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The Long View Profile

The Long View

English, Finance, 1 season, 267 episodes, 2 days, 13 hours, 36 minutes
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Expand your investing horizons and look to the long term. Join hosts Christine Benz and Jeff Ptak as they talk to influential leaders in investing, advice, and personal finance about a wide-range of topics, such as asset allocation and balancing risk and return.
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Dan Ivascyn: The Outlook for Bonds Amid a Covid ‘Aftershock Global Economy’

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.BackgroundBioPimco Income Institutional FundPimco Credit Opportunities Bond Institutional FundPimco 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.
5/21/202439 minutes, 41 seconds
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Damien Conover and Rebecca Springer: ‘We Are in a Healthcare Consumerization Moment Right Now’

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.BackgroundDamien Conover bioRebecca Springer bioAnti-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.OtherSesameAmazon ClinicRo
5/14/202451 minutes, 5 seconds
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Greg McBride: ‘Successful Saving Is All About the Habit’

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.BackgroundBioBankrateState 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.OtherRose Foundation’s Consumer Financial Education Fund
5/7/202448 minutes, 48 seconds
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Carl Vine: The Japan Earnings Story Has Legs

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.BackgroundBioM&GM&G (Lux) Asian Fund EUR A AccM&G Japan Smaller Companies Fund Sterling R IncJapan 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.
4/30/202459 minutes, 38 seconds
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Meir Statman: ‘The Biggest Risks in Life Are not in the Stock Market’

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.BackgroundBioA Wealth of Well-Being: A Holistic Approach to Behavioral FinanceBehavioral Finance: The Second GenerationWhat Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial DecisionsFinance for Normal People: How Investors and Markets BehaveFinancial 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.
4/23/202454 minutes, 9 seconds
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Neil Shearing: What the Consensus Is Missing About the Current Economy

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.BackgroundBioChatham HouseWorld 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.
4/16/202444 minutes, 41 seconds
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Matt Krantz: Yield-Chasing Investors Are ‘Asking for a World of Hurt’

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.BackgroundBioInvestor’s Business DailyFundamental Analysis for Dummies, by Matt KrantzOnline Investing for Dummies, by Matt KrantzRetirement Planning for Dummies, by Matt KrantzWork 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.OtherHow to Make Money in Stocks: A Winning System in Good Times or Bad, by William O’NeilThe Four Pillars of Investing: Lessons for Building a Winning Portfolio, by William BernsteinThe 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.QuickenThinkorswim
4/9/202449 minutes, 14 seconds
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Victor Haghani: Lessons From the Missing Billionaires

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.BackgroundBioElm WealthThe Missing Billionaires: A Guide to Better Financial Decisions, by Victor Haghani and James WhiteInvestment 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 LevineMichael LewisThe St. Petersburg ParadoxHal 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 GilbertWhen Genius Failed: The Rise and Fall of Long-Term Capital Management, by Robert LowensteinInventing Money: The Story of Long-Term Capital Management and the Legends Behind It, by Nicholas Dunbar
4/2/202452 minutes, 9 seconds
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Peter Mallouk: The Financial Advice Industry Is ‘Still Very Messy’

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.BackgroundBioCreative PlanningPathway Financial EducationBooksMoney, Simplified, by Peter MalloukThe 5 Mistakes Every Investor Makes and How to Avoid Them: Getting Investing Right, by Peter MalloukThe Path: Accelerating Your Journey to Financial Freedom, by Peter Mallouk, with Tony RobbinsPodcastsDown the Middle, with Peter Mallouk and Jonathan ClementsSignal or Noise? with Charlie Bilello and Peter MalloukCreative 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.
3/26/202451 minutes, 5 seconds
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Bryan Armour: Is Index Investing’s Superpower Unstoppable?

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.BackgroundBioPassive 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 MentionediShares ESG Aware ETF ESGUiShares MSCI USA Quality Factor ETF QUALARK Innovation ETF ARKKGrayscale Bitcoin Trust (BTC) GBTCJPMorgan Equity Premium Income ETF JEPIGlobal X Nasdaq 100 Covered Call ETF QYLDVanguard’s High Dividend Yield ETF VYMBlackRock Flexible Income ETF BINCSchwab High Yield Bond ETF SCYBT. Rowe Price Capital Appreciation Equity ETF TCAF2x Bitcoin Strategy ETF BITXYieldMax AI Option Income Strategy ETF AIYYOther“The ETF Rule: What It Is and Why It Matters,” by Irene Huhulea, Investopedia.com, Jan. 25, 2024.
3/19/202450 minutes, 44 seconds
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Anne Lester: You’re Bad at Savings and It’s Not Your Fault

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.BackgroundBioYour Best Financial Life: Save Smart Now for the Future You Want, by Anne LesterMillennials, 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.
3/12/202458 minutes, 3 seconds
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JB Taylor: Small Caps Haven’t Been This Cheap in 25 Years

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.BackgroundBioWasatch Core Growth FundSmall-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.OtherThe Ensign GroupO’Reilly Auto PartsCopart
3/5/202452 minutes, 26 seconds
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Sonali Pier: Don’t Rent Yield

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.BackgroundBio“The Top Female Portfolio Managers to Invest With Now,” by Megan Pacholok and Amrutha Alladi, Morningstar.com, March 6, 2023.Pimco Access Income FundPimco Dynamic Income Opportunities FundPimco Enhanced Low Duration Active ETFPimco Multisector Bond Active ETFPimco Credit Opportunities Bond FundPimco Diversified Income FundPimco High Yield FundPimco High Yield Spectrum FundPimco Low Duration Credit FundMacro 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.
2/27/202442 minutes, 22 seconds
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Marc Freedman: The Case for Encore Careers

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.BackgroundBioCoGenerateExperience CorpsHow to Live Forever: The Enduring Power of Connecting the Generations, by Marc FreedmanAge 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 PrizeWork/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 BrooksMaggie KuhnHarvard Advanced Leadership InitiativeEncore FellowshipsDavid GalensonTroops to TeachersModern Elder AcademyLive 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 TeachMichael GurvenThe Encore Career Handbook, by Marci Alboher
2/20/202451 minutes, 22 seconds
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Roger Young: Visualizing Retirement Is So Important

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.BackgroundBioThought 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.
2/13/202449 minutes, 44 seconds
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Justin Leverenz: Emerging Markets Are ‘Incredibly Attractive’

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.BackgroundBioInvesco Developing MarketsMarket 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 MentionedYum ChinaH WorldZTOTencentNetEaseGrupo MexicoPinduoduo
2/6/202446 minutes, 21 seconds
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Joel Fried and Al Mordecai: Upholding the Culture at Primecap Management

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.BackgroundJoel Fried bioAl Mordecai bioPrimecap 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 MentionedPrimecap Odyssey StockPrimecap Odyssey GrowthPrimecap Odyssey Aggressive GrowthVanguard Capital OpportunityAmerican Funds AMCAPAdobeEli LillySplunkAlibabaBaidu
1/30/202455 minutes, 13 seconds
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Jody Jonsson: The Case for a Global Portfolio

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.BackgroundBioCapital GroupAmerican Funds New PerspectiveInvestment Company InstituteGlobal 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.
1/23/202451 minutes, 37 seconds
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Howard Gleckman: We Pretend This Isn’t a Problem

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.BackgroundBioUrban InstituteTaxVox blogCaring For Our Parents, by Howard GleckmanLong-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.OtherLotsa Helping HandsMedicare.govFive-Star Quality Rating System
1/16/202454 minutes, 16 seconds
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Best of The Long View: Investing

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.
1/9/202449 minutes, 35 seconds
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Best of the Long View 2023: Financial Planning and Retirement

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.
1/2/202452 minutes, 15 seconds
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Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful’

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.BackgroundBioHumbleDollarMy Money Journey, edited by Jonathan ClementsCurrent 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 2023If 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.
12/26/202350 minutes, 35 seconds
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Tim Steffen: Smart Tax Moves for 2024 and Beyond

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.BackgroundBio“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.
12/19/202354 minutes, 35 seconds
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Ben Inker: What Looks Cheap and Dear in Today’s Market

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.BackgroundBioGMO U.S. Quality ETFGMO Benchmark-Free Allocation IIIReflecting 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.
12/12/202359 minutes, 1 second
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Dan Haylett: Retirement Planning = Life Planning

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.BackgroundBioTFP Financial PlanningThe Humans vs. Retirement podcastRetirement“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 AnthonyPaul Armson
12/5/202353 minutes, 42 seconds
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Mike Moran: Taking the Temperature on Retirement Readiness

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.”BackgroundBioSurveyRetirement 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.OtherNextCapital GroupSurvey of Consumer Finances
11/28/202354 minutes, 24 seconds
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Tiffany Aliche: Helping People ‘Move Past the Shame’

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.BackgroundBioThe BudgetnistaGet Good With Money, by Tiffany AlicheMade Whole: The Practical Guide to Reaching Your Financial Goals, by Tiffany AlicheBrown Ambition podcastPersonal Finance/Financial WellnessLiveRicherChallenge.comLive Richer AcademyMentorsLynette Khalfani-Cox“Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,” The Long View podcast, Morningstar.com, Sept. 28, 2021.
11/20/202353 minutes, 47 seconds
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John Rekenthaler and Amy Arnott: What’s a Safe Retirement Spending Rate Today?

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.
11/14/202357 minutes, 23 seconds
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Scott Burns: The Case for a Simple Retirement Plan

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.BackgroundBioCouch Potato InvestingThe Coming Generational Storm: What You Need to Know About America’s Economic Future, by Laurence J. Kotlikoff and Scott BurnsSpend ‘Til the End: Raising Your Living Standard in Today’s Economy and When You Retire, by Laurence J. Kotlikoff and Scott BurnsBonds 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.OtherPortfolio VisualizerCenter for Retirement Research at Boston CollegeEmployee Benefit Research InstituteKaiser Family Foundation
11/7/202351 minutes, 14 seconds
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JL Collins: Spotlighting the Many Paths to Financial Independence

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.BackgroundBioJlcollinsnh.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 CollinsThe Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by JL CollinsSaving, Spending, and Lifestyle CreepLifestyle 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.OtherFI ChautauquaMr. Money MustacheThe Richest Man in Babylon, by George S. ClasonA Wealth of Common SenseQuit Like a Millionaire, by Kristy Shen and Bryce LeungMad Fientist
10/31/202354 minutes, 26 seconds
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Nizar Tarhuni: The State of Private Markets and Venture Capital Investing

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.BackgroundBioVenture 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 TrendsPitchBook IndexesQ3 2023 PitchBook-NVCA Venture MonitorReturn 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
10/24/202353 minutes, 26 seconds
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Jeffrey Kleintop: What to Make of ‘the Cardboard Box Recession’

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.BackgroundBioTwitterMarket Evolution: How to Profit in Today’s Changing Financial Markets, by Jeffrey Kleintop.Markets and Consumer ConfidenceCharles 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, 2023Liz Ann SondersKathy 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.
10/17/202352 minutes, 53 seconds
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Dr. Anita Mukherjee: Exploring the Link Between Wealth, Longevity, and Quality of Life

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.BackgroundBioAbandoned 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.
10/10/202348 minutes, 22 seconds
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David Giroux: ‘I Want to Look Forward, Not Backward’

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.BackgroundBioT. Rowe Price Capital Appreciation, Morningstar.comT. Rowe Price Capital Appreciation, T.Rowe PriceT. 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 ETFValuation 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.MobileyeRevvityDanaherThermo Fisher ScientificEuroimmunBioLegendApplied SystemsYum Brands
10/3/202354 minutes, 49 seconds
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Michael Santoli: Decoding ‘an Indecisive Market’

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.BackgroundBio“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.
9/26/202351 minutes, 52 seconds
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Martin Lau: Revisiting the Case for Investing in Chinese Stocks

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.BackgroundBioFSSA 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 PlusMorningstar Global Fund Report: FSSA China GrowthMorningstar Global Fund Report: FSSA Hong Kong GrowthChina 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.
9/19/202353 minutes, 22 seconds
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Kelli Hueler: Confronting ‘the Next Big Risk’ for Retirement

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.BackgroundBioIncome Solutions“Morningstar Investment Management and Hueler Income Solutions Offer Integrated Lifetime Income Service,” Morningstar.com, Feb. 15, 2022.AnnuitiesWhat 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.
9/12/202353 minutes, 33 seconds
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Cindy Haddad: Financial Planning for People with Disabilities

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.BackgroundBioJohn NadwornyThe Special Needs Planning Guide: How to Prepare for Every Stage of Your Child’s Life, by Cynthia Haddad and John NadwordyBasic 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 PlannersSpecial Needs AllianceNALA—The Paralegal AssociationGovernment-Provided Assistance and Special Needs TrustsThe ABLE AccountGovernment BenefitsHousing and TransitionThe 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.
9/5/202359 minutes, 23 seconds
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Katie Nixon: Bringing a Blurry Market Into Focus

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.BackgroundBioInflation 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.
8/29/202348 minutes, 48 seconds
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Rick Rieder: Explaining the ‘Polyurethane’ U.S. Economy

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. BackgroundBio“Rick Rieder: Nobody Has Ever Seen Anything Like This,” The Long View podcast, Morningtar.com, May 20, 2020.BlackRock Flexible Income ETF BINCDispersion 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
8/22/202349 minutes, 36 seconds
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Bill Nygren: The State of Value Investing Today

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.BackgroundBio“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.)
8/15/20231 hour, 2 minutes, 32 seconds
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Manisha Thakor: Finding Your Enough

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.BackgroundBioMoneyZenMoneyZen: The Secret to Finding Your “Enough,” by Manisha ThakorOn My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon KedarGet Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon KedarThe Cult of Never EnoughEnough: True Measures of Money, Business, and Life, by Jack BogleFayez SarofimDerek 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.MoneyzenquizMary LoVerde
8/8/202351 minutes, 44 seconds
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Ilyce Glink: The State of Real Estate Today

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.BackgroundBioWGN Radio100 Questions Every First-Time Home Buyer Should Ask, Fourth Edition, by Ilyce GlinkBest 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.)
8/1/202353 minutes, 1 second
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Joel Dickson: How America Saves

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.BackgroundBioHow America SavesHow 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.
7/25/202358 minutes, 15 seconds
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Dave Sekera: Taking the Market’s Temperature

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.BackgroundBioTwitter handle: @MstarMarketsStock 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 EnvironmentPreston 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.
7/18/202348 minutes, 16 seconds
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Bill Bernstein: Revisiting The Four Pillars of Investing

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.BackgroundBioThe Four Pillars of Investing, Second EditionThe Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize RiskIf You Can: How Millennials Can Get Rich SlowlyThe 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 InvestingRobert KaplanWho Is Charlie Munger?Antti IlmanenExpected 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 SchwedRetirement“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.
7/11/202346 minutes, 25 seconds
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Andrew Lo: Finding the Perfect Portfolio--a ‘Never-Ending Journey’

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.BackgroundIn 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. FoersterAdaptive Markets: Financial Evolution at the Speed of Thought, by Andrew W. LoHistory"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.TranscriptChristine Benz: 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 entitled “In Pursuit of the Perfect Portfolio”, in which he profiled some of the leading figures in academic research and finance. None stood taller than Professor Markowitz, who Dr. Lo discusses at length in this interview we aired in February of 2022. We think you’ll enjoy it. Thanks so much for listening and see you in a week. Have a happy holiday.Jeff Ptak: Hi, and welcome to The Long View. I'm Jeff Ptak, chief ratings officer at Morningstar Research Services.Christine Benz: And I'm Christine Benz, director of personal finance and retirement planning at Morningstar.Ptak: 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.Dr. Lo, welcome to The Long View.Dr. Andrew Lo: Thanks for having me.Ptak: It's our pleasure. Thanks so much for joining us. In your new book In Pursuit of the Perfect Portfolio, you trace the history of investing and finance all the way back to the Neolithic era. But modern portfolio diversification really originated with three young girls in late-18th century Switzerland. Can you tell that story?Dr. Lo: Well, it's actually 30 young girls, Trente Demoiselles, and it has to do with actually the American Revolution. So, as you probably know, France was involved in supporting us in that effort, and they had to pay for it somehow. So, the French government, Louis XVI, decided to borrow from private citizens. And in exchange for these loans what he promised in return were basically life annuities. So, if you lent the French government a certain amount of money, they would pay you back a certain payment every year for the rest of your natural life. But there was one really interesting catch to this, and that is that it wasn't necessarily just your life, you could designate somebody else, and as long as that person was alive, the payments would continue. So, naturally, what you'd want to do is to select a rather young individual to be able to keep on receiving payments as long as he or she were alive.And so, this particular arrangement was taken advantage of by a number of Swiss investors in the town of Geneva. These Swiss bankers figured out that if you pooled a number of these loans in an investment portfolio, and you selected relatively young people to be the individuals on which these loans were based, you can actually extend the payments from the French government. And so, these interesting funds were called Trente Demoiselles de Geneve, because these Genevan bankers created so many of them. And typically, they had 30 individuals, generally young women from Geneva, hence the name, Trente Demoiselles. And so, these women were selected—they were actually girls—they were selected between the ages of 5 and 10. And after they survived smallpox, they would then be presented to the French government as the individuals to which the loans were going to be assigned. And so, diversification was clearly recognized at that time, the 30 young maidens from Geneva per fund, and shares in these investment funds were sold, they were transferred. So, the early form of securitization was part of this process. It was really quite sophisticated. And investors did very, very well until, of course, at some point, the French government ultimately went bankrupt, and a number of investors lost their money. So, not at all an unfamiliar story from our perspective.Benz: You point out that serious investment theory didn't really emerge until the 1900s, which is when Irving Fisher, John Maynard Keynes, and several others published major academic treatises on economics. Why did it take so long?Dr. Lo: That's a really tough question because there are many different factors involved. And I'm no expert in history, so I have to be careful about answering that. But if I had to hazard a guess, I'd say that there are probably two factors involved. One is that the motivation for having a systematic approach to investing really didn't develop until you actually had the need and the resources to be able to apply these kinds of mathematics. And so, that really didn't develop until the 1900s. Basic bond math, interest-rate calculations, even compound interest, those are things that are relatively modern from a mathematical perspective.But I think there's another reason why it may not have become as popular as it did in the 1900s. And that was really because of cultural and socioeconomic factors. In order for investments to be considered a respectable profession, you needed to have a pretty significant middle class and a particular business class to take investments seriously. And so, I think it really took that kind of process to create a situation where enough people were interested in order to justify the kind of resources that ultimately went into creating an entire industry around the investment process.Ptak: Christine just mentioned Keynes, who was not just a brilliant economic theorist, but also a very accomplished investor. As you point out in the book, he successfully managed the Cambridge University endowment for 25 years until his death in 1946. Yet, unlike in economics, where he made a huge and lasting impact, his investing legacy didn't live on. What lessons could investors have learned from how he managed the Cambridge endowment?Dr. Lo: Well, there's a really interesting story about that that we describe in the book, which is that his track record was really quite impressive over the course of 20-some-odd-year period for investing for the University of Cambridge. He generated a compound return of something on the order of 14%, 15%. But the interesting part about that story is the fact that that return was really two components that are broken down into the returns from 1922 to 1932, where the return that he generated was about 1.3%, and from 1933 to 1946, during that period of time, he generated about an 18% return. And the difference, according to a paper by Chambers and Dimson, was the fact that he recognized somewhere in the process that his earlier investment style wasn't working, and that more of a bottom-up fundamental stock-picking value-investor style actually worked better.So, he started out with a top-down kind of an approach and ultimately ended up bottom-up Benjamin Graham-type of investment style. First of all, that tells us that there's something to be said for value investing, and that Benjamin Graham does have some merit to his approach. But it also says that one needs to be adaptive because market conditions change, and when one discovers that the particular approach is not working, then it's time to adapt and change investment philosophies. So, I think that's probably the biggest takeaway that I got from the story, which is that even something as important as endowment investing is not nearly the kind of science that we would like it to be, and an economist of Keynes' stature, even he ended up engaging in trial and error to be able to achieve that kind of performance.Benz: The book asks whether there is a perfect portfolio that offers the ideal mix of risk and reward. And to answer that question, you profiled 10 thought leaders who have come to shape the way that we think about portfolio theory and construction. Can you talk about those theories that you profiled and how you chose them?Dr. Lo: Well, it's actually pretty easy. The book really grew out of what I would call a very thinly veiled version of hero worship. My coauthor, Steve Foerster, and I, obviously were trained in academic finance. And if you're trained in that tradition, there are just a very small number of absolute giants, both in academia as well as in industry, that have really transformed the way we think about investing. So, the people that we chose were simply the 10 giants, the founders of modern finance, both on the theoretical and academic perspective, as well as from the industry perspective. These are the individuals that have had the most influence in both the theory and practice of modern investing and ones that really changed the way Steve and I think about the field. So, from that perspective, it was a pretty easy set of choices.Ptak: Something we've discussed at some length on this podcast and in other work we've done is the idea that investors shouldn't make perfect the enemy of good when it comes to building a portfolio. A portfolio isn't "perfect" if an investor is likely to misuse it. Did that come up in your conversations with the luminaries you interviewed? And, if so, did they think we need to tweak our definition of the theoretically perfect portfolio to reflect reality?Dr. Lo: It definitely did come up. And, of course, we chose the title purposely. To be a little bit controversial, most people would argue that there is no such thing as a perfect portfolio. And yet, all of us seem to be constantly striving to achieve that level of perfection. And in a way, that's really what the book is about and how we end it. We basically point out that this is a never-ending journey, that we're constantly looking to improve the way we think about investing. And each one of the luminaries that we interviewed had their own version of what perfection means. And that's also part of our goal was to elicit the particular viewpoints of these individuals, knowing full well that they don't agree, but in a way, that's what we're looking for. We learn when we find other people who disagree with us. And so, just trying to understand the different kinds of disagreements gives us a much richer tapestry of the entire investment landscape. And in the end, I think that's what readers will benefit from, it's knowing the different perspectives and when certain perspectives are appropriate and applicable, and when others aren't.Benz: There's a tendency to fight the last war, and that probably holds for portfolio construction, too. Thinking back to 2009 and 2010, it seemed like everyone was talking about risk parity and tactical asset allocation. But now that the markets have roared back, that's quieted down. Given this, what do you think constitutes a bona fide portfolio construction framework, especially knowing that different approaches can yield different outcomes, even over long stretches?Dr. Lo: Well, a great example of that issue is the COVID pandemic. If we think about how things were looking, let's say, January of 2020, I think the markets were going great guns, we had a fantastic year the year before that. And then, of course, sometime around February COVID reached U.S. shores, and all of a sudden, financial markets panicked, we had a pretty significant drop in major indexes. And over a four- or five-week period, it really looked like there was going to be no end to this terrible affliction. But, of course, there is an end and markets take that into account. And a few months after the panic started in February, markets actually recovered. And so, I think that's a really interesting microcosm for the lesson that we learned from talking with all of these financial leaders is that a perfect portfolio is one that will adapt to both an individual's changing circumstances as well as market conditions. And so, what's perfect today may not be perfect tomorrow. And so, we constantly have to be thinking about reshaping our portfolio, and not only the portfolio, but the portfolio strategy, and trying to adapt those particular changes to the current conditions that apply. I think that's probably the biggest lesson. It's that among these 10 luminaries, we now understand many different ways of applying these tools to different market conditions. So, I would say that being forewarned is being forearmed. And I think that providing readers with all of these various different perspectives will give them an opportunity to apply each and every one of them as market conditions change.Ptak: And I think we want to get into some of those different perspectives as we continue with our conversation. Before we do that, I wanted to talk about some of those luminaries that you profiled, the first of which is a giant in the field. All of these are giants in the field, but maybe he arguably looms largest, is Harry Markowitz. You explained in the book, in telling his story, that if it weren't for a chance encounter, Markowitz might never have gone down the path that eventually led to his research on Modern Portfolio Theory. Can you talk about that chance encounter?Dr. Lo: It was a very strange story that Harry told about being in a, I think it was a waiting room, and trying to get some feedback on some work that he had done. And it turned out that that feedback ended up leading him toward thinking about portfolio optimization, which he would have never done had it not been for that occasion. And, of course, portfolio theory is such an important part of what we do in modern finance, that it's kind of hard to imagine that it was really due to that random event that got him down that path to think about how to apply optimization processes to this particular setting.Ptak: It was a stockbroker in his doctoral advisors' waiting room, wasn't it, who said,“Maybe take a look at the market.” And that eventually led him down the path he went down, correct?Dr. Lo: That's right. And I think that he had very little experience with investing prior to that. He had no particular interest in it. But given the tools that he had at his disposal and given the problem that was proposed to him, it was just a natural application.Benz: As you explained in the book, there had been little academic interest in portfolio management until Markowitz came along. Now there are whole journals devoted to the topic. But back then, the disinterest reflected attitudes toward the stock market, which was perceived as a bit of a backwater, right?Dr. Lo: Absolutely. It's really quite a stunning change, because when Markowitz started applying these principles, nobody had any interest in portfolio optimization. And today, I don't imagine there's a financial analyst out there who doesn't know of mean-variance analysis. A very interesting story that Harry tells is at his thesis defense, when Milton Friedman, who was on his thesis committee, half-jokingly said, "Well, we can't really give him a Ph.D. in economics, because, of course, this isn't really economics, it's just math." And Harry Markowitz I think had the last laugh, when, as part of his Nobel acceptance speech, he mentioned this story. And he said that, "Well, at that time, Friedman was right. It wasn't economics or finance. But now, it is."Ptak: In one afternoon—I think you recount this in the book—Markowitz had worked out the two major inputs to what became Modern Portfolio Theory: correlation and the notion of mean-variance optimization, as well as the notion of an efficient frontier. Can you talk about how those discoveries changed portfolio construction, maybe by contrasting with how it had been done up to that point?Dr. Lo: This is really quite a stunning achievement, and it's one that most people aren't aware of, because they just take for granted that we now think about correlation, diversification, and portfolio construction the way we've always done it. But, in fact, prior to Markowitz, the way that people thought about investments was really from the perspective of the portfolio manager, the culture, and the personalities involved. They were often called gunslingers. Because these were larger-than-life celebrities that were able to pick stocks in much the way that certain art experts are able to pick the very best pieces of art. And so, that's the way that the investment industry operated until, I would say, the 1960s and '70s, well past the first decade after Markowitz's publication.But something happened in that process, which is that portfolio managers began to see a different way of constructing portfolios, not by picking the best stocks, but rather by creating a combination of securities that had good properties overall. And correlation was a key feature. What you wanted to do was to put together a collection of securities that were not all highly correlated, not highly related. And the reason for that is you wanted to make sure that you had good diversification, not putting all your eggs in the same basket. And by managing the correlation, you're able to produce a portfolio that had better returns, lower risk, and therefore over time, would grow into a much larger nest egg than the traditional stock-picking approach. That was a combination of Markowitz and Sharpe and all of the other luminaries that had ultimately taken this academic idea, a rather dry set of mathematics, and really turned it into something practical and genuinely useful.Benz: Markowitz is rightly credited as the father of Modern Portfolio Theory, but you call him the grandfather of behavioral finance in your book. What do you see as his contribution to this field?Dr. Lo: Well, if you think about portfolio theory the way he looked at it, he made a behavioral statement. His statement was, individuals, they care about two things: risk and reward. They don't like risk; they do like reward. Those are actually behavioral assumptions. And based upon those behavioral assumptions, he derived tremendously powerful implications about how individuals would ultimately manage their money to achieve those goals. Since then, he's actually spent some time thinking about other criteria, other behavioral approaches. And so, in that respect, I think he really is the very first behavioral economist. He took human behavior seriously and then worked out the implications and ultimately developed a tremendously valuable framework for helping everybody manage their particular behavioral desires. And of course, since then, we've learned that there are many other kinds of behaviors, some of which are conducive, others of which are not, to wealth creation. And there's a lot more research that's being done on that today.Ptak: I wanted to talk about Bill Sharpe, another luminary who you profile in the book. One of the many big advances that he made was in developing a measure of a security's non-diversifiable risk or beta. Can you talk about how well you think beta has held up through the years? I suppose on one hand, we can say it hasn't held up all that well, because there have been all these other factors that had been developed that now flank traditional beta. And so, in that way, it was an incomplete explanation. But do you think it's stood the test of time when you take a look at the way it contributed to our understanding of markets?Dr. Lo: I think it's been transformational. And despite the fact that there are many other theories that have been developed that would argue that the traditional beta is insufficient, that there are multiple factors, the bottom line is that Bill Sharpe taught us to think about risk in a very different way from Markowitz. Markowitz said risk is volatility. And what Sharpe said was, "No, that's not quite right. Risk is the part of volatility that you can't get rid of by diversifying." And that was a really stunning achievement because it now provided a way for you to think about what investors require on their rate of return, what corporate managers should expect in terms of the cost of capital for doing their capital budgeting and for how performance should be measured based upon the amount of systematic risk that you're taking. So, it was really Sharpe's capital asset pricing model that gave us this distinction between systematic and idiosyncratic risk and where the rewards would come from, not from idiosyncratic risk, but from bearing systematic risk.Now, since then, there have been other theories that have been developed to point out, well, there are multiple sources of systematic risk. It's not just market risk, but it's currency risk, credit risk, and so on. All of those are definitely advances from the original model, but it doesn't take away from the insights that Sharpe provided to us. And those insights are still being used to this day. And even though we do have other models with other betas, other sources of systematic risk, the fact is that we still take a look at the most significant source of risk as the market portfolio and that's all Sharpe.Benz: Sharpe recalled that people were very slow to adapt the capital asset pricing model he developed because, in his words, "It went against everything people in the investment industry did." What do you think is today's CAPM, an idea or a model that is so counter to conventional wisdom that it hasn't caught on, but it has the potential to be transformative in the way that Sharpe's theories were?Dr. Lo: Well, that’s a bit of a loaded question, because I—and I don’t want to seem too self-serving—but some of the work that I’ve been doing on incorporating principles of evolutionary theory to financial markets, I believe that that’s an area where we can make great progress. But I would argue that it certainly has not yet caught on. It’s something that people in the industry have an appreciation for simply because of their own experiences. But I think in academics, we still like to think in terms of formal mathematical models that are immutable and part of the physical law of the financial universe. I think that over time, we’re going to recognize that biology, especially evolutionary biology, is probably a closer approximation to financial market dynamics than physical theories.Ptak: Since you mentioned it, maybe you can expand a little bit more on the key tenets of the adaptive markets hypothesis, or the AMH for short. You developed it to bridge behavioral and rational finance. I think you may have referenced some of those key tenets. But maybe you can elaborate a little bit more on how it forms that connection between behavioral and rational finance.Dr. Lo: Well, the beginnings of it are really the "efficient markets hypothesis" that Gene Fama pioneered, and it was really a wonderful privilege to be able to include him in our book, too. In addition to being a giant in modern finance, Fama is just an incredibly dynamic and personable individual. So, it was really fun talking with him and understanding the roots of his ideas. So, the efficient markets hypothesis is really the foundation for a lot of the investment innovations that we enjoy today, things like mutual funds, passive versus active investing. And, of course, Jack Bogle credits a lot of what he has done to a combination of Markowitz, Sharpe, and Fama.The idea behind efficient markets is that prices fully reflect all available information. And as a result, it'd be very hard for anybody to try to beat the market. So, instead of beating the market, may as well join it, meaning invest in a broadly diversified portfolio, and you'll benefit from the growth of the market as opposed to trying to pick the winners and get rid of the losers.Now, the efficient markets hypothesis has been criticized by a number of behavioral economists. And I think that that's misplaced as well. The efficient markets hypothesis isn't wrong; it's just not complete in the sense that there are periods where efficiency breaks down. For the most part, it's an excellent approximation to most market conditions. Because, in general, markets tend to be very competitive, there are lots of very smart, highly paid people that are engaged in the process of coming up with the very best possible information. And so, it is really hard to generate value for investors in markets by trading, but it's not impossible. And periodically, when there are market dislocations, those who understand how those dislocations occur can take advantage of them and generate better value for their investors.So, to be able to understand the dynamic of when markets are efficient and when they break down, you need to develop a different approach. And so, this is what I call the adaptive markets hypothesis. It's basically an approach that takes as its starting point the efficient markets hypothesis but then layers on top of it a more discreet and the specific description of investor behavior from the behavioral, psychological, and ultimately, evolutionary biology perspective. If we look at markets as not a physical system that never changes, but if we look at it as an ecosystem consisting of different species that are competing for survival, we see a dynamic that's much closer to reality. And that's really the idea behind adaptive markets. It's to take the principles of evolutionary biology and ecology, things like competition, innovation, and ultimately, adaptation and natural selection, to take those principles and apply them to financial market interactions among the various different stakeholders and use that framework to explain how markets change over time.Benz: What are the implications for the perfect portfolio? If Fama and the efficient markets hypothesis hadn't come along, how might things have played out differently?Dr. Lo: Well, I think eventually, somebody would have come up with that idea, because it is such a good and such a compelling idea. That’s true with most scientific discoveries. Obviously, the individuals who are credited with those breakthroughs deserve that credit. They were first. But if they weren’t first, most likely somebody else would have done it. Because the bottom line is that financial markets are highly competitive. And so, prices most of the time do reflect most of the information that’s out there. So, if we hadn’t had that theory at all, I think what we would be doing today is still struggling with the gunslinger kind of culture of investing. We would be trying to find that investment manager that would be able to generate superior returns—the next Warren Buffett, the next George Soros. The problem, of course, is that while many are called, few are chosen—we don’t know who the next genius investor will be. And so, the combination of Markowitz, Sharpe, Fama, Bogle and all of the luminaries, what they gave us is the means to create a very good investment portfolio without being a gunslinger. They essentially democratized finance. They gave finance to the people.Ptak: We've gone from a single-factor explanation of the relationship between a securities risk and its expected return to a three-factor model. Now, we're up to five-factor models if you go off of Fama and French's five-factor model. It certainly is progress. But I suppose doesn't it also argue for a kind of humility? And, if so, how should that inform conclusions we draw about the best way to forecast risk and return and build a portfolio?Dr. Lo: Well, if there's one thing that you can be sure of is that financial markets will humble any investor at some point. So, yes, I think that humility is the right word. In fact, if you take a look at the machine-learning algorithms that artificial intelligence experts have applied in other industries, people are now starting to apply those same techniques to financial modeling. And what we're coming up with is not just five factors, but how about 200 different factors. And the issue is that these factors change in importance over time. So, it may well be that there are only four or five factors that are the most relevant right now. But the problem is that those four or five factors are not the same four or five factors that were the most relevant a year ago, and they changed yet again a year before that.So, what we're seeing today is because of these breakthroughs in AI, and computing, and information technology, we're able to create a much more complex array of factors. And we're going to see that over time, that's going to provide much better rates of return for all investors if they are able to be more flexible and dynamic. The key is whether or not they are able to allow themselves that flexibility, because it's so easy to get into religious convictions about what should work and what shouldn't. So, we do have to approach these issues with a certain degree of humility. But if we do, I think that's really what will ultimately help us to create value for ourselves as well as for our investment clients.Benz: Fama has also done influential research on agency risk and the way incentives can create mismatches. There's now an entire cottage industry of advisors and consultants who specialize in things like risk management and portfolio construction. And to differentiate, they'll often recommend more complex solutions and techniques. How can clients ward against that risk?Dr. Lo: Without a doubt, I think the principle of “keep it simple” applies in finance as well as in other endeavors. And there are certain people that love complexity and revel in it. And those are the portfolio managers that make a career out of investing. But for most individuals, they really just want to be able to plan for their retirement and know that they can retire in a lifestyle to which they’ve become accustomed. And for them, “keep it simple” is definitely the right operating principle. I think that this is a bit of a challenge with the various different service providers that you mentioned. But I think that with the right type of advice—and it’s one of the reasons that we wrote the book was to provide investors with a little bit of that in advance so they can be properly prepared.It is possible now with the various tools that are given to us, we can create some very, very useful investment opportunities, whereas maybe 10 years ago, we would have needed much more hand-holding. It's very much like in any other endeavor, say, personal health. Nowadays, there's just so much information on the Internet about how to deal with hypoglycemia, dealing with obesity, various other kinds of medical challenges, we know to count our calories or watch our cholesterol, make sure we don't consume too many carbs, focus on a keto diet if we're trying to lose weight. So, there's a lot of information today that didn't exist 10 years ago about diet. But that also makes it much more challenging for the individual to figure out what the appropriate type of treatment is for a given condition.So, in that same spirit, I think we have to be better educated as investors, so that we can manage through all of these various different opportunities and pitfalls. In some cases, having a financial advisor can be quite helpful. But we have to be careful about conflicts of interest. I've often thought that financial advisors ought to be required to swear to a kind of a Hippocratic oath that doctors do: do no harm to your investor, first and foremost. We don't quite do that yet. But I think that we're getting closer to thinking about incorporating those kinds of considerations into the fiduciary responsibilities that financial advisors and portfolio managers have. Over time, I think that that will get much better.Ptak: You mentioned this idea of simplicity. And who better to talk about next than someone who, as you could argue, was an exemplar for simplicity, Jack Bogle. You were able to interview him before he passed away. Bogle boiled portfolio design down to a few basic ingredients, and you lay this out in the book. They were: reward, risk, time, and cost. Can you talk about this framework? And apart from his achievements in popularizing low-cost investing, what contributions do you think Bogle made toward defining the perfect portfolio?Dr. Lo: Well, it's hard to overestimate the contributions that Jack Bogle made to the practical investor. I think that he really opened up investing to the entire world through Vanguard. Vanguard provided, at the time, a very, very different alternative to investing than the status quo. The idea of bundling securities, many of which we've never even heard of, into a pool of investments and then investing in that pool was completely radical, and at low cost. His insistence on keeping costs low is just such a remarkable ethic that to this day, I think, affects the Vanguard organization despite his passing.And Jack often talked about not the efficient markets hypothesis or the adaptive markets hypothesis, he talked about the cost matters hypothesis. A very simple idea, which is that, if you end up paying for expensive advice over time, that’s going to eat away at your investment returns. And so, his notion of pooling a large number of securities benefiting from the correlation diversity that Markowitz talked about decades before and really reducing the risk and increasing the expected return for that kind of passive portfolio that created a multi-trillion-dollar index. But more importantly, it really democratized finance in that everybody—everybody from pharmacist, and the librarian, to the janitor, to the portfolio manager—they can all use his ideas to invest cheaply and effectively in a well-diversified index fund. So, it really is hard to really fully grasp the enormity of his contributions in allowing people to save for their retirement. And he was a champion of keeping it simple, and he put his money where his mouth is by creating the tools to allow us to keep it simple and yet prepare properly for our retirement.Benz: Well, speaking of that, keeping things simple, Bogle thought it was OK to tie your bond allocation to your age. He frowned on frequent rebalancing, he stuck to investing in U.S. stocks, to name a few of the strategies that he evangelized about. Do you think we overrate techniques that more precisely calibrate the asset mix that we might own or seek to maximize diversification?Dr. Lo: I do. And it really depends on the context. Someone once said that it's far better to be approximately right than to be precisely wrong. And I think that that applies to a lot of the financial theories that we academics have developed. We revel in the mathematics and statistics that we use. But the bottom line is for the typical retail investor who doesn't have the training or the patience to be able to use any of these ideas, they want to keep it simple. And in order to be able to get them to do the right thing for their retirement portfolio, we really have to keep it simple for them. So, I think that Jack Bogle is exactly right on that point, and the simpler the better.Now, of course, I need to add Albert Einstein's warning that, when he was criticized at one point for the complexity of his ideas, he replied, “A theory should be as simple as possible, but no simpler.” And I think that that really bears repeating in the financial realm. There are certainly many things that can be made relatively simple, like diversification, index investing, and so on. But if you're engaging in a much more complicated corporate financial strategy, where you want to manage the risks of a pharmaceutical company, or you want to think about the impact of climate change on certain types of investments and captive assets, well, in that case, you really do need to have more sophisticated tools. So, like what most plumbers and carpenters would say, “You've got to pick the right tool for the right job.” And we just have to make sure that we understand what those tools are to be able to apply them to the appropriate jobs.Ptak: We're going to talk about Charley Ellis for a moment. It's another leading figure you profile in the book. He's been an unflagging champion of indexing. For all of his accomplishments, what do you see as his biggest contribution to advancing our definition of the perfect portfolio?Dr. Lo: Well, probably his biggest accomplishment is the creation of Greenwich Associates, which is a consulting firm that helps institutional investors think about investing in a systematic way. For years, Greenwich Associates has been helping pension funds, endowments, foundations, and very large pools of money, think systematically about reducing their costs, about the cost matters hypothesis according to Bogle and thinking about diversification and broadening their exposures not just to U.S. companies, but internationally, and really doing well by their clients who are pension plan participants. So, I think that Ellis' contributions are also enormously important when you take a look at the amount of assets he was able to affect with Greenwich Associates, before that at DLJ, and just a really impressive career.Benz: Going back to the topic of adaptive markets hypothesis, how would a perfect portfolio designed per the adaptive markets hypothesis differ from what someone in the rational or behavioral finance camps might have come up with?Dr. Lo: I think the main difference is that it provides an avenue for an individual to change over time as his or her circumstances change. I think back to the days before I had children. And at that point, I had no problem taking all sorts of risks, both financially as well as personally. In fact, I used to ride a motorcycle for a period of time. Once I had kids, that changed completely. I traded in my four-door sedan for a station wagon. I no longer rode the motorcycle. When I rode my bike, I started wearing a helmet. So, as our circumstances change, we change in response. And I think that has to apply to our investment strategies as well. So, I think that's probably the biggest impact of an application of adaptive markets, is to acknowledge that there's a lot of value in what the efficient markets proponents have described in terms of how to manage a portfolio. But there's also value in what the behavioral critics have leveled as critiques against the various different strategies. And so, ultimately, what we want to do is to be able to take the best of both. We want to be not necessarily devoted to any one school of thought but rather opportunistic and engaging in all of the above. And that's really where the adaptive markets hypothesis comes in. It provides the framework for thinking about how to do that and under what conditions does adaptation add value and under what other conditions could it actually hurt value.Ptak: To build on that, imagine that my main retirement vehicle is my defined-contribution plan, and I dump all my money into a target-date fund that approximates my anticipated retirement date. I think of a target-date fund that probably reflects different rational and behavioral principles, in the way it's constructed and rebalances over time. But then I hear about the adaptive markets hypothesis, and I go to you and I say, "What should I do differently as I'm approaching retirement than this target-date fund?" What, if anything, would I need to consider if I were to invest consistent with the adaptive markets framework that you've come up with?Dr. Lo: Well, the first point to observe is that a target-date fund is not necessarily one-size-fits-all. But it's not that far away. What it says is that maybe five-sizes-fit-all. And that's a problem because for many of us our personal circumstances can be so different from one another that they really don't fit any of the buckets that are designed by a target-date fund. So, the glide path is probably not the sufficient statistic for getting us to think about how to manage our portfolio.The beauty is that we live in an age where financial technology advanced to such a point that we ought to be able to create personalized indexes in the same way that we have personalized medicine. Medical specialists are now able to craft therapeutics that are designed specifically to your particular DNA. And so, we should be able to do that on the financial side as well. We certainly have the hardware and the software. What we don't yet have are the algorithms that allow us to create that personalized portfolio. But if we could do that, that would actually address a lot of the issues of adaptation, because all of us are going to be adapting in our own personal ways based upon our specific contributions over the years to our portfolio, as well as our specific needs in terms of medical expenses, children, and other investment opportunities. So, I think that that's where we are today. We're at the precipice of being able to really deliver on the promise of financial technology. But we're not there yet.Benz: You lay out an interesting framework of 16 different investor archetypes that are determined based on four characteristics: risk aversion, income levels, spending level, and economic environment. Can you talk about that and how it can be used to map someone to a portfolio?Dr. Lo: Well, the inspiration for the archetypes of investors really came from psychology, specifically, Carl Jung, the Swiss psychologist, that came up with these various different personality types—introvert, extrovert, sensing, feeling—that kind of categorization. What Steve and I wanted to do was to illustrate both the complexity, as well as the opportunity of thinking about investment preferences. We all know about risk tolerance. That’s something that the SEC has adopted as an important component of considering whether or not a particular investment is suitable for a client. But beyond risk tolerance, there are many other factors. And thinking about whether or not one has the ability to focus, and the time involved, and whether one is at the early stages of saving for retirement or at the later stages, about ready to retire, all of those considerations really gave Steve and I the impetus to create these different archetypes, so that we can show investors there isn’t just risk-tolerant, risk-seeking, or risk-averse investor. It’s really a much more complex landscape of 16. And the hope is that by investors thinking about which archetype they are, they will then be able to approach their choices of investments in a somewhat more sophisticated manner to be able to deal with these kinds of issues.Ptak: For my last question I wanted to shift a little bit and talk about technology in investing—I should say technology and innovation, one of its applications to investing, which is direct indexing. What’s your take on direct indexing? The potential tax savings seem appealing. But do you think it also could create incentives to overcomplicate portfolio constructions in ways that are ultimately self-defeating?Dr. Lo: That's certainly a risk that we have to be wary of. And I think this goes back to the point about picking the right tool for the right purpose. For certain individuals, I think that kind of complexity they would enjoy and be completely comfortable with. For other individuals, that would be far more complex and dangerous because they don't understand what they're getting into, and they may not be able to react in the appropriate ways when markets dislocate. So, I think that, like all financial innovation, it has to be tailored for the right circumstance, the right individual, and the right set of purposes. But having said that, I'm a big fan of using these technological tools, because it gives us enormous flexibility and power. Along with power comes great responsibility. So, we have to spend the time and effort to learn on how to use these tools, but once we do, I think that that opens up a much wider landscape of investment opportunities and ways that we can manage the risk that we enter when we start thinking about retirement planning.Ptak: Well, Dr. Lo, this has been such an enlightening discussion. Thanks again for joining us. We really enjoyed having you.Dr. Lo: My pleasure. Thanks very much.Benz: Thank you so much.Ptak: Thanks for joining us on The Long View. If you could, please take a minute to subscribe to and rate the podcast on Apple, Spotify, or wherever you get your podcasts.You can follow us on Twitter @Syouth1, which is, S-Y-O-U-T-H and the number 1.Benz: And @Christine_Benz.Ptak: George Castady is our engineer for the podcast and Kari Greczek produces the show notes each week.Finally, we'd love to get your feedback. If you have a comment or a guest idea, please email us at [email protected]. Until next time, thanks for joining us.(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis, or opinions, or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.)
7/4/202350 minutes, 37 seconds
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Eric Weigel and Fritz Gilbert: Uncovering Blind Spots in Retirement Planning

