com/company/about-us/joe
• Don’s love of the liberal arts, literature, and business https://grahamschool.uchicago.edu/news/how-liberal-arts-thrive-business-world
• Don Phillips, “Reflections on Fund Management, Five Lessons from 25 Years” http://www.imas.org.sg/uploads/media/2012/10/31/519_100907_Reflections_on_Fund_Management_Five_Lessons_from_25_Years_Sep11.pdf
• The Wiesenberger Books https://www.ifa.com/articles/arthur_wiesenberger_morningstar/
• Morningstar Mutual Fund Sourcebook https://images.app.goo.gl/LgzRCxK9Q3Bu77WC9
• Charles Royce https://www.roycefunds.com/people/chuck-royce
• The Morningstar Style Box http://www.morningstar.com/InvGlossary/morningstar_style_box.aspx
• Vanguard Windsor Fund https://www.morningstar.com/funds/xnas/vwndx/quote.html
• Court of Appeal, Second District, Division 7, California.; Morningstar, Inc., and Don Phillips, Petitioners, v. SUPERIOR COURT of the State of California, for the County of Los Angeles, Respondent. PILGRIM GROUP, INC., Real Party In Interest; No. B075691. https://caselaw.findlaw.com/ca-court-of-appeal/1769980.html
• ESG Investing https://www.morningstar.com/company/esg-investing
• Morningtar Blog: Sustainable Investing https://www.morningstar.com/blog/tag/sustainableinvesting
• Janus Funds, Super Bowl XXXI (1997), “Eyes” ad https://adage.com/videos/janus-funds-eyes/1024
• “The Evolution of Robo-Advisors”, Morningstar blog (July 2018) https://www.morningstar.com/blog/2018/07/11/robo-advisors.html
• “The Importance of Asset Allocation” by Roger G. Ibbotson, Financial Analysts Journal, May/June 2010 https://www.cfapubs.org/doi/abs/10.2469/faj.v66.n2.4
• “Why Diversity and Inclusion Matter to Investors” by Dan Lefkovitz, Morningstar blog, Dec. 18, 2018 https://www.morningstar.com/blog/2018/12/18/diversity-inclusion.html
• Cathy Odelbo https://www.morningstar.com/company/about-us/catherine
• John Rekenthaler https://www.morningstar.com/articles/archive/208/articles-by-john-rekenthaler.html
• Lori Lucas https://www.ebri.org/about/staff/lori-lucas-cfa
• A Global Guide to Strategic-beta Exchange-Traded Products https://www.morningstar.com/lp/global-guide-to-strategic-beta
• “Strategic-Beta Exchange-Traded Products Continue to Grow, but Show Signs of Maturity” by Ben Johnson, Morningstar blog, Mar. 27, 2019 https://www.morningstar.com/blog/2019/03/27/strategic-beta-etp.html
• “Vanguard Founder Jack Bogle Passes Away” by Dan Culloton and Alec Lucas, Morningstar.com https://www.morningstar.com/articles/908054/vanguard-founder-jack-bogle-passes-away.html
• Invesco QQQ Trust (which tracks the Nasdaq 100 Index) https://www.morningstar.com/etfs/xnas/qqq/quote.html
• Jack Brennan, former Vanguard CEO [to find] https://en.wikipedia.org/wiki/John_J.Brennan(businessman)
• Sheryl Garrett https://garrettplanningnetwork.com/about/team
Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique—a neurologist by training, Bill self-taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as "The Intelligent Asset Allocator." In this conversation, we explore Bill’s background and how it shaped his development and thinking as an investor and how he applies those lessons in working with clients who are trying to meet goals like a comfortable, secure retirement.
