The Long View (Morningstar)
Explore every episode of The Long View
| Pub. Date | Title | Duration | |
|---|---|---|---|
| 05 Feb 2020 | Ben Carlson: How Not to Get Scammed | 00:46:42 | |
Our guest this week is Ben Carlson, the director of institutional asset management at Ritholtz Wealth Management. A prolific and insightful writer, Carlson frequently publishes pieces on investing, personal finance, and other topics on his popular blog, A Wealth of Common Sense. In addition, he co-hosts the Animal Spirits podcast with his colleague Michael Batnick and is active on social media, including Twitter, where he can be found @awealthofcs. A CFA charterholder and graduate of Grand Valley State University, Carlson has authored several books, including A Wealth of Common Sense and Organizational Alpha. In today's episode, we'll be discussing Carlson's most recently published book, Don't Fall for It: A Short History of Financial Scams. Background Animal Spirits podcast Don't Fall for It: A Short History of Financial Scams, by Ben Carlson Scams: Victims and Perpetrators Annals of Gullibility: Why We Get Duped and How to Avoid It, by Stephen Greenspan The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success, by Kevin Dutton "Troubles at Atlanta Hedge Fund Snare Doctors, Football Players" by Ian McDonald and Valerie Bauerlein, The Wall Street Journal, March 9, 2006. William J. Bernstein: "The wealthy are different than you and I: They have many more ways of having their wealth stripped away." The Four Pillars of Investing: Lessons for Building a Winning Portfolio, Chapter 7, Page 179. "How Did Spike Lee Convince Michael Jordan to Help Fund His Malcolm X Film?" by Gene Marks, Entrepreneur, Feb. 28, 2019. "Johnny Depp Spends $200,000 a Month on a Private Jet and $30,000 on Wine--Here's How Else He Blows His Fortune," by Emmie Martin, CNBC.com, Aug. 31, 2017. Enough: True Measures of Money, Business, and Life, by John C. Bogle "South Sea Bubble Short History," Harvard Business School "Fraudster Poses as Jason Statham to Steal Victim's Money," by Andy Bell and Dan Box, BBC News, April 29, 2019. "Lessons From the General," by Michael Batnick, The Irrelevant Investor, Dec. 12, 2017. | |||
| 26 Aug 2020 | Steve Romick: 'We Think Defensively' | 00:51:44 | |
Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder. Bio and Background Steve Romick and FPA team bios FPA Crescent Morningstar “Quicktake” report FPA Crescent Q2 2020 commentary FPA Crescent historical asset allocation FPA Crescent historical performance attribution References Berkshire Hathaway letter from the chairman; 1996
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| 01 Jul 2020 | Michelle Singletary: 'You Need Diversity' | 00:49:02 | |
Our guest this week is personal finance columnist and author Michelle Singletary. Singletary writes the nationally syndicated column "The Color of Money," which appears in The Washington Post, as well as in dozens of other newspapers nationwide. She's also the author of three personal finance books. The most recent was called The 21-Day Financial Fast: Your Path to Financial Peace and Freedom. Singletary is a frequent guest on TV and radio, and she was host of her own national television program, "Singletary Says," on TV One. She is a graduate of the University of Maryland at College Park. She has received the Distinguished Alumni Award from Johns Hopkins University, where she earned a master's degree in business and management. Background Michelle Singletary's bio and Washington Post columns Financial Impact of Pandemic "Michelle Singletary Answers Viewer Questions About Pandemic Finances," PBS NewsHour, April 30, 2020. "What Coronavirus Fears Could Mean for Personal Finance," by Audie Cornish and Michelle Singletary, NPR, March 9, 2020. "Didn't Get Your Stimulus Payment? Here's How to Find It," by Michelle Singletary, The Washington Post, June 2, 2020. Get My Payment, IRS.gov. "IRS Stimulus Checks Are Going to Dead People, While Needy Go Without," by Michelle Singletary, The Washington Post, April 21, 2020. "Stimulus Prepaid Debit Card Is Causing a Lot of Confusion," by Michelle Singletary, The Washington Post, June 1, 2020. "No, the IRS Should Not Try to Claw Back $1.4 Billion Sent to Dead People," by Michelle Singletary, The Washington Post, June 26, 2020. "The IRS Just Made It Easier to Take Out a Loan or Withdraw Money From Your Retirement Account," by Michelle Singletary, The Washington Post, June 23, 2020. “Trust Me: You Need to Start Saving Now So You Can Fly Last-Minute to Be There for Someone You Love When the Time Comes," by Michelle Singletary, The Washington Post, Nov. 9, 2019. "Rent, Mortgage, Car Loans, Utilities and Child Support. The Other Bills Can Wait," By Michelle Singletary, The Washington Post, April 4, 2020. Racial Wealth Gap "The Racial Wealth Gap in America," by Michelle Singletary, Alanna McCargo, and Michael Neal, The Washington Post, June 18, 2020. "Coronavirus Could Widen Black Wealth Gap," by Michelle Singletary, The Washington Post, June 13, 2020. "The Black-White Economic Divide Is as Wide as It Was in 1968," by Heather Long and Andrew Van Dam, The Washington Post, June 4, 2020. "75 Must-Know Statistics About Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020. "Income and Wealth Inequality in America: 1949-2016," by Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins, Federal Reserve Bank of Minneapolis, June 14, 2018. "New Data Suggest COVID-19 is Widening Housing Disparities by Race and Income," by Solomon Greene and Alanna McCargo, Urban Institute, June 2, 2020. Diversity in Financial Services "Wall Street Says It Cares About Diversity. But Most Big Banks Won't Share Complete Workforce Data," by Renae Merle and Jena McGregor, The Washington Post, Dec. 6, 2019. "Diversity and Inclusion: Holding America's Large Banks Accountable," U.S. House Committee on Financial Services, February 2020. "Six Charts That Illustrate the Financial Advice Industry's Lack of Diversity," by John Kador, WealthManagement.com, July 19, 2017. "Three Reasons You Don't See People of Color in the Financial Services Industry—and How to Fix It," by Alessandra Malito, MarketWatch, June 23, 2020. Paying for College "Community College Should Be a First Choice, Not a Last Resort," by Michelle Singletary, The Washington Post, July 16, 2019. "The Worst Thing You Can Do for Your College-Bound Teen Is Saddle Them With Student Debt," by Michelle Singletary, The Washington Post, Nov. 16, 2019. "How to Pay for College During a Pandemic," by Michelle Singletary, The Washington Post, May 16, 2020. Budgeting "Here's One Way to Stop Living Paycheck to Paycheck," by Michelle Singletary, The Washington Post, Jan. 13, 2019. "It's Still Crucial to Budget, Even When Your Money Meets Your Needs," by Michelle Singletary, The Washington Post, June 25, 2019. "When Family and Friends in Your Social Network Lack Good Financial Judgment, Do You Butt In or Butt Out?" by Michelle Singletary, Deseret News, Oct. 23, 2019. | |||
| 01 Apr 2020 | Fran Kinniry: Applying the Vanguard Approach to Private Equity | 00:55:48 | |
(A note to listeners: We recorded this interview before the recent sell-off began, and that is why it's not discussed. We'll address the recent downturn in future installments of The Long View. Please enjoy this episode and thanks again for listening.) Our guest this week is Fran Kinniry. He is a principal in the Vanguard Investment Strategy Group, which develops Vanguard's investment philosophy, methodology, and portfolio construction strategies. Kinniry has been a leading researcher on topics like capital markets, portfolio design, and investment strategy. He was recently tapped by Vanguard to lead the firm's initiative to offer private equity investment management to certain institutional and high-net-worth clients. Before joining Vanguard in 1997, Kinniry was a partner and senior portfolio manager for institutional asset manager Executive Investment Advisors, and before that he was the portfolio manager for H. Katz Capital. Kinniry is a CFA charterholder and earned his Master of Business Administration and bachelor's degree from Drexel University. Background and Research "Vanguard and HarbourVest Announce Private Equity Partnership." The Vanguard Group, Feb. 5, 2020. "The Role of Private Equity in a Nonprofit Portfolio." The Vanguard Group, Nov. 15, 2019. "Vanguard Advisor's Alpha," by Donald Bennyhoff and Fran Kinniry, Vanguard Research, July 2018. John C. Bogle: A Look Back at the Life of Vanguard's Founder | |||
| 05 Dec 2023 | Dan Haylett: Retirement Planning = Life Planning | 00:53:42 | |
Our guest on the podcast today is Dan Haylett. Dan is a financial planner and head of growth for TFP Financial Planning based in the United Kingdom. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called The Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset-management industry. Background The Humans vs. Retirement podcast Retirement “How to Become a ‘Retirement Rebel’ for a Higher ‘Return on Life,’” by Dan Haylett, humansvsretirement.com. “Retirement Is a Flawed Concept, With Carl Richards,” The Humans vs. Retirement podcast, humansvsretirement.com, June 19, 2023. “Navigating the Changing Relationship With Your Spouse in Retirement, With Ashley Quamme,” The Humans vs. Retirement podcast, humansvsretirement.com, June 5, 2023. Identity and Purpose “Retiring With a Bang: Harvard’s 85-Year Study Unlocks Secrets to a Long and Happy Life,” by Dan Haylett, humansvsretirement.com. “Happiness, Fulfillment, and Contentment in Retirement,” by Dan Haylett, humansvsretirement.com. “The Anchors of Retirement Well-Being,” by Dan Haylett, humansvsretirement.com. “Retirement Should Not Be Viewed as the Third and Final Phase of Life,” by Dan Haylett, humansvsretirement.com. Psychology of Spending “Understanding the Deep-Seated Fear of Running Out of Money and Its Impact on Retirement,” by Dan Haylett, humansvsretirement.com. “From 4% Rule to 8% Fool: Unleashing Your Inner Retirement Spending Rockstar,” by Dan Haylett, humansvsretirement.com. “The Psychology Behind Spending Money in Retirement,” by Dan Haylett, humansvsretirement.com. “Annuitized Income and Optimal Asset Allocation,” by David Blanchett and Michael Finke, papers.ssrn.com, Sept. 22, 2017. “Dan Haylett: Is It Good Advice to Give Money Away?” by Dan Haylett, essexcommunityfoundation.org.uk, July 27, 2022. Other “Lessons and Experiences Through the Lens of a Real-Life Retirement Journey, With Andy Murphy,” The Humans vs. Retirement podcast, humansvsretirement.com, June 26, 2023. “6 Weeks Into His Retirement! An Inspirational Real Retirement Story With Neil Jones,” The Humans vs. Retirement podcast, humansvsretirement.com, Nov. 17, 2023. “How to Light Your Retirement Torch With the Father of Life Planning, George Kinder,” The Humans vs. Retirement podcast, humansvsretirement.com, Oct. 6, 2023. “Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021. “Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023. | |||
| 06 Nov 2019 | Dennis Lynch: 'Have a Growth Mindset and Be Willing to Learn New Things' | 00:53:16 | |
Our guest on the podcast today is is Dennis Lynch. Lynch is the head of Counterpoint Global at Morgan Stanley Investment Management. He joined Morgan Stanley in 1998 and has 25 years of investment experience. In his role, Lynch and his team run a number of growth equity strategies under the Morgan Stanley banner, including Morgan Stanley Institutional Advantage, Morgan Stanley Institutional Growth, and Morgan Stanley Institutional Discovery funds. All told, he and his team manage nearly $30 billion across their various mandates. On the strength of his track record, Morningstar named Lynch and his team Domestic Stock Fund Manager of the Year in 2013. Lynch received a B.A. in political science from Hamilton College and an MBA with honors and finance from Columbia University. We're pleased to have him join us today. Background Morgan Stanley Counterpoint Global Morgan Stanley Institutional Growth Fund Morgan Stanley Institutional Discovery Fund “A Closer Look at a Fund Manager of the Year” by Janet Yang; Morningstar; Feb. 3, 2014 Team Members Referenced Innovation vs. Mission Creep “Facebook stock jumps 12.6 percent as share lockup expires” by Alexei Oreskovic; Reuters; Nov. 14, 2012 "Shared Reading" and ESG “Earth Has a Hidden Plastic Problem—Scientists Are Hunting It Down” by Andrea Thompson; Scientific American; Aug. 13, 2018 “ESG and Sustainable Investing Report” by Kristian Heugh and Marc Fox; Morgan Stanley Investment Management; Mar. 7, 2019 Disruptive Technologies and Forces “The EDGE: Automation/Robotics” by Morgan Stanley Counterpoint Global; Dec. 18, 2018 “Three Big Things: The Most Important Forces Shaping the World” by Morgan Housel; Collaborative Fund; Oct. 4, 2019 "What is a Tech Company?" by Ben Thompson; Stratechery; Sept. 3, 2019 | |||
| 04 Dec 2019 | Gus Sauter: Efficient Markets Are a Good Thing | 01:01:38 | |
Background
Gus Sauter retirement announcement
Council on University of Chicago Booth School of Business Jack Bogle bio https://en.wikipedia.org/wiki/John_C._Bogle Search for Alpha
Growth, and Limits, of Indexing
Indexing and Price Discovery
Indexing and Corporate Governance
Private Markets and Alternatives
The Case for Indexing
Innovation | |||
| 02 Oct 2019 | Michael Finke: Here’s What Makes Retirees Happy | 00:55:32 | |
Our guest on this week’s episode of The Long View podcast is nationally renowned retirement researcher Dr. Michael Finke. Michael is Professor of Wealth Management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services. He joined the College in June 2016 having served since 2006 as a professor and PhD coordinator in the department of personal financial planning at Texas Tech University. From 1999 through 2006, he served as the Director of Graduate Studies at the University of Missouri. Michael has published more than 50 peer review articles with a focus on the value of financial advice, financial planning regulation, investments and individual investor behavior. He was named to the 2012 Investment Advisor IA 25 list and the 2013 and 2014 Investment News Power 20. His research conducted with Wade Pfau, questioning the 4% rule was published in the Journal of Financial Planning and won the 2014 Montgomery-Warschauer award for the most influential article in the publication. He had previously won the award with Thomas Langdon in 2013. He was also selected to present his research on financial literacy and aging at the 2015 MIT Center for Finance and Policy Conference. Background Michael Finke, PhD, CFP bio Withdrawal Rates Health and Cognitive Decline
Retiree Spending
Asset Allocation in Retirement “An Old Friend: The Stock Market's Shiller P/E” by Cliff Asness; AQR; November 2012
Daily Treasury U.S. Real Yield Curve Rates; U.S. Department of the Treasury
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| 21 Dec 2021 | Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement? | 00:53:12 | |
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 | |||
| 31 Mar 2021 | Paul Merriman: ‘This Is Not Just a Problem with Retail Amateur Investors’ | 00:56:21 | |
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. BackgroundFinancial EducationThe Merriman Financial Education Foundation NGPF Documentary: The Most Important Class You Never Had, by Tim Ranzetta, ngpf.org, March 20, 2020. "Opinion: My Wild Ride Owning GameStop Stock," by Paul Merriman, MarketWatch, Feb. 12, 2021. Investments"The Ultimate Buy-and-Hold Strategy," by Paul Merriman, MarketWatch, July 17, 2013. "30 Reasons to Fall in Love With Index Funds," by Paul Merriman, MarketWatch, June 4, 2014. "Why REITs Belong in Your Retirement Portfolio," by Paul Merriman, MarketWatch, April 1, 2015. "Opinion: Here Are the two Funds you Need—Before and After Retirement," by Chris Pedersen, MarketWatch, Nov. 30, 2019. "Target Date Funds and Portfolio Choice in 401(k) Plans," by Olivia S. Mitchell and Stephen P. Utkus, Wharton Pension Research Council, Jan. 9, 2020. "The Lessons of Vanguard's Jack Bogle Have Helped Countless Investors—but His Picks Could Be Improved," by Paul Merriman, MarketWatch, Feb. 13, 2020. Telltale Chart, Bogleheads.org. "Paul Merriman 4 Fund Portfolio Review," OptimizedPortfolio, March 24, 2021. Retirement Decumulation"Fine-Turning Retirement Portfolio Allocations," by Paul Merriman, MarketWatch, July 31, 2013. "Retire With More Money and Less Risk," by Paul Merriman, MarketWatch, April 30, 2014. "FAQs About the Merriman Target Date Portfolios," by Chris Pedersen, paulmerriman.com. "How to Double Your Target-Date Retirement Fund’s Return in a Single Move," by Paul Merriman, MarketWatch, April 15, 2015. "Why Target-Date Funds Are the Best Retirement Investment," by Paul Merriman, MarketWatch, Sept. 7, 2019. | |||
| 07 Oct 2020 | Lazetta Rainey Braxton: Financial Planning for 'The Rest of Us' | 00:47:40 | |
Our guest on the podcast today is financial advisor Lazetta Rainey Braxton. Lazetta is the co-founder and co-CEO of 2050 Wealth Partners, a virtual financial planning and wealth management firm geared toward serving individuals who haven't traditionally been recruited by other financial advisors because of their income, age, race, or gender. She has frequently appeared on national television shows, and she's also a member of CNBC's Digital Financial Advisory Council and a contributor to The Wall Street Journal's Experts blog. Lazetta was the recipient of Investment News' inaugural Women to Watch and Excellence in Diversity and Inclusion Awards. She also received the Association of African American Financial Advisors' Leadership Legacy Award and the Heart of Financial Planning Award from the Financial Planning Association. Lazetta received her bachelor's degree at the University of Virginia and her MBA at Wake Forest University. She's also a certified financial planner. Background CBNC Digital Financial Advisory Council Launch of New Firm “Lazetta Braxton and Rianka Dorsainvil target young, diverse clients with ‘fully virtual’ firm,” by Jake Martin, citywireusa.com, Feb. 10, 2020. “Two Investopedia Top 100 Advisors Launch New Firm,” by Irene Huhulea, Investopedia.com, Feb. 12, 2020. Planning During the Pandemic “Coronavirus market plunge is making people question if they should sell stocks and run to cash,” by Sharon Epperson, cnbc.com, March 23, 2020. “Steps You Can Take to Utilize the CARES Act,” by Lazetta Rainey Braxton, 2050wealthpartners.com, April 2, 2020. “Coronavirus Giving You Financial Anxiety? How to Avoid Debt During the Pandemic,” by Sharon Epperson, 2050wealthpartners.com, March 31, 2020. “Financial Pros Offer Smart Investment Tips During the Coronavirus Crisis,” by AJ Horch, cnbc.com, April 21, 2020. Reaching a Diverse Population “It’s Past Time to Advance Black Advisors,” by Lazetta Rainey Braxton, financial-planning.com, May 26, 2020. “An Open Letter to Planners of Color,” by Rianka Dorsainvil, 2050wealthpartners.com, Sept. 17, 2019. “More Black Investors Should Look to Stock Market to Grow Their Wealth,” by Lazetta Rainey Braxton, 2050wealthpartners.com, Feb. 20, 2019. “Helping Underserved Clients Turn Income Into Wealth,” by Jane Wollman Rusoff, thinkadvisor.com, Feb. 14, 2019. Association of African American Financial Advisors “Building a Diverse and Inclusive Culture,” webinar with Lazetta Rainey Braxton, John Mackey, and Anand Sekhar, institutional.fidelity.com, Aug. 31, 2020. “We Asked, Advisors Answered: How Can the Industry Increase Diversity?” by Bernice Napach, thinkadvisor.com, July 1, 2020. “Record growth for black and Latino CFPs; status quo for women,” by Charles Paikert, financial-planning.com, Feb. 28, 2020. Firm Operations and Business Models 2050 Wealth Partners’ introduction process 2050 Wealth Partners’ comprehensive planning Understanding the Sandwich Generation “Michelle Singletary: ‘You Need Diversity,’” podcast, Morningstar.com, July 1, 2020. The Advice Profession NAPFA: The National Association of Personal Financial Advisors | |||
| 11 Jul 2023 | Bill Bernstein: Revisiting The Four Pillars of Investing | 00:46:25 | |
On today’s episode of The Long View podcast, we welcome back William Bernstein. This is Bill’s third appearance on the podcast. In fact, he was our very first guest back when we started The Long View in 2019. Bill is a neurologist turned investment advisor. He is also the author of several books, including The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and The Delusion of Crowds. Bill has just come out with a new edition of The Four Pillars of Investing. So, we wanted to have him on to discuss the new book and what’s changed since that book’s original publication more than 20 years ago. Background The Four Pillars of Investing, Second Edition The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk If You Can: How Millennials Can Get Rich Slowly The Delusion of Crowds: Why People Go Mad in Groups “Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’” The Long View podcast, Morningstar.com, May 7, 2019. “Bill Bernstein: We’re Starting to See all of the Signs of a Bubble,” The Long View podcast, Morningstar.com, March 10, 2021. The Four Pillars of Investing Expected Returns: An Investor’s Guide to Harvesting Market Rewards, by Antti Ilmanen “Bernstein’s ‘4 Pillars of Investing’ & How They Work To Boost Returns,” by Anupam Nagar, economictimes.indiatimes.com, July 31, 2021. “Are You Leaving Money on the Table From Your Funds’ Returns?” by Amy Arnott, Morningstar.com, July 12, 2022. “William Bernstein on Deep Risk, Shallow Risk, and Investing for the Long-Term,” by Larry Frank, Sr., betterfinancialeducation.com, Aug. 24, 2022. Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street, by Fred Schwed Retirement “Playing Inflation Russian Roulette in Retirement,” by William Bernstein, advisorperspectives.com, Nov. 29, 2022. “Riskless at Age 104,” by William Bernstein, advisorperspectives.com, March 20, 2023. “William Bernstein on Holding Both Treasury Bonds and TIPS (or Savings I Bonds),” by Jonathan Ping, mymoneyblog.com, April 16, 2023. | |||
| 30 Apr 2024 | Carl Vine: The Japan Earnings Story Has Legs | 00:59:38 | |
Our guest this week is Carl Vine. Carl is co-head of Asian Investment for M&G, a UK-based asset manager. Carl joined M&G in 2019 and was appointed to the management team of the Japan and wider Asian equity strategies. Prior to M&G, Carl co-founded Port Meadow Capital Management, a boutique investment firm based in Oxford in 2014. He also worked for SAC Capital Advisors in Hong Kong, for TPG-Axon Capital, and for Prudential in both London and Tokyo. Carl is a graduate of Oxford University. Background M&G (Lux) Asian Fund EUR A Acc M&G Japan Smaller Companies Fund Sterling R Inc Japan Funds “A Look Back on 2023 for M&G Japan Fund,” by Carl Vine, mandg.com, Jan. 18, 2024. “Investors Are Pouring Their Love (and Money) Into These Three Funds,” by Christopher Johnson, Morningstar.co.uk, Feb. 14, 2024. “‘I Don’t See Euphoria’: Carl Vine on M&G Japan’s Meteoric Rise to $5bn,” Video interview, citywire.com, April 18, 2024. “Is Japan the Investment Play of 2023?” by Darius McDermott, moneymarketing.co.uk, Jan. 17. 2023. “The Japan Opportunity,” by Carl Vine, mandg.com, March 29, 2023. “M&G Webcast: A Unique Perspective on Japan,” Webcast with Carl Vine, mandg.com, June 2, 2023. “Something Fundamental in Japan’s Inflation Environment Is Changing,” Webcast with Carl Vine, mandg.com, June 22, 2023. “Enter the Dragon: Why China Is Competitively Positioned,” by David Perrett, mandg.com, March 7, 2024. | |||
| 10 Oct 2023 | Dr. Anita Mukherjee: Exploring the Link Between Wealth, Longevity, and Quality of Life | 00:48:22 | |
Our guest on the podcast today is Dr. Anita Mukherjee, associate professor in Risk and Insurance at the Wisconsin School of Business at the University of Wisconsin at Madison. Professor Mukherjee conducts research on public policy related to prisons and the opioid crisis, as well as household finance, retirement, and aging. Professor Mukherjee joined the Wisconsin School of Business after completing her Ph.D. in applied economics at the Wharton School at the University of Pennsylvania. She holds an M.S. in management science and engineering, a B.S. in mathematics, and a B.A. in economics, all from Stanford University. Prior to enrolling at Wharton, she spent two years working as a consultant to Oliver Wyman. Background Abandoned Retirement Plans “Lost and Found: Claiming Behavior in Abandoned Retirement Accounts,” by Anita Mukherjee and Corina Mommaerts, Retirement & Disability Research Center, 2020. “Set It and Forget It? Financing Retirement in an Age of Defaults,” by Lucas Goodman, Anita Mukherjee, and Shanthi Ramnath, papers.ssrn.com, Oct. 19, 2022. “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. | |||
| 31 May 2022 | Cliff Asness: Value Stocks Still Look Like a Bargain | 00:56:30 | |
Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst Journal, the Journal of Finance, and the Journal of Financial Economics. This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor’s degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago. Background Return Environment Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least, by Antti Ilmanen “Demystifying Illiquid Assets: Expected Returns for Private Equity,” by Antti Ilmanen, Swati Chandra, and Nicholas McQuinn, aqr.com, Jan. 31, 2019. “The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019. “Why Not 100% Equities,” by Clifford Asness, aqr.com, Dec. 1, 1996. “Leverage Aversion and Risk Parity,” by Clifford S. Asness, Andrea Frazzini, Lasse H. Pedersen, aqr.com, January/February 2012. “An Update to Cliff Asness’s Study on the Benefits of a Levered 60/40,” by Jeremy Schwartz, wisdomtree.com, May 20, 2021. “Are Value Stocks Cheap for a Fundamental Reason?” by Cliff Asness, aqr.com, Aug. 30, 2021. “The Long Run Is Lying to You,” by Cliff Asness, aqr.com, March 4, 2021. “Quant Legend Cliff Asness Is Back to Defending Value Again,” by Justina Lee, Bloomberg.com, July 15, 2021. “Still Crazy After All This YTD,” by Cliff Asness, aqr.com, May 9, 2022. “Everything and More,” by Cliff Asness, aqr.com, April 4, 2022. “Bonds Are Frickin’ Expensive,” by Cliff Asness, aqr.com, Aug. 13, 2019. “Should Taxable Investors Shun Dividends?” by Ronen Israel, Joseph Liberman, Nathan Sosner, Lixin Wang, The Journal of Wealth Management, Winter 2019. ESG “Cliff Asness Says ESG Is Here to Stay Amid Growing Interest,” by Isabelle Lee and Silla Brush, Bloomberg.com, May 17, 2022. “Shorting Counts,” by Cliff Asness, aqr.com, Feb. 23, 2022. “Shorting Your Way to a Greener Tomorrow,” by Cliff Asness, aqr.com, Sept. 7, 2021. “Virtue Is Its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor,” by Cliff Asness, aqr.com, May 8, 2017. Taxes “Now There’s Nothing Certain But Death,” by Cliff Asness, aqr.com, Jan. 15, 2021. | |||
| 22 Apr 2025 | Cullen Roche: What Tariffs Mean for Your Portfolio | 00:58:17 | |
Today on the podcast we welcome back Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds, which manages the Discipline Fund ETF. In addition, he heads up Orcam Group, a registered investment advisory firm he established in 2012. He’s authored several books, including Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, and he has a new book coming out next year called Your Perfect Portfolio. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor’s degree in finance from Georgetown University’s McDonough School of Business. Cullen, welcome back to The Long View. BackgroundPragmatic Capitalism: What Every Investor Needs to Know About Money and Finance Tariffs and Recession“Let’s Talk About Tariffs,” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025. “Weekend Reading—How Did We Get Here?” by Cullen Roche, disciplinefunds.com, April 4, 2025. “Three Things—Tariffs, Of Course,” by Cullen Roche, disciplinefunds.com, April 7, 2025. “American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics,” by Charles E. Scott and John J. Siegfried, jstor.org. “Three Things—Is a Recession Coming?” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025. Defined Duration Investing“What Is Defined Duration Investing?” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023. “Defined Duration Investing,” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022. The Fed and Global Investing“Three Things—State of the Markets,” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025. “Why Is International Investing Working Again?” by Cullen Roche, disciplinefunds.com, March 26, 2025. “Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, April 19, 2025. Other“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, Morningstar.com, Jan. 11, 2022. “NY Empire State Index: Meaning, Benefits, Example,” by Adam Hayes, Investopedia.com, June 30, 2022. William Bernstein’s No-Brainer Portfolio The Humble Investor, by Dan Rasmussen | |||
| 08 Oct 2024 | Jeremy Grantham: The Bigger the New Idea, the More the Market Becomes Overpriced | 01:14:55 | |
Today on the podcast, we’re delighted to welcome back Jeremy Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO, which he cofounded in 1977. He serves on GMO’s Asset Allocation Committee and board of directors. Prior to GMO, Jeremy was cofounder of Batterymarch Financial Management and before that was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the UK, and is a recipient of the Carnegie Medal of Philanthropy. In 1997, he and his family started the Grantham Foundation for the protection of the environment, which supports research and action to address climate change. Background “Jeremy Grantham: The US Market Is in a Super Bubble,” The Long View podcast, Morningstar.com, Feb. 8, 2022. Bubbles and the Market “The Great Paradox of the US Market,” by Jeremy Grantham, gmo.com, March 11, 2024. “AI Craze Stokes ‘Bubble Within a Bubble,’ Says GMO’s Jeremy Grantham,” by Christine Idzelis, marketwatch.com, March 11, 2024. “Entering the Superbubble’s Final Act,” by Jeremy Grantham, gmo.com, Aug. 31, 2022. “Jeremy Grantham Says the AI Bubble Will Burst and Take the Stock Market Down With It. Here Are His 14 Best Quotes From an Event This Week,” by Theron Mohamed, markets.businessinsider.com, Feb. 18, 2024. “China Turmoil Poses a Risk to the Magnificent 7, Jeremy Grantham’s GMO Says,” by Yuheng Zhan, markets.businessinsider.com, Feb. 9, 2024. The Environment and Sustainability “Sustainability or Bust: The Sheer Impossibility of Eternal Compound Growth,” by Jeremy Grantham, gmo.com, March 18, 2024. “GMO Horizons,” by Jeremy Grantham, gmo.com, Feb. 27, 2024. “Pollution, Population, and Purpose,” The Great Simplification podcast with Nate Hagens and Jeremy Grantham, gmo.com, Feb. 15, 2024. “Jeremy Grantham Assesses Long-Term Threats Through an Investor Lens,” by William Hughes, cruxinvestor.com, Dec. 31, 2023. | |||
| 14 Aug 2019 | Mark Miller: Less Investment Choice = Better Retirement Outcomes | 00:50:42 | |
Our guest on the podcast today is Mark Miller, a nationally recognized expert on trends in retirement and aging. Miller's work considers retirement holistically, including healthcare and Medicare, Social Security, retirement investing, midlife careers, and housing. Miller is a regular contributor to Morningstar.com, and he also writes about retirement matters for Reuters, The New York Times, and WealthManagement.com. In addition, Miller has written several books, including The Hard Times Guide to Retirement Security and his most recent book, Jolt: Stories of Trauma and Transformation.
