The Long View
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Expand your investing horizons and look to the long term. Join hosts Christine Benz and Jeff Ptak as they talk to influential leaders in investing, advice, and personal finance about a wide-range of topics, such as asset allocation and balancing risk and return.
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5 days ago
Wade Pfau: The Risks of Retirement Today
Our guest on the podcast today is Wade Pfau. He is professor of retirement income in the Ph.D. in financial and retirement planning program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and RICP program director at the American College. Pfau has written several books, including his most recent, _Retirement Planning Guidebook_. He is a co-editor of the _Journal of Personal Finance_, and he publishes frequently in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog and is a regular contributor to Advisor Perspectives, MarketWatch, and Forbes. Pfau holds a doctorate in economics and a master's degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a Chartered Financial Analyst.Background
Bio
_Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success_, by Wade Pfau
Wade Pfau books
Wade Pfau blogs posts on Retirement Researcher
Retirement Income Strategies
Alex Murguia
“Selecting a Personalized Retirement Income Strategy,” by Alejandro Murguia and Wade Pfau, Retirement Management Journal, Dec. 1, 2021.
“Determining Your Retirement Income Style,” by Wade Pfau, financialplanningassocation.org, 2021.
“Two Philosophies for Retirement Income Planning Part One: Probability-Based,” by Wade Pfau, forbes.com, Dec. 18, 2019.
“What Is a Safety-First Retirement Plan?” by Wade Pfau, retirementresearcher.com.
“The RISA Framework: A Systemized Approach to Personalizing Retirement Income Strategies for Clients,” by Wade Pfau and Alex Murguia, kitces.com, April 20, 2022.
Inflation and Other Risk Factors
“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.
“Inflation, Deflation, Confiscation & Devastation—The Four Horsemen of Risk,” by Wade Pfau, retirementresearcher.com.
“Wade Pfau: TIPS and Annuities Good Bets When Inflation Is High,” by Ginger Szala, thinkadvisor.com, March 31, 2022.
“The Changing Risks of Retirement,” by Wade Pfau, retirementresearcher.com.
“The Four Approaches to Managing Retirement Income Risk,” by Wade Pfau, papers.ssrn.com, Dec. 31, 2019.
“Don’t Panic on Sequence of Returns,” by Amy Arnott, Morningstar.com, May 16, 2022.
Withdrawal Rates
“Wade Pfau: The 4% Rule Is No Longer Safe,” The Long View Podcast, Morningstar.com, April 29, 2020.
“Retiring Soon? Why the Popular 4% Withdrawal Rule May Be a Bad Idea,” by Greg Iacurci, cnbc.com, April 13, 2021.
“What Is the ‘Retirement Spending Smile?’” by Wade Pfau, retirementresearcher.com.
Annuities
“Retirement Income Strategies With Annuities,” by Wade Pfau, retirementreseacher.com.
“Wade Pfau Takes a Balanced Look at a Retirement Product Some Advisors Love to Hate,” by Ed McCarthy, thinkadvisor.com, July 22, 2022.
“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.
“Are Annuities Too Expensive?” by Wade Pfau, linkedin.com, July 2, 2021.
Long-Term Care
“Costs and Incidence of Long-Term Care,” by Wade Pfau, retirementresearcher.com.
“Managing Long-Term Care Spending Risks in Retirement,” by Wade Pfau and Michael Finke, lecp.naifa.org, Jan. 7, 2020.
“Hybrid Long-Term Care Insurance Policies,” by Wade Pfau, retirementresearcher.com.
Other
“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.
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Jul 26, 2022
Jordan Grumet: A Hospice Doctor Shares Lessons About Work, Money, and Life
Listen Now: Listen and subscribe to Morningstar's _The Long View_ from your mobile device: Apple Podcasts | Spotify | Google Play | Stitcher
Our guest on the podcast today is Jordan Grumet. He is a physician and an associate medical director at JourneyCare Hospice. He also hosts the popular “Earn & Invest” podcast, which he launched after years of blogging about financial independence and wellness at the website DiverseFI.com. His latest book is called _Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life_. In it, he shares lessons that he has learned from interacting with patients during the last parts of their lives. He received his undergraduate degree from the University of Michigan and his medical degree from Northwestern University.Background
Bio
“Earn & Invest” podcast
_Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life_, by Jordan Grumet
DiverseFI.com
FIRE Movement
Jim Dahle, The White Coat Investor
“Jim Dahle: ‘Income Is Not Wealth,’” The Long View podcast, Morningstar.com, Sept. 2, 2020.
“Coping With FIRE,” by Jordan Grumet, earnandinvest.com, June 5, 2021.
Other
“The Opportunity Cost Fallacy,” by Jordan Grumet, diversefi.com, June 5, 2018.
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Jul 19, 2022
Larry Siegel: ‘The Humblest Thing an Investor Can Do Is Buy Index Funds’
Our guest this week is Larry Siegel. He is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research for the Ford Foundation's investment division for 15 years. Siegel began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the _Financial Analysts Journal_ and currently serves on the editorial board of _The Journal of Portfolio Management_ and _TheJournal of Investing_. Siegel is a prolific writer and has authored several critically acclaimed books in recent years, including _Unknown Knowns: On Economics, Investing, Progress, and Folly_ as well as _Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance_. He earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago Booth School of Business.Background
Bio
_Unknown Knowns: On Economics, Investing, Progress, and Folly_, by Laurence Siegel
_Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance_, by Laurence SiegelResearch
"Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance," by Roger Ibbotson, Moshe Arye Milevsky, and Kevin Zhu, ResearchGate, January 2007.
_Popularity: A Bridge Between Classical and Behavioral Finance_, by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, Jan. 15, 2019.
"Bursting the Bubble—Rationality in a Seemingly Irrational Market," by David F. DeRosa, SSRN, April 29, 2021.
"Equity Risk Premium Forum: Don’t Bet Against a Bubble?," by Paul McCaffrey, CFA Institute, April 8, 2022.
_The Myth of Artificial Intelligence: Why Computers Can't Think the Way We Do_, by Erik Larson, April 6, 2021.
"Value Investing: Robots Versus People," by Laurence Siegel, larrysiegel.org, June 30, 2017.Endowments and Investing Lessons
"Don't Give Up the Ship: The Future of the Endowment Model," by Laurence Siegel, larrysiegel.org, April 7, 2021.
"Where's Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach," by M. Barton Waring and Laurence Siegel, larrysiegel.org, April 21, 2022.
"Debunking Nine _and a Half_ Myths of Investing," by Laurence Siegel, larrysiegel.org, March 12, 2020.Inflation
"Protecting Portfolios Against Inflation," by Eugene Podkaminer, Wylie Tollette, and Laurence Siegel, _The Journal of Investing_, April 2022.
"The Novelty of the Coronavirus: What It Means for Markets," by Laurence Siegel, larrysiegel.com, April 1, 2020.
"Will Demographic Trends Drive Higher Inflation and Interest Rates?" by Laurence Siegel, larrysiegel.com, Feb. 10, 2021.Other
"Cliff Asness: Value Stocks Still Look Like a Bargain," _The Long View_ podcast, Morningstar.com, May 31, 2022.
"Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning," T_he Long View_ podcast, Morningstar.com, June 7, 2022.Transcript
Jeff Ptak: Hi, and welcome to _The Long View_. I'm Jeff Ptak, chief ratings officer for Morningstar Research Services.