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 | StitcherBackgroundEric Weigel BioFritz Gilbert BioRetirement Manifesto BlogKeys 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 PossibilitiesReimagining Retirement: 9 Keys to True Wealth, by Eric WeigelSurvey 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 ConleyHolmes-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.
6/27/202353 minutes, 51 seconds
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Talmon Smith: Assessing the Greatest Wealth Transfer in History

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.BackgroundBioTwitter handle: @talmonsmithEconomy, 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.
6/20/202355 minutes, 55 seconds
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Jeremy Schwartz: Why Stocks Are Good Inflation Hedges

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.BackgroundBioStocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, Sixth Edition, by Jeremy Siegel, with Jeremy SchwartzThe Future for Investors: Why the Tried and True Triumphs Over the Bold and the New, by Jeremy SiegelDo-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 AttributionInflation 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.
6/13/202350 minutes, 41 seconds
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Ramit Sethi: Investing Shouldn’t Be Your Identity

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.BackgroundBioI Will Teach You To Be Rich, by Ramit SethiI Will Teach You To Be Rich podcastHow To Get Rich, Netflix seriesTwitter: @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 SpendingRamit’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.)
6/6/202354 minutes, 10 seconds
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Joel Tillinghast: The Art of Investing

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.BackgroundBioFidelity Low-Priced StockFidelity Global Growth and Value ClassFidelity Global Intrinsic Value ClassFidelity NorthStar® FundBig Money Thinks Small: Biases, Blind Spots, and Smarter Investing, by Joel TillinghastValue 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.
5/30/202351 minutes, 52 seconds
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Mike Piper: Financial Considerations for People Who Have ‘Enough’

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 & BooksBioOblivious InvestorOpen 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 NeedAfter the Death of Your Spouse: Next Financial Steps for Surviving SpousesCan I Retire?Social Security Made SimpleTaxes Made SimpleInvesting Made SimpleTax 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.
5/23/202352 minutes, 33 seconds
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Aswath Damodaran: A Valuation Expert’s Take on Inflation, Stock Buybacks, ESG, and More

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.BackgroundBioBooks by Aswath DamodaranInterest 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.
5/16/202356 minutes, 41 seconds
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Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning

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.BackgroundBioXY Planning NetworkAdvicePayBuckingham Strategic WealthKitces.com@MichaelKitcesInvesting 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.MaxMyInterestRising 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.
5/9/202348 minutes, 26 seconds
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Liz Ann Sonders: Navigating a New ‘Temperamental Era’ in Markets

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.BackgroundBio“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 EstateSenior 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.
5/2/20231 hour, 2 minutes, 28 seconds
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Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful’

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.BackgroundBioHumbleDollarMy Money Journey, edited by Jonathan ClementsCurrent 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 2023If 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.
4/25/202350 minutes, 51 seconds
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Jill Schlesinger: ‘The Great Money Reset’

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.BackgroundBioThe Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life, by Jill SchlesingerThe Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs, by Jill SchlesingerJill on Money podcastMaking 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
4/18/202355 minutes, 42 seconds
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Micah Hauptman: Advocating for Investors’ Best Interests

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.BackgroundBioKey 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 InterestRegulation 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
4/11/202349 minutes, 30 seconds
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James Choi: How to Improve the Way We Present and Make Investment Choices

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.BackgroundBioRetirement and Disability Research CenterAcademics 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
4/4/202348 minutes, 10 seconds
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Mark Berg: Hourly Financial Planning Is 'A Vast Blue Ocean'

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.BackgroundBioTimothy 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.InfluencesGarrett 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.ResourcesMichael KitcesFinancial Planning AssociationThe National Association of Personal Financial Advisors (NAPFA)OtherMorningstar Investment Conference 2023
3/28/202352 minutes, 58 seconds
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Brad Barrett: ‘Start With a Small Win’

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.BackgroundBioChooseFIResources and InspirationSmart Couples Finish Rich, by David Bach“The Shockingly Simple Math Behind Early Retirement,” Mr. Money Mustache blog, mrmoneymustache.com, Jan. 13, 2012.Jlcollinsnh.comThe Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by JL CollinsFinancial Independence and Real EstateKarsten 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 CarsonBiggerPocketsNick 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 HacksChooseFi.com/travel“The Ultimate Guide to Credit Card Travel Rewards | Part 1,” by Jonathan Mendonsa, choosefi.com, April 3, 2022.The Points GuyView From the WingMillion Mile SecretsTravel Miles 101
3/21/202356 minutes, 31 seconds
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Robert Powell: ‘How Do I Generate the Income?’

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.BackgroundBioTwitter handle: @RetirementpediaThe Exceptional Advisor podcastCallaway Climate InsightsCurrent 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.AnnuitiesMoshe 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.OtherElder Planning Specialist Program
3/14/202352 minutes, 45 seconds
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Lubos Pastor: ‘Judging Fund Managers by the Company They Keep’

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.BackgroundBioResearchResearch and StocksThe Journal of FinanceJournal of Financial EconomicsThe Review of Financial StudiesThe Journal of Portfolio ManagementJournal of Investment ManagementFinancial Analysts JournalSocial 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.
3/7/202350 minutes
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Stacy Francis: On a Mission to Help Women Thrive

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.BackgroundBioFrancis FinancialSavvy LadiesFinancially Ever After podcastWoman 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.WidowsLastPass“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.
2/28/202353 minutes, 36 seconds
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Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals

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.BackgroundBioRetirement 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.
2/21/202353 minutes, 52 seconds
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Cody Garrett: ‘Give Every Dollar a Job and a Use-By Date’

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.BackgroundBioMeasure Twice FinancialMeasure Twice MoneyMeasure Twice PlannersMeasure Twice MentorsTwitter handle: @MeasureTwiceMNYAdvice-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 OtherDave RamseyFinancial Peace UniversityRadical Personal Finance podcastChooseFI podcastMichael KitcesDavid 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.
2/14/202354 minutes, 36 seconds
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Kathy Jones on Inflation: ‘The Worst Is Behind Us’

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.BackgroundBioTwitter handle: @KathyJonesPractical 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.
2/7/202353 minutes, 16 seconds
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Katie Gatti Tassin: ‘Openness Has Been a Bit of a Secret Sauce’

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.BackgroundBioMoney With KatieThe Money With Katie ShowResourcesMr. Money MustacheMad FientistWealth 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.
1/31/202351 minutes, 55 seconds
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Ann Garcia: How to Pay for College

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.BackgroundBioHow to Pay for College, by Ann GarciaThe College Financial Lady blogCollege/Rankings“The Big 6 for Well-Being in College and Beyond,” by Ann Garcia, howtopayforcollege.com, June 7, 2022.U.S. News & World Report RankingsCollegeDataCollege NavigatorFinancial 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 ReportFederal 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.
1/24/202358 minutes, 1 second
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Jeff Levine: Smart Tax Moves for 2023 and Beyond

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.BackgroundBioThe Great Retirement Debate podcastThe Baby Boomer’s Guide to IRA Planning and The Financial Advisor’s Guide to Savvy IRA Planning by Jeffrey LevineThe Definitive Guide to Required Minimum Distributions for Baby Boomers, by Jeffrey LevineNerd’s Eye View blogThe 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.
1/17/202356 minutes, 57 seconds
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Mark Miller: Rebooting Retirement

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.BackgroundBioRetirement Reboot: Commonsense Financial Strategies for Getting Back on Track, by Mark MillerThe Hard Times Guide to Retirement Security: Practical Strategies for Money, Work, and Living, by Mark MillerJolt: Stories of Trauma and Transformation, by Mark MillerThe 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,CoGenerateMedicare, 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.
1/10/202350 minutes, 10 seconds
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Best of The Long View: Investing

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.
1/3/202350 minutes, 17 seconds
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Best of The Long View: Financial Planning and Retirement

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.
12/27/202237 minutes, 59 seconds
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Christine Benz and John Rekenthaler: Revisiting What Is a Safe Retirement Spending Rate After a Tough Year

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.
12/20/202248 minutes, 45 seconds
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Joe Wiggins: Applying Behavioral Science to Make Better Investment Decisions

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.BackgroundBioFundhouseThe Intelligent Fund Investor, by Joe WigginsBehavioural Investment BlogFinancial 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 RecommendationsAgainst the Gods: The Remarkable Story of Risk, by Peter BernsteinWar and Chance: Assessing Uncertainty in International Politics, by Jeffrey A. Friedman
12/13/202233 minutes, 37 seconds
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Jamie Hopkins: A Framework for Financial Freedom

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.BackgroundBioFind Your Freedom: Financial Planning for a Life on Purpose, by Jamie Hopkins and Ron CarsonRewirement: 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: @RetirementRisksFinancial 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.BucketingThe 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.OtherMichael FinkeDavid 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.reMarkableCalendly
12/6/202256 minutes, 45 seconds
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Wesley Gray: Perspectives on Market Efficiency, Investor Behavior, and ETFs

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.BackgroundBioTwitter handle: @alphaarchitectAlpha ArchitectQuantitative 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, LLBActive 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.
11/29/202257 minutes, 22 seconds
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Dr. Preston Cherry: ‘Money and Life Intertwined’

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.
11/22/202254 minutes, 36 seconds
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Feraud Calixte: ‘Your Self-Worth Is Not Your Net Worth’

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.BackgroundBioInvestment 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 AdviceNational 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.OtherGarrett Planning NetworkNAPFA
11/15/202252 minutes, 9 seconds
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Roger Whitney: ‘Retirement Planning Is Not Financial Planning’

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.BackgroundBioThe Retirement Answer Man podcastRock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future, by Roger WhitneyRock Retirement ClubCurrent 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.
11/8/202255 minutes, 33 seconds
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Morgan Housel: ‘Little Rules About Big Things’

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.BackgroundBioThe Psychology of Money, by Morgan HouselCollab BlogStorytelling 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 GoodmanRobert 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 EnoughThe 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 HistoryThe Great Depression: A Diary, by Benjamin Roth“We’ll Get Through This,” by Morgan Housel, collabfunds.com, March 9, 2020.Daniel KahnemanJason Zweig“The Big Lessons of the Last Year,” by Morgan Housel, collabfunds.com, April 2, 2021.
11/1/202253 minutes, 55 seconds
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Julien and Kiersten Saunders: ‘How Much Is Enough?’

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.BackgroundBiorich & REGULAR podcastMoney on the TableCashing Out: Win the Wealth Game By Walking Away, by Julien and Kiersten SaundersFinancial 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 KiyosakiBooks 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 LowryThe 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 RainbowNeil deGrasse TysonOther“Talking to Mom About Money,” Money on the Table, youtube.com, Aug. 2, 2020.
10/25/202255 minutes, 34 seconds
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Dana Anspach: How to Build an All-Weather Retirement Plan

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.BackgroundBioSensible MoneyHow to Plan for the Perfect Retirement, by Dana Anspach, The Great CoursesControl Your Retirement Destiny: Achieving Financial Security Before the Big Transition, by Dana AnspachSocial Security Sense: A Guide to Claiming Benefits for Those Age 60-70, by Dana AnspachRetirement 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.
10/18/202257 minutes, 58 seconds
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Bob Pisani: Everyone Talks Their Book on Wall Street

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.BackgroundBioShut Up and Keep Talking: Lessons on Life and Investing From the Floor of the New York Stock Exchange, by Bob PisaniInvesting 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 MarketsWhat is Groupthink?John MulherenIrrational Exuberance, by Robert ShillerInfluencesArt CashinWalter CronkiteJack 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.
10/11/202247 minutes, 16 seconds
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Dave Nadig: Peering Into the Future of Indexing, Governance, and Financial Technology

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.BackgroundBio@DaveNadigVettaFiA Comprehensive Guide to Exchange-Traded Funds, by Dave NadigFuturism 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.KnudgeCrypto 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.
10/4/202257 minutes, 16 seconds
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David John: Improving the Retirement System

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.BackgroundBioAutomatic: Changing the Way America Saves, by William G. Gale, J. Mark Iwry, David C. John, and Lina WalkerRetirement 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.
9/27/202254 minutes, 31 seconds
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Tim Steffen: Tax-Saving Strategies for a Falling Market

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.BackgroundBioStudent Loan Forgiveness and Inflation Reduction ActAmerican 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 CorporationsTax-Loss Selling in a Weak MarketWhat 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.
9/20/202255 minutes, 15 seconds
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Farnoosh Torabi: 'Money Is Meaningless Without Goals'

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.BackgroundBio   CNET MoneySo Money podcastWhen She Makes More: The Truth About Navigating Love and Life for a New Generation of Women, by Farnoosh TorabiYou’re So Money: Live Rich, Even When You’re Not, by Farnoosh TorabiDavid BachJean 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.
9/13/202258 minutes, 3 seconds
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Sarah Ketterer: 'Forget Value, Think Valuation'

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 BioCausewayGirls Who Invest100 Women in FinanceWomen in Institutional Investments NetworkCauseway International Value Fund Investment Team Named Morningstar’s 2017 International-Stock Fund Manager of the YearInvestment 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.
9/6/202254 minutes, 49 seconds
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Cameron Huddleston: Talk to Your Parents About Their Finances

Background BioMom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, by Cameron HuddlestonCarefullTalking 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.
8/30/202253 minutes, 39 seconds
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Michael Kitces: Does Portfolio Customization Pay Off?

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.BackgroundBioXY Planning NetworkAdvicePayNew Planner RecruitingfpPathfinderXY BeanCountersNerd's Eye ViewFinancial Advisor Success podcastKitces & Carl podcastBuckingham Strategic WealthTime 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 LevineInoreaderJoshua BrownBarry RitholtzTadas 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.ParametricAperio"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.
8/23/20221 hour, 2 minutes, 33 seconds
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Joe Saul-Sehy: What Is Your Growing Season?

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.BackgroundBioStacked: Your Super-Serious Guide to Modern Money Management, by Joe Saul-Sehy and Emily Guy BirkenStacking Benjamins podcastEmily Guy Birken's booksBasic 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.TillerQube MoneyMarcus InsightsMintStacking 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 podcastKitchen Confidential, by Anthony Bourdain
8/16/202257 minutes, 39 seconds
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Michael Santoli: Navigating Through a Foggy Market Outlook

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.BackgroundBioCorporate 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.
8/9/202253 minutes, 28 seconds
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Wade Pfau: The Risks of Retirement Today

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.BackgroundBioRetirement Planning Guidebook: Navigating the Important Decisions for Retirement Success, by Wade PfauWade Pfau booksWade Pfau blogs posts on Retirement ResearcherRetirement Income StrategiesAlex 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.
8/2/202257 minutes, 33 seconds
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Jordan Grumet: A Hospice Doctor Shares Lessons About Work, Money, and Life

Listen Now: Listen and subscribe to Morningstar's The Long View from your mobile device: Apple Podcasts | Spotify | Google Play | StitcherOur 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” podcastTaking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, by Jordan GrumetDiverseFI.comFIRE MovementJim 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.
7/26/202254 minutes, 6 seconds
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Larry Siegel: ‘The Humblest Thing an Investor Can Do Is Buy Index Funds’

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.BackgroundBioUnknown Knowns: On Economics, Investing, Progress, and Folly, by Laurence SiegelFewer, Richer, Greener: Prospects for Humanity in an Age of Abundance, by Laurence SiegelResearch"Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance," by Roger Ibbotson, Moshe Arye Milevsky, and Kevin Zhu, ResearchGate, January 2007.Popularity: A Bridge Between Classical and Behavioral Finance, by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, Jan. 15, 2019."Bursting the Bubble—Rationality in a Seemingly Irrational Market," by David F. DeRosa, SSRN, April 29, 2021."Equity Risk Premium Forum: Don’t Bet Against a Bubble?," by Paul McCaffrey, CFA Institute, April 8, 2022.The Myth of Artificial Intelligence: Why Computers Can't Think the Way We Do, by Erik Larson, April 6, 2021."Value Investing: Robots Versus People," by Laurence Siegel, larrysiegel.org, June 30, 2017.Endowments and Investing Lessons"Don't Give Up the Ship: The Future of the Endowment Model," by Laurence Siegel, larrysiegel.org, April 7, 2021."Where's Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach," by M. Barton Waring and Laurence Siegel, larrysiegel.org, April 21, 2022."Debunking Nine and a Half Myths of Investing," by Laurence Siegel, larrysiegel.org, March 12, 2020.Inflation"Protecting Portfolios Against Inflation," by Eugene Podkaminer, Wylie Tollette, and Laurence Siegel, The Journal of Investing, April 2022."The Novelty of the Coronavirus: What It Means for Markets," by Laurence Siegel, larrysiegel.com, April 1, 2020."Will Demographic Trends Drive Higher Inflation and Interest Rates?" by Laurence Siegel, larrysiegel.com, Feb. 10, 2021.Other"Cliff Asness: Value Stocks Still Look Like a Bargain," The Long View podcast, Morningstar.com, May 31, 2022."Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning," The Long View podcast, Morningstar.com, June 7, 2022.TranscriptJeff Ptak: Hi, and welcome to The Long View. I'm Jeff Ptak, chief ratings officer for Morningstar Research Services.Christine Benz: And I'm Christine Benz, director of personal finance and retirement planning for Morningstar.Ptak: Our guest this week is Larry Siegel. Larry is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research at the Ford Foundation's investment division for 15 years. Larry began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and The Journal of Investing. Larry is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. Larry earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago, Booth School of Business.Larry, welcome to The Long View.Laurence Siegel: Thank you.Ptak: Thank you so much for joining us. We're really excited to chat with you. I wanted to start with your early career. You worked for Roger Ibbotson early in your career. In fact, you were Ibbotson's first employee if I'm not mistaken. Talk about Roger's influence on you and more broadly, the impact he has had on our understanding of markets and investing.Siegel: Roger was not only my first boss, he was my first finance professor at the University of Chicago. So, I got fed the Ibbotson—and to give credit where it's due, to Sinquefield—view of the markets early. I was 21 years old. And I would describe that view as that asset classes are what's important; that security, individual securities, are best viewed as components of asset classes, although when you get involved in the business, you realize that you have to understand the market at the security level, too; and that long-term performance is very strongly in favor of equities. So, at the time, pension funds, who were the main customers for Ibbotson Associates' work, had relatively little in equities, and one of our missions was to improve the returns of those funds and thus for the sponsors and the employees by holding more equities. This was in the early ‘80s. I was hired in 1979. So, you can see that was a good strategy.Benz: So, sticking with your background in your early career, you think young professionals should have a grounding in the humanities and liberal arts. Why is that?Siegel: Well, not every single one needs to, but the ones who are going to rise to the top in the business need a grounding in the common cultural heritage of the human race, and that's given by humanities and social sciences that the liberal arts broadly construed. Investors invest in businesses or governments, but mostly businesses, and businesses exist to serve the needs and wants of people, an ever-changing group of people around the world. So, without a deep understanding of human affairs—in other words, of the why of business—young investment professionals are likely to fall into some intellectual traps: short-termism, geographically narrow thinking, where you only think about your own country, and a bunch of other well-documented behavioral biases—you shouldn't do that.Ptak: Maybe a dumb question to follow up on that: Why doesn't the market do a better job of creating incentives to ensure that younger professionals—let's talk about those who are heading into finance and in investing in particular—that they have a liberal arts background and they're able to better avoid some of those traps? Why haven't those incentives really taken shape and why is it still so typical to see this procession of MBAs and people with the traditional finance background dominating finance and investing?Siegel: Well, if you're as old as me, I'm 68, you have observed that it used to. The market, when I was getting out of school, was in a very different position. There weren't many MBAs. It was an unpopular decision to go to business school. And most of the people who were accepted in business school had an Ivy Plus background where a liberal arts education is required in order to graduate. By Ivy Plus I mean the University of Chicago, Stanford, Northwestern, places like that, plus the Ivy League. So, this staffed the investment business with a fairly broadly educated group of people. What happened in the next 40 years is that business got too big. And the MBA programs mushroomed from a little specialty of a dozen or two dozen schools to something that everybody felt they had to get in order to get a job. So, it just became more of a trade school degree rather than an academic degree. And I'm sorry if I'm offending anybody here, but that's the way I see it. And the investment business became more of a trade. So, the market became less efficient, I think, because it just got so big that it had to pull in a lot of different people, including people who had specialized early because they wanted to be in finance because they were seeing people in finance made a lot of money.Benz: Speaking of specialization, do you think that the only way to truly specialize is to have had a generalist humanistic education first? In other words, are the most successful specialists people who trained as generalists first and is there any evidence for this?Siegel: I think there is among CEOs and maybe CIOs, chief investment officers. The greatest businesspeople in the world have generally had a pretty broad background and a lot of them started, the legend is in the mail room, but they may have started in engineering, accounting. They may have started in sales. Whatever they did, they found their way to the investment business through a kind of evolution over time. An organization needs foxes and hedgehogs. Isaiah Berlin, drawing on an ancient Greek story, said that there are two kinds of people of foxes who know a little about everything and hedgehogs who no one big thing. Einstein, for example, was a hedgehog. He really only cared about physics, and he was very productive. We would have a very different world without him. I am suggesting that you're better off looking for foxes, but you also want to have a few Einsteins in there, and an organization that consists entirely of foxes would be very unfocused and would be more like a college dorm than a business.Ptak: Wanted to shift and talk about something that seems like it's been an awfully short supply lately, which is optimism. You wrote a book called Fewer, Richer, Greener, evincing optimism about the global economy and humanity in general. Have you always been an optimistic person? Or has it gone back and forth or been situation dependent?Siegel: I've always been an optimistic person in terms of my intrinsic biases. I do know enough economic history and regular history to know that living conditions have improved so much in the last 250 years, and actually in the last 50, that you'd be kind of crazy to deny that things have improved. This is a bad year and a bad decade. And it's very easy to become pessimistic when you read the news or check the stock market or look at the world situation with wars and so forth. But underneath the surface of all this chaos and negativity, technology is continuing to advance at an amazing rate of speed. And what we really rely on for economic growth is improvements in technology, where I use the word technology to mean it very broadly. Technology is not just the gadgets or computing power. It's biology. It's social technology—my ability to gather together a bunch of people in a Zoom meeting from all over the world and have a board meeting. And as this technology has grown in the broad sense, we have made our lives much easier; work has gotten easier. We do less of it. The 80-hour work week has now become a specialty of doctors, lawyers, and CEOs. Coal miners—my father-in-law was a coal miner and he worked 80 hours a week in a coal mine when they let him. He would have preferred to work 40, but he needed the money. So, we have an economy in which we produce an awful lot without doing all that much, frankly. We have probably the easiest lives of any population that's ever existed.Benz: Optimism seems like one of those secret weapons in investing, in finance in that if you're optimistic, you're more likely to stick with it, stick with your plan, and markets have tended to reward people who have stuck with it over the longer term. But it's hard to be optimistic about the long term given how unknowable things are. So, is the equity-risk premium compensation for subjecting ourselves to that unknowability?Siegel: Yes. There are two kinds of risks. One is fluctuations in asset prices. We all know what that is. The market just went down 20% or 25%, and we're feeling it. And we might forget this, but it went down 34% in a month in the spring of 2020, which is a profound dislocation in the markets. And a few months later, we forgot it. The other kind of risk is actually more profound, and it's the possibility that our general expectations for assets are wrong. And if you look back, equities have returned about real 7%, 7% plus inflation. Going forward, it's pretty unlikely that they're going to do that over the next 20 or 30 years just because of the high prices. Even if economic growth were as rapid in the future as it was in the past, you want to pay less rather than more for the stocks. So, right now, they're selling at a premium to their historical average. That conventional asset-allocation input of equities generate 6.7% or 7% real is almost certainly too optimistic, and we've got to do what Jack Bogle said, which is budget for it. We can't all earn alpha and earn a higher return, because the net alpha in the market is 0, so we would all be trying to take it away from somebody else. We have to budget for lower returns.When you look at the bond market, it's even worse. Bonds seem to be priced to yield about real 0%  to real 1%. That's much lower than the historical average, about half the historical average.Ptak: You got that right. It looks like real yields across the yield curve 49 to 99 basis points as of yesterday, which would be July 11, so a pretty paltry real yield. I did want to, if I may, stick with the general topic of optimism and its nexus with investing, talk about that in the context of value investing. I sometimes wonder if value investing pays off because it's so repulsive over long stretches that it's almost impossible to be optimistic. That does, though, raise questions about the implications for its practical usability. For instance, if investors are likely to give up on it because they do find it so repulsive when it underperforms growth as it had done until relatively recently, they might miss out on some of that payoff, which can come in bunches. Or do you think that's off base? Do you think that value investing really is usable, you just have to stick with it long enough?Siegel: I think that value investing is usable. But you shouldn't concentrate your whole portfolio in it. What we've seen is that the pendulum has swung between value and growth in very long cycles and large cycles where value does much better or much worse for the entire time that data are available. Fama and French did this back to 1927 and you get these five- to 15-year swings, which is so long that people give up on either value or growth at exactly the wrong time. So, in 2007, value had outperformed massively, and it was a great time to buy growth stocks because we were just about to enter not a tech bubble but a period of tech innovation that produced huge returns for a decade and a half. Anybody who went against the grain, anybody who went against the tide and overweighted growth stocks did much better than the market from 2007 until a year or two ago. Now people are saying, only growth works, so value is disgusting. And the more disgusted you are, the more likely it is to work. I would overweight value right now, but not all the time.Benz: I wanted to ask about intuition. It's something that tends to be greatly valued in everyday life, but it can lead us astray when it comes to investing. For example, in March 2020, which you referenced earlier, few of us expected the great snap back in the markets because intuitively we knew the pandemic would be bad for humanity. Do you think intuition was a better model for investing before markets became so efficient or has it never really worked?Siegel: Well, informed intuition, if you've spent a lifetime in, let's say, engineering and you know something about the way that computers are put together or the internet is put together or something, you might have had the intuition that this was going to be a profound change in the way everybody did everything and you bought those stocks. But the problem is that most people who bought the stocks in the first tech wave, in the 1990s, bought them without knowing anything about the individual companies. They were right about the technology; they were wrong about the companies. So, you would now have a portfolio of AltaVista and Netscape and AOL and a bunch of other companies that had promised but they were just outcompeted by somebody else. So, I would rather hang my hat on analysis than intuition unless you just happen to be one of those people with special inside knowledge but that is obtained legally. But most people who think they have inside knowledge don't. So, I would try to avoid relying on intuition too much.Ptak: Wanted to shift and talk about your role at the CFA Institute. You have a lot of experience assessing research proposals in that role. What are the best pieces of research have in common based on your experience?Siegel: Well, they draw heavily on theory to make practical recommendations that can be implemented in the short to medium term. And going back to Roger Ibbotson, we published a piece in 2007 on lifetime financial advice that came from Roger with several colleagues. We are about to publish, but have not yet received the manuscript, the second installment of that from Paul Kaplan, Tom Idzorek, and a third author whose name I forget, and that will come out later this year or early next year. So, even though they're 15 years apart, the Ibbotson people have an integrated theory of investing insurance, annuities—all these different tools in order to provide people with a lifetime income that's secure and yet has the room for adding value through either asset allocation or security selection alpha. So, that's the kind of research I like most. We sometimes have also done pieces that step outside of the box of the Financial Analysts Journal or the Journal of Portfolio Management -type of research and look at a broader set of issues—for example, geopolitics, demography. There was a beautiful piece by David DeRosa on bubbles. He's against them. I don't know how he can be for or against bubbles. Either bubbles are or bubbles are not. But he takes the position that what we think are bubbles are mostly rational responses to circumstances and then when the circumstances change, the bubble bursts. But it wasn't a bubble; it was rational at the time. I don't know that I buy that 100%, but it sure was interesting reading his logic because he expresses it so well. So, these are the kinds of research I enjoy the most.I've also done some of my own research here. I am compiling for the CFA Institute Research Foundation a book on the equity risk premium, which was a symposium of 11 fairly famous people—Marty Leibowitz, Rob Arnott, Cliff Asness and so forth—which I led. I'm not one of the famous people, but I know them all socially, so I was able to get them to come. And I edited it with a co-editor, Paul McCaffrey, who is producing a book on that as we speak. It could come out in the next month.Ptak: I did want to ask you about what's become the new rage in investing research and portfolio management, which is combining quantitative and human-driven decisions. If you had to draw up a CFA curricula for a bot, how would it differ for the current human-based curricula? And on the flip side, how do you think the current human curricula ought to be reshaped to account for the rise of things like machine learning? Is that something you've given any consideration?Siegel: A little bit. I'm writing a book review right now for Advisor Perspectives, which is an industry newsletter, a very good one. And the review is of a book by Erik Larson that's called The Myth of Artificial Intelligence. I'm giving it a good review, so you can see where I'm going to come out. I believe that machine learning is a real thing. Machines can be programmed to learn, and that's a valuable tool in investment management. But when you step beyond that to the idea of artificial general intelligence, I think it's an illusion caused by very fast computers, very big data and very clever programmers who want to create that illusion. So, we have had 300 million years of evolution—not as human beings obviously but as animals—to develop a set of connections in our brains that actually are intelligent. Yet intelligence in the sense that we are talking about now didn't really emerge until the last 200,000 years. So, it is rare. It is fragile. And we don't know what it is. It's like Justice Potter Stewart said about pornography: We don't know what it is, but we know it when we see it. And to imagine that we're, as human beings, of one level of intelligence, whatever we are, can build a machine in a few decades of those 200,000 years that's more intelligent than we are with all that evolutionary heritage is frankly ridiculous. These machines are going to do what we tell them to do. But if we tell them using instructions that are crafted well enough, it will give the illusion of being intelligent. When I don't know how something works, like everybody else, I tend to think it's magic. I'm driving and there are two or three cars lined up at a red light, it immediately turns green and makes the other traffic stop because it's a smart red light, and all it's doing is counting the number of cars that are waiting for it to turn and changes the cycle, changes the frequency, according to the traffic instead of operating on a fixed time cycle. But it looks like a pretty smart red light when you haven't encountered it before and you say “Gee, that's really amazing.” Well, I think that AI as we're experiencing it now is kind of the same as that. It's just a technology that other people understand because they developed it, but we don't because we don't have the knowledge and so we feel like it's magic or intelligence, whichever you want to call it.Benz: There's been a lot written about the glut of skilled, highly trained professionals in the investing field. Can you talk about the level of competition you see now versus what you saw earlier in your career?Siegel: The industry has become way too big. Every stockbroker has become a financial advisor. Ninety-six percent of them ought to tell people buy, hold, diversify, and rebalance and minimize taxes, and then they have to fill in that outline through implementation. In other words, somebody has to do it; their clients aren't qualified to do it. But they should mostly be telling people to buy index funds and to use premixed asset-allocation decisions that conform to what somebody at the headquarters has decided is optimal. To add value for an individual, what you really need to do is be more like a psychologist and a life counselor who says, “You have too much debt, you're not saving enough; you have too many houses; at some point your assets become a liability.” Or you don't have a house at all, you are a renter—you might want to consider a house as a hedge against inflation. But telling them which securities to buy or micromanaging the list of mutual funds, to me, is a fool's errand for most people.Inside the business, that's the public-facing side. Inside the business there are too many security analysts, too many asset allocators, too many broker/dealers. And I think that competition has become more and more people fighting over fewer and fewer real alpha opportunities, and that's why the competition feels so fierce. It used to be an easy business. And it's not easy anymore because the market is more efficient, I guess.Ptak: Wanted to shift gears and talk about asset allocation, specifically the 60/40 portfolio. And my question for you, which is a question I think many are asking, is the 60/40 debt. It's having one of its worst years ever. But the paradox is that yields are now, albeit they're still paltry, they're now a little bit higher and valuations are a tad lower, which you'd think would boost the 60/40's future prospects. What's your take on the 60/40, Larry?Siegel: I think that it's a pretty good consensus outcome of people buying what's available in the market. If you look at the supply of securities, it has to be somewhere around 60/40 because everybody holds it, and the supply and demand have to equilibrate in the long run. But why do issuers produce that ratio? I think that the underlying reason is that for a very long period of history, bonds were a very good investment. If you didn't have 40% in bonds, you wanted to, because they were producing high real returns. And that period is roughly 1981 to 2007. It's a long time. From 1940 to 1981, bonds did terribly because interest rates were going up and up and up, and we didn't have a lot of 60/40 portfolios, but what we had was mostly 0 or 100. Institutions bought fixed income to fund their pension plans. They bought fixed income to fund if there were insurance companies. The big money was in fixed income and equities were this gravy—you sold some stocks to some rich people. And over time as the stock market went up and the bond market didn't go up, you had greater interest in equities, and the consultants who emerged from this world of pension funds settled on 60/40 as a consensus. And so, you've got what I call the standard model. The allocators picked from a list of active managers in each asset class, usually buy way too many of them, didn't have access to index funds or didn't want to buy them. And so, they compared the performance of their active managers to benchmarks, fired the underperforming ones, gave more money to the outperforming ones, and since these things tend to run in cycles, generally underperform the market. They also had to have an overall asset-allocation policy where 50/50 was the tradition that they'd been coming from, but they moved it up to 60/40 because the stock market was beating the bond market and it just stayed there. Stocks are risky. So, 70/30 or 80/20 seemed like it was too volumed. We're all human, and we do what we see the person next to us doing. I think it’s really just consensus-building, although there is a supply aspect to it. You have to buy what's out there. And if we all decided to increase our allocation to equities, we couldn't. But we would just be buying them from each other. This is a point Cliff Asness made. He can usually be counted on for very good thinking.Benz: Our research has found that fund investors tend to do a really poor job of utilizing so-called liquid alternative funds. If you take the illiquidity and gates away from alternatives, do you think they can still work for individual investors in the form of liquid alternatives?Siegel: Well, the term liquid alternatives has changed over time. When I started hearing about liquid alternatives in the early to mid-90s, it meant hedge funds and to some extent managed-futures funds because the stuff they were buying was liquid, and then the illiquid alternatives were venture capital and private equity. Over time, liquid alternatives have come to mean liquid to the investor. And when you securitize an alternative investment, you've removed—so that you can trade it like a stock—you've removed the one thing that has tended to give alternative investments better returns, which is the lockup. If you can lock up somebody's money for a long time, you can take risks that don't necessarily pay off in the short run, but that may pay off in the long run. If you take that away, I would rather just invest in liquid nonalternatives, stocks, bonds, and some real estate. Although some people call real estate an alternative. It's the oldest asset class, so I'm reluctant to put it in the alternatives bucket.Ptak: Wanted to shift and talk about endowments. You spent a good chunk of your career in the endowment world. And as you know, a lot of ink has been spilled concerning debates over the endowment model. Some decried it as costly and complex, others defend it as path-breaking. What are the lessons an advisor or an individual investor should take away from the success of the endowment approach? And conversely, what are the lessons they need to unlearn, so to speak?Siegel: I'll start with the last one because it's so easy. The lesson they need to unlearn is that if David Swensen can do it, so can I. He and the people at other big endowments and foundations have access to the best funds because they come to you, you don't have to go ferret them out. The best people they can afford to hire, outstanding analysts and other chief investment officers who can make millions. And if they do lose money, they have this capability of withstanding some pain. A foundation, in particular, which doesn't have professors to pay, or buildings to maintain, or students to give scholarships to, has to pay out 5% of whatever it has at the time, so if it loses some of the assets, their liabilities go down too in a one-to-one correspondence and so, at some level, they don't care. Of course, they do care because it's always better to have more money to give away than less. But the foundation isn't going to be destroyed by a 20% decline in the market.Endowments are a little trickier because the liabilities are not so flexible. If you start paying your professors less, they will just go to another place that doesn't pay less. Students will do the same thing. But these institutions also have a lot of reserve in their fundraising ability. An ordinary individual investor doesn't have any of this backstop. If I want to raise funds, I have to work harder. I'm already working as hard as I can. And I don't have the option to reduce my liabilities by saying I'm just not going to pay them. So, individuals have to be inherently more conservative. You get older, life becomes a race against diminishing capabilities and your risk level has to go down as you get older. So, there's a lifecycle effect that institutions don't experience. So, I would say that's the main lesson is, endowments and foundations have generally done well, but they have some structural advantages over individuals. Unless you have a rich uncle—a university has a rich uncle—which is the alumni and yet that's not an unlimited resource any more than your rich uncle is. But it is a backstop for bad performance.Benz: One investing paradox is that success demands humility, but humility is a tough sell. What's the humblest thing an investor can do to boost their odds of success while also attracting clients? Is it to have a long time horizon?Siegel: Well, the humblest thing an investor can do is buy index funds. It says to the client, I don't know what stocks are going to do best, but other people collectively as a market make pretty good decisions, so I'm just going to trust them to say the prices are roughly right. And when you buy an index fund, you're making a bet that the prices are roughly right. They're obviously not exactly right. In terms of having a long time horizon, it can be humility, or it could be hubris. I can claim to have a long time horizon, but I don't know what liabilities I'm going to face tomorrow, so I better have a short time horizon with some of my investments and I could also live 30 more years, so I need to have a long time horizon with other parts of my portfolio. But the time horizon issue I don't see so much as humility versus hubris, but it's a planning tool that a lot of people don't use effectively.Ptak: One of your more popular pieces of writing in recent years was an article you wrote on investing myths. If I'm not mistaken, I think you've updated it a few times to this point, the most recent being in 2020. Why'd you write it, and how would you change it if you were to update the piece yet again today?Siegel: I wrote it because somebody in Brazil paid me to come down there and give a talk on Siegel's Nine Myths of Investing. So, when that gave me an outline I had to fill in. Most of the myths have changed over time. I've updated it every two to five years. And what would I change now? Well, first of all, you'd have to go back and look at what the myths are. I don't really think I have time to go over all of them. But the one that I would change today is that stocks and bonds are always negatively correlated, so each is a good hedge against the other. It's not true. It runs in cycles. There was a period where they were positively correlated in the ‘90s and then before that at some other time, and all of a sudden, it's back. So, with stock market down, the bond market is also down, and people say, "Diversification doesn't work." Well, first of all, nobody told you to go out and buy the longest bond. Diversification within the bond market works in the sense of holding some less-volatile, shorter-term securities. They sacrifice some yield in order to get that safety. Secondly, stocks and bonds will again be uncorrelated or negatively correlated someday. But this is not that day. And there are other assets. The one that comes to mind is the original alternative investment: cash. Right now, you’re losing money in cash in real terms, because inflation is so high. But, on average, over time cash has paid a percent or so over the inflation rate. And then the other one is real estate. I keep coming back to real estate because it has become the unloved stepchild in the investment world. And other than their house, nobody has any. The last time I heard somebody talking about real estate as an investment was probably in the decade of the 2000s, and probably it was going up a lot. Then there was a crash. And the crash stuck in people's minds while real estate itself turned around and went up again. And there may yet be another crash, but it's just another asset class that should probably be in your toolkit.Other myths—I kind of went out on a limb in the last version of that article and started talking more about social and political issues. One is that we can transition to entirely green energy without disrupting the entire world economy. We can't. We either have to transition slowly, which may not be good enough, but I actually happen to think it is, because energy transitions have taken a half century or so—wood, coal, coal to oil, oil to natural gas, and so forth—and the next transition is not going to be all solar and wind. Nuclear power is going to be a vital and probably the most important part of it. So, if the myth that you're subscribing to is the, let's call it the European version, although that's not quite fair because they have plenty of nuclear power in Europe. It's not going to happen, but we're going to need all the energy we've got, because the world is getting richer fast. Growth rates in China are down to 5%. That's still huge. Indonesia is higher than that, and it's a country of 300 million people that most Americans couldn't find on a map. The energy demands are going to be huge from all these different parts of the world that are growing and becoming middle class. And so that myth is something I spent a little time on in the article and I would write more about it next time.Benz: You more or less predicted the spate of inflation we would have before it happened. In fact, one of the myths you wrote about in 2020 was that the government could borrow all it wanted without sparking inflation. What did you see then and what do you think people should be monitoring to assess how long high inflation will persist into the future?Siegel: My forecast at the time was based on basic economic history from the 1700 and 1800s, which is that when the government borrows more money than it can pay back, it's going to pay it back anyway but in cheaper dollars. And the way that you get cheaper dollars is to have inflation. Inflation is a transfer of resources, of real resources, from savers who are bondholders and cash holders, to borrowers, which in this case is the government itself. So, it's tax. So, when you have a budget—that's how government budgets, it's out of balance by a lot for a long time— you're going to have a lot of inflation, because it's the only way the government is going to be able to make those payments on the bonds. I didn't see anything in the economy other than the budget deficits. And it was so early that you could say, I was wrong. There's not much difference between being a decade and a half early and being outright wrong. So, I'll say I was wrong.What I didn't see was the supply catastrophe that came with COVID and our response to COVID. So, when you get a supply shock like the one we've just been through, prices are going to rise, and you don't even need an unbalanced government budget, you don't need budget deficits for prices to rise when there are shortages of things because by ships not being able to dock and workers not coming to work, we just have never seen anything like this. And so, I think the inflation rate will come down from these astronomical rates to something more normal, 2%, 3%, 4%, 5%, but we're not going to go back to zero to 2, because governments have over-leveraged, and deleveraging is always inflationary.Ptak: What role do you think top-down macro should play in an allocation and investing process? Obviously, it's hard to correctly make a macro bet, though we've just talked about one you did correctly make, but it's even harder to translate that into a successful investment. So, should most people just avoid macro and diversify and call it a day?Siegel: If you mean macro bets to guide your general asset-allocation philosophy, I think you should. In other words, if you believe, as I do, that global economic growth, while slowing, is going to be very large in absolute terms for a very long time. In other words, the absolute terms meaning the number of overall dollars, or whatever your currency is, generated by the world economy that you want to hold equities because bonds don't give you a claim to that growth. And they give you a very indistinct claim I wouldn't bank on it. But international investors say that when a country is growing rapidly, the currency goes up, so you get a little bit of diversification that way. But equities are much more powerful, and international equities are frankly cheap relative to the United States. So, that's a macro bet, and I'm recommending it. But again, I recommended it for a long time. I thought the U.S. was expensive. It hasn't been cheap since the 2007-08-09 period. So, you should make an evaluation of those conditions and implement it through your portfolio.In general, most Americans suffer from home country bias because the U.S. is so big that you can get a pretty diversified portfolio with just the S&P 500 actually, because that's a lot of stocks, and those are all the big caps. If you lived in Belgium, you would not be under the illusion that Belgium was the whole world. It's just you can reach the border in an hour from anywhere in the country. So, you've known since you were a little kid that there's a big world out there. We Americans just don't have that intuition. So, that's why I'm saying that international is a macro bet that is reasonable to make. Now, if by macro bets you think that you act like a hedge fund and you think that the pound is going to crash, and that oil is going to go to $70 and then back to $110. No, individual investors should not do that.Benz: People aren't very good at respectfully disagreeing these days. You're someone who seems unafraid of having a fulsome debate. Besides stepping away from social media and the internet, what are some things we can do to exchange differing views without becoming polarized?Siegel: Well, if I knew I would run for President. People have become dug in—I don't like it at all. Spend a quarter of your reading time reading points of view that you know in advance you're going to disagree with, see how that person expresses themselves and what arguments they make and trying to take their side mentally while you're reading it. Consider maybe I'm wrong, maybe they're right. If I name some names, that would be too obvious where my biases are. But I would read the moderates on the other side, because the extremists are extremists, and they overstate everything. That's about all I can think of other than be nice. If the people you care about and generally respect have different views from you, ask yourself why. It's not because they're crazy or stupid or evil. It's because they've looked at the same data in the broad sense. They've looked at the same world and come up with different conclusions. Try to think about why that might happen, and then picture them doing that to you. That's about all I have to say about that.Ptak: Well, that's great advice and I think a great way to close this conversation, which we very much enjoyed, Larry. Thanks so much for your time and insights. We very much enjoyed having you on The Long View.Siegel: Well, thank you very much.Benz: Thanks so much, Larry.Ptak: Thanks for joining us on The Long View. If you could, please take a minute to subscribe to and rate the podcast on Apple, Spotify, or wherever you get your podcasts.You can follow us on Twitter @Syouth1, which is, S-Y-O-U-T-H and the number 1.Benz: And @Christine_Benz.Ptak: George Castady is our engineer for the podcast and Kari Greczek produces the show notes each week.Finally, we'd love to get your feedback. If you have a comment or a guest idea, please email us at [email protected]. Until next time, thanks for joining us.(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.)
7/19/202248 minutes, 24 seconds
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Justin Fitzpatrick: 'Retirees Have a Superpower'