Background Information
Related Links State of Retirement Preparedness in U.S.
The State of Work for Older Adults
Fixing Retirement at an Individual Level
Social Security
Healthcare for Retirees
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| 24 May 2022 | Eric Balchunas: Assessing Jack Bogle's Monumental Legacy | 00:57:10 | |
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. BackgroundTwitter: @EricBalchunas Vanguard: The Early Years"Inside 'The Bogle Effect'," Trillions podcast, Bloomberg.com, April 27, 2022. "Investor Jack Bogle Founded His Legendary Company Based on His Princeton Senior Thesis," by Veronika Kero, cnbc.com, Jan. 17, 2019. "How the Index Fund Was Born," by John C. Bogle, The Wall Street Journal, Sept. 3, 2011. "Challenge to Judgment," by Paul A. Samuelson, The Journal of Portfolio Management, Fall 1974. "Q&A With Jack Bogle: "We're in the Middle of a Revolution'," by Michael Regan, Bloomberg.com, Nov. 23, 2016. "Investing Legend Jack Bogle Says There's a Big Problem With Index Funds," by Sergei Klebnikov, money.com, Nov. 30, 2018. Bogle's BooksStay the Course: The Story of Vanguard and the Index Revolution, by John C. Bogle The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, by John C. Bogle Enough: True Measures of Money, Business, and Life, by John C. Bogle Character Counts: The Creation and Building of The Vanguard Group, by John C. Bogle Other"Sheryl Garrett: 'The Industry Thought I Was Nuts'," The Long View podcast, Morningstar.com, July 17, 2019. "Michael Kitces: The Model Has to Change Again," The Long View podcast, Morningstar.com, June 5, 2019. "Rick Ferri: 'There Are No Average Investors'," The Long View podcast, Morningstar.com, July 3, 2019. "Gus Sauter: Efficient Markets Are a Good Thing," The Long View podcast, Morningstar.com, Dec. 4, 2019. "Jack Brennan: Price Pressure in the Advice Business 'Is Inevitable'," The Long View podcast, Morningstar.com, June 23, 2021. "Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021. | |||
| 16 Jan 2024 | Howard Gleckman: We Pretend This Isn’t a Problem | 00:54:16 | |
Our guest on the podcast today is Howard Gleckman. He is the author of a book called Caring for Our Parents and an expert on the topic of aging and caregiving. Howard is also a senior fellow at the Urban Institute where he is affiliated with the Tax Policy Center and the Program on Retirement Policy. He also writes a tax and budget policy blog called TaxVox, which is available at Forbes.com. Before joining the Urban Institute, he was a senior correspondent in the Washington Bureau of Businessweek. Background TaxVox blog Caring For Our Parents, by Howard Gleckman Long-Term Care and Cognitive Decline “Is Long-Term Care a Predictable Need, or an Unexpected One?” by Howard Gleckman, Forbes.com, April 15, 2022. “The U.S. Needs to Help Seniors and Their Families Navigate Long-Term Care,” by Howard Gleckman, Forbes.com, Oct. 11, 2022. “The Quiet Struggles With Those Living Alone With Memory Loss,” by Howard Gleckman, Forbes.com, July 18, 2023. “Which States Provide the Best—and Worst—Long-Term Care Services?” by Howard Gleckman, howardgleckman.com, Oct. 2, 2023. “Why Are Care Delivery Models for People With Dementia Developing so Slowly?” by Howard Gleckman, howardgleckman.com, June 27, 2023. “FDA Has Approved the Anti-Alzheimer’s Drug, Leqembi. What You Need to Know,” by Howard Gleckman, howardgleckman.com, July 6, 2023. “Experts Raise Questions About the Safety of Anti-Alzheimer’s Drug Leqembi,” by Howard Gleckman, howardgleckman.com, April 25, 2023. “Aging in Place Is all the Rage, But It’s Not Easy,” by Howard Gleckman, Forbes.com, March 21, 2022. Cost of Care “Medicaid Will Pay for a Common Alzheimer’s Test But It May Not Be Reliable,” by Howard Gleckman, howardgleckman.com, Jan. 9, 2024. “Why Medicare Is Right to Negotiate Drug Prices,” by Howard Gleckman, howardgleckman.com, Aug. 30, 2023. “The Biggest Barrier to New Anti-Alzheimer’s Drugs May Be Cost, Not Medicare Rules,” by Howard Gleckman, howardgleckman.com, June 14, 2023. “The War Over Whether Medicare Should Pay for new Anti-Alzheimer’s Drugs,” by Howard Gleckman, howardgleckman.com, May 17, 2023. “The U.S. Predicts Big Increases in Skilled Nursing and Long-Term Care Costs,” by Howard Gleckman, howardgleckman.com, April 14, 2023. “Should You Enroll in a Medicare Advantage Plan?” by Howard Gleckman, howardgleckman.com, Nov. 1, 2022. Government and Policy “CMS’ New Transparency Rule Can Help ‘Weed Out a Few Bad Actors’ but Won’t Impact Deals Much, Other Factors at Play,” by Shelby Grebbin, skillednursingnews.com, Dec. 6, 2023. “Forbes’ Gleckman: Biden’s PE Ownership Scrutiny Is ‘Two Beats Behind,’” by Amy Stulick, skillednursingnews.com, April 28, 2022. “Who Really Owns Nursing Homes, and How the Feds Are About to Learn More,” by Howard Gleckman, howardgleckman.com, Nov. 27, 2023. “Should State Long-Term Care Insurance Funds Invest in Stocks?” by Howard Gleckman, howardgleckman.com, June 22, 2023. Caregivers “Forget National Caregivers Month. Think About What Family Caregivers Need,” by Howard Gleckman, howardgleckman.com, Nov. 7, 2023. “For the First Time, Traditional Medicare Will Pay to Support Family Caregivers,” by Howard Gleckman, howardgleckman.com, Aug. 23, 2023. Other | |||
| 19 Dec 2023 | Tim Steffen: Smart Tax Moves for 2024 and Beyond | 00:54:35 | |
Today on the podcast we welcome back Tim Steffen, who is the director of advanced planning for Baird. In that role, he researches, writes, and speaks about various planning and tax matters, including retirement planning, executive compensation, legislative changes, and overall best practices. Steffen originally joined Baird in 1999, serving in a variety of planning-oriented roles. He left Baird in 2019 to join the advisor education team at Pimco, then returned to Baird in 2021. Prior to 1999, Steffen worked in Arthur Andersen’s Private Client Services Group. He earned his bachelor’s degree in accounting from the University of Illinois. He’s a certified public accountant/personal financial specialist, a certified financial planner, and a certified private wealth advisor. Background “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. | |||
| 07 Apr 2021 | John Rogers, Jr.: 'Be Willing to Talk About These Uncomfortable Issues' | 00:47:24 | |
Our guest this week is John Rogers, Jr. John is chairman, co-CEO, and chief investment officer of Ariel Investments, the firm he founded in 1983. John is the lead portfolio manager of the Ariel Fund and also comanages other Ariel strategies, including Ariel Small Cap Value, Small/Mid Cap Value, Mid Cap Value as well as Ariel Appreciation. John sits on several corporate boards, including the board of directors of McDonald's, Nike, and The New York Times and serves as vice chair of the University of Chicago's board of trustees. In 2008, John was given Princeton University's highest honor, the Woodrow Wilson Award, for his work in civic and philanthropic circles. John received his bachelor's degree from Princeton. Background DEI “White House Advisor on Importance of Financial Education,” CNBC.com, April 14, 2014. “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.
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.
“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
“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. | |||
| 12 Oct 2021 | Dhananjay Phadnis: 'ESG Investing Is Still at a Very Early Stage in Asia' | 00:52:04 | |
Our guest this week is the Dhananjay Phadnis. DJ is the manager of the Fidelity Sustainable Asian Equity strategy, which he has run since 2013. DJ joined Fidelity as an analyst in 2004 and has served in a number of roles during his tenure, including stints managing Fidelity Indonesia Fund as well as Fidelity's director of research in Hong Kong. DJ graduated from Pune University in India and holds a postgraduate degree in management from the Indian Institute of Management. He is a CFA charterholder and an associate of the Institute of Chartered Accountants of India. Background Fidelity Sustainable Asia Eq A-Dis-EUR China “Fund Update--Sustainable Asia Equity,” by Dhananjay Phadnis, fidelity.co.uk.com, Aug. 25, 2021. “Capitalising on Asia’s Sustainability Transition,” by Dhananjay Phadnis, fidelity.co.uk.com, July 12, 2021. “On the Hunt for Sustainable Growth in Asia,” by Dhananjay Phadnis, fidelity.co.uk.com, April 21, 2021. “Seven Themes That Investors in Emerging Asia Have to Watch,” by Gary Jackson, trustnet.com, Feb. 15, 2019. ESG “Sustainability Is Key for Value Creation,” by Dhananjay Phadnis and Flora Wang, fidelityinternational.com, March 2, 2021. “DJ Phadnis: A Commitment to Sustainable Practices Can Improve Long-Term Value,” YouTube video, Fidelity International, March 25, 2021. “An Active Approach to ESG Investing Is Key for Investors Trying to Drive Sustainable Change in Asia,” by Dhananjay Phadnis, linkedin.com, Sept. 20, 2021. “Investors Eye Early Stage Sustainability,” esgclarityasia.com, July 15, 2021. “ESGenius: A Sustainability Lens Can Help Discern the Trends That Matter,” by Dhananjay Phadnis, fidelityinternational.com, June 10, 2020. Investing and Stocks “Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,’” The Long View Podcast, Morningstar.com, April 21, 2021. “Martin Lau: Now Is a Better Time to Buy China,” The Long View Podcast, Morningstar.com, Aug. 3, 2021. “Asia Equities: Bottom-Up, Stock Specific Opportunities Abound,” by Dhananjay Phadnis, fidelity.com. “Macau, China’s Casino Capital, Has Enjoyed a Decades-Long Winning Streak. It Might Finally End,” by Eamon Barrett, fortune.com, Sept. 16, 2021. | |||
| 18 Sep 2019 | David Blanchett: If You're Retiring Now, You're in a Pretty Rough Spot | 00:50:50 | |
Our guest this week is David Blanchett, head of retirement research for Morningstar Investment Management. In his role at Morningstar, Blanchett works to enhance the Investment Management group's consulting and investment services and conducts research primarily in the areas of financial planning, tax planning, annuities, and retirement. He's also adjunct professor of wealth management at The American College of Financial Services. Blanchett's research has been published in a variety of academic and industry journals, such as the Financial Analysts Journal, the Journal of Financial Planning, The Journal of Portfolio Management, The Journal of Retirement, and The Journal of Wealth Management. His research won the Journal of Financial Planning's 2007 Financial Frontiers Award, the Retirement Income Industry Association's 2012 Thought Leadership Award, the Journal of Financial Planning's 2014 and 2015 Montgomery-Warschauer Awards, and the Financial Analysts Journal's 2015 Graham & Dodd Scroll Award. Background David Blanchett's research archive Quantifying the Value of Advice The Value of a Gamma-Efficient Portfolio Capital Sigma: The Advisor Advantage Reducing Wealth Volatility: The Value of Financial Advice as Measured by Zeta Retirement A Safe Harbor for Annuities Could Help Retirement Savers Save More Today: Improving Retirement Savings Rates With Carrots, Advice, and Nudges Nudge, by Richard Thaler and Cass Sunstein Behavioral Nudges for Goals-Based Financial Planning You Can't Fix What You Can't Measure, Aron Szapiro on The Long View podcast I Don't Think the System Needs Nudges. I Think the System Needs Dynamite, William Bernstein on The Long View podcast Man Bites Dog! Congress Is Writing Retirement Legislation! Retiree Survey: Nearly All Say They Are Happy Though Many Are Financially Insecure Estimating the True Cost of Retirement Exploring the Retirement Consumption Puzzle 75 Must-Know Statistics About Long-Term Care: 2018 Edition The 4% Rule Is Not Safe in a Low-Yield World Simple Formulas to Implement Complex Withdrawal Strategies Reducing Retirement Risk With a Rising Equity Glide-Path Revisiting the Optimal Distribution Glide Path Annuitized Income and Optimal Asset Allocation Should Annuities Be Purchased From Tax-Sheltered Assets? Careful With That Company Stock About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.) | |||
| 27 May 2020 | Charley Ellis: Why Active Investing Is Still a Loser's Game | 00:55:58 | |
Our guest on the podcast is investment consultant and author Charley Ellis. In 1972, Ellis founded Greenwich Associates, an investment consultant to institutional investors, government organizations, and wealthy families. His seminal book about the benefits of passive investing, Winning the Loser's Game, is in its seventh edition. Ellis has also authored or coauthored books about investment policy and strategy, the retirement system in the United States, and large investment firms, including Goldman Sachs and Capital Group. He has taught investment management courses at the Yale School of Management and Harvard Business School and was the successor trustee of Yale University, where he chaired the university's investment committee with David Swensen. He also served on the board of directors at The Vanguard Group. Ellis was awarded the Graham & Dodd Award of Excellence from the Financial Analysts Journal and is one of only 12 people recognized by the CFA Institute for lifetime contributions to the investment profession. He received his undergraduate degree from Yale College, his Master of Business Administration from Harvard Business School, and his doctorate in financial economics at New York University. Background "The Loser's Game," by Charles D. Ellis, Financial Analysts Journal, July/August 1975. "Words From the Wise: Charley Ellis on Challenges Facing Investors," by Antti Ilmanen and Rodney N. Sullivan, AQR Insights, June 5, 2015. Passive vs. Active Management "How to Decide Where to Hire Active Managers," by Alex Bryan, Morningstar.com, April 8, 2020. Regulation Fair Disclosure (Reg FD) "Index Funds Aren't Too Big, but Asset Managers Might Be," by John Rekenthaler, Morningstar.com, Jan. 17, 2020. "The Secret History of Index Mutual Funds," by Stephen Mihm, InvestmentNews, Sept. 6, 2016. ESG Investing "David Blood and Al Gore Want to Reach the Next Generation," by Imogen Rose-Smith, Institutional Investor, Sept. 8, 2015. "The ESG Fund Universe Is Rapidly Expanding," by Jon Hale, Morningstar.com, March 19, 2020. Private Equity "Vanguard Moves into Private Equity with HarbourVest Partnership," by Chris Flood, Robin Wigglesworth, and Richard Henderson, Financial Times, Feb. 5, 2020. "The Cons (and Pros) of Vanguard's Decision to Offer Private Equity," by John Rekenthaler, Morningstar.com, Feb. 25, 2020. "Fran Kinniry: Applying the Vanguard Approach to Private Equity," by Christine Benz and Jeffrey Ptak, Morningstar's The Long View podcast, April 1, 2020. "SEC Looking to Open Private Markets to a Wider Audience,” by Hazel Bradford, Pensions & Investments, Oct. 28, 2019. David Swensen/Yale Endowment | |||
| 17 Jan 2023 | Jeff Levine: Smart Tax Moves for 2023 and Beyond | 00:56:57 | |
Our guest on the podcast today is tax and retirement planning expert, Jeffrey Levine. Jeff is the chief planning officer for Buckingham Strategic Wealth. He’s also the lead financial planning nerd at kitces.com, home of the popular Nerd’s Eye View blog. Jeff recently launched a podcast with Ed Slott called The Great Retirement Debate. He has authored several books, including The Baby Boomer’s Guide to IRA Planning, The Financial Advisor’s Guide to Savvy IRA Planning, and The Definitive Guide to Required Minimum Distributions for Baby Boomers. Jeff is a frequent public speaker and media commentator and maintains a high profile on social media and on the Nerd’s Eye View blog, where he readily shares tax and retirement planning insights. ThinkAdvisor recently named Jeff Thought Leader of the Year for 2022. Background The Great Retirement Debate podcast The Baby Boomer’s Guide to IRA Planning and The Financial Advisor’s Guide to Savvy IRA Planning by Jeffrey Levine The Definitive Guide to Required Minimum Distributions for Baby Boomers, by Jeffrey Levine The Great Retirement Debate podcast “Should I Take Social Security at Age 62?” Episode 1, greatretirementdebate.com, Nov. 10, 2022. Changes in 2023 “Getting Clients Comfortable Delaying Social Security With Reversible Delays,” by Jeffrey Levine, financial-planning.com, March 14, 2022. “4 Ways Inflation Can Help Clients Cut Taxes in 2023,” by Ed Slott, thinkadvisor.com, Dec. 14, 2022. “Inflation and Rising Interest Rates Have Stressed the 60/40 Investment Portfolio Strategy—'But It’s Not Dead,’ Says Financial Advisor,” by Greg Iacurci, cnbc.com, June 24, 2022. “How the TCJA Tax Law Affects Your Personal Finances,” by Amy Fontinelle, Investopedia.com, Dec. 27, 2022. Secure Act. 2.0 “The Impact of New IRS Proposed Regulations on the SECURE Act,” by Jeffrey Levine, financial-planning.com, May 17, 2022. “Secure 2.0 Act Needs a Fix: Jeff Levine,” by John Manganaro, thinkadvisor.com, Dec. 22, 2022. “Jeff Levine Answers Secure 2.0 Tax Questions From Advisors,” by John Manganaro, thinkadvisor.com, Jan. 6, 2023. “SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, and Other Tax Planning Opportunities,” by Jeffrey Levine, kitces.com, Dec. 28, 2022. Taxes in Retirement “How Advisors Can Help Clients Get Early Retirement Account Distributions—Without Paying a Penalty,” by Jeffrey Levine, financial-planning.com, May 4, 2022. “3 Reasons the New RMD Tables for 2022 (and Beyond) Are Overrated,” by Jeffrey Levine, forbes.com, Feb. 14, 2022. Other “Jeff Levine: Cracking the New Retirement Code,” The Long View podcast, Morningstar.com, Feb. 12, 2020. “Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022. | |||
| 21 Feb 2023 | Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals | 00:53:52 | |
Our guest on the podcast today is financial and retirement planning expert Derek Tharp. Derek is an assistant professor of finance at the University of Southern Maine, and he’s also lead researcher at Kitces.com where he writes about a broad range of financial and retirement planning matters. In addition, Derek is a senior advisor at Income Lab and he’s president of a private wealth management firm called Conscious Capital. Derek received his bachelor’s degree in finance from Iowa State University and his doctorate in personal financial planning from Kansas State University. He’s a certified financial planner, and he’s also a chartered life underwriter. Background Retirement Withdrawal Rates “The Retirement Distribution ‘Hatchet’: Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021. “Using Probability-of-Success-Driven Guardrails to Manage Safe Retirement Spending,” by Derek Tharp, kitces.com, March 3, 2021. “With Retirement-Spending Plans, the Odds Are Stacked in the Investor’s Favor,” by John Rekenthaler, Morningstar.com, Jan. 13, 2023. “Justin Fitzpatrick: ‘Retirees Have a Superpower,’” The Long View podcast, Morningstar.com, July 12, 2022. “Retirement Income Guardrails Beyond Withdrawal Rates,” Webinar, incomelaboratory.com, Jan. 12, 2022. “Why 50% Probability of Success Is Actually a Viable Monte Carlo Retirement Projection,” by Derek Tharp, kitces.com, Jan. 6, 2021. “Christine Benz and John Rekenthaler: Revisiting What Is a Safe Retirement Spending Rate After a Tough Year,” The Long View podcast, Morningstar.com, Dec. 20, 2022. “What Is the ‘Retirement Spending Smile’?” by Wade Pfau, retirementresearcher.com. “The Ratcheting Safe Withdrawal Rate—A More Dominant Version of the 4% Rule?” by Michael Kitces, kitces.com, June 3, 2015. “Reframing Monte Carlo Results to Increase Trust in Dynamic Retirement Spending,” by Derek Tharp, kitces.com, June 29, 2022. “Simplifying Retirement Income Planning Visualization Using the ‘Spending Risk Curve,’” by Derek Tharp and Justin Fitzpatrick, kitces.com, April 13, 2022. “The Impact of Decreasing Retirement Spending on Safe Withdrawal Rates,” by Derek Tharp, kitces.com, Feb. 22, 2017. Portfolio Construction and Tax-Loss Harvesting “The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019. “Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022. “Tax Loss Harvesting+ Methodology,” by Boris Khentov, betterment.com, Sept. 7, 2021. “Tax-Loss Harvesting Best Practices (and How to Scale It Across a Client Base),” by Ben Henry-Moreland, kitces.com, Sept. 7, 2022. “Quantifying the Value of Tax Loss Harvesting,” by Derek Tharp, retirementprof.com, Jan. 10, 2023. ESG “The Tricky Ethics of Socially Responsible Investing,” by Derek Tharp, wsj.com, Sept. 4, 2017. Robo-Advice “The Value of Robo-Advisor Technology: A Practical Tax-Loss Harvesting Case Study,” by Derek Tharp, retirementprof.com, Jan. 9, 2023. “Why DIY Investors Should Still Use a Robo-Advisor,” by Derek Tharp, retirementprof.com, Dec. 7, 2022. | |||