Christine Benz: And I'm Christine Benz, director of personal finance and retirement planning for Morningstar.
Ptak: Our guest this week is Larry Siegel. Larry is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research at the Ford Foundation's investment division for 15 years. Larry began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the _Financial Analysts Journal_ and currently serves on the editorial board of T_he Journal of Portfolio Management _and _The Journal of Investing_. Larry is a prolific writer and has authored several critically acclaimed books in recent years, including _Unknown Knowns: On Economics, Investing, Progress, and Folly_ as well as _Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance_. Larry earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago, Booth School of Business.
Larry, welcome to _The Long View_.
Laurence Siegel: Thank you.
Ptak: Thank you so much for joining us. We're really excited to chat with you. I wanted to start with your early career. You worked for Roger Ibbotson early in your career. In fact, you were Ibbotson's first employee if I'm not mistaken. Talk about Roger's influence on you and more broadly, the impact he has had on our understanding of markets and investing.
Siegel: Roger was not only my first boss, he was my first finance professor at the University of Chicago. So, I got fed the Ibbotson—and to give credit where it's due, to Sinquefield—view of the markets early. I was 21 years old. And I would describe that view as that asset classes are what's important; that security, individual securities, are best viewed as components of asset classes, although when you get involved in the business, you realize that you have to understand the market at the security level, too; and that long-term performance is very strongly in favor of equities. So, at the time, pension funds, who were the main customers for Ibbotson Associates' work, had relatively little in equities, and one of our missions was to improve the returns of those funds and thus for the sponsors and the employees by holding more equities. This was in the early ‘80s. I was hired in 1979. So, you can see that was a good strategy.
Benz: So, sticking with your background in your early career, you think young professionals should have a grounding in the humanities and liberal arts. Why is that?
Siegel: Well, not every single one needs to, but the ones who are going to rise to the top in the business need a grounding in the common cultural heritage of the human race, and that's given by humanities and social sciences that the liberal arts broadly construed. Investors invest in businesses or governments, but mostly businesses, and businesses exist to serve the needs and wants of people, an ever-changing group of people around the world. So, without a deep understanding of human affairs—in other words, of the why of business—young investment professionals are likely to fall into some intellectual traps: short-termism, geographically narrow thinking, where you only think about your own country, and a bunch of other well-documented behavioral biases—you shouldn't do that.
Ptak: Maybe a dumb question to follow up on that: Why doesn't the market do a better job of creating incentives to ensure that younger professionals—let's talk about those who are heading into finance and in investing in particular—that they have a liberal arts background and they're able to better avoid some of those traps? Why haven't those incentives really taken shape and why is it still so typical to see this procession of MBAs and people with the traditional finance background dominating finance and investing?
Siegel: Well, if you're as old as me, I'm 68, you have observed that it used to. The market, when I was getting out of school, was in a very different position. There weren't many MBAs. It was an unpopular decision to go to business school. And most of the people who were accepted in business school had an Ivy Plus background where a liberal arts education is required in order to graduate. By Ivy Plus I mean the University of Chicago, Stanford, Northwestern, places like that, plus the Ivy League. So, this staffed the investment business with a fairly broadly educated group of people. What happened in the next 40 years is that business got too big. And the MBA programs mushroomed from a little specialty of a dozen or two dozen schools to something that everybody felt they had to get in order to get a job. So, it just became more of a trade school degree rat…
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Jul 12, 2022
Justin Fitzpatrick: 'Retirees Have a Superpower'
Our guest on the podcast today is Justin Fitzpatrick. Justin is the co-founder and chief innovation officer at Income Lab, which provides retirement planning software. Before co-founding Income Lab, Justin spent over 15 years in financial services, leading teams in advanced financial planning and portfolio strategy and managing the development of financial technology tools. Prior to his work in financial services, Justin spent seven years in academia. He has taught at the Massachusetts Institute of Technology; Harvard University; Queen Mary, University of London; and the University of California, Los Angeles. Justin is a Chartered Financial Analyst charterholder and a Certified Financial Planner professional.
Background
Bio
Income Lab
Income Lab LinkedIn Page
Sequence Risk and Spending Rules
“Will Higher Inflation Harm Retirees?” by Justin Fitzpatrick, advisorperspectives.com, Feb. 14, 2022.
“How the 4% Rule Undermines Advisors and Clients,” by Johnny Poulsen, advisorperspectives.com, Oct. 25, 2021.
“Rethinking Risk in Retirement Planning,” by Justin Fitzpatrick, thinkadvisor.com, Oct. 1, 2021.
“Retirement Withdrawal Rates Alone Are Misleading. Here’s Why,” by Justin Fitzpatrick, financial-planning.com, Jan. 21, 2022.
“Reducing Retirement ‘Outrage’ Risk With Adjustment-Based Planning and Communication,” by Justin Fitzpatrick, kitces.com, May 19, 2021.
“How to Use Economic Context in Retirement Income Decision-Making,” by Justin Fitzpatrick, kitces.com, June 1, 2022.
“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.com, May 2014.
“The Retirement Distribution ‘Hatchet’: Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021.
“The Transformative Value of Retirement Planning as an Ongoing Service,” by Justin Fitzpatrick, incomelaboratory.com, 2020.
“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com.
“A Dynamic Approach to Decumulation Planning,” Fintech Impact podcast with Jason Pereira, incomelaboratory.com, July 6, 2022.
Portfolio Construction, Housing, and Annuities
“’Next-Gen’ Retirement Planning Tool for Advisors Launched by Income Lab,” by Brian Anderson, thewealthadvisor.com, June 29, 2022.
“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.
Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement, by Wade Pfau
Robert C. Merton
“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.
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Jul 5, 2022
Tim Ranzetta: 'Financial Education Positively Impacts Almost All Financial Behaviors'
Our guest on the podcast today is Tim Ranzetta. Tim is the co-founder of the nonprofit Next Gen Personal Finance, which provides free curricula, professional development, and advocacy tools to more than 40,000 teachers who reach 75% of high school students in the U.S. The goal of Next Gen Personal Finance and its community of teachers is for all high school students to take at least one stand-alone one-semester course focusing on personal finance by the end of 2030. Prior to founding NGPF, Tim co-founded several companies, including Equilar, a compensation and corporate governance research firm; and Student Lending Analytics, a student loan research firm. He began his career as a management consultant at Bain & Company. He graduated from the University of Virginia with a Bachelor of Science degree in commerce and received his MBA at the Stanford Graduate School of Business.
Background
Bio
Next Gen Personal Finance
Eastside College Preparatory School
What Works in Financial Education
Interactive: The Financial Times’ The Uber Game
“Financial Education Affects Financial Knowledge and Downstream Behaviors,” by Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, and Carly J. Urban, National Bureau of Economic Research, April 2020.
“Annamarie Lusardi: ‘Financial Education Works,’ ” The Long View podcast, Morningstar.com, Feb. 19, 2020.
Fidelity Youth Account
Million Bazillion podcast
“Bringing Personal Finance to the Classroom for Generation Z,” by Ann Carrns, nytimes.com, March 18, 2022.
“The Truth About Day Trading,” by Ben Felix, YouTube.com, Oct. 24, 2020.
The Stock Market Game
STAX
finviz.com
The State of Financial Education in the U.S.
“NGPF’s 2022 State of Financial Education Report,” ngpf.org, April 2022.
Jump$tart Coalition for Personal Financial Literacy
Council for Economic Education
“Financial Education Mandates 2022,” poll by National Endowment for Financial Education, nefe.org, March 17-21, 2022.