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.BackgroundBioIncome LabIncome Lab LinkedIn PageSequence 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 PfauRobert C. Merton“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.
7/12/202245 minutes, 58 seconds
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Tim Ranzetta: 'Financial Education Positively Impacts Almost All Financial Behaviors'

Our guest on the podcast today is Tim Ranzetta. Tim is the co-founder of the nonprofit Next Gen Personal Finance, which provides free curricula, professional development, and advocacy tools to more than 40,000 teachers who reach 75% of high school students in the U.S. The goal of Next Gen Personal Finance and its community of teachers is for all high school students to take at least one stand-alone one-semester course focusing on personal finance by the end of 2030. Prior to founding NGPF, Tim co-founded several companies, including Equilar, a compensation and corporate governance research firm; and Student Lending Analytics, a student loan research firm. He began his career as a management consultant at Bain & Company. He graduated from the University of Virginia with a Bachelor of Science degree in commerce and received his MBA at the Stanford Graduate School of Business.BackgroundBioNext Gen Personal FinanceEastside College Preparatory SchoolWhat Works in Financial Education Interactive: The Financial Times’ The Uber Game“Financial Education Affects Financial Knowledge and Downstream Behaviors,” by Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, and Carly J. Urban, National Bureau of Economic Research, April 2020.“Annamarie Lusardi: ‘Financial Education Works,’ ” The Long View podcast, Morningstar.com, Feb. 19, 2020.Fidelity Youth AccountMillion Bazillion podcast “Bringing Personal Finance to the Classroom for Generation Z,” by Ann Carrns, nytimes.com, March 18, 2022.“The Truth About Day Trading,” by Ben Felix, YouTube.com, Oct. 24, 2020.The Stock Market GameSTAXfinviz.comThe State of Financial Education in the U.S.“NGPF’s 2022 State of Financial Education Report,” ngpf.org, April 2022.Jump$tart Coalition for Personal Financial LiteracyCouncil for Economic Education“Financial Education Mandates 2022,” poll by National Endowment for Financial Education, nefe.org, March 17-21, 2022.“What I Learned Reading the State Auditor’s Report About Financial Education in Utah,” by Tim Ranzetta, ngpf.org, Oct. 22, 2018.Mississippi Department of Education: National Board Certification—Master Teacher ProgramThe North Carolina Council on Economic EducationRhode Island Department of Education The Most Important Class You Never Had, NGPF documentary Other“Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad,” The Long View podcast, Morningstar.com, May 28, 2022.
7/5/202249 minutes, 6 seconds
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Ilyce Glink: The State of the U.S. Residential Real Estate Market

Our guest on the podcast today is real estate expert and author Ilyce Glink. Ilyce writes a nationally syndicated column on real estate matters, and she’s written more than a dozen books on real estate and home buying, including 100 Questions Every First-Time Homebuyer Should Ask, which is now in its fourth edition. She’s also a regular contributor to WGN Radio. Her latest project, Best Money Moves, is a mobile-first employee benefit designed to help employees with financial wellness and reduce financial stress. Ilyce received her bachelor’s degree in English literature from the University of Illinois at Urbana-Champaign.BackgroundBioIlyce Glink books 100 Questions Every First-Time Home Buyer Should Ask, Fourth Edition: With Answers From Top Brokers From Around the Country, by Ilyce GlinkBest Money MovesThinkGlinkNewsletter: Love, Money + Real Estate: Exploring Truths, Lies and Life’s Financial MilestonesHousing Market and Prospective Homebuyers“What Today’s Market Means for First-Time Home Buyers,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, May 25, 2022.“Love, Money + Real Estate #014: Is a Recession Looming?” by Ilyce Glink, glink.substack.com, May 3, 2022.“Real Estate Matters: Industry Trends as a New Year Arrives,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Jan. 16, 2022.“Real Estate Matters: Homeowner Weighs Renting vs. Buying for Next Stage in Life,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Aug. 8, 2021.“Retiree Considers Selling Townhouse, Buying Larger Single-Level Home,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, May 30, 2022.“Cullen Roche:  Macro Is About Understanding the World for What It Is,” The Long View podcast, morningstar.com, Jan. 11, 2022.“Real Estate Trends for 2022,” by Ilyce Glink, thinkglink.com, Dec. 14, 2021.Real Estate as an Investment“Real Estate Matters: We Stand by Advice That LLCs Aren’t for All Property Investors,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Jan. 23, 2022.Housing Shortage“Underbuilding Has Led to ‘Acute Shortage’ of Housing and ‘Affordability Crisis,’ Study Says,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, July 19, 2021.Older Adults, Taxes, and Retirement“Calculating Capital Gains,” by Ilyce Glink, thinkglink.com, May 9, 2022. “Should You Prepay Your Mortgage?” by Ilyce Glink, hermoney.com, July 2, 2019.“The Benefits of Paying Down a Mortgage Before Retirement,” Interview with Christine Benz and Ilyce Glink, morningstar.com, Sept. 4, 2018.“Reverse Mortgages: Readers Share Their Experiences,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, June 2, 2021.“Reverse Mortgage Not Working Out? Here Are Some Options,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, Dec. 1, 2021.
6/28/202252 minutes, 27 seconds
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David Lau: Taking High Commissions Out of Annuities

Our guest on the podcast today is David Lau, founder and CEO of DPL Financial Partners, which develops and distributes low-cost, commission-free insurance and annuity products. In addition, DPL Financial Partners provides tools and educational resources for registered investment advisors and individual investors. Prior to founding DPL, David was chief operating officer of Jefferson National and before that he was principal and co-founder of the Oysterhouse Group, a management consulting firm. He also served as chief marketing officer of E-Trade Bank and its predecessor TeleBank. David received his bachelor's degree in economics from the College of William and Mary. BackgroundBioDPL Financial PartnersAnnuitiesAnnuities—Product OverviewYour Guide to Annuities “Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle,” The Long View podcast, morningstar.com, May 4, 2021.“DPL Financial RIA Survey Shows Continued Uptick in Annuity Usage,” insurancenewsnet.com, Sept. 30, 2021.“Another Reason Advisors Are Warming to Annuities,” by Bernice Napach, thinkadvisor.com, Sept. 30, 2021.“Talk Your Book: Rethinking the 4% Rule,” Podcast With Wade Pfau and David Lau, dplfp.com, May 2, 2022.“DPL Financial Partners Launches Commission-Free MYGA Marketplace for RIAs,” businesswire.com, Dec. 2, 2021.MYGA Marketplace“A Day at DPL With Wade Pfau | How to Use a Fixed Index Annuity,” by Wade Pfau, dplfp.com, Feb. 3, 2020.“Too Much ‘Hocus Pocus,’ ” by Kerry Pechter, retirementincomejournal.com, June 4, 2021.Taxes and Asset Location“The Tax-Efficient Frontier: Improving the Efficient Frontier With the Power of Tax Deferral,” by David Lau, dplfp.com, Sept. 8, 2021.“David Lau on Ways to Enhance the Tax Efficient Frontier at NAPFA Session,” by John Sullivan, thinkadvisor.com, May 19, 2011.Other“Long-Term Care a Big Question in Pandemic,” by Emile Hellez, investmentnews.com, July 2, 2020.
6/21/202253 minutes, 23 seconds
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Christine Benz, David Blanchett, and Karsten Jeske: The State of Retirement Income

This week we’re pleased to bring you a special “State of Retirement Income” episode, which we recorded live at the annual Morningstar Investment Conference held recently in Chicago, Illinois. For this discussion, we turn the tables on Christine, who is part of an expert retirement planning panel that also includes David Blanchett, managing director and head of retirement research at PGIM DC Solutions, and Karsten Jeske, the founder of Early Retirement Now. Both were guests on past episodes of The Long View.In this panel discussion, recorded before a live audience, we delve into a number of retirement-planning topics, including the impact of inflation on spending patterns; the implications of the recent selloff on asset allocation; sequence-of-returns risk; optimal Social Security-claiming practices; the role and importance of guaranteed income sources; and a lot more. Without further ado, please enjoy this special episode of The Long View.Background“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.Karsten Jeske’s blog, Early Retirement NowKarsten Jeske’s bioDavid Blanchett’s bio“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.Inflation“How Much Should You Worry About Inflation in Retirement?” by Christine Benz, Morningstar.com, March 26, 2021.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.org, May 2014.Safe Withdrawal RatesThe Trinity Study“The Safe Withdrawal Rate Series—A Guide for First-Time Readers,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 15, 2021.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, November 2021.“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.“Drawdown From Financial Accounts in Retirement,” Vanguard Research by Thomas J. De Luca and Anna Madamba, vanguard.com, July 2021.Retirement Portfolio Construction“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.“Bonds May Be Down, But Some Annuity Payouts Are Up,” by David Blanchett, thinkadvisor.com, May 13, 2022.“Inflation at 7%! Here’s Why I’m Not Running for the Hills (Yet)!” by Karsten Jeske, earlyretirementnow.com, Jan. 13, 2022.“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.Christine Benz’s model bucket portfoliosHarold EvenskyWhat Is a Monte Carlo Simulation?Guaranteed Income and Social Security“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, papers.ssrn.com, June 28, 2021.Open Social SecurityOther“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.“Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311-2018,” by Paul Schmelzing, bankofengland.co.uk, January 2020.
6/14/202251 minutes, 6 seconds
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Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning

Tom Idzorek Show NotesOur guest this week is Tom Idzorek. Tom is chief investment officer, retirement, for Morningstar Investment Management, which is Morningstar's affiliated asset-management arm. Previously, Tom was president of Morningstar Investment Management and before that was a leading researcher at Ibbotson Associates. Tom has collaborated on a number of influential academic studies on topics including asset allocation, the liquidity of stocks, and the role of popularity and security prices. Tom serves on the editorial board of the CFA Institute's Financial Analysts Journal. He received his bachelor's degree from Arizona State University and his MBA from Thunderbird School of Global Management. He is also a CFA charterholder.BackgroundBioAsset Allocation and Managed AccountsRoger IbbotsonPeng ChenBarton WaringLarry SiegelActive Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, by Richard Grinold and Ronald Kahn“Stop Guessing: Using Participant Data to Select the Optimal QDIA,” by Thomas Idzorek, David Blanchett, and Daniel Bruns, Morningstar.com, Jan. 30, 2018.ByAllAccountsModern Portfolio TheoryAcademic Research“Liquidity Style of Mutual Funds,” by Thomas Idzorek, James Xiong, and Roger Ibbotson, papers.ssrn.com, Feb. 10, 2012.“The Popularity Asset Pricing Model,” by Thomas Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 25, 2021.“Forming ESG-Oriented Portfolios: A Popularity Approach,” by Thomas Idzorek and Paul Kaplan, papers.ssrn.com, May 20, 2022.“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, papers.ssrn.com, Dec. 10, 2018.
6/7/202252 minutes, 37 seconds
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Cliff Asness: Value Stocks Still Look Like a Bargain

Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst Journal, the Journal of Finance, and the Journal of Financial Economics. This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor’s degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago.BackgroundBio@CliffordAsnessReturn Environment Antti IlmanenInvesting Amid Low Expected Returns: Making the Most When Markets Offer the Least, by Antti Ilmanen“Demystifying Illiquid Assets: Expected Returns for Private Equity,” by Antti Ilmanen, Swati Chandra, and Nicholas McQuinn, aqr.com, Jan. 31, 2019.“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.“Why Not 100% Equities,” by Clifford Asness, aqr.com, Dec. 1, 1996.“Leverage Aversion and Risk Parity,” by Clifford S. Asness, Andrea Frazzini, Lasse H. Pedersen, aqr.com, January/February 2012.“An Update to Cliff Asness’s Study on the Benefits of a Levered 60/40,” by Jeremy Schwartz, wisdomtree.com, May 20, 2021.“Are Value Stocks Cheap for a Fundamental Reason?” by Cliff Asness, aqr.com, Aug. 30, 2021.“The Long Run Is Lying to You,” by Cliff Asness, aqr.com, March 4, 2021.“Quant Legend Cliff Asness Is Back to Defending Value Again,” by Justina Lee, Bloomberg.com, July 15, 2021.“Still Crazy After All This YTD,” by Cliff Asness, aqr.com, May 9, 2022.“Everything and More,” by Cliff Asness, aqr.com, April 4, 2022.“Bonds Are Frickin’ Expensive,” by Cliff Asness, aqr.com, Aug. 13, 2019.“Should Taxable Investors Shun Dividends?” by Ronen Israel, Joseph Liberman, Nathan Sosner, Lixin Wang, The Journal of Wealth Management, Winter 2019.ESG“Cliff Asness Says ESG Is Here to Stay Amid Growing Interest,” by Isabelle Lee and Silla Brush, Bloomberg.com, May 17, 2022.“Shorting Counts,” by Cliff Asness, aqr.com, Feb. 23, 2022.“Shorting Your Way to a Greener Tomorrow,” by Cliff Asness, aqr.com, Sept. 7, 2021.“Virtue Is Its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor,” by Cliff Asness, aqr.com, May 8, 2017.Taxes“Now There’s Nothing Certain But Death,” by Cliff Asness, aqr.com, Jan. 15, 2021.
5/31/202256 minutes, 30 seconds
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Eric Balchunas: Assessing Jack Bogle's Monumental Legacy

Our guest this week is Eric Balchunas, who is a senior exchange-traded fund analyst for Bloomberg Intelligence, where he writes for and leads the fund research team. Balchunas is a fixture in financial media. He hosts the TV show Bloomberg ETF IQ and the podcast Trillions and is also a mainstay of social media under his popular Twitter account @EricBalchunas. Balchunas is also an accomplished author, his latest book being The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions, which we devote this episode to discussing. He earned his bachelor's degree in journalism and environmental economics from Rutgers University.BackgroundBioTwitter: @EricBalchunasThe Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors TrillionsVanguard: The Early Years"Inside 'The Bogle Effect'," Trillions podcast, Bloomberg.com, April 27, 2022."Investor Jack Bogle Founded His Legendary Company Based on His Princeton Senior Thesis," by Veronika Kero, cnbc.com, Jan. 17, 2019."How the Index Fund Was Born," by John C. Bogle, The Wall Street Journal, Sept. 3, 2011."Challenge to Judgment," by Paul A. Samuelson, The Journal of Portfolio Management, Fall 1974."Q&A With Jack Bogle: "We're in the Middle of a Revolution'," by Michael Regan, Bloomberg.com, Nov. 23, 2016.Gus SauterTed AronsonMichael LewisJason Zweig"Investing Legend Jack Bogle Says There's a Big Problem With Index Funds," by Sergei Klebnikov, money.com, Nov. 30, 2018.Bogle's BooksStay the Course: The Story of Vanguard and the Index Revolution, by John C. BogleThe Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, by John C. BogleEnough: True Measures of Money, Business, and Life, by John C. BogleCharacter Counts: The Creation and Building of The Vanguard Group, by John C. BogleOther"Sheryl Garrett: 'The Industry Thought I Was Nuts'," The Long View podcast, Morningstar.com, July 17, 2019."Michael Kitces: The Model Has to Change Again," The Long View podcast, Morningstar.com, June 5, 2019."Rick Ferri: 'There Are No Average Investors'," The Long View podcast, Morningstar.com, July 3, 2019."Gus Sauter: Efficient Markets Are a Good Thing," The Long View podcast, Morningstar.com, Dec. 4, 2019."Jack Brennan: Price Pressure in the Advice Business 'Is Inevitable'," The Long View podcast, Morningstar.com, June 23, 2021."Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021.
5/24/202257 minutes, 10 seconds
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Ric Edelman: On Crypto, Retirement Planning, the Advice Business, and More

Our guest today is Ric Edelman, the founder of the Digital Assets Council of Financial Professionals, or DACFP, an organization he formed in 2018. DACFP aims to advance financial professionals' knowledge of blockchain and digital assets. Prior to forming DACFP, Edelman and his wife Jean founded Edelman Financial Services, which grew to become one of the largest Registered Investment Advisors in the United States before it acquired Financial Engines to form Edelman Financial Engines in 2018. Edelman is a fixture in financial media where he is known for his radio show and frequent print and television appearances and has authored numerous books, including his latest, The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets. Edelman began his career as a journalist after graduating from Rowan University with a degree in communications.BackgroundBioDigital Assets Council of Financial Professionals (DACFP)DACFP Course on Blockchain and Digital Assets℠Edelman Financial EnginesThe Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets, by Ric EdelmanThe Truth About Your Future With Ric EdelmanOther books by Ric EdelmanCryptocurrency"Crypto Attitudes Around the World," by Ric Edelman, dacfp.com, April 25, 2022."Ric Edelman Expects the SEC Will Approve a Bitcoin ETF," by Bernice Napach, benefitspro.com, July 2, 2021."A Bitcoin ETF Could Be a Game-Changer for Advisors. Not Everyone's Buying It," by Avi Salzman, Barron's, Oct. 19, 2021."Ric Edelman's '22 Predictions for 2022," by Brian Anderson, 401kspecialistmag.com, Dec. 29, 2021. "Here's the Best Time to Buy Bitcoin, According to Yale Data,” by Ali Montag, cnbc.com, Aug. 8, 2018."Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals," by Matt Hougan and David Lawant, CFA Institute, 2021.The Future of Advice"What's Coming Next in This Technological and Investment Revolution," YouTube, April 13, 2022.Milken InstituteStanford Center on Longevity"Laura Carstensen: 'I'm Suggesting We Change the Way We Work,'" The Long View podcast, Morningstar.com, Sept. 14, 2021.Retirement"Ric Edelman on the Future of Retirement," YouTube, Nov. 1, 2021."U.S. Is Facing 'a Real Retirement Crisis,' Top Investor Says—His Plan for Doubling Savings and Reducing Income Inequality," by Lizzy Gurdus, cnbc.com, June 22, 2021."More Americans Could Outlive Their Savings. How Advisors Can Protect Them," by Amey Stone, Barron's, July 21, 2021.Other"This Chart Perfectly Sums Up Why It’s Important to Have a Diverse Investment Portfolio," by Kathleen Elkins, cnbc.com, Jan. 12, 2021.Richard Thaler
5/17/202254 minutes, 50 seconds
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Brian Feroldi: Why Does the Stock Market Go Up?

Our guest on the podcast today is Brian Feroldi. Brian is the author of a new book called Why Does the Stock Market Go Up? He is also a writer and contributor to the Motley Fool, where he focuses on the technology and healthcare industries. In addition, Brian has a big presence on YouTube. The videos on his YouTube channel have hundreds of thousands of views. He received his bachelor's degree from the University of Connecticut and his MBA from the University of Rhode Island.BackgroundBioBrian Feroldi—Spread Financial Wellness YouTube channelWhy Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren’tIndividual Stock Investing“10 Investing Lessons for Stock Market Beginners,” by Brian Feroldi, youtube.com, July 15, 2021.“The Hardest Part About Picking Stocks for New Investors,” video with Brian Feroldi and Brian Withers, fool.com, Feb. 10, 2021.“Opinion: ‘Time in the Stock Market Is More Important Than Timing the Market’ and More Critical Money and Investing Lessons I Wish My Younger Self Had Understood,” by Brian Feroldi, marketwatch.com, May 5, 2022.Peter Lynch“Brian Feroldi’s Stock Investing Checklist: A Step by Step Guide,” by Brian Feroldi, youtube.com, June 18, 2021.Antifragile: Things That Gain From Disorder, by Nassim Taleb“Good Reasons to Ignore Valuation,” by Brian Feroldi, MicroCap Leadership Summit 2021, microcapclub.com, Oct. 6, 2021.“Interview With Tom Engle: Investing Legend,” with Chris Reining, chrisreining.com.“GameStop: Squeezed to the Max|Brian Feroldi|EP 293,” choosefi.com, Feb. 4, 2021.“The 5 Biggest Investing Mistakes I’ve Ever Made,” by Brian Feroldi, yahoo.com, Sept. 23, 2018.OtherChooseFIAfford AnythingAll the HacksInvest Like the Best with Patrick O’ShaughnessyRule Breaker InvestingBanklessThe Tim Ferriss Show
5/10/202248 minutes, 29 seconds
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Jim Grant: 'Rising Interest Rates Are the Kryptonite of Financial Assets'

Our guest this week is Jim Grant. Jim is the founder and editor of Grant's Interest Rate Observer, a twice-monthly newsletter on financial markets with a focus on bonds. He is the author of numerous books and has made frequent appearances in the financial press where his views on markets and the macroeconomy are much sought after. Before founding Grant's Interest Rate Observer, Jim did stints as a journalist, first as a reporter at The Baltimore Sun, and later at Barron's. He received his bachelor's degree from Indiana University and his master's in international relations from Columbia University.Background BioGrant’s Interest Rate ObserverThe Forgotten Depression: 1921: The Crash That Cured ItselfMr. Market Miscalculates: The Bubble Years and BeyondMoney of the MindBagehot: The Life and Times of the Greatest VictorianInflation and Interest Rates“Jim Grant: The Fed Cannot Control Inflation,” by Robert Huebscher, advisorperspectives.com, May 4, 2021.“Jim Grant: The Trouble With Treasuries,” by James Grant, barrons.com, Oct. 11, 2019.“The High Cost of Low Interest Rates,” by James Grant, wsj.com, April 1, 2020.“Happy Birthday, Federal Reserve! Have Some Punch (Before the Bowl Gets Taken Away),” by Paul Vigna, wsj.com, Dec. 23, 2013.“The Inflation Headshake,” by Eric Cinnamond, palmvalleycapital.com, March 9, 2022.Horizon Kinetics Inflation Beneficiaries ETFMurray Stahl bio“Jim Grant: The Endgame for the Bull Market in Bonds,” by James Grant, barrons.com, Sept. 13, 2019.“Jim Grant: Low Interest Rates Forever? Don’t Get Used to That Idea,” by James Grant, barrons.com, June 7, 2019.“James Grant: Bitcoin and Other Bubbles,” Wealthtrack podcast, youtube.com, Feb. 26, 2021.Policymaking“Jim Grant: The Big Flaw in Ph.D-conomics,” by James Grant, barrons.com, July 19, 2019.What Is the Taylor Rule?A History of Interest Rates, by Sidney HomerRecession and Macroeconomic Forecast“The Difficult Art of Conjuring Up Yield From Mortgage-Backed Securities,” by James Grant, barrons.com, March 15, 2019.“The Fed Is Well Behind the Curve: Jim Grant,” cnbc.com interview, youtube.com, Feb. 25, 2022.
5/3/202248 minutes, 25 seconds
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William Reichenstein: Avoiding Tax Headaches in Retirement

Our guest on the podcast today is William Reichenstein. Dr. Reichenstein is an author and emeritus professor of finance at Baylor University. He is also head of research for Social Security Solutions and Retiree, Inc., where he and William Meyer have developed software to facilitate tax-efficient Social Security and asset-drawdown strategies for retirees. His recent books include Income Strategies and Social Security Strategies with William Meyer. A fourth edition of that book will be forthcoming soon. He has also published more than 200 articles in various financial journals. He earned his B.A. in economics from St. Edward's University and his Ph.D. from the University of Notre Dame. He is also a CFA charterholder.BackgroundBioSocial Security SolutionsIncome SolverIncome Strategies: How to Create a Tax-Efficient Withdrawal Strategy to Generate Retirement Income, by William Reichenstein Social Security Strategies: How to Optimize Retirement Benefits, by William Reichenstein and William MeyerTax-Efficient Withdrawal Strategies“Pay Attention to Marginal Tax Rates and Not Tax Brackets,” by William Reichenstein, advisorperspectives.com, Sept. 28, 2021.“Tax Considerations for Relatively Wealthy Households,” by William Reichenstein, Journal of Financial Planning, December 2021.“How Social Security Coordination Can Add Value to a Tax-Efficient Withdrawal Strategy,” by William Reichenstein and William Meyer, jor.pm-research.com, Fall 2021.“Saving in Roth Accounts and Making Roth Conversions Before Retirement in Today’s Low Tax Rates,” by William Reichenstein, financialplanningassociation.org, July 2020.“Investment Implications of the Rising and Falling Pattern of Marginal Tax Rates for Retirees,” by William Reichenstein and William Meyer, jor.pm-research.com, Summer 2020.“A Comparison of the Tax Efficiency of Decumulation Strategies,” by Greg Geisler, Bill Harden, and David Hulse, financialplanningassociation.org, March 2021.“Advice for Married Couples When One Spouse Will Die Years(s) Before the Other Spouse,” by William Reichenstein and William Meyer, financialplanningassociation.org, January 2021.“Using Roth Conversions to Add Value to Higher-Income Retirees’ Financial Portfolios,” by William Reichenstein and William Meyer, financialplanningassociation.org, February 2020.“The Asset-Location Decision and Related Topics,” by William Reichenstein, advisorperspectives.com, June 1, 2020.“Basic Truths About Asset Allocation: A Consensus View Among the Experts,” by William Reichenstein, aaii.com, July 2019.Social Security, Medicare, and Taxes“How to Prepare for a No-to-Low 2021 Social Security COLA,” by William Reichenstein, thestreet.com, July 27, 2020. “The Relationship Between Wealth and Delaying Social Security Benefits,” by William Reichenstein, aaii.com, June 2020.“Social Security Claiming Strategies for Singles and Their Implications for Couples,” by William Reichenstein and William Meyer, financialplanningassociation.org, May 2021.“A Top Social Security Expert Blasts Biden’s Reform Plan,” by Jane Wollman Rusoff, thinkadvisor.com, June 2, 2020.“Understanding the Tax Torpedo and Its Implications for Various Retirees,” by William Reichenstein and William Meyer, financialplanningorganization.org, July 2018.“How Retirees Can Avoid the ‘Tax Torpedo’,” by Mark Miller, Morningstar.com, Feb. 9, 2022.“Minimizing the Damage of the Tax Torpedo,” by William Reichenstein, financialplanningorganization.org, September 2021.“Medicare and Tax Planning for Higher-Income Households,” by William Reichenstein and William Meyer, jwm.pm-research.com, Winter 2019.“How Retirees Can Avoid Higher Medicare Premiums,” by William Reichenstein, wsj.com, June 14, 2018.Retirement Income/Other “There Is No Perfect Way to Protect Your Investments Against Inflation,” by Anne Tergesen, goodwordnews.com, Feb. 14, 2022.
4/26/202259 minutes, 48 seconds
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Mary Childs: The Rise and Fall of the Bond King

Our guest this week is Mary Childs. Mary is a cohost and correspondent for National Public Radio's Planet Money. Previously, she was a reporter at Barron's magazine and before that, a reporter at the Financial Times and Bloomberg News. She received her bachelor's degree in business journalism from Washington & Lee University. Mary is the author of a new biography about the iconic Pimco bond fund manager, Bill Gross. It's called the The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. We spent this episode delving into the book with Mary's help.BackgroundBioPlanet Money podcastThe Bond King: How One Man Made a Market, Built an Empire, and Lost It All, by Mary ChildsPimco Total Return Analyst ReportEarly Life and CareerBeat the Dealer, by Ed Thorpe“The Strange Billionaire Who Revolutionized the Bond Market,” by Greg Rosalsky, npr.org, March 15, 2022.“Bill Gross Made the Bond Market What It Is Today,” by Mary Childs, barrons.com, Feb. 8, 2019.Psychology and MotivationsJeffrey Gundlach“Gross Friendly to Fannie and Freddie,” by Bloomberg News, investmentnews.com, Oct. 31, 2011.“Pimco Shook Hands With the Fed—and Made a Killing,” by Reuters, cnbc.com, Sept. 27, 2013.“Special Report—The Twilight of the Bond King,” by Jennifer Ablan and Matthew Goldstein, reuters.com, Feb. 9, 2012.“Announcing the Morningstar Fund Managers of the Decade,” by Karen Dolan, Morningstar.com, Jan. 12, 2010.“Fall of the Bond King: How Gross Lost Empire as Pimco Cracked,” by Mary Childs, Bloomberg.com, Dec. 2, 2014.“Inside the Showdown Atop Pimco, the World’s Biggest Bond Firm,” by Gregory Zuckerman and Kirsten Grind, wsj.com, Feb. 24, 2014.“Pimco Dissidents Challenge Bill Gross in ‘Happy Kingdom,’” by Mary Childs, Bloomberg.com, July 8, 2014.“Gross: Economy Can’t Survive Much Higher Rates,” keynote presentation at the Morningstar Investment Conference, Morningstar.com, June 25, 2014.Gross’ Departure From PimcoMohamed El-Erian“Exclusive: Pimco’s Gross Declares El-Erian Is ‘Trying to Undermine Me,’” by Jennifer Ablan, reuters.com, March 6, 2014.“5 Years Later: Pimco Total Return,” by John Rekenthaler, Morningstar.com, June 26, 2018.“Pimco in the Post-Gross Era,” by Eric Jacobson, Morningstar.com, Dec. 26, 2017.“Gross Loses Pimco Power Struggle With ‘Stunning’ Exit,” by Mary Childs and Alexis Leondis, Bloomberg.com, Sept. 26, 2014.
4/19/202255 minutes, 30 seconds
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Nick Maggiulli: 'The Biggest Lie in Personal Finance'

Our guest on the podcast today is Nick Maggiulli. He is the author of a new book called "Just Keep Buying: Proven Ways to Save Money and Build Your Wealth." He is also the author of OfDollarsAndData.com, a blog focused on the intersection of data and personal finance. In addition, he is COO and data scientist for Ritholtz Wealth Management. He graduated from Stanford University with a degree in economics.BackgroundBioOf Dollars And DataJust Keep Buying: Proven Ways to Save Money and Build Your WealthPersonal FinanceWhat Is a Data Scientist?“Go Big, Then Stop,” by Nick Maggiulli, ofdollarsanddata.com, July 27, 2021.“The Biggest Lie in Personal Finance,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 4, 2020.“The 9 Best Income Producing Assets to Grow Your Wealth,” by Nick Maggiulli, ofdollarsanddata.com, Sept. 15, 2020.“Just 5 Years Can Change Your Life,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 28, 2021.“We Begin our Lives as Growth Stocks, but end our Lives as Value Stocks,” by Nick Maggiulli, ofdollarsanddata.com, Nov. 24, 2020.“How to Spend Money,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 3, 2019.The Paradox of Choice: Why More Is Less, by Barry SchwartzInvesting and Markets“Dollar-Cost Averaging vs. Lump Sum: The Definitive Guide,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 25, 2020.“How Often Does Dollar-Cost Averaging Fail?” by Nick Maggiulli, ofdollarsanddata.com, June 29, 2021.“We Are All Investors Now,” by Nick Maggiulli, ofdollarsanddata.com, July 20, 2021.“The Yield Curve Just Inverted…Now What?” by Nick Maggiulli, ofdollarsanddata.com, April 5, 2022.“How to Save for a Big Purchase,” by Nick Maggiulli, ofdollarsanddata.com, Nov. 17, 2020.“In Defense of Global Stocks,” by Nick Maggiulli, ofdollarsanddata.com, July 6, 2021.“Why Investing Like Your Neighbors Isn’t as Dumb as It Seems,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 1, 2022.“Why You Shouldn’t Pick Individual Stocks,” by Nick Maggiulli, ofdollarsanddata.com, April 6, 2021.“Why Market-timing Can Be So Appealing,” by Nick Maggiulli, ofdollarsanddata.com, Jan. 28, 2020.“When Does Market-timing Work?” by Nick Maggiulli, ofdollarsanddata.com, May 7, 2019.“Ask Yourself Why,” by Nick Maggiulli, ofdollarsanddata.com, March 28, 2018.OtherKyla ScanlonJack Raines
4/12/202251 minutes, 15 seconds
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JL Collins: The Case for Simplicity

Our guest on the podcast today is author and blogger JL Collins. He blogs about financial and other matters at JLCollinsnh.com. Collins' first book, The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life was published in 2016 and has been an international best-seller. His latest book is How I Lost Money in Real Estate Before It Was Fashionable. That one came out in 2021.BackgroundBioJLCollinsnh.com The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free LifeHow I Lost Money in Real Estate Before It Was Fashionable: A Cautionary TaleInvesting"Stocks--Part XV: Target Retirement Funds, the Simplest Path to Wealth of All," by JL Collins, jlcollinsnh.com, Dec. 18, 2012.“Stocks—Part XIII: The 4% Rule, Withdrawal Rates and How Much Can I Spend Anyway?" by JL Collins, jlcollinsnh.com, Dec. 7, 2012."The Alfred Hitchcock Path to FI," by JL Collins, jlcollinsnh.com, May 5, 2021."The Trinity Study and Portfolio Success Rates," by Wade Pfau, Forbes, Jan. 16, 2018."Stocks—Part XXVII: Why I Don't Like Dollar Cost Averaging," by JL Collins, jlcollinsnh.com, Nov. 12, 2014.Real Estate"Truly Passive Real Estate Investing," by JL Collins, jlcollinsnh.com, Nov. 28, 2018."Why Your House Is a Terrible Investment," by JL Collins, jlcollinsnh.com, May 29, 2013.OtherThe Psychology of Money, by Morgan Housel Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren't, by Brian FeroldiQuit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required, by Kristy Shen and Bryce LeungRich & Regular blogCashing Out: Win the Wealth Game by Walking Away, by Julien and KierstenTaking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, by Jordan GrumetEarn & Invest podcast
4/5/202253 minutes, 53 seconds
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Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad

Our guests on the podcast today are Dan Otter and Scott Dauenhauer. Together they run the website 403bwise, which is geared toward providing education and advocacy on retirement planning for educators. Dan started 403bwise in 2000 with John Moore as a means of shedding light on the often opaque landscape of retirement plans for K-12 educators. Scott is a certified financial planner and principal and owner of Meridian Wealth Management. He got interested in the 403(b) space after researching retirement plan options available to his wife, who is a teacher. They've each written books about 403(b)s and retirement planning for K-12 educators. Dan's is called Teach and Retire Rich, while Scott's book is called Wild West: Providing Fiduciary Advice to Public School Employees. They also host a podcast called Teach and Retire Rich, and they recently released a short podcast series called Learned by Being Burned: Teachers in the K-12 403(b).Background403bwise.orgDan OtterTeach and Retire Rich, by Dan OtterScott DauenhauerWild West: Providing Fiduciary Advice to Public School Employees, by Scott DauenhauerTeach and Retire Rich podcastLearned by Being Burned podcastThe Ins and Outs of 403(b)s“401(k) and 403(b) Plans: Knowing the Difference,” investopedia.com, March 19, 2021.“Many Teacher Pension Plans Get Failing Grade,” by Kaitlin Mulhere, money.com, Aug. 31, 2021.“How 403bwise.org Provides Financial Education to K-12 Employees,” by Dan Otter, investmentnews.com, April 9, 2021.What Is a 457 plan?“457(b)s: The Solution to Bad K-12 403(b) Plans?” by Dan Otter, investmentnews.com, July 29, 2021.“Project Aims to Grade 14,000 School Districts’ 403(b) Plans,” by Emile Hallez, investmentnews.com, Jan. 4, 2022.“The Two Faces of 403(b) Index Funds,” by Scott Dauenhauer, 403b.substack.com, Oct. 7, 2021.403bCompare.comNEA DirectInvestNext Gen Personal Finance“Bringing Personal Finance to the Classroom for Generation Z,” by Ann Carrns, nytimes.com, March 18, 2022.New York State Deferred Compensation Plan
3/29/202256 minutes, 12 seconds
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Eric Schoenstein: The Case for Quality Stocks

Our guest today is Eric Schoenstein. Eric is a managing director at Jensen Investment Management, where he serves as the firm’s chief investment officer and is a portfolio manager of several Jensen strategies, including its flagship Quality Growth strategy. That strategy is a concentrated portfolio of 25-30 stocks of growing businesses that Jensen’s team believes boast durable competitive advantages. Prior to joining Jensen in 2002, Eric was a senior manager at Arthur Andersen. He earned his bachelor’s in business administration from Oregon State University. He is also a trustee and the board chair for the Oregon State University Foundation Board of Trustees.BackgroundBioJensen Quality GrowthQuality and Growth"15 Cheap Growth Stocks Amid the Volatility," by Dave Sekera, Morningstar.com, Feb. 28, 2022."The Best Way To Capture Quality Growth," by Helen Fowler, ETF.com, Dec. 4, 2013. "The What, Why, and How of Quality," by Ben Johnson, Morningstar.com, March 30, 2016.“A Closer Look at Quality: The Fuzziest of Factors,” by Ben Johnson, Morningstar.com, Feb. 13, 2019.Risk Management“Risk Management--U.S. Equity Investing,” by Eric H. Schoenstein.“Interview With Eric Schoenstein of Jensen Investment Management,” Motley Fool, June 3, 2016.“Jensen Quality Growth Invests Patiently--and Very Successfully,” by Reshma Kapadia, Barron’s, Jan. 21, 2017.“Q&A: Jensen Investment on Bracing for Volatility,” by Coryanne Hicks, U.S. News & World Report, Jan. 13, 2021.Stocks“Jensen Quality Growth Fund: Stock Investing With a High Hurdle for Entry,” by Steve Schaefer, Forbes, July 23, 2013“Jensen Fund Managers Asks One Really Important Question When Deciding to Invest,” by John Sullivan, ThinkAdvisor.com, June 24, 2012. “How Microsoft, PepsiCo and Other Solid Plays Helped This Fund Manager Ride Out a Bumpy Decade,” Barbara Kollmeyer, MarketWatch, Jan. 29, 2020.“Microsoft Results Point to New Growth Chapter,” by Daisuke Wakabayashi, Reuters, Oct. 29, 2007.“Apple Services to Drive Next Leg of Growth, Says Schoenstein,” Bloomberg Technology, March 27, 2018.“Why One Of 2016's Best Large-Cap Funds Finally Bought Apple Shares,” Steve Schaefer, Forbes, April 11, 2016.
3/22/202256 minutes, 47 seconds
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Terry Odean: Who's on the Other Side of the Trade?