- “I had to figure out how to save and invest on my own”: Bill’s crash course into investing and constructing a portfolio (1:29)
- ``` “I had to figure out how to save and invest on my own”: Bill’s crash course into investing and constructing a portfolio (1:29)
```
• “I had to figure out how to save and invest on my own”: Bill’s crash course into investing and constructing a portfolio (1:29)
• Separating the wheat from the chaff: How Bill decides what investing research matters and what doesn’t (4:30)
• Top of the list: Books that profoundly influenced Bill’s investment philosophy and approach (5:45)
• “The overwhelming science of investing does not speak well of active management”: Bill on why empirical data ought to settle most questions (and why active-share doesn’t hold up to scrutiny) (7:02)
• “You approach it with extreme caution”: Bill explains why investors should be skeptical of most factors they encounter in the “factor zoo”, save a few (9:27)
• A question that’s giving Bill pause: Is value too crowded a trade? (10:33)
• Is low-volatility the most attractive factor from a behavioral standpoint? Bill worries it’s gotten too expensive. (12:02)
• Fingers (and toes) crossed: Bill thinks value is cheap enough to stick with (12:55)
• “Really, not very much”: Bill on how his approach to asset allocation has evolved over time (13:43)
• “The riskiness of stocks is not an intrinsic characteristic of stocks; it’s more a characteristic of the investor”: Why stocks’ volatility doesn’t fluster younger investors, but freaks out older investors (14:38)
• On how we tend to overrate our risk tolerance: “The difference between being able to see (losses) in a spreadsheet and actually manage (through losses) in real time is the difference between crashing an airplane in a flight simulator and in the real world” (15:38)
• “If you’ve won the game, stop playing”: How to shake older investors out of their complacency with equity risk and recency bias (16:53)
• “The very best physicians are consumed by self-doubt”: How a high ratio of “rumination-to-celebration” can help investors constructively reckon with shortcomings in their approach and improve (19:26)
• Getting it wrong and therefore right: Bill explains how advisors can use their own fallibility and uncertainty to fortify their relationship with clients (versus scaring them to death) (21:12)
• An argument with Jack Bogle: How a debate with the Vanguard founder about foreign-stock investing became an object lesson in how reality intrudes on theory (and how that informs Bill’s approach to managing clients) (22:56)
• “You don’t appreciate it until bad things happen”: On whether the rally in riskier bonds has changed Bill’s tune on limiting fixed-income investments to short-term, high-grade fare (24:25)
• “Investment is a process that transfers wealth to people that have a strategy and can execute it from those who don’t and can’t” (26:22)
• “A reasonable hypothesis, but it got tested” (and failed): Bill on the argument for active bond investing (27:02)
• Earthquakes and execrable returns: Why the best investing and economic gains have been realized in English-speaking countries. (Hint: It’s the law.) (27:48)
• Emerging-markets stocks: Why they’re only a bargain when they’re cheap relative to their own history and developed markets (and still might not be inexpensive even in that case) (30:23)
• Potential hazards: “The US markets are significantly overvalued relative to the rest of the world” (31:36)
• “You’d have your head handed to you”: On the impermanence of investment measures, why it’s dangerous to extrapolate, and the implications for investors (32:54)
• “When I think about my tombstone, ‘investment adviser’ is not one of the things I want to see up there” (34:00)
• “We’re extremely choosy in who we take on. So we have a very enjoyable practice as a result of that” (35:49)
• On retirement preparedness: “A slow-moving and fairly impressive disaster” (37:13)
• “I don’t think the system needs nudges. I think the system needs dynamite”: Steps to radically redefine the retirement system (39:20)
• “It would be nice if we had a system where people didn’t have to save quite so much, because that’s an unattainable goal for probably 80% of the population” (40:41)
• The skunk-in-the-suburb analogy: We’re evolved to avoid the snake or the tiger, not to plan for retirement fifty years into the future (41:24)
• What to do for investors who aren’t interested in finance or good with numbers: Limit investor autonomy, provide a generous match, offer a low-cost menu, default them into a target-date fund (43:03)
• “One of the most important people in my life”: Remembering Jack Bogle (44:32)
• “Something that everyone knows isn’t worth knowing”: Bill on the under-appreciated importance of corporate governance to security returns (46:46)
• How Bill navigates ESG with his clients: He discourages them from pursuing it (49:25)