“What I Learned Reading the State Auditor’s Report About Financial Education in Utah,” by Tim Ranzetta, ngpf.org, Oct. 22, 2018.
Mississippi Department of Education: National Board Certification—Master Teacher Program
The North Carolina Council on Economic Education
Rhode Island Department of Education
The Most Important Class You Never Had, NGPF documentary
Other
“Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad,” The Long View podcast, Morningstar.com, May 28, 2022.
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Jun 28, 2022
Ilyce Glink: The State of the U.S. Residential Real Estate Market
Our guest on the podcast today is real estate expert and author Ilyce Glink. Ilyce writes a nationally syndicated column on real estate matters, and she’s written more than a dozen books on real estate and home buying, including 100 Questions Every First-Time Homebuyer Should Ask, which is now in its fourth edition. She’s also a regular contributor to WGN Radio. Her latest project, Best Money Moves, is a mobile-first employee benefit designed to help employees with financial wellness and reduce financial stress. Ilyce received her bachelor’s degree in English literature from the University of Illinois at Urbana-Champaign.
Background
Bio
Ilyce Glink books
100 Questions Every First-Time Home Buyer Should Ask, Fourth Edition: With Answers From Top Brokers From Around the Country, by Ilyce Glink
Best Money Moves
ThinkGlink
Newsletter: Love, Money + Real Estate: Exploring Truths, Lies and Life’s Financial Milestones
Housing Market and Prospective Homebuyers
“What Today’s Market Means for First-Time Home Buyers,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, May 25, 2022.
“Love, Money + Real Estate #014: Is a Recession Looming?” by Ilyce Glink, glink.substack.com, May 3, 2022.
“Real Estate Matters: Industry Trends as a New Year Arrives,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Jan. 16, 2022.
“Real Estate Matters: Homeowner Weighs Renting vs. Buying for Next Stage in Life,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Aug. 8, 2021.
“Retiree Considers Selling Townhouse, Buying Larger Single-Level Home,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, May 30, 2022.
“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, morningstar.com, Jan. 11, 2022.
“Real Estate Trends for 2022,” by Ilyce Glink, thinkglink.com, Dec. 14, 2021.
Real Estate as an Investment
“Real Estate Matters: We Stand by Advice That LLCs Aren’t for All Property Investors,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Jan. 23, 2022.
Housing Shortage
“Underbuilding Has Led to ‘Acute Shortage’ of Housing and ‘Affordability Crisis,’ Study Says,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, July 19, 2021.
Older Adults, Taxes, and Retirement
“Calculating Capital Gains,” by Ilyce Glink, thinkglink.com, May 9, 2022.
“Should You Prepay Your Mortgage?” by Ilyce Glink, hermoney.com, July 2, 2019.
“The Benefits of Paying Down a Mortgage Before Retirement,” Interview with Christine Benz and Ilyce Glink, morningstar.com, Sept. 4, 2018.
“Reverse Mortgages: Readers Share Their Experiences,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, June 2, 2021.
“Reverse Mortgage Not Working Out? Here Are Some Options,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, Dec. 1, 2021.
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Jun 21, 2022
David Lau: Taking High Commissions Out of Annuities
Our guest on the podcast today is David Lau, founder and CEO of DPL Financial Partners, which develops and distributes low-cost, commission-free insurance and annuity products. In addition, DPL Financial Partners provides tools and educational resources for registered investment advisors and individual investors. Prior to founding DPL, David was chief operating officer of Jefferson National and before that he was principal and co-founder of the Oysterhouse Group, a management consulting firm. He also served as chief marketing officer of E-Trade Bank and its predecessor TeleBank. David received his bachelor's degree in economics from the College of William and Mary.
Background
Bio
DPL Financial Partners
Annuities
Annuities—Product Overview
Your Guide to Annuities
“Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle,” The Long View podcast, morningstar.com, May 4, 2021.
“DPL Financial RIA Survey Shows Continued Uptick in Annuity Usage,” insurancenewsnet.com, Sept. 30, 2021.
“Another Reason Advisors Are Warming to Annuities,” by Bernice Napach, thinkadvisor.com, Sept. 30, 2021.
“Talk Your Book: Rethinking the 4% Rule,” Podcast With Wade Pfau and David Lau, dplfp.com, May 2, 2022.
“DPL Financial Partners Launches Commission-Free MYGA Marketplace for RIAs,” businesswire.com, Dec. 2, 2021.
MYGA Marketplace
“A Day at DPL With Wade Pfau | How to Use a Fixed Index Annuity,” by Wade Pfau, dplfp.com, Feb. 3, 2020.
“Too Much ‘Hocus Pocus,’ ” by Kerry Pechter, retirementincomejournal.com, June 4, 2021.
Taxes and Asset Location
“The Tax-Efficient Frontier: Improving the Efficient Frontier With the Power of Tax Deferral,” by David Lau, dplfp.com, Sept. 8, 2021.
“David Lau on Ways to Enhance the Tax Efficient Frontier at NAPFA Session,” by John Sullivan, thinkadvisor.com, May 19, 2011.
Other
“Long-Term Care a Big Question in Pandemic,” by Emile Hellez, investmentnews.com, July 2, 2020.
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Jun 14, 2022
Christine Benz, David Blanchett, and Karsten Jeske: The State of Retirement Income
This week we’re pleased to bring you a special “State of Retirement Income” episode, which we recorded live at the annual Morningstar Investment Conference held recently in Chicago, Illinois. For this discussion, we turn the tables on Christine, who is part of an expert retirement planning panel that also includes David Blanchett, managing director and head of retirement research at PGIM DC Solutions, and Karsten Jeske, the founder of Early Retirement Now. Both were guests on past episodes of _The Long View_.
In this panel discussion, recorded before a live audience, we delve into a number of retirement-planning topics, including the impact of inflation on spending patterns; the implications of the recent selloff on asset allocation; sequence-of-returns risk; optimal Social Security-claiming practices; the role and importance of guaranteed income sources; and a lot more. Without further ado, please enjoy this special episode of _The Long View_.
Background
“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.
Karsten Jeske’s blog, Early Retirement Now
Karsten Jeske’s bio
David Blanchett’s bio
“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.
“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.
Inflation
“How Much Should You Worry About Inflation in Retirement?” by Christine Benz, Morningstar.com, March 26, 2021.
“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.org, May 2014.
Safe Withdrawal Rates
The Trinity Study
“The Safe Withdrawal Rate Series—A Guide for First-Time Readers,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 15, 2021.
“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, November 2021.
“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.
“Drawdown From Financial Accounts in Retirement,” Vanguard Research by Thomas J. De Luca and Anna Madamba, vanguard.com, July 2021.
Retirement Portfolio Construction
“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.
“Bonds May Be Down, But Some Annuity Payouts Are Up,” by David Blanchett, thinkadvisor.com, May 13, 2022.
“Inflation at 7%! Here’s Why I’m Not Running for the Hills (Yet)!” by Karsten Jeske, earlyretirementnow.com, Jan. 13, 2022.
“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.
Christine Benz’s model bucket portfolios
Harold Evensky
What Is a Monte Carlo Simulation?
Guaranteed Income and Social Security
“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, papers.ssrn.com, June 28, 2021.
Open Social Security
Other
“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.
“Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311-2018,” by Paul Schmelzing, bankofengland.co.uk, January 2020.
