The Long View
The Long View
Sep 4, 2019
Allan Roth: 'I Embrace Dumb Beta'
47 min

Our guest on the podcast today is Allan Roth, one of the pre-eminent hourly financial advisors in the United States. After a career in corporate finance and as a consultant for McKinsey and Company, Roth started the holistic financial advisory firm Wealth Logic in 2003. Wealth Logic focuses on financial planning and ultra-low-cost simplified investing; his firm's motto is "Dare to be Dull." In addition to working directly with clients, Roth is a prolific writer: He's the author of How a Second Grader Beats Wall Street, which was published in 2009 with the second edition in 2011, and he's also a regular contributor to Financial Planning magazine, Advisor Perspectives,, and AARP.

Background Information
Allan Roth bio 
How a Second Grader Beats Wall Street 
Allan Roth's archive for Financial Planning  
Allan Roth’s archive for Advisor Perspectives 
Allan Roth's archive for 
Allan Roth's blog on 

Advice Business/Choosing an Advisor
• "Save $52,000 on Financial Advice," by William Baldwin (Forbes, May 10, 2016)
Vanguard Personal Advisor Services 
• "The CFP Board 'Inexcusably' Protects Certificants," by Allan Roth (Financial Planning, Aug. 2, 2019)
• "Does the CFP Board Choose Advertising Over Enforcement?" by Allan Roth (Financial Planning, Sept. 24, 2018)
• "Looking for a Financial Planner? The Go-To Website Often Omits Red Flags," by Jason Zweig and Andrea Fuller (The Wall Street Journal, July 30, 2019) 
• "CFP Board to Create Tax Force to 'Strengthen and Modernize' Enforcement," by Brian Anderson (401(k) Specialist, July 31, 2019)
• "CFP Board Responds to The Wall Street Journal" (, July 29, 2019) 
• "How to Choose a Financial Planner," by Allan Roth (AARP Magazine)
Finra BrokerCheck 

Asset Allocation
• "William Bernstein: If You've Won the Game, Stop Playing" (The Long View podcast, May 7, 2019)
•"How to Set Your Asset Allocation," by Allan Roth (The Wall Street Journal, Dec. 2, 2016) 
• "The Risk of Taking a Risk-Profile Questionnaire," by Allan Roth (CBS, Aug. 21, 2009) 
• "Financial Advisor Exposes His Own Portfolio," by Allan Roth (, June 15, 2015)
• "Mind the Gap 2019" by Russ Kinnel (, Aug. 15, 2019) 

Investment Selection and Portfolio Management
• "Why CDs Can Still Be Better Than Bonds by Allan Roth," by Allan Roth (CBS, Aug. 20, 2013)
• "Municipal Bonds and the Industry's Dirty Little Secret," by Allan Roth (, June 20, 2010) 
• "4 Reasons Not to Load Up on Muni Bonds," by Allan Roth (, July 14, 2015)
• "At Last, a Tool Muni Investors Sorely Needed," by Allan Roth (, July 8, 2014) 
Municipal Bond Price Discovery Tool 
• "A Seer on Banks Raises a Furor on Bonds," by Nelson D. Schwartz (New York Times, Feb. 10, 2011) 
• "Low-Risk Inflation Protection from Uncle Sam," by Allan Roth (, Feb. 24, 2017) 
•"When Will Smart Beta Be Smart?" by Allan Roth (, July 9, 2019)
•  "Boosting Returns with Rebalancing" by Allan Roth (, March 19, 2018)
• "Give Due Care to Your Cost Basis Elections," by Christine Benz (, Feb. 27, 2013)
• "Advanced Strategies for Investment Taxation" by Allan Roth (Advisor Perspectives, May 6, 2019)
Smart Beta (Research Affiliates)
• "How Can Smart Beta Go Horribly Wrong" by Rob Arnott, Noah Bech, Vitali Kalesnik, John West (Research Affiliates, Feb. 2016)
• "The Arithmetic of Active Management," by William Sharpe (Financial Analysts Journal, January-February 1991)
• "Fidelity Zero vs. Vanguard: Which Index Fund Is Better?" by Allan Roth (Financial Planning, Aug. 14, 2018)
• "At Vanguard, Customer Complaints Rise Along with Assets," by John Waggoner, (InvestmentNews, Feb. 16, 2017) 

Retirement Planning
• "Is the 4% Rule Still Safe for Retirement Planning?" by Allan Roth (Financial Planning, May 8, 2019)
• “Estimating the True Cost of Retirement” by David Blanchett (Retirement Insight and Trends, June 30, 2015) 
• "Why So Critical of Annuities?" by Allan Roth (, Sept. 17, 2009) 
• "My 3 Most-Often Recommended Annuities," by Allan Roth,, Dec. 20, 2016 
• "Reducing Retirement Risk with a Rising Equity Glide Path," by Michael E. Kitces and Wade D. Pfau (Journal of Financial Planning) 

Prospect Theory 
• Predictably Irrational by Dan Ariely 
• "What I, and Millions of Others, Owe Jack Bogle" by Allan Roth (Financial Planning, Jan. 16, 2019)
A Random Walk Down Wall Street by Burton Malkiel 
Bogle on Mutual Funds by John C. Bogle 

About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.