• Principled but “bending”: How humility should make room for other ideas or priorities within a portfolio or plan (51:05)
• William Bernstein bio (CFA Institute) https://blogs.cfainstitute.org/investor/author/williamjbernstein/
• William Bernstein’s “Efficient Frontier” website http://www.efficientfrontier.com/
• Mean-variance optimization: Explainer https://www.effisols.com/basics/MVO.htm
• William Bernstein’s reading list http://www.efficientfrontier.com/reading.htm
• Fama and French research papers https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1455
• “A Random Walk Down Wall Street” by Burton G. Malkiel https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393081435/ref=sr_1_1?s=books&ie=UTF8&qid=1324493412&sr=1-1
• “Bogle on Mutual Funds” by Jack Bogle https://www.amazon.com/gp/product/111908833X/ref=dbs_a_def_rwt_bibl_vppi_i4
• “The Intelligent Investor” by Benjamin Graham https://www.amazon.com/Intelligent-Investor-Definitive-Investing-Practical/dp/0060555661/ref=sr_1_1?s=books&ie=UTF8&qid=1324493602&sr=1-1
• “The Theory of Interest” by Irving Fisher https://www.amazon.com/Theory-Interest-Illustrated-Irving-Fisher-ebook/dp/B00CR32KGK
• “The Arithmetic of Active Management” by William F. Sharpe
• https://web.stanford.edu/~wfsharpe/art/active/active.htm
• Active Share website https://activeshare.nd.edu/
• “Presidential Address: Discount Rates” by John H. Cochrane https://faculty.chicagobooth.edu/john.cochrane/research/papers/discount_rates_jf.pdf
• Value (aka “book-to-market”) factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html
• Momentum factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_mom_factor.html
• Profitability factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/tw_5_ports_beme_op.html
• “Your Complete Guide to Factor-based Investing” by Andrew L. Berkin and Larry E. Swedroe
• https://www.amazon.com/dp/B01N7FCW2D/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
• Factor performance http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html#Research
• Berkshire Hathaway 2018 shareholder letter http://www.berkshirehathaway.com/letters/2018ltr.pdf
• “Betting Against Beta” by Andrea Frazzini and Lasse Heje Pedersen http://pages.stern.nyu.edu/~lpederse/papers/BettingAgainstBeta.pdf
• “Betting Against Beta” factor vs. value factor performance (10 years ended Feb. 2019) https://www.portfoliovisualizer.com/factor-statistics?s=y&factorDataSet=-1&marketArea=0&__checkbox_ffmkt=true&__checkbox_ffsmb=true&__checkbox_ffsmb5=true&ffhml=true&__checkbox_ffhml=true&__checkbox_ffmom=true&__checkbox_ffrmw=true&__checkbox_ffcma=true&__checkbox_ffstrev=true&__checkbox_ffltrev=true&__checkbox_aqrmkt=true&__checkbox_aqrsmb=true&__checkbox_aqrhml=true&__checkbox_aqrhmldev=true&__checkbox_aqrmom=true&__checkbox_aqrqmj=true&aqrbab=true&__checkbox_aqrbab=true&__checkbox_trm=true&__checkbox_cdt=true&startDate=03%2F01%2F2009&endDate=03%2F31%2F2019
• “The Intelligent Asset Allocator” by William J. Bernstein https://www.amazon.com/gp/product/0071385290/ref=s9_simz_gw_s0_p14_i1?pf_rd_m=ATVPDKIKX0DER&pf_rd_s=center-2&pf_rd_r=1NNWXTETT62HJ8QM9ZM6&pf_rd_t=101&pf_rd_p=470938631&pf_rd_i=507846
• “Availability” heuristic https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/availability-heuristic/
• Dunning-Kruger effect https://www.ncbi.nlm.nih.gov/pubmed/10626367
• “Why Jack Bogle Doesn’t Own Non-U.S. Stocks” with Christine Benz and Jack Bogle (Oct. 22, 2018) https://www.youtube.com/watch?v=P54trh0Rre8
• “Will Active Stock Funds Save Your Bacon in a Downturn?” by Jeffrey Ptak https://www.morningstar.com/articles/852864/will-active-stock-funds-save-your-bacon-in-a-downt.html
• “Global Stock Markets in the Twentieth Century” by Philippe Jorion and William N. Goetzmann, Journal of Finance https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00133
• “Legal Determinants of External Finance” by Rafael La Porta, Florencio Lopez-de-Silane, Andrei Shleifer, Robert W. Vishny, NBER Working Paper https://www.nber.org/papers/w5879
• Online Data Robert Shiller http://www.econ.yale.edu/~shiller/data.htm
• S&P 500 Shiller PE Ratio https://www.multpl.com/shiller-pe
• S&P 500 Price/earnings ratio https://www.multpl.com/s-p-500-pe-ratio
• S&P 500 Price/book ratio https://www.multpl.com/s-p-500-price-to-book
• National Retirement Risk Index, Center for Retirement Research at Boston College https://crr.bc.edu/special-projects/national-retirement-risk-index/
• “National Retirement Risk Index Shows Modest Improvements in 2016” by Alicia H. Munnell, Wenliang Hou, Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College https://crr.bc.edu/wp-content/uploads/2017/12/IB_18-1.pdf
• “In Memoriam”, William J. Bernstein, Efficient Frontier http://efficientfrontier.com/ef/0adhoc/RIP-JCB.html
• David Yermack, Albert Fingerhut Professor of Finance and Business Transformation, NYU Sterm, Publications https://its.law.nyu.edu/facultyprofiles/index.cfm?fuseaction=profile.publications&personid=20547