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Jun 7, 2022
Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning
Tom Idzorek Show Notes
Our guest this week is Tom Idzorek. Tom is chief investment officer, retirement, for Morningstar Investment Management, which is Morningstar's affiliated asset-management arm. Previously, Tom was president of Morningstar Investment Management and before that was a leading researcher at Ibbotson Associates. Tom has collaborated on a number of influential academic studies on topics including asset allocation, the liquidity of stocks, and the role of popularity and security prices. Tom serves on the editorial board of the CFA Institute's _Financial Analysts Journal_. He received his bachelor's degree from Arizona State University and his MBA from Thunderbird School of Global Management. He is also a CFA charterholder.
Background
Bio
Asset Allocation and Managed Accounts
Roger Ibbotson
Peng Chen
Barton Waring
Larry Siegel
_Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk_, by Richard Grinold and Ronald Kahn
“Stop Guessing: Using Participant Data to Select the Optimal QDIA,” by Thomas Idzorek, David Blanchett, and Daniel Bruns, Morningstar.com, Jan. 30, 2018.
ByAllAccounts
Modern Portfolio Theory
Academic Research
“Liquidity Style of Mutual Funds,” by Thomas Idzorek, James Xiong, and Roger Ibbotson, papers.ssrn.com, Feb. 10, 2012.
“The Popularity Asset Pricing Model,” by Thomas Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 25, 2021.
“Forming ESG-Oriented Portfolios: A Popularity Approach,” by Thomas Idzorek and Paul Kaplan, papers.ssrn.com, May 20, 2022.
“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, papers.ssrn.com, Dec. 10, 2018.
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May 31, 2022
Cliff Asness: Value Stocks Still Look Like a Bargain
Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the _Journal of Portfolio Management, Financial Analyst Journal,_ the _Journal of Finance_, and the _Journal of Financial Economics._ This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor’s degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago.
Background
Bio
@CliffordAsness
Return Environment
Antti Ilmanen
_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.
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May 24, 2022
Eric Balchunas: Assessing Jack Bogle's Monumental Legacy
Our guest this week is Eric Balchunas, who is a senior exchange-traded fund analyst for Bloomberg Intelligence, where he writes for and leads the fund research team. Balchunas is a fixture in financial media. He hosts the TV show _Bloomberg ETF IQ_ and the podcast _Trillions_ and is also a mainstay of social media under his popular Twitter account @EricBalchunas. Balchunas is also an accomplished author, his latest book being _The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions_, which we devote this episode to discussing. He earned his bachelor's degree in journalism and environmental economics from Rutgers University.Background
Bio
Twitter: @EricBalchunas
_The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions_Vanguard: The Early Years
"Inside 'The Bogle Effect'," _Trillions_ podcast, Bloomberg.com, April 27, 2022.
"Investor Jack Bogle Founded His Legendary Company Based on H…
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May 17, 2022
Ric Edelman: On Crypto, Retirement Planning, the Advice Business, and More
Our guest today is Ric Edelman, the founder of the Digital Assets Council of Financial Professionals, or DACFP, an organization he formed in 2018. DACFP aims to advance financial professionals' knowledge of blockchain and digital assets. Prior to forming DACFP, Edelman and his wife Jean founded Edelman Financial Services, which grew to become one of the largest Registered Investment Advisors in the United States before it acquired Financial Engines to form Edelman Financial Engines in 2018. Edelman is a fixture in financial media where he is known for his radio show and frequent print and television appearances and has authored numerous books, including his latest, _The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets_. Edelman began his career as a journalist after graduating from Rowan University with a degree in communications.Background
Bio
Digital Assets Council of Financial Professionals (DACFP)
DACFP Course on Bl…
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May 10, 2022
Brian Feroldi: Why Does the Stock Market Go Up?
Our guest on the podcast today is Brian Feroldi. Brian is the author of a new book called _Why Does the Stock Market Go Up?_ He is also a writer and contributor to the Motley Fool, where he focuses on the technology and healthcare industries. In addition, Brian has a big presence on YouTube. The videos on his YouTube channel have hundreds of thousands of views. He received his bachelor's degree from the University of Connecticut and his MBA from the University of Rhode Island.
Background
Bio
Brian Feroldi—Spread Financial Wellness YouTube channel
_Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren’t___
Individual Stock Investing
“10 Investing Lessons for Stock Market Beginners,” by Brian Feroldi, youtube.com, July 15, 2021.
“The Hardest Part About Picking Stocks for New Investors,” video with Brian Feroldi and Brian Withers, fool.com, Feb. 10, 2021.
“Opinion: ‘Time in the Stock Market Is More Important Th…
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May 3, 2022
Jim Grant: 'Rising Interest Rates Are the Kryptonite of Financial Assets'
Our guest this week is Jim Grant. Jim is the founder and editor of _Grant's Interest Rate Observer_, a twice-monthly newsletter on financial markets with a focus on bonds. He is the author of numerous books and has made frequent appearances in the financial press where his views on markets and the macroeconomy are much sought after. Before founding _Grant's Interest Rate Observer_, Jim did stints as a journalist, first as a reporter at _The Baltimore Sun_, and later at _Barron's_. He received his bachelor's degree from Indiana University and his master's in international relations from Columbia University.
Background
Bio
Grant’s Interest Rate Observer
_The Forgotten Depression: 1921: The Crash That Cured Itself_
_Mr. Market Miscalculates: The Bubble Years and Beyond_
_Money of the Mind___
_Bagehot: The Life and Times of the Greatest Victorian___
Inflation and Interest Rates
“Jim Grant: The Fed Cannot Control Inflation,” by Robert Huebscher, advisorperspectives.com, May 4…
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Apr 26, 2022
William Reichenstein: Avoiding Tax Headaches in Retirement
Our guest on the podcast today is William Reichenstein. Dr. Reichenstein is an author and emeritus professor of finance at Baylor University. He is also head of research for Social Security Solutions and Retiree, Inc., where he and William Meyer have developed software to facilitate tax-efficient Social Security and asset-drawdown strategies for retirees. His recent books include _Income Strategies _and_ Social Security Strategies_ with William Meyer. A fourth edition of that book will be forthcoming soon. He has also published more than 200 articles in various financial journals. He earned his B.A. in economics from St. Edward's University and his Ph.D. from the University of Notre Dame. He is also a CFA charterholder.
Background
Bio
Social Security Solutions
Income Solver
_Income Strategies: How to Create a Tax-Efficient Withdrawal Strategy to Generate Retirement Income_, by William Reichenstein
_Social Security Strategies: How to Optimize Retirement Benefits_, by William Reich…
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Apr 19, 2022
Mary Childs: The Rise and Fall of the Bond King
Our guest this week is Mary Childs. Mary is a cohost and correspondent for National Public Radio's _Planet Money_. Previously, she was a reporter at _Barron's_ magazine and before that, a reporter at the _Financial Times_ and Bloomberg News. She received her bachelor's degree in business journalism from Washington & Lee University. Mary is the author of a new biography about the iconic Pimco bond fund manager, Bill Gross. It's called the _The Bond King: How One Man Made a Market, Built an Empire, and Lost It All_. We spent this episode delving into the book with Mary's help.
Background
Bio
_Planet Money__ _podcast__
_The Bond King: How One Man Made a Market, Built an Empire, and Lost It All_, by Mary Childs
Pimco Total Return Analyst Report
Early Life and Career
_Beat the Dealer_, by Ed Thorpe
“The Strange Billionaire Who Revolutionized the Bond Market,” by Greg Rosalsky, npr.org, March 15, 2022.