| 10 Sep 2024 | Hendrik Bessembinder: ‘Do Stocks Outperform Treasury Bills?’ | 00:47:31 | |
Our guest this week is Dr. Hendrik Bessembinder. Hank is the professor in Francis J. and Mary B. Labriola Chair in Competitive Business at Arizona State University’s Department of Finance. Prof. Bessembinder’s research focuses on market design and trading, including stock, foreign exchange, fixed income, futures, and energy markets, as well as on measuring long-term investment performance. He’s published numerous articles in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, among others. In today’s conversation, we’ll focus on the most widely cited and influential of Prof. Bessembinder’s papers, which is entitled, Do Stocks Outperform Treasury Bills? The paper’s key findings could have implications for stock investors of all stripes. So, we were excited to talk to Hank and dig into his work. You can find this paper and other follow-on work that Hank has done on SSRN and we’ll link to it in the show notes. Background Research “Do Stocks Outperform Treasury Bills?” by Hendrik Bessembinder, ssrn.com, June 3, 2018. “Wealth Creation in the US Public Stock Markets 1926 to 2019,” by Hendrik Bessembinder, ssrn.com, Feb. 13, 2020. “Which US Stocks Generated the Highest Long-Term Returns,” by Hendrik Bessembinder, ssrn.com, July 22, 2024. “Long-Horizon Stock Returns Are Positively Skewed,” by Adam Farago and Erik Hjalmarsson, Review of Finance, April 6, 2022. “Why Has IPO Underpricing Changed Over Time?” by Tim Loughran and Jay Ritter, Financial Management Journal, Autumn 2004. “Long-Run Stock Market Returns: Probabilities of Big Gains and Post-Event Returns,” by Hendrik Bessembinder, ssrn.com, Dec. 27, 2021. “Extreme Stock Market Performers, Part I: Expect Some Drawdowns,” by Hendrik Bessembinder, ssrn.com, July 21, 2020. “Shareholder Wealth Enhancement, 1926 to 2022,” by Hendrik Bessembinder, ssrn.com, June 17, 2023. “Long-Term Shareholder Returns: Evidence From 64,000 Global Stocks,” by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei, ssrn.com, March 6, 2023. “Predictable Corporate Distributions and Stock Returns,” by Hendrik Bessembinder, ssrn.com, Nov. 24, 2014. Other Center for Research in Security Prices (CRSP) “What Is Jensen’s Measure (Alpha), and How Is It Calculated?” by James Chen, Investopedia.com, July 1, 2024. | |||
| 07 Dec 2021 | Dan Egan: Noisy Successes and Silent Failures | 00:56:00 | |
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. BackgroundFrictions 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. | |||
| 23 Nov 2021 | Phil Huber: Finding an Edge in Alternative Investments | 00:49:16 | |
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. BackgroundThe Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification Trade Allocations and the Case for Alternatives"Evidence-Based Investing: Application and Monitoring," by Phil Huber, savantwealth.com, March 22, 2021. "In Defense of Complexity," by Phil Huber, bpsandpieces.com, March 16, 2019. "The Four C's of Investment Costs," by Phil Huber, bpsandpieces.com, Nov. 3, 2021. "Inflation: Temporary or Here to Stay?" by Daniel G. Noonan, savantwealth.com, Sept. 15, 2021. "Ask Meaningful Questions: Bonds and Alternatives," by Phil Huber, savantwealth.com, March 21, 2021. “The Elements of Diversification," by Phil Huber, bpsandpieces.com, Nov. 19, 2018. Retirees"Three Tips for Evidence-Based Retirement Plans," by Isaac Presley, cordantwealth.com, Nov. 29, 2017. Practice and Behavioral"Diversification Means Always Having to Say You're Sorry," by Brian Portnoy, forbes.com, March 9, 2015. Liquid Alts"Liquid Alts Revival?" by Phil Huber, bpsandpieces.com, April 7, 2021. "Inside the Morningstar Style Box for Alternatives," by Jason Kephart, Morningstar.com, Oct. 30, 2017. Indexing and ETFs"Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'," The Long View, Morningstar.com, May 12, 2021. "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. | |||
| 10 Mar 2021 | Bill Bernstein: We're Starting to See all of the Signs of a Bubble | 00:40:23 | |
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 “Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’”The Long View Podcast, May 7, 2019. Current Market Environment The Wisdom of Crowds, by James Surowiecki “A Stock Market Bubble Is Forming,” by John Rekanthaler, Morningstar.com, Oct. 20, 2020. “From 1720 to Tesla, FOMO Never Sleeps,” by Jason Zweig, wsj.com, July 17, 2020. “The 4 Pillars of Investing,” by Larissa Fernand, Morningstar.com, June 19, 2020. “4 Ways Today’s Stock Market Resembles That of the Late 1990s,” by John Rekenthaler, Morningstar.com, March 4, 2021. Inflation, Bonds, and Other Asset Classes “The Case for Minimizing Risk in Your Bond Holdings,” by William Bernstein, wsj.com, Oct. 18, 2015. Inflation, Deflation, Confiscation & Devastation--The Four Horsemen of Risk,” by Wade Pfau, forbes.com, March 4, 2020. “What if Inflation Isn’t Dead?” by John Rekenthaler, Morningstar.com, Aug. 11, 2020. Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment by David F. Swensen. “Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, April 1, 2020. “What Are SPACs and Should I Care?” by David Sekera, Morningstar.com, March 2, 2021. Retirement “How to Think About Risk in Retirement,” by William Bernstein, wsj.com, Nov. 30, 2014. “Retirement Planning When You Have Enough,” by Christine Benz, Morningstar.com, Sept. 11, 2020. "Of Viruses, Distressed Sales, and Stocks' 'Rightful Owners,' " by Bill Bernstein, efficient frontier.com, 2020. ETFs “No Room on the ARK?” by Ben Johnson and Bobby Blue, Morningstar.com, March 3, 2021. “Digging Into ARK Innovation’s Portfolio,” by Amy Arnott, Morningstar.com, Feb. 18, 2021. “Gerard O’Reilly: Control for the Unexpected, Focus on the Expected,” The Long View Podcast, Jan. 26, 2021. | |||
| 06 Feb 2024 | Justin Leverenz: Emerging Markets Are ‘Incredibly Attractive’ | 00:46:21 | |
Our guest this week is Justin Leverenz, who is the team leader and senior portfolio manager for the emerging-markets equity team at Invesco. Leverenz joined Invesco when it combined with OppenheimerFunds in 2019. He started managing the strategy now known as Invesco Developing Markets in May 2007, having joined Oppenheimer as a research analyst in 2004. Before that, he was the director of Pan-Asian technology research for Goldman Sachs. Leverenz has worked in Taiwan and Scotland. He is a fluent Mandarin speaker, and he holds bachelor’s and master’s degrees from the University of California. Background Market View “Mexico: A Few Reasons Why We’re Bullish on This Neglected Developing Market,” by Justin Leverenz, Invesco, March 17, 2023. “The Case for Mexican Equities,” by Justin Leverenz, LinkedIn, April 6, 2023. Emerging Markets “FAQ: Our Active Approach to Emerging Markets,” by Justin Leverenz, Invesco, June 12, 2023. “The Case for Emerging Markets,” by Justin Leverenz, LinkedIn, May 2, 2023. “Why a Huge Emerging-Markets Fund Is Reopening to New Investors,” by Gregg Wolper, Morningstar, Feb. 16, 2023. “What Is Going on With Chinese Equities?” by Justin Leverenz, LinkedIn, July 28, 2023. “Why Hasn’t Fed Tightening Led to an EM Crisis?” by Justin Leverenz, LinkedIn, June 23, 2023. “Invesco’s Justin Leverenz—Putting Emerging Markets Challenges Into Perspective,” WealthDFM, May 26, 2022. Growth Themes “Electric Vehicles and Renewable Power Fuel Emerging Market Investment Opportunities,” by Justin Leverenz, LinkedIn, Nov. 15, 2023. “Western Spirits Companies Turning to China and India to Fuel Growth,” by Justin Leverenz, Invesco, May 22, 2023. “Chinese Health Care Companies: A Growing Force for Global Innovation,” by Justin Leverenz, LinkedIn, March 16, 2021. “Humans vs. Machines: Who Has the Edge in Emerging Markets?” by Justin Leverenz, Invesco, April 3, 2023. Funds/Companies Mentioned | |||
| 18 Feb 2025 | Preston Cherry: ‘Money Can Indeed Buy Happiness’ | 00:52:53 | |
Our guest on the podcast today is Dr. Preston Cherry. Dr. Cherry is the author of a new book called Wealth in the Key of Life: Finding Your Financial Harmony. He’s also founder and president of Concurrent Wealth Management. In addition, he serves as Assistant Professor of Finance and Head of the Personal Financial Planning Program at the University of Wisconsin-Green Bay, where he also serves as the Director of the Charles Schwab Foundation Center for Financial Wellness. Prior to assuming his current roles, he served in lead and internal financial planning roles in institutional retirement sales. He has also served as co-investment manager at a Registered Investment Advisor and as a mutual fund wholesaler. Background Life Money Balance podcast Wealth in the Key of Life: Finding Your Financial Harmony Schwab Center for Financial Wellness Themes in Book “What Is Financial Freedom?” by Preston Cherry, concurrentfp.com, July 9, 2024. “Building Wealth With Gratitude: Essential Tips for Gen X,” Life Money Balance podcast, youtube.com, Nov. 26, 2024. “How to Retire Comfortably: Essential Financial and Emotional Tips for a Joyful Retirement,” by Preston Cherry, concurrentfp.com, Nov. 13, 2024. Other “Dr. Preston Cherry: ‘Money and Life Intertwined,’” The Long View podcast, Morningstar.com, Nov. 22, 2024. Songs in the Key of Life, Stevie Wonder album “Does Money Buy Happiness? Here’s What the Research Says,” by Michele Berger, knowledge.wharton.upenn.edu, March 28, 2023. The Millionaire Next Door, by Thomas Stanley and William Danko | |||
| 28 Mar 2023 | Mark Berg: Hourly Financial Planning Is 'A Vast Blue Ocean' | 00:52:58 | |
Our guest on the podcast today is Mark Berg. He is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Berg served as a client manager at a fee-only financial planning firm and has provided fee-only financial guidance since 1995. He holds a bachelor’s degree in economics from Wheaton College and is a certified financial planner practitioner and is registered with the National Association of Personal Financial Advisors. He served on the national board of directors for NAPFA from 2008 through 2011. Timothy Financial is the firm that Christine Benz and her husband use for financial planning, and a member of Jeff Ptak’s family is a Timothy Financial client as well. Background “Scaling Up to $1.4M of Revenue With (Only) Hourly Financial Planning Fees With Mark Berg,” by Michael Kitces, Financial Advisor Success podcast, March 20, 2018. Influences “Voices: Sheryl Garrett, on the Evolution of a Planning Firm,” Thomas Coyle, The Wall Street Journal, Dec. 31, 2009. “Sheryl Garrett: ‘The Industry Thought I Was Nuts,’” The Long View podcast, Morningstar.com, July 17, 2019. Tax Planning/Direct Indexing “An Inside Look at Direct Indexing,” by Danny Noonan, Morningstar.com, March 23, 2023. “Could Direct Indexing Lower Your Taxes?” by John Rekenthaler, Morningstar.com, March 27, 2023. “4 Questions About Direct Indexing,” by Sheryl Rowling, Morningstar.com, Oct. 24, 2022. Retirement “What Is the ‘Retirement Spending Smile’?” by Wade Pfau, Retirement Researcher. Resources Financial Planning Association The National Association of Personal Financial Advisors (NAPFA) Other | |||
| 28 Feb 2023 | Stacy Francis: On a Mission to Help Women Thrive | 00:53:36 | |
Our guest on the podcast today is Stacy Francis. She is president and chief executive officer of Francis Financial, a fee-only financial advisory firm that focuses on serving women, especially those who have experienced divorce or the loss of a loved one. Francis is a certified financial planner, and she’s also a certified divorce financial analyst, a divorce financial strategist, and a certified estate and trust specialist. She also founded Savvy Ladies, a nonprofit organization that aims to educate and empower women to take control of their finances. To date, Savvy Ladies has helped over 20,000 women through free one-on-one financial counseling, workshops, and retreats. Francis also hosts her own podcast; it’s called Financially Ever After. She earned her bachelor’s degree at Middlebury College. Background Financially Ever After podcast Woman and Money “How Do Women Really Invest?” by Christine Benz, Morningstar.com, March 2, 2021. “100 Must-Know Statistics About Women and Retirement,” by Christine Benz, Morningstar.com, March 3, 2021. “The Biggest Financial Mistake Women Make? Not Investing Enough,” by Arielle O’Shea, The Florida Times-Union, Feb. 15, 2019. “Are Women Better Investors?” by Farnoosh Torabi, farnoosh.tv.com. “Happy Women’s History Month—How Can Women Improve Their Financial Wellness,” by Natalie Colley, Francis Financial, March 8, 2022. “Stop Letting Your Man Make These Financial Decisions Without You,” by Dayana Yochim, HerMoney, Oct. 1, 2020. Divorce and Couples “Financial Abuse—The Most Common Type of Abuse That Far Too Many Ignore,” by Stacy Francis, Francis Financial, Sept. 16, 2020. “Financial Abuse Is on the Rise: What It Is and What to Do About It,” by Stacy Francis, Savvy Ladies, Feb. 19, 2023. “Why Financial Advice Is Key Before Beginning Your Divorce,” by Stacy Francis, Francis Financial, Aug. 6, 2020. “Farnoosh Torabi: ‘Money Is Meaningless Without Goals,’” The Long View podcast, Morningstar.com, Sept. 13, 2022. “Why Anyone Getting Married Should Consider a Prenuptial Agreement,” by Julia Rodgers, Savvy Ladies. Divorce Financial Advice for Women: A Free Divorce Resource Guide, Francis Financial. Widows “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. | |||
| 01 May 2019 | William Bernstein: If You've Won the Game, Stop Playing | 00:55:06 | |
Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique—a neurologist by training, Bill self-taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as "The Intelligent Asset Allocator." In this conversation, we explore Bill’s background and how it shaped his development and thinking as an investor and how he applies those lessons in working with clients who are trying to meet goals like a comfortable, secure retirement.
• “I had to figure out how to save and invest on my own”: Bill’s crash course into investing and constructing a portfolio (1:29) • “The Arithmetic of Active Management” by William F. Sharpe | |||
| 13 May 2020 | Carl Richards: 'Let's Focus on Being a Little Less Wrong Tomorrow' | 00:42:32 | |
Our guest on the podcast is Carl Richards, who specializes in conveying sophisticated financial concepts in an easy-to-understand way--specifically, using a Sharpie. Carl is a Certified Financial Planner™ and creator of the Sketch Guy column in The New York Times. He’s also author of two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money. In addition, he hosts the “Behavior Gap Radio” podcast and also co-hosts a podcast with financial-planning guru Michael Kitces called “Kitces and Carl.” Background Carl Richards “Sketch Guy” column in The New York Times “12 Simple Sketches That Perfectly Illustrate the Path to Wealth and Financial Happiness,” by Libby Kane and Libertina Brandt, Business Insider, July 22, 2019. The Behavior Gap “The Behavior Gap,” by Carl Richards. Medium.com. Oct. 18, 2018. “To Avoid the Biggest Investing Mistake, Stay Strong,” by Carl Richards, The New York Times, March 26, 2013. “Yes, Numbers Matter in Financial Decisions, but So Do Emotions,” by Carl Richards, The New York Times, May 8, 2017. Articulating and Achieving Goals “Goals As Guesses,” by Carl Richards, YouTube, Jan. 16, 2018. “The Magic of a Single Micro-Action,” by Carl Richards, The New York Times, Nov. 6, 2017. “A Simple Formula for Making Dreams Come True,” by Carl Richards, Medium.com, June 28, 2018. “Hal Gregersen Interview: Asking the Right Questions,” YouTube.com, April 8, 2018. Questions Are the Answer: A Breakthrough Approach to Your Most Vexing Problems at Work and in Life, by Hal Gregersen, Harper Business, 2018. The Dan Sullivan Question, by Dan Sullivan, The Strategic Coach, 2009. “Your Future Should Be Bigger Than Your Past. Here’s How to Do It,” by Carl Richards, The New York Times, Sept. 14, 2018. “The First (and Last) Step to Financial Satisfaction? Defining ‘Enough’,” by Carl Richards, The New York Times, May 1, 2017. “Setting Aside Shame and Blame in Financial Decisions,” by Carl Richards, The New York Times, Sept. 8, 2015. “How to Talk About Money,” by Carl Richards, The New York Times, Dec. 18, 2018. “Look Inward to Determine Your Financial Values,” by Carl Richards, The New York Times, April 20, 2015. “Where Does the Time Go? You Can Find Out, If You Dare,” by Carl Richards, The New York Times, July 5, 2017. “Seeking More Fun? Examine the Returns on Your Time Investments,” by Carl Richards, The New York Times, July 10, 2017. When Things Fall Apart: Heart Advice for Difficult Times, by Pema Chodron, Shambhala, 2016. “We Are All Normal,” Meir Statman, Morningstar The Long View podcast, Oct. 30, 2019. Finance for Normal People, by Meir Statman, Oxford University Press, 2019. Thinking Fast and Slow, by Daniel Kahneman, FSG Adult, 2013. “The Benefits of Getting an Icy Start to the Day,” by Carl Richards, The New York Times, March 14, 2016. | |||
| 27 Nov 2019 | Jeffrey Brown: Saving for Retirement 'Only Half the Puzzle' | 00:55:38 | |
Our guest on the podcast today is Dr. Jeffrey Brown, the Josef and Margot Lakonishok Professor and the Dean of the University of Illinois Gies College of Business. A key focus of Dean Brown's research is how to create sustainable retirement income, including the role of annuities, Social Security, 401(k)s, pensions and long-term care planning. He's a research affiliate at the National Bureau of Economic Research, a faculty affiliate of the Institute on Government and Policy Affairs, and a fellow at the TIAA Institute. He also serves as a trustee for TIAA. In addition, he served on the Social Security Advisory Board under President George W. Bush and was also a senior economist at the White House Council of Economic Advisers. He has published extensively on the topic of retirement security and public and private insurance markets, and he has received numerous awards for his research as well. He holds a Ph.D. in economics from MIT, and a master's in public policy from Harvard. Background Jeffrey Brown bio Defined Contribution (DC) Plans Defined contribution plan definition “The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers,” by Barbara A. Butrica, Howard M. Iams, Karen E. Smith, and Eric J. Toder, Social Security Bulletin, Vol. 69, No. 3, 2009. “What Killed Pensions,” by Mary Beth Franklin, Kiplinger, Oct. 6, 2011. “Public Pensions Are Still Marching to Their Death,” by Jeffrey Dorfman, Forbes.com, Sept. 11, 2014. “House Passes SECURE Act to Ease 401(k) Compliance, Promote Savings,” by Stephen Miller, SHRM.org, May 23, 2019. “How the SECURE Act Would Impact Your 401(k),” by Simon Moore, Forbes.com, June 25, 2019. “Annuities in 401(k)s Won’t Solve the Retirement Crisis. Here’s Why,” by Mary Romano, Barron’s, June 28, 2019. “What Does It Mean to Annuitize?” by Justin Pritchard, Thebalance.com, Jan. 21, 2019. “Crash Course Needed: Four Out of Five Americans Fail When Quizzed on How to Make Their Nest Eggs Last,” by The American College for Financial Planning, Dec. 3, 2014. “401(k) Nudges and Course Corrections,” by Kimberly Blanton, Squared Away blog, Oct. 24, 2017. “Thank Richard Thaler for Your Retirement Savings,” by Ben Steverman, Bloomberg, Oct. 10, 2017. “Plan Quality Varies Significantly by Industry,” by John Manganaro, PlanAdviser, March 20, 2017. “The Conundrum of State-Run Retirement Plans,” by Terry Dunne, InvestmentNews, May 8, 2017. “Reasons to Be Wary of State-Run Retirement Plans,” by Jeffrey Brown, Forbes.com, Feb. 10, 2014. Multiple Employer Plan (MEP) definition “How Hard Should We Push the Poor to Save for Retirement?” by Andrew G. Biggs, The Journal of Retirement, Spring 2019.