Our guest on the podcast today is Terrance Odean. Dr. Odean is the Rudd Family Foundation Professor of Finance at the Haas School of Business at the University of California, Berkeley. Individual investor trading has been a key area of research throughout his academic career. In 2016, Dr. Odean received the James R. Vertin Award from the CFA Institute for research notable for its relevance and enduring value to investment professionals. He has been an editor and an associate editor of numerous academic finance journals, including The Review of Financial Studies, The Journal of Finance, and The Journal of Behavioral Finance. As an undergraduate student at UC Berkeley, Dr. Odean studied judgment and decision-making with a 2002 Nobel Laureate in Economics, Daniel Kahneman.BackgroundBioThe Review of Financial StudiesThe Journal of FinanceThe Journal of Behavioral FinanceFree Trading and Robinhood“Online Investors: Do the Slow Die First?” by Brad Barber and Terrance Odean, faculty.haas.berkeley.edu, 2002.“The Behavior of Individual Investors,” by Brad Barber and Terrance Odean, umass.edu, September 2011.“Attention Induced Trading and Returns: Evidence From Robinhood Users,” by Brad Barber, Xing Huang, Terrance Odean, and Christopher Schwarz, paper.ssrn.com, Oct. 12, 2021.“Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” by Brad Barber and Terrance Odean, faculty.haas.berkeley.edu, April 2000.“All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors,” by Brad Barber and Terrance Odean, academic.oup.com, April 2008.“Robbin’ Who?” by William Ehart, humbledollar.com, May 11, 2021.“Systematic Noise,” by Brad Barber, Terrance Odean, papers.ssrn.com, May 2006.Gender Differences in Investing“Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad Barber and Terrance Odean, papers.ssrn.com, November 1998.“Seeing Is Believing: Female Leaders’ Presence Narrows the Gender Gap in Girls’ Aspirations and Advancement in Education,” by Lori Beaman, Esther Duflo, Rohini Pande, and Petia Topalova, gap.hks.harvard.edu, February 2012.“What Accounts for the Gender Equality Among Pharmacists?” by Claudia Goldin, premarket.org, Oct. 7, 2021.Behavioral FinanceDaniel Kahneman
3/15/202253 minutes, 32 seconds
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Andrew Miller: ‘No Index Is Truly Passive’

Our guest this week is Andrew Miller. Andrew is a partner at Creative Planning where he advises clients on financial planning and investment issues. Prior to joining Creative Planning in 2020, Andrew was a partner at Miller Financial Management, where he focused on portfolio construction, financial and tax planning, as well as investment management. He's active on social media--you can find him on Twitter @millerak42--and has authored research on various financial-planning and investing topics that you can find online. Andrew is a CFA charterholder and also is a certified financial planner. He received his bachelor's degree in finance from Indiana University.BackgroundBioGeneral“Alpha, Beta, and Now ... Gamma,” by David Blanchett and Paul Kaplan, Morningstar.com, Aug. 28, 2013.Asset Allocation and Portfolio Construction“Alternative Investments--A Field Manual,” by Andrew Miller, alphaarchitect.com, Oct. 3, 2019.“Who’s Afraid of a Big Bad Bear? Many Investors Shouldn’t Be That Concerned,” by Andrew Miller, alphaarchitect.com, March 2, 2018.InvestingWhat Is Home Country Bias?“Investors Have Fewer Reasons Than Ever for Home Bias,” by Ben Johnson, Morningstar.com, June 7, 2019.“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.“Rebalance Your Portfolio? You Are a Market Timer and Here’s What to Consider,” by Andrew Miller, alphaarchitect.com, March 23, 2017.“Large-Cap Price-to-Book Investing: What Is Dead May Never Die,” by Andrew Miller, alphaarchitect.com, June 25, 2019.“Upside-Down Markets: Profits, Inflation and Equity Valuation in Fiscal Policy Regimes,” by Jesse Livermore, osam.com, September 2020.What Is FRED?Retirement“Using Trend-Following Managed Futures to Increase Expected Withdrawal Rates,” by Andrew Miller,Papers.ssrn.com, Oct. 7, 2017.“Using Flexible Spending to Achieve Financial Goals,” by Andrew Miller, alphaarchitect.com, March 5, 2019.“Should Retirees Still Follow the 4% Rule?” The Long View podcast, Morningstar.com, Dec. 23, 2021.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Nov. 11, 2021.
3/8/202250 minutes, 9 seconds
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Clark Howard: Financial Well-Being Starts With Being a Smart Consumer

Our guest on the podcast today is consumer advocate and personal finance expert Clark Howard. Clark has been hosting the nationally syndicated radio show and podcast The Clark Howard Show since 1989. He's also the author of 10 books, three of which have been New York Times best-sellers. He also sponsors the Consumer Action Center, which is a free resource for advice on money and consumer issues. He received his B.A. in urban government from American University, and his MBA from Central Michigan University. BackgroundBioClark.comThe Clark Howard PodcastBooks by Clark Howard Home Ownership, Debt, and Investing“Should I Pay Off Debt, Save Money or Invest?” by Christopher Smith, clark.com, Feb. 18, 2021.“How to Pay Off Debt and Save Money on a Fixed Income,” by clark.com staff, clark.com, Nov. 25, 2020.“Key Rules for First-Time Homebuyers and Investors in Real Estate,” by Clark Howard, clark.com, March 22, 2017.“Clark Howard Has Advice if You’re Looking to Buy a Home Amid the Pandemic,” by Sarah Thompson, wokv.com, Sept. 29, 2020.“86% of Renters Can’t Afford to Buy a Home: Here’s How You Can Prepare,” by Charis Brown, clark.com, April 17, 2017.“Should I Buy a House in This Crazy Real Estate Market?” by Craig Johnson, clark.com, Feb. 21, 2022.“Clark Howard’s Special Rule for Refinancing Your Mortgage,” by Nick Cole, clark.com, Aug. 28, 2020.“How Old Is Too Old to Take Out a Mortgage?” by Craig Johnson, clark.com, Nov. 1, 2021.“When Is It OK to Have a Mortgage in Retirement?” by Clark Howard, clark.com, March 22, 2017.“Should I Pay Off My Mortgage Before I Retire?” by Wes Moss, clark.com, Feb. 20, 2019.“What Is a Reverse Mortgage and Is It Right For Me?” by clark.com staff, clark.com, June 19, 2020.Cars“3 Things to Know Before You Lease a Car,” by John Cress, clark.com, July 20, 2020.“New vs. Used Cars: Which Should You Buy?” by Dallas Cox, clark.com, Jan. 24, 2022.“New Report: These 2022 Vehicles Are the Best for the Money,” by Craig Johnson, clark.com, Jan. 21, 2022.“Are You Following Clark’s Maximum Auto Loan Length Rule?” by clark.com staff, clark.com, April 27, 2021.Saving Money“Free Budget Worksheet: The Clark Method to Create a Monthly Budget,” by clark.com staff, clark.com, Feb. 18, 2021.“How to Save and Invest the Clark Howard Way,” by Christopher Smith, clark.com, Jan. 25, 2021.“15 Financial New Year’s Resolutions for 2022,” by clark.com staff, clark.com, Dec. 17, 2021.“8 Spending Habits People Are Changing After Coronavirus,” by Craig Johnson, clark.com, June 19, 2020.Investing and Retirement“How to Start Investing and Saving for Retirement,” by clark.com staff, clark.com, May 20, 2021.“How Retirees Can Combat Inflation,” by Christopher Smith, clark.com, Dec. 1, 2021.“What Is an Annuity, and Why Does Clark Think They Stink?” by Christopher Smith and Clark Howard, ajc.com, May 27, 2021.“Why Clark Howard Is Obsessed With Roth for Retirement Savings,” by Christopher Smith, clark.com, Feb. 23, 2022.Finding an Advisor“How to Find and Choose a Financial Advisor,” by Christopher Smith, clark.com, March 25, 2021.“How Much Does a Financial Advisor Cost?” by Christopher Smith, clark.com, Feb. 24, 2021.Travel“Follow Clark Howard’s #1 Rule to Travel Cheap,” by clark.com staff, clark.com, Jan. 28, 2022.“How to Plan a Trip: Clark’s Best Travel Tips to Save Money,” by clark.com staff, clark.com, June 10, 2021.
3/1/20221 hour, 36 seconds
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Lori Lucas: Despite Pandemic, Retirement Confidence Soars

Our guest on the podcast today is Lori Lucas, the president and CEO of the Employee Benefits Research Institute, or EBRI. EBRI aims to provide unbiased research and data on retirement, healthcare, and other employee benefits. Prior to joining EBRI, Lori was an executive vice president and practice leader at Callan. She has also served as director of Retirement Research at Hewitt associates, vice president at Ibbotson associates, pension fund consultant at J.H. Ellwood & Associates, and as an analyst and product development leader at Morningstar. Lori received a Bachelor of Arts from Indiana University and earned a master’s from the University of Illinois. Additionally, she is a Chartered Financial Analyst.BackgroundBioEmployee Benefits Research InstituteRetirement Confidence and Financial WellnessEBRI’s Retirement Confidence Survey“2021 Retirement Confidence Survey: A Closer Look at Black and Hispanic Americans,” by Craig Copeland and Lisa Greenwald, ebri.org, June 10, 2021. EBRI 2021 Workplace Wellness Survey“Why Do People Spend the Way They Do in Retirement? Findings From EBRI’s Spending in Retirement Survey,” by Lori Lucas, ebri.org, Jan. 14, 2021.“These Retirees Are More Likely to Be ‘Comfortable’ or ‘Affluent,’ Study Finds,” by Kate Dore, cnbc.com, Aug. 4, 2021.“Retirement Confidence Survey Highlights Overwhelming Participant Support for Auto Portability,” Retirement Clearinghouse, prnewswire.com, April 22, 2021.“Racial Inequities and Retirement Income: Contributing Factors and Possible Solutions,” by Lori Lucas, lifeandretirement.aig.com, December 2021.The Financial Alliance for Racial Equity “FARE” Coalition“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.“Emergency-Fund-Focused-Employers: Goals, Motivations, and Challenges,” by Lori Lucas, ebri.org, Feb. 13, 2020.“Talking About My Generation: Comparing the Financial Wellness of Baby Boomers, Gen Xers and Millennials,” by Lori Lucas, ebri.org, Jan. 13, 2022. The Retirement System“Senators Look at Ways to Make Retirement Saving Easier,” by Susan Rupe, insurancenews.net, May 13, 2021.“The Rising Retirement Perils of 401(k) ‘Leakage’,” by Anne Tergesen, wjs.com, April 2, 2017.“401(k) Plan Leakage and the Bipartisan Budget Act of 2018,” by Lori Lucas, lifehealth.com, Feb. 26, 2018.“Participants Still Support Automatic Portability of 401(k)s: Survey,” by Alan Goforth, benefitspro.com, April 27, 2021.“Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, Morningstar.com, May 25, 2021.Illinois Secure ChoiceOregonSavesCalSaversHealthcare“What Leads to Greater Satisfaction With High-Deductible Health Plan Coverage?” ebri.org, Feb. 17, 2022.2021 Consumer Engagement in Health Care Survey“Projected Savings Medicare Beneficiaries Need for Health Expenses Spike in 2021,” by Paul Fronstin and Jack VanDerhei, ebri.org, Jan. 20, 2022.“Why Patients Aren’t Cost-Conscious Consumers of Health Care,” by Lori Lucas, ebri.org, Sept. 9, 2021.
2/22/202245 minutes, 38 seconds
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Jill Schlesinger: 'What Are You Going to Do With Your Life?'

Our guest on the podcast today is Jill Schlesinger. Jill is a business analyst for CBS News and comments on the economy, investing, and personal finance for CBS television and radio programs. She also hosts the popular "Jill on Money" podcast and writes the nationally syndicated "Jill on Money" column for Tribune Media Services. Jill's first book, The Dumb Things Smart People Do With Their Money was published in 2019. She has received numerous awards over her career, including an Emmy Award for her work on CBS Sunday Morning. Jill is a certified financial planner and spent 14 years as the co-owner of and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York following her graduation from Brown University.BackgroundBioJill on MoneyThe Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs, by Jill SchlesingerCurrent Market“Coronavirus: Emergency Reserves,” Jill on Money podcast, jillonmoney.com. “Jill on Money: ‘New Normal’ Raises Financial Questions,” by Jill Schlesinger, mercurynews.com, Aug. 24, 2020.“CBS News Business Analyst Jill Schlesinger Discusses Inflation and the Housing Market,” by Grace Segers, cbsnews.com, June 4, 2021.“How to Fight Inflation,” by Jill Schlesinger, jillonmoney.com. “Fall Housing: From Boiling Over to Just Hot,” by Jill Schlesinger, jillonmoney.com.“Inflation on Hot Housing,” Jill on Money podcast, jillonmoney.com, Jan. 13, 2022.“Real Estate Conundrum: No Houses,” by Jill Schlesinger, jillonmoney.com.Retirement“How to Avoid the Retirement Freak-Out,” by Jill Schlesinger, nextave.org, Feb. 14, 2019.“At 67, Is My 80/20 Portfolio Too Risky?” Jill on Money podcast, jillonmoney.com, Nov. 23, 2021. “Jill on Money: Thinking About Joining the Great Resignation?” by Jill Schlesinger, mercurynews.com, Aug. 16, 2021. “Should FINE Replace FIRE?” by Jill Schlesinger, jillonmoney.com.
2/15/202253 minutes, 2 seconds
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Jeremy Grantham: The U.S. Market Is in a Super Bubble

Our guest this week is Jeremy Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO, which he cofounded in 1977. He serves on GMO's Asset Allocation Committee and board of directors. Prior to GMO, Jeremy was cofounder of Batterymarch Financial Management and before that was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the U.K., and is a recipient of the Carnegie Medal of Philanthropy.BackgroundBio“10 Things You Didn’t Know About Jeremy Grantham,” by Allen Lee, moneyinc.com.BubblesThree-Sigma Limits Definition“Let the Wild Rumpus Begin,” by Jeremy Grantham, gmo.com, Jan. 20, 2022.“‘Super Bubble’: Jeremy Grantham Says Historic Crash Has Begun,” by Clayton Jarvis, financialpost.com, Jan. 25, 2022.“Market ‘Superbubble’ Could Lead to 50% Plunge, Says Grantham,” by Lawrence Carrel, forbes.com, Jan. 26, 2022.“GMO’s Grantham: 7 Signs We’re in a Stock Collapse (And What to Do Now),” by Janet Levaux, thinkadvisor.com, Jan. 24, 2022.“Is the Plunge in the Nasdaq and Bitcoin the end of the ‘Superbubble’”? by John Cassidy, newyorker.com, Jan. 24, 2022.“The U.S. Is in One of the Greatest Bubbles in Financial History,” by Merryn Somerset Webb, moneyweek.com, Sept. 3, 2021.“Grantham Calls Meme Stocks ‘Biggest U.S. Fantasy Trip,’” Kriti Gupta and John Authers, Bloomberg.com, June 22, 2021.“Profiting From a Bubble in Growth Stocks,” by Jeremy Grantham, Simon Harris, Ben Inker, and Catherine LeGraw, gmo.com, March 25, 2021.“Nikkei Back Above 30,000 After More Than Three Decades,” by Hideyuki Sano, reuters.com, Feb. 14, 2021.“Waiting for the Last Dance,” by Jeremy Grantham, gmo.com, Jan. 5, 2021.“COVID-19, Climate Change, and the Need for a New Marshall Plan,” by Jeremy Grantham, gmo.com, Oct. 30, 2020.ForecastGMO 7-Year Asset Class Forecast: 4Q 2021“Why Are Stock Market Prices So High?” by Jeremy Grantham, GMO Quarterly Letter, gmo.com, 2017.“Loose Monetary Policy Is Today’s Biggest Market Risk,” by John Plender, ft.com, April 14, 2021.“An Investment Only a Mother Could Love: The Tactical Case,” by Jeremy Grantham and Lucas White, gmo.com, April 30, 2020. Innovation, Venture Capital, and Green Investing“Grantham Stumbles on $200m Profit After Spac Swoop on Battery Maker,” by Robin Wigglesworth and Eric Platt, ft.com, Dec. 7, 2020.Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever, by Robin Wigglesworth.“You Can’t Fool All the People All the Time,” by Jeremy Grantham, jpm.pm-research.com, Winter 1986.“Green Investing May Be a Bubble, Jeremy Grantham Says, But He’s Doubling Down,” by Ben Steverman, fa-mag.com, Nov. 15, 2021.“Where Jeremy Grantham Expects to Be ‘Kicking Ass,’” by Christine Idzelis, institutionalinvestor.com, Feb. 13, 2020.
2/8/202255 minutes, 58 seconds
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Andrew Lo: Finding the Perfect Portfolio--a 'Never-Ending Journey'

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.BackgroundBioIn 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. FoersterAdaptive Markets: Financial Evolution at the Speed of Thought, by Andrew W. LoHistory“Thirty Maidens of Geneva,” the Tontine Coffee-House, thetch.blog.com, Aug. 5, 2019.“Why 18th Century Swiss Bankers Bet on the Lives of Young Girls,” by Stephen Foerster, sfoerster-5338.medium.com, Sept. 2, 2021.John Maynard KeynesBenjamin GrahamHarry MarkowitzHarry MarkowitzModern Portfolio TheoryWhat Is a Gunslinger? William F. SharpeWilliam F. SharpeWhat Is the Sharpe Ratio?Capital Asset Pricing Model (CAPM)“Keynes the Stock Market Investor: A Quantitative Analysis,” by David Chambers, Elroy Dimson, and Justin Foo, papers.ssrn.com, Sept. 26, 2013.Eugene F. FamaEugene FamaWhat Is the Efficient Market Hypothesis?“Algorithmic Models of Investor Behavior,” by Andrew Lo and Alexander Remorov, eqderivatives.com, 2021.“In Pursuit of the Perfect Portfolio: Eugene Fama,” Interview with Andrew Lo and Eugene Fama, youtube.com, Dec. 15, 2016.“Why Artificial Intelligence May Not Be as Useful or as Challenging as Artificial Stupidity,” by Andrew Lo, hdsr.mitpress.mit.edu, July 1, 2019.John C. Bogle John Bogle Cost Matters HypothesisCharles D. EllisCharley EllisGreenwich Associates“Charley Ellis: Why Active Investing Is Still a Loser’s Game,” The Long View podcast, Morningstar.com, May 27, 2020.Other“7 Principles to Help You Create Your Perfect Portfolio,” by Robert Powell, marketwatch.com, Nov. 10, 2021.
2/1/202249 minutes, 39 seconds
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Michael Mauboussin: Finding Easy Games

Our guest this week is Michael Mauboussin. Michael is the head of consilient research at Counterpoint Global. Before joining Counterpoint Global in January 2020, Michael was director of research at BlueMountain Capital Management and prior to that held research leadership roles at Credit Suisse and Legg Mason Capital Management. Michael is the author of three books including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also coauthor with Alfred Rappaport of Expectations Investing: Reading Stock Prices for Better Returns. He has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham & Dodd Investing. Michael is also chairman emeritus of the board of trustees of the Santa Fe Institute. He received his bachelor's degree from Georgetown University.BackgroundBioThe Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, by Michael MauboussinExpectations Investing: Reading Stock Prices for Better Returns, by Michael Mauboussin and Alfred RappaportMore Than You Know: Finding Financial Wisdom in Unconventional Places, by Michael MauboussinConsilienceConsilience: The Unity of Knowledge, by Edward O. Wilson“Charlie Munger’s System of Mental Models: How to Think Your Way to Success,” by Andrew McVagh, mymentalmodels.info.com, Aug. 7, 2018.“Increasing Returns and the New World of Business,” by W. Brian Arthur, harvardbusinessreview.com, July-August 1996.Santa Fe Institute“Why Foxes Make Better Decisions Than Hedgehogs,” by Kevin Sookocheff, sookocheff.com, July 15, 2021.Jonathan Baron, Professor, University of PennsylvaniaActive Fund Success“Turn and Face the Strange: Overcoming Barriers to Change in Sports and Investing,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Sept. 8, 2021.“Dispersion and Alpha Conversion: How Dispersion Creates the Opportunity to Express Skill,” by Michael Mauboussin and Dan Callahan, morganstanley.com, April 14, 2020.Fundamental Law of Active Management“The ‘Paradox of Skill’ Adds to Active Management Woes,” by Christine Idzelis, institutionalinvestor.com, Sept. 17, 2020.Triumph and Tragedy in Mudville: A Lifelong Passion for Baseball, by Stephen Jay Gould“Looking for Easy Games in Bonds,” by Michael Mauboussin, bluemountaincapital.com, April 16, 2019.“Do Individual Day Traders Make Money? Evidence From Taiwan,” by Brad Barber, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, Berkeley.edu, May 2004.Expectations InvestingCreating Shareholder Value: A Guide for Managers and Investors, by Alfred Rappaport“Market-Expected Return on Investment: Bridging Accounting and Valuation,” by Michael Mauboussin and Dan Callahan, morganstanely.com, April 14, 2021.Security Analysis course taught by Michael Mauboussin at Columbia Business School“The Math of Value and Growth: Growth, Return on Capital, and the Discount Rate,” by Michael Mauboussin and Dan Callahan, morganstanely.com, June 9, 2020.“Public to Private Equity in the United States: A Long-Term Look,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Aug. 4, 2020.“How the Parting of Two Market Forces Helped Spur the Equity Rally,” by Michael Mauboussin, ft.com, Feb. 8, 2021.Business Quality and Capital Allocation“Thoughts on Cost of Capital and Buffet’s $1 Test--Part 1,” by John Huber, sabercapitalmgt.com, Oct. 30, 2017.“Return on Invested Capital (ROIC)--Michael Mauboussin on Investment Concepts,” anthenarium.com.“Michael Mauboussin on Capital Allocation and Value Creation,” anthenarium.com, Nov. 29, 2019.“Chancellor: Tech Growth Comes at Irrational Price,” by Edward Chancellor, reuters.com, Sept. 9, 2021.“Categorizing for Clarity: Cash Flow Statement Adjustments to Improve Insight,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Oct. 6, 2021.Other and Recommended ReadingAswath Damodaran, Professor of Finance, Stern School of BusinessThe Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan HouselThe Warren Buffett Way, by Robert HagstromWarren Buffett: Inside the Ultimate Money Mind, by Robert HagstromRicher, Wiser, Happier: How the World’s Greatest Inventors Win in Markets and Life, by William Green
1/25/202254 minutes, 47 seconds
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Paula Pant: A Different Path to Financial Independence

Our guest on the podcast today is Paula Pant, host of the popular Afford Anything podcast. She is also the founder of affordanything.com, a personal finance website. Paula is a frequent public speaker and is a leading voice in the “Financial Independence, Retire Early” movement, better known as FIRE. She is a graduate of the Honors Program at the University of Colorado at Boulder.BackgroundBioAfford AnythingAfford Anything podcastFIRE“Why the FIRE Movement Is Misunderstood,” by Paula Pant, affordanything.com, Oct. 17, 2018.The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas Stanley and William Danko“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020.“The Great Resignation: Why More Americans Are Quitting Their Jobs Than Ever Before,” by Bill Whitaker, cbsnews.com, Jan. 9, 2022.“Ask Paula: FIRE Vs. FOMO—How Do You Balance Between These?” Afford Anything podcast, affordanything.com, Jan. 11, 2022.“The FIRE Take on Wall St. Bets, GameStop, and Meme Stonks,” by Paula Pant, affordanything.com, Jan. 29, 2021.Mindful Spending “Your Money Should Make Buckets of Excess Money,” by Paula Pant, affordanything.com, Feb. 25, 2011.“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.Advice and Investing“Income Producing Properties With Paula Pant of Afford Anything,” Martinis and Your Money podcast, martinisandyourmoney.com, Sept. 10, 2021.“Ask Paula: How to Make Smarter Real Estate Decisions,” Afford Anything podcast, affordanything.com, Oct. 4, 2021.“Why Index Funds Are a Good Investment--With Paula Pant,” Marriage, Kids, and Money podcast, marriagekidsandmoney.com, Oct. 5, 2020.
1/18/202248 minutes, 47 seconds
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Cullen Roche: Macro Is About Understanding the World for What It Is

Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen also authors the popular blog "Pragmatic Capitalism," where he writes about a range of macroeconomic and investing topics. He is active on social media, including Twitter, where you can find him at @cullenroche. Cullen started his career as an advisor at Merrill Lynch and did a stint at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business..BackgroundBioPragmatic Capitalism BlogPragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, by Cullen RocheMacroeconomics and Financial Planning/Advice“Three Things I Think I Think—Macro Thoughts,” by Cullen Roche, pragcap.com, Aug. 3, 2021.The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel“The Most Important Investment Factor—Behavior,” by Cullen Roche, pragcap.com, April 6, 2018.“What Is the Value of Financial Advice?” by Cullen Roche, pragcap.com, Sept. 18, 2019.“Understanding Quantitative Easing,” by Cullen Roche, papers.ssrn.com, Feb. 10, 2014.“2 Reasons the Surging Deficit Worries Me,” by Cullen Roche, pragcap.com, Sept. 26, 2018.Economic Cycle and Fiscal Picture@jasonzweigwsj“Three Things I Think I Think: Cycles, Hunting Biden and Life,” by Cullen Roche, pragcap.com, Oct. 15, 2020.“Three Things I Think I Think: Housing Bubble 2.0, Passive Investing and Hyperinflation,” by Cullen Roche, pragcap.com, April 8, 2021.“Should House Prices Be in the CPI?” by Cullen Roche, pragcap.com, Aug. 24, 2021.“Understanding Government Liabilities,” by Cullen Roche, pragcap.com, March 28, 2021.Inflation and Interest Rates“Let’s Talk About Inflation,” by Cullen Roche, pragcap.com, May 12, 2021.“Is Hyperinflation Coming?” by Cullen Roche, pragcap.com, Oct. 25, 2021.“Three Things I Think I Think—Myths That Never Die,” by Cullen Roche, pragcap.com, Oct. 5, 2021.“Government Bond Markets Aren’t ‘Free’ Markets,” by Cullen Roche, pragcap.com, Oct. 8, 2020.“What if It’s all Going to Zero?” by Cullen Roche, pragcap.com, Nov. 9, 2021.“Why Stocks and Bonds Are the Core of any Portfolio,” by Cullen Roche, pragcap.com, March 16, 2021.Discipline Fund ETF“Introducing the Discipline Fund ETF,” by Cullen Roche, pragcap.com, Sept. 21, 2021.“John Bogle: How to Create Perfect Asset Allocation,” video interview, youtube.com, June 24, 2018.Discipline Fund ETF OverviewWesley Gray“What Is Discipline-Based Investing?” by Cullen Roche, pragcap.com, Jan. 1, 2019.Target-Date Funds“The Zoom Climb Glide Path & Why the Age in Bonds Rule Is Wrong,” by Cullen Roche, pragcap.com, Sept. 30, 2021. “The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.“Three Things I Think I Think—Dangerous & Terrible Stuff,” by Cullen Roche, pragcap.com, Sept. 29, 2021.
1/11/202253 minutes, 47 seconds
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Best of The Long View: Investing

On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with investment managers, writers, and thinkers over the past year. Here are the complete episodes that are referenced in this week’s episode. “David Giroux: What Are the Market Inefficiencies We Can Exploit?” The Long View podcast, Feb. 2, 2021.  “Hamish Douglass: On the Hunt for Super-Compounding Stocks,” The Long View podcast, Feb. 23, 2021.  “John Rogers, Jr.: ‘Be Willing to Talk about These Uncomfortable Issues’,” The Long View podcast, Apr. 6, 2021.  “William Bernstein: ‘We’re Starting to See All of the Signs of a Bubble’,” The Long View podcast, Mar. 9, 2021.  “Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir’,” The Long View podcast, Apr. 20, 2021.  “Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, June 29, 2021.  “David Herro: ‘We Are Not at All Afraid to Vary from an Index’,” The Long View podcast, July 13, 2021.  “Robin Wigglesworth: The Rise of Indexing and the ‘Renegades’ Who Ushered It In,” The Long View podcast, Nov. 16, 2021.  “Bob Seawright: There Is No Such Thing As a Passive Investor,” The Long View podcast, Nov. 2, 2021.  “Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser',” The Long View podcast, Sept. 7, 2021. 
1/4/202230 minutes, 6 seconds
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Best of the Long View: Financial Planning and Retirement

On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year.Here are the complete episodes that are referenced in this week’s episode."Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,' " The Long View podcast, Aug. 31, 2021. "Manisha Thakor: Beware of ‘Junk Personal Finance,' " The Long View podcast, July 20, 2021. "Daniel Egan: Noisy Successes and Silent Failures,” The Long View podcast, Dec. 7, 2021. "Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’ ” The Long View podcast, Sept. 28, 2021. "Sarah Newcomb: ‘I Love Rules of Thumb,’ ” The Long View podcast, Aug. 10, 2021. "Hal Hershfield: People Treat Their Future Self As If It’s Another Person,” The Long View podcast, Sept. 21, 2021. “Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Nov. 30, 2021. “Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, Oct. 26, 2021. “Mike Piper: Delaying Social Security Not Always a Great Deal,” The Long View podcast, April 27, 2021. “Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Dec. 14, 2021. “Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View podcast, May 18, 2021. “Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, May 25, 2021. “Meg Bartelt: ‘More Money Does Not Make You Happier,’ ” The Long View podcast, March 2, 2021. “Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’ ” The Long View podcast, Sept. 14, 2021. “Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, July 27, 2021.
12/28/202134 minutes, 19 seconds
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Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?

On this week's special episode, we'll be chatting about a recent study on retirement withdrawal rates that Christine and I authored with our colleague John Rekenthaler, who joins us for this conversation.As listeners probably know, this is an especially challenging time for retirees trying to figure out how much they can safely withdraw in retirement given lofty stock valuations, paltry bond yields, and uncertain inflation. With that in mind, the study assessed potential retirement withdrawal rates, projecting what spending rate would be successful over an assumed 30-year retirement horizon after taking the market outlook into consideration. In this episode, I'll be asking Christine and John about the study and key takeaways, including the finding that withdrawal rates will likely have to be lower going forward than they've been in the past. For reference, you can find a link to the study in the show notes to this episode.Morningstar Retirement Research“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021. “The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler. Other Retirement Research Referenced“Determining Withdrawal Rates Using Historical Data,” by William P. Bengen, Journal of Financial Planning, October 1994. “Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, Journal of Financial Planning, March 1, 2006. “Asset Valuations and Safe Portfolio Withdrawal Rates,” by David Blanchett, Michael S. Finke, and Wade D. Pfau, July 2013. “Exploring the Retirement Consumption Puzzle,” by David Blanchett, Journal of Financial Planning, May 2014. “Experts Forecast Stock and Bond Returns: 2021 Edition,” by Christine Benz, Morningstar.com, Jan. 20, 2021.“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021. “Wade Pfau: The 4% Rule Is No Longer Safe,” The Long View podcast, Morningstar.com, April 29, 2020.“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.10-Year Breakeven Inflation Rate, Federal Reserve Bank of St. Louis
12/21/202153 minutes, 12 seconds
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Bill Bengen: Revisiting Safe Withdrawal Rates

Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what's now called the 4% rule. Bill is the former owner of Bengen Financial Services, an independent Registered Investment Advisor that he launched in 1989, after his family sold the soda-bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates. We're excited to have him here today.BackgroundBioIn-Retirement Withdrawal Rates and Asset Allocation“The Originator of ‘the 4% Rule’ Thinks It’s Off the Mark. He Says It Now Could Be Up to 4.5%,” by Neal Templin, barrons.com, Jan. 23, 2021.“The Planner’s Toolkit for Managing Retirement Withdrawal Plans,” by William Bengen, financialplanningassociation.org, April 2021.“Resolving the Paradox--Is the Safe Withdrawal Rate Sometimes Too Safe?” by Michael Kitces, kitces.com, May 2008.“Bill Bengen Revisits the 4% Rule Using Schiller’s CAPE Ratio, Michael Kitces’s Research,” by Bill Bengen, fa-mag.com, Dec. 17, 2020.“Can We Raise Our Safe Withdrawal Rate When Inflation Is Low?” earlyretirementnow.com, Oct. 26, 2020.“Economic Outlook: Still Rising,” by Preston Caldwell, Morningstar.com, Oct. 3, 2021.“Jonathon Guyton: What the Crisis Means for Retirement Planning,” The Long View Podcast, Morningstar.com, June 17, 2020.“Determining Withdrawal Rates Using Historical Data,” by William Bengen, retailinvestor.org.“The Rules of Retirement Spending Are Changing,” by Anne Tergesen, wsj.com, Nov. 26, 2021.“Choosing the Highest Safe Withdrawal Rate at Retirement,” by William Bengen, fa-mag.com, Oct. 1, 2020.
12/14/202139 minutes, 43 seconds
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Dan Egan: Noisy Successes and Silent Failures

Our guest on the podcast today is Dan Egan. Egan is the director of behavioral finance and investing at Betterment, and he has researched behavioral finance topics extensively over his career. Prior to joining Betterment, he was a behavioral finance specialist for Barclays Wealth. He received his bachelor's degree in economics from Boston University and his Master of Science degree in decision science from the London School of Economics.BackgroundBioResearch Frictions and 'Free'"Closing the Behavior Gap," Betterment.com, Dec. 11, 2018."'Most People Don’t Want to Be Called Average,' Says Betterment's Dan Egan, Who Designs Financial Tools for Them Anyway," by Andrea Riquier, MarketWatch, June 16, 2020."How Checking Performance Might Hurt Your Performance," by Dan Egan, Betterment.com, May 20, 2019."The Myth of the Panicky Individual Investor," by Dan Egan, dpegan.com, March 14, 2020."Memestonks: What's Different About This Market," by Dan Egan, Betterment.com, Jan. 29, 2021."5 Red Flags to Look out for in Your Favorite Investing App," by Liz Knueven, Insider, Feb. 17, 2021."Low Cost Is Better Than Free," by Dan Egan, dpegan.com, March 23, 2021."Are Commission-Free Investing Apps Encouraging Reckless Behavior?" by Robert Farrington, Forbes, Dec. 3, 2019.Betterment"Using Investment Goals at Betterment," by Dan Egan, Betterment.com, July 27, 2021."How Much to Save: Our Advice Guides You Toward Your Goals," by Dan Egan, Betterment.com, Jan. 24, 2019.“Betterment's 401(k) Investment Approach," by Dan Egan, Betterment.com, Feb. 2, 2021."Q&A: What's the Future of Investing?" Betterment.com, Feb. 17, 2021."When It Comes to ESG, Investors Want Specifics—and They Should," by Elizabeth Thompson, Spark Network, Feb. 4, 2021."'Robo' Advisers Betterment, Wealthfront Get in on Socially Responsible Investing," by Anne Tergesen, The Wall Street Journal, July 19, 2017. Retirement"Lifestyle Creep: The Biggest Threat to Financial Planning," by Dan Egan, Betterment.com, Feb. 28, 2019."Tiny Changes Can Help You Achieve Savings Goals for Retirement," by Anne Tergesen, The Wall Street Journal, Dec. 28, 2020.
12/7/202156 minutes
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Ramit Sethi: How Can Couples Make Peace Over Money?

Our guest on the podcast this week is personal finance expert and author, Ramit Sethi. His first book I Will Teach You to Be Rich, published in 2009, was a best-seller. A second edition of the book came out in 2019. Ramit is the founder of IWillTeachYouToBeRich.com, and he is also the host of a new podcast called, I Will Teach You to Be Rich, which features in-depth conversations with couples about money. BackgroundBioI Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a Six-Week Program That Works, by Ramit SethiI Will Teach You to Be Rich PodcastIWillTeachYoutoBeRich.comIn-Depth Conversations With Couples “Ramit Sethi Launches Groundbreaking Podcast,” Yahoo.money.com, Aug. 4, 2021.“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Kara Copple, Iwillteachyoutoberich.com, Nov. 23, 2020.“Is Renting a Waste of Money? Ramit Sethi Explains,” by Ramit Sethi, Iwillteachyoutoberich.com, Sept. 22, 2021.“Episode 17: I Think He Should Pay for Everything Because He’s the Man,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 9, 2021.“Episode 18: He’s the Man & He Should Pay. We Can’t Go on Like This Anymore,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 16, 2021.“Episode 14: I Hide My Spending From My Husband,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Oct. 19, 2021.“Episode 16: We’re Worth $8 Million but I Comparison Shop for Strawberries,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 2, 2021.“Money Dials: The Reason You Spend the Way You Do According to Ramit Sethi,” by Ramit Sethi, Iwillteachyoutoberich.com, Oct. 22, 2021.
11/30/202149 minutes, 3 seconds
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Phil Huber: Finding an Edge in Alternative Investments

Our guest this week is Phil Huber. He is chief investment officer at Savant Wealth Management, a fee-only registered investment advisor. Previously, Huber worked for Huber Financial Advisors, which Savant acquired in 2020. Huber is active in the financial blogosphere with his blog bps and pieces.com. He has a bachelor's degree in finance from the Kelley School of Business at Indiana University and has earned both the Certified Financial Planner and Chartered Financial Analyst designations. Huber is also the author of a new book, The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification.BackgroundBioSavant Wealth ManagementBps and piecesThe Allocator's Edge: A Modern Guide to Alternative Investments and the Future of DiversificationTrade Allocations and the Case for Alternatives"Evidence-Based Investing: Application and Monitoring," by Phil Huber, savantwealth.com, March 22, 2021."In Defense of Complexity," by Phil Huber, bpsandpieces.com, March 16, 2019."The Four C's of Investment Costs," by Phil Huber, bpsandpieces.com, Nov. 3, 2021."Inflation: Temporary or Here to Stay?" by Daniel G. Noonan, savantwealth.com, Sept. 15, 2021."Ask Meaningful Questions: Bonds and Alternatives," by Phil Huber, savantwealth.com, March 21, 2021.“The Elements of Diversification," by Phil Huber, bpsandpieces.com, Nov. 19, 2018.Retirees "Three Tips for Evidence-Based Retirement Plans," by Isaac Presley, cordantwealth.com, Nov. 29, 2017.Practice and Behavioral"Diversification Means Always Having to Say You're Sorry," by Brian Portnoy, forbes.com, March 9, 2015.Liquid Alts"Liquid Alts Revival?" by Phil Huber, bpsandpieces.com, April 7, 2021."Inside the Morningstar Style Box for Alternatives," by Jason Kephart, Morningstar.com, Oct. 30, 2017.Indexing and ETFs"Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'," The Long View, Morningstar.com, May 12, 2021.Canvas"For a While, Bond Funds Were an Exception to the Indexing Rule," by Carla Fried, nytimes.com, Jan. 11, 2019."Around the ETF World in 80 Hours," by Phil Huber, bpsandpieces.com, Feb. 14, 2020.
11/23/202149 minutes, 16 seconds
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Robin Wigglesworth: The Rise of Index Investing and the 'Renegades' Who Ushered It In

Our guest this week is Robin Wigglesworth. Robin is the Financial Times' global finance correspondent based in Oslo, Norway. He covers investing in markets with a focus on technological disruption and quantitative investing. He joined the FT as a Gulf correspondent in June 2008. Before that, he was a Nordic economics and politics correspondent for Bloomberg News. Robin is a graduate of City, University of London and received his master's in history of international relations from the London School of Economics and Political Science. Robin is here to discuss his new book, Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever.BackgroundBioTrillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance ForeverHistory of Indexing“Louis Bachelier: An Underappreciated Revolutionary,” historyofdatascience.com, June 3, 2021.Paul SamuelsonEfficient Market HypothesisRex SinquefieldDean LeBaronMac McQuownJack BogleJohn BrennanDimensional Fund Advisors Dan WheelerLarry FinkEugene FamaHarry MarkowitzBill SharpeBaby BellsTechnologyCowles Foundation for Research in Economics“Can Stock Market Forecasters Forecast?” by Alfred Cowles, yale.edu, 1933.The Beginning of ETFs“Passive Attack: The Story of a Wall Street Revolution,” by Robin Wigglesworth, FT.com, Dec. 19, 2018.“All That Drama About Fixed-Income ETFs Was Overplayed,” by Robin Wigglesworth, FT.com, April 21, 2020.Nate Most
11/16/202154 minutes, 58 seconds
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Charles Rotblut: 'It's the Dot-Com Bubble All Over Again'

Our guest on the podcast today is Charles Rotblut. Charles is vice president at the American Association of Individual Investors, and he's also editor of the AAII Journal. Charles wrote the book Better Good Than Lucky, which was published in 2010. And he's a CFA charterholder.BackgroundBioAAII JournalBetter Good Than Lucky: How Savvy Investors Create Fortune With the Risk-Reward Ratio, by Charles RotblutAAIIPRISM Wealth-Building Process “Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay,” by Drazen Prelec and Duncan Simester, Marketing Letters, NYtimes.com, June 8, 2000.“Aging’s Adverse Impact on Decision-Making,” by Charles Rotblut, aaii.com. AAII Investor Sentiment Survey“Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser,’” The Long View Podcast, morningstar.com, Sept. 7, 2021.Investor Behavior“A Rules-Based Approach to Managing a Portfolio,” by Charles Rotblut, aaii.com, April 6, 2017.“A Process for Creating Your Own Investing Plan,” by Charles Rotblut, aaii.com. “Using the Power of the Written Word to Improve Your Returns,” by Charles Rotblut, cannonfinancial.com, September 2018.The National Weight Control Registry“Save More Tomorrow:™ Using Behavioral Economics to Increase Employee Saving,” by Richard H. Thaler and Shlomo Benartzi, journals.uchicago.edu, February 2004.“There’s a Brilliant Reason Why Van Halen Asked for a Bowl of M&Ms With all the Brown Candies Removed Before Every Show,” by Julie Zeveloff, businessinsider.com, Sept. 7, 2016.“Avoid the Psychological Traps of the Market With The Dreman Screen,” by Charles Rotblut, forbes.com, Oct. 6, 2021.Investing at Level 3, by James Cloonan“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.“Managing Sequence of Return Risk With Bucket Strategies Vs. a Total Return Rebalancing Approach,” by Michael Kitces, kitces.com, Nov. 12, 2014.
11/9/202149 minutes, 56 seconds
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Bob Seawright: 'There Is No Such Thing as a Passive Investor'

Our guest this week is Bob Seawright. Bob is chief investment and information officer at Madison Avenue Securities, a Registered Investment Advisorand broker/dealer based in San Diego, California. Bob has received a number of accolades through the years but is perhaps best known for his popular newsletter, "The Better Letter," where he writes about a wide range of topics, including human behavior, decision-making, and investing. Before coming to the finance industry, Bob was a practicing lawyer. He later joined Merrill Lynch, where he worked as a financial advisor until joining Madison in 2010. Bob earned his bachelor's degree from the State University of New York at Fredonia, his J.D. from Duke University, and is a CFA charterholder. BackgroundBioThe Better LetterHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, by Joshua Brown and Brian PortnoyUbiquity: Why Catastrophes Happen, by Mark BuchananTerrance Odean: “The Average Investor Is His Own Worst Enemy,” Forbes.com, June 10, 2010.Confirmation Bias and Addition by Subtraction“The Better Letter: Believing Is Seeing,” by Bob Seawright, betterletter.substack.com, May 21, 2021.The Geometry of Wealth: How to Shape a Life of Money and Meaning, by Brian Portnoy“A Hierarchy of Advisor Value,” by Bob Seawright, RPSeawright.wordpress.com, Feb. 12, 2016. “The Better Letter: Addition by Subtraction,” by Bob Seawright, betterletter.substack.com, July 30, 2021.Error Avoidance“Investors’ 10 Most Common Behavioral Biases,” by Bob Seawright, RPSeawright.wordpress.com, July 16, 2012.“Not Stupid Wins,” by Bob Seawright, RPSeawright.wordpress.com, Dec. 20, 2019.“The Better Letter: Crash Protection,” by Bob Seawright, betterletter.substack.com, Sept. 24, 2021.“Forecasting Follies 2020,” by Bob Seawright, RPSeawright.wordpress.com, Jan. 2, 2020.Skill Versus Randomness“The Better Letter: Randomness Rules,” by Bob Seawright, betterletter.substack.com, July 16, 2021.“The Better Letter: Process, Probability, and Power,” by Bob Seawright, betterletter.substack.com, Aug. 14, 2020.
11/2/202150 minutes, 17 seconds
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Fritz Gilbert: Early Retirement Made Simple

Our guest on the podcast today is author and blogger Fritz Gilbert. Fritz spent more than 30 years in corporate America, before retiring at age 55. He and his wife moved to a cabin in the Georgia mountains, where they enjoy community involvement and charity work. Fritz has been writing about the experience and giving advice at his blog, theretirementmanifesto.com. He also wrote a book about retirement, called Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years.BackgroundBioTwitter: https://twitter.com/RetireManifestoWhat I've Learned From 2 Years of Retirement, by Fritz Gilbert; June 3, 2020Wise Advice for a Successful Retirement, by Fritz Gilbert; April 22, 2020Freedom for Fido, by Fritz Gilbert; May 7, 2019Freedom for Fido websiteThe Dark Side of Retirement, by Fritz Gilbert; Nov. 19, 2019The One Retirement Question Project, by Fritz Gilbert; May 18, 2018The Wall Street Journal. Complete Retirement Guidebook: How to Plan It, Live It and Enjoy It Karsten Jeske/Early Retirement NowThe Safe Withdrawal Rate SeriesKarsten Jeske: Cracking the Code on Safe Withdrawal Rates. The Long View podcast. Oct. 13, 2020. Retirement Readiness10 Steps to Make Sure You Have Enough Money to Retire, by Fritz Gilbert; May 26, 202120 Steps to Take in the Year Before Retirement, by Fritz Gilbert; Jan. 2, 2019The Ultimate Pre-Retirement Checklist, by Fritz Gilbert; March 27, 2018How To Build a Retirement Paycheck From Your Investments, by Fritz Gilbert; Oct. 4, 2016Retirement: Decumulation and InvestmentsHow to Manage the Bucket Strategy, by Fritz Gilbert; Jan. 15, 2020A Step-By-Step Guide for Your Annual Financial Update, by Fritz Gilbert; Jan. 1, 2020Our Retirement Investment Drawdown Strategy, by Fritz Gilbert; June 20, 2017How to Move Your Retirement From Good to Great in 7 Days, by Fritz Gilbert; May 31, 2017
10/27/202155 minutes, 34 seconds
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Zachary Karabell: Brown Brothers Harriman Is the Story of American Capitalism