“Bill Gross Made the Bond Market What It Is Today,” by Mary Childs, barro…
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Apr 12, 2022
Nick Maggiulli: 'The Biggest Lie in Personal Finance'
Our guest on the podcast today is Nick Maggiulli. He is the author of a new book called "_Just Keep Buying: Proven Ways to Save Money and Build Your Wealth_." He is also the author of OfDollarsAndData.com, a blog focused on the intersection of data and personal finance. In addition, he is COO and data scientist for Ritholtz Wealth Management. He graduated from Stanford University with a degree in economics.
Background
Bio
Of Dollars And Data
_Just Keep Buying: Proven Ways to Save Money and Build Your Wealth_
Personal Finance
What Is a Data Scientist?
“Go Big, Then Stop,” by Nick Maggiulli, ofdollarsanddata.com, July 27, 2021.
“The Biggest Lie in Personal Finance,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 4, 2020.
“The 9 Best Income Producing Assets to Grow Your Wealth,” by Nick Maggiulli, ofdollarsanddata.com, Sept. 15, 2020.
“Just 5 Years Can Change Your Life,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 28, 2021.
“We Begin our Lives as Growth Stock…
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Apr 5, 2022
JL Collins: The Case for Simplicity
Our guest on the podcast today is author and blogger JL Collins. He blogs about financial and other matters at JLCollinsnh.com. Collins' first book, _The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life_ was published in 2016 and has been an international best-seller. His latest book is _How I Lost Money in Real Estate Before It Was Fashionable_. That one came out in 2021.Background
Bio
JLCollinsnh.com
_ The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life_
_How I Lost Money in Real Estate Before It Was Fashionable: A Cautionary Tale_Investing
"Stocks--Part XV: Target Retirement Funds, the Simplest Path to Wealth of All," by JL Collins, jlcollinsnh.com, Dec. 18, 2012.
“Stocks—Part XIII: The 4% Rule, Withdrawal Rates and How Much Can I Spend Anyway?" by JL Collins, jlcollinsnh.com, Dec. 7, 2012.
"The Alfred Hitchcock Path to FI," by JL Collins, jlcollinsnh.com, May 5, 2021.
"The Trinity Study and Portfol…
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Mar 29, 2022
Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad
Our guests on the podcast today are Dan Otter and Scott Dauenhauer. Together they run the website 403bwise, which is geared toward providing education and advocacy on retirement planning for educators. Dan started 403bwise in 2000 with John Moore as a means of shedding light on the often opaque landscape of retirement plans for K-12 educators. Scott is a certified financial planner and principal and owner of Meridian Wealth Management. He got interested in the 403(b) space after researching retirement plan options available to his wife, who is a teacher. They've each written books about 403(b)s and retirement planning for K-12 educators. Dan's is called _Teach and Retire Rich_, while Scott's book is called _Wild West: Providing Fiduciary Advice to Public School Employees_. They also host a podcast called _Teach and Retire Rich_, and they recently released a short podcast series called _Learned by Being Burned: Teachers in the K-12 403(b)_.
Background
403bwise.org
Dan Otter
_Teach a…
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Mar 22, 2022
Eric Schoenstein: The Case for Quality Stocks
Our guest today is Eric Schoenstein. Eric is a managing director at Jensen Investment Management, where he serves as the firm’s chief investment officer and is a portfolio manager of several Jensen strategies, including its flagship Quality Growth strategy. That strategy is a concentrated portfolio of 25-30 stocks of growing businesses that Jensen’s team believes boast durable competitive advantages. Prior to joining Jensen in 2002, Eric was a senior manager at Arthur Andersen. He earned his bachelor’s in business administration from Oregon State University. He is also a trustee and the board chair for the Oregon State University Foundation Board of Trustees.
Background
Bio
Jensen Quality Growth
Quality and Growth
"15 Cheap Growth Stocks Amid the Volatility," by Dave Sekera, Morningstar.com, Feb. 28, 2022.
"The Best Way To Capture Quality Growth," by Helen Fowler, ETF.com, Dec. 4, 2013.
"The What, Why, and How of Quality," by Ben Johnson, Morningstar.com, March 30, 2016.…
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Mar 15, 2022
Terry Odean: Who's on the Other Side of the Trade?
Our guest on the podcast today is Terrance Odean. Dr. Odean is the Rudd Family Foundation Professor of Finance at the Haas School of Business at the University of California, Berkeley. Individual investor trading has been a key area of research throughout his academic career. In 2016, Dr. Odean received the James R. Vertin Award from the CFA Institute for research notable for its relevance and enduring value to investment professionals. He has been an editor and an associate editor of numerous academic finance journals, including _The Review of Financial Studies_, _The Journal of Finance_, and _The Journal of Behavioral Finance_. As an undergraduate student at UC Berkeley, Dr. Odean studied judgment and decision-making with a 2002 Nobel Laureate in Economics, Daniel Kahneman.
Background
Bio
_The Review of Financial Studies_
_The Journal of Finance_
_The Journal of Behavioral Finance_
Free Trading and Robinhood
“Online Investors: Do the Slow Die First?” by Brad Barber and Ter…
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Mar 8, 2022
Andrew Miller: ‘No Index Is Truly Passive’
Our guest this week is Andrew Miller. Andrew is a partner at Creative Planning where he advises clients on financial planning and investment issues. Prior to joining Creative Planning in 2020, Andrew was a partner at Miller Financial Management, where he focused on portfolio construction, financial and tax planning, as well as investment management. He's active on social media--you can find him on Twitter @millerak42--and has authored research on various financial-planning and investing topics that you can find online. Andrew is a CFA charterholder and also is a certified financial planner. He received his bachelor's degree in finance from Indiana University.
Background
Bio
General
“Alpha, Beta, and Now ... Gamma,” by David Blanchett and Paul Kaplan, Morningstar.com, Aug. 28, 2013.
Asset Allocation and Portfolio Construction
“Alternative Investments--A Field Manual,” by Andrew Miller, alphaarchitect.com, Oct. 3, 2019.
“Who’s Afraid of a Big Bad Bear? Many Investors S…
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Mar 1, 2022
Clark Howard: Financial Well-Being Starts With Being a Smart Consumer
Our guest on the podcast today is consumer advocate and personal finance expert Clark Howard. Clark has been hosting the nationally syndicated radio show and podcast _The Clark Howard Show_ since 1989. He's also the author of 10 books, three of which have been _New York Times_ best-sellers. He also sponsors the Consumer Action Center, which is a free resource for advice on money and consumer issues. He received his B.A. in urban government from American University, and his MBA from Central Michigan University.
Background
Bio
Clark.com
The Clark Howard Podcast
Books by Clark Howard
Home Ownership, Debt, and Investing
“Should I Pay Off Debt, Save Money or Invest?” by Christopher Smith, clark.com, Feb. 18, 2021.
“How to Pay Off Debt and Save Money on a Fixed Income,” by clark.com staff, clark.com, Nov. 25, 2020.
“Key Rules for First-Time Homebuyers and Investors in Real Estate,” by Clark Howard, clark.com, March 22, 2017.