“Use Annuities to Protect Yourself from Yourself,” by Jeffrey Brown, Forbes.com, May 22, 2014. “Income Annuities Provide Retirees Longevity Protection,” by Wade Pfau, Investment News, Sept. 28, 2019. “Why Don’t People Insure Late-Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle,” by Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, and Marian V. Wrobel, National Bureau of Economic Research, January 2008. Equity-indexed annuity definition Deferred payment annuity definition “The Main Types of Annuities Made Easy,” by Clair Boyte-White, Investopedia, July 27, 2019. “Annuities and Inflation Risk,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Sept. 3, 2011. “Lifetime Income for Women: A Financial Economist’s Perspective,” by David F. Babbel, Wharton Financial Institutions Center Policy Brief, Aug. 12, 2008. “Jeff Brown Tackles Tough Annuity Questions,” by Michael Finke, ThinkAdvisor, Sept. 29, 2014. “Annuities and Individual Welfare,” by Thomas Davidoff, Jeffrey Brown, and Peter Diamond, The Center for Retirement Research at Boston College, May 2003. “Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing,” by Jeffrey R. Brown, Arie Kapteyn, Erzo F.P. Luttmer, Olivia S. Mitchell, and Anya Samek. National Bureau of Economic Research, Oct. 11, 2019. Intertemporal choice definition
“Does Medicare Cover Long-Term Care?” Medicare.com "Insuring Long-Term Care in the U.S.," by Jeffrey Brown and Amy Finkelstein, National Bureau of Economic Research, September 2011. “The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market,” by Jeffrey R. Brown and Amy Finkelstein, National Bureau of Economic Research, October 2004. “Can Increasing The Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015. Long-Term Care Financing Project “Hybrid Long-Term Care Policies,” by Wade Pfau, Forbes.com, Jan. 21, 2016. “Is the LTC Cost Guarantee of Today's Hybrid Life/LTC or Annuity/LTC Insurance Policies Just a Mirage?” by Michael Kitces, Nerd’s Eye View, Oct. 16, 2013. “Life-LTC Hybrid Sales Level Off: LIMRA,” by Allison Bell, ThinkAdvisor, July 22, 2019.
Social Security Trustees’ Summary Report, 2019. “How the Latest Report on Social Security’s Solvency Changes Your Retirement Plan,” by Bob Carlson, Forbes.com, May 24, 2019. | |||
| 23 Mar 2020 | Mohamed El-Erian: 'We Did Not Prepare for Something As Severe As What We’re Facing’ | 00:34:41 | |
Our guest today is Dr. Mohamed El-Erian. Dr. El-Erian is Chief Economic Advisor at Allianz, the parent of PIMCO, where he formerly served as chief executive and co-chief investment officer, and President-Elect of Queens’ College, Cambridge University. He first joined PIMCO in 1999 and was a senior member of PIMCO’s portfolio management and investment strategy group. He rejoined the company at the end of 2007 after serving for two years as president and CEO of Harvard Management Company. Before coming to PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that spent 15 years at the International Monetary Fund in Washington, D.C., where he served as Deputy Director. Dr. El-Erian has served on numerous boards and committees, including a stint as Chair of President Obama’s Global Development Council from Dec. 2012 to Jan. 2017. A much sought-after author, columnist, and speaker, Dr. El-Erian has published two best-selling and critically acclaimed books, When Markets Collide and The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse. He also was named to _Foreign Policy _magazine's list of “Top 100 Global Thinkers” four years in a row, among other accolades. Dr. El-Erian holds a master’s degree and doctorate in economics from Oxford University and received his undergraduate degree from Cambridge University. Background Dr. El-Erian’s Recent Comments on COVID-19 • “The Coming Coronavirus Recession: And the Uncharted Territory Beyond," Foreign Affairs, Mar. 17, 2020. • “The Federal Reserve Takes its Crisis Management Game Up Several Notches,” Yahoo Finance, Mar. 17, 2020, • “It Will Get Better But After We Feel Even More Unsettled,” Yahoo Finance, Mar. 13, 2020. • “Six Things Investors Should Remember Amid Extreme Stock Market Volatility,” Yahoo Finance; Mar. 8, 2020. • “El-Erian: We Shouldn’t Bail Out Every Industry Halted by Coronavirus Crisis,” CNBC, Mar. 19, 2020. • “El-Erian: Fed Should Have Been More ‘Laser-Focused’ on Market Failures,” CNBC, Mar. 16, 2020. • “El-Erian on Markets: ‘It’s Getting Less Scary Than It Has Been for a While," CNBC, Mar. 13, 2020. • “El-Erian: U.S. Stock Market Could End Up Dropping 20%-30% Before Bottom Is Finally Reached," CNBC, Mar. 9, 2020. Shownotes (Note: We will add the interview transcript soon.) Introduction High Level Macro Policy Response Capital Markets Aftermath Outlook Closing (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.) | |||
| 01 Apr 2025 | Dr. Jay Zigmont: Handling Your Finances When You Don’t Have Kids | 00:54:27 | |
Our guest on the podcast today is Dr. Jay Zigmont. He’s the author of a new book called The Childfree Guide to Life and Money, and he’s also the founder and CEO of Childfree Wealth, a financial planning firm dedicated to helping people without kids. Dr. Jay is a certified financial planner, and he also has his MBA, as well as his PhD in Adult Learning from the University of Connecticut. He hosts the Childfree Wealth podcast, and he previously published another book called Portraits of Childfree Wealth. Dr. Jay, welcome to The Long View. BackgroundThe Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing, by Jay Zigmont Portraits of Childfree Wealth: 26 stories about how being Childfree impacts your life, wealth and finances, by Jay Zigmont Being Childfree“Census Bureau: Older Childless Women Make More Money, In Better Health Than Male Counterparts,” by Carlie Porterfield, forbes.com, Aug. 31, 2021. “11% of Older Americans (55+) Are Childfree,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. “Among Unmarried Adults, Women Without Children Have as Much Wealth as Single Men,” by Richard Fry, pewresearch.org, Nov. 4, 2024. “Choosing the FILE Lifestyle—Financial Independence, Live Early,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. “FILE vs FIRE—Finding What Is Right For You,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. Die With ZeroDie With Zero: Getting All You Can From Your Money and Your Life, by Bill Perkins “How Do I Embrace the Die With Zero Approach?” by Jay Zigmont, childfreewealth.com, April 30, 2024. “Not Having Children ‘Breaks’ Traditional Financial Planning, says CFP—8 Money Rules for Childfree People,” by Ryan Ermey, cnbc.com, Dec. 5, 2023. Long-Term Care and Estate Planning“How Much Does Assisted Living Cost in 2023?” by Sam DiSalvo, finance.yahoo.com, March 30, 2023. “Long-Term Care for Childfree Individuals,” by Jay Zigmont, childfreewealth.com, Nov. 23, 2023. “Who Will Take Care of Me?” by Jay Zigmont, childfreewealth.com, Dec. 12, 2023. “Get Your Paperwork Right, Now!—Wills, Beneficiaries, Living Wills, POAs and More,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. Other“New Report: Being Childfree May Not Make You Rich, But It May Make You Happy,” by Jay Zigmont, childfreewealth.com, Oct. 6, 2022. “The Gardener and the Rose,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy, by Jordan Grumet “Jordan Grumet: The Purpose Code,” The Long View podcast, Morningstar.com, Jan. 7, 2025. | |||
| 14 Sep 2021 | Laura Carstensen: 'I'm Suggesting We Change the Way We Work' | 00:53:22 | |
Our guest on the podcast today is Laura Carstensen. She is professor of psychology at Stanford University, where she is the Fairleigh S. Dickinson Professor in Public Policy and founding director of the Stanford Center on Longevity. Her research focuses on the motivational and emotional changes that occur with age and the influence such changes have on cognitive processing. She is the author of a A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity. She received her bachelor's degree from the University of Rochester, and her Ph.D. in clinical psychology from West Virginia University. Background A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity, by Laura Carstensen, Ph.D. The Pandemic “Age Advantages in Emotional Experience Persist Even Under Threat From the COVID-19 Pandemic,” by Laura L. Carstensen, Yochai Z. Shavit, and Jessica T. Barnes, journals.sagepub.com, Oct. 26, 2020. “A Life-Course Model for Healthier Ageing: Lessons Learned During the COVID-19 Pandemic,” by Laura L. Carstensen, Ashley Jowell, and Michele Barry, ncbi.nlm.nih.gov, October 2020. Longevity “Growing Old or Living Long: Take Your Pick,” by Laura L. Carstensen, issues.org, Winter 2007. “Laura Carstensen’s TED Talk: Older People Are Happier,” ted.com, April 2012. “Retire at 80!—So Says University Professor and Longevity Expert,” by Perry Brissette, perrybrissette.medium.com, July 4, 2018. “Opinion: We Need a Major Redesign of Life,” by Laura Carstensen, washingtonpost.com, Nov. 29, 2019. “Longevity and Retirement: An Expert on Aging Explains How Retirement Is Being Redefined,” Fidelity Viewpoints, fidelity.com, Feb. 3, 2021. “Boomers: Less Tied to Friends and Family as Others Are,” by Laura L. Carstensen, nextavenue.org, May 31, 2016. “Exercise Holds Immediate Benefits for Affect and Cognition in Younger and Older Adults,” by Candace L. Hogan, Jutta Mata, and Laura L. Carstensen, pubmed.ncbi.nlm.nih.gov, June 2013. “How Merrill Lynch Is Planning for Its Customers to Live to 100,” by Susan Wilner Golden and Laura L. Carstensen, harvardbusinessreview.org, March 4, 2019. “There’s a New Way of Living Thanks to Longevity,” wealthchoice.com, May 16, 2019. “Selective Narrowing of Social Networks Across Adulthood Is Associated With Improved Emotional Experience in Daily Life,” by Laura L. Carstensen and Tammy English, researchgate.net, March 2014. “Leveraging Goals to Incentivize Healthful Behaviors Across Adulthood,” by Laura L. Carstensen, Teja Chemudupati, Jessica T. Barnes, Candice L. Hogan, and Sarah Raposo, researchgate.net, July 2020. Cognitive Decline “Selective Narrowing of Peripheral Social Networks Predicts Poor Long-Term Cognition in Old Age,” by Laura L. Carstensen, Hsiao-Wen Liao, and Yochai Shavit, researchgate.net, November 2019. “Integrating Cognitive and Emotion Paradigms to Address the Paradox of Aging,” by Laura L. Carstensen, researchgate.net, November 2018. “The Theory Behind the Age-Related Positivity Effect,” by Laura L. Carstensen and Andrew E. Reed, frontiersinpsychology.org, Sept. 27, 2012. “The Positivity Effect: A Negativity Bias in Youth Fades With Age,” by Laura L. Carstensen and Marguerite DeLiema, researchgate.net, February 2018. “Alternative Retirement Paths and Cognitive Performance: Exploring the Role of Preretirement Job Complexity,” by Laura L. Carstensen, Dawn C. Carr, Robert Willis, and Ben Lennox Kail, thegerentologist.com, April 2020. Messaging to Older Adults “Your Message to Older Adults Is Outdated,” by Hal Hershfield and Laura L. Carstensen, harvardbusinessreview.org, July 2, 2021. | |||
| 22 Jan 2020 | Jon Hale: ESG Is a Paradigm Shift | 00:52:29 | |
Our guest this week is Jon Hale, Morningstar's head of sustainability research. In that role, he directs our research into the environmental, social, and governance investing practices of mutual funds and exchange-traded funds. An incisive analyst and writer, Hale authors the biweekly "Sustainability Matters" column on Morningstar.com. He's regularly quoted by the media on ESG matters and speaks often on sustainable investing at industry conferences and other events. Prior to assuming his current role, Hale held a number of other leadership positions in Morningstar's research and investment management divisions, most recently serving as head of manager research in North America. Hale, who holds the Chartered Financial Analyst designation, earned his undergraduate degree at the University of Oklahoma and his doctorate at Indiana University. We're pleased to have him as our guest. Background "Sustainability Matters" columns Hale's "The ESG Advisor" blog Morningstar's Approach to Assessing ESG Morningstar Sustainability Rating methodology Investor Interest and Demand "Sustainable Fund Flows in 2019 Smash Previous Records," by Jon Hale, Morningstar.com, Jan. 10, 2020. Morgan Stanley's "Sustainable Signals" survey Other Sustainability Accounting Standards Board (SASB) TIAA-CREF Social Choice Bond TSBRX | |||
| 02 Jan 2024 | Best of the Long View 2023: Financial Planning and Retirement | 00:52:15 | |
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. | |||
| 03 Feb 2021 | David Giroux: 'What Are the Market Inefficiencies We Can Exploit?' | 00:55:34 | |
Background T. Rowe Price Capital Appreciation “Morningstar Announces 2012 Fund Manager of the Year Award Winners,” by Scott Burns, Morningstar.com, Jan. 3, 2013. “Announcing Morningstar’s 2017 U.S. Fund Managers of the Year,” by Laura Pavlenko Lutton, Morningstar.com, Jan. 28, 2018 “This Fund Manager Is Among the Greats,” by Leo Acheson, Morningstar.com, Dec. 2, 2020. Outlook/Forecast “2021 Global Market Outlook: Managing to the Other Side,” by David Giroux, Justin Thomson, and Mark Vaselkiv, troweprice.com, Dec. 14, 2020. “What it’s Like to Buy $9 billion in Stocks During a Market Crash—This Fund Manager Did Just That,” by Philip van Doorn, marketwatch.com, June 4, 2020. Reorganization T. Rowe Price Investment Management Overview “Is T. Rowe’s Split a Smart Way to Handle Growth?” by Katie Rushkewicz Reichart, Morningstar.com, Nov. 19, 2020. Portfolio Construction & Stock-Picking “Why Every Growth Stock Portfolio Should be Overweight in Utilities,” by Sergei Klebnikov, forbes.com, Nov. 21, 2019. “Finding Overlooked Opportunities in the COVID-19 Market,” by David Giroux, troweprice.com, Sept. 10, 2020. “An Investor Bought Billions in Stocks When it Really Hurt,” by Tim Gray, nytimes.com, July 10, 2020. “Creativity in a Low-Yield Era,” by David Giroux and Mark Vaselkiv, troweprice.com, Jan, 21, 2020. | |||
| 30 May 2023 | Joel Tillinghast: The Art of Investing | 00:51:52 | |
Our guest this week is Joel Tillinghast, portfolio manager at Fidelity. Joel manages a number of equity funds focused on intrinsic value and mostly small-cap stocks—perhaps most notably, the Low-Priced Stock Fund, which he has managed since 1989. Joel originally joined Fidelity as an equities analyst in 1986 after famously cold-calling Peter Lynch to secure a job interview. He earned his bachelor’s in economics from Wesleyan University and MBA from the Kellogg School of Management at Northwestern and is a CFA charter holder. Joel’s track record is simply impressive. Morningstar recognized him in 2021 as Outstanding Portfolio Manager and in 2002, as Domestic Stock Fund Manager of the Year. After more than 40 years in investing, Joel is slated to retire as a full-time portfolio manager at the end of 2023. We’re so excited to host him on the podcast today to discuss his career and his insights. Background Fidelity Global Growth and Value Class Fidelity Global Intrinsic Value Class Big Money Thinks Small: Biases, Blind Spots, and Smarter Investing, by Joel Tillinghast Value and Small-Cap Investing “Don’t Judge a Stock by Its Price! That’s one of Tillinghast’s Stock-Picking Secrets,” by Anupam Nagar, economictimes.indiantimes.com, April 17, 2021. “Happy Results Turned Up Everywhere You Looked,” by Tim Gray, nytimes.com, Jan. 17, 2020. “Peter Lynch Protégé Joel Tillinghast: How to Avoid Value Traps,” by Johnny Hopkins, aquirersmultiple.com, June 25, 2018. Investment Industry “Fidelity’s Joel Tillinghast Was Out of Favor. Then the Meme-Stock Craze Happened,” by Justin Baer, wsj.com, Aug. 4, 2021. “5 Traits of Successful Investors,” by Joel Tillinghast, oprah.com. | |||
| 06 Jun 2023 | Ramit Sethi: Investing Shouldn’t Be Your Identity | 00:54:10 | |
Today we’re welcoming back Ramit Sethi. Ramit is a personal finance expert and author. And this year, he added a new line item to his resume: TV host. His series How to Get Rich debuted on Netflix in April. It features in-depth conversations with individuals about their financial lives. Ramit’s first book, I Will Teach You to Be Rich, published in 2009, was a bestseller; a second edition of the book came out in 2019. Ramit is the founder of iwillteachyoutoberich.com, and he’s also the host of a podcast called I Will Teach You To Be Rich, which features in-depth conversations with couples about money. Background I Will Teach You To Be Rich, by Ramit Sethi I Will Teach You To Be Rich podcast How To Get Rich, Netflix series Twitter: @ramit “Ramit Sethi: ‘What Is Your Rich Life?’” The Long View podcast, Morningstar.com, Nov. 10, 2020. “Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021. Rich Lives “10 Easy-to-Follow Money Rules to Improve Your Financial Health,” by Ramit Sethi, iwillteachyoutoberich.com, Nov. 23, 2020. “‘I Will Teach You to Be Rich’ Author: 3 Money Rules I Follow to Build Wealth and Enjoy Life—and How to Create Your Own,” by Kamaron McNair, cnbc.om, April 14, 2023. “How to Live a Rich Life (+Rules That Will Help You ACHIEVE It!),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023. “Ramit Sethi—How to Play Offense With Money, Plan Bucket Lists, Build a Rich Life With Your Partner, and Take a Powerful $100 Challenge (#524),” The Tim Ferriss Show podcast, tim.blog.com, July 26, 2021. Budgeting and Conscious Spending Ramit’s Conscious Spending Plan “Conscious Spending Plan: How to Budget by Looking Into the Future,” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023. “How to Find all my Debts (& Pay Them Off),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 3, 2022. “4 Ways to Get Out of Debt Fast (+Mistakes to Avoid),” by Ramit Sethi, iwillteachyoutoberich.com, Aug. 10, 2021. Jobs and Income “Finding the Right Money-Making Ideas (That Anyone Can Do),” by Ramit Sethi, iwillteachyoutoberich.com, March 28, 2023. Homeownership “3 Practical Things Every First-Time Homebuyer Should Know, According to the Star of Netflix’s ‘How To Get Rich,’” by Lee Aquino, businessinsider.com, April 25, 2023. “Buying a House in Recession: Pros, Cons, and Expert Advice,” by Ramit Sethi, iwillteachyoutoberich.com, March 20, 2023. “Should I Buy a House Now? (5 Guidelines and Perfect Timing Tips),” by Ramit Sethi, iwillteachyoutoberich.com, Sept. 15, 2021. Investing “How to Trade Stocks (and Find Out if Trading Is Right for You),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023. “Here’s Our Take on Day Trading in 2023,” by Ramit Sethi, iwillteachyoutoberich.com, March 3, 2020. “How to Invest in Index Funds (Get Invested in 5 Min),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023. “Diversified Investment Portfolios: How to Build One (+ Examples),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 27, 2021. “High Risk vs. Low Risk Investing (The Reality),” by Ramit Sethi, iwillteachyoutoberich.com, Dec. 16, 2022. Couples/Relationships “Love and Money: Combining Finances After Marriage,” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023. “I’ve Been Writing About Money for 15 Years, and I Can Tell You Too Many Couples Talk About Money All Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019. “Episode 65. I Make $200k/Month. He Makes $2k. Who Pays for Dates? (Part 2),” I Will Teach You To Be Rich podcast, iwillteahyoutoberich.com, October 2022. Financial Advice “Do I Need a Financial Advisor? (The ONLY Guide You Need!),” by Ramit Sethi, iwillteachyoutoberich.com, July 7, 2021. (Please stay tuned for important disclosure information at the conclusion of this episode.) | |||
| 20 Nov 2019 | Charles de Vaulx: Why Value Investing Has Slumped but Will Rebound | 00:58:23 | |
Our guest on the podcast this week is Charles de Vaulx. De Vaulx is chief investment officer and portfolio manager at International Value Advisers, where he is also a partner. With his colleague Chuck de Lardemelle, de Vaulx manages the IVA International and IVA Worldwide strategies. Before joining IVA in 2008, de Vaulx had been the portfolio manager of First Eagle Global, First Eagle Overseas, First Eagle U.S. Value, and First Eagle Variable. For his accomplishments, Morningstar has recognized de Vaulx several times in the past, awarding him and his comanager our International-Stock Manager of the Year Award in 2001 and nominating them for the same award in 2006. De Vaulx began his career at Societe Generale Bank as a credit analyst in 1985. He graduated from the Ecole Superieure de Commerce de Rouen and holds the French equivalent of a master's degree in finance. Background IVA Worldwide IVWIX IVA International IVIOX References Modern monetary theory (MMT) definition Herfindahl-Hirschman Index (HHI) definition Creative destruction definition A History of Interest Rates, by Sidney Homer and Richard Sylla; 2007 "The Irresistible Charm of the Family Factor," by Credit Suisse, Sept. 27, 2017 "The Superinvestors of Graham-and -Doddsville," by Warren Buffett, Columbia Business School, May 17, 1984 Berkshire Hathaway 2013 shareholder letter, Page 20 Superforecasting: The Art and Science of Prediction, by Philip E. Tetlock and Dan Gardner, 2016 | |||
| 09 Jun 2021 | Eduardo Repetto: ETFs Are Winning the Battle | 00:48:43 | |
Our guest this week is Eduardo Repetto. Eduardo is chief investment officer of Avantis Investors, where he is responsible for overseeing the research, design, and implementation of the firm's investment strategies. Prior to forming of Avantis in 2019, Eduardo was co-CEO, co-CIO, and a director at Dimensional Fund Advisors. Eduardo earned a Ph.D. in aeronautics from the California Institute of Technology, and an MSc degree in engineering from Brown University. Background “American Century Launches Systematic Active Manager Avantis Investors,” by Christine Williamson, Pensions & Investments, June 26, 2019. Markets and Factors "'Is a Hot Dog a Sandwich?' Ex-DFA Chief Weighs Factor Funds and Starting Anew,” by Alex Steger, citywireusa.com, July 30, 2019. “The Joint Distribution of Value and Profitability: International Evidence,” by Sunil Wahal and Eduardo Repetto, papers.ssrn.com, Nov. 30, 2020. “Could ‘Flying to Safety’ Be Dangerous?” by Eduardo Repetto and Phil McInnis, avantisinvestors.com, April 2020. “Patrick O’Shaughnessy: ‘Custom Indexing Unlocks a Lot of Benefits,’” The Long View, Morningstar.com, May 12, 2021. “A Discussion About Value and Small-Cap Factors With Avantis Investors’ CIO Dr. Eduardo Repetto,” Jonathan Chevreau, findependencehub.com, March 30, 2021.” “Two Active ETFs We Like,” by Ben Johnson and Susan Dziubinski, Morningstar.com, Feb. 21, 2021. | |||
| 27 Sep 2022 | David John: Improving the Retirement System | 00:54:31 | |
Our guest on the podcast today is David John. David is a senior strategic policy advisor at the AARP Public Policy Institute, where he works on pension and retirement savings issues. He also serves as deputy director of the Retirement Security Project at the Brookings Institution. RSP focuses on improving retirement savings in the United States, especially among moderate and low-income workers. Before joining AARP, David was a senior research fellow at the Heritage Foundation. He also has extensive public policy experience working for a money center bank, a law firm, a credit union trade association, and four members of the House of Representatives. David has written and spoken extensively about the importance of reforming the nation's retirement programs. He is co-author with J. Mark Iwry of the Automatic IRA, a small business retirement savings program for firms that do not sponsor any other form of retirement savings or pension plan. In addition, David is one of four co-editors of the 2009 book Automatic: Changing the Way America Saves. David holds an ABJ in journalism, an M.A. in economics, and an MBA in finance—all from the University of Georgia. Background Automatic: Changing the Way America Saves, by William G. Gale, J. Mark Iwry, David C. John, and Lina Walker Retirement Landscape “How to Make Retirement Saving Easier for Millions of Americans,” by Renu Zaretsky, taxpolicycenter.org, Oct. 6, 2021. “Small Retirement Accounts: Issues and Options,” by David C. John, J. Mark Iwry, Christopher Pulliam, and William G. Gale, brookings.edu.com, September 2021. “Cashing Out: The Systemic Impact of Withdrawing Savings Before Retirement,” Savings Preservation Working Group, tsretirement.com, Oct. 29, 2019. “How Auto IRAs Could Soon Improve Retirement for Millions of Americans,” by David C. John and J. Mark Iwry, brookings.edu.com, Oct. 20, 2021. “The Current State of U.S. Workplace Retirement Plan Coverage,” by John Sabelhaus, repository.upenn.edu, March 2022. “How Can the Retirement System Help More People Afford Retirement?” by William G. Gale, David C. John, and J. Mark Iwry, brookings.edu, Aug. 3, 2021. “Nontraditional Workers Face Multiple Barriers to Saving for Retirement,” by Alison Shelton and John Scott, pewtrusts.org, Nov. 9, 2021. “How to Take Portfolio Withdrawals in a Market Downturn,” by Adam Shell, aarp.org, March 25, 2022. “State Auto-IRAs Continue to Complement Private Market for Retirement Plans,” by Theron Guzoto, Mark Hines, and Alison Shelton, pewtrusts.org, July 25, 2022. “The Automatic IRA at 15: Helping Americans Build Retirement Security,” by J. Mark Iwry and David C. John, brookings.edu, Feb. 12, 2021. Emergency Savings “Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020. “Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts,” by John Beshears, James J. Choi, Mark Iwry, David C. John, David Laibson, and Brigitte C. Madrian, hbs.edu, 2020. “Saving at Work for a Rainy Day: Results From a National Survey of Employees,” aarp.org, Dec. 4, 2018. Retirement Decumulation “When Income Is the Outcome: Reducing Regulatory Obstacles to Annuities in 401(k) Plans,” by J. Mark Iwry, William Gale, David John, and Victoria Johnson, brookings.edu, July 2019. “The SECURE Act: A Good Start but Far More Is Needed,” by J. Mark Iwry, David C. John, and William G. Gale, brookings.edu, Jan. 8, 2020. | |||
| 21 Jun 2022 | David Lau: Taking High Commissions Out of Annuities | 00:53:23 | |
Our guest on the podcast today is David Lau, founder and CEO of DPL Financial Partners, which develops and distributes low-cost, commission-free insurance and annuity products. In addition, DPL Financial Partners provides tools and educational resources for registered investment advisors and individual investors. Prior to founding DPL, David was chief operating officer of Jefferson National and before that he was principal and co-founder of the Oysterhouse Group, a management consulting firm. He also served as chief marketing officer of E-Trade Bank and its predecessor TeleBank. David received his bachelor's degree in economics from the College of William and Mary. Background 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. “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. | |||
| 07 Jun 2021 | Market X-Ray: Wheels Up on Travel Stocks | 00:25:20 | |
In this bonus episode of “The Long View,” we hear from three Morningstar equity analysts who cover airlines, cruise lines, and Airbnb. Welcome to “Market X-Ray," our new podcast that looks at investment opportunities and risks that go beyond the market headlines.