Our guest on the podcast today is author Zachary Karabell. He’s written numerous books about global history, economics, and politics. His latest is called Inside Money: Brown Brothers Harriman and the American Way of Power. BackgroundBio WebsiteTwitter: @zacharykarabellThe Progress NetworkBrown Brothers Harriman Career/InvestingInside Money: Brown Brothers Harriman and the American Way of Power, by Zachary Karabell, 2021.“Zachary Karabell: How a Boring Bank Shaped the Rise of American Power," by Jane Wollman Rusoff, ThinkAdvisor.com, July 30, 2021.The Leading Indicators: A Short History of the Numbers That Rule Our World, by Zachary Karabell, 2014."Capitalism Doesn’t Have to Be This Way," by Zachary Karabell, The Atlantic, May 21, 2021.“The Capitalist Culture That Built America,” by Zachary Karabell, The Wall Street Journal, May 14, 2021.“Fannie, Freddie, and the Destructive Dream of the 'Ownership Society,’ ” by Zachary Karabell, The Atlantic, Aug. 10, 2013.“A House Is a Home--Not an Investment,” by Zachary Karabell, The Atlantic, Sept. 13, 2013.C-Span Inside Money, hosted by Museum of American Finance in New York City, July 14, 2021. ChinaSuperfusion: How China and America Became One Economy and Why the World's Prosperity Depends on It, by Zachary Karabell, 2009“Trump Got China All Wrong. Now Biden Is Too,” by Zachary Karabell, Foreign Policy, March 24, 2021“China’s Didi Crackdown Isn’t All That Different From U.S. Moves Against Big Tech,” by Zachary Karabell, Time, July 9, 2021.
10/19/202148 minutes, 29 seconds
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Dhananjay Phadnis: 'ESG Investing Is Still at a Very Early Stage in Asia'

Our guest this week is the Dhananjay Phadnis. DJ is the manager of the Fidelity Sustainable Asian Equity strategy, which he has run since 2013. DJ joined Fidelity as an analyst in 2004 and has served in a number of roles during his tenure, including stints managing Fidelity Indonesia Fund as well as Fidelity's director of research in Hong Kong. DJ graduated from Pune University in India and holds a postgraduate degree in management from the Indian Institute of Management. He is a CFA charterholder and an associate of the Institute of Chartered Accountants of India.BackgroundBioFidelity Sustainable Asia Eq A-Dis-EURChina“Fund Update--Sustainable Asia Equity,” by Dhananjay Phadnis, fidelity.co.uk.com, Aug. 25, 2021.“Capitalising on Asia’s Sustainability Transition,” by Dhananjay Phadnis, fidelity.co.uk.com, July 12, 2021.“On the Hunt for Sustainable Growth in Asia,” by Dhananjay Phadnis, fidelity.co.uk.com, April 21, 2021.“Seven Themes That Investors in Emerging Asia Have to Watch,” by Gary Jackson, trustnet.com, Feb. 15, 2019.ESG“Sustainability Is Key for Value Creation,” by Dhananjay Phadnis and Flora Wang, fidelityinternational.com, March 2, 2021.“DJ Phadnis: A Commitment to Sustainable Practices Can Improve Long-Term Value,” YouTube video, Fidelity International, March 25, 2021.“An Active Approach to ESG Investing Is Key for Investors Trying to Drive Sustainable Change in Asia,” by Dhananjay Phadnis, linkedin.com, Sept. 20, 2021.“Investors Eye Early Stage Sustainability,” esgclarityasia.com, July 15, 2021.“ESGenius: A Sustainability Lens Can Help Discern the Trends That Matter,” by Dhananjay Phadnis, fidelityinternational.com, June 10, 2020.Investing and Stocks“Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,’” The Long View Podcast, Morningstar.com, April 21, 2021.“Martin Lau: Now Is a Better Time to Buy China,” The Long View Podcast, Morningstar.com, Aug. 3, 2021.“Asia Equities: Bottom-Up, Stock Specific Opportunities Abound,” by Dhananjay Phadnis, fidelity.com.“Macau, China’s Casino Capital, Has Enjoyed a Decades-Long Winning Streak. It Might Finally End,” by Eamon Barrett, fortune.com, Sept. 16, 2021.
10/12/202152 minutes, 4 seconds
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Tadas Viskanta: Luck Plays a Big Role in Investing

Our guest on the podcast today is Tadas Viskanta. Tadas is the director of investor education at Ritholtz Wealth Management. He's also the founder and editor of the popular financial and investing blog Abnormal Returns, which he launched in 2005. Tadas is the author of the book Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere and has coauthored a number of papers that have appeared in esteemed academic publications like the Financial Analysts Journal. Tadas earned his bachelor's degree in economics and political science from Indiana University and his MBA from the University of Chicago Booth School of Business.BackgroundBioAbnormal ReturnsTwitter: @abnormalreturnsAbnormal Returns: Winning Strategies From the Frontlines of the Investment Blogosphere by Tadas ViskantaInvestor Education“Financial Literacy vs. a Fiduciary Standard: Which Matters More?” by Tadas Viskanta, abornormalreturns.com, May 26, 2019. “What Has the Stock Market Taught Us Since 2010? ” by Ben Carlson, awealthofcommonsense.com, Sept. 10, 2021.Content“Earning the Permission of Your Audience,” by Tadas Viskanta, abnormalreturns.com, Feb. 21, 2021.“Keys to Social Media Success: Curiosity, Conversation, and Patience,” by Sloane Ortel, cfainstitute.org, May 15, 2016.HumbleDollarJonathan ClementsThe Rational Reminder Podcast Retirement Planning and Personal Finance“Don’t Short-Circuit Your Financial Plan With an Inflexible Spending Rule,” by Tadas Viskanta, abnormalreturns.com, July 31, 2019.“Shifting Gears in Retirement Isn’t Easy,” by Tadas Viskanta, abnormalreturns.com, Nov. 23, 2019.“Social Influence and the Rise of Index Investing,” by Tadas Viskanta, medium.com, Feb. 12, 2017.Canvas platform, O'Shaughnessy Asset Management“Not All That Glitters Is Gold With Tadas Viskanta,” ycharts.com, 2021.OtherThe Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, by Michael J. Mauboussin“Consilient Observer,” by Michael Mauboussin and Dan Callahan
10/5/202146 minutes, 2 seconds
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Lynnette Khalfani-Cox: 'There's a Huge Wealth Gap in America'

Our guest on the podcast today is Lynnette Khalfani-Cox. She's a personal finance expert, speaker, and author of 15 money-management books, including The New York Times best-seller, Zero Debt: The Ultimate Guide to Financial Freedom. Khalfani-Cox and her husband co-own TheMoneyCoach.net, which offers financial education consulting services, courses, and workshops. Before starting TheMoneyCoach.net, Khalfani-Cox was a Wall Street Journal reporter for CNBC, where she covered business and personal finance news. She spent nearly 10 years at Dow Jones & Company working as a reporter, bureau chief, deputy managing editor, and personal finance editor. She received her undergraduate degree from the University of California at Irvine, and her master's degree in broadcast journalism from the University of Southern California. BackgroundBioTheMoneyCoach.netBooks by Lynnette Khalfani-Cox Improving the Racial Wealth Gap"Here's What the 'Black Tax' Does to so Many Families--Including Mine," by Lynnette Khalfani-Cox, Vox, March 24, 2021."How Income and Savings Affect the Racial Wealth Gap," by Steve Wendel, Morningstar.com, Aug. 27, 2021. "100 Must-Know Statistics about Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020. "Why the Racial Wealth Gap Exists, and What You Can Do About It," by Nicole Dieker, Haven Life, July 10, 2020."3 Ways to Close the Racial Wealth Gap After the Pandemic," by Kemberley Washington, Forbes, June 10, 2021."A Lesson in Economic Violence," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com."Financial Advice During the COVID-19 Pandemic," by Lynnette Khalfani-Cox, aalbc.com, May 30, 2020."How to Set Money Boundaries With Your Family," Meena Thiruvengadam, Yahoo News, Sept. 8, 2021.Ariel-Schwab Black Investor Survey "A Money Expert Who Bought her Daughter an Apartment for College Said It Worked So Well She's Doing the Same Thing for her Son," by Liz Knueven, Business Insider, Sept. 24, 2019."Are You Ready for Homeownership?" by Lynnette Khalfani-Cox, AskTheMoneyCoach.com. "Are You a Victim of Financial Abuse?" by Lynnette Khalfani-Cox, AARP. College Funding"What to Do If You Can No Longer Afford to Pay for College Due to COVID-19," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com."Student Debt Sinks Retirees," by Lynnette Khalfani-Cox, AARP, April 18, 2017."Seven Ways to Pay Off Your Student Loans," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com."Tackling Student Loan Debt," by Lynnette Khalfani-Cox, AARP."Are Your Kids Making You Broke?" by Lynnette Khalfani-Cox, AARP, January 2013.“7 Financial Tips for Parents of College Students," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com.Financial Wellness and Education"7 Tips for Tackling Your Credit Card Debt, From Someone Who Paid Off $100,000 in 3 Years," by Elizabeth Gravier, CNBC, June 1, 2021.
9/28/202150 minutes, 26 seconds
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Hal Hershfield: People Treat Their Future Self as if It’s Another Person

Our guest on the podcast today is Professor Hal Hershfield. Dr. Hershfield is Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA's Anderson School of Management. His research concentrates on the psychology of long-term decision-making and how people's perceptions of the passage of time affect the decisions that they make. He has consulted with numerous organizations including Prudential, the Consumer Financial Protection Bureau, Merrill Lynch, and the Principal Financial Group. He received his B.A. at Tufts University and his Ph.D. at Stanford.BackgroundBioThe Pandemic“How Elvis Got Americans to Accept the Polio Vaccine,” by Hal Hershfield and Ilana Brody, scientificamerican.com, Jan. 18, 2021.“Should You Immerse Yourself in Bad News These Days or Ignore It Completely?” by Hal Hershfield, scientificamerican.com, May 5, 2020.“How to Craft the Vaccine Message for the Undecided,” by Bill Kisliuk, ucla.edu, May 4, 2021.“Your Messaging to Older Audiences Is Outdated,” by Hal Hershfield and Laura Carstensen, harvardbusinessreview.org, July 2, 2021.“Time Is Meaningless Now,” by Shayla Love, vice.com, April 10, 2020.Saving for the FutureDaniel Kahneman“Temporal Reframing and Participation in a Savings Program: A Field Experiment,” by Hal Hershfield, Stephen Shu, and Shlomo Benartzi, halhershfield.com, 2020.“Using Vividness Interventions to Improve Financial Decision Making,” by Hal E. Hershfield, Elicia M. John, and Joseph S. Reiff, halhershfield.com, 2018.“Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self,” by Hal Hershfield, Daniel Goldstein, William Sharpe, Jesse Fox, Leo Yeykelis, Laura Carstensen, and Jeremy Bailenson, halhershfield.com, 2011. “The Future Self,” by Hal E. Hershfield and Daniel Bartels, uchicago.edu, 2018.“Beliefs About Whether Spending Implies Wealth,” by Heather Barry Kappes, Joe J. Gladstone, and Hal Hershfield, londonschoolofeconomics.com, 2020.“Seeking Lasting Enjoyment With Limited Money: Financial Constraints Increase Preference for Material Goods Over Experiences,” by Stephanie M. Tully, Hal E. Hershfield, and Tom Meyvis, halhershfield.com, 2015.“Do Images of Older Americans Reinforce Stereotypes?” by Colette Thayer and Laura Skufca, aarp.org, September 2019.Retirement and Older Adults“People Search for Meaning When They Approach a New Decade in Chronological Age,” by Adam Alter and Hal Hershfield, halhershfield.com, 2014.Mike North“You Owe It to Yourself: Boosting Retirement Saving With a Responsibility-Based Appeal,” by Christopher J. Bryan and Hal E. Hershfield, halhershfield.com, 2012.
9/21/202144 minutes, 34 seconds
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Laura Carstensen: 'I'm Suggesting We Change the Way We Work'

Our guest on the podcast today is Laura Carstensen. She is professor of psychology at Stanford University, where she is the Fairleigh S. Dickinson Professor in Public Policy and founding director of the Stanford Center on Longevity. Her research focuses on the motivational and emotional changes that occur with age and the influence such changes have on cognitive processing. She is the author of a A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity. She received her bachelor's degree from the University of Rochester, and her Ph.D. in clinical psychology from West Virginia University.BackgroundBioStanford Center on LongevityA Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity, by Laura Carstensen, Ph.D.The Pandemic“Age Advantages in Emotional Experience Persist Even Under Threat From the COVID-19 Pandemic,” by Laura L. Carstensen, Yochai Z. Shavit, and Jessica T. Barnes, journals.sagepub.com, Oct. 26, 2020.“A Life-Course Model for Healthier Ageing: Lessons Learned During the COVID-19 Pandemic,” by Laura L. Carstensen, Ashley Jowell, and Michele Barry, ncbi.nlm.nih.gov, October 2020.Longevity“Growing Old or Living Long: Take Your Pick,” by Laura L. Carstensen, issues.org, Winter 2007.“Laura Carstensen’s TED Talk: Older People Are Happier,” ted.com, April 2012.“Retire at 80!—So Says University Professor and Longevity Expert,” by Perry Brissette, perrybrissette.medium.com, July 4, 2018.“Opinion: We Need a Major Redesign of Life,” by Laura Carstensen, washingtonpost.com, Nov. 29, 2019.“Longevity and Retirement: An Expert on Aging Explains How Retirement Is Being Redefined,” Fidelity Viewpoints, fidelity.com, Feb. 3, 2021.“Boomers: Less Tied to Friends and Family as Others Are,” by Laura L. Carstensen, nextavenue.org, May 31, 2016. “Exercise Holds Immediate Benefits for Affect and Cognition in Younger and Older Adults,” by Candace L. Hogan, Jutta Mata, and Laura L. Carstensen, pubmed.ncbi.nlm.nih.gov, June 2013.“How Merrill Lynch Is Planning for Its Customers to Live to 100,” by Susan Wilner Golden and Laura L. Carstensen, harvardbusinessreview.org, March 4, 2019.“There’s a New Way of Living Thanks to Longevity,” wealthchoice.com, May 16, 2019.“Selective Narrowing of Social Networks Across Adulthood Is Associated With Improved Emotional Experience in Daily Life,” by Laura L. Carstensen and Tammy English, researchgate.net, March 2014. “Leveraging Goals to Incentivize Healthful Behaviors Across Adulthood,” by Laura L. Carstensen, Teja Chemudupati, Jessica T. Barnes, Candice L. Hogan, and Sarah Raposo, researchgate.net, July 2020.Cognitive Decline“Selective Narrowing of Peripheral Social Networks Predicts Poor Long-Term Cognition in Old Age,” by Laura L. Carstensen, Hsiao-Wen Liao, and Yochai Shavit, researchgate.net, November 2019.“Integrating Cognitive and Emotion Paradigms to Address the Paradox of Aging,” by Laura L. Carstensen, researchgate.net, November 2018.“The Theory Behind the Age-Related Positivity Effect,” by Laura L. Carstensen and Andrew E. Reed, frontiersinpsychology.org, Sept. 27, 2012.“The Positivity Effect: A Negativity Bias in Youth Fades With Age,” by Laura L. Carstensen and Marguerite DeLiema, researchgate.net, February 2018.“Alternative Retirement Paths and Cognitive Performance: Exploring the Role of Preretirement Job Complexity,” by Laura L. Carstensen, Dawn C. Carr, Robert Willis, and Ben Lennox Kail, thegerentologist.com, April 2020.Messaging to Older AdultsHal Hershfield“Your Message to Older Adults Is Outdated,” by Hal Hershfield and Laura L. Carstensen, harvardbusinessreview.org, July 2, 2021.
9/14/202153 minutes, 22 seconds
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Meb Faber: 'To Be a Good Investor, You Have to Be a Good Loser'

Our guest this week is Meb Faber. He is co-founder and chief investment officer of Cambria Investment Management, which manages exchange-traded funds and separate accounts. In addition to his duties at Cambria, Faber is a prolific author who has written influential books on tactical allocation and endowment-styled investing, among other published works. He also hosts the popular Meb Faber Show podcast, is an active participant in financial Twitter, and is the architect of The Idea Farm, a web-based research resource he developed for investors. Faber is an experienced angel investor in small, private businesses as well as an investor in alternative assets like farmland and rare coins. He graduated from the University of Virginia with a dual major in engineering science and biology.BackgroundBioBooksThe Meb Faber Show podcast@MebFaberThe Idea FarmCelera Corporation GattacaRichard ThalerJames Montier Current Environment and Market ValuationsTriumph of the Optimists, by Elroy Dimson"The Best way to Add Yield to Your Portfolio," by Meb Faber, mebfaber.com, July 6, 2017."Should a Robot Be Managing CalPERS Portfolio?" by Meb Faber, mebfaber.com, June 8, 2015."Should Harvard’s Endowment Be Managed by a Robot?" by Meb Faber, mebfaber.com, Sept. 29, 2016.Jim Rogers "I Don’t Feel Overweight," by Meb Faber, mebfaber.com, July 8, 2019."The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020."Designing a Portfolio With Crypto, Cannabis, and Value in Mind," by Evie Liu, barrons.com, July 1, 2021."Stocks Are Allowed to Be Expensive Since Bonds Are Low…Right?" by Meb Faber, mebfaber.com, Jan. 6, 2021.Twitter thread on contrarian investment beliefs "Journey to 100x," by Meb Faber, mebfaber.com, July 1, 2021."Stock Market Valuations," by Meb Faber, mebfaber.com, March 21, 2020.Shiller P/E RatioResearch AffiliatesAAII Sentiment Survey Galapagos: A Novel, by Kurt VonnegutTrend-Following"A Quantitative Approach to Tactical Asset Allocation," by Meb Faber, papers.ssrn.com, Feb. 1, 2013."How Does a Market Get Cheap? The P in P/E," by Meb Faber, mebfaber.com, April 4, 2016."OPTO Sessions: Meb Faber on Spotting Market Bubbles," cmcmarkets.com, Aug. 28, 2020."The Biggest Valuation Spread in 40 Years?" by Meb Faber, mebfaber.com, Jan. 25, 2019."The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020."Is Buying Stock at an All-Time High a Good Idea?" by Meb Faber, mebfaber.com, Nov. 4, 2019."You Would’ve Missed 961% in Gains Using The CAPE Ratio, and That’s a Good Thing," by Meb Faber, mebfaber.com, Jan. 6, 2019.Global Asset Allocation, by Meb FaberDow Theory "Diversify, Tilt, Relax--Meb Faber’s Case for Global Investing," by Aaron Neuwirth, efttrends.com, Jan. 14, 2020."FAQs on Share Buybacks for Lawmakers, Journalists, and Investors," by Meb Faber, mebfaber.com, Aug. 5, 2019.Qualified Small Business Stock (QSBS)AngelList Unclaimed.orgThe Coffee Can Portfolio," by James Kirby, csinvesting.org, Fall 1984.Favorite Interviews"Episode #39: Ed Thorp, Hedge Fund Manager, Author, & Professor, ‘If You Bet Too Much, You’ll Almost Certainly Be Ruined,’" The Meb Faber Show, mebfaber.com, Feb. 8, 2017."Episode #343: Dr. Nathan Myhrvold, Intellectual Ventures, ‘Pizza in the United States Is What Convinced the World That Pizza Was a Great Thing,’" The Meb Faber Show, mebfaber.com, Aug. 25, 2021.
9/7/20211 hour, 5 minutes, 20 seconds
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Daniel Crosby: 'If You're Excited About It, It's Probably a Bad Idea'

Our guest on the podcast today is psychologist and author Dr. Daniel Crosby. Daniel is the chief behavioral officer at Orion Advisor Solutions. Daniel has written numerous books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and The Secret to Investor Success, and You're Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science and doctorate at Brigham Young University. BackgroundBioThe Behavioral Investor, by Daniel CrosbyThe Laws of Wealth: Psychology and the Secret to Investor Success, by Dr. Daniel CrosbyYou’re Not That Great, by Daniel Crosby, Ph.D.Standard Deviations podcastOrion Advisor Solutions Current Environment“3 Tips to Handle Financial Peer Pressure With Ease,” ally.com, Aug. 18, 2021.“Loneliness and Social Isolation as Risk Factors for Mortality: A Meta-Analytic Review,” by Julianne Holt-Lunstad and Timothy Smith, scholarsarchive.byu.edu, 2015.“Episode #337: Professor Richard Thaler, University of Chicago, ‘When Somebody Would Fire Us, It Was Almost Always at Exactly the Wrong Time,’” The Meb Faber Show podcast, mebfaber.com, Aug. 4, 2021.“Help Wanted: How Investor Behavior Is Rewriting the Job Description of Financial Professionals,” Natixis Global Survey of Individual Investors, fa-mag.com, 2016.Orion Advisor TechnologyBetterment“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.Pandemic“The Strange Psychology of COVID-19 and Investor Behavior,” by Daniel Crosby, Kiplinger.com, Aug. 11, 2020.“Daniel Crosby: Investing Rules for Uncertain Times,” by Daniel Crosby, investec.com, June 4, 2020.“When It Rains,” by Daniel Crosby, blog.brinkercapital.com, 2020.“How COVID-19 Will Impact the Future of Investor Behavior,” by Daniel Crosby, blog.brinkercapital.com, 2020.Behavioral Finance and Investing“Daniel Crosby on the Three E’s of Behavioral Investing,” financialplanningassociation.org, August 2021.“The BIG List of Behavioral Nudges,” by Daniel Crosby, blog.brinkercapital.com, 2019. “Robert Shiller: 'Wild West' Mentality Is Gripping Housing, Stocks and Crypto,” by Stephanie Landsman, cnbc.com, May 24, 2021.“Dr. Daniel Crosby’s Three Drivers of Human Behavior,” E-book by Daniel Crosby, orionadvisortech.com. “The Formula for Happiness: Wanting What You Have,” by Daniel Crosby, blog.brinkercapital.com, 2019.“Can Money Buy Happiness? Sort Of,” by Daniel Crosby, linkedin.com, July 19, 2016.“What Is the PERMA Model?” corporatefinanceinstitute.com.Denise ShullDaniel KahnemanStandard Deviations Podcast“Christine Benz--Goals Based Approaches to Retirement,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, April 11, 2019.“Morgan Housel--The Psychology of Money,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, Sept. 4, 2019. “Jim O’Shaughnessy--What Works on Wall Street,” Standard Deviations podcast with Daniel Crosby, podcasts.apple.com, Aug. 14, 2019.
8/31/202152 minutes, 16 seconds
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Michael Falk: 'Retirement Planning Can Be Done More Simply'

Our guest on the podcast today is Michael Falk. Falk is a partner at the Focus Consulting Group, where he specializes in helping investment and wealth management firms with investment decision-making, strategic planning, and succession. Previously, he was a chief strategist at Global Macro LP and a chief investment officer in charge of manager due diligence and asset allocation for a multi-billion-dollar advisory practice. Falk has authored or coauthored several books, including Let's All Learn How to Fish To Sustain Long-Term Economic Growth, Get to Work on OUR Future, and Money, Meaning, and Mindsets. He is a frequent public speaker and is also a CFA charterholder. BackgroundBioLet's All Learn How to Fish … To Sustain Long-Term Economic Growth, by Michael FalkGet to Work … On OUR Future, by Michael FalkMoney, Meaning, and Mindsets: Radical Reform for the Investment Industry, by Michael Falk"Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021.Retirement and Target-Date Funds"Psychological Safety & Career Risk in the Investment Management Industry," by Michael Falk and Bob Schmidt, Brandes Institute, February 2020.“Enough About the Assets, Already!" by Michael Falk, Retirement InSight and Trends, 2014."Falk: Immunize Your Retirement Portfolio Before Optimizing," Morningstar.com, June 30, 2014."Off With Your (Rules of) Thumbs!" by Michael Falk, Retirement InSight and Trends, 2015."Target Date Fund Warning," by Terry Savage, terrysavage.com, July 6, 2021."Is Retirement Past Its Prime? The Economic & Behavioral Realities of Retirement," by Michael Falk, Retirement InSight and Trends, 2014."A Popular Retirement Rule of Thumb Isn't Wrong, but It Could Be Disruptive for Retirees," by Stephanie Yang, yahoo.com, July 9, 2014.Investments and Asset Allocation"Michael Falk: Emotional Intelligence as Investment Alpha," Standard Deviations With Dr. Daniel Crosby, Aug. 17, 2021."Still Learning to Fish: Three Years On," by Michael Falk, CFA Institute, Jan. 23, 2020."Everything You Need to Know About Investing," by Michael Falk, Investments & Wealth Monitor, November/December 2020."Taking Investment Teams From Good to Great," by Michael Falk, CFA Institute, Oct. 4, 2018."Michael Falk: I'll Never Buy Bonds Again, and You Shouldn't Either," Money Life With Chuck Jaffe, Dec. 31, 2020.Herfindahl-Hirschman Index"Crypto Dreamin'? The Good, the Bad, and the Ugly," by Michael Falk, CFA Institute, June 16, 2020."Green Carrots and Sticks: Incentivizing Climate Solutions," by Michael Falk and Joachim Klement, CFA Institute, June 23, 2021."An Alternative to the 60/40 Portfolio," by Ben Carlson, A Wealth of Common Sense, March 5, 2015."Michael Falk: How a Money Mind Deals With a Terminal Diagnosis," Money Life With Chuck Jaffe, Feb. 26, 2020.
8/24/202150 minutes, 44 seconds
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Rick Bookstaber: Avoiding Complexity Is 'Risk 101'

 Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor’s in economics at Brigham Young University and earned a doctorate in economics from MIT.BackgroundBioFabricA Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, by Rick BookstaberThe End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, by Rick BookstaberRisk Management Macro “7 Risks That Are Creating a New Market Paradigm,” by Rick Bookstaber, barrons.com, June 17, 2021.“Agent-Based Models for Financial Crises,” by Rick Bookstaber, bookstaber.com, Aug. 30, 2017.“Can Global Capitalism Survive in its Current Form?” by Rick Bookstaber, Age of Economics on youtube.com, March 6, 2021.“Bill Bernstein: We’re Starting to See All of the Signs of a Bubble,” The Long View Podcast, Morningstar.com, March 10, 2021.“A More Realistic Look at Risk,” by Amanda White, top1000funds.com, Oct. 6, 2017. “Can High Liquidity + Low Volatility = High Risk?” by Rick Bookstaber, rick.bookstaber.com, Aug. 23, 2007.“Our Low Risk (Low Volatility) World,” by Rick Bookstaber, rick.bookstaber.com, Nov. 4, 2017.“Building Forward-Looking Scenarios: Why You’re Doing It Wrong,” by Rick Bookstaber, Alicia Karspeck, and Govinda Quish, risk.net, Aug. 3, 2021.Investments“How to Make Risk Management Work for Advisers,” by Rick Bookstaber, investmentnews.com, June 24, 2021.Aladdin (BlackRock)“MSCI’s Principles of Sustainable Investing,” msci.com.Organization and Culture“Adaptability Versus Optimization: The Cockroach Approach,” by Alex Barrow, macro-ops.com, Aug. 28, 2019.“Opinion: A Chief Risk Officer Offers the Simplest Way to Fight Back Against Stock-Market Memes,” by Rick Bookstaber, marketwatch.com, July 10, 2021.“This Is the Way Facebook Ends (and Maybe Apple and Google),” by Rick Bookstaber, rick.bookstaber.com, Jan. 28, 2018.“Facebook and the Awakening of our Private Selves,” by Rick Bookstaber, rick.bookstaber.com, April 1, 2018.
8/17/202152 minutes, 15 seconds
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Sarah Newcomb: 'I Love Rules of Thumb'

Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her research into Morningstar financial management applications and tools. Before joining Morningstar in 2015, Sarah earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She's the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind. Sarah also holds a bachelor’s degree in mathematics from Salem State University, a master's degree in financial economics from the University of Maine, and a master’s certification in personal financial planning from Bentley University.BackgroundBioLoaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind, by Sarah NewcombFinancial Education“Smart Shortcuts for the Good-Enough Investor,” by Sarah Newcomb, Morningstar.com, Sept. 3, 2019. “Can a Rule of Thumb Be a Shortcut to Financial Well-Being?” by Samantha Lamas, Morningstar.com, Jan. 25, 2021. “Keeping it Simple: Financial Literacy and Rules of Thumb,” by Greg Fischer, Alejandro Drexler, and Antoinette Schoar, findevgateway.org, July 1, 2010.“Making the Science Practical: Behavioral Interventions in Practice,” by Sarah Newcomb and Benjamin Cummings, researchgate.net, January 2019.“A Simple Plan for Financial Independence,” by Sarah Newcomb, Morningstar.com, Oct. 15, 2019.“The Complicated Art of Making Things Simple,” by Sarah Newcomb and Samantha Lamas, fa-mag.com, May/June 2017.“Sarah Newcomb: Understanding a Client’s Money Mindset in Order to Maximize Their Well-Being,” The Human Side of Money podcast with Brendan Frazier, audible.com, March 17, 2021.“Encouraging Action Through Design and Testing,” by Sarah Newcomb, slideshare.net, April 29, 2015.“Don’t Give Up on Financial Literacy Efforts,” investmentnews.com, Feb. 8, 2020.“Money Doesn’t Buy Happiness, but Power Might,” by Sarah Newcomb, medium.com, Jan. 13, 2017.“Coaching Clients to Teach Their Kids About Investing,” by Sarah Newcomb, investmentnews.com, Jan. 21, 2020.“How to Start Teaching Your Kids About Money,” by Sarah Newcomb and Samantha Lamas, Morningstar.com, Aug. 4, 2018.“What Is Mad Money?” by Keonhee Kim, Morningstar.com, April 6, 2021.“John Lynch: Rethinking Financial Education,” The Long View Podcast, Morningstar.com, Dec. 11, 2019.“Overcoming Clients’ Behavioral Biases Using Nudges, Smart Heuristics, and Behavioral Coaching,” by Michael Kitces, kitces.com, March 24, 2021.“Separating ‘Needs’ From ‘Wants’ Could Be Harming Your Financial Planning,” by Bill Keen, keenwealthadvisors.com, June 2, 2021.Financial Wellness and Tools “5 Financial Signs to Check Your Financial Independence,” by Sarah Newcomb, Morningstar.com, Jan. 16, 2020.“What Makes People Happy?” by Carla Fried, nny360.com, April 15, 2021.“Neighbors of Lottery Winners Are More Likely to Go Bankrupt,” by Leslie Albrecht, marketwatch.com, Oct. 21, 2018.“An Innovative Way to Face Retirement,” by Emily Brandon, money.usnews.com, Jan. 14, 2103.Hal Hershfield“Is Instagram Making You Poor?” by Sarah Newcomb, psychologytoday.com, Oct. 18, 2018. “How Stories Drive Financial Behavior--and What to Do About It,” by Sarah Newcomb, Morningstar.com, Sept. 14, 2020.Pandemic“Year in Review: Pandemic Edition,” by Sarah Newcomb, investmentnews.com, Dec. 3, 2020.“Sick of Uncertainty? Read This,” by Sarah Newcomb, morningstar.com, Nov. 3, 2020.“It’s the End of the World as We Know It,” by Sarah Newcomb, investmentnews.com, Oct. 8, 2020.Behavioral FinanceDaniel KahnemanRichard ThalerGerd Gigerenzer
8/10/202159 minutes, 30 seconds
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Martin Lau: Now Is a Better Time to Buy China

Our guest this week is Martin Lau. Martin is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He's been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including the FSSA Asian Equity Plus Fund, the FSSA China Growth Fund, and the FSSA Hong Kong Growth Fund. Martin has been in the investment business for nearly three decades and is based in Hong Kong. Morningstar's analysts have recognized Martin's achievements on a number of occasions, most recently in 2020, when they named the FSSA Hong Kong Growth Fund the winner of the Best Hong Kong Equity Fund Award. Martin earned a Bachelor of Arts degree from Cambridge University, as well as master’s degree in engineering from Cambridge. Martin is a CFA charterholder.  Background  BioFSSA Investment Managers  Morningstar Global Fund Report: FSSA Asian Equity Plus Fund Class I  FSSA China Growth Fund Class I  FSSA Hong Kong Growth Fund  Portfolio Management and Investing in China  “Some Chinese Stocks Are Starting to Look Like Bargains. Where to Look,” by Reshma Kapadia, barrons.com, July 12, 2021.  “Tencent’s Margins Are Going Down, and That’s Great News for Shareholders,” by Billy Duberstein, themotleyfool.com, May 23, 2021.  “Chinese Internet Stocks Are Riding on China’s Rising Self-Reliance and Policy Changes,” seekingalpha.com, June 13, 2021.  “Didi Global Considers Going Private to Placate China and Compensate Investors,” by Jing Yang, wsj.com, July 29, 2021.  “Factbox: From Education to Bitcoin, China’s Season of Regulatory Crackdown,” reuters.com, July 27, 2021.  “China’s New Rules Raise Risks for Private K-12 Education Companies,” fitchratings.com, June 17, 2021.  “Tap Into the World’s Fastest Growing Markets by Investing Into High Quality Companies Driving Sustainable Growth Outcomes,” by Martin Lau, fssaim.com.  Companies Mentioned in This Episode  Tesla Tencent DiDi Alibaba Group Apple Google PetroChina China Mobile Industrial and Commercial Bank of China JP Morgan Wells Fargo China Merchants Bank Kuaishou ENN Energy Holdings Limited Nike ANTA Sports Fila 
8/3/202148 minutes, 9 seconds
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Carl Richards: It Should Be OK to Relax Out Loud

Our guest on the podcast this week is Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new venture is called The Society of Advice, which he describes as a global gathering of real financial advisors. Carl created the Sketch Guy column in The New York Times. And he is also author of two books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money. In addition, he hosts the Behavior Gap Radio podcast and also cohosts a podcast with financial planning guru Michael Kitces, called Kitces & Carl. BackgroundBioThe Society of Advice videos “Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’,” The Long View podcast, Morningstar.com, May 13, 2020.Behavior GapThe Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money by Carl RichardsThe One-Page Financial Plan: A Simple Way to Be Smart About Your Money by Carl RichardsHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, edited by Joshua Brown and Brian Portnoy and illustrated by Carl Richards.Sketch GuyKitces & Carl PodcastReal Financial Planning“Learning to Deal With the Imposter Syndrome,” by Carl Richards, behaviorgap.com, Oct. 26, 2015.“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View Podcast, Morningstar.com, June 29, 2021.“Should You Buy Bitcoin? Ask a Different Question First,” by Carl Richards, nytimes.com, Jan. 5, 2018.“The Single Most Valuable Asset Is Trust,” by Carl Richards, behaviorgap.com.“The Value of an Advisor,” by Carl Richards, behaviorgap.com.Financial Planning ProcessStart With Why: How Great Leaders Inspire Everyone to Take Action, by Simon Sinek.Bill BachrachGeorge KinderDan Sullivan, Strategic CoachRescueTime“Carl Richards on How to Simplify Your Appointment Process and Build Trust by Asking Better Questions,” Podcast with Brad Johnson, Aug. 19, 2019.The Private Client Lawyer Now and in the Future, by Russ Alan Prince.Money Decisions“How Do You Define Enough?” by Carl Richards, behaviorgap.com.“How Much Is Enough?” by Carl Richards, behaviorgap.com.“Time Off Is a Prerequisite for Good Work (Not a Reward for It): An Interview With New York Times Columnist Carl Richards,” by Jory MacKay, blog.rescuetime.com, June 7, 2018.“Sure… #CrushIt. Then Get Some Rest,” by Carl Richards, behaviorgap.com.
7/27/202153 minutes, 40 seconds
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Manisha Thakor: Beware of 'Junk Personal Finance'

Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. She's also the coauthor of two books with Sharon Kedar: On My Own Two Feet, published in 2007 and updated in 2013, and Get Financially Naked, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of financial well-being at Brighton Jones. Before that she was director of wealth strategies for women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor's degree in American Studies from Wellesley College and her MBA from Harvard Business School.BackgroundBioMoneyZenOn My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar.Get Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon Kedar.Women in Investing/Financial Planning“The White House Report on Women: 3 Surprising Insights,” by Manisha Thakor, moneyzen.com, March 8, 2011.“Women Are Quitting: How We Can Curb the ‘She-Cession’ and Support Working Women,” by Margie Warrell, forbes.com, Jan. 26, 2021.“The 5 Most Common Mistakes Investors Make,” by Manisha Thakor, moneyzen.com, Oct. 7, 2013.“Growing Up Comfortable With Money,” by Candice Helfand-Rogers, thestoryexchange.org, June 5, 2014.Financial Wellness in Younger Generations and Couples“The Worst Financial Advice to Give to a College Grad,” by Manisha Thakor, wsj.com, June 18, 2015.“Gen X & Gen Y--Dialing Financial 911,” by Manisha Thakor, moneyzen.com, Sept. 29, 2010.“Priceless Financial Advice For Recent Graduates,” by Manisha Thakor, feminist.com.“The Math Behind a Pricey College Degree,” by Manisha Thakor, wsj.com, April 16, 2014.“Don’t Buy a Property Before Saying ‘I Do’,” by Manisha Thakor, wsj.com, Feb. 12, 2014.All Your Worth: The Ultimate Lifetime Money Plan, by Elizabeth Warren and Amelia Warren Tyagi.“What is the 50/20/30 Budget Rule?” by Eric Whiteside, Investopedia.com, Oct. 29, 2020.“The Beauty of a Budget,” by Manisha Thakor, moneyzen.com, March 18, 2013.“The Quiet Wisdom of Saving,” by Manisha Thakor, moneyzen.com, Dec. 8, 2011.“Manisha Thakor on Managing Money in Uncertain Times,” by Kathleen Harris, thecru.com, April 10, 2020.“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View Podcast, Morningstar.com, May 19, 2021.Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence, by Vicki Robin and Joe Dominguez.“The Marriage of Love & Money: How to Protect Yourself From Financial Heartbreak,” by Manisha Thakor, moneyzen, May 6, 2013.“How to Become a Financially Compatible Couple,” by Manisha Thakor, wsj.com, Feb. 13, 2015.Financial Advice“Finding the Right Advisor: It’s Complicated,” by Jim Pavia, cnbc.com, Jan. 15, 2015.“Reboot Your Finances: A 3-Part Workshop for Women,” with Manisha Thakor, eomega.org.EllevestBettermentXY Planning NetworkMental Health“Slow Down to Do More: ‘Enjoy Life’ With Manisha Thakor,” by Ben Ari, thriveglobal.com, April 24, 2020.“Walking the Tightrope Between Workaholism and Mental Health,” mmlafleur.com, April 5, 2019.
7/20/202155 minutes, 58 seconds
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David Herro: 'We Are Not at All Afraid to Vary From an Index'

Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.BackgroundBioOakmark FundsOakmark Global InvestorOakmark Global Select Investor Oakmark International InvestorOakmark International Small Cap Investor Macro“Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound, cnbc.com, March 16, 2020. “The Next Generation of Would-Be Buffetts--and the Stocks They’re Buying Now,” by Reshma Kapadia, barrons.com, May 21, 2021.“Oakmark Global Fund: Second Quarter 2021,” by David Herro, Clyde McGregor, Tony Coniaris, and Jason Long, oakmark.com, July 8, 2021.“Oakmark Global Select Fund: Second Quarter 2021,” by David Herro, William Nygren, Tony Coniaris, and Eric Liu, oakmark.com, July 8, 2021.“Oakmark International Fund: Second Quarter 2021,” by David Herro and Michael Manelli, oakmark.com, July 8, 2021.“Oakmark International Small Cap Fund: Second Quarter 2021,” by David Herro, Michael Manelli, and Justin Hance, oakmark.com, July 8, 2021.Financials“The Case for European Financials,” by David Herro, Jason Long, and Justin Hance, oakmark.com, March 24, 2020.“Investor Insight: David Herro,” Value Investor, Oct. 30, 2020.“David Herro Comments on Glencore,” by Sydnee Gatewood, gurufocus.com, July 9, 2020.“David Herro on CNBC’s ‘Closing Bell,’” oakmark.com, Jan. 1, 2021.“David Herro on ‘Squawk on the Street,’” oakmark.com, June 24, 2021. “Herro Holding Credit Suisse Slumps Amid Archegos Fallout,” by John Coumarianos, citywireusa.com, March 30, 2021.“Major Credit Suisse Investor Mulling Exit?” by Katharina Bart, finews.com, April 1, 2021.“Credit Suisse Investors Target Board Over Archegos, Greensill Failures,” by Margot Patrick, wsj.com, April 26, 2021. ESG“Danone Announces Appointment of New CEO; No Changes to Thesis and Fair Value Estimate,” by Ioannis Pontikis, Morningstar.com, May 18, 2021. “Manager Adopts Climate Measures After Investor Pressure,” Bloomberg.com, April 7, 2020.NaspersProsus Exor
7/13/202159 minutes, 27 seconds
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Leif Dahleen: Finding Financial Independence

Our guest on the podcast today is Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist at age 43. Since that time, he has been blogging about his own financial independence, retire early journey, sharing early retirement and investing guidance with other professionals who might also wish to retire early. He attended the University of Minnesota for his undergraduate and medical school education, completed an internship at Gundersen Lutheran in La Crosse, Wisconsin, and finished his residency at the University of Florida.BackgroundBioPhysician on FIREEarly Retirement Lifestyle and Financial Considerations“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View Podcast, Morningstar.com, Nov. 10, 2020.“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast, Morningstar.com, Oct. 14, 2020.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020. “Chris Mamula: What Young Retirees Need to Know,” The Long View podcast, Morningstar.com, Jan. 15, 2020. Afford AnythingThe White Coat Investor“Choose FI Over Fire,” by Leif Dahleen, physicianonfire.com.“The Most Important Factor in Retirement Withdrawal Plans,” by Leif Dahleen, physicianonfire.com.“How Early Retirement Prepared Us for the Pandemic,” by Leif Dahleen, thephysicianphilosopher.com. “How to Get Wealthy Investing in a Bear Market,” by Leif Dahleen, physicianonfire.com.“Asset Location and Making Your Money Last in Early Retirement,” by Leif Dahleen, physicianonfire.com.“Prices Are Rising. Should We Be Worried About Inflation?” by Leif Dahleen, physicianonfire.com“Social Security & Early Retirement 2021: Know Your Bend Points!” by Leif Dahleen, physicianonfire.com.“5 Reasons Why You Shouldn’t Ignore Social Security in Your Retirement Calculations,” whitecoatinvestor.com, March 30, 2021.Real Estate and Passive Income Sources “12 Passive Income Ideas for 2020 and Beyond,” by Leif Dahleen, physicianonfire.com.“My 5 Current and 3 Future Passive Income Streams,” by Leif Dahleen, physicianonfire.com.Taxes“Taxes on a Million Dollars of Earned Income,” by Leif Dahleen, physicianonfire.com.“Top 10 Ways to Lower Your Taxes,” by Leif Dahleen, physicianonfire.com.TurboTaxCharitable Giving“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar.com, May 17, 2021.“Giving Faceoff: Charitable Remainder Trust (CRT) Versus Donor Advised Fund (DAF),” by Leif Dahleen, physicianonfire.com.“A Gift on Giving Tuesday: $100 to 100 of Your Favorite Charities,” by Leif Dahleen, physicianonfire.com.“DAF Giving Tutorial From Fidelity and Vanguard Charitable,” by Leif Dahleen, physicianonfire.com.
7/6/202151 minutes, 41 seconds
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Jason Zweig: Temperament Is Everything for Most Investors

