The Long View

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 Highlights 00:00:00 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 View Sally 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 [email protected]. 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.

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 Highlights 00:00:00 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 00:08:11 Retirement 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 Pfau Exploring the Retirement Risk Zone Reducing Retirement Risk with a Rising Equity Glide Path More From Morningstar What’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 [email protected]. 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 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 Highlights 00:00:00 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 Morningstar AI 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 [email protected]. 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.

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 Highlights 00:00:00 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 Morningstar My 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 [email protected]. 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.

Our guest on the podcast today is Emily Guy Birken. Emily’s the author of The Five Years Before You Retire. She also co-authored Stacked: Your Super-Serious Guide to Modern Money Management, with Joe Saul-Sehy. Other books include End Financial Stress Now, Making Social Security Work for You and 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 Highlights 00:00:00 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 Morningstar 5 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 [email protected]. 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.

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 Forbes and 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 Highlights 00:00:00 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 Mentioned Your Retirement Sketchbook Retirement Planning Guidebook Safety-First Retirement Planning Ikigai: The Japanese Secret to a Long and Happy Life Retiring Minds Podcast More From Morningstar Retirement 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 [email protected]. 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.

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 Highlights 00:00:00 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 Morningstar 6 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 [email protected]. 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 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 Highlights 00:00:00 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 Discussed Benchmarking 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 [email protected]. 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.

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 [email protected]. 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 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 [email protected]. 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.

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 [email protected]. 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.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 RecapWhat the Buyback Boom Means for Dividend Investors3 Ways to Spot a Dividend Cut EarlyDividend 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 [email protected].   Follow Dave on social media. Dave Sekera on X: @MstarMarkets Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

  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 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 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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, by Charles 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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, by Kerry 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Retirement on 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 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 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 successIs “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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 LinkedIn 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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, by Charles 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Couples podcast 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 [email protected] “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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Subscribe to The Morning Filter on Apple Podcasts, or wherever you stream podcasts. We’ll see you next Monday! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 & Invest podcast 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Deviations podcast 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Journal articles 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Ankur Crawford. Ankur is a executive 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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 FI podcast 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Twitter 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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.) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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.) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hi everyone. 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 titled “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, whom 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 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 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. William F. Sharpe "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 "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. Charles D. Ellis "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.   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify | Google Play | Stitcher 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today we’re welcoming 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.) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Liz Ann Sonders. Liz Ann is managing director and chief investment strategist at Charles Schwab. In her role, Liz Ann 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 Barron’s Magazine’s “100 Most Influential Women in Finance” list. Liz Ann 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. Liz Ann received her bachelor’s from the University of Delaware and her MBA from Fordham University’s Gabelli School of Business. We recorded this interview live from the main stage of the annual Morningstar Investment Conference, which was recently held in Chicago, Illinois. 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Planning by 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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 | 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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:

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.