Want to hear more? Let us know at podcast@morningstar.com.
Companies mentioned in this episode: Southwest (LUV); Delta (DAL); Royal Caribbean (RCL); Carnival (CCL); Norwegian (NCLH); Airbnb (ABNB); Booking (BKNG); Expedia (EXPE); Polaris (PII); Malibu Boats Inc. (MBUU); Sabre (SABR); Hilton (HLT); and Marriott (MAR).
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| 25 Mar 2020 | A Conversation With the Sequoia Fund’s Managers | 00:50:44 | |
(A note to listeners: We recorded this interview before the recent sell-off took began, explaining why it’s not discussed. We’ll address the recent downturn in future installments of The Long View. Please enjoy this episode and thanks again for listening.) Our guests this week are Arman Kline and Trevor Magyar of investment management boutique, Ruane, Cunniff & Goldfarb, or RCG for short. Arman and Trevor sit on the five-person investment committee at RCG that oversees management of all client assets, including those held in the Sequoia Fund. This year, the Sequoia fund will celebrate its 50th anniversary as a mutual fund. From its July 15, 1970, inception through Jan. 31, 2020, the fund gained 13.6% per year, topping the S&P 500 index by 240 basis points annually. Arman joined RCG in 2002, following a stint as an equity analyst at Merrill Lynch. He graduated from Colby College. Trevor began at the firm in 2007, following an early career in investment banking, private equity, and hedge funds. He's a graduate of Princeton University and received his MBA from Harvard University. General Ruane, Cunniff & Goldfarb (RCG) Stocks Referenced Rolls Royce PLC ADR RYCEY | |||
| 18 Nov 2020 | Larry Swedroe: 'The Pool of Victims' Is Expanding | 00:54:00 | |
Our guest this week is noted author and researcher Larry Swedroe. Larry is chief research officer at financial advisory firm Buckingham Wealth Partners, which he joined in 1996. In his role, Larry is responsible for reviewing academic research on financial and investing matters and determining how that research should inform Buckingham's investment strategy. Larry is also a member of the firm's Investment Policy Committee. Larry has written numerous books on investing and finance, the most recent being the second edition of The Incredible Shrinking Alpha, which he coauthored with Andrew Berkin. His work has also been published in various academic journals, including the Journal of Investing. Larry began his career as a risk manager at Citicorp and later at Prudential Home Mortgage. He received his bachelor's in finance from Baruch College in New York and his MBA in finance and investment from New York University. Background Investment Strategies/Factor Investing “Swedroe: A Five-Factor Evaluation,” by Larry Swedroe, Yahoo.com, Sept. 25, 2017. “Swedroe: Factor Persistence & Diversification,” by Larry Swedroe, ETF.com, May 8, 2017. “Swedroe: Simple Factor Investing,” by Larry Swedroe, ETF.com, Sept. 10, 2018. “Swedroe: 3 Factor Investing Myths,” by Larry Swedroe, ETF.com, Feb. 13, 2019. “Swedroe: Virtues of a Long/Short Strategy,” by Larry Swedroe, ETF.com, Aug. 14, 2015 “Factors in Commodity Returns,” by Larry Swedroe, seekingalpha.com, Sept. 9, 2020. “Swedroe: Understanding Risk & Return,” by Larry Swedroe, ETF.com, Nov. 7, 2018. “Larry Swedroe: Risk Warrior in Action,” by Janet Levaux, thinkadvisor.com, March 26, 2019. “An Investment Strategy That Reduces the Risk of Black Swans,” by Robert Powell, thestreet.com, March 27, 2019. “Value and Momentum Everywhere,” by Clifford S. Asness, Tobias J. Moskowitz, and Lasse Heje Pedersen, The Journal of Finance, Vol. LXVIII, No. 3, June 2013. “Profitability, Investment and Average Return,” by Eugene F. Fama and Kenneth R. French, Journal of Financial Economics, July 28, 2006. “The Other Side of Value: The Gross Profitability Premium,” by Robert Novy-Marx, National Bureau of Economic Research, April 2010. “The Simple Explanation for Value’s Underperformance,” by Larry Swedroe, evidenceinvestor.com, Jan. 3, 2020. “Even Great Investments Experience Massive Drawdowns,” by Larry Swedroe, alphaarchitect.com, Aug. 20, 2020. “Swedroe: Small Value Lags for 15 Years,” by Larry Swedroe, ETF.com, Feb. 20, 2019. “Passive Investing Without Indexes,” by Larry Swedroe, ETF.com, April 13, 2016. “A Comparison of Passively Managed, Small-Value Funds,” by Larry Swedroe, advisorperspective.com, March 10, 2020. Fixed Income “Swedroe: Factors in Fixed Income,” by Larry Swedroe, ETF.com, May 4, 2018. “Swedroe: Consider Factors in Fixed Income,” by Larry Swedroe, ETF.com, June 27, 2016. “Swedroe: Why Chasing Yield Fails,” by Larry Swedroe, ETF.com, Dec. 26, 2018. “Swedroe: High-Yield Rewards Underwhelming,” by Larry Swedroe, ETF.com, Dec. 30, 2015. Retirement Planning “Sequence Risk Is a Big Threat to Retirees,” by Larry Swedroe, evidenceinvestor.com, Oct. 18, 2019. “8 Retirement Planning Mistakes to Avoid,” by Larry Swedroe and Kevin Grogan, nextavenue.org, Jan. 8, 2019. “Safe Withdrawal Rate: Is 3 Percent the new 4 Percent?” by Larry Swedroe, cbsnews.com, Oct. 4, 2013. “Do you Choose a Declining or Rising Equity Strategy in Retirement?” by Larry Swedroe, buckinghamadvisor.com, July 22, 2016. ESG Investing “Swedroe: ESG Strategy Performance,” by Larry Swedroe, ETF.com, April 10, 2019. “The Risk and Return Implications of ESG,” by Larry Swedroe, buckinghamadvisor.com, May 29, 2018. “How ESG Makes Companies Better,” by Larry Swedroe, advisorperspectives.com, June 16, 2020. “Determining the Nature of ESG Returns,” by Larry Swedroe, thebamalliance.com, Sept. 6, 2018. | |||
| 10 Dec 2024 | Brad Klontz: What's Your Money Script? | 00:51:06 | |
Our guest on the podcast today is author and financial psychologist, Dr. Brad Klontz. He’s an Associate Professor of Practice at Creighton University’s Heider College of Business. He’s also co-founder of the Financial Psychology Institute and managing principal of Your Mental Wealth Advisors, a fee-only registered investment advisory. Brad is co-author or co-editor of nine books on the psychology of money, including his latest, Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, which he co-wrote with Adrian Brambila. He is a fellow of the American Psychological Association and a former President of the Hawaii Psychological Association. He was appointed to the CNBC Financial Advisor Council in 2023 and received the 2018 and 2021 Montgomery-Warschauer Awards from the Journal of Financial Planning, honoring the most outstanding contribution to the betterment of the financial planning profession. He received his Doctor of Psychology degree from Wright State University, his master’s certificate in personal financial planning from Kansas State University, his master’s in counseling and human resources development from South Dakota State University, and his bachelor’s degree in psychology from Olivet Nazarene University. Brad is also a Certified Financial Planner professional. Background Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, by Dr. Brad Klontz and Adrian Brambila Money Scripts “Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory,” by Bradley Klontz, Sonya Britt-Lutter, Jennifer Mentzer, and Ted Klontz, Journal of Financial Therapy, April 2011. “Identify and Understand Clients’ Money Scripts: A Framework for Using the KMSI-R,” by Michelle Arpin Begina, Jessica Hickingbottom, Elaine Grogan Luttrull, Megan McCoy, and Bradley Klontz, Journal of Financial Planning, March 2018. Behavioral Finance “Untangling Behavioral Finance and the Psychology of Financial Planning,” by Brad Klontz, Journal of Financial Planning, January 2023. “Integrating Interpersonal Neurobiology Into Financial Planning: Practical Applications to Facilitate Well-Being,” by Brad Klontz, Journal of Financial Planning, May 2020. | |||
| 02 Jun 2021 | Alan Moore: What Millennial Investors Want | 00:55:45 | |
Our guest on the podcast today is Alan Moore. With Michael Kitces, Alan cofounded XY Planning Network, a support network for advisors looking to serve younger clients. He is also the CEO of AdvicePay, which is a compliant payment processor for financial advisors. Alan has been recognized by InvestmentNews as a top "40 Under 40" in financial planning, by Wealth Management as one of a "The 10 to Watch in 2015," and was the first recipient of the NAPFA Young Professional award in 2015. He is a certified financial planner, and he is also the host of XYPN Radio podcast.
Background Serving Millennial Clients “Forget About Retirement Planning for Millennials,” by Alan Moore, Money.com, Feb. 10, 2015. “Why Do We Work With Younger Clients?” by Alan Moore, xyplanningnetwork.com, Oct. 16, 2017. “When Subscription Fees Work,” by Christopher Robbins, fa-mag.com, September 2019. “How Advisors Can Attract and Profitably Serve Millennial Clients,” by Alan Moore, xyplanningnetwork.com, Aug. 29, 2019. “9 Keys to Building a Practice Focused on Next-Gen Investors,” schwab.com. “The Boomer-Millennial War in Planning Is Real,” by Eric Rasmussen, fa-mag.com, March 17, 2020. The Future of Advice “How to Create a Business That Supports Your Great Life,” by Alan Moore, linkedin.com, July 13, 2015. “Don’t Be Afraid to Grow Your Firm,” by Alan Moore, xyplanningnetwork.com, Sept. 3, 2018. “Niche Advisors Grow Faster,” by Samuel Steinberger, wealthmanagement.com, Sept. 10, 2019. “Why a Niche Model Helps Advisers,” Morningstar.com, Sept. 23, 2020. “Have You Found Your Niche?” by Greg Dalgetty, investmentexecutive.com, Sept. 16, 2020. “7 Takeaways on the Future of Advice: Morningstar Panel,” by Ginger Szala, thinkadvisor.com, Sept. 17, 2020. “Financial Advisors Are Becoming More Digital, Specialized--and Affordable,” by Evie Liu, barrons.com, Sept. 17, 2020. Fiduciary Standards “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. | |||
| 31 Dec 2024 | Best of The Long View 2024: Financial Planning and Retirement | 00:42:22 | |
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. It’s a counterpart to a previously released “best of” episode that was all about investing. “Daniel Crosby: Can Money Really Buy Happiness?” The Long View podcast, Morningstar.com, Dec. 17, 2024. “Scott Rick: Are You a Tightwad or a Spendthrift?” The Long View podcast, Morningstar.com, June 18, 2024. “Anne Lester: You’re Bad at Savings and It’s Not Your Fault,” The Long View podcast, Morningstar.com, March 12, 2024. “Mark Berg: How to Help Kids Financially Without Ruining Them,” The Long View podcast, Morningstar.com, Nov. 19, 2024. “Marc Freedman: The Case for Encore Careers,” The Long View podcast, Morningstar.com, Feb. 20, 2024. “Howard Gleckman: We Pretend This Isn’t a Problem,” The Long View podcast, Morningstar.com, Jan. 16, 2024. “Roger Young: Visualizing Retirement Is So Important,” The Long View podcast, Morningstar.com, Feb. 13, 2024. “Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’” The Long View podcast, Morningstar.com, May 28, 2024. “Jackie Cummings Koski: Late Starters Can Still Find FIRE,” The Long View podcast, Morningstar.com, Aug. 20, 2024. “Meir Statman: ‘The Biggest Risks in Life Are Not in the Stock Market,’” The Long View podcast, Morningstar.com. “Christine Benz: How to Retire,” The Long View podcast, Morningstar.com, Sept. 17, 2024. “Brad Klontz: What’s Your Money Script?” The Long View podcast, Morningstar.com, Dec. 10, 2024. “Anne Tergesen: What Retirement Looks Like Today,” The Long View podcast, Morningstar.com, Oct. 29, 2024. “Jonathan Clements: ‘Life Is Full of Small Pleasures,’” The Long View podcast, Morningstar.com, Oct. 15, 2024. | |||
| 15 Nov 2022 | Feraud Calixte: ‘Your Self-Worth Is Not Your Net Worth’ | 00:52:09 | |
Our guest on the podcast today is Feraud Calixte. Feraud is the founder and lead financial planner of Vantage Pointe Planning, which is a fee-only financial planning firm based in Burlington, North Carolina. He started Vantage Pointe in order to serve clients who weren’t being served by the traditional models for financial advice, especially those who don’t meet an asset minimum and business owners with a lot of their net worth tied up in their firms. Before starting Vantage Pointe, Feraud worked as an advisor for several large wealth management firms. He currently serves as a national board member for the National Association of Personal Financial Advisors, and he also frequently teaches financial literacy courses. Investment News named Feraud to its 40 under 40 list of financial advisors under the age of 40. He earned his undergraduate degree from New York University and his law degree from Southern University Law Center. He is also a CFP certificant. Background Investment News 40 Under 40: Feraud Calixte “Business Spotlight #5—Feraud Calixte,” City of Burlington, Economic Development Department, burlingtonnc.gov.com, Jan. 6, 2022. Financial Education and Advice National Organization for the Professional Advancement of Black Chemists and Chemical Engineers (NOBCChE) “Financial Education to Stoke Wealth Creation for Diverse Groups,” by Bloomberg, investmentnews.com, Sept. 18, 2018. “Blue Ocean: The Future Is Bright for Financial Planners,” by Feraud Calixte, feraudcalixte.substack.com, Nov. 12, 2021. Current Environment “Bonds vs. Bond Funds: What’s the Difference?” by Kent Thune, thebalancemoney.com, April 26, 2022. “Should You Invest in Individual Bonds or Bond Funds Today?” by Christine Benz and Susan Dziubinski, Morningstar.com, April 20, 2022. Other | |||
| 21 Mar 2023 | Brad Barrett: ‘Start With a Small Win’ | 00:56:31 | |
Our guest on the podcast today is Brad Barrett. Brad is the co-founder of ChooseFI, which is a website focused on achieving financial independence. With Jonathan Mendonsa, Brad is co-host of a popular podcast also called ChooseFI. Brad received his bachelor’s degree in accounting from the University of Richmond and became a CPA. He practiced public accounting for years and eventually achieved financial independence by age 35. Brad is passionate about all aspects of personal finance, but especially the topic of scoring good deals on travel, which is a topic we discussed in depth on the podcast. Background Resources and Inspiration Smart Couples Finish Rich, by David Bach “The Shockingly Simple Math Behind Early Retirement,” Mr. Money Mustache blog, mrmoneymustache.com, Jan. 13, 2012. The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by JL Collins Financial Independence and Real Estate Karsten Jeske: Early Retirement Now “Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020. Paula Pant: Afford Anything “Paula Pant: A Different Path to Financial Independence,” The Long View podcast, Morningstar.com, Jan. 18, 2022. Nick Maggiulli: Of Dollars and Data “Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View podcast, Morningstar.com, April 12, 2022. “What to Do With $2.5 Million & Real Estate Update | Scott Trench | Ep 426,” ChooseFI podcast, choosefi.com, Feb. 26, 2023. Travel Hacks “The Ultimate Guide to Credit Card Travel Rewards | Part 1,” by Jonathan Mendonsa, choosefi.com, April 3, 2022. | |||
| 11 Jun 2024 | Andrew Blake: Broker/Dealer Consolidation and Fee Compression Have Been Much Bigger Headwinds for Advisors Than Market Volatility | 00:49:36 | |
Our guest on the podcast today is Andrew Blake. Andrew is associate director of wealth management for Cerulli Associates. He is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types. Prior to joining Cerulli, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has a BBA in marketing as well as management and strategic leadership from Ohio University. Background The Cerulli Report: US Intermediary Distribution 2023 The Cerulli Report: US Advisor Metrics 2023 Research US Broker/Dealer Marketplace 2023 US High-Net-Worth and Ultra-High-Net-Worth Markets 2023 State of US Wealth Management Technology 2024 Advisors “More Advisors Are Making the Move to RIA, Independent Models,” by Josh Welsh, investmentnews.com, Oct. 31, 2023. “The Role of the Retail-Direct Channel in a Growing Financial Planning Profession,” cfp.net, March 28, 2023. “Financial Adviser Shortage Looms, Cerulli Reports,” by Natalie Lin, planadviser.com, Jan. 16, 2024. “Asset Managers Embrace a Technology Arms Race,” cerulli.com, Oct. 27, 2022. “As Retirement Exodus Looms, Rookie Advisor Failure Rate at 72%, Study Finds,” by Ayo Mseka, insurancenewsnet.com, Feb. 12, 2024. Other “Peter Mallouk: The Financial Advice Industry Is ‘Still Very Messy,’” The Long View podcast, Morningstar.com, March 26, 2024. | |||
| 29 Jan 2020 | Will Danoff: Succeeding at Scale | 01:01:15 | |
Our guest this week is Will Danoff. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. During his nearly three-decade tenure at Contrafund, Will has trounced the market indexes and, even more remarkably, managed to maintain the fund's performance at scale. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. We're thrilled to have him as our guest. Background Inspirations “Letters”, Fidelity Investments TV commercial Meetings with Management Idea Generation Salesforce Dreamforce conference Circle of Competence Michael O’Leary, Michael Cawley bios Portfolio Construction Investing in Private Firms Securities and Exchange Commission’s “Investment Company Liquidity Risk Management Program” | |||
| 18 Jan 2022 | Paula Pant: A Different Path to Financial Independence | 00:48:47 | |
Our guest on the podcast today is Paula Pant, host of the popular Afford Anything podcast. She is also the founder of affordanything.com, a personal finance website. Paula is a frequent public speaker and is a leading voice in the “Financial Independence, Retire Early” movement, better known as FIRE. She is a graduate of the Honors Program at the University of Colorado at Boulder. Background FIRE “Why the FIRE Movement Is Misunderstood,” by Paula Pant, affordanything.com, Oct. 17, 2018. The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas Stanley and William Danko “Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020. “The Great Resignation: Why More Americans Are Quitting Their Jobs Than Ever Before,” by Bill Whitaker, cbsnews.com, Jan. 9, 2022. “Ask Paula: FIRE Vs. FOMO—How Do You Balance Between These?” Afford Anything podcast, affordanything.com, Jan. 11, 2022. “The FIRE Take on Wall St. Bets, GameStop, and Meme Stonks,” by Paula Pant, affordanything.com, Jan. 29, 2021. Mindful Spending “Your Money Should Make Buckets of Excess Money,” by Paula Pant, affordanything.com, Feb. 25, 2011. “Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021. Advice and Investing “Income Producing Properties With Paula Pant of Afford Anything,” Martinis and Your Money podcast, martinisandyourmoney.com, Sept. 10, 2021. “Ask Paula: How to Make Smarter Real Estate Decisions,” Afford Anything podcast, affordanything.com, Oct. 4, 2021. “Why Index Funds Are a Good Investment--With Paula Pant,” Marriage, Kids, and Money podcast, marriagekidsandmoney.com, Oct. 5, 2020. | |||
| 08 Apr 2020 | Dan Fuss: It's Too Early to Relax | 00:44:10 | |
Our guest this week is Dan Fuss. Dan is vice chairman of Loomis Sayles board of directors and is the longtime manager of the firm’s flagship Loomis Sayles Bond Fund LSBDX as well as a number of other strategies. Dan is one of the most experienced bond managers in the industry today; he recently entered his seventh decade in the investment business. He’s also one of the most accomplished bond managers around, racking up an excellent long-term record over his career. In recognition of this, Morningstar named Dan the Outstanding Portfolio Manager at last year’s Morningstar Awards for Investing Excellence. Dan has twice served as president of the CFA Institute’s Boston chapter. He earned a bachelor’s and MBA from Marquette University and served in the United States Navy from 1955 to 1958. Background and Research Current Market/Investment Outlook | |||
| 24 May 2019 | Tim Buckley: There’s No One Even Close to Us | 00:21:49 | |
Our guest in this special bonus episode of The Long View podcast is Tim Buckley, chairman and CEO of the Vanguard Group, which manages over $5 trillion in assets globally. Tim took the helm at Vanguard in January 2018, succeeding Bill McNabb. Tim is a longtime Vanguard veteran, having joined the firm in 1991. Before assuming his current role, he served as Vanguard’s chief investment officer, head of its retail investor group, as well as its chief information officer. Show Notes | |||
| 27 Jul 2021 | Carl Richards: It Should Be OK to Relax Out Loud | 00:53:40 | |
Our guest on the podcast this week is Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new venture is called The Society of Advice, which he describes as a global gathering of real financial advisors. Carl created the Sketch Guy column in The New York Times. And he is also author of two books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money. In addition, he hosts the Behavior Gap Radio podcast and also cohosts a podcast with financial planning guru Michael Kitces, called Kitces & Carl.