Our guest on the podcast this week is The Wall Street Journal columnist and author Jason Zweig. Jason became a personal finance columnist for The Wall Street Journal in 2008. His weekly column, “The Intelligent Investor,” is a must-read for people inside and outside of the investment industry. Jason is also the editor of the revised edition of Benjamin Graham's The Intelligent Investor. And he is the author of Your Money and Your Brain, which explores the neuroscience of investing. He also wrote the Devil's Financial Dictionary, which is a satirical glossary of Wall Street. BackgroundBioJason’s twitter handle: @jasonzweigwsjYour Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich The Devil’s Financial DictionaryIntelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel Life and Fate by Vasily GrossmanPalace Walk: The Cairo Trilogy by Naguib MahfouzThe Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan HouselMatt Levine, Bloomberg Opinion ColumnistJesse Livermore, Philosophical EconomicsNick Maggiulli, Ritholtz Wealth ManagementMichael Batnick, Ritholtz Wealth ManagementBen Carlson, Ritholtz Wealth ManagementJoe Weisenthal, BloombergTracy Alloway, BloombergRobin Wigglesworth, Financial TimesResearch Institute: Credit Suisse Global Investment Returns, Yearbook 2021 Summary Edition Georgarakos, D. & Pasini, G. 2011. “Trust, Sociability and Stock Market Participation,” Review of Finance, Vol. 15, No. 4, P. 693. Thinking, Fast and Slow by Daniel Kahneman“Investment Policy and the Competent Stranger,” speech by Charles D. Ellis, empireclub.org, April 7, 1988.Feynman, R.P. 1974.“Cargo Cult Science,” Engineering and Science.BogleheadsInvesting“Stock Market 101: Teaching the Wrong Lessons?” by Jason Zweig, Jasonzweig.com, May 8, 2015.“How to Keep Your Cool When Markets Are Sizzling,” by Jason Zweig, wsj.com, April 23, 2021.“Why You Shouldn’t Buy Bitcoin When You’re Hungry,” by Jason Zweig, wsj.com, May 21, 2021. “You Can’t Invest Without Trading. You Can Trade Without Investing,” by Jason Zweig, wsj.com, June 18, 2021.“Robinhood Trader’s Battle Cry: ‘It’s All Just a Game to Me,' " by Jason Zweig, wsj.com, March 26, 2021. “Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,' " The Long View Podcast, morningstar.com, April 20, 2021.ETFs and Index Funds“The Stock Got Crushed. Then the ETFs Had to Sell,” by Jason Zweig, Jasonzweig.com, Jan. 31, 2020.“The Story Behind the Market’s Hottest Funds,” by Jason Zweig, wsj.com, Jan. 15, 2021.“ETFs: What They Are and How They Can Fit Into Your Investment Portfolio,” by Jason Zweig, wsj.com, May 20, 2021.Retirement“Jason Zweig’s Proposal to Scrap 401(k)s,” by John Rekanthaler, Morningstar.com, Feb. 26, 2019.“Wishful Thinking in a World Without Yield,” by Jason Zweig, wsj.com, June 18, 2021. “The Safe, High-Return Trade Hiding in Plain Sight,” by Jason Zweig, wsj.com, May 28, 2021.“The Funds That Make You Buy Low and Sell High,” by Jason Zweig, wsj.com, Aug. 30, 2019.Financial Advice“The Intelligent Investor: Saving Investors From Themselves,” by Jason Zweig, wsj.com, July 1, 2013.“The First Line of Investing Defense? You,” by Jason Zweig, wsj.com, March 8, 2019.“Looking for a Financial Planner? The Go-To Website Often Omits Red Flags,” by Jason Zweig and Andrea Fuller, wsj.com, July 30, 2019.“Financial Advisor Fee Trends and the Fee Compression Mirage,” by Michael Kitces, kitces.com, Feb. 8, 2021. “Want to Get Rich Quick? Who Can Stop You?” by Jason Zweig, wsj.com, May 7, 2021.
6/29/202155 minutes, 1 second
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Jack Brennan: Price Pressure in the Advice Business Is 'Inevitable'

Our guest on the podcast today is former Vanguard CEO, Jack Brennan. Jack is the author of a new book, More Straight Talk on Investing, which he cowrote along with John Woerth. He is also author of Straight Talk on Investing, which was published in 2004. Jack served as the CEO of Vanguard from 1996 to 2008 and was chairman of the board from 1998 to 2009. He is now chairman emeritus and senior advisor at Vanguard. He also serves as the chairman of the board of trustees at Notre Dame University and has served on numerous corporate boards, including General Electric and American Express. He received his undergraduate degree from Dartmouth College and his MBA from Harvard Business School.   Background  Bio  More Straight Talk on Investing: Lessons For a Lifetime  Straight Talk on Investing: What You Need to Know  Current Environment  “Opinion: Former Vanguard CEO: 5 Hurdles Facing Investors Now and How to Overcome Them,” by Jack Brennan, marketwatch.com, May 1, 2021.  “Straight Talk,” by Jack Brennan, humbledollar.com, April 27, 2021.  “Vanguard’s Jack Brennan: The Best Way to Build Wealth,” Nasdaq.com, May 24, 2021.  “The Former CEO of Vanguard Has Some Surprising Views on Alternatives,” by Julie Segal, institutionalinvestor.com, April 30, 2021.  Asset Allocation and Investing  “Run Your Race: Money Wisdom From Vanguard’s Jack Brennan,” by Chris Taylor, money.usnews.com, May 19, 2021.  “5 Investing Principles That Are Built to Last,” by Jack Brennan, investornews.vanguard.com, April 12, 2021. 
6/23/202148 minutes, 1 second
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Sonal Desai: Navigating Historically Low Yields and Stretched Valuations

Our guest this week is Sonal Desai. Sonal is executive vice president and chief investment officer of the Franklin Templeton Fixed Income Group. In addition to her responsibilities overseeing many of Franklin’s fixed-income teams, Sonal also co-chairs the group’s fixed-income policy committee and is a member of Franklin Resources executive committee as well as the firm’s management and investment committees. Sonal is a listed portfolio manager at a number of strategies, including Core Plus, Strategic Income, and Global Fixed Income. Sonal joined Franklin in 2009 from Thames River Capital in London. Before that, Sonal worked at the International Monetary Fund and as director and senior economist at Dresdner Kleinwort Wasserstein. She earned her bachelor’s in economics from the University of Delhi and her doctorate in economics from Northwestern University.     Background  Bio  Franklin Strategic Income A  Franklin Total Return A  Franklin Low Duration Total Return A  Fiscal and Monetary Policy  “On My Mind: Adrift--Has Monetary Policy Become Unanchored?” by Sonal Desai, franklintempleton.com.  “On My Mind: Modern Magical Thinking,” by Sonal Desai, franklintempleton.com, March 12, 2019.  “On My Mind: Bringing the Economy Back From Life Support,” by Sonal Desai, franklintempleton.  “On My Mind: Now Let’s Get Those Jobs Back,” by Sonal Desai, franklintempleton.  “If You Open It, They Will Come,” by Sonal Desai, advisorperspectives.com, June 5, 2020.  “Quick Thoughts: Why Our Managers Disagree on Inflation, Rates, and Growth,” by Stephen Dover, John Bellows, Sonal Desai, and Francis Scotland, franklintempleton.com, April 23, 2021.  “U.S. Macro Outlook: Let’s Bend the Economic Growth Curve,” by Sonal Desai and Nikhil Mohan, franklintempleton.com, April 22, 2020.  “On My Mind--Inflation: The Devil We Knew,” by Sonal Desai, franklintempleton.com, Feb. 26, 2021.  Bonds  “Sonal Desai: ‘In Fixed Income, Active Investment Historically Has Been the Winning Strategy,’” by Sonal Desai, advisoranalyst.com, Nov. 8, 2019.  “On My Mind: A Tale of Two Recoveries,” by Sonal Desai, franklintempleton.com, April 22, 2021.  “Too Much of a Good Thing?” by Sonal Desai, David Yuen, John Beck, and David Zahn, franklintempleton.com, April 8, 2021. 
6/16/202146 minutes, 16 seconds
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Eduardo Repetto: ETFs Are Winning the Battle

Our guest this week is Eduardo Repetto. Eduardo is chief investment officer of Avantis Investors, where he is responsible for overseeing the research, design, and implementation of the firm's investment strategies. Prior to forming of Avantis in 2019, Eduardo was co-CEO, co-CIO, and a director at Dimensional Fund Advisors. Eduardo earned a Ph.D. in aeronautics from the California Institute of Technology, and an MSc degree in engineering from Brown University.BackgroundBio“American Century Launches Systematic Active Manager Avantis Investors,” by Christine Williamson, Pensions & Investments, June 26, 2019. Hal HershfieldSuzanne ShuMeir StatmanMarkets and Factors "'Is a Hot Dog a Sandwich?' Ex-DFA Chief Weighs Factor Funds and Starting Anew,” by Alex Steger, citywireusa.com, July 30, 2019.“The Joint Distribution of Value and Profitability: International Evidence,” by Sunil Wahal and Eduardo Repetto, papers.ssrn.com, Nov. 30, 2020.“Could ‘Flying to Safety’ Be Dangerous?” by Eduardo Repetto and Phil McInnis, avantisinvestors.com, April 2020. “Patrick O’Shaughnessy: ‘Custom Indexing Unlocks a Lot of Benefits,’” The Long View, Morningstar.com, May 12, 2021.“A Discussion About Value and Small-Cap Factors With Avantis Investors’ CIO Dr. Eduardo Repetto,” Jonathan Chevreau, findependencehub.com, March 30, 2021.”“Two Active ETFs We Like,” by Ben Johnson and Susan Dziubinski, Morningstar.com, Feb. 21, 2021.
6/9/202148 minutes, 43 seconds
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Market X-Ray: Wheels Up on Travel Stocks

In this bonus episode of “The Long View,” we hear from three Morningstar equity analysts who cover airlines, cruise lines, and Airbnb. Welcome to “Market X-Ray," our new podcast that looks at investment opportunities and risks that go beyond the market headlines.  Want to hear more? Let us know at [email protected]. Companies mentioned in this episode:Southwest (LUV); Delta (DAL); Royal Caribbean (RCL); Carnival (CCL); Norwegian (NCLH); Airbnb (ABNB); Booking (BKNG); Expedia (EXPE); Polaris (PII); Malibu Boats Inc. (MBUU); Sabre (SABR); Hilton (HLT); and Marriott (MAR). 
6/7/202125 minutes, 20 seconds
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Alan Moore: What Millennial Investors Want

Our guest on the podcast today is Alan Moore. With Michael Kitces, Alan cofounded XY Planning Network, a support network for advisors looking to serve younger clients. He is also the CEO of AdvicePay, which is a compliant payment processor for financial advisors. Alan has been recognized by InvestmentNews as a top "40 Under 40" in financial planning, by Wealth Management as one of a "The 10 to Watch in 2015," and was the first recipient of the NAPFA Young Professional award in 2015. He is a certified financial planner, and he is also the host of XYPN Radio podcast. BackgroundBioXY Planning NetworkAdvicePayXYPN RadioServing Millennial Clients “Forget About Retirement Planning for Millennials,” by Alan Moore, Money.com, Feb. 10, 2015.“Why Do We Work With Younger Clients?” by Alan Moore, xyplanningnetwork.com, Oct. 16, 2017.“When Subscription Fees Work,” by Christopher Robbins, fa-mag.com, September 2019.“How Advisors Can Attract and Profitably Serve Millennial Clients,” by Alan Moore, xyplanningnetwork.com, Aug. 29, 2019.“9 Keys to Building a Practice Focused on Next-Gen Investors,” schwab.com. “The Boomer-Millennial War in Planning Is Real,” by Eric Rasmussen, fa-mag.com, March 17, 2020.The Future of Advice“How to Create a Business That Supports Your Great Life,” by Alan Moore, linkedin.com, July 13, 2015.“Don’t Be Afraid to Grow Your Firm,” by Alan Moore, xyplanningnetwork.com, Sept. 3, 2018.“Niche Advisors Grow Faster,” by Samuel Steinberger, wealthmanagement.com, Sept. 10, 2019.“Why a Niche Model Helps Advisers,” Morningstar.com, Sept. 23, 2020.“Have You Found Your Niche?” by Greg Dalgetty, investmentexecutive.com, Sept. 16, 2020.“7 Takeaways on the Future of Advice: Morningstar Panel,” by Ginger Szala, thinkadvisor.com, Sept. 17, 2020. “Financial Advisors Are Becoming More Digital, Specialized--and Affordable,” by Evie Liu, barrons.com, Sept. 17, 2020. Fiduciary StandardsFiduciary Oath“What Is a Fiduciary?” by Alan Moore, xyplanningnetwork.com, May 7, 2014.“XYPN Pivots From Supreme Court to States in Fiduciary Fight,” by Patrick Donachie, Oct. 12, 2020.
6/2/202155 minutes, 45 seconds
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Andrew Biggs: Create a Thrift Savings Plan for the Masses

We’ve been exploring the state of retirement in the United States on The Long View. Last week, we talked with progressive labor economist Teresa Ghilarducci. On this week’s episode, we chatted with Andrew Biggs, resident scholar at the American Enterprise Institute. He is more sanguine about the state of retirement in the U.S., though he is also in favor of some reforms. Andrew is an expert on Social Security reform, state and local government pensions, and public sector pay and benefits. Before joining AEI, Biggs was the principal deputy commissioner of the Social Security Administration, where he oversaw the agency's policy research efforts. In 2005, as an associate director of the White House National Economic Council, he worked on Social Security reform. In 2001, he joined the staff of then-President George W. Bush's Commission to Strengthen Social Security. He holds a bachelor's degree from Queen's University Belfast in Northern Ireland, master's degrees from Cambridge University and the University of London, and a Ph.D. from the London School of Economics.BackgroundBioThe American Enterprise InstituteState of Retirement in the U.S. The Model of Income in the Near Term (MINT)National Retirement Risk Index“Social Security Replacement Rates and Other Benefit Measures: An In-Depth Analysis,” Congressional Budget Office, cbo.gov, April 2019.“How Do Children Affect the Need to Save for Retirement?” by Andrew Biggs, aei.org, Dec. 16, 2019.“Two Decades Ago, Progressives Warned of a Retirement Crisis. It Didn’t Happen,” by Andrew Biggs, forbes.com, May 29, 2020.“Opinion: Here’s Some Good News for Parents Struggling to Save Enough for Retirement,” by Andrew Biggs, marketwatch.com, Jan. 26, 2020.“Improving the Measurement of Retirement Income of the Aged Population,” by Irena Dushi and Brad Trenkamp, ssa.gov, January 2021. “At Last, Some Action on Misleading Retirement Income Statistics,” by Andrew Biggs, aei.org, April 29, 2021.Social Security“Status of the Social Security and Medicare Programs: A Summary of the 2020 Annual Reports,” ssa.gov. “Obama Appoints Social Security Critic to Fix Puerto Rico’s Budget,” by David Dayen, theintercept.com, Aug. 31, 2016. “Social Security Benefits Aren’t Earned If You Didn’t Pay for Them,” by Andrew Biggs, forbes.com, March 12, 2020.“Americans Want to Own Their Retirement, not Expand Social Security,” by Andrew Biggs, realclearmarkets.com, June 19, 2020.“Factcheck: Do 40% of Retirees Rely on Social Security for Their Entire Income?” by Andrew Biggs, forbes.com, Jan. 27, 2020.“PWBM Budget Contest: A Flat Benefit for Social Security,” by Andrew Biggs, budgetmodel.wharton.upenn.edu, Jan. 26, 2021. “Social Security Reform Can Boost the Economy--or Hold it Back,” Andrew Biggs, Washingtonexaminer.com, March 26, 2021.Retirement Savings and DecumulationThrift Savings Plan“How Generous Are Federal Employee Pensions?” by Andrew Biggs, aei.org, Sept. 30, 2011.“Can Retirement Saving Increase Your Debt?” by Andrew Biggs, forbes.com, Jan. 8, 2018.“How Hard Should We Push the Poor to Save for Retirement?” by Andrew Biggs, aei.org, May 6, 2019.“Opinion: Stop Pushing Poor People to Save More for Retirement,” by Andrew Biggs, marketwatch.com, Sept. 12, 2019.“Factcheck: Will Half of Americans Over 55 Retire Poor?” by Andrew Biggs, forbes.com, Oct. 8, 2020.“Follow the Facts: Employer-Based Retirement Savings Are Stronger Than Ever,” by Andrew Biggs, forbes.com, Aug. 21. 2020. “Opinion: Now That Annuities Can Be Part of Your 401(k), Here’s How to Make Them More Palatable,” by Andrew Biggs, marketwatch.com, Jan. 11, 2020.
5/26/202152 minutes, 18 seconds
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Teresa Ghilarducci: To Fix Retirement, Expand Social Security

Over the next two weeks, we'll be taking a closer look at the state of retirement security in the United States, and we'll be featuring two very different perspectives on the topic. We're kicking things off with labor economist and retirement expert Teresa Ghilarducci, who will offer a progressive perspective. Ghilarducci joined The New School for Social Research as a professor of economics in 2008 after teaching at Notre Dame for 25 years. At The New School, she also directs the Schwartz Center for Economic Policy Analysis, which focuses on economic policy research and outreach. Ghilarducci has frequently testified before U.S. Congress on matters of retirement planning. She has also published numerous research pieces in economics journals and has authored several books. Her most recent book, Rescuing Retirement, is co-authored by Tony James, executive vice chairman of the Blackstone Group. She received her bachelor's and doctorate degrees in economics from the University of California at Berkeley.Background BioThe New School for Social ResearchSchwartz Center for Economic Policy AnalysisBooks The Retirement Crisis"The Retirement Crisis," by Teresa Ghilarducci, The New School."Whose Retirement Crisis? Household Savings or Public Financing?" by Teresa Ghilarducci, Forbes, Feb. 20, 2018."America's Unusual High Rates of Old-Age Poverty and Old-Age Work," by Teresa Ghilarducci, Forbes, March 2, 2018."Working Longer Cannot Solve the Retirement Crisis," by Teresa Ghildarducci, Michael Papadopoulos, Bridget Fisher, and Anthony Webb, Schwartz Center for Economic Policy Analysis, Feb. 3, 2021.The Defined-Contribution System"How Defined Contribution Plans and 401(k)s Affect Employer Pension Costs," by Teresa Ghilarducci, ResearchGate, July 2006."Americans Haven't Saved Enough for Retirement. What Are We Going to Do About It?" by Teresa Ghilarducci and Tony James, Harvard Business Review, March 28, 2018."America's Retirement Savings Crisis Is Now. Here's How to Fix It," by Teresa Ghilarducci and Tony James, CNN Business, Sept. 15, 2020."Fixing the U.S. Retirement System," Written Testimony by Teresa Ghilarducci; Committee on Finance, Subcommittee on Social Security, Pensions, and Family Policy, U.S. Senate, May 21, 2014."Laying the Groundwork for More Efficient Retirement Savings Incentives," by Teresa Ghilarducci and Christian Weller, Center for American Progress, Nov. 18, 2015."Retirement Savings Inequality: Different Effects of Earnings Shocks, Portfolio Selections, and Employer Contributions by Worker Earnings Level," by Teresa Ghilarducci, Joelle Saad-Lessler, and Gayle Reznik, Social Security Office of Retirement and Disability Policy, 2018."The Inequitable Effects of Raising the Retirement Age on Blacks and Low-Wage Workers," by Teresa Ghilarducci, Kyle Moore, and Anthony Webb, The Review of Black Political Economy, April 26, 2019."Everyone Should Have the Retirement Plan Federal Employees Enjoy," by Teresa Ghilarducci and Kevin Hassett, The Washington Post, March 29, 2021."What if Low-Income American Workers Had Access to Wealth-Building Vehicles Like the Federal Employees' Thrift Savings Plan?" by Teresa Ghilarducci and Kevin Hassett, Economic Innovation Group, March 25, 2021.Social Security"A Nobel Laureate's Plan to Use Social Security to Fix the Retirement Crisis--and Why it Won't Work," by Teresa Ghilarducci, The New School's Retirement Equity Lab, April 19, 2019."Teresa Ghilarducci on Social Security Fixes to Protect the Poorest," by Teresa Ghilarducci, Bloomberg Businessweek, March 27, 2020.Income Inequality and Women in Economics"The Unique Disadvantage Older Women Face in the Workforce," by Teresa Ghilarducci, PBS News Hour, March 25, 2016."Women's History Month: Gender Pay Gap Contributes to Elderly Poverty Gap," by Teresa Ghilarducci, The New School's Retirement Equity Lab, May 1, 2017."Labor Market Discrimination: A Bleak Outlook for Older Women," by Teresa Ghilarducci and Kyle Moore, Schwartz Center for Economic Policy Analysis, 2017."How Big Firms Keep Wages Low," by Teresa Ghilarducci, Forbes, Jan. 21, 2019."Barring Women From Economics," by Teresa Ghilarducci, Forbes, March 31, 2019."Economists Weigh In on Covid-19 and Inequality," by Teresa Ghilarducci, Forbes, March 4, 2021.Behavioral Finance"Financial Literacy: Just Another Word for Financial Shaming," by Teresa Ghilarducci, Psychology Today, May 7, 2018."Go Ahead and Spend Your Children's Inheritance," by Teresa Ghilarducci, Advisor Perspectives, Dec. 17, 2020.
5/19/202150 minutes, 29 seconds
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Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'

Our guest this week is Patrick O’Shaughnessy. Patrick is the CEO of O’Shaughnessy Asset Management. He also is a portfolio manager at the firm. Prior to assuming his current role, Patrick served on O’Shaugnessy’s research and portfolio management teams. Patrick is the author of Millennial Money: How Young Investors Can Build a Fortune and was a contributing author to the fourth edition of What Works on Wall Street. Patrick is also the host of the popular Invest Like the Best podcast. He received his bachelor’s in philosophy from the University of Notre Dame and is a CFA charter holder.BackgroundBioO’Shaughnessy Asset ManagementCanvas Millennial Money: How Young Investors Can Build a FortuneWhat Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All TimeInvest Like the Best PodcastsESG“ESG the Right Way: Customization and Not Scale,” by Travis Fairchild, osam.com, October 2019.“Custom Indexing Leader Canvas Expands ESG/SRI Offering,” businesswire.com, March 9, 2021.“Investing in Environmental Protection,” by the OSAM Research Team, osam.com, April 2021.“Helping Financial Advisors Solve ESG Investing Challenges,” by Travis Fairchild, osam.com, March 2021.Factors and Custom Indexing “Combining the Best of Passive and Active Investing,” by Patrick O’Shaughnessy, advisorperspectives.com, March 6, 2013. “Alpha or Assets? Factor Alpha Vs. Smart Beta,” by Patrick O’Shaughnessy, osam.com, April 2016. “Combining the Best Stock Selection Factors by Patrick O’Shaughnessy at QuantCon 2016,” slideshare.net, April 14, 2016. “Factors From Scratch: A Look Back, and Forward, at How, When, and Why Factors Work,” by Chris Meredith, Jesse Livermore, and Patrick O’Shaughnessy, osam.com, May 2018."'Humans Love a Narrative. We Have Safeguarded Against That': Jim and Patrick O’Shaughnessy,” by Vicky Ge Huang, citywireusa.com, Dec. 6, 2018.“Introducing Canvas,” by Patrick O’Shaughnessy, osam.com, September 2019.“Custom Indexing: The Next Evolution of Index Investing,” by Patrick O’Shaughnessy, osam.com, December 2020.“O’Shaughnessy’s Quarterly Letter Q4 2019,” by Patrick O’Shaughnessy, osam.com, January 2020.Podcast and Reading “Chetan Puttagunta--Go Slow to Go Fast: Software Building and Investing,” Invest Like the Best With Patrick O’Shaughnessy, investlikethebest.com, Jan. 28, 2020.“Nick Kokonas—Know What You Are Selling,” Invest Like the Best With Patrick O’Shaughnessy, investlikethebest.com, Nov. 19, 2020.The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan HouselThe Razor’s Edge by Somerset Maugham
5/12/202152 minutes, 35 seconds
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Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle

Our guest on the podcast today is Kerry Pechter. He is the editor and publisher of Retirement Income Journal, which he launched in 2009 to provide unconflicted news and analysis to the annuity and financial advice industries. RIJ recently celebrated its 500th issue. Kerry is also the author of Annuities for Dummies and two other nonfiction books. He has been an editor of Annuity Market News, a writer in Vanguard's individual annuity marketing department, a senior editor at Rodale Press, and a reporter for The Billings Montana Gazette.BackgroundBioAnnuities for Dummies Retirement Income JournalAdvisor Landscape“Out of Commission,” by Kerry Pechter, retirementincomejournal.com, Sept. 19, 2013.“Seeking ‘Ambidextrous Advisers’,” by Kerry Pechter, retirementincomejournal.com, Jan. 9, 2020.RetireOneDPL Financial Annuity Basics “Will Fee-Only Advisors Warm to Annuities?” by Kerry Pechter, retirementincomejournal.com, Oct. 19, 2018.“Two Client-Centric Income Strategies,” by Kerry Pechter, retirementincomejournal.com, Jan. 10, 2019.“A Primer for Annuity Newbies,” by Kerry Pechter, retirementincomejournal.com, May 28, 2020. “Another Advantage of Annuities: You Can Be More Aggressive With Non-Annuity Funds and Fare Better Long-Term,” by Kerry Pechter, annuityfyi.com. “The One True Path to Income--The New DIAs,” by Kerry Pechter, annuityfyi.com.“Now You Can Invest in a Longevity Annuity Within an IRA or 401(k),” by Kerry Pechter, annuityfyi.com.“The Catch-22 of In-Plan Annuities,” by Kerry Pechter, retirementincomejournal.com, Dec. 17, 2020. “'Dull' Investments Shine in a Crisis,” by Kerry Pechter, retirementincomejournal.com, March 26, 2020.“Why Is Income Planning So Hard?” by Kerry Pechter, retirementincomejournal.com, June 30, 2020Annuity TrendsRegistered Index-Linked Annuities“Stormy Weather for Life Insurers,” by Kerry Pechter, retirementincomejournal.com, April 9, 2020.“Low Interest Rates Shock Sales of Most Annuities,” retirementincomejournal.com, Aug. 6, 2020.“Pandemic Hurt Annuity Sales in 2020,” by Kerry Pechter, retirementincomejournal.com, March 10, 2021. “Trends RIJ Will Track in 2021,” by Kerry Pechter, retirementincomejournal.com, Jan. 7, 2021.Due DiligenceAM BestWeiss RatingsNOLHGA
5/5/202148 minutes, 55 seconds
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Mike Piper: Delaying Social Security Not Always a Good Deal

Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, including Social Security Made Simple, Taxes Made Simple, Accounting Made Simple, and Can I Retire? His blog, Oblivious Investor, covers Social Security, taxes, and investing. Piper has also developed a free tool for exploring Social Security-claiming decisions called Open Social Security. He is a certified public accountant. BackgroundBioMike Piper's BooksOblivious InvestorOpen Social SecuritySocial Security"How Is Social Security Taxed?" by Mike Piper, Oblivious Investor, Jan. 1, 2019. "Does Delaying Social Security Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020. "Philosophy of Social Security Claiming Strategies," by Wade Pfau, Retirement Researcher. Social Security SolutionsMaximize My Social Security"Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments," The Long View podcast, Morningstar.com, Sept. 9, 2020."Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020.Retirement Planning"An Ideal Retirement Spending Strategy? "by Mike Piper, Oblivious Investor, March 12, 2018."Building a Safe Floor of Retirement Income--in Advance," by Mike Piper, Oblivious Investor, July 2, 2018."A Rough, General-Purpose Retirement Plan," by Mike Piper, Oblivious Investor, Jan. 28, 2019."Simplifying a Retirement Bucket Portfolio," by Mike Piper, Oblivious Investor, July 8, 2019."What's in My Portfolio?" by Mike Piper, Oblivious Investor, Dec. 11, 2019."Single Premium Immediate Annuity: Why They're Useful and When to Buy Them," by Mike Piper, Oblivious Investor, Jan. 1, 2020."From Assets to Income: A Goals-Based Approach to Retirement Spending," by Colleen Jaconetti, Michael DiJoseph, Francis Kinniry, David Pakula, and Hank Lobel, Vanguard, April 2020."Father of 4% Rule Says it Was Really More of a Guideline," by Ginger Szala, ThinkAdvisor, Oct. 19, 2020.Retirement Accounts"Marginal Tax Rate or Effective Tax Rate?," by Mike Piper, Oblivious Investor, Dec. 7, 2020."Marginal Tax Rate: Not (Necessarily) the Same as Your Tax Bracket," by Mike Piper, Oblivious Investor, March 15, 2021."Taxes in Retirement: What Happens After Your Husband or Wife Dies?" by Mike Piper, MarketWatch, Feb. 6, 2021."Long-Term Tax Planning Requires Guessing. Focus on the Near Term," by Mike Piper, Oblivious Investor, Feb. 2, 2021."Retirement Tax-Planning Error: Not Planning for Widow(er)hood," by Mike Piper, Oblivious Investor, Jan. 4, 2021.Target-Date Funds "Don't Judge a Fund by Its Cover," by Mike Piper, The Wall Street Journal, Aug. 8, 2013."Why Would an Experienced Investor Buy a Target-Date Fund?" by Mike Piper, Oblivious Investor, May 11, 2015."Why I (Still) Like All-in-One Mutual Funds," by Mike Piper, Oblivious Investor, Sept. 14, 2015.
4/28/202151 minutes, 21 seconds
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Jason Hsu: China Is 'the Last Great Remaining Alpha Reservoir'

Our guest this week is Jason Hsu. Jason is founder and chairman of Rayliant Global Advisors, a quantitative asset manager based in Hong Kong. Jason also cofounded Research Affiliates with Robert Arnott and has been at the forefront of the fundamental indexing movement. Jason is a member of the board of directors at the Anderson School of Management at the University of California at Los Angeles, as well as an adjunct professor in finance there. He has authored more than 40 peer-reviewed articles, is an associate editor of the Journal of Investment Management, and serves on the editorial board of numerous other financial journals, including the Financial Analysts Journal. Jason earned his bachelor's in physics from the California Institute of Technology, his master's in finance from Stanford, and his doctorate in finance from UCLA. BackgroundBioRayliant Global AdvisorsResearch AffiliatesAnderson School of Management at UCLAJournal of Investment ManagementThe Fundamental Index: A Better Way to Invest, by Robert D. Arnott, Jason C. Hsu, and John M. WestInvesting in China“Timing Poorly: A Guide to Generating Poor Returns While Investing in Successful Strategies,” by Jason Hsu, Brett W. Myers, and Ryan Whitby, jpm.com, January 2016.“Buy the Best, Perform the Worst,” by John Rekenthaler, Morningstar.com, April 15, 2016.“In Defense of Alpha?!” by Jason Hsu, researchaffiliates.com, October 2017.“The Biggest Failure in Investment Management: How Smart Data Can Make It Better or Worse,” by John West and Jason Hsu, researchaffiliates.com, October 2018.“Where Retail Rules: Buying Into China’s Alpha Opportunity,” Rayliant.com, August 2019.“How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020. “Should You Have More China in Your Portfolio? Putting Common Arguments for Increased Chinese Exposure to the Test,” by Jason Hsu, Xiang Liu, and Phillip Wool, The Journal of Index Investing, Winter 2020.“China’s Got Talent: Fund Manager Skill and Alpha in Chinese Stocks,” by Phillip Wool, rayliant.com, March 2021. Chinese Market“The China Syndrome: Lessons From the A-Shares Bubble,” by Jason Hsu, researchaffiliates.com, September 2015.“Value, Growth and Bubbles: A Comparison Between China and US Markets,” by Jason Hsu, linkedin.com, Jan. 11, 2021.“Fewer Loans in China: Impactful, but Perhaps Not in the Way You’d Expect,” by Jason Hsu, rayliant.com, April 9, 2021.“Why Few Foreign Funds Are Entering China’s $3tr Mutual Fund Market,” by Twinkle Zhou, Asianinvestor.net, April 19, 2021.“’Tiger Mom’ Vs. Montessori: A Simple Analogy for Comparing Chinese and U.S. Financial Regulation,” by Jason Hsu, linkedin.com, March 4, 2021.Quantitative Investing“The Surprising Alpha From Malkiel’s Monkey and Upside-Down Strategies,” by Robert D. Arnott, Jason Hsu, Vitali Kalesnik, and Phil Tindall, The Journal of Portfolio Management, Summer 2013.“A Framework for Assessing Factors and Implementing Smart Beta Strategies,” by Jason Hsu, Vitali Kalesnik, and Vivek Viswanathan, valuewalk.com, Summer 2015.“Rob Arnott: Don’t Sleep on Value Investing (Especially Emerging-Markets Value),” The Long View Podcast, Morningstar.com, Aug. 21, 2019. “Going Local: Developing a Quant Approach Specific to Emerging Markets,” by Phillip Wool, Rayliant.com, April 10, 2020. Academic Research“The Harm in Selecting Funds That Have Recently Outperformed,” by Bradford Cornell, Jason Hsu, and David Nanigian, papers.ssrn.com, Feb. 25, 2016.“Coronavirus Crisis, Supertrends and Disruptive Innovations in Asset Management,” Financial Investigator Conference, rayliant.com, July 2, 2020. “When Dollar-Cost Averaging Can Help (or Hurt),” by Amy Arnott, Morningstar.com, Sept. 4, 2020.
4/21/202149 minutes, 48 seconds
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Joe Davis: 'We Will See China-Like Growth for a Time in the United States'

Our guest on the podcast today is Joe Davis, global chief economist at Vanguard. Joe also heads up Vanguard's Investment Strategy Group, a team that conducts research on portfolio construction, develops the firm's economic and market outlook, and helps oversee Vanguard's asset-allocation strategies for both institutional and individual investors. He is also a member of the senior portfolio management team for Vanguard Fixed Income Group. He earned a doctorate in economics at Duke University.BackgroundBioAsset Bubbles“Bitcoin: Digital Gold or Fool’s Gold?” by Joe Davis, vanguard.com, March 13, 2018. “Vanguard’s Joe Davis on the State of the Markets & the Global Economy,” cnbc.com, Jan. 28, 2020.“Asset Bubbles and Where to Find Them,” by Joe Davis, vanguard.com, March 8, 2021.“Value vs. Growth: Widest Performance Gap on Record,” by Katherine Lynch, Morningstar.com, Jan. 11, 2021.The Pandemic and the Economy“Vanguard Economic and Market Outlook for 2021: Approaching the Dawn,” Vanguard Investment Strategy Group, vanguard.com, December 2020.“Vanguard Economists Discuss Their Global Outlook,” vanguard.com, July 23, 2020.“The ‘Great’ Fall and the Road to Recovery,” by Joe Davis, vanguardinstitutionalblog.com, May 1, 2020.“A Pandemic, a Vaccine, and a Sea of Ideas,” by Joe Davis, vanguardinstitutionalblog.com, Nov. 10, 2020.“The Key to Achieving COVID-19 Herd Immunity,” by Joe Davis, vanguardinstitutionalblog.com, Jan. 27, 2021.“A Timetable for Overcoming COVID-19,” by Joe Davis, vanguard.com, Feb. 1, 2021.“Vanguard’s Joe Davis Talks Healthy Economy Amid Covid,” Bloomberg, Feb. 8, 2021.Inflation“Vanguard 2020 Outlook: The New Age of Uncertainty,” by Joe Davis, vanguard.com, Nov. 18, 2019.“Inflation Prospects Amid the Pandemic,” by Andrew J. Patterson, vanguardinstitutionalblog.com, May 20, 2020.“Envisioning a Post-Pandemic Future,” by Joe Davis, vanguard.com, Sept. 1, 2020.Market Outlook“Vanguard Comes to Defense of the 60/40 Portfolio As It Forecasts Stock Market Returns for the Next Decade,” by Steve Goldstein, marketwatch.com, July 25, 2020.“A Sharp Contraction, Then an Upswing,” by Joe Davis, vanguard.com, March 22, 2020.“Why Portfolio Diversification Still Works,” by Amy Arnott, Morningstar.com, March 30, 2021.“Active Fixed Income Perspectives: Q1 2021,” by Active Fixed Income Leadership and Research Teams, vanguard.com, Jan. 28, 2021.Megatrends“Megatrends: The Future of Work,” Vanguard Research, vanguard.com.“Automation Isn’t the End of Jobs,” Interview with Christine Benz and Joe Davis, Morningstar.com, Nov. 24, 2018.“Quantifying the Future of Remote Work,” by Joe Davis, vanguard.com, Nov. 30, 2020.
4/14/202147 minutes, 39 seconds
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John Rogers, Jr.: 'Be Willing to Talk About These Uncomfortable Issues'

Our guest this week is John Rogers, Jr. John is chairman, co-CEO, and chief investment officer of Ariel Investments, the firm he founded in 1983. John is the lead portfolio manager of the Ariel Fund and also comanages other Ariel strategies, including Ariel Small Cap Value, Small/Mid Cap Value, Mid Cap Value as well as Ariel Appreciation. John sits on several corporate boards, including the board of directors of McDonald's, Nike, and The New York Times and serves as vice chair of the University of Chicago's board of trustees. In 2008, John was given Princeton University's highest honor, the Woodrow Wilson Award, for his work in civic and philanthropic circles. John received his bachelor's degree from Princeton.BackgroundBioDEI “White House Advisor on Importance of Financial Education,” CNBC.com, April 14, 2014. Ariel Community Academy“Empowering the Next Generation of Investors Through Rapunzl,” Nasdaq.com, Nov. 12, 2020.The University of Chicago Laboratory Schools’ Diversity, Equity, and Inclusion Ariel-Schwab Black Investor Survey 2020"Chicago-Based Ariel Investments Launches 'Project Black' to Grow Minority-Owned Businesses With $200 Million From JPMorgan Chase," by Robert Channick, chicagotribune.com, Feb. 27, 2021. "Ariel Investments’ John Rogers Jr. Pushes Corporate Boards to Have Their Own 'Jackie Robinson Moment'," by Andrew Keshner, marketwatch.com, Dec. 2, 2020. ESG" 'This Is the Shareholders’ Money': Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs," by Ben Winck, businessinsider.com, Jan. 2, 2020. Ariel Investments ESG Policy Nike Sustainability Initiatives McDonald’s Sustainability Initiatives Market Outlook and Value Investing“Warren Buffett Watcher Echoes Warning on Bitcoin: 'We’re Probably Near the Top of a Bubble'," by Berkeley Lovelace Jr., cnbc.com, Jan. 11, 2018.“Martijn Cremers Unveils ActiveShare.info Fund Website 2.0,” by Martijn Cremers, prnewswire.com, Sept. 15, 2020.“Bill Bernstein: We’re Starting to See All the Signs of the Bubble,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, March 10, 2021. “These 7 Value Stocks Will Benefit From an Economic Recovery,” by Reshma Kapadia, barrons.com, Feb. 28, 2021. “Ariel Investments’ John Rogers: Taking a Contrarian View to Beat Markets and Prejudice,” financialtimes.com, April 3, 2021.Stocks“A Wall Street Investment Chief Reveals How He Found Stocks at ‘Extraordinary Bargains’ at the Depths of Pandemic Crash--and Reaped Huge Returns,” by Emily Graffeo, businessinsider.com, Nov. 19, 2020. Nielsen Holdings“ViacomCBS Shares Slide 18% After Company Prices Roughly $3 Billion Offering of Equity Securities,” by Ciara Linnane, marketwatch.com, March 24, 2021. Leadership at Ariel Mellody Hobson Biography “At Ariel Investments, Mellody Hobson Gets Promoted to Co-CEO and Becomes Largest Shareholder,” by Mary Ellen Podmolik, chicagotribune.com, July 11, 2019. “Starbucks’s Mellody Hobson, the Only Black Chairwoman in S&P 500, Says ‘Civil Rights 3.0’ Is Brewing,” by Heather Haddon, wsj.com, March 13, 2021.
4/7/202147 minutes, 24 seconds
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Paul Merriman: ‘This Is Not Just a Problem with Retail Amateur Investors’

Our guest on the podcast today is financial educator and author Paul Merriman. He founded Merriman, a fee-only investment advisory firm, in 1983. He retired from Merriman in 2011 and started The Merriman Financial Education Foundation, which is dedicated to providing comprehensive financial education to investors. Merriman has written several books on investing. His latest released in November 2020 and is called We're Talking Millions! 12 Simple Ways To Supercharge Your Retirement. He writes a weekly column on MarketWatch, and he also hosts the weekly Sound Investing podcast.BackgroundBio BooksMarketWatch columnsSound Investing podcastsFinancial EducationThe Merriman Financial Education FoundationNext Gen Personal FinanceNGPF Documentary: The Most Important Class You Never Had, by Tim Ranzetta, ngpf.org, March 20, 2020."Opinion: My Wild Ride Owning GameStop Stock," by Paul Merriman, MarketWatch, Feb. 12, 2021.Investments "The Ultimate Buy-and-Hold Strategy," by Paul Merriman, MarketWatch, July 17, 2013."30 Reasons to Fall in Love With Index Funds," by Paul Merriman, MarketWatch, June 4, 2014."Why REITs Belong in Your Retirement Portfolio," by Paul Merriman, MarketWatch, April 1, 2015."Opinion: Here Are the two Funds you Need—Before and After Retirement," by Chris Pedersen, MarketWatch, Nov. 30, 2019."Target Date Funds and Portfolio Choice in 401(k) Plans," by Olivia S. Mitchell and Stephen P. Utkus, Wharton Pension Research Council, Jan. 9, 2020."The Lessons of Vanguard's Jack Bogle Have Helped Countless Investors—but His Picks Could Be Improved," by Paul Merriman, MarketWatch, Feb. 13, 2020.Telltale Chart, Bogleheads.org. "Paul Merriman 4 Fund Portfolio Review," OptimizedPortfolio, March 24, 2021.Retirement Decumulation"Fine-Turning Retirement Portfolio Allocations," by Paul Merriman, MarketWatch, July 31, 2013."Retire With More Money and Less Risk," by Paul Merriman, MarketWatch, April 30, 2014. "FAQs About the Merriman Target Date Portfolios," by Chris Pedersen, paulmerriman.com."How to Double Your Target-Date Retirement Fund’s Return in a Single Move," by Paul Merriman, MarketWatch, April 15, 2015."Why Target-Date Funds Are the Best Retirement Investment," by Paul Merriman, MarketWatch, Sept. 7, 2019.
3/31/202156 minutes, 21 seconds
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Ted Seides: 'How Do You Learn to Listen?'