“Clark Howard Has Advice if You’re Lookin…
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Feb 22, 2022
Lori Lucas: Despite Pandemic, Retirement Confidence Soars
Our guest on the podcast today is Lori Lucas, the president and CEO of the Employee Benefits Research Institute, or EBRI. EBRI aims to provide unbiased research and data on retirement, healthcare, and other employee benefits. Prior to joining EBRI, Lori was an executive vice president and practice leader at Callan. She has also served as director of Retirement Research at Hewitt associates, vice president at Ibbotson associates, pension fund consultant at J.H. Ellwood & Associates, and as an analyst and product development leader at Morningstar. Lori received a Bachelor of Arts from Indiana University and earned a master’s from the University of Illinois. Additionally, she is a Chartered Financial Analyst.
Background
Bio
Employee Benefits Research Institute
Retirement Confidence and Financial Wellness
EBRI’s Retirement Confidence Survey
“2021 Retirement Confidence Survey: A Closer Look at Black and Hispanic Americans,” by Craig Copeland and Lisa Greenwald, ebri.org, June…
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Feb 15, 2022
Jill Schlesinger: 'What Are You Going to Do With Your Life?'
Our guest on the podcast today is Jill Schlesinger. Jill is a business analyst for CBS News and comments on the economy, investing, and personal finance for CBS television and radio programs. She also hosts the popular "Jill on Money" podcast and writes the nationally syndicated "Jill on Money" column for Tribune Media Services. Jill's first book, _The Dumb Things Smart People Do With Their Money_ was published in 2019. She has received numerous awards over her career, including an Emmy Award for her work on _CBS Sunday Morning_. Jill is a certified financial planner and spent 14 years as the co-owner of and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York following her graduation from Brown University.
Background
Bio
Jill on Money
_The Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs_, by Jill Schlesinger
Current Market
“…
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Feb 8, 2022
Jeremy Grantham: The U.S. Market Is in a Super Bubble
Our guest this week is Jeremy Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO, which he cofounded in 1977. He serves on GMO's Asset Allocation Committee and board of directors. Prior to GMO, Jeremy was cofounder of Batterymarch Financial Management and before that was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the U.K., and is a recipient of the Carnegie Medal of Philanthropy.
Background
Bio
“10 Things You Didn’t Know About Jeremy Grantham,” by Allen Lee, moneyinc.com.
Bubbles
Three-Sigma Limits Definition
“Let the Wild Rumpus Begin,” by Jeremy Grantham, gmo.com, Jan. 20, 2022.
“‘Super Bubble’: Jeremy Grantham Says Historic Crash Has Begun,” by Clayton Jarvis, financialpost.com, Jan. 25, 2022.
“Market ‘Superbubble’…
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Feb 1, 2022
Andrew Lo: Finding the Perfect Portfolio--a 'Never-Ending Journey'
Our guest this week is Dr. Andrew Lo. Dr. Lo is the Charles E. & Susan T. Harris Professor, a professor of finance, and the director of the Laboratory for Financial Engineering at the MIT Sloan School of Management. His current research spans five areas, including evolutionary models of investor behavior and adaptive markets, systemic risk, and financial regulation, among others. Dr. Lo has published extensively in academic journals and authored a number of books including _In Pursuit of the Perfect Portfolio_, which he cowrote with Stephen Foerster. He has received numerous awards for his work and contributions to modern finance research throughout his career. He holds a bachelor's in economics from Yale University and an AM and Ph.D. in economics from Harvard University.
Background
Bio
_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 Evolu…
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Jan 25, 2022
Michael Mauboussin: Finding Easy Games
Our guest this week is Michael Mauboussin. Michael is the head of consilient research at Counterpoint Global. Before joining Counterpoint Global in January 2020, Michael was director of research at BlueMountain Capital Management and prior to that held research leadership roles at Credit Suisse and Legg Mason Capital Management. Michael is the author of three books including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also coauthor with Alfred Rappaport of Expectations Investing: Reading Stock Prices for Better Returns. He has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham & Dodd Investing. Michael is also chairman emeritus of the board of trustees of the Santa Fe Institute. He received his bachelor's degree from Georgetown University.
Background
Bio
_The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing_, by Michael Maubous…
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Jan 18, 2022
Paula Pant: A Different Path to Financial Independence
Our guest on the podcast today is Paula Pant, host of the popular _Afford Anything_ podcast. She is also the founder of affordanything.com, a personal finance website. Paula is a frequent public speaker and is a leading voice in the “Financial Independence, Retire Early” movement, better known as FIRE. She is a graduate of the Honors Program at the University of Colorado at Boulder.
Background
Bio
Afford Anything
_Afford Anything_ podcast
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?…
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Jan 11, 2022
Cullen Roche: Macro Is About Understanding the World for What It Is
Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen also authors the popular blog "Pragmatic Capitalism," where he writes about a range of macroeconomic and investing topics. He is active on social media, including Twitter, where you can find him at @cullenroche. Cullen started his career as an advisor at Merrill Lynch and did a stint at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business..
Background
Bio
Pragmatic Capitalism Blog
_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 Lesson…
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Jan 4, 2022
Best of The Long View: Investing
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with investment managers, writers, and thinkers over the past year.
Here are the complete episodes that are referenced in this week’s episode.
“David Giroux: What Are the Market Inefficiencies We Can Exploit?” _The Long View_ podcast, Feb. 2, 2021.
“Hamish Douglass: On the Hunt for Super-Compounding Stocks,”_ The Long View_ podcast, Feb. 23, 2021.
“John Rogers, Jr.: ‘Be Willing to Talk about These Uncomfortable Issues’,” _The Long View_ podcast, Apr. 6, 2021.
“William Bernstein: ‘We’re Starting to See All of the Signs of a Bubble’,” _The Long View_ podcast, Mar. 9, 2021.
“Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir’,” _The Long View_ podcast, Apr. 20, 2021.
“Jason Zweig: Temperament Is Everything for Most Investors,” _The Long View_ podcast, June 29, 2021.
“David Herro: ‘We Are Not at All Afraid to Vary from an Index’,…
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Dec 28, 2021
Best of the Long View: Financial Planning and Retirement
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year.
Here are the complete episodes that are referenced in this week’s episode.
"Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,' " _The Long View_ podcast, Aug. 31, 2021.
"Manisha Thakor: Beware of ‘Junk Personal Finance,' " _The Long View_ podcast, July 20, 2021.
"Daniel Egan: Noisy Successes and Silent Failures,” _The Long View _podcast, Dec. 7, 2021.
"Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’ ” _The Long View_ podcast, Sept. 28, 2021.
"Sarah Newcomb: ‘I Love Rules of Thumb,’ ”_ The Long View_ podcast, Aug. 10, 2021.
"Hal Hershfield: People Treat Their Future Self As If It’s Another Person,”_ The Long View_ podcast, Sept. 21, 2021.
“Ramit Sethi: How Can Couples Make Peace Over Money?” _The Long View_ podcast, Nov. 30, 2021.…
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Dec 21, 2021
Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?
On this week's special episode, we'll be chatting about a recent study on retirement withdrawal rates that Christine and I authored with our colleague John Rekenthaler, who joins us for this conversation.
As listeners probably know, this is an especially challenging time for retirees trying to figure out how much they can safely withdraw in retirement given lofty stock valuations, paltry bond yields, and uncertain inflation. With that in mind, the study assessed potential retirement withdrawal rates, projecting what spending rate would be successful over an assumed 30-year retirement horizon after taking the market outlook into consideration. In this episode, I'll be asking Christine and John about the study and key takeaways, including the finding that withdrawal rates will likely have to be lower going forward than they've been in the past. For reference, you can find a link to the study in the show notes to this episode.