About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for 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

(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.)

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
Episode 027: Cliff Asness, host Rick Ferri
Dr. Cliff Asness is a Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management, a quantitative money manager overseeing $186 billion in assets as of December 2019. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is an award-winning researcher on quantitative investment strategies and has authored articles for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance, and The Journal of Financial Economics. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years. This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization's free website is and the wiki site is Bogleheads® wiki. Bogleheads sites are operated by volunteers who contribute time and talent. Donations help defray operating costs. Since 2000, the Bogleheads' have held national conferences in major cities around the country and currently meet in Philadelphia in the autumn of each year. There are 56 Local Chapters in the US and three Foreign Chapters that also meet regularly. New Chapters are being added on a regular basis. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012.
59 min
Consuelo Mack
Successful Investing: Timeless Advice
Can investing be simple? Can we stop worrying about what’s happening on Wall Street, in Washington, with Fed policy, inflation, corporate earnings, and numerous other headline-making concerns? Can we just get on with our lives and still invest successfully?  According to this week’s guest, the answer is yes, and we shouldn’t even care what the market is doing.   What should we care about? How should we invest? That is the focus of this week’s exclusive WEALTHTRACK interview.   Our guest is Charles Ellis, the author of the investment classic WINNING THE LOSER’S GAME, available now in its 2017 7th edition. Ellis is the author of 16 other books including the recently published 10th-anniversary edition of THE ELEMENTS OF INVESTING, co-written with his good friend, Princeton economics professor Burton Malkiel.    Ellis is a globally recognized financial thought leader, investment consultant, and advisor to governments, institutions, and endowments. He also cares deeply about helping investors succeed, as he puts it “winning the loser’s game.” He will help us do that this week.  WEALTHTRACK #1721 broadcast on November 20, 2020 More info: WINNING THE LOSER’S GAME (2017 edition): THE ELEMENTS OF INVESTING: --- Support this podcast:
26 min
Top Traders Unplugged
Top Traders Unplugged
Niels Kaastrup-Larsen
115 The Systematic Investor Series ft Robert Carver – November 22nd, 2020
Rob Carver returns to the show today to discuss the relevance of open trade equity compared to closed trade equity, the reported return of value’s reign over growth stocks, combining Trend Following portfolios with other strategies, the important of using significant sample sizes when analysing data, why successful systematic traders tend to have the longest documented returns on record.  Questions we answer include: Which type of moving average is generally the most effective in Trend Following?  Do you recommend any hedging strategies? If you would like to leave us a voicemail to play on the show, you can do so here. Check out our Global Macro series here. Learn more about the Trend Barometer here. IT's TRUE 👀 - most CIO's read 50+ books each year - get your copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to Follow Niels, Moritz & Rob on Twitter: @TopTradersLive,  @MoritzSeibert & @InvestingIdiocy And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Top Traders Unplugged wins award for ‘Best Trading Podcast’ and features among the ‘Top 20 Best Investing Podcasts in 2020’ by The Investors Podcast 🏆 Episode Summary 0:00 - Intro 2:35 - Macro recap from Niels 4:59 - Weekly review of returns 27:16 - Q1; Mervin: What investment strategies would you recommending supplementing a Trend Following portfolio with? 37:36 - Q2 & Q3; Daniel: How do you think about open trade equity versus closed equity, in terms of drawdowns?  Do you have any recommendations for hedging your Trend Following positions? 1:03:57 - Q4; Antonio: Which type of Moving Average (SMA, EMA, ALMA etc) is generally the most effective in Trend Following models? 1:22:48 - Performance recap 1:23:48 - Recommended podcast listening this week: Rauol Pal on the What Bitcoin Did Podcast & blog post on the Robot Wealth website regarding Tesla's inclusion in the S&P 500 & William White talking to Jim Grant on Real Vision Subscribe on:
1 hr 28 min
The Acquirers Podcast
The Acquirers Podcast
Tobias Carlisle
Science of Hitting: Alex on Buffett-style value, and #neversell with Tobias on The Acquirers Podcast
Alex is the man behind the Science of Hitting twitter account: His investment strategy: "Patience followed by pretty aggressive conduct."   Twitter: Website: ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES SEE OUR FREE DEEP VALUE STOCK SCREENER FOLLOW TOBIAS Firm: Website: Twitter: LinkedIn: Facebook: Instagram: ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (, Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (, and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) ( He has extensive experience in investment management, business valuation, public comp
52 min
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