Background “Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’,” The Long View podcast, Morningstar.com, May 13, 2020. The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money by Carl Richards The One-Page Financial Plan: A Simple Way to Be Smart About Your Money by Carl Richards How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, edited by Joshua Brown and Brian Portnoy and illustrated by Carl Richards. Real Financial Planning “Learning to Deal With the Imposter Syndrome,” by Carl Richards, behaviorgap.com, Oct. 26, 2015. “Jason Zweig: Temperament Is Everything for Most Investors,” The Long View Podcast, Morningstar.com, June 29, 2021. “Should You Buy Bitcoin? Ask a Different Question First,” by Carl Richards, nytimes.com, Jan. 5, 2018. “The Single Most Valuable Asset Is Trust,” by Carl Richards, behaviorgap.com. “The Value of an Advisor,” by Carl Richards, behaviorgap.com. Financial Planning Process Start With Why: How Great Leaders Inspire Everyone to Take Action, by Simon Sinek. “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. | |||
| 01 Oct 2024 | Jack Nelson: ‘Investing in Emerging Markets Should Primarily Be About Analyzing Individual Businesses’ | 00:51:28 | |
Our guest this week is Jack Nelson. Jack is lead manager of the Stewart Investors’ Global Emerging Markets Leaders Sustainability strategy, which is highly regarded by Morningstar’s manager research team. Jack joined Stewart in Edinburgh, Scotland, in 2011 after obtaining an MA from Oxford. Background Emerging Markets “Global Emerging Markets Sustainability Strategies Update,” Q&A With Jack Nelson, stewartinvestors.com, April 2023. “Finding Resilient Businesses in Emerging Markets Is Key to Long-Term Success,” by Jack Nelson, trustnet.com, Dec. 15, 2022. “Stewart Investors’ Global Emerging Markets Sustainability Strategy Marks 15-Year Anniversary With Benchmark-Beating Returns,” prnewswire.com, May 7, 2024. “Go Beyond the Data to Find Quality Sustainable Investments in Emerging Markets,” by Jack Nelson, investordaily.com, July 16, 2024. “Stewart Investors Launches EMs ex-China Sustainability Fund,” by Natalie Kenway, portfolio-adviser.com, July 11. 2024. Artificial Intelligence “Am I Invested in AI?” stewartinvestors.com, Aug. 4, 2024. “A + I Equals More Than NVDA,” stewartinvestors.com, March 27, 2024. Other The Rise and Fall of American Growth: The US Standard of Living Since the Civil War, by Robert Gordon “Unilever’s India Unit to Rebrand ‘Fair & Lovely’ to ‘Grow & Lovely,’” reuters.com, July 2, 2020. | |||
| 18 Mar 2020 | Chuck Bath: The Evolution of a Value Investor | 00:45:51 | |
Editor's Note: The following interview with Chuck Bath, comanager of Diamond Hill Large Cap, was recorded on March 4, 2020. As such, it doesn't incorporate recent market volatility, and the manager's views and positions may have changed since the recording. Our guest on the podcast is Chuck Bath, a portfolio manager who has logged a tremendous record over nearly 40 years. Since 2002, Bath has been manager of Diamond Hill Large Cap, a $6 billion fund that earns a Morningstar Analyst Rating of Gold. He is assistant portfolio manager for Bronze-rated Diamond Hill Long-Short. Prior to joining Diamond Hill, he steered Nationwide Fund to outstanding returns during 17 years at the helm. An accountant by training, Bath uses a patient value-oriented approach, seeking out companies with above-average returns on capital that are trading below his estimates of intrinsic value. Background Diamond Hill Large Cap DHLAX Diamond Hill Long-Short DIAMX "Diamond Hill: Accounting for Taste," by Lawrence Strauss, Barron's, Dec. 12, 2015. Strategy and Portfolio "Permanent Change Versus Long-Term Fundamentals," by Chuck Bath, March 10, 2020. Diamond Hill Intrinsic Value Estimator Security Analysis, by Benjamin Graham and David Dodd. Warren Buffett on Durable Competitive Advantage, April 21, 2018. "Valuing U.S. Equities: A Historical Perspective," by Chuck Bath, Austin Hawley, and Nate Palmer, as presented at the CFA Institute Financial Analysts Seminar in Chicago, Sept. 26, 2014. International Business Machines "State AGs, Justice Department Discuss Google Antitrust Probe," by Diane Bartz, Reuters, Feb. 4, 2020. "The Charles Schwab-TD Ameritrade Merger Shocked Wall Street. Why It Had to Happen," by Lisa Beilfuss and Daren Fonda, Barron's, Dec. 16, 2019.
"Diamond Hill Announces Addition of Austin Hawley as Co-Portfolio Manager on Large-Cap Strategy," Dec. 18, 2017. "Channeling His Inner Buffett," by Marla Brill, Financial Advisor, Dec. 2, 2019. | |||
| 07 Sep 2021 | Meb Faber: 'To Be a Good Investor, You Have to Be a Good Loser' | 01:05:20 | |
Our guest this week is Meb Faber. He is co-founder and chief investment officer of Cambria Investment Management, which manages exchange-traded funds and separate accounts. In addition to his duties at Cambria, Faber is a prolific author who has written influential books on tactical allocation and endowment-styled investing, among other published works. He also hosts the popular Meb Faber Show podcast, is an active participant in financial Twitter, and is the architect of The Idea Farm, a web-based research resource he developed for investors. Faber is an experienced angel investor in small, private businesses as well as an investor in alternative assets like farmland and rare coins. He graduated from the University of Virginia with a dual major in engineering science and biology. Background Current Environment and Market Valuations Triumph of the Optimists, by Elroy Dimson "The Best way to Add Yield to Your Portfolio," by Meb Faber, mebfaber.com, July 6, 2017. "Should a Robot Be Managing CalPERS Portfolio?" by Meb Faber, mebfaber.com, June 8, 2015. "Should Harvard’s Endowment Be Managed by a Robot?" by Meb Faber, mebfaber.com, Sept. 29, 2016. "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. Galapagos: A Novel, by Kurt Vonnegut Trend-Following "A Quantitative Approach to Tactical Asset Allocation," by Meb Faber, papers.ssrn.com, Feb. 1, 2013. "How Does a Market Get Cheap? The P in P/E," by Meb Faber, mebfaber.com, April 4, 2016. "OPTO Sessions: Meb Faber on Spotting Market Bubbles," cmcmarkets.com, Aug. 28, 2020. "The Biggest Valuation Spread in 40 Years?" by Meb Faber, mebfaber.com, Jan. 25, 2019. "The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020. "Is Buying Stock at an All-Time High a Good Idea?" by Meb Faber, mebfaber.com, Nov. 4, 2019. "You Would’ve Missed 961% in Gains Using The CAPE Ratio, and That’s a Good Thing," by Meb Faber, mebfaber.com, Jan. 6, 2019. Global Asset Allocation, by Meb Faber "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) The Coffee Can Portfolio," by James Kirby, csinvesting.org, Fall 1984. Favorite Interviews "Episode #39: Ed Thorp, Hedge Fund Manager, Author, & Professor, ‘If You Bet Too Much, You’ll Almost Certainly Be Ruined,’" The Meb Faber Show, mebfaber.com, Feb. 8, 2017. "Episode #343: Dr. Nathan Myhrvold, Intellectual Ventures, ‘Pizza in the United States Is What Convinced the World That Pizza Was a Great Thing,’" The Meb Faber Show, mebfaber.com, Aug. 25, 2021. | |||
| 10 Feb 2021 | NYT's Ron Lieber on What and How to Pay for College | 00:45:23 | |
Our guest on the podcast today is The New York Times financial columnist and author Ron Lieber. His latest book is called The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make. He is also the author of The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money and coauthor of Taking Time Off: Inspiring Stories of Students Who Enjoyed Successful Breaks From College and How You Can Plan Your Own. Ron has been the "Your Money" columnist for The New York Times since 2008. Before coming to The Times, he wrote the "Green Thumb" personal finance column for The Wall Street Journal and was part of the startup team at the paper's “Personal Journal” section. He attended Amherst College. Background College in the Pandemic “Remote Learning Is Unequal. Coronavirus Changed That--For Now,” by Jonathan Zimmerman, thephiladelphiainquirer.com, April 8, 2020. “Spelman College Faces a Redefined Reality,” by Mary Schmidt Campbell, nytimes.com, April 23, 2020. “Colleges Won’t Refund Tuition. Autumn May Force a Reckoning,” by Ron Lieber, nytimes.com, May 1, 2020. “Back to School: How the Coronavirus Could Shape the Future of Higher Education,” by Karen Wallace, Morningstar.com, Nov. 9, 2020. “Will College Tuition Go Down Because of the Pandemic?” by Norman Vanamee, townandcountrymag.com, Feb. 4, 2021. School Choice and Cost Where You Go Is Not Who You’ll Be: An Antidote to the College Admission’s Mania, by Frank Bruni, March 8, 2016. “The Price You Pay for College, 21 Important Questions to Ask,” by Ron Lieber, grownandflown.com, Jan. 23, 2021. “College Costs Are Less Terrifying Than You Think,” by Ron Lieber, nytimes.com, Jan. 28, 2021. “How to Pay for College (and Not Lose Your Shirt),” by Ron Lieber, nytimes.com, Jan, 26, 2021. “How Taking a Gap Year Can Shape Your Life,” by Ron Lieber, nytimes.com, Oct. 19, 2016. Financial Aid and Merit Aid “How to Predict Merit Aid in a Strange College Application Season,” by Ron Lieber, nytimes.com, Sept. 25, 2020. “How to Ask a College for More Financial Aid,” by Ron Lieber, nytimes.com, April 25, 2020. “What a $300,000 College Might Cost a $200,000 Family,” by Ron Lieber, nytimes.com, Oct. 3, 2020. “High School Grades Could Be Worth $100,000. Time to Tell Your Child?” by Ron Lieber, nytimes.com, Jan. 23, 2021. “FAFSA’s Expected Family Contribution Is Going Away. Good Riddance,” by Ron Lieber, nytimes.com, Jan. 4, 2021. “Inside College Merit Aid—and the Manipulative, Lucrative System That Keeps it Running,” by Ron Lieber, nbcnews.com, Feb. 4, 2021. Loans “Parent PLUS Loans: What You Need to Know,” by Kimberly Rotter and Bob Musinski, usnews.com, Feb. 7, 2020. “For Millions Deep in Student Loan Debt, Bankruptcy Is No Easy Fix,” by Ron Lieber and Tara Siegel Bernard, nytimes.com, Nov. 18, 2020. “An Invisible Cost of College: Parental Guilt,” by Ron Lieber, nytimes.com, Feb. 3, 2021. “Here’s a Guide to How Grandparents Can Help Pay for College,” by Ron Lieber, marketwatch.com, Feb. 2, 2021. | |||
| 10 Aug 2021 | Sarah Newcomb: 'I Love Rules of Thumb' | 00:59:30 | |
Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her research into Morningstar financial management applications and tools. Before joining Morningstar in 2015, Sarah earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She's the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind. Sarah also holds a bachelor’s degree in mathematics from Salem State University, a master's degree in financial economics from the University of Maine, and a master’s certification in personal financial planning from Bentley University. Background Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind, by Sarah Newcomb Financial Education “Smart Shortcuts for the Good-Enough Investor,” by Sarah Newcomb, Morningstar.com, Sept. 3, 2019. “Can a Rule of Thumb Be a Shortcut to Financial Well-Being?” by Samantha Lamas, Morningstar.com, Jan. 25, 2021. “Keeping it Simple: Financial Literacy and Rules of Thumb,” by Greg Fischer, Alejandro Drexler, and Antoinette Schoar, findevgateway.org, July 1, 2010. “Making the Science Practical: Behavioral Interventions in Practice,” by Sarah Newcomb and Benjamin Cummings, researchgate.net, January 2019. “A Simple Plan for Financial Independence,” by Sarah Newcomb, Morningstar.com, Oct. 15, 2019. “The Complicated Art of Making Things Simple,” by Sarah Newcomb and Samantha Lamas, fa-mag.com, May/June 2017. “Sarah Newcomb: Understanding a Client’s Money Mindset in Order to Maximize Their Well-Being,” The Human Side of Money podcast with Brendan Frazier, audible.com, March 17, 2021. “Encouraging Action Through Design and Testing,” by Sarah Newcomb, slideshare.net, April 29, 2015. “Don’t Give Up on Financial Literacy Efforts,” investmentnews.com, Feb. 8, 2020. “Money Doesn’t Buy Happiness, but Power Might,” by Sarah Newcomb, medium.com, Jan. 13, 2017. “Coaching Clients to Teach Their Kids About Investing,” by Sarah Newcomb, investmentnews.com, Jan. 21, 2020. “How to Start Teaching Your Kids About Money,” by Sarah Newcomb and Samantha Lamas, Morningstar.com, Aug. 4, 2018. “What Is Mad Money?” by Keonhee Kim, Morningstar.com, April 6, 2021. “John Lynch: Rethinking Financial Education,” The Long View Podcast, Morningstar.com, Dec. 11, 2019. “Overcoming Clients’ Behavioral Biases Using Nudges, Smart Heuristics, and Behavioral Coaching,” by Michael Kitces, kitces.com, March 24, 2021. “Separating ‘Needs’ From ‘Wants’ Could Be Harming Your Financial Planning,” by Bill Keen, keenwealthadvisors.com, June 2, 2021. Financial Wellness and Tools “5 Financial Signs to Check Your Financial Independence,” by Sarah Newcomb, Morningstar.com, Jan. 16, 2020. “What Makes People Happy?” by Carla Fried, nny360.com, April 15, 2021. “Neighbors of Lottery Winners Are More Likely to Go Bankrupt,” by Leslie Albrecht, marketwatch.com, Oct. 21, 2018. “An Innovative Way to Face Retirement,” by Emily Brandon, money.usnews.com, Jan. 14, 2103. “Is Instagram Making You Poor?” by Sarah Newcomb, psychologytoday.com, Oct. 18, 2018. “How Stories Drive Financial Behavior--and What to Do About It,” by Sarah Newcomb, Morningstar.com, Sept. 14, 2020. Pandemic “Year in Review: Pandemic Edition,” by Sarah Newcomb, investmentnews.com, Dec. 3, 2020. “Sick of Uncertainty? Read This,” by Sarah Newcomb, morningstar.com, Nov. 3, 2020. “It’s the End of the World as We Know It,” by Sarah Newcomb, investmentnews.com, Oct. 8, 2020. Behavioral Finance | |||
| 23 Dec 2020 | Best of the Long View 2020: Financial Planning and Retirement | 00:36:44 | |
On this week’s episode we’ll feature some of our favorite clips from interviews we’ve done on the topics of financial planning and retirement research. Here are the complete episodes that are referenced in this week’s episode. Michelle Singletary: ‘You Need Diversity’ Kerry Hannon: Remote Work Trend Benefits Older Workers Wade Pfau: The 4% Rule Is No Longer Safe Jonathan Guyton: What the Crisis Means for Retirement Planning Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Mary Beth Franklin: To Fix Social Security, 'Everybody Is Going to Have to Be Unhappy’ Tim Maurer: ‘Personal Finance Is More Personal Than It Is Finance’ Lazetta Rainey Braxton: ‘Financial Planning for ‘the Rest of Us’ Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’ Ramit Sethi: ‘What Is Your Rich Life?’ Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind | |||
| 12 Mar 2024 | Anne Lester: You’re Bad at Savings and It’s Not Your Fault | 00:58:03 | |
Our guest on the podcast today is Anne Lester. She’s author of a new book called Your Best Financial Life: Save Smart Now for the Future You Want. Before writing the book, Anne spent 20 years as head of retirement solutions for J.P. Morgan. With AARP, she co-founded The Aspen Leadership Forum on Retirement Savings. In 2020, Anne was recognized for her extraordinary lifetime contributions to Americans’ economic security with the Ray Lillywhite Award. She earned a master’s in international economics and Japan studies from Johns Hopkins University and a B.A. from Princeton. She was also awarded a Fulbright Graduate Research Fellowship. Background Your Best Financial Life: Save Smart Now for the Future You Want, by Anne Lester Millennials, Money, and Investing “Don’t Make These 6 Money Mistakes in Your 30s, Says Former JPMorgan Retirement Expert,” by Anne Lester, cnbc.com, Jan. 4, 2022. “Fake Rich? Affluent Millennials Are More Likely to Exaggerate to Appear Wealthy. Here’s What Experts Say They Should Do Instead,” by Lorie Konish, cnbc.com, Jan. 25, 2024. “A Spender’s Guide to Surviving Financial Mistakes With Anne Lester,” Earn & Invest podcast, earnandinvest.com. “The Worst Money Advice on the Internet,” by Stephanie Hallett, businessinsider.com, June 2, 2022. “Setting Aside $20 a Day Could Help You Save $1 Million for Retirement —If You Start Early,” by Cheyenne DeVon, cnbc.com, Jan. 5, 2024. Target-Date Funds and Retirement Savings System “Retirement Experts Identify Possible Fixes to the Retirement Savings Gap,” by Paul Mulholland, planadviser.com, Oct. 3, 2022. “Quit Your Job? Here’s What to Do With Your 401(k),” by Jeanne Sahadi, cnn.com, Jan. 6, 2022. “Ladies, How Much Is Really Enough for Retirement?” hermoney.com, June 23, 2022. Other “Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020. | |||
| 01 Feb 2022 | Andrew Lo: Finding the Perfect Portfolio--a 'Never-Ending Journey' | 00:49:39 | |
Our guest this week is Dr. Andrew Lo. Dr. Lo is the Charles E. & Susan T. Harris Professor, a professor of finance, and the director of the Laboratory for Financial Engineering at the MIT Sloan School of Management. His current research spans five areas, including evolutionary models of investor behavior and adaptive markets, systemic risk, and financial regulation, among others. Dr. Lo has published extensively in academic journals and authored a number of books including In Pursuit of the Perfect Portfolio, which he cowrote with Stephen Foerster. He has received numerous awards for his work and contributions to modern finance research throughout his career. He holds a bachelor's in economics from Yale University and an AM and Ph.D. in economics from Harvard University. Background In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest, by Andrew W. Lo and Stephen R. Foerster Adaptive Markets: Financial Evolution at the Speed of Thought, by Andrew W. Lo History “Thirty Maidens of Geneva,” the Tontine Coffee-House, thetch.blog.com, Aug. 5, 2019. “Why 18th Century Swiss Bankers Bet on the Lives of Young Girls,” by Stephen Foerster, sfoerster-5338.medium.com, Sept. 2, 2021. Harry Markowitz William F. Sharpe Capital Asset Pricing Model (CAPM) “Keynes the Stock Market Investor: A Quantitative Analysis,” by David Chambers, Elroy Dimson, and Justin Foo, papers.ssrn.com, Sept. 26, 2013. Eugene F. Fama What Is the Efficient Market Hypothesis? “Algorithmic Models of Investor Behavior,” by Andrew Lo and Alexander Remorov, eqderivatives.com, 2021. “In Pursuit of the Perfect Portfolio: Eugene Fama,” Interview with Andrew Lo and Eugene Fama, youtube.com, Dec. 15, 2016. “Why Artificial Intelligence May Not Be as Useful or as Challenging as Artificial Stupidity,” by Andrew Lo, hdsr.mitpress.mit.edu, July 1, 2019. John C. Bogle 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. | |||
| 12 Jul 2022 | Justin Fitzpatrick: 'Retirees Have a Superpower' | 00:45:58 | |
Our guest on the podcast today is Justin Fitzpatrick. Justin is the co-founder and chief innovation officer at Income Lab, which provides retirement planning software. Before co-founding Income Lab, Justin spent over 15 years in financial services, leading teams in advanced financial planning and portfolio strategy and managing the development of financial technology tools. Prior to his work in financial services, Justin spent seven years in academia. He has taught at the Massachusetts Institute of Technology; Harvard University; Queen Mary, University of London; and the University of California, Los Angeles. Justin is a Chartered Financial Analyst charterholder and a Certified Financial Planner professional. Background Sequence Risk and Spending Rules “Will Higher Inflation Harm Retirees?” by Justin Fitzpatrick, advisorperspectives.com, Feb. 14, 2022. “How the 4% Rule Undermines Advisors and Clients,” by Johnny Poulsen, advisorperspectives.com, Oct. 25, 2021. “Rethinking Risk in Retirement Planning,” by Justin Fitzpatrick, thinkadvisor.com, Oct. 1, 2021. “Retirement Withdrawal Rates Alone Are Misleading. Here’s Why,” by Justin Fitzpatrick, financial-planning.com, Jan. 21, 2022. “Reducing Retirement ‘Outrage’ Risk With Adjustment-Based Planning and Communication,” by Justin Fitzpatrick, kitces.com, May 19, 2021. “How to Use Economic Context in Retirement Income Decision-Making,” by Justin Fitzpatrick, kitces.com, June 1, 2022. “Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.com, May 2014. “The Retirement Distribution ‘Hatchet’: Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021. “The Transformative Value of Retirement Planning as an Ongoing Service,” by Justin Fitzpatrick, incomelaboratory.com, 2020. “The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com. “A Dynamic Approach to Decumulation Planning,” Fintech Impact podcast with Jason Pereira, incomelaboratory.com, July 6, 2022.