Morningstar Retirement Research
“What’s a Safe Retireme…
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Dec 14, 2021
Bill Bengen: Revisiting Safe Withdrawal Rates
Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what's now called the 4% rule. Bill is the former owner of Bengen Financial Services, an independent Registered Investment Advisor that he launched in 1989, after his family sold the soda-bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates. We're excited to have him here today.
Background
Bio
In-Retirement Withdrawal Rates and Asset Allocation
“The Originator of ‘the 4% Rule’ Thinks It’s Off the Mark. He Says It Now Could Be Up to 4.5%,” by Neal Templin, barrons.com, Jan. 23, 2021.
“The Planner’s Toolkit for Mana…
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Dec 7, 2021
Dan Egan: Noisy Successes and Silent Failures
Our guest on the podcast today is Dan Egan. Egan is the director of behavioral finance and investing at Betterment, and he has researched behavioral finance topics extensively over his career. Prior to joining Betterment, he was a behavioral finance specialist for Barclays Wealth. He received his bachelor's degree in economics from Boston University and his Master of Science degree in decision science from the London School of Economics.Background
Bio
Research Frictions and 'Free'
"Closing the Behavior Gap," Betterment.com, Dec. 11, 2018.
"'Most People Don’t Want to Be Called Average,' Says Betterment's Dan Egan, Who Designs Financial Tools for Them Anyway," by Andrea Riquier, MarketWatch, June 16, 2020.
"How Checking Performance Might Hurt Your Performance," by Dan Egan, Betterment.com, May 20, 2019.
"The Myth of the Panicky Individual Investor," by Dan Egan, dpegan.com, March 14, 2020.
"Memestonks: What's Different About This Market," by Dan Egan, Betterment.com, Jan. 29, 20…
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Nov 30, 2021
Ramit Sethi: How Can Couples Make Peace Over Money?
Our guest on the podcast this week is personal finance expert and author, Ramit Sethi. His first book _I Will Teach You to Be Rich_, published in 2009, was a best-seller. A second edition of the book came out in 2019. Ramit is the founder of IWillTeachYouToBeRich.com, and he is also the host of a new podcast called, _I Will Teach You to Be Rich_, which features in-depth conversations with couples about money.
Background
Bio
_I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a Six-Week Program That Works_, by Ramit Sethi
_I Will Teach You to Be Rich_ Podcast
IWillTeachYoutoBeRich.com
In-Depth Conversations With Couples
“Ramit Sethi Launches Groundbreaking Podcast,” Yahoo.money.com, Aug. 4, 2021.
“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Kara Copple, Iwillteachyoutoberich.com, Nov. 23, 2020.
“Is Renting a Waste of Money? Ramit Sethi Explains,” by Ramit Sethi, Iwillteachyoutoberich.com, Sept. 22, 2021.
“Epi…
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Nov 23, 2021
Phil Huber: Finding an Edge in Alternative Investments
Our guest this week is Phil Huber. He is chief investment officer at Savant Wealth Management, a fee-only registered investment advisor. Previously, Huber worked for Huber Financial Advisors, which Savant acquired in 2020. Huber is active in the financial blogosphere with his blog _bps and pieces.com_. He has a bachelor's degree in finance from the Kelley School of Business at Indiana University and has earned both the Certified Financial Planner and Chartered Financial Analyst designations. Huber is also the author of a new book, _The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification_.Background
Bio
Savant Wealth Management
Bps and pieces
_The 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, bpsandp…
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Nov 16, 2021
Robin Wigglesworth: The Rise of Index Investing and the 'Renegades' Who Ushered It In
Our guest this week is Robin Wigglesworth. Robin is the _Financial Times_' global finance correspondent based in Oslo, Norway. He covers investing in markets with a focus on technological disruption and quantitative investing. He joined the _FT_ as a Gulf correspondent in June 2008. Before that, he was a Nordic economics and politics correspondent for Bloomberg News. Robin is a graduate of City, University of London and received his master's in history of international relations from the London School of Economics and Political Science. Robin is here to discuss his new book, _Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever_.
Background
Bio
_Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever_
History of Indexing
“Louis Bachelier: An Underappreciated Revolutionary,” historyofdatascience.com, June 3, 2021.
Paul Samuelson
Efficient Market Hypothesis
Rex Sinquefield
Dean LeBaron…
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Nov 9, 2021
Charles Rotblut: 'It's the Dot-Com Bubble All Over Again'
Our guest on the podcast today is Charles Rotblut. Charles is vice president at the American Association of Individual Investors, and he's also editor of the _AAII Journal_. Charles wrote the book _Better Good Than Lucky_, which was published in 2010. And he's a CFA charterholder.
Background
Bio
AAII Journal
_Better Good Than Lucky: How Savvy Investors Create Fortune With the Risk-Reward Ratio_, by Charles Rotblut
AAII
PRISM Wealth-Building Process
“Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay,” by Drazen Prelec and Duncan Simester, Marketing Letters, NYtimes.com, June 8, 2000.
“Aging’s Adverse Impact on Decision-Making,” by Charles Rotblut, aaii.com.
AAII Investor Sentiment Survey
“Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser,’” The Long View Podcast, morningstar.com, Sept. 7, 2021.
Investor Behavior
“A Rules-Based Approach to Managing a Portfolio,” by Charles Rotblut, aaii.co…
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Nov 2, 2021
Bob Seawright: 'There Is No Such Thing as a Passive Investor'
Our guest this week is Bob Seawright. Bob is chief investment and information officer at Madison Avenue Securities, a Registered Investment Advisorand broker/dealer based in San Diego, California. Bob has received a number of accolades through the years but is perhaps best known for his popular newsletter, "The Better Letter," where he writes about a wide range of topics, including human behavior, decision-making, and investing. Before coming to the finance industry, Bob was a practicing lawyer. He later joined Merrill Lynch, where he worked as a financial advisor until joining Madison in 2010. Bob earned his bachelor's degree from the State University of New York at Fredonia, his J.D. from Duke University, and is a CFA charterholder.
Background
Bio
The Better Letter
_How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest__, _by Joshua Brown and Brian Portnoy
_Ubiquity: Why Catastrophes Happen__, _by Mark Buchanan
Terrance Odean: “The Average Investor Is…
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Oct 26, 2021
Fritz Gilbert: Early Retirement Made Simple
Our guest on the podcast today is author and blogger Fritz Gilbert. Fritz spent more than 30 years in corporate America, before retiring at age 55. He and his wife moved to a cabin in the Georgia mountains, where they enjoy community involvement and charity work. Fritz has been writing about the experience and giving advice at his blog, theretirementmanifesto.com. He also wrote a book about retirement, called _Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years._
Background
Bio
Twitter: https://twitter.com/RetireManifesto
What I've Learned From 2 Years of Retirement, by Fritz Gilbert; June 3, 2020
Wise Advice for a Successful Retirement, by Fritz Gilbert; April 22, 2020
Freedom for Fido, by Fritz Gilbert; May 7, 2019
Freedom for Fido website
The Dark Side of Retirement, by Fritz Gilbert; Nov. 19, 2019
The One Retirement Question Project, by Fritz Gilbert; May 18, 2018
The Wall Street Journal. Complete Retirement Guidebook: How to Plan…
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Oct 19, 2021
Zachary Karabell: Brown Brothers Harriman Is the Story of American Capitalism
Our guest on the podcast today is author Zachary Karabell. He’s written numerous books about global history, economics, and politics. His latest is called _Inside Money: Brown Brothers Harriman and the American Way of Power. _
Background
Bio
Website
Twitter: @zacharykarabell
The Progress Network
Brown Brothers Harriman
Career/Investing
_Inside Money: Brown Brothers Harriman and the American Way of Power__,_ by Zachary Karabell, 2021.