Our guest this week is Ted Seides. Ted hosts the popular “Capital Allocators” podcast, where each week he interviews leaders in the investing and finance fields, including hedge fund managers, endowment chiefs, and prominent academics. Prior to launching “Capital Allocators,” Ted was a founding partner at Protégé Partners, a firm that invested in and seeded hedge funds. Ted began his career at the Yale University Investment Office before doing stints at Stonebridge Partners and J.H. Whitney & Company. Ted recently published a book reflecting on his conversations with investment leaders and experts entitled Capital Allocators: How the World's Elite Money Managers Lead and Invest. Ted earned his bachelor's degree from Yale University and his MBA from Harvard Business School. He is also a CFA charterholder.BackgroundBio“Capital Allocators”BooksOutsourcing and Complexity“Drew Dickson—Blending Behaviors and Fundamentals at Albert Bridge Capital (First Meeting, Ep. 13),” Capitalallocatorspodcast.com, Nov. 24, 2019.Thinking in Bets: Making Smarter Decisions When You Don’t Have all the Facts by Annie Duke “The Surprising Cost of Volatility,” by Ted Seides, Capitalallocatorspodcast.com, April 26, 2010.“The Future of Long-Short Equity,” by Ted Seides, cfainstitute.org, April 11, 2013.Portfolios and Investment CommitteesTed Seides’ personal portfolioHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest by Joshua Brown and Brian PortnoyPioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David SwensenArctos Sports Partners “Scott Malpass—The Fighting Irish’s Twelfth Man (Ep. 25),” Capitalallocatorspodcast.com, Sept. 18, 2017.“Michael Mauboussin—Consilient Observations in a Crisis (Ep. 127),” Capitalallocatorspodcast.com, March 22, 2020. 2020. 
3/24/202154 minutes, 24 seconds
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Bill Schultheis: Long-Term Investors Are 'Silent Majority'

Our guest on the podcast today is financial advisor and author Bill Schultheis. His latest book is "The Coffeehouse Investor's Ground Rules: Save, Invest, and Plan for a Life of Wealth and Happiness." His first book, published in 1998 and updated several times thereafter, is "The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life." When he is not writing books, He is a financial advisor with Soundmark Wealth Management, a firm he co-founded in 2008. He received his bachelor's degree in business at Texas A&M University.BackgroundBioThe Coffeehouse InvestorSoundmark Wealth ManagementA Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, by Burton MalkielThe Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by William DankoInvesting and Retirementh2“The Coffeehouse Portfolio: Caffeinate Your Investment Strategy,” by Candice Elliott, listenmoneymatter.com, Sept. 11, 2020. “The Coffeehouse Portfolio--2020 Update,” by blbarnitz, bogleheads.org, Jan. 2, 2021.The Dalbar Study"Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020. “On Finance: Understanding the Advantages of Index Funds,” by Bill Schultheis, 425business.com, July 17, 2017.“The Odds of Outperforming Through Active Management,” by Larry Swedroe, investorevidence.com, Feb. 24, 2021.“The Data Don’t Lie—It’s Time to Diversify,” by Bill Schultheis, 425business.com, May 9, 2018.“Twenty Years On, These Three Investing Principles Are as Important as Ever,” by Bill Schultheis, 425business.com, Dec. 11, 2019.“Autopilot Features Can Help Direct You Toward a More Comfortable Retirement,” by Bill Schultheis, 425business.com, June 4, 2019.“Don’t Get Bitten by the Popularity of FAANG Stocks,” by Bill Schultheis, 425business.com, Feb. 5, 2020. 
3/17/202152 minutes, 35 seconds
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Bill Bernstein: We're Starting to See all of the Signs of a Bubble

Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique--a neurologist by training, Bill taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and his latest, The Delusions of Crowds.Background BioBooks“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’”The Long View Podcast, May 7, 2019. Current Market EnvironmentThe Wisdom of Crowds, by James Surowiecki“A Stock Market Bubble Is Forming,” by John Rekanthaler, Morningstar.com, Oct. 20, 2020.“From 1720 to Tesla, FOMO Never Sleeps,” by Jason Zweig, wsj.com, July 17, 2020.“The 4 Pillars of Investing,” by Larissa Fernand, Morningstar.com, June 19, 2020.“4 Ways Today’s Stock Market Resembles That of the Late 1990s,” by John Rekenthaler, Morningstar.com, March 4, 2021. Inflation, Bonds, and Other Asset Classes“The Case for Minimizing Risk in Your Bond Holdings,” by William Bernstein, wsj.com, Oct. 18, 2015.Inflation, Deflation, Confiscation & Devastation--The Four Horsemen of Risk,” by Wade Pfau, forbes.com, March 4, 2020. “What if Inflation Isn’t Dead?” by John Rekenthaler, Morningstar.com, Aug. 11, 2020.Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment by David F. Swensen.“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, April 1, 2020. “What Are SPACs and Should I Care?” by David Sekera, Morningstar.com, March 2, 2021. Retirement“How to Think About Risk in Retirement,” by William Bernstein, wsj.com, Nov. 30, 2014.“Retirement Planning When You Have Enough,” by Christine Benz, Morningstar.com, Sept. 11, 2020."Of Viruses, Distressed Sales, and Stocks' 'Rightful Owners,' " by Bill Bernstein, efficient frontier.com, 2020. ETFs“No Room on the ARK?” by Ben Johnson and Bobby Blue, Morningstar.com, March 3, 2021. “Digging Into ARK Innovation’s Portfolio,” by Amy Arnott, Morningstar.com, Feb. 18, 2021. “Gerard O’Reilly: Control for the Unexpected, Focus on the Expected,” The Long View Podcast, Jan. 26, 2021. 
3/10/202140 minutes, 23 seconds
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Meg Bartelt: 'More Money Does Not Make You Happier'

Our guest on the podcast today is financial advisor Meg Bartelt. She started Flow Financial Planning, a fee-only practice, geared toward providing financial guidance for women in the technology sector in 2016. Prior to starting Flow Financial, Meg worked for a fee-only Registered Investment Advisor in Virginia and was a technical writer for 10 years in the San Francisco Bay Area. She received her master's degree in financial planning from Golden Gate University, and her Bachelor of Arts in economics from Wellesley College. She is also a certified financial planner.BackgroundBioFlow Financial Planning“How to Prepare for the Surprising Costs of Motherhood,” by Stacy Rapacon, money.usnews.com, Nov. 5, 2018.Niche Marketing and Life Planning “The Who, What, and Why of Hiring a Business Coach,” by Meg Bartelt, xyplanningnetwork.com, Dec. 15, 2016.“The Efficiency Benefits of Niching From the Start to Launch an Advisory Firm,” by Michael Kitces, Kitces.com, July 23, 2018.XY Planning NetworkGrace Hopper Celebration“My Takeaways From #GHC18. And Yes They’re All About Money,” by Meg Bartelt, flowfp.com, Oct. 2, 2018.“What Can You Negotiate For? Pretty Much Anything. What SHOULD You Negotiate For?” by Meg Bartelt, flowfp.com, Jan. 20, 2021.EVOKE: A Life Planning Methodology“George Kinder: A Financial Plan Needs to Be a Life Plan,” The Long View Podcast, Morningstar.com, Jan. 20, 2021. Investments and Financial Planning“If You Work in Tech Your 401(k) Is Probably Not Enough,” by Meg Bartelt, you.women2.com, June 22, 2017.“Pay Attention to Your Employee Benefits,” by Meg Bartelt, you.women2.com, April 4, 2018.“If you Have RSUs and Your Company Just Went Public, You Miiiight Want to Check Your Tax Situation,” by Meg Bartelt, flowfp.com, May 24, 2019.“Lessons From Airbnb’s IPO,” by Meg Bartelt, flowfp.com, Dec. 21, 2020.
3/3/202151 minutes, 13 seconds
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Hamish Douglass: On the Hunt for Super-Compounding Stocks

Our guest this week is Hamish Douglass. He is the co-founder, chairman, and chief investment officer of Magellan Financial Group, a roughly $80 billion asset-management firm with headquarters in Sydney. Among his duties, Douglass is lead manager of the Magellan Global Equity strategy, which is a concentrated portfolio of high-quality growth stocks. That strategy has been very successful since its July 2007 inception, handily beating its benchmark, the MSCI World Index, with significantly less risk. Before forming Magellan in 2006, Douglass was co-head of global banking for Deutsche Bank in Australia and New Zealand. He received his undergraduate degree from the University of New South Wales.BackgroundBioFrontier MFG Global Equity"The Essential Balance: Independent Thinker, Team Player," by Rebecca Thurlow, The Wall Street Journal, Dec. 11, 2006."Learn More About Magellan's Global Equity Strategy," Magellan, July 2019."Being a Successful Investor," by Hamish Douglass, MFG Asset Management.Investment Style and Portfolio Construction"10 Cognitive Biases That Can Lead to Investment Mistakes," by Hamish Douglass, Magellan, May 2017."Business Model Disruption Has Barely Begun," by Hamish Douglass, Firstlinks, Oct. 15, 2017."Business Model Disruption--Part 2," by Hamish Douglass, Firstlinks, Oct. 19, 2017."Passive Investing and Disruption," by Hamish Douglass, Magellan, July 2017.“13 of the best: reflections from an investor,” by Hamish Douglass, Firstlinks, July 31, 2019."Hamish Douglass' Map for Investing This Decade," by Vesna Poljak, Financial Review, Jan. 24, 2020."Hamish Douglass on What Really Matters," by Hamish Douglass and Frank Casarotti, Firstlinks, Oct. 21, 2020."What Sort of Economy Awaits on the Other Side? Hamish Douglass Shares Four Possibilities," by Vishal Teckchandani, Livewire, April 1, 2020."Magellan to Offer Low-Cost Investment Strategies," by Charlotte Grieve, The Sydney Morning Herald, Aug. 13, 2020."China's Clampdown on Jack Ma's Ant Boosts Rivals," by Sun Yu and Tom Mitchell, Financial Times, Feb. 18, 2021. 
2/24/202149 minutes, 55 seconds
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Russel Kinnel: 'Fear and Greed Are the Enemy of Good Investing'

Our guest today is Russ Kinnel‏. Russ is director of manager research for Morningstar Research Services and the longtime editor of the Morningstar FundInvestor newsletter. As part of his duties, Russ chairs the North America ratings committee that oversees and approves the Morningstar Analyst Ratings that Morningstar's manager research analysts assign to the funds they cover. A mainstay of our research efforts for years, Russ has authored a number of well-known and widely cited studies, including the annual “Mind the Gap” study of investor returns, and is frequently quoted in the financial media. Russ is a graduate of the University of Wisconsin-Madison, where he received his bachelor's degree in economics.BackgroundBioBooksAuthor Page Morningstar FundInvestor Related Articles“Environmental, Social, and Governance Investing,” Morningstar.com.“What Helen Young Hayes’ Departure Means to Janus,” by Russ Kinnel, April 21, 2003.“Lessons From the Bill Gross Saga,” by John Rekenthaler, Morningstar.com, Oct. 1, 2014.“Flows + Bloat = Headaches for Funds,” by Russ Kinnel, Morningstar.com, March 27, 2017.“Fink: BlackRock Continues to Evolve,” by Daniel Culloton, Morningstar.com, April 28, 2017.“Enhancement to Sustainability Rating Emphasizes Material ESG Risk,” by Jon Hale, Morningstar.com, Nov. 8, 2019. “Where the Medalists Are,” by Christine Benz and Russ Kinnel, Morningstar.com, Sept. 15, 2020.“The Best Fund Companies and Their Ratings,” by Russ Kinnel, Morningstar.com, Jan. 28, 2020.“Flowmageddon: Is it Time Yet?” by Russel Kinnel, Morningstar.com, July 24, 2020.“Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020.“Can Bond Funds Grow Large More Gracefully Than Stock Funds?” by Christine Benz and Russ Kinnel, Sept. 22, 2020.“Farewell, Mutual Funds,” by John Rekenthaler, Morningstar.com, Jan. 21, 2021.“A Quick Survey of Investment Vehicles,” by Russ Kinnel, Morningstar.com, Jan. 20, 2021.
2/17/202148 minutes, 51 seconds
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NYT's Ron Lieber on What and How to Pay for College

Our guest on the podcast today is The New York Times financial columnist and author Ron Lieber. His latest book is called The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make. He is also the author of The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money and coauthor of Taking Time Off: Inspiring Stories of Students Who Enjoyed Successful Breaks From College and How You Can Plan Your Own. Ron has been the "Your Money" columnist for The New York Times since 2008. Before coming to The Times, he wrote the "Green Thumb" personal finance column for The Wall Street Journal and was part of the startup team at the paper's “Personal Journal” section. He attended Amherst College.BackgroundBioBooksCollege in the Pandemic“Remote Learning Is Unequal. Coronavirus Changed That--For Now,” by Jonathan Zimmerman, thephiladelphiainquirer.com, April 8, 2020.“Spelman College Faces a Redefined Reality,” by Mary Schmidt Campbell, nytimes.com, April 23, 2020.“Colleges Won’t Refund Tuition. Autumn May Force a Reckoning,” by Ron Lieber, nytimes.com, May 1, 2020.“Back to School: How the Coronavirus Could Shape the Future of Higher Education,” by Karen Wallace, Morningstar.com, Nov. 9, 2020. “Will College Tuition Go Down Because of the Pandemic?” by Norman Vanamee, townandcountrymag.com, Feb. 4, 2021.School Choice and CostWhere You Go Is Not Who You’ll Be: An Antidote to the College Admission’s Mania, by Frank Bruni, March 8, 2016. “The Price You Pay for College, 21 Important Questions to Ask,” by Ron Lieber, grownandflown.com, Jan. 23, 2021.“College Costs Are Less Terrifying Than You Think,” by Ron Lieber, nytimes.com, Jan. 28, 2021.“How to Pay for College (and Not Lose Your Shirt),” by Ron Lieber, nytimes.com, Jan, 26, 2021.“How Taking a Gap Year Can Shape Your Life,” by Ron Lieber, nytimes.com, Oct. 19, 2016.Financial Aid and Merit Aid“How to Predict Merit Aid in a Strange College Application Season,” by Ron Lieber, nytimes.com, Sept. 25, 2020.“How to Ask a College for More Financial Aid,” by Ron Lieber, nytimes.com, April 25, 2020.“What a $300,000 College Might Cost a $200,000 Family,” by Ron Lieber, nytimes.com, Oct. 3, 2020.“High School Grades Could Be Worth $100,000. Time to Tell Your Child?” by Ron Lieber, nytimes.com, Jan. 23, 2021.“FAFSA’s Expected Family Contribution Is Going Away. Good Riddance,” by Ron Lieber, nytimes.com, Jan. 4, 2021.“Inside College Merit Aid—and the Manipulative, Lucrative System That Keeps it Running,” by Ron Lieber, nbcnews.com, Feb. 4, 2021. Loans“Parent PLUS Loans: What You Need to Know,” by Kimberly Rotter and Bob Musinski, usnews.com, Feb. 7, 2020.“For Millions Deep in Student Loan Debt, Bankruptcy Is No Easy Fix,” by Ron Lieber and Tara Siegel Bernard, nytimes.com, Nov. 18, 2020.“An Invisible Cost of College: Parental Guilt,” by Ron Lieber, nytimes.com, Feb. 3, 2021.“Here’s a Guide to How Grandparents Can Help Pay for College,” by Ron Lieber, marketwatch.com, Feb. 2, 2021.
2/10/202145 minutes, 23 seconds
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David Giroux: 'What Are the Market Inefficiencies We Can Exploit?'

BackgroundBioT. Rowe Price Capital Appreciation“Morningstar Announces 2012 Fund Manager of the Year Award Winners,” by Scott Burns, Morningstar.com, Jan. 3, 2013. “Announcing Morningstar’s 2017 U.S. Fund Managers of the Year,” by Laura Pavlenko Lutton, Morningstar.com, Jan. 28, 2018“This Fund Manager Is Among the Greats,” by Leo Acheson, Morningstar.com, Dec. 2, 2020.Outlook/Forecast“2021 Global Market Outlook: Managing to the Other Side,” by David Giroux, Justin Thomson, and Mark Vaselkiv, troweprice.com, Dec. 14, 2020. “What it’s Like to Buy $9 billion in Stocks During a Market Crash—This Fund Manager Did Just That,” by Philip van Doorn, marketwatch.com, June 4, 2020.ReorganizationT. Rowe Price Investment Management Overview“Is T. Rowe’s Split a Smart Way to Handle Growth?” by Katie Rushkewicz Reichart, Morningstar.com, Nov. 19, 2020.Portfolio Construction & Stock-Picking“Why Every Growth Stock Portfolio Should be Overweight in Utilities,” by Sergei Klebnikov, forbes.com, Nov. 21, 2019.“Finding Overlooked Opportunities in the COVID-19 Market,” by David Giroux, troweprice.com, Sept. 10, 2020.“An Investor Bought Billions in Stocks When it Really Hurt,” by Tim Gray, nytimes.com, July 10, 2020.“Creativity in a Low-Yield Era,” by David Giroux and Mark Vaselkiv, troweprice.com, Jan, 21, 2020.
2/3/202155 minutes, 34 seconds
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Gerard O’Reilly: Control for the Unexpected, Focus on the Expected

Our guest this week is Gerard O'Reilly. Gerard is co-CEO and chief investment officer of Dimensional Fund Advisors, an asset manager headquartered in Austin, Texas, that manages more than $600 billion using a systematic investing approach. In his role, Gerard works with his co-CEO, Dave Butler, to set the firm's vision and strategy while also overseeing its investment processes. Prior to assuming his current post, Gerard was Dimensional's head of research. In addition to serving as a Dimensional director, Gerard co-chairs the firm's Investment Research Committee and is a member of its Investment Committee. Gerard obtained his doctorate in aeronautics from the California Institute of Technology and his master's degree in high-performance computing from Trinity College, Dublin.BackgroundBio“Dimensional Eyes the Fund Sector’s Trillion-Dollar Club,” by Owen Walker, thefinancialtimes, March 31, 2019.ETF Launch “Dimensional Fund Advisors Significantly Expands ETF Offering,” dimensional.com, Nov. 17, 2020.“Dimensional Investing in an Active ETF Structure,” dimensional.com, Nov. 17, 2020.“Dimensional Funds ETFs Launch as Quant Plans to Convert Mutual Funds,” by Claire Ballentine, Bloombergquint, Nov. 19, 2020.“Why Dimensional Fund Advisors Is Converting Six of its Mutual Funds to the ETF Format,” by Lizzy Gurdus, cnbc.com, Dec. 1, 2020. Innovation, Value, and Return“Market Beaters: A Different Dimension,” by Beverly Goodman, barrons.com, Jan. 6, 2014.“3 Shades of Value,” by Daniel Sotiroff, Morningstar.com, Sept. 26, 2018.“Robert Merton on Financial Innovation,” by Robert C. Merton, dimensional.com, June 24, 2019.“The Real Reason Value Has Been Lagging Growth,” by Julie Segal, institutionalinvestor.com, Oct. 24, 2019.“Tesla’s Charge Reveals Weak Points of Indexing,” dimensional.com, Jan. 15, 2020.“Untangling Intangibles,” by Savina Rizova and Namiko Saito, dimensional.com, Sept. 28, 2020.“An Exceptional Value Premium,” dimensional.com, Oct. 5, 2020. “Securities Lending Fees as a Short-Term Driver of Stock Returns,” by Kaitlin Simpson Hendrix and Gavin Crabb, dimensional.com, Nov. 11, 2020.ESG“Sustainability Report,” dimensional.com, Dec. 31, 2020.“Burton Malkiel: ‘I Am Not a Big Fan of ESG Investing,’ ” The Long View podcast with Christine Benz and Jeff Ptak, Morningstar.com, Aug. 5, 2020.“Dimensional Finds ‘Little Evidence’ Emissions Are Linked to Expected Returns,” by Christine Idzelis, institutionalinvestor.com, Oct. 22, 2020.
1/27/202156 minutes, 5 seconds
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George Kinder: A Financial Plan Needs To Be a Life Plan

Our guest on the podcast today is George Kinder. He founded the Kinder Life Institute, which trains financial professionals in the field of what's called Life Planning after a 30-year career as a practicing financial planner and tax advisor. George is also the author of several books dedicated to teaching advisors about life planning: The Seven Stages of Money Maturity, Lighting the Torch, and Life Planning for You. He was the first winner of the Financial Planning Association's Heart of Financial Planning Award, which recognizes "individuals who demonstrate commitment and passion in doing extraordinary work to contribute or give back to the financial planning community and/or the public."BackgroundBioThe Kinder Institute of Life PlanningBooksThe Genesis & Discovery Process of Life PlanningEVOKE:® A Life Planning Methodology“Psychology and Life Planning,” by George Kinder and Susan Galvan, kinderinstitute.com.“George Kinder: Three Questions About Life Planning,” by J.D. Roth, getrichslowly.org, Feb. 15, 2009.“Financial Planner Vs. Financial *Life* Planner. Which One Is the “Right One” for Me?” by Cristina Livadary, manafld.com, Jan. 24, 2020.“Kinder: Wisdom and Life Planning in the Coronavirus Era,” by George Kinder, financialplanningtoday.co.uk, April 6, 2020.Financial AdviceWebinar: “George Kinder on Work-Life Balance--Life Planning & Mindfulness,” by George Kinder, brighttalk.com, Jan. 28, 2016.Seven Stages of Money Maturity WorkshopEVOKE® 5-Day Life Planning TrainingLife Planning for You
1/20/202142 minutes, 54 seconds
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Steve Chen: 'How Do You Deliver Lifetime Income?'

Our guest on the podcast today is Steve Chen. Steve is the founder and CEO of NewRetirement.com, which he describes as a TurboTax for financial planning. NewRetirement advisors also offer one-on-one financial advice and coaching with certified financial planners. Prior to founding NewRetirement, Steve founded venture-backed companies in education and financial services and worked as a consultant at firms including Charles Schwab, Fidelity, and Dimensional Fund Advisors. He also hosts the NewRetirement podcast and contributes to Forbes. Steve received his Bachelor of Science in systems engineering from Boston University.Background BioNewRetirement.com Retirement Planning“Podcast: Nobel Prize Winner Robert Merton on Fixing Retirement,” by Steve Chen, newretirement.com, July 5, 2018.“The Future of Retirement Planning Is Already Here, It’s Just Not Evenly Distributed,” by Stephen Chen, soa.org, 2018.“Why Retirement Decumulation Is the New Accumulation,” by Stephen Chen, forbes.com, Sept. 30, 2019. “5 Steps to Ensure Your Money Lasts Through Retirement,” by Steve Chen, moneytalksnews.com, Jan. 6, 2021.The Pandemic & Retirement “2021: The Good, The Bad and The Ugly,” by Stephen Chen, forbes.com, Sept. 7, 2020.“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 21, 2020.“The Most Dangerous Age for Retirement,” by Stephen Chen, forbes.com, Nov. 1, 2020.Spending & Withdrawal Rates“Tax-Efficient Retirement Withdrawal Strategies,” by Stephen Chen, forbes.com, Dec. 17, 2018. “5 Mistakes to Avoid When Shopping for Annuities,” by Steve Chen, newretirement.com, June 27, 2020.“5 Steps for Defining Your Retirement Drawdown Strategy,” by Steve Chen, newretirement.com, June 29, 2020.“The Pros and Cons of Annuities: How to Evaluate Annuities for Your Retirement,” by Kathleen Coxwell, newretirement.com, Sept. 15, 2020.“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 14, 2020.Zvi BodieSocial Security & Long-Term Care“The Actual Costs of Long-Term Health Care,” by Kathleen Coxwell, newretirement.com, July 3, 2020. “Changes Coming to Social Security & Medicare: Small COLA and 6 Other New Developments for 2021,” by Kathleen Coxwell, newretirement.com, Oct. 14, 2020.“Serious Medical Crisis: Many Retirees Will Require Long-Term Care, but Few Will Be Able to Afford It,” newretirement.com.
1/13/202146 minutes, 41 seconds
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Liz Ann Sonders: 'We Could See Some Inflation Scares'

Our guest on the podcast is Liz Ann Sonders, who is senior vice president and chief investment strategist at Charles Schwab. In her role, Sonders is responsible for conducting market and economic analysis, which she and her team publish in a variety of forms. She also regularly appears in the financial media and was recently named to the Barron's "100 Most Influential Women in Finance" list. Sonders joined Schwab in 2000, when the firm acquired her prior employer, U.S. Trust. Before that, she was a managing director and senior portfolio manager at Avatar Associates. Sonders received her bachelor's degree from the University of Delaware and her Master of Business Administration from Fordham University's Gabelli School of Business.BackgroundLiz Ann Sonders' bio Market Outlook"Schwab Market Perspective: Watching the Wheels," by Liz Ann Sonders, Jeffrey Kleintop, and Kathy Jones, Charles Schwab, Dec. 11, 2020."2021 U.S. Market Outlook: Better Days?" by Liz Ann Sonders, Charles Schwab, Nov. 30, 2020."2020 Mid-Year Outlook: U.S. Stocks and Economy," by Liz Ann Sonders, Charles Schwab, June 15, 2020."2020 U.S. Market Outlook: Ramble On? by Liz Ann Sonders, Charles Schwab."Another Tricky Day," by Liz Ann Sonders, AdvisorAnalyst.com, Aug. 11, 2020.Martin Zweig's Winning on Wall Street"What Is Don't Fight the Fed?" by Kent Thune, The Balance, July 15, 2020."Fed Aims to Help Nurse the Economy Back to Health," by Liz Ann Sonders, AdvisorAnalyst.com, April 30, 2020."The Song Remains the Same: Fed Keeps Rates/Balance Sheet Steady," by Liz Ann Sonders, Charles Schwab, Dec. 16, 2020. The Pandemic and the Future"How the U.S. Economic Stimulus Package May Affect Investors," by Schwab Center for Financial Research, March 27, 2020."Schwab's Liz Ann Sonders Puts Odds of Stimulus at Slim to None," by Jeff Benjamin, InvestmentNews, Oct. 28, 2020."Triage: Throwing Everything at the Virus," by Liz Ann Sonders, AdvisorAnalyst.com, March 24, 2020."Schwab's Sonders, Kleintop Predict Weak Start for Economy in 2021," by Jeff Berman, ThinkAdvisor, Dec. 20, 2020.
1/6/202152 minutes, 19 seconds
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Best of the Long View 2020: The Pandemic and Investing

Hear some of favorite clips from conversations we had in 2020 with portfolio managers and investors in this week's episode.Here are the complete episodes that are referenced in this week’s episode.Mohamed El-Erian: 'We Did Not Prepare for Something As Severe As What We’re Facing’Rick Rieder: Nobody Has Ever Seen Anything Like ThisDan Fuss: It's Too Early to RelaxMary Ellen Stanek: Hitting for Singles and Doubles in the Bond MarketJon Stein: 'Free Trading Is Actually Going to Cost You'Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'Jim Dahle: 'Income Is Not Wealth'Charley Ellis: Why Active Investing Is Still a Loser's Game Will Danoff: Succeeding at ScaleJerome Clark: 'We Tend to Become Myopic in a Bear Market'Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields
12/30/202036 minutes, 14 seconds
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Best of the Long View 2020: Financial Planning and Retirement

On this week’s episode we’ll feature some of our favorite clips from interviews we’ve done on the topics of financial planning and retirement research.Here are the complete episodes that are referenced in this week’s episode.Michelle Singletary: ‘You Need Diversity’  Kerry Hannon: Remote Work Trend Benefits Older WorkersWade Pfau: The 4% Rule Is No Longer SafeJonathan Guyton: What the Crisis Means for Retirement PlanningJamie Hopkins: How Low Bond Yields, Recession Impact Retirement  Mary Beth Franklin: To Fix Social Security, 'Everybody Is Going to Have to Be Unhappy’  Tim Maurer: ‘Personal Finance Is More Personal Than It Is Finance’ Lazetta Rainey Braxton: ‘Financial Planning for ‘the Rest of Us’Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’Ramit Sethi: ‘What Is Your Rich Life?’  Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind
12/23/202036 minutes, 44 seconds
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Jean Chatzky: 'Financial Stress Is a Big Topic in Need of More Oxygen'

Our guest on the podcast today is personal finance expert, Jean Chatzky. She is the CEO of HerMoney.com and host of the podcast "HerMoney with Jean Chatzky." Jean has served as the financial editor of NBC's TODAY show for the past 25 years and she is also the financial ambassador for AARP. She has written several best-selling personal finance books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. She holds a BA in English from the University of Pennsylvania. BackgroundBioBooksHerMoneyHerMoney PodcastsThe Pandemic and Personal Finances“Should You Save More Right Now (in the Pandemic) or Pay Down Debt?” by Jean Chatzky, savvymoney.com, Dec. 8, 2020. “Four Secrets to Mastering Your Money (Even in a Pandemic),” by Jean Chatzky, hermoney.com, Nov. 6, 2020.“The Hidden Costs of Unpaid Caregiving,” by Sarah Gammage, Naziha Sultana, and Manon Mouran, imf.org, March 2019. “7 Personal Finance Concerns in These Uncertain Times--and a Plan of Action for Each,” by Jennifer Folsom, nbcnews.com, March 16, 2020.“Jean Chatzky on the Financial Challenges of Being a Caregiver,” AARP.org, March 11, 2020.Financial Education and College Funding “Financial Literacy Effectiveness & Providing Just-In-Time Training By Financial Advisors,” by Michael Kitces, kitces.com, Sept. 21, 2016.NextGenVestFrankMark KantrowitzJason Zweig“Do Schools Get an F in Financial Education?” by Jean Chatzky, jeanchatzky.com. “This Week in Your Wallet: Funding a College Education,” by Jean Chatzky, jeanchatzky.com. “6 Ways to Talk to Your Kids About Money,” by Jean Chatzky, nbcnews.com, March 6, 2019.“Are You Teaching Your Kids the Wrong Money Lessons?” by Jean Chatzky, thebalance.com, Nov. 20, 2019.Women & Money “The Real Challenge for Women Breaking the Glass Ceiling,” by Jean Chatzky, hermoney.com, Oct. 29, 2020.“Women Face Financial Challenges in Retirement That Men Just Don’t. Here’s How to Overcome Them,” by Jean Chatzky, hermoney.com, Nov. 11, 2019.“Jean Chatzky: Here’s How Women Can Take Charge of Their Money,” by Jessica Dickler, cnbc.com, March 31, 2019.Financial Advice & WellnessAlliance for Lifetime IncomeWealthramp“Jean Chatzky: The 4 Biggest Money Mistakes of My Life,” by Jean Chatzky, nbcnews.com, May 16, 2019.“Saving for a Goal,” by Jean Chatzky, savvymoney.com, May 20, 2019.Alliance for Lifetime Income“Jean Chatzky on how to Make Your Money Last After Retirement,” by Jean Chatzky, today.com, Jan. 2, 2017.“This Week in Your Wallet: The Truth About Multitasking,” by Jean Chatzky, jeanchatzky.com.
12/16/202047 minutes, 44 seconds
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Simon Hallett: What Football Can Teach Investors About Franchise Value and People Management

Our guest today is Simon Hallett. He is the co-chief investment officer at Harding Loevner, an investment boutique that manages more than $70 billion for individuals and institutions. Harding Loevner's specialty is global-equity investing, which it offers through its flagship International Equity and Emerging Markets strategies. In his role as co-CIO, Hallett oversees research and decision-making for the firm. Prior to joining Harding Loevner in 1991, Hallett was stationed in Hong Kong, where he did research and portfolio management stints at Kleinwort Benson and Jardine Fleming Investment Management. He's a graduate of Oxford University and a CFA charterholder. In addition to these duties, Hallett is also the chairman and majority owner of the Plymouth Argyle Football Club in Plymouth, England.BackgroundBioHarding LoevnerPlymouth Argyle Football ClubBehavioral Finance and Decision-Making"Taking the Emotion out of Investment Decisions," by Barry Ritholtz, Bloomberg, Aug. 4, 2020."Simon Hallett: Original Thought Is Overrated, Good Decisions Matter More," by Alex Steger, Citywire, Sept. 11, 2020.Prospect Theory definitionMichael Maubboussin StrategiesHarding Loevner strategiesHarding Loevner Emerging MarketsHarding Loevner International Equity Harding Loevner Global Equity 
12/9/202052 minutes, 35 seconds
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Michael Jantzi: Making 'Informed Choices' in Sustainable Investing

Our guest on the podcast  is Michael Jantzi. Michael is the chief executive officer of Sustainalytics, a Morningstar affiliate that specializes in ESG and corporate governance research and ratings. Prior to forming Sustainalytics in 2009, Michael was the founder of Jantzi Research and has been active in the responsible investment field since 1990. Michael has been recognized with numerous awards for his leadership and work on sustainable investing, including the Responsible Investment Association's Lifetime Achievement Award, which he received in 2010. Michael is a director of the Tides Canada Foundation and sits on the Advisory Council of Ivy Business School's Institute for Long-Term Prosperity Through Business. He also serves as a director of the Principles for Responsible Investment, or PRI. Michael holds degrees from Western University and Dalhousie University. BackgroundBioSustainalyticsMakeWay (formerly Tides Canada Foundation)Principles for Responsible Investment (PRI)ESG EvolutionWhat is ESG?“ESG Investing Comes of Age,” by Jon Hale and Bridget Ginty, Morningstar.com, June 2020.Sustainalytics’ ESG Risk RatingsEnvironmental, Social, and Governance Investing, Morningstar.com The Value and Efficacy of ESG“The True Value of ESG Data,” by Leon Saunders Calvert, refinitiv.com, Sept. 3, 2020.“Who Cares About ESG Investing?” by Steve Wendel and Samantha Lamas, Morningstar.com, May 3, 2019.“Why ESG Matters in a Crisis,” institutionalinvestor.com, June 9, 2020.“Breaking the Tragedy of the Horizon--Climate Change and Financial Stability,” speech by Mark Carney, bankofengland.co.uk., Sept. 29, 2015.“How to Align Your Investments With the U.N. Sustainable Development Goals,” by Dan Lefkovitz, Morningstar.com, Oct. 28, 2019. ESG Ratings/Subjectivity“’This Is the Shareholders’ Money’: Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs,” by Ben Winck, businessinsider.com, Jan. 2, 2020. “The Department of Labor Attempts to Throttle ESG Investing,” by John Rekenthaler, Morningstar.com, July 2, 2020.ESG Best Practices“U.S. Lags Europe on Regulation of ESG Investing,” by Joe McGrath, expertinvestoreurope.com, June 3, 2019.“Sustainable Finance Disclosure Regulation: An Industry Game-Changer,” by Anne Schoemaker, sustainalytics.com, Nov. 4, 2020.Risk/Return “ESG Investing Is About Long-Term Risk Management,” by Alex Bryan, morningstar.com, July 14, 2020.“Sustainable Funds Weather Downturns Better Than Peers,” by Tom Lauricella and Jess Liu, Morningstar.com, June 15, 2020. “COVID-19 and Beyond: Using Sustainable Finance to Build Social Resilience,” by Jonathan Laski, sustainalytics.com, April 7, 2020.
12/2/202052 minutes, 26 seconds
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Adley Bowden: Key Trends and Developments in Private Markets

Our guest this week is Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley oversees PitchBook's voluminous research and editorial content on private markets, including private equity, private debt, venture capital, real estate, as well as the vehicles that invest in these areas. In addition, Adley is also a regular host at PitchBook's "In Visible Capital" podcast, which just kicked off its second season and is available on most popular podcast players. Adley first joined PitchBook in 2008 and has served in a number of roles prior to assuming this current post. He's a graduate of the University of Washington from which he earned his bachelor's degree in economics and international studies.BackgroundBioPitchbookIn Visible Capital BlogPrivate Equity InvestingPitchBook Private Markets Guide “What Are the Private Markets?” PitchBook Blog, PitchBook.com, July 8, 2020. “Digging Into the Fine Print of LP Agreements,” PitchBook.com, Sept. 11, 2020.“What Is GP Stakes Investing?” PitchBook Blog, PitchBook.com, July 31, 2020.“What Factors Drive Risk and Return in GP Stakes Investing?” PitchBook.com, Sept. 29, 2020.Private Markets“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, morningstar.com, April 1, 2020.“The Cons (and Pros) of Vanguard’s Decision to Offer Private Equity,” by John Rekenthaler, Morningstar.com, Feb. 25, 2020. “Private Equity’s Potential for Strategic Portfolios,” by Roger Aliaga-Díaz, Giulio Renzi-Ricci, Harshdeep Ahluwalia, Douglas M. Grim, and Chris Tidmore, Vanguard.com, Nov. 5, 2020. “The ‘Private for Longer’ Effect: Step-Up Valuations at IPO Declining for US VC-Backed Companies,” by Dana Olsen, PitchBook.com, Dec. 1, 2017.“Private vs. Public Market Investors: Who’s Reaping the Gains From the Rise of Unicorns?” by Adley Bowden and Andy White, PitchBook.com, June 19, 2018.Private Market Interest and Performance“What Is Dry Powder?” PitchBook Blog, PitchBook.com, March 2, 2020.“Private Markets See All-Time Highs in Dry Powder,” PitchBook.com, Feb. 19, 2019.“How’d Active Funds Do in 2019? So-So,” by Jeffrey Ptak, Morningstar.com, Jan. 20, 2020.“Private Equity-Backed Bankruptcies Surged in May, But Future Might Not Be So Bleak,” by Adam Lewis, PitchBook.com, June 5, 2020.“Venture Capital Exit Values Achieved Second Highest Total Ever in Q3 Despite Continued Uncertainty,” PitchBook.com, Oct. 13, 2020.“Private Equity Risk and Public Equity Opportunity,” Dan Rasmussen and Ted Seides, Capital Allocators Podcast, Feb. 16, 2020. Special Purpose Acquisition Companies“Private Equity Plays a Starring Role in 2020’s SPAC Boom,” by Adam Lewis, PitchBook.com, Oct. 17, 2020.“9 Big Things: 2020’s SPAC-tacular Keeps Getting Crazier,” by Kevin Dowd, PitchBook.com, Oct. 11, 2020.Impact of the Pandemic“Live Coronavirus Updates: Coronavirus Effects on Private Markets,” PitchBook.com, Nov. 18, 2020.“Investors Are Cautious on Private Markets During Shutdowns, PitchBook Survey Shows,” by Alexander Davis, PitchBook.com, April 9, 2020.“Coronavirus Forces Venture Capitalists to Adopt New Script on Fundraising,” by James Thorne and Priyamvada Mathur, PitchBook.com, June 2, 2020.“Venture Capital Fundraising and Investment Dollars Remained Healthy Through 1H 2020 Amid Slowdown in Exits and Deal Count Due to Impacts of COVID-19,” PitchBook.com, July 14, 2020.“PitchBook Analyst Note: COVID-19’s Influence on Private Market Strategies and Allocators,” by James Gelfer, Dylan Cox, Hilary Wiek, and Wylie Fernyhough, Pitchbook.com,  “PitchBook Analyst Note: The Great Unlocationing,” by Paul Condra, PitchBook.com, April 30, 2020.
11/25/202055 minutes, 28 seconds
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Larry Swedroe: 'The Pool of Victims' Is Expanding

Our guest this week is noted author and researcher Larry Swedroe. Larry is chief research officer at financial advisory firm Buckingham Wealth Partners, which he joined in 1996. In his role, Larry is responsible for reviewing academic research on financial and investing matters and determining how that research should inform Buckingham's investment strategy. Larry is also a member of the firm's Investment Policy Committee. Larry has written numerous books on investing and finance, the most recent being the second edition of The Incredible Shrinking Alpha, which he coauthored with Andrew Berkin. His work has also been published in various academic journals, including the Journal of Investing. Larry began his career as a risk manager at Citicorp and later at Prudential Home Mortgage. He received his bachelor's in finance from Baruch College in New York and his MBA in finance and investment from New York University.BackgroundBioLarry Swedroe’s booksInvestment Strategies/Factor Investing“Swedroe: A Five-Factor Evaluation,” by Larry Swedroe, Yahoo.com, Sept. 25, 2017. “Swedroe: Factor Persistence & Diversification,” by Larry Swedroe, ETF.com, May 8, 2017.“Swedroe: Simple Factor Investing,” by Larry Swedroe, ETF.com, Sept. 10, 2018.“Swedroe: 3 Factor Investing Myths,” by Larry Swedroe, ETF.com, Feb. 13, 2019.“Swedroe: Virtues of a Long/Short Strategy,” by Larry Swedroe, ETF.com, Aug. 14, 2015“Factors in Commodity Returns,” by Larry Swedroe, seekingalpha.com, Sept. 9, 2020.“Swedroe: Understanding Risk & Return,” by Larry Swedroe, ETF.com, Nov. 7, 2018.“Larry Swedroe: Risk Warrior in Action,” by Janet Levaux, thinkadvisor.com, March 26, 2019.“An Investment Strategy That Reduces the Risk of Black Swans,” by Robert Powell, thestreet.com, March 27, 2019.“Value and Momentum Everywhere,” by Clifford S. Asness, Tobias J. Moskowitz, and Lasse Heje Pedersen, The Journal of Finance, Vol. LXVIII, No. 3, June 2013.“Profitability, Investment and Average Return,” by Eugene F. Fama and Kenneth R. French, Journal of Financial Economics, July 28, 2006.“The Other Side of Value: The Gross Profitability Premium,” by Robert Novy-Marx, National Bureau of Economic Research, April 2010.“The Simple Explanation for Value’s Underperformance,” by Larry Swedroe, evidenceinvestor.com, Jan. 3, 2020.“Even Great Investments Experience Massive Drawdowns,” by Larry Swedroe, alphaarchitect.com, Aug. 20, 2020.“Swedroe: Small Value Lags for 15 Years,” by Larry Swedroe, ETF.com, Feb. 20, 2019.“Passive Investing Without Indexes,” by Larry Swedroe, ETF.com, April 13, 2016.“A Comparison of Passively Managed, Small-Value Funds,” by Larry Swedroe, advisorperspective.com, March 10, 2020.Fixed Income“Swedroe: Factors in Fixed Income,” by Larry Swedroe, ETF.com, May 4, 2018.“Swedroe: Consider Factors in Fixed Income,” by Larry Swedroe, ETF.com, June 27, 2016.“Swedroe: Why Chasing Yield Fails,” by Larry Swedroe, ETF.com, Dec. 26, 2018.“Swedroe: High-Yield Rewards Underwhelming,” by Larry Swedroe, ETF.com, Dec. 30, 2015.Retirement Planning“Sequence Risk Is a Big Threat to Retirees,” by Larry Swedroe, evidenceinvestor.com, Oct. 18, 2019.“8 Retirement Planning Mistakes to Avoid,” by Larry Swedroe and Kevin Grogan, nextavenue.org, Jan. 8, 2019.“Safe Withdrawal Rate: Is 3 Percent the new 4 Percent?” by Larry Swedroe, cbsnews.com, Oct. 4, 2013.“Do you Choose a Declining or Rising Equity Strategy in Retirement?” by Larry Swedroe, buckinghamadvisor.com, July 22, 2016.ESG Investing “Swedroe: ESG Strategy Performance,” by Larry Swedroe, ETF.com, April 10, 2019.“The Risk and Return Implications of ESG,” by Larry Swedroe, buckinghamadvisor.com, May 29, 2018.“How ESG Makes Companies Better,” by Larry Swedroe, advisorperspectives.com, June 16, 2020.“Determining the Nature of ESG Returns,” by Larry Swedroe, thebamalliance.com, Sept. 6, 2018.
11/18/202054 minutes
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Ramit Sethi: 'What Is Your Rich Life?'