Portfolio Construction, Housing, and Annuities “’Next-Gen’ Retirement Planning Tool for Advisors Launched by Income Lab,” by Brian Anderson, thewealthadvisor.com, June 29, 2022. “The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021. Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement, by Wade Pfau “David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022. | |||
| 18 Jun 2024 | Scott Rick: Are You a Tightwad or a Spendthrift? | 00:53:33 | |
Our guest on the podcast today is Scott Rick. Scott is an associate professor of marketing at the University of Michigan’s Ross School of Business. He is the author of a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships. He received his Ph.D. in behavioral decision research from Carnegie Mellon in 2007, and he then spent two years as a postdoctoral fellow at Wharton. His research focuses on understanding the emotional causes and consequences of consumer financial decision-making, with a particular interest in the behavior of tightwads and spendthrifts. Background Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, by Scott Rick Couples, Spendthrifts, and Tightwads “A Penny Saved Is a Partner Earned: The Romantic Appeal of Savers,” by Jenny Olson and Scott Rick, papers.ssrn.com, Sept. 1, 2017. “Spendthrifts and Tightwads in Childhood: Feelings About Spending Predict Children’s Financial Decision Making,” by Craig E. Smith, Margaret Echelbarger, Susan A. Gelman, and Scott I. Rick, Journal of Behavioral Decision Making, December 2017. “‘You Spent How Much?’ Toward an Understanding of How Romantic Partners Respond to Each Other’s Financial Decisions,” by Jenny Olson and Scott Rick, sciencedirect.com, 2022. “Common Cents: Bank Account Structure and Couples’ Relationship Dynamics,” by Jenny Olson, Deborah Small, Scott Rick, and Eli Finkel, Journal of Consumer Research, December 2023. “Subjective Knowledge Differences Within Couples Predict Influence Over Shared Financial Decisions,” by Jenny Olson and Scott Rick, journals.uchicago.edu, October 2023. “How Much Do You Need to Know About How Your Spouse Spends Money? Maybe Less Than You Think,” by Scott Rick, theconversation.com, June 10, 2024. Gift-Giving “Why Gift-Giving Makes You Anxious,” by Scott Rick, Time.com, Dec. 19, 2023. “How to Be a Better Gift-Giver to a Partner,” by Scott Rick, psychologytoday.com, Feb. 22, 2024. | |||
| 12 Feb 2020 | Jeff Levine: Cracking the New Retirement Code | 00:56:39 | |
Our guest this week is tax and retirement planning expert, Jeffrey Levine. Jeff is director of advisor education at Kitces.com, home of the popular Nerd's Eye View blog. He's also the CEO and director of financial planning for BluePrint Wealth Alliance. Previously, Jeff served as chief retirement strategist at Ed Slott and Company. He has authored several books including, The Baby Boomer's Guide to Savvy IRA Planning, The Financial Advisor's Guide to Savvy IRA Planning, and The Definitive Guide to Required Minimum Distributions for Baby Boomers. Jeff is a frequent public speaker and media commentator, and he maintains a high profile on social media and on the Nerd's Eye View blog, where he readily shares tax and retirement planning insights. Background Jeffrey Levine on Twitter: @CPAPlanner SECURE Act: Stretch IRA “SECURE Act And Tax Extenders Creates Retirement Planning Opportunities and Challenges,” by Jeffrey Levine, Kitces.com, Dec. 23, 2019. “Navigating the Secure Act: What Retirement Savers Need to Know to Optimize Their 401(k)s and IRAs,” by Reshma Kapadia, Barron’s, Dec. 20, 2019. “New Retirement Law Throws IRA Heirs a Curveball,” by Mark Miller, Morningstar.com, Jan. 21, 2020. “Inheriting a Parent’s IRA or 401(k)? Here’s How the Secure Act Could Create a Disaster,” by Alessandra Malito, MarketWatch, Jan. 9, 2020. “Who Should Consider a Roth Conversion Under the SECURE Act?,” by Liz Weston, MarketWatch, Feb. 1, 2020. “The Stretch IRA Strategy Is Largely Gone. Here Are 5 Alternatives to Consider,” by Cheryl Winokur Munk, Barron’s, Feb. 8, 2020. SECURE Act: RMD Age Change Required minimum distribution definition IRA Required Minimum Distribution Worksheet “How Required Minimum Distribution (RMD) Changes Under The SECURE Act Impact Retirement Accounts,” by Jeffrey Levine, Kitces.com, Jan. 8, 2020. “Why the SECURE Act Makes 2020 the Year of Missed RMDs from IRAs,” by Jamie Hopkins, Forbes.com, Dec. 18, 2019. “Could Later RMDs Lower Your Tax Bill?” by Christine Benz, Morningstar.com, Feb. 3, 2020. “Updated Life Expectancy and Distribution Period Tables Used for Purposes of Determining Minimum Required Distributions,” (proposed rule by the IRS), IRS.gov, Nov. 8, 2019. SECURE Act: Qualified Charitable Distributions “How to Reduce Your Taxes and AGI by Giving to Charity,” by Mark P. Cussen, Investopedia.com, Jan. 16, 2020. “Coordinating QCDs with Post 70 1/2 IRA Contributions Under the SECURE Act,” by Jeffrey Levine, Kitces.com, Jan. 22, 2020. Adjusted gross income definition SECURE Act: Traditional IRA Contributions After 72 “The Kaye Bailey Hutchison Spousal IRA Receives Congressional Agreement,” by Beverly DeVeny, irahelp.com, Aug. 9, 2013. SECURE Act: Open MEPs “Could Multiple-Employer Plans Be a Game Changer for Retirement Security?” by Aron Szapiro, Morningstar.com, Dec. 19, 2019. “Secure Act’s MEP Changes Are a Game Changer for 2020,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Jan. 8, 2020. “The New American Retirement Plan,” by John Rekenthaler, Morningstar.com, Jan. 14, 2020. “Replacing 401(k) Plans: Further Thoughts,” by John Rekenthaler, Morningstar.com, Jan. 21, 2020. SECURE Act: Annuities in Company Retirement Plans "What the SECURE Act Means for Annuities," by Jamie Hopkins, InvestmentNews, Dec. 17, 2019. “Security Act’s 401(k) Annuity Options: The Pros and Cons,” by William H. Byrnes and Robert Bloink, ThinkAdvisor, Jan. 14, 2020. | |||
| 21 May 2024 | Dan Ivascyn: The Outlook for Bonds Amid a Covid ‘Aftershock Global Economy’ | 00:39:41 | |
This is Dan’s second appearance on The Long View, his first taking place back in May 2019, when Christine Benz and I interviewed him for the podcast. Dan is Pimco’s group chief investment officer, a managing director, and a member of the firm’s executive committee and investment committee. He is also lead portfolio manager for the firm’s Income, Credit Hedge Fund, and Mortgage Opportunistic strategies, and a portfolio manager for Total Return strategies. Morningstar named Dan Fixed-Income Manager of the Year for 2013. Dan earned his bachelor’s degree in economics from Occidental College and his MBA in analytic finance at the University of Chicago Booth School of Business. We conducted this interview at Pimco’s headquarters in Newport Beach, California. Background Pimco Income Institutional Fund Pimco Credit Opportunities Bond Institutional Fund Pimco Mortgage Opportunities and Bond Institutional Fund “Dan Ivascyn: Building a Portfolio to Bend but not Break,” The Long View podcast, Morningstar.com, Sept. 11, 2019. Secular Outlook “The Aftershock Economy,” by Dan Ivascyn, Andrew Balls, and Richard Clarida, pimco.com, June 6, 2023. “Income Fund Update: Capitalizing on the Global Opportunities in Fixed Income,” by Dan Ivascyn and Esteban Burbano, pimco.com, May 13, 2024. “What to Expect When You’re Expecting Rate Cuts,” video interview with Dan Ivascyn and Kimberley Stafford, pimco.com, April 25, 2024. “Pimco’s Ivascyn Warns of ‘Too Much Enthusiasm’ on 2024 Rate Cuts,” by Michael Mackenzie, Bloomberg.com, Nov. 15, 2023. “Income Fund Update: Compelling Yields Today, Potential Price Appreciation Tomorrow,” by Dan Ivascyn and Esteban Burbano, pimco.com, Feb. 20, 2024. “Capitalizing on Market Shifts in 2024,” video interview with Dan Ivascyn and Kenneth Chambers, pimco.com, January 2024. “Bonds Look Attractive Compared With Cash, Equities,” by Dan Ivascyn, pimco.com, February 2024. “Yield Matters: A Fresh Look at Core Bonds,” video interview with Dan Ivascyn, Mohit Mittal, and Richard Clarida, pimco.com, May 2024. “What Higher-for-Longer Rates Mean for Investors,” video interview with Dan Ivascyn and Kimberley Stafford, pimco.com, February 2024. “Opportunity in Focus: Private Credit,” video interview with Dan Ivascyn and Kenneth Chambers, pimco.com, January 2024. “Navigating Uncertainty With Alternative Investments,” video interview with Dan Ivascyn and Richard Clarida, pimco.com, December 2023. | |||
| 07 Nov 2023 | Scott Burns: The Case for a Simple Retirement Plan | 00:51:14 | |
Our guest on the podcast today is syndicated personal finance columnist and author Scott Burns. Burns began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Burns has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor’s degrees in humanities and biology from the Massachusetts Institute of Technology. Background The Coming Generational Storm: What You Need to Know About America’s Economic Future, by Laurence J. Kotlikoff and Scott Burns Spend ‘Til the End: Raising Your Living Standard in Today’s Economy and When You Retire, by Laurence J. Kotlikoff and Scott Burns Bonds and Retirement “Do Bonds Have a Future?” by Scott Burns, scottburns.com, May 14, 2022. “Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, The Dallas Morning News, July 20, 2023. “TIPS Ladder Funds Don’t Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023. “Is America Hitting Peak Consumption?” by Scott Burns, scottburns.com, Oct. 12, 2023. “The Pudding Report, 2022,” by Scott Burns, scottburns.com, Jan. 15, 2023. “Examining the Tax Deferral Gift Horse,” by Scott Burns, scottburns.com, April 8, 2023. Investing in Retirement “What’s a Safe Withdrawal Rate Today?” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022. “The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, SSRN, Jan. 15, 2013. “The High Cost of Immortality,” by Scott Burns, scottburns.com, Dec. 18, 2022. “Making a Plan to Retire Now, Not Later,” by Scott Burns, scottburns.com, April 25, 2022. “Is Homeownership Bigger Than It Should Be?” by Scott Burns, scottburns.com, Nov. 14, 2020. “Is Downsizing in Retirement Actually Possible?” by Scott Burns, scottburns.com, Nov. 21, 2020. Other Center for Retirement Research at Boston College | |||
| 15 Feb 2022 | Jill Schlesinger: 'What Are You Going to Do With Your Life?' | 00:53:02 | |
Our guest on the podcast today is Jill Schlesinger. Jill is a business analyst for CBS News and comments on the economy, investing, and personal finance for CBS television and radio programs. She also hosts the popular "Jill on Money" podcast and writes the nationally syndicated "Jill on Money" column for Tribune Media Services. Jill's first book, The Dumb Things Smart People Do With Their Money was published in 2019. She has received numerous awards over her career, including an Emmy Award for her work on CBS Sunday Morning. Jill is a certified financial planner and spent 14 years as the co-owner of and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York following her graduation from Brown University. Background The Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs, by Jill Schlesinger Current Market “Coronavirus: Emergency Reserves,” Jill on Money podcast, jillonmoney.com. “Jill on Money: ‘New Normal’ Raises Financial Questions,” by Jill Schlesinger, mercurynews.com, Aug. 24, 2020. “CBS News Business Analyst Jill Schlesinger Discusses Inflation and the Housing Market,” by Grace Segers, cbsnews.com, June 4, 2021. “How to Fight Inflation,” by Jill Schlesinger, jillonmoney.com. “Fall Housing: From Boiling Over to Just Hot,” by Jill Schlesinger, jillonmoney.com. “Inflation on Hot Housing,” Jill on Money podcast, jillonmoney.com, Jan. 13, 2022. “Real Estate Conundrum: No Houses,” by Jill Schlesinger, jillonmoney.com. Retirement “How to Avoid the Retirement Freak-Out,” by Jill Schlesinger, nextave.org, Feb. 14, 2019. “At 67, Is My 80/20 Portfolio Too Risky?” Jill on Money podcast, jillonmoney.com, Nov. 23, 2021. “Jill on Money: Thinking About Joining the Great Resignation?” by Jill Schlesinger, mercurynews.com, Aug. 16, 2021. “Should FINE Replace FIRE?” by Jill Schlesinger, jillonmoney.com. | |||
| 23 Aug 2022 | Michael Kitces: Does Portfolio Customization Pay Off? | 01:02:33 | |
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. BackgroundFinancial Advisor Success podcast Time Management and Productivity"Resolving the Paradox—Is the Safe Withdrawal Rate Sometimes Too Safe?" by Michael Kitces, kitces.com, May 6, 2008. "To Roth or Not To Roth," by Michael Kitces, kitces.com, May 2009. "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. "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. | |||
| 21 Jan 2025 | Hendrik du Toit: 'Small Things Can Make a Big Difference' | 00:53:41 | |
Our guest this week is Hendrik du Toit, CEO and co-founder of Ninety One Asset Management, which is dually listed in London and Johannesburg, South Africa, and was formerly known as Investec Asset Management, founded in 1991. In addition to running Ninety One, Hendrik is on the board of Naspers and its European subsidiary, Prosus, which is a cornerstone investor in China’s Tencent. He has served on the Leadership Council of the Sustainable Development Solutions Network, a United Nations initiative, and is a public figure in his native South Africa and in the United Kingdom. Hendrik holds degrees from Stellenbosch University and Cambridge. Hendrik, thanks so much for joining us on The Long View. Background Ninety One Global Strategy Fund – Global Environment Fund IX Acc GBP Ninety One Global Sustainable Equity I Acc GBP Ninety One Emerging Markets Local Currency Debt Fund A Accumulation USD Ninety One GSF Emerging Markets Local Currency Debt C Acc USD Sustainability and ESG Ninety One’s Sustainability and Stewardship Report “Ninety One Becomes First SA Asset Manager to Sign Onto Net Zero Asset Managers Initiative,” ebnet.co.za, July 26, 2022. “Ninety One CEO Hendrik du Toit on Asset Management and Green Investing,” Bloomberg TV video interview, Bloomberg.com, Sept. 24, 2024. Other “New Draft Rules Targeting In-Game Spending Wipe Billions From China’s Tech Giants,” by Wayne Chang and Laura He, cnn.com, Dec. 22, 2023. | |||
| 10 Jan 2023 | Mark Miller: Rebooting Retirement | 00:50:10 | |
Today on the podcast we welcome back Mark Miller, who is an author, columnist, and a nationally recognized expert on trends in retirement and aging. His latest book is called Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track. Miller’s work considers retirement holistically, including healthcare and Medicare, Social Security, retirement investing, midlife careers, and housing. He is a regular contributor to Morningstar.com, and he also writes about retirement matters for Reuters, The New York Times, and WealthManagement.com. In addition to Retirement Reboot, Miller has written several other books, including The Hard Times Guide to Retirement Security and Jolt: Stories of Trauma and Transformation. Additionally, Miller has his own podcast and newsletter, both of which are called Retirement Revised. Background Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track, by Mark Miller The Hard Times Guide to Retirement Security: Practical Strategies for Money, Work, and Living, by Mark Miller Jolt: Stories of Trauma and Transformation, by Mark Miller The State of Retirement “Toward a New Social Insurance Era,” by Mark Miller, WealthManagement.com, Dec. 23, 2022. “Retirement Planning Amidst Inflation,” by Mark Miller, WealthManagement.com, Oct. 13, 2021. “The Inflation Reduction Act’s Impact on Retirees,” by Mark Miller, Morningstar, Aug. 16, 2022. “How to Cope With Medicare’s Rising Costs,” by Mark Miller, The New York Times, Dec. 21, 2021. “Social Security Benefits’ 2023 COLA: Is It Enough?” by Mark Miller, Morningstar, Nov. 9, 2022. Delaying Retirement “Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar, Oct. 21, 2020. “For Disabled Workers, a Tight Labor Market Opens New Doors,” by Ben Casselman, The New York Times, Oct. 25, 2022. “Returning to Work but Close to Retirement? Adjust Your Plan,” by Mark Miller, Reuters, April 21, 2022. “Why Working Till Whenever Is a Risky Retirement Strategy,” by Mark Miller, The New York Times, May 16, 2019. “How Have Older Workers Fared in the Pandemic-Induced Downturn?” by Mark Miller, Morningstar, June 2, 2021, Medicare, Healthcare, and Long-Term Care “Optimizing Social Security for Clients,” by Mark Miller, WealthManagement.com, Sept. 29, 2022. “Social Security’s Cost-of-Living Increase Largest in Four Decades, Estimate Says,” by Mark Miller, The Seattle Times, Sept. 14, 2022. “Social Security Doomsayers Are Wrong Again, but Reform Choices Loom,” by Mark Miller, Reuters, Sept. 16, 2021. “A Quiet Experiment Is Testing Broader Privatization of U.S. Medicare,” by Mark Miller, Reuters, Jan. 14, 2022. “Big Changes May Be Coming to Traditional Medicare,” by Mark Miller, Morningstar, April 22, 2022. “Medicare’s Private Option Is Gaining Popularity, and Critics,” by Mark Miller, The New York Times, Dec. 3, 2022. State Health Insurance Assistance Program “Medicare vs. Medicare Advantage,” by Mark Miller, WealthManagement.com, March 24, 2020. “How to Evaluate Medigap Plans,” by Mark Miller, Morningstar, March 2, 2022. “The Financial Health of Medicare and Social Security: A Closer Look,” by Mark Miller, Morningstar, June 29, 2022. “Long-Term-Care Coverage Is Trending in the Wrong Direction,” by Mark Miller, WealthManagement.com, June 13, 2022. Housing and Other Debt “Should You Pay Off Your Mortgage?” by Mark Miller, Morningstar, Oct. 8, 2021. “Waiting for the Reverse Mortgage Surge,” by Mark Miller, WealthMangement.com, Feb. 8, 2022. Retirement Complexity “‘The Cash Monster Was Insatiable’: How Insurers Exploited Medicare Advantage for Billions,” by Reed Abelson and Margot Sanger-Katz, The New York Times, Oct. 8, 2022. “U.S. Health Officials Seek New Curbs on Private Medicare Advantage Plans,” by Reed Abelson and Margot Sanger-Katz, The New York Times, Dec. 17, 2022. | |||
| 21 Apr 2021 | Jason Hsu: China Is 'the Last Great Remaining Alpha Reservoir' | 00:49:48 | |
Our guest this week is Jason Hsu. Jason is founder and chairman of Rayliant Global Advisors, a quantitative asset manager based in Hong Kong. Jason also cofounded Research Affiliates with Robert Arnott and has been at the forefront of the fundamental indexing movement. Jason is a member of the board of directors at the Anderson School of Management at the University of California at Los Angeles, as well as an adjunct professor in finance there. He has authored more than 40 peer-reviewed articles, is an associate editor of the Journal of Investment Management, and serves on the editorial board of numerous other financial journals, including the Financial Analysts Journal. Jason earned his bachelor's in physics from the California Institute of Technology, his master's in finance from Stanford, and his doctorate in finance from UCLA.
Background Anderson School of Management at UCLA Journal of Investment Management The Fundamental Index: A Better Way to Invest, by Robert D. Arnott, Jason C. Hsu, and John M. West Investing in China “Timing Poorly: A Guide to Generating Poor Returns While Investing in Successful Strategies,” by Jason Hsu, Brett W. Myers, and Ryan Whitby, jpm.com, January 2016. “Buy the Best, Perform the Worst,” by John Rekenthaler, Morningstar.com, April 15, 2016. “In Defense of Alpha?!” by Jason Hsu, researchaffiliates.com, October 2017. “The Biggest Failure in Investment Management: How Smart Data Can Make It Better or Worse,” by John West and Jason Hsu, researchaffiliates.com, October 2018. “Where Retail Rules: Buying Into China’s Alpha Opportunity,” Rayliant.com, August 2019. “How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020. “Should You Have More China in Your Portfolio? Putting Common Arguments for Increased Chinese Exposure to the Test,” by Jason Hsu, Xiang Liu, and Phillip Wool, The Journal of Index Investing, Winter 2020. “China’s Got Talent: Fund Manager Skill and Alpha in Chinese Stocks,” by Phillip Wool, rayliant.com, March 2021.
Chinese Market “The China Syndrome: Lessons From the A-Shares Bubble,” by Jason Hsu, researchaffiliates.com, September 2015. “Value, Growth and Bubbles: A Comparison Between China and US Markets,” by Jason Hsu, linkedin.com, Jan. 11, 2021. “Fewer Loans in China: Impactful, but Perhaps Not in the Way You’d Expect,” by Jason Hsu, rayliant.com, April 9, 2021. “Why Few Foreign Funds Are Entering China’s $3tr Mutual Fund Market,” by Twinkle Zhou, Asianinvestor.net, April 19, 2021. “’Tiger Mom’ Vs. Montessori: A Simple Analogy for Comparing Chinese and U.S. Financial Regulation,” by Jason Hsu, linkedin.com, March 4, 2021. Quantitative Investing “The Surprising Alpha From Malkiel’s Monkey and Upside-Down Strategies,” by Robert D. Arnott, Jason Hsu, Vitali Kalesnik, and Phil Tindall, The Journal of Portfolio Management, Summer 2013. “A Framework for Assessing Factors and Implementing Smart Beta Strategies,” by Jason Hsu, Vitali Kalesnik, and Vivek Viswanathan, valuewalk.com, Summer 2015. “Rob Arnott: Don’t Sleep on Value Investing (Especially Emerging-Markets Value),” The Long View Podcast, Morningstar.com, Aug. 21, 2019. “Going Local: Developing a Quant Approach Specific to Emerging Markets,” by Phillip Wool, Rayliant.com, April 10, 2020. Academic Research “The Harm in Selecting Funds That Have Recently Outperformed,” by Bradford Cornell, Jason Hsu, and David Nanigian, papers.ssrn.com, Feb. 25, 2016. “Coronavirus Crisis, Supertrends and Disruptive Innovations in Asset Management,” Financial Investigator Conference, rayliant.com, July 2, 2020. “When Dollar-Cost Averaging Can Help (or Hurt),” by Amy Arnott, Morningstar.com, Sept. 4, 2020. | |||
| 11 Jan 2022 | Cullen Roche: Macro Is About Understanding the World for What It Is | 00:53:47 | |
Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen also authors the popular blog "Pragmatic Capitalism," where he writes about a range of macroeconomic and investing topics. He is active on social media, including Twitter, where you can find him at @cullenroche. Cullen started his career as an advisor at Merrill Lynch and did a stint at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business.. Background Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, by Cullen Roche Macroeconomics and Financial Planning/Advice “Three Things I Think I Think—Macro Thoughts,” by Cullen Roche, pragcap.com, Aug. 3, 2021. The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel “The Most Important Investment Factor—Behavior,” by Cullen Roche, pragcap.com, April 6, 2018. “What Is the Value of Financial Advice?” by Cullen Roche, pragcap.com, Sept. 18, 2019. “Understanding Quantitative Easing,” by Cullen Roche, papers.ssrn.com, Feb. 10, 2014. “2 Reasons the Surging Deficit Worries Me,” by Cullen Roche, pragcap.com, Sept. 26, 2018. Economic Cycle and Fiscal Picture “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. “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. | |||
| 09 Sep 2020 | Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments | 00:46:26 | |
Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar at the Stanford Center on Longevity, where he conducts and directs research on retirement planning and behavioral economics. He is also the author of several books on retirement planning, including his latest, Don't Go Broke in Retirement and Retirement Game-Changers. In addition, Vernon writes a regular column on retirement planning for Forbes. He previously helped large employers design and manage their retirement programs. Vernon retired as vice president and consulting actuary with the human resources consulting firm Watson Wyatt Worldwide and also consulted to Mercer. He graduated from the University of California at Irvine with a double major in mathematics and social science. Background The Role of Work "The Question Many Pre-Retirees and Retirees Will Need to Answer," by Steve Vernon, Forbes, Aug. 25, 2020. "Redesigning Retirement and Human Resource Programs to Support Longer Lives," by Steve Vernon, Stanford Center on Longevity, third-quarter 2019. "How To Find Work (After Retirement)," by Steve Vernon, CBSNews.com, March 27, 2013. "Good News for Older Workers Seeking New Careers," by Steve Vernon, CBSNews.com, April 27, 2015. Social Security Program Health "The 2020 OASDI Trustees Report," Social Security Administration, April 22, 2020. "No, You Won't Lose All of Your Social "Security Benefits," by Steve Vernon, Forbes, April 22, 2020. Social Security Claiming Strategies "Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020. "Does Delaying Social Security Really Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020. "When to Take Social Security: The Complete Guide," by Amy Fontinelle, Investopedia.com, Nov. 24, 2019. "Introducing the Social Security Claiming Decision," by Wade Pfau, Retirement Researcher. "How the Retirement Estimator Works," Social Security Administration. "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. | |||
| 28 Nov 2023 | Mike Moran: Taking the Temperature on Retirement Readiness | 00:54:24 | |
Our guest on the podcast today is Mike Moran, managing director and pension strategist for Goldman Sachs. Mike focuses on areas such as plan-funded status, contribution activity, and asset allocation for both defined-benefit and defined-contribution plans. He also works directly with plan sponsors on issues specific to their retirement plans. Mike has worked at Goldman Sachs for more than 24 years in a variety of roles focusing on capital markets, asset allocation, and investment strategy. He is a CFA charterholder and has an MBA in finance from New York University’s Stern School of Business, as well as a B.S. in accounting from Villanova University. Mike can speak to a wide range of retirement-related issues, but he is here today to discuss Goldman’s most recent retirement survey and insights report, titled “Diving Deeper Into the Financial Vortex: A Way Forward.” Background Survey Retirement Survey and Insights Reports 2023: “Diving Deeper Into the Financial Vortex: A Way Forward,” Goldman Sachs Asset Management, gsam.com, 2023. Retirement Survey and Insights Report 2022: “Navigating the Financial Vortex: Women & Retirement Security,” Goldman Sachs Asset Management, gsam.com, 2022. “Retirement Survey and Insights Report 2021,” Goldman Sachs Asset Management, gsam.com, 2021. “Despite Low Financial Literacy, Many Americans Manage Their Own Retirement,” Goldman Sachs, goldmansachs.com, Oct. 18, 2023. Financial Vortex “Financial Vortex Contributes to Looming U.S. Retirement Shortfalls,” by Michael Moran, fa-mag.com, Nov. 11, 2022. “How to Avoid a ‘Financial Vortex’ in Retirement, According to Goldman Sachs,” by Alyssa Place, benefitnews.com, Sept. 19, 2023. Investment Options “No Time for Corporate Pension Complacency: An Interview With Michael Moran,” by Michael Moran, gsam.com, April 20, 2023. “Why Most Americans Aren’t Saving Enough for Retirement,” Goldman Sachs Exchanges podcast with Mike Moran, goldmansachs.com, Oct. 3, 2023. Other | |||
