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 028: Roger Lowenstein, host Rick Ferri
Roger Lowenstein reported for The Wall Street Journal for more than a decade and is also an award-winning book author. His work has appeared in Bloomberg, The New York Review of Books, Fortune, The New York Times Magazine, and other publications. His best-selling books include Buffett, When Genius Failed, Origins of the Crash, While America Aged, and The End of Wall Street. In this episode, we discuss Roger's books and lessons he learned writing them. 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. Since 2000, the Bogleheads' have held national conferences in major cities around the country. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added on a regular basis. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. 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. Your tax-deductible donation to the Bogle Center is appreciated.
44 min
Consuelo Mack
Medicare & Lockdown: Better than Ever? (U.S.)
According to Medicare benefits expert, Dr. Katy Votava COVID-19 has altered several aspects of Medicare coverage and procedures. She will tell us what’s different and how to take advantage of the changes. She will also help us meet the deadline for Medicare’s annual enrollment period which ends on December 7th and allows medicare beneficiaries to evaluate their Medicare Advantage Plans and part D, prescription drug plans, and shift to different providers if it makes sense.  Votava is a Medicare expert who advises individuals, small businesses, and financial planners from her healthcare consulting business, She is also the author of Making The Most Of Medicare: A Guide For Baby Boomers, now in its 7th edition and an Amazon bestseller. It is a straightforward, easy to navigate guide to Medicare which is a very complex multi-part system that frequently does warrant annual updating by its beneficiaries. An estimated 90 percent of Americans pay too much for their Medicare coverage.  WEALTHTRACK # 1722 published on November 27, 2020 More info: – The official U.S. Government site for Medicare 1-800-MEDICARE – The State Health Insurance Assistance Program (SHIP) site that directs consumers to free Medicare counseling and assistance - Eldercare locator, a public service of the U.S. Administration of Aging, connecting you to services for older adults and their families. 1-800-677-1116    Making The Most Of Medicare: A Guide For Baby Boomers: --- Support this podcast:
19 min
Excess Returns
Excess Returns
Jack Forehand & Justin Carbonneau
Why Eliminating Discretion from Quantitative Models is Harder Than You Think
There is a tendency for those of us who support quant models to talk about them as if they are these things that just run on autopilot over the long-term that are free from all the decision-making issues that plague us as human beings. That just isn’t the case, though. There are many decisions that go into the development, optimization, and evolution of quant models that require human intervention and a thoughtful, nuanced approach. In this episode, we discuss the human decisions that go into quant models and how to develop a thoughtful framework to make them.  JACK'S ARTICLE When Quantitative Becomes Discretionary – Validea's Guru Investor Blog ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors. SEE LATEST EPISODES FIND OUT MORE ABOUT VALIDEA FOLLOW OUR BLOG FIND OUT MORE ABOUT VALIDEA CAPITAL FOLLOW JACK Twitter: LinkedIn: FOLLOW JUSTIN Twitter: LinkedIn:
14 min
Alpha Trader
Alpha Trader
Seeking Alpha
Investment choices of the pros - author Brian Portnoy joins Alpha Trader
This week's Alpha Trader podcast features hosts Aaron Task and Stephen Alpher talking with Brian Portnoy, the founder of Shaping Wealth, and co-editor with Josh Brown of the new book, How I Invest My Money. Prior to speaking with Portnoy, the hosts discuss an historic month for equity markets - the S&P posting its best November ever, the Dow posting its best month since 1987, and the Russell 2000 outperforming them both. They remind that while the headlines about growing Covid-19 cases, hospitalizations, and related shutdowns look grim, markets look ahead and - thanks to what appears to be outstanding news on vaccines - are pricing in a better world six-twelve months down the road. And don't forget the election. Markets really appear to be liking the prospects for divided government and - contrary to some pre-election worries - Biden's early cabinet picks show someone who is set on governing roughly from the center. How I Invest My Money explores the investment choices of 25 prominent finance players. The common theme across this spectrum of experts: There is none, says Portnoy, other than the maxim that personal finance is more personal than finance. Even in this age of quantification and robo-advisors, says Portnoy, everyone has different goals they're optimizing, meaning investment choices will remain personal. Adding it up, nearly no one's portfolio is necessarily going to fit into the perfect efficient frontier, and there's nothing wrong with that. So many folks beat themselves up over not being fully invested in the kind of bull market we've seen over the past several months, but Portnoy reminds that we tend to undervalue the optionality and freedom of holding cash. That's not just Portnoy's belief but - in a book of 25 different professionals talking about how they invest their money - the beauty of cash is a common theme. Listen to or subscribe to Alpha Trader on these podcast platforms: Apple Podcasts Spotify Google Play Stitcher Learn more about your ad choices. Visit
41 min
Sound Investing
Sound Investing
Paul Merriman
Supercharge Your Retirement and Make Millions More
In this insightful interview by Doc G of Earn & Invest, authors Rich Buck and Paul Merriman talk about their new book, We’re Talking Millions: 12 Ways To Supercharge Your Retirement. They cover topics such as their long-time professional collaboration, simplicity in investing, risk, beating the market, portfolio recommendations and the magic of compound interest over time. Buy We’re Talking Millions: 12 Ways To Supercharge Your Retirement in Kindle or Amazon Print editions. (Soon to be available at other outlets and on Audible). Watch Paul’s video about the book. Visit the book’s website. Doc G was an internal medicine physician when he discovered the personal finance community through Dr. Jim Dahle’s “The White Coat Investor.” He left clinical practice to pursue his passion for deep conversations about money and life and has found the meaning of “enough” through the FIRE movement (Financial Independence Retire Early). This podcast is part of the educational offerings from The Merriman Financial Education Foundation, a registered 501(c)3.  If you found value in this podcast, here are four ways to support the podcast and our foundation: 1)    Leave a podcast review on your player of choice. 2)    Sign up for our biweekly newsletter at 3)    Use our M1 Finance affiliate link if you are interested in setting up a brokerage account, using our portfolio suggestions. The Foundation will receive a one-time small fee at no cost to you. 4)    Consider making a tax-deductible donation to the Foundation to support our mission to provide financial education to investors.  Thank you!
57 min
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