Our guest on the podcast today is personal finance expert and author Ramit Sethi. Ramit's first book I Will Teach You To Be Rich, published in 2009, was a best-seller. A new edition of the book came out last year. Ramit is the founder of Iwillteachyoutoberich.com and Earnable, an online course created to help entrepreneurs start and accelerate their businesses. He received his bachelor's and master's degrees from Stanford.Ramit Sethi's BackgroundBioRamit Sethi’s booksIwillteachyoutoberich.comEarnableFinancial Decision-Making and Wellness“Self-Made Millionaire Ramit Sethi: This Is the Mindset you Need to Be Rich,” by Ali Montag, cnbc.com, Sept. 18, 2018.“Money Dials: Why you Spend the Way you Do,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.“How to Get out of Debt Fast (…Even if You’re Dead Broke),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 8, 2019.“I’ve Been Writing About Money for 15 Years, and I Can Tell you too Many Couples Talk About Money all Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019.“Emergency Fund: How a few Thousand Dollars Can Save Your Life,” by Ramit Sethi, iwillteachyoutoberich.com.“How Much Do I Need to Retire?” by Ramit Sethi, iwillteachyoutoberich.com.“The World’s Easiest Guide to Understanding Retirement,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.“Self-Made Millionaire Ramit Sethi Shares his No. 1 Piece of Advice to Invest for Retirement,” by Tom Huddleston, Jr., cnbc.com, Oct. 31, 2018.“I Always Thought People who Flew First Class Were Suckers, Until I Realized They Knew Something About Spending Money it Took me Years to Figure Out,” by Ramit Sethi, businessinsider.com, Feb. 19, 2019.“Economic Class in America: A new Framework,” by Ramit Sethi, iwillteachyoutoberich.The Pandemic“Ramit Sethi: Here’s What to Do if You’re Short on Cash Right Now,” by Megan Leonhardt, cnbc.com, June 24, 2020.“Coronavirus: Panic Is bad, but Overreaction is Good,” by Ramit Sethi, iwillteachyoutoberich.com, March 11, 2020.“Money & Coronavirus: How to Save for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com. “The 3 Most Important Money Rules for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com.Advice and Investing“Why Personal Finance ‘Experts’ Continue Giving Worthless Advice,” by Ramit Sethi, iwillteachyoutoberich.com.“Betterment Versus Wealthfront: Which Is the Better Robo-advisor?” by Marquette Carney, iwillteachyoutoberich.com.“A Financial Expert and Best-Selling Author Says for Building Wealth in the Long Term, ‘Average’ Is More Than Enough,” by Tanza Loudenback, businessinsider.com, May 21, 2019.“Money Expert Ramit Sethi Shares his 3-Step Strategy to Save Money While Eliminating Debt,” by Anna Hecht, cnbc.com, March 26, 2020.“Investing for Beginners: How to Save Millions for the Future,” by Ramit Sethi, iwillteachyoutoberich.com, March 2, 2020.“How to Help Clients Choose Between Funding Retirement and a Child’s College Education,” by Samantha Lamas, Morningstar.com, Oct. 11, 2019.Housing“Don’t Buy a House (+ How to Ignore Dumb Propaganda),” by Ramit Sethi, iwillteachyoutoberich.  “Buying Vs. Renting: Which Is the Best Option for You?” by Marquette Carney, iwillteachyoutoberich.com.
11/11/202053 minutes, 13 seconds
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Tim Maurer: Personal Finance Is More Personal Than It Is Finance

Our guest on the podcast today is financial advisor and author Tim Maurer, the director of advisor development for Buckingham Wealth Partners. He coauthored The Ultimate Financial Plan: Balancing Your Money and Your Life with Jim Stovall, and he also wrote Simple Money: A No-Nonsense Guide to Personal Finance. He's a member of the CNBC Financial Advisor Council and is also a regular contributor to CNBC, Forbes, and Time/Money. Maurer is a certified financial planner and a graduate of Towson University. Tim Maurer's BackgroundBioThe Ultimate Financial Plan: Balancing Your Money and Your LifeSimple Money: A No-Nonsense Guide to Personal FinanceFinancial Life Planning"What Is Financial Life Planning?" by Sheiresa Ngo, CheatSheet, May 31, 2015."Beyond Finances: Holistic Life Planning Trends Among Advisors," InvestmentNews, Jan. 23, 2020."How Should Retirees Deal With Crazy Markets When They Don't Have Time to Stay the Course?" by Tim Maurer, timmaurer.com, March 20, 2020."Reconsidering Your Life Because of the Pandemic? You're Not Alone," by Mimi Montgomery, Washingtonian, April 21, 2020."Financial Planner vs. Financial *Life* Planner. Which one Is the 'Right One' for Me?" by Cristina Livadary, Mana, Jan. 24, 2020."'The Whole Financial Planning Process Is Wrong,' Expert Says,” by Tim Maurer, Forbes, July 28, 2017.Financial Planning AssociationNAPFA: The National Association of Personal Financial AdvisorsKinder Institute of Life Planning"George Kinder: Three Questions About Life Planning," by J.D. Roth, Get Rich Slowly, Aug. 1, 2019.Money QuotientYour Mental Wealth, Drs. Ted Klontz and Brad KlontzKahler Financial GroupThe Future of Financial AdviceBuckingham Strategic WealthDrive: The Surprising Truth About What Motivates Us, by Daniel Pink."Simple Money Portfolio," by Tim Maurer, timmaurer.com. "Tim Maurer Simple Money Portfolio Review and ETFs to Use," by Tim Maurer, Optimized Portfolio, Oct. 7, 2020."Kitces: Pandemic to Accelerate Shift to AUM-Based Fee Model," by Jeff Berman, ThinkAdvisor, May 7, 2020."ESG Index Funds Hit $250 billion as Pandemic Accelerates Impact Investing Boom," by Pippa Stevens, CNBC, Sept. 2, 2020.College Planning"Is COVID-19 Creating an Education Planning Crisis?" by Tim Maurer, The Bam Alliance, June 3, 2020."The Non-Conformist's 4-Step Education Savings Plan," by Tim Maurer, Forbes, May 31, 2012.
11/4/202050 minutes, 18 seconds
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Peter Hayes: Surveying the Municipal Bond Landscape

Our guest this week is Peter Hayes. Peter is a managing director at BlackRock where he heads the firm's municipal income group and sits on its global fixed-income Executive Committee. In his role, Peter oversees all aspects of municipal fund management, including portfolio management, research, strategy, and trading. Among his responsibilities, Peter is one of the managers of the BlackRock Strategic Opportunities Fund. In addition to these duties, Peter is also a member of BlackRock's Global Operating Committee. Before joining BlackRock in 2006, Peter was a portfolio manager at Merrill Lynch Investment Management, where he led the short-term tax-exempt trading desk and managed short-term municipal bond strategies. Peter earned a bachelor's in economics from the College of the Holy Cross.BackgroundPeter Hayes BioThe Big Picture“Local Finances Are Troubled, but Fund Investors May Still Profit,” by Carla Fried, nytimes.com, July 10, 2020.“Muni Investors Scale Back,” by Peter Hayes, blackrock.com, Oct. 7, 2020.“How Much Is COVID-19 Hurting State and Local Revenues?” by Louise Sheiner and Sophia Campbell, brookings.edu, Sept. 24, 2020.“Record Increases of new Covid-19 Cases in 3 U.S. States With the Most Population,” by Jay Croft, Christina Maxouris, and Douglas Wood, cnn.com, June 24, 2020.Stimulus“Second Stimulus Checks (10/1/20): What Will the Next Stimulus Package Look Like?” by Claudia Dimuro, pennlive.com, Oct. 2, 2020.“CARES Act Includes Essential Measures to Respond to Public Health, Economic Crises, But More Will Be Needed,” by Sharon Parrott and others, cbpp.org, March 27, 2020.Municipal Liquidity Facility definition“The Fed Says It Is Expanding its Municipal Bond Buying Program,” by Jeff Cox, cnbc.com, April 27, 2020. “U.S. Municipal Market Activity Witnessing Positive Momentum Post Fed’s Intervention,” by Nikhil Francis and Saswata Mohanty, acuitykp.com, Sept. 18, 2020.“Lawmakers Tangle Over Fed’s Muni-Market Rescue,” by Heather Gillers, morningstar.com, Sept. 17, 2020.“Riskier Fixed-Income Sectors Bounce Back in the Second Quarter,” by Gabriel Denis, Morningstar.com, July 6, 2020.Credit“Municipal Bond Perspective: Where We Go From Here,” beyondbullsandbears.com, April 24, 2020.“How Is the Coronavirus Crisis Affecting the Municipal Bond Market?” by Daniel Bergstresser, econofact.org, April 8, 2020.“Bond Insurance Returns to the Muni Market in a Big Way,” by Heather Gillers, wsj.com, Oct. 22, 2020.“Muni Bond Insurers See Demand Grow Amid Pandemic Worries,” by Liz Kiesche, seekingalpha.com, Oct. 22, 2020.Supply and Demand“Municipal Bond Market Update—September Edition,” by Corey Boller, dividend.com, Sept. 10, 2020.“Supply and demand shocks in the COVID-19 pandemic: an industry and occupation perspective,” by R Maria del Rio-Chanona and others, academic.oup.com, Aug. 29, 2020. “Will Supply-Chain Disruptions and Delayed Capital Spending Be Material,” by Brian Bernard, Morningstar.com, March 25, 2020.“Munis in Focus: 2020 Municipal Market Update,” by David Hammer, pimco.com, Sept. 11, 2020.“Global Supply Chains in a Post-Pandemic World,” by Willy C. Shih, hbr.org, Sept.-Oct. 2020.“Reviving States, Cities and the Munibond Market Amid COVID-19,” by Brian Wynne, morganstanley.com, April 27, 2020.“Revenue Streams Drying Up? Municipal Bonds in the Pandemic,” by Dennis DiCicco, jhinvestments.com, Aug. 20, 2020.Taxes“Calculating Tax Equivalent Yield: Are Municipal Bonds Right for You?” by Thomas Kenny, thebalance.com, May 11, 2020.“7 Best Tax-Free Municipal Bond Funds,” by Barbara Friedberg, money.usnews.com, Oct. 7, 2020.“Taxable Munis? They’re Worth a Look,” by Jeffrey R. Kosnett, Kiplinger.com, Jan. 2, 2020.“Coronavirus Fears Affect the Municipal Bond Market,” by Cooper Howard, schwab.com, March 18, 2020.“What Is the Muni-Treasury Ratio or M/T Ratio?” by Thomas Kenny, thebalance.com, July 29, 2020.Portfolio/PositioningStrategic Municipals Opportunities Fund“Muni Market Tailwinds Turn to Headwinds,” by Peter Hayes and Sean Carney, blackrock.com, April 2, 2020.“Short Term Treasuries Are ‘Overvalued’: BlackRock Muni Bonds Head,” Peter Hayes on “On the Move” video panel, finance.yahoo.com, Sept. 18, 2020.“Stay the Course Amid Market Volatility,” blackrock.com.“Volatility, the Vote and Taking the Long View,” by Tony DeSpirito, blackrock.com, Oct. 12, 2020. Issue Selection“How Munis Can Boost Your Investment Health,” gsam.com, Oct. 5, 2020.“How to Invest in Municipal Bonds,” by Miranda Marquit, forbes.com, July 9, 2020.“Small Investors Ruled the Municipal-Bond World for a few Days in March,” by Heather Gillers, wsj.com, May 7, 2020.“How and Why to Build a Bond Ladder,” fidelity.com, Sept. 17, 2020.“Rising Rates Series: The Ups and Downs of Bond Ladders,” by Karen Schenone, fundsociety.com, June 4, 2018.“2011: The Year 60 Minutes Misled Americans About Municipal Bonds,” by Janet Tavakoli, businessinsider.com, Dec. 30, 2011.
10/28/202050 minutes, 56 seconds
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Kerry Hannon: Remote Work Trend Benefits Older Workers

Our guest on the podcast is author and retirement expert Kerry Hannon. Hannon has written 14 books thus far. Her latest is called Great Pajama Jobs: Your Complete Guide to Working from Home. She is also a regular contributor to The New York Times, MarketWatch, and Forbes and is the personal finance and entrepreneurship expert on the PBS website NextAvenue.org. Hannon's work focuses on career, financial, and life guidance for midlife workers. She has also written extensively about how women can take charge of their own financial planning. Hannon is a former National Press Foundation Fellow and a former Fellow of the Columbia Journalism School and the Robert N. Butler Columbia Aging Center's Age Boom Academy. She is also a former MetLife Foundation and New America Media Fellow on Aging. She received a bachelor's degree from Duke University.BackgroundKerry Hannon bio Kerry Hannon books Remote Work"10 Tips To Be a Successful Remote Worker," by Kerry Hannon, kerryhannon.com, Oct. 3, 2020."Coronavirus Suddenly Transformed the Workplace," by Kerry Hannon, kerryhannon.com, May 31, 2020."ProBoomer Interview: Work From Home Tips," by Kerry Hannon, kerryhannon.com, May 24, 2020."Is Working Remote a Blessing or Burden? Weighing the Pros and the Cons," by Bryan Robinson, Forbes, June 19, 2020."These Simple Habits Can Stop Work-From-Home Burnout," by Kerry Hannon, MarketWatch, Sept. 10, 2020."I've Been Working From Home for Years--This Is How to Do It Successfully," by Kerry Hannon, MarketWatch, March 21, 2020."Work From Home Is Here to Stay, but It May Put Younger Workers at a Disadvantage," by Juliana Kaplan and Hillary Hoffower, Business Insider, May 29, 2020. Midlife and Older Workers"Tips for Finding a Job When You're Over 50," by Kerry Hannon, kerryhannon.com, Oct. 18, 2020."Why Working From Home Benefits Older Workers--and Their Employers," by Kerry Hannon, kerryhannon.com, July 12, 2020."Prepare Yourself for the New Job Market," by Kerry Hannon, kerryhannon.com, June 6, 2020."Sorry, 'OK, Boomer'--Workplaces of the Future Will Be Multigenerational," by Kerry Hannon, kerryhannon.com, Feb. 19, 2020. "Here's Why the Workplace of the Future Must Include Older Workers," by Kerry Hannon, kerryhannon.com, Dec. 29, 2019."Why Are People Working Longer? It's Not What You Think," by Kerry Hannon, MarketWatch, Sept. 18, 2020."5 Ways to Help Your Aging Workforce Embrace Digital Transformation," by Nick Candito, Entrepreneur, July 12, 2017."How to Combat age Discrimination," by Kerry Hannon, kerryhannon.com, Oct. 2, 2016."Are You Ready for Your Encore Career?" by Kerry Hannon, kerryhannon.com, Feb. 25, 2018."The Impact of the Coronavirus Recession on Older Workers," by Congressman Don Beyer, Vice Chair of the Joint Economic Committee, August 2020. Entrepreneurship for Older Adults"Seven Tips for Starting Your Own Business," by Kerry Hannon, kerryhannon.com, July 14, 2019."At Last, a Co-Working Space for Midlife Entrepreneurs," by Kerry Hannon, kerryhannon.com, Jan. 5, 2020.Financial Advice for Women"What Women 50+ Want From Financial Advisers--Much More Than Men," by Kerry Hannon, Forbes, May 21, 2020."Why It's Hard for Women to Save for Retirement," by Kerry Hannon, kerryhannon.com, Dec. 7, 2019."Four Ways Women Can Get Smarter About Money," by Kerry Hannon, kerryhannon.com, Aug. 6, 2017."Facing the Financial Shocks of Widowhood," by Kerry Hannon, kerryhannon.com, Nov. 12, 2018."Women Facing Financial Challenges for Retirement," by Kerry Hannon, kerryhannon.com, March 3, 2019.Long-Term Care/Caring for Aging Parents"Love You, Dad. Alzheimer's Care and My Family's Story," by Kerry Hannon, Forbes, June 17, 2012. "The 5 Money Lessons I Learned From My Father," by Kerry Hannon, kerryhannon.com, June 16, 2013."Women and Long-Term Care Insurance," by Kerry Hannon, kerryhannon.com, March 4, 2014."Must-Know Statistics About Long-Term Care: 2019 Edition," by Christine Benz, morningstar.com, Nov. 25, 2019.“4 Ways the Pandemic Is Affecting Long-Term Care," by Christine Benz, morningstar.com, Aug. 7, 2020. "How Does a Pandemic Change Everything?" by Hannah Wolfson, HomeCare, Aug. 4, 2020."How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020. 
10/21/202047 minutes, 57 seconds
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Karsten Jeske: Cracking the Code on Retirement Spending Rates

Our guest on the podcast today is Karsten Jeske, the founder of the website EarlyRetirementNow and a thoughtful and technically proficient member of the Financial Independence, Retire Early (FIRE) community. In 2018, Karsten retired in his early 40s, after a career in the financial world. He served as Director of Asset Allocation Research for Mellon Capital Management from 2008 through 2018, and before that, was a research economist at the Federal Reserve Bank of Atlanta for a decade. Karsten has his PhD in economics from the University of Minnesota and has taught undergraduate and PhD-level economics at Emory University. He's also a chartered financial analyst.BackgroundKarsten Jeske BioEarly Retirement NowFIRE DefinitionThe Pandemic’s Impact on the FIRE Movement“The Shortest Recession Ever? My Thoughts on the State of the Economy,” by Karsten Jenke, EarlyRetirementNow.com, Aug. 25, 2020.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” by Christine Benz and Jeffrey Ptak, The Long View, June 3, 2020. “The Coronavirus Pandemic and Retirement Security,” by Mark Miller, Morningstar.com, Aug. 24, 2020.“Retiring During a Pandemic,” by Christine Benz and Maria Bruno, Morningstar.com, Aug. 14, 2020. “Can You Retire Early? Should You?” by Christine Benz and Susan Dziubinski, Aug. 7, 2020. Early Withdrawal Rates for Early RetireesThe Trinity StudyThe Safe Withdrawal Rate Series--A Guide for First-Time Readers“Do We Really Have to Lower our Safe Withdrawal Rate to 0.5% Now?” by Karsten Jeske, EarlyRetirementNow.com, Aug. 31, 2020.Shiller P/E Ratio Definition“Who’s Afraid of a Bear Market?” by Karsten Jeske, EarlyRetirementNow.com, Oct. 30, 2019. Low Bond Yields and Withdrawal Rates“Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning,” by Christine Benz and Jeffrey Ptak, The Long View, July 14, 2020. “Wade Pfau: The 4% Rule is No Longer Safe,” by Christine Benz and Jeffrey Ptak, The Long View, April 29, 2020. “What Ultralow Yields Mean for Your Financial and Retirement Plan,” by Christine Benz, Morningstar.com, May 4, 2020. “Low Rates Aren’t Going Anywhere. Here’s What That Means for Retirement Planning,” by David Blanchett, ThinkAdvisor.com, Aug. 14, 2020.IRA Required Minimum Distribution Worksheet Bogleheads’ Variable Percentage WithdrawalSequence of Return Risk/Asset AllocationSequence Risk Definition “The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019. “The Pros and Cons of Rising Equity Glide Paths in Retirement,” by Wade Pfau, forbes.com, May 4, 2017.“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, Kitces.com, Oct. 5, 2016. “Cut Stocks or Add to Them? A Key Dilemma to Your Retirement Plan,” by Christine Benz, morningstar.com, July 25, 2019.“How to Determine Asset Allocation in a Retirement Portfolio,” interview with Christine Benz and David Blanchett, Morningstar.com, April 29, 2015.“The Yield Illusion: How Can a High-Dividend Portfolio Exacerbate Sequence Risk?” by Karsten Jeske, EarlyRetirementNow.com, Feb. 13, 2019.Healthcare and the FIRE Movement“Top 3 Health Insurance Options If You Retire Early,” by Thom Tracy, Investopedia.com, April 14, 2020.“How Does the F.I.R.E Movement Affect Insurance?” by Brianna Slattery, clearsurance.com, Jan. 23, 2020.“The Ten Commandments of Whole Life Insurance,” by Karsten Jeske, EarlyRetirementNow.com, Sept. 26, 2018.Health Care Sharing Ministry Affordable Care Act Social Security “Taxation of Social Security: The Tax Torpedo & Roth Conversion Tightrope,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 13, 2019.“Social Security Benefits: Early or Late Retirement?” ssa.gov. Networking & Socializing in Retirement“Work, Retirement, and Social Networks at Older Ages,” by Eleonora Patacchini and Gary V. Engelhardt, Center for Retirement Research at Boston College, November 2016.“Why It’s Important to Stay Social in Retirement and How to Do It,” by Rob Pascale, forbes.com, Oct. 31, 2019.
10/14/202048 minutes, 27 seconds
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Lazetta Rainey Braxton: Financial Planning for 'The Rest of Us'

Our guest on the podcast today is financial advisor Lazetta Rainey Braxton. Lazetta is the co-founder and co-CEO of 2050 Wealth Partners, a virtual financial planning and wealth management firm geared toward serving individuals who haven't traditionally been recruited by other financial advisors because of their income, age, race, or gender. She has frequently appeared on national television shows, and she's also a member of CNBC's Digital Financial Advisory Council and a contributor to The Wall Street Journal's Experts blog. Lazetta was the recipient of Investment News' inaugural Women to Watch and Excellence in Diversity and Inclusion Awards. She also received the Association of African American Financial Advisors' Leadership Legacy Award and the Heart of Financial Planning Award from the Financial Planning Association. Lazetta received her bachelor's degree at the University of Virginia and her MBA at Wake Forest University. She's also a certified financial planner.BackgroundLazetta Rainey Braxton BioRianka R. Dorsainvil2050 Wealth PartnersCBNC Digital Financial Advisory CouncilLaunch of New Firm“Lazetta Braxton and Rianka Dorsainvil target young, diverse clients with ‘fully virtual’ firm,” by Jake Martin, citywireusa.com, Feb. 10, 2020.“Two Investopedia Top 100 Advisors Launch New Firm,” by Irene Huhulea, Investopedia.com, Feb. 12, 2020.Planning During the Pandemic“Coronavirus market plunge is making people question if they should sell stocks and run to cash,” by Sharon Epperson, cnbc.com, March 23, 2020.“Steps You Can Take to Utilize the CARES Act,” by Lazetta Rainey Braxton, 2050wealthpartners.com, April 2, 2020.“Coronavirus Giving You Financial Anxiety? How to Avoid Debt During the Pandemic,” by Sharon Epperson, 2050wealthpartners.com, March 31, 2020.“Financial Pros Offer Smart Investment Tips During the Coronavirus Crisis,” by AJ Horch, cnbc.com, April 21, 2020.Reaching a Diverse Population“It’s Past Time to Advance Black Advisors,” by Lazetta Rainey Braxton, financial-planning.com, May 26, 2020.“An Open Letter to Planners of Color,” by Rianka Dorsainvil, 2050wealthpartners.com, Sept. 17, 2019.“More Black Investors Should Look to Stock Market to Grow Their Wealth,” by Lazetta Rainey Braxton, 2050wealthpartners.com, Feb. 20, 2019.“Helping Underserved Clients Turn Income Into Wealth,” by Jane Wollman Rusoff, thinkadvisor.com, Feb. 14, 2019.Association of African American Financial Advisors“Building a Diverse and Inclusive Culture,” webinar with Lazetta Rainey Braxton, John Mackey, and Anand Sekhar, institutional.fidelity.com, Aug. 31, 2020.“We Asked, Advisors Answered: How Can the Industry Increase Diversity?” by Bernice Napach, thinkadvisor.com, July 1, 2020.“Record growth for black and Latino CFPs; status quo for women,” by Charles Paikert, financial-planning.com, Feb. 28, 2020.Firm Operations and Business Models2050 Wealth Partners’ introduction process2050 Wealth Partners’ comprehensive planning Understanding the Sandwich Generation“Michelle Singletary: ‘You Need Diversity,’” podcast, Morningstar.com, July 1, 2020.  The Advice ProfessionNAPFA: The National Association of Personal Financial AdvisorsCFP.netFinancial Planning AssociationXY Planning NetworkYNAB: You Need a Budget AAAA Foundation
10/7/202047 minutes, 40 seconds
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Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind

Our guest on the podcast today is author Brian Portnoy. Brian has written two books on the field of behavioral finance, The Investor's Paradox and The Geometry of Wealth. He's also the editor of a forthcoming book of essays about how financial experts invest their own money called How I Invest My Money.Brian is the founder of Shaping Wealth, a financial-wellness platform that works with individuals and organizations to make better money decisions. For more than two decades, Brian has worked in the hedge fund and mutual fund industries as portfolio manager and educator. He was also our colleague at Morningstar in the early 2000s. He's a CFA charterholder and earned his doctorate at the University of Chicago.LinksBrian Portnoy’s bioBrian Portnoy’s books Shaping Wealth“How I Invest My Own Money,” by Joshua Brown, The Reformed Broker blog, July 16, 2019.Robert Seawright blog Dasarte YarnwayMorgan Housel Shirl Penney Efficient frontier definitionHarry Markowitz Fama-French three-factor model Capital Allocators Ted Seides Howard Lindzon“Four ‘Money Scripts’: Four Ways to Feel the Power of Money,” by Ken Eisold, psychologytoday.com, May 15, 2011.Blair duQuesnay Nina O’Neal Ashby Daniels Financial Wellness“Financial Wellness in a Time of Crisis,” speaker Brian Portnoy, Association for Coaching, April 20, 2020Funded ContentmentBehavioral FinanceDaniel Kahneman Amos Tversky Prospect theory “The Two Friends Who Changed How We Think About How We Think,” by Cass R. Sunstein and Richard Thaler, newyorker.com, Dec. 7, 2016Misbehaving: The Making of Behavioral Economics, Richard H. Thaler, June 14, 2016Daniel Crosby Alliance for Decision Education Annie Duke Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401(k) Plans, by Shlomo Benartzi, April 12, 2012.Save More Tomorrow, Shlomobenartzi.com“Governments Are Trying to Nudge Us Into Better Financial Behavior. Is it Working?” by Shlomo Benartzi, John Beshears, Katherine L. Milkman, Cass R. Sunstein, and Richard H. Thaler, Washington Post, Aug. 11, 2017. Financial Literacy“Annamaria Lusardi: ‘Financial Education Works,’ ” Long View Podcast with Christine Benz and Jeffrey Ptak, morningstar.com, Feb. 19, 2020. “John Lynch: Rethinking Financial Education,” Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 11, 2019.The University of Chicago Financial Education Initiative
9/30/202055 minutes, 39 seconds
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Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields

Our guests this week are Michael Reckmeyer and Matthew Hand. Mike and Matt are managing directors at Wellington Management, where they oversee a number of prominent values investing mandates, including the stock sleeve of Vanguard Wellesley Income Fund, as well as Wellington's portion of Vanguard Equity Income Fund, among other duties. Mike's investing career began in 1984 at the State of Michigan Pension Fund, followed by eight years at Kemper Financial Services, after which he joined Wellington in 1994. He received both his bachelor's degree and MBA from the University of Wisconsin-Madison and is a CFA charterholder. Matt joined Wellington in 2004 after graduating from the University of Pennsylvania. Like Mike, Matt is also a CFA charterholder.Background Michael Reckmeyer bioMatthew Hand bioWellington Management“Four Fantastic Income Funds,” by Russell Kinnel and Christine Benz, Morningstar.com, Aug. 11, 2020 Funds Mentioned Vanguard WellingtonVanguard Wellesley IncomeVanguard Equity IncomeHartford Equity IncomeOther ReferencesJack Bogle bio“Gus Sauter: Efficient Markets Are a Good Thing,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 4, 2019.“The Wildly Popular Trades Behind the Market’s Swoon and Surge,” by Gregory Zuckerman and Gunjan Banerji, wsj.com, Sept. 13, 2020Securities Mentioned in the PodcastADP https://www.morningstar.com/stocks/xnas/adp/quoteArcher-Daniels-Midland https://www.morningstar.com/stocks/xetr/adm/quoteCisco https://www.morningstar.com/stocks/xnas/csco/quoteComcast https://www.morningstar.com/stocks/xnas/cmcsa/quoteCrown Castle International https://www.morningstar.com/stocks/xnys/cci/quoteDominion Energy https://www.morningstar.com/stocks/xnys/d/quoteIntel https://www.morningstar.com/stocks/xnas/intc/quoteLockheed Martin https://www.morningstar.com/stocks/xnys/lmt/quoteMedtronic https://www.morningstar.com/stocks/xnys/mdt/quotePhilip Morris https://www.morningstar.com/stocks/xnys/pm/quoteProgressive https://www.morningstar.com/stocks/xnys/pgr/quote
9/23/202042 minutes, 59 seconds
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Karen Andersen: The Race for a COVID-19 Vaccine

Our guest this week is Karen Andersen, a healthcare strategist on Morningstar's equity research team. She has written a number of influential commentaries and analyses on the healthcare sector, with a focus on the pharmaceutical and biotechnology industries. Her most recent work has focused on the outlook for the COVID-19 pandemic, treatments for the disease, and the race for a vaccine. Before joining Morningstar in 2005, Andersen earned her bachelor's degree in biochemistry from Rice University and received her Master of Business Administration from Rice's Jones Graduate School of Business. She is a CFA charterholder.BackgroundKaren Andersen's healthcare commentaries and analysesVirus Containment and Diagnostics"COVID World Map: Tracking the Global Outbreak," The New York Times, Sept. 15, 2020. "Relaxing the Lockdown: Move Slowly, Stay Nimble," by Karen Andersen, Morningstar.com, May 12, 2020.“Slow Burn Likely Until Coronavirus Vaccines Are Widely Available," by Karen Andersen, Morningstar.com, Sept. 1, 2020."Patients Are Waiting Weeks for COVID-19 Test Results. Here's Why That's a Huge Problem," by Jamie Ducharme, Time, July 22, 2020. Contact tracing definition "Treatments for COVID-19," Harvard Health Publishing, Aug. 24, 2020. Vaccine Development and Approval"Vaccine Testing and the Approval Process," Centers for Disease Control and Prevention. "The Drug Development Process," U.S. Food and Drug Administration. "Draft Landscape of COVID-19 Candidate Vaccines," World Health Organization, Sept. 9, 2020."Potential Antiviral Drugs Under Evaluation for the Treatment of COVID-19," National Institutes of Health, Aug. 27, 2020. "A Coronavirus Vaccine, or Three, Could Be Available by Year-End," by Karen Andersen, Morningstar.com, Sept. 4, 2020."Morningstar's Guide to the Development of a Coronavirus Vaccine," by Carole Hodorowicz, July 16, 2020. "Coronavirus Vaccine Progress Accelerates," by Karen Andersen and Debbie Wang, Morningstar.com, May 13, 2020.RNA vaccine definition"Pfizer, BioNTech COVID-19 Vaccines Fast Tracked by FDA," by Anna Baran, Morningstar.com, July 13, 2020. "All Eyes on BioNTech's COVID-19 Vaccine," by Anna Baran, Morningstar.com, June 26, 2020. "AstraZeneca's Pause on Vaccine Raises Uncertainty," by Damien Conover, Morningstar.com, Sept. 9, 2020. Herd immunity definition "What if 'Herd Immunity' Is Closer Than Scientists Thought?" by Apoorva Mandavilli, The New York Times, Aug. 31, 2020. 
9/16/202055 minutes, 51 seconds
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Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments

Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar at the Stanford Center on Longevity, where he conducts and directs research on retirement planning and behavioral economics. He is also the author of several books on retirement planning, including his latest, Don't Go Broke in Retirement and Retirement Game-Changers. In addition, Vernon writes a regular column on retirement planning for Forbes. He previously helped large employers design and manage their retirement programs. Vernon retired as vice president and consulting actuary with the human resources consulting firm Watson Wyatt Worldwide and also consulted to Mercer. He graduated from the University of California at Irvine with a double major in mathematics and social science.BackgroundSteve Vernon bioStanford Center on LongevitySteve Vernon booksForbes columnThe Role of Work"The Question Many Pre-Retirees and Retirees Will Need to Answer," by Steve Vernon, Forbes, Aug. 25, 2020."Redesigning Retirement and Human Resource Programs to Support Longer Lives," by Steve Vernon, Stanford Center on Longevity, third-quarter 2019."How To Find Work (After Retirement)," by Steve Vernon, CBSNews.com, March 27, 2013."Good News for Older Workers Seeking New Careers," by Steve Vernon, CBSNews.com, April 27, 2015. Encore career definitionSocial Security Program Health"The 2020 OASDI Trustees Report," Social Security Administration, April 22, 2020."No, You Won't Lose All of Your Social "Security Benefits," by Steve Vernon, Forbes, April 22, 2020.Social Security Claiming Strategies"Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020."Does Delaying Social Security Really Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020."When to Take Social Security: The Complete Guide," by Amy Fontinelle, Investopedia.com, Nov. 24, 2019. "Introducing the Social Security Claiming Decision," by Wade Pfau, Retirement Researcher."How the Retirement Estimator Works," Social Security Administration.Open Social Security "How to Calculate the Break-Even Age for Taking Social Security," by Ken Moraif, Kiplinger, April 7, 2020. Retiree Investment Portfolio/Holistic Retirement Income Planning "A Portfolio Approach to Retirement Income Security," by Steve Vernon, Stanford Center on Longevity, July 2015."How Much Should Older Workers and Retirees Invest in the Stock Market?" by Steve Vernon, Forbes, March 3, 2020. "Here's a Foolproof Way To Create Retirement Income for the Rest of Your Life," by Darla Mercado, CNBC.com, June 26, 2020."Stanford Analyzed 292 Retirement Strategies to Determine the Best One--Here's How It Works," by Kathleen Elkins, CNBC.com, Aug. 6, 2019.Housing"Don't Make This Costly Retirement Planning Mistake," by Steve Vernon, Forbes, June 11, 2020."Planning Your Retirement: 10 Ways to Reduce Housing Costs," by Steve Vernon, CBSNews.com, Sept. 4, 2013."How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020.Longevity/Mitigating Longevity Risk"Rich People Don't Just Live Longer. They Also Get More Healthy Years," by Heather Murphy, The New York Times, Jan. 16, 2020.“The Risk of Outliving Your Assets Is Real And Defending Against It Is No Small Task," by Martin Pelletier, Financial Post, June 17, 2019.
9/9/202046 minutes, 26 seconds
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Jim Dahle: 'Income Is Not Wealth'

Our guest on the podcast today is Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses on helping other healthcare professionals get smarter about managing their money. He founded the White Coat Investor website in 2011 and it rapidly grew into the most widely read physician-specific website in the world. Jim's first book, The White Coat Investor: A Doctor's Guide to Personal Finance and Investing came out in 2014. The White Coat Investor's Financial Boot Camp: A 12 Step High-Yield Guide to Bring Your Finances Up to Speed was released in February 2019. In addition, Jim has a podcast and videocast, online courses, and runs a live conference. Jim earned his Bachelor of Science degree in molecular biology from Brigham Young University and then attended the University of Utah School of Medicine. He trained at the University of Arizona Emergency Medicine Residency Program and then served four years with the Air Force and the Navy.BackgroundJim Dahle bio The White Coat Investor Jim Dahle books WCI podcastPhysician FinancesThe Student Doctor NetworkSermo “Physician Debt and Net Worth Report 2016,” Medscape.com, April 20, 2016.  “The Physician Net Worth Rule Part 2,” by Jim Dahle, whitecoatinvestor.com, Nov. 10, 2011. “The Right Way to Use Debt in Medical School,” by Jim Dahle, whitecoatinvestor.com, Aug. 24, 2020. “Financial Burdens and Physician Burnout,” by Jimmy Turner (The Physician Philosopher), Thephysicianphilospher.com, Nov. 13, 2019. “7 Ways to Reduce Medical School Debt,” by Ken Budd, aamc.org, Oct. 9, 2018. “5 Financial Planning Tips Every Young Physician Should Know,” by Michael Winters, ama.org, May 10, 2016.The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley and William D. Danko, Amazon.com, Nov. 16, 2010.Finding a Financial Advisor“How to Find a Good Financial Advisor at a Fair Price,” by Jim Dahle, whitecoatinvestor.com, March 8, 2019.“The Perfect Financial Advisor,” by Jim Dahle, whitecoatinvestor.com, May 18, 2015.“How to Tell a Good Financial Advisor From the Rest,” by Jimmy Turner (The Physician Philosopher), whitecoatinvestor.com, Aug. 10, 2019.“What you Need to Know About Financial Advisers,” by Jim Dahle, whitecoatinvestor.com. Asset Allocation and Portfolio Management“150 Portfolios Better Than Yours,” by Jim Dahle, whitecoatinvestor.com, Jan. 21, 2020.“Rules for Asset Allocation Implementation,” by Jim Dahle, whitecoatinvestor.com, Oct. 28, 2019.Bogleheads“Three-Fund Portfolio,” Bogleheads.org. The Bogleheads’ Guide to the Three-Fund Portfolio: How a Simple Portfolio of Three Total Market Index Funds Outperforms Most Investors With Less Risk, by Taylor Larimore, July 3, 2018. “Review of Bogleheads Guide to the Three Fund Portfolio,” by Jim Dahle, whitecoatinvestor.com, Aug. 3, 2018.“Top 10 Things Bogleheads Get Wrong,” by Jim Dahle, whitecoatinvestor.com, June 19, 2020.Retirement Planning“Investing in Retirement,” by Jim Dahle, whitecoatinvestor.com, July 21, 2015.The Bogleheads’ Guide to Retirement Planning, by Taylor Larimore, Mel Lindauer, Laura F. Dogu, and Richard A. Ferri, Feb. 22, 2011. “Cracking the Nest Egg--Decumulation Strategies in Retirement,” by Jim Dahle, whitecoatinvestor.com, May 30, 2014.Healthcare“Long Term Care Insurance,” by Jim Dahle, whitecoatinvestor.com, Sept. 6, 2013.“The Best Ways To Use an HSA,” by Jim Dahle, whitecoatinvestor.com, Dec. 10, 2019.“7 Reasons an HSA Should be Your Favorite Investing Account,” by Jim Dahle, whitecoatinvestor.com, Jan. 18, 2019.“The Four Keys to Health Care Reform,” by Jim Dahle, whitecoatinvestor.com, Sept. 28, 2018.
9/2/202057 minutes, 34 seconds
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Steve Romick: 'We Think Defensively'

Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder.Bio and BackgroundSteve Romick and FPA team bios FPA Crescent Morningstar “Quicktake” reportFPA Crescent home page FPA Crescent Q2 2020 commentary FPA Crescent historical asset allocation FPA Crescent historical performance attribution ReferencesBerkshire Hathaway letter from the chairman; 1996 “Active Share” High-yield spreads 10-year breakeven inflation rates
8/26/202051 minutes, 44 seconds
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Ed Slott: Act Now on Historically Low Tax Rates

Our guest on the podcast is retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and tax planning education to investment advisors and financial institutions. Ed has written several books including the recently published Ed Slott's Retirement Decisions Guide: 2020 Edition and Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s. PBS viewers may know Ed from his frequent appearances on public television. He also hosts the popular website irahelp.com, where The Slott Report blog regularly dispenses wisdom about retirement, tax, and estate planning. He provides a monthly Q&A column to AARP and is also a contributing columnist and media resource to Financial Planning, Financial Advisor, and InvestmentNews magazines. Ed is a certified public accountant.BackgroundEd Slott bio The Slott Report blog Books by Ed Slott Ed Slott AARP articles Ed Slott InvestmentNews articles Ed Slott Financial Planning articlesIRAs and ConversionsTax-deferred definition A Comprehensive Guide to Tax Treatment of Roth IRA Distributions Roth IRA Conversion Rules “New Tax Law Provides the Opportunity for Tax-Rate Arbitrage on Roth IRAs,” by Ed Slott, InvestmentNews, Feb. 15, 2018. “Seize the Opportunity to Convert to Roths,” by Christine Benz and Ed Slott, Morningstar.com, April 1, 2020. “Rothification?” by Sarah Brenner, Irahelp.com, Oct. 16, 2017. Backdoor Roth IRA definition“The Definitive Guide to the Back-Door Roth,” by Jeffrey Levine, Irahelp.com, Aug. 12, 2015. “Backdoor Roth IRA Conversions Alive and Well,” by Christine Benz and Ed Slott, Morningstar.com, Aug. 14, 2018. “Am I Too Old for an IRA Conversion?” by Christine Benz and Ed Slott, Aug. 21, 2018. “When IRA Conversions Don’t Add Up,” by Christine Benz, Morningstar.com, June 1, 2020. Required Minimum DistributionsRequired minimum distribution definition“The CARES Act and 2020 RMDs,” by Ian Berger, Irahelp.com, Aug. 6, 2020. “The 411 on RMDs for 2020,” by Christine Benz, Morningstar.com, April 22, 2020. “SECURE Act Targets Minimum Distribution Rules,” by Natalie Choate, Morningstar.com, Jan. 8, 2020. Charitable Giving“QCDs: Still Available in 2020 and Still a Good Strategy,” by Sarah Brenner, irahelp.com, April 20, 2020. “How Charitable Giving Is Changing in 2020,” by Christine Benz, Morningstar.com, April 20, 2020. "Morningstar’s Guide to Donor-Advised Funds," Morningstar.com, Nov. 20, 2018. Modified adjusted gross income (MAGI) definition Estate Planning“Did the SECURE Act Kill the Stretch IRA?” by Ed Slott, AARP.com, Feb. 27, 2020. “10 Things to Know about the SECURE Act’s 10-Year Rule,” by Sarah Brenner, IRAhelp.com, Feb. 26, 2020. Step-up in Basis definition Stretch IRA definition
8/19/202048 minutes, 56 seconds
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Pramod Atluri: 'When This Storm Hit, It Hit Fast, and It Hit Hard'

Our guest on the podcast is Pramod Atluri. He is a fixed-income portfolio manager at Capital Group. Atluri began in the investment business more than two decades ago and has been at Capital Group since 2016. Before joining Capital Group, Atluri was a bond portfolio manager at Fidelity Investments, where he also worked as a fixed-income strategist and credit analyst. He began his career as a management consultant at McKinsey & Company. Atluri earned his bachelor's degree from the University of Chicago and his Master of Business Administration from Harvard Business School, and he is a CFA charterholder.BackgroundPramod Atluri bioAmerican Funds Bond Fund of America American Funds Income Fund of AmericaAmerican Funds American Balanced Commentary"Four Actions to Take in Bond Portfolios," by Pramod Atluri, Mike Gitlin, and Karl Zeile, Capital Group, June 17, 2020. "Answers to Your 5 Biggest Fed Rate Cut and Bond Questions," by Mike Gitlin and Pramod Atluri, Capital Group, March 17, 2020. "Fixed-Income Outlook: Meet Uncertainty With Balance," by Pramod Atluri, Mike Gitlin, and Margaret Steinbach, Capital Group, Dec. 11, 2019. Fund ManagementThe Capital System"Capital Group: Multimanager System the 'Best of Both Worlds'," by Alec Lucas and Brad Vogt, Morningstar.com, June 16, 2018. 2020 Market TurbulenceNonbank financial companies"Enormous De-Leveraging in Bond Market Smacks of Margin Calls," by Stephen Spratt, Bloomberg.com, March 19, 2020. "Treasury Bonds Sold Off as the Dow Sank Into a Bear Market. That's Not Supposed to Happen," by Alexandra Skaggs, Barron's, March 11, 2020. Role of Bonds in a Portfolio"Why Fixed Income: 4 Roles Your Bond Portfolio Should Play," by Kelly Campbell and Mike Gitlin, Capital Group, February 2019. "U.S. Fund Flows in June Cap a Wild First Half of 2020," by Tony Thomas and Nick Watson, Morningstar.com, July 17, 2020. "How the Great Inflation of the 1970s Happened," by Leslie Kramer, Investopedia, April 29, 2020. 
8/11/202053 minutes, 21 seconds
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Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'

Our guest this week is Dr. Burton Malkiel. Dr. Malkiel is the Chemical Bank chairman's professor of economics at Princeton University. And he's also author of the widely influential investment book, "A Random Walk Down Wall Street." He's also the Chief Investment Officer at Wealthfront. He's a longtime professor in economics at Princeton, where he was also chairman of the economics department. Before that, he was the dean of the Yale School of Management, and William S. Beinecke Professor of Management Studies there from 1981 through 1988. Dr. Malkiel has served on boards of directors of several firms, including the Vanguard Group and on the investment committees of Active Investment Advisors, and the American Philosophical Society. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co. He holds a BA and MBA degrees from Harvard and a PhD from Princeton University.Bio and BackgroundDr. Malkiel's bio Malkiel. B.G. 2020. “A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing” (Twelfth Edition).” (New York: W.W. Norton & Co.).Dr. Malkiel’s WealthFront blog Retirement IncomeThe 4% spending rule 10-year Treasury yieldAsset AllocationRiquier, A. 2020. "Investing legend Burton Malkiel on day-trading millennials, the end of the 60/40 portfolio and more.” MarketWatch. July 15, 2020.Wealthfront portfolio construction methodologyMalkiel, B.G. 2015. “How Much Should We Invest in Emerging Markets?” WealthFront blog; April 14, 2015.Equity ValuationCyclically adjusted price/earnings ratio Malkiel, B.G. 2020. “It’s a Good Time to Stock Up.” The Wall Street Journal; April 7, 2020. Finke, M. 2020. "The Remarkable Accuracy of CAPE as a Predictor of Returns.” Advisor Perspectives. July 20, 2020Equity risk premium data; Damodaran OnlineGlobal CAPE ratio data; Star CapitalActive/PassiveMorningstar Active/Passive Barometer Rekenthaler, J. 2018. "The Paradox of Skill.” Morningstar. Dec. 17, 2018.Factor InvestingGoldman Sachs ActiveBeta US Large-cap EquityVanguard US Multifactor ETFRisk ParityWealthFront Risk Parity ESGKinder Morgan; Morningstar analysisKinder Morgan; Sustainalytics analysis Facebook; Morningstar analysis Facebook; Sustainalytics analysis
8/5/202058 minutes, 1 second
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Ben Inker: 'The Portfolio We're Running Today Is Abnormal Even for Us'

Our guest on the podcast is Ben Inker. Ben is GMO's head of asset allocation. In that capacity, he leads GMO's asset-allocation team and is a member of the firm's board of directors. He joined GMO in 1992 after obtaining his bachelor's in economics from Yale University. Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset-allocation teams, a portfolio manager of various equity and asset-allocation portfolios the firm offers, co-head of international quantitative equities, and CIO of quantitative developed equities. Ben is a CFA charterholder.BackgroundBen Inker bio Ben Inker articles GMO’s Research Library GMO Global Asset AllocationAsset AllocationGMO 7-Year Asset-Class Return Forecast, 2Q 2020 “Uncertainty Has Rarely Been Higher; Oddly, Neither Has the Stock Market,” by Ben Inker and Jeremy Grantham, June 4, 2020. “Stocks Are Too Risky. What GMO’s Inker Says to Buy Instead,” by Jack Otter, Barron’s, May 24, 202