| 13 Jun 2023 | Jeremy Schwartz: Why Stocks Are Good Inflation Hedges | 00:50:41 | |
Our guest this week is Jeremy Schwartz. Jeremy is global chief investment officer for WisdomTree Investments. In that role, Jeremy leads the firm’s investment team and is responsible for constructing its equity indexes, quantitative active strategies, and model portfolios. Jeremy joined WisdomTree in May 2005 and previously held several posts at the firm, including serving as its global head of research. Prior to joining WisdomTree, Jeremy served as a research assistant for Professor Jeremy Siegel and is credited as Siegel’s co-author of the sixth edition of the book, Stocks for the Long Run. Jeremy received his bachelor’s degree from the Wharton School and is a CFA charterholder. Background Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, Sixth Edition, by Jeremy Siegel, with Jeremy Schwartz The Future for Investors: Why the Tried and True Triumphs Over the Bold and the New, by Jeremy Siegel Do-Nothing Strategies “What Beat the S&P 500 Over the Past Three Decades? Doing Nothing,” by Jeffrey Ptak, Morningstar.com, April 17, 2023. Creative Destruction: Why Companies That Are Built to Last Underperform the Market—and How to Successfully Transform Them, by Richard Foster and Sarah Kaplan “Wise Words in Warren’s Recent Letter,” by Jeremy Schwartz, wisdomtree.com, March 8, 2023. “Long-Term Returns on the Original S&P 500 Companies,” by Jeremy Siegel and Jeremy Schwartz, jstor.org, 2006. Market Outlook “The Most Important Charts for 2023,” by Jeremy Schwartz and Brian Manby, caia.org, May 8, 2023. Risk and Return “A Surprise Influence in S&P 500 Earnings? The Dollar,” by Jeremy Schwartz, wisdomtree.com, May 31, 2023. Fama and French Three Factor Model Definition: Formula and Interpretation, by Adam Hayes, www.investopedia.com, May 31, 2022. “A Deep Dive Into Growth & Momentum,” by Jeremy Schwartz, wisdomtree.com, July 12, 2021. “A Surprising Rebalance Season for S&P Style Indexes,” by Jeremy Schwartz, wisdomtree.com, Jan. 5, 2023. WisdomTree Index Performance Attribution Inflation and Dividends “A New Regime for Commodities: An Update,” by Jeremy Schwartz, wisdomtree.com, May 31, 2022. “To Reveal Value, Start With Dividends,” Focus Points video series with Jeremy Schwartz, wisdomtree.com, Jan. 11, 2023. “Quality Dividend Growth Performance Viewed Through Venn by Two Sigma,” by Jeremy Schwartz and Christopher Carrano, wisdomtree.com, May 15, 2023. Foreign Stocks “Lowering Your China Risk,” by Jeremy Schwartz and Matt Wagner, wisdomtree.com, May 19, 2023. “Values Strong Run in Emerging Markets,” by Aneeka Gupta and Jeremy Schwartz, wisdomtree.com, May 5, 2023. “Don’t Layer Currency Risk on Top of Equity Exposure,” by Jeremy Schwartz and Christopher Gannatti, wisdomtree.com, 2019. ESG “Revisiting the WisdomTree ESG Model Portfolios,” by Scott Welch, wisdomtree.com, Oct. 14, 2022. “Aswath Damodaran: A Valuation Expert’s Take on Inflation, Stock Buybacks, ESG, and More,” The Long View podcast, Morningstar.com, May 16, 2023. | |||
| 05 Jun 2019 | Michael Kitces: The Model Has to Change Again | 00:54:19 | |
Our guest on this week's podcast is Michael Kitces. Michael is a partner and the director of wealth management for Pinnacle Advisory Group, a Columbia, Maryland-based wealth management firm that advises on about $1.8 billion of assets. In addition, he is a co-founder of the XY Planning Network. As the host of the Financial Advisor Success podcast and the publisher of the popular financial planning industry blog Nerd's Eye View, Michael has established himself as one of the most prolific and insightful commentators on the financial advice business. A fixture on the speaking circuit and in the media, Michael often addresses key trends and innovations in the way advisors serve their clients; our interview with him focused on the future of the financial advice business. Show Notes and References Background and Professional Development
Dad’s old life insurance policy: How a wedding gift led Michael down a path to a career in the financial services industry (2:52-4:21) “He was just a really different guy than everybody else”: Michael’s recounts his breakthrough realization that he wanted to be a financial planner (4:22-6:07) · How Michael used his pre-med training to overcome a crisis of confidence that he didn’t know what he was doing: “I probably shouldn’t be giving them advice; I’m going to hurt someone” (6:08-7:31) Going deep to differentiate: “I’m going to get really good at these annuity benefit riders” (7:32-8:45)
Behavioral Finance in Practice Persuasion: Using psychology and coaching to help clients overcome their biases (11:41-13:01)
“Most of us just don’t want to say that about ourselves”: Clients don’t hire us to save them from themselves, but to get on a better path and save time (13:02-16:37)
“Zoom the camera out a little bit”: The key to helping clients through difficult times is being available, clearly communicating, and setting context (16:38-18:18) “There’s very little research at all about what you’re actually supposed to do about this stuff” (18:19-19:56) Financial Advice: Evolution and Great Leaps
Computers disrupted the stock-broker model and the internet disrupted the mutual-fund model. Michael on why he thinks software will disrupt the fee-based asset-allocation model (22:15-24:06) An S&P 500 index fund just for you: “Technology is going to allow us to completely disintermediate not just mutual funds but most of the ETF complex as well” (24:07-25:36)
The Future of Advice
“(Saying) ‘Oh no one’s ever going to want to work with an advisor virtually; it’s all in person’ … is like clothing stores insisting that Amazon was no threat to them 20 years ago” (30:26-32:56)
Technology leaps like robo-advice are less of a threat to the financial advisor than to the the back- and middle-office that supports them (32:57-33:54)
The great inversion: In the future, advisors will charge for financial-planning services and give away investment management for free (vs. today where the opposite often holds true) (33:55-35:36)
Best Practices for Delivering and Paying for Advice
A question of when, not if, more exacting financial-advice standards will arrive: “The U.S. has become a laggard on fiduciary and competency standards” (39:21-43:21)
We can’t do financial advice for young people? Michael on why that’s ridiculous and how flat-fee or subscription-based advice will come to fill that void (43:22-46:51)
“I don’t … see anything wrong with the AUM model”: Why charging a percentage of assets-under-advisement makes sense for some clients, but will become less common in the future (46:52-48:56)
When it does and doesn’t makes sense to pay for financial advice by the hour (48:57:51:47)
About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research in Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com | |||
| 15 Mar 2022 | Terry Odean: Who's on the Other Side of the Trade? | 00:53:32 | |
Our guest on the podcast today is Terrance Odean. Dr. Odean is the Rudd Family Foundation Professor of Finance at the Haas School of Business at the University of California, Berkeley. Individual investor trading has been a key area of research throughout his academic career. In 2016, Dr. Odean received the James R. Vertin Award from the CFA Institute for research notable for its relevance and enduring value to investment professionals. He has been an editor and an associate editor of numerous academic finance journals, including The Review of Financial Studies, The Journal of Finance, and The Journal of Behavioral Finance. As an undergraduate student at UC Berkeley, Dr. Odean studied judgment and decision-making with a 2002 Nobel Laureate in Economics, Daniel Kahneman. Background The Review of Financial Studies The Journal of Behavioral Finance Free Trading and Robinhood “Online Investors: Do the Slow Die First?” by Brad Barber and Terrance Odean, faculty.haas.berkeley.edu, 2002. “The Behavior of Individual Investors,” by Brad Barber and Terrance Odean, umass.edu, September 2011. “Attention Induced Trading and Returns: Evidence From Robinhood Users,” by Brad Barber, Xing Huang, Terrance Odean, and Christopher Schwarz, paper.ssrn.com, Oct. 12, 2021. “Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” by Brad Barber and Terrance Odean, faculty.haas.berkeley.edu, April 2000. “All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors,” by Brad Barber and Terrance Odean, academic.oup.com, April 2008. “Robbin’ Who?” by William Ehart, humbledollar.com, May 11, 2021. “Systematic Noise,” by Brad Barber, Terrance Odean, papers.ssrn.com, May 2006. Gender Differences in Investing “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad Barber and Terrance Odean, papers.ssrn.com, November 1998. “Seeing Is Believing: Female Leaders’ Presence Narrows the Gender Gap in Girls’ Aspirations and Advancement in Education,” by Lori Beaman, Esther Duflo, Rohini Pande, and Petia Topalova, gap.hks.harvard.edu, February 2012. “What Accounts for the Gender Equality Among Pharmacists?” by Claudia Goldin, premarket.org, Oct. 7, 2021. Behavioral Finance | |||
| 03 Dec 2024 | Tom Idzorek and Paul Kaplan: How to Make Lifetime Financial Advice Work for Clients | 00:50:15 | |
Our guests this week are Tom Idzorek and Paul Kaplan. This is Tom’s second appearance as a guest and Paul’s first. Tom is chief investment officer of retirement for Morningstar Investment Management. He also serves as a member of Morningstar’s 401(k) Committee, Public Policy Council, Global Investment Committee, US Investment Policy Committee, and the Editorial Board of Morningstar Magazine. Before retiring in 2023, Paul was director of research for Morningstar Canada and a senior member of Morningstar’s Global Research Team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, advisor tools, and other services. Tom and Paul are accomplished researchers and authors, having individually published or collaborated on numerous academic papers, accepted to prestigious peer-reviewed journals, and their work has received numerous awards through the years. In today’s interview, we’re focusing on one of their recent collaborations, their new book, Lifetime Financial Advice: A Personalized Optimal Multilevel Approach. Background “Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning,” The Long View podcast, Morningstar.com, June 7, 2022. Lifetime Financial Advice: A Personalized Optimal Multilevel Approach, by Tom Idzorek and Paul Kaplan Lifetime Financial Advice “Joining Lifecycle Models With Mean-Variance Optimization,” by Tom Idzorek and Paul Kaplan, papers.ssrn.com, Oct. 19, 2023. Lifetime Financial Advice Book Club Series “Personalized Multiple Account Portfolio Optimization,” by Tom Idzorek, Financial Analysts Journal, June 29, 2023. “The Popularity Asset Pricing Model,” by Tom Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 26, 2021. “Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Tom Idzorek, Paul Kaplan, and James Xiong, Research Foundation, Dec. 10, 2018. “ESG Investing and the Popularity Asset Pricing Model (PAPM),” by Tom Idzorek, blogs.cfainstitute.org, Feb. 1, 2024. Other “Modern Portfolio Theory: What MPT Is and How Investors Use It,” by the Investopedia team, Investopedia.com, Aug. 29, 2023. | |||
| 19 Nov 2024 | Mark Berg: How to Help Kids Financially Without Ruining Them | 00:51:52 | |
Today on the podcast, we welcome back Mark Berg. Mark is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Mark served as a client manager at a fee-only financial planning firm, and he has provided fee-only financial guidance since 1995. He holds a bachelor’s degree in economics from Wheaton College and is a certified financial planner practitioner and NAPFA-registered financial advisor. He served on the national board of directors for the National Association of Personal Financial Advisors from 2008 through 2011. In the spirit of full disclosure, Timothy Financial is the firm that my husband and I use for financial planning. I have no financial relationship with the firm other than that we pay them for their services. Background “Mark Berg: Hourly Financial Planning Is ‘A Vast Blue Ocean,’” The Long View podcast, Morningstar.com, March 28, 2023. Funding for College “529 Plan Tips for Grandparents to Save for College,” by Emma Kerr, usnews.com, Sept. 7, 2021. “How to Allocate Assets for College Savings,” by Christine Benz, Morningstar.com, Jan. 19, 2022. “Morningstar 529 Ratings: The Best Plans of 2024,” by Hyunmin Kim, Morningstar.com, Oct. 29, 2024. “What to Do With Extra Money in Your 529 Plan,” by Amy Arnott, Morningstar.com, June 30, 2022. “The Best Way to Save for College,” by Christine Benz and Susan Dziubinski, Morningstar.com, Oct. 11, 2022. | |||
| 17 May 2022 | Ric Edelman: On Crypto, Retirement Planning, the Advice Business, and More | 00:54:50 | |
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. BackgroundDigital Assets Council of Financial Professionals (DACFP) DACFP Course on Blockchain and Digital Assets℠ The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets, by Ric Edelman The Truth About Your Future With Ric Edelman Cryptocurrency"Crypto Attitudes Around the World," by Ric Edelman, dacfp.com, April 25, 2022. "Ric Edelman Expects the SEC Will Approve a Bitcoin ETF," by Bernice Napach, benefitspro.com, July 2, 2021. "A Bitcoin ETF Could Be a Game-Changer for Advisors. Not Everyone's Buying It," by Avi Salzman, Barron's, Oct. 19, 2021. "Ric Edelman's '22 Predictions for 2022," by Brian Anderson, 401kspecialistmag.com, Dec. 29, 2021. "Here's the Best Time to Buy Bitcoin, According to Yale Data,” by Ali Montag, cnbc.com, Aug. 8, 2018. "Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals," by Matt Hougan and David Lawant, CFA Institute, 2021. The Future of Advice"What's Coming Next in This Technological and Investment Revolution," YouTube, April 13, 2022. "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. | |||
| 16 May 2023 | Aswath Damodaran: A Valuation Expert’s Take on Inflation, Stock Buybacks, ESG, and More | 00:56:41 | |
Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Our guest on the podcast today is Aswath Damodaran. Damodaran is a professor of finance at the Stern School of Business at New York University, and he has been called the dean of valuation. He has written several books on equity valuation, investment management, and corporate finance. This interview was recorded at the Morningstar Investment Conference in April 2023. Background Books by Aswath Damodaran Interest Rates and Inflation “Inflation and Investing: Is the Genie Out of the Bottle?” by Aswath Damodaran, NYU Stern School of Business. “In Search of a Steady State: Inflation, Interest Rates, and Value,” by Aswath Damodaran, Musings on Markets blog, May 6, 2022. “A Follow Up on Inflation: The Disparate Effects on Company Values!” by Aswath Damodaran, Musings on Markets blog, May 20, 2022. “Malaise in Market Will Last Longer if Investors Behave Like It’s the ‘70s: Aswath Damodaran,” by Nikhil Agarwal, The Economic Times, Sept. 27, 2022. Equity Risk Premium “Country Default Spreads and Risk Premiums,” by Aswath Damodaran, NYU Stern School of Business, Jan. 5, 2023. “Equity Risk Premiums (ERP): Determinants, Estimation, and Implications—The 2022 Edition,” by Aswath Damodaran, NYU Stern School of Business, March 23, 2022. “Equity Risk Premiums,” by Aswath Damodaran, NYU Stern School of Business. Buybacks “Data Update 7 for 2023: Dividends, Buybacks, and Cash Flows,” by Aswath Damodaran, Musings on Markets blog, March 8, 2023. “Aswath Damodaran: The History of Buybacks,” GuruFocus.com, Aug. 29, 2019. ESG “The ESG Movement: The ‘Goodness’ Gravy Train Rolls On,” by Aswath Damodaran, Musings on Markets blog, Sept. 14, 2021. “Valuing ESG: Doing Good or Sounding Good?” by Bradford Cornell and Aswath Damodaran, Portfolio Management Research, Fall 2020. “Professor Damodaran’s Latest ESG Takedown Overlooks One Important Group of Investors,” by Adam Fleck, Morningstar.com, April 1, 2022. Valuation and Capital Allocation “Closure in Valuation: Estimating Terminal Value,” by Aswath Damodaran, NYU Stern School of Business. “My Valuation Journey: Have Faith, You Must!” by Aswath Damodaran, NYU Stern School of Business, June 2020. “3 Fund Portfolio: How to Save for Retirement With Just Three Investments,” by Carla Fried, Forbes, July 15, 2022. Other “Michael Mauboussin: Finding Easy Games,” The Long View podcast, Morningstar.com, Jan. 25, 2022. Expectations Investing: Reading Stock Prices for Better Returns, by Michael Mauboussin and Alfred Rappaport. | |||
| 23 Jun 2021 | Jack Brennan: Price Pressure in the Advice Business Is 'Inevitable' | 00:48:01 | |
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
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.
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| 19 Aug 2020 | Ed Slott: Act Now on Historically Low Tax Rates | 00:48:56 | |
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. IRAs and Conversions “New Tax Law Provides the Opportunity for Tax-Rate Arbitrage on Roth IRAs,” by Ed Slott, InvestmentNews, Feb. 15, 2018. “The Definitive Guide to the Back-Door Roth,” by Jeffrey Levine, Irahelp.com, Aug. 12, 2015. “Am I Too Old for an IRA Conversion?” by Christine Benz and Ed Slott, Aug. 21, 2018. Required Minimum Distributions “The CARES Act and 2020 RMDs,” by Ian Berger, Irahelp.com, Aug. 6, 2020. Charitable Giving “How Charitable Giving Is Changing in 2020,” by Christine Benz, Morningstar.com, April 20, 2020. Modified adjusted gross income (MAGI) definition | |||
| 04 Nov 2020 | Tim Maurer: Personal Finance Is More Personal Than It Is Finance | 00:50:18 | |
Our guest on the podcast today is financial advisor and author Tim Maurer, the director of advisor development for Buckingham Wealth Partners. He coauthored The Ultimate Financial Plan: Balancing Your Money and Your Life with Jim Stovall, and he also wrote Simple Money: A No-Nonsense Guide to Personal Finance. He's a member of the CNBC Financial Advisor Council and is also a regular contributor to CNBC, Forbes, and Time/Money. Maurer is a certified financial planner and a graduate of Towson University. Tim Maurer's Background The Ultimate Financial Plan: Balancing Your Money and Your Life Simple Money: A No-Nonsense Guide to Personal Finance Financial Life Planning "What Is Financial Life Planning?" by Sheiresa Ngo, CheatSheet, May 31, 2015. "Beyond Finances: Holistic Life Planning Trends Among Advisors," InvestmentNews, Jan. 23, 2020. "How Should Retirees Deal With Crazy Markets When They Don't Have Time to Stay the Course?" by Tim Maurer, timmaurer.com, March 20, 2020. "Reconsidering Your Life Because of the Pandemic? You're Not Alone," by Mimi Montgomery, Washingtonian, April 21, 2020. "Financial Planner vs. Financial *Life* Planner. Which one Is the 'Right One' for Me?" by Cristina Livadary, Mana, Jan. 24, 2020. "'The Whole Financial Planning Process Is Wrong,' Expert Says,” by Tim Maurer, Forbes, July 28, 2017. Financial Planning Association NAPFA: The National Association of Personal Financial Advisors Kinder Institute of Life Planning "George Kinder: Three Questions About Life Planning," by J.D. Roth, Get Rich Slowly, Aug. 1, 2019. Your Mental Wealth, Drs. Ted Klontz and Brad Klontz The Future of Financial Advice Drive: The Surprising Truth About What Motivates Us, by Daniel Pink. "Simple Money Portfolio," by Tim Maurer, timmaurer.com. "Tim Maurer Simple Money Portfolio Review and ETFs to Use," by Tim Maurer, Optimized Portfolio, Oct. 7, 2020. "Kitces: Pandemic to Accelerate Shift to AUM-Based Fee Model," by Jeff Berman, ThinkAdvisor, May 7, 2020. "ESG Index Funds Hit $250 billion as Pandemic Accelerates Impact Investing Boom," by Pippa Stevens, CNBC, Sept. 2, 2020. College Planning "Is COVID-19 Creating an Education Planning Crisis?" by Tim Maurer, The Bam Alliance, June 3, 2020. "The Non-Conformist's 4-Step Education Savings Plan," by Tim Maurer, Forbes, May 31, 2012. | |||
| 19 Sep 2023 | Martin Lau: Revisiting the Case for Investing in Chinese Stocks | 00:53:22 | |
Our guest this week is Martin Lau. This is his second appearance on The Long View, the first being in August 2021. Lau is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He has been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including FSSA Asian Equity Plus, FSSA China Growth, and FSSA Hong Kong Growth. Lau has been in the investment business for nearly three decades and is based in Hong Kong. He earned a Bachelor of Arts degree from Cambridge University, a master’s degree in engineering from Cambridge, and holds the Chartered Financial Analyst® designation. Background “Martin Lau: Now Is a Better Time to Buy China,” The Long View podcast, Morningstar.com, Aug. 3, 2021. Morningstar Global Fund Report: FSSA Asian Equity Plus Morningstar Global Fund Report: FSSA China Growth Morningstar Global Fund Report: FSSA Hong Kong Growth China Market and Foreign Investments “FSSA Martin Lau’s Lessons Learnt From 30 Years of Investing in China,” by Kate Lin, Morningstar.com, April 18, 2023. “Meeting Companies Amid China’s Post-Covid Rebound,” Fund Manager Q&A With Martin Lau, Winston Ke, and Helen Chen, FSSA Investment Managers, April 2023. “Client Update: A Fast Thaw After a Long Winter,” by Martin Lau, FSSA Investment Managers, March 2023. “China Equities: Keeping a Long-Term View,” by Martin Lau, FSSA Investment Managers, March 2023. “Three Themes and Companies to Play China’s Rise,” by Martin Lau, Firstlinks, March 22, 2023. | |||
| 18 Mar 2025 | Barry Ritholtz: ‘How Not to Invest’ | 01:05:57 | |
Today on the podcast, we’re welcoming Barry Ritholtz. He’s co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, a firm that was launched in 2013. He’s the creator and host of Masters in Business, one of the earliest finance-related podcasts. He also regularly posts on The Big Picture, where he’s been covering everything investing related since 2003. He is the author of Bailout Nation, and his latest book, How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth—and How to Avoid Them, has just been published. Background and BooksHow Not to Invest: The ideas, numbers, and behavior that destroy wealth—and how to avoid them Podcasts and More“Masters in Business - Ray Dalio Full Show,” Masters in Business podcast, Nov. 30, 2018 “An Interview With Ken Feinberg: Masters in Business,” Masters in Business podcast, Oct. 9, 2015 “MiB: Charley Ellis on Rethinking Investing,” Masters in Business podcast, Feb. 21, 2025 “Why Fear Is an Investor’s Worst Enemy” by Samantha Lamas from the 2017 Morningstar ETF Conference, Morningstar.com, Sept. 12, 2017 “Rabbithole: What Do People Get Wrong About Money?” The Big Picture, March 10, 2025 “It’s Been 40 Years Since Our Cover Story Declared ‘The Death of Equities,’ ” by Peter Coy, Bloomberg, Aug. 13, 2019 Readings Winning the Loser’s Game: Timeless Strategies for Successful Investing, Eighth Edition, by Charles D. Ellis Expert Political Judgment: How Good Is It? How Can We Know?, by Philip E. Tetlock Four Thousand Weeks: Time Management for Mortals, by Oliver Burkeman Principles, by Ray Dalio | |||
| 24 Feb 2021 | Hamish Douglass: On the Hunt for Super-Compounding Stocks | 00:49:55 | |
Our guest this week is Hamish Douglass. He is the co-founder, chairman, and chief investment officer of Magellan Financial Group, a roughly $80 billion asset-management firm with headquarters in Sydney. Among his duties, Douglass is lead manager of the Magellan Global Equity strategy, which is a concentrated portfolio of high-quality growth stocks. That strategy has been very successful since its July 2007 inception, handily beating its benchmark, the MSCI World Index, with significantly less risk. Before forming Magellan in 2006, Douglass was co-head of global banking for Deutsche Bank in Australia and New Zealand. He received his undergraduate degree from the University of New South Wales. Background "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 "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. | |||
| 20 Feb 2024 | Marc Freedman: The Case for Encore Careers | 00:51:22 | |
Our guest on the podcast today is Marc Freedman. He is the co-CEO and founder of Encore.org, which is now known as CoGenerate and is geared toward helping people pursue meaningful work later in life. Freedman is also the author of How to Live Forever: The Enduring Power of Connecting the Generations. He co-founded Experience Corps to mobilize people over 50 to improve the school performance and prospects of low-income elementary school students in 22 U.S. cities. Freedman also spearheaded the creation of the Encore Fellowships program, a one-year fellowship helping individuals translate their midlife skills into second acts focused on social impact, and the Purpose Prize, an annual $100,000 prize for social entrepreneurs in the second half of life. Freedman received his bachelor’s degree from Swarthmore College and his Master of Business Administration from the Yale School of Management. Background How to Live Forever: The Enduring Power of Connecting the Generations, by Marc Freedman Age Diversity “Overcoming Age Segregation,” by Marc Freedman and Trent Stamp, Stanford Social Innovation Review, March 15, 2021. “Will 2023 Be the Year That We Begin to Make the Most of Age Diversity in the Workplace?” by Ramona Schindelheim, WorkingNation, Dec. 27, 2022. “Harnessing the Power of Age Diversity,” by Alene Dawson, John Templeton Foundation, Oct. 31, 2023. “America Is Arguably the Most Age-Diverse Society in Human History—It’s High Time to Prepare for Our Increasingly Multigenerational Workforce,” by Ramona Shindelheim, WorkingNation, Dec. 10, 2023. Encore Careers “Encore Career: What It Is, How It Works, Prevalence,” by Julia Kagan, Investopedia, Jan. 16, 2022. Encore: Finding Work That Matters in the Second Half of Life, by Marc Freedman “The Case for Putting Seniors in Charge of Universal Pre-K | Opinion,” by Marc Freedman and Carol Larson, Newsweek, Nov. 29, 2021. Work/Life Across Generations “Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar, Oct. 20, 2020. “Is America Ready to Unleash a Multigenerational Force for Good?” A National Opinion Survey From Encore.org With NORC at the University of Chicago. Other “The Globe: How BMW Is Diffusing the Demographic Time Bomb,” by Christoph Loch, Fabian J. Sting, Nikolaus Bauer, and Helmut Mauermann, Harvard Business Review, March 2010. From Strength to Strength, by Arthur Brooks Harvard Advanced Leadership Initiative Live to 100: Secrets of the Blue Zones “Dr. Anita Mukherjee: Exploring the Link Between Wealth, Longevity, and Quality of Life,” The Long View podcast, Morningstar, Oct. 10, 2023. The Encore Career Handbook, by Marci Alboher | |||
| 04 Jan 2022 | Best of The Long View: Investing | 00:30:06 | |
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. | |||