“Zachary Karabell: How a Boring Bank Shaped the Rise of American Power," by Jane Wollman Rusoff, ThinkAdvisor.com, July 30, 2021.
_The Leading Indicators: A Short History of the Numbers That Rule Our World_, by Zachary Karabell, 2014.
"Capitalism Doesn’t Have to Be This Way," by Zachary Karabell, _The Atlantic,_ May 21, 2021.
“The Capitalist Culture That Built America,” by Zachary Karabell, _The Wall Street Journal,_ May 14, 2021.
“Fannie, Freddie, and the Destructive Dream of the 'Ownership Society,’ ” by Zachary Karabell, _Th…
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Oct 12, 2021
Dhananjay Phadnis: 'ESG Investing Is Still at a Very Early Stage in Asia'
Our guest this week is the Dhananjay Phadnis. DJ is the manager of the Fidelity Sustainable Asian Equity strategy, which he has run since 2013. DJ joined Fidelity as an analyst in 2004 and has served in a number of roles during his tenure, including stints managing Fidelity Indonesia Fund as well as Fidelity's director of research in Hong Kong. DJ graduated from Pune University in India and holds a postgraduate degree in management from the Indian Institute of Management. He is a CFA charterholder and an associate of the Institute of Chartered Accountants of India.
Background
Bio
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 Em…
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Oct 5, 2021
Tadas Viskanta: Luck Plays a Big Role in Investing
Our guest on the podcast today is Tadas Viskanta. Tadas is the director of investor education at Ritholtz Wealth Management. He's also the founder and editor of the popular financial and investing blog Abnormal Returns, which he launched in 2005. Tadas is the author of the book _Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere_ and has coauthored a number of papers that have appeared in esteemed academic publications like the _Financial Analysts Journal_. Tadas earned his bachelor's degree in economics and political science from Indiana University and his MBA from the University of Chicago Booth School of Business.
Background
Bio
Abnormal Returns
Twitter: @abnormalreturns
_Abnormal Returns: Winning Strategies From the Frontlines of the Investment Blogosphere_ by Tadas Viskanta
Investor Education
“Financial Literacy vs. a Fiduciary Standard: Which Matters More?” by Tadas Viskanta, abornormalreturns.com, May 26, 2019.
“What Has the Sto…
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Sep 28, 2021
Lynnette Khalfani-Cox: 'There's a Huge Wealth Gap in America'
Our guest on the podcast today is Lynnette Khalfani-Cox. She's a personal finance expert, speaker, and author of 15 money-management books, including _The_ _New York Times_ best-seller, _Zero Debt: The Ultimate Guide to Financial Freedom_. Khalfani-Cox and her husband co-own TheMoneyCoach.net, which offers financial education consulting services, courses, and workshops. Before starting TheMoneyCoach.net, Khalfani-Cox was a _Wall Street Journal_ reporter for CNBC, where she covered business and personal finance news. She spent nearly 10 years at Dow Jones & Company working as a reporter, bureau chief, deputy managing editor, and personal finance editor. She received her undergraduate degree from the University of California at Irvine, and her master's degree in broadcast journalism from the University of Southern California. Background
Bio
TheMoneyCoach.net
Books by Lynnette Khalfani-Cox Improving the Racial Wealth Gap
"Here's What the 'Black Tax' Does to so Many Families--Including…
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Sep 21, 2021
Hal Hershfield: People Treat Their Future Self as if It’s Another Person
Our guest on the podcast today is Professor Hal Hershfield. Dr. Hershfield is Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA's Anderson School of Management. His research concentrates on the psychology of long-term decision-making and how people's perceptions of the passage of time affect the decisions that they make. He has consulted with numerous organizations including Prudential, the Consumer Financial Protection Bureau, Merrill Lynch, and the Principal Financial Group. He received his B.A. at Tufts University and his Ph.D. at Stanford.
Background
Bio
The Pandemic
“How Elvis Got Americans to Accept the Polio Vaccine,” by Hal Hershfield and Ilana Brody, scientificamerican.com, Jan. 18, 2021.
“Should You Immerse Yourself in Bad News These Days or Ignore It Completely?” by Hal Hershfield, scientificamerican.com, May 5, 2020.
“How to Craft the Vaccine Message for the Undecided,” by Bill Kisliuk, ucla.edu, May 4, 2021.
“Your Messaging to…
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Sep 14, 2021
Laura Carstensen: 'I'm Suggesting We Change the Way We Work'
Our guest on the podcast today is Laura Carstensen. She is professor of psychology at Stanford University, where she is the Fairleigh S. Dickinson Professor in Public Policy and founding director of the Stanford Center on Longevity. Her research focuses on the motivational and emotional changes that occur with age and the influence such changes have on cognitive processing. She is the author of a A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity. She received her bachelor's degree from the University of Rochester, and her Ph.D. in clinical psychology from West Virginia University.
Background
Bio
Stanford Center on Longevity
_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.sa…
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Sep 7, 2021
Meb Faber: 'To Be a Good Investor, You Have to Be a Good Loser'
Our guest this week is Meb Faber. He is co-founder and chief investment officer of Cambria Investment Management, which manages exchange-traded funds and separate accounts. In addition to his duties at Cambria, Faber is a prolific author who has written influential books on tactical allocation and endowment-styled investing, among other published works. He also hosts the popular Meb Faber Show podcast, is an active participant in financial Twitter, and is the architect of The Idea Farm, a web-based research resource he developed for investors. Faber is an experienced angel investor in small, private businesses as well as an investor in alternative assets like farmland and rare coins. He graduated from the University of Virginia with a dual major in engineering science and biology.
Background
Bio
Books
The Meb Faber Show podcast
@MebFaber
The Idea Farm
Celera Corporation
_Gattaca_
Richard Thaler
James Montier
Current Environment and Market Valuations
_Triumph of the Optimist…
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Aug 31, 2021
Daniel Crosby: 'If You're Excited About It, It's Probably a Bad Idea'
Our guest on the podcast today is psychologist and author Dr. Daniel Crosby. Daniel is the chief behavioral officer at Orion Advisor Solutions. Daniel has written numerous books on behavioral finance, including _The Behavioral Investor_, _The Laws of Wealth: Psychology_ _and The Secret to Investor Success_, and _You're Not That Great_. Daniel also hosts his own podcast called _Standard Deviations_. He received his Bachelor of Science and doctorate at Brigham Young University.
Background
Bio
_The Behavioral Investor_, by Daniel Crosby
_The Laws of Wealth: Psychology and the Secret to Investor Success_, by Dr. Daniel Crosby
_You’re Not That Great_, by Daniel Crosby, Ph.D.
_Standard Deviations _podcast
Orion Advisor Solutions
Current Environment
“3 Tips to Handle Financial Peer Pressure With Ease,” ally.com, Aug. 18, 2021.
“Loneliness and Social Isolation as Risk Factors for Mortality: A Meta-Analytic Review,” by Julianne Holt-Lunstad and Timothy Smith, scholarsarchive…
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Aug 24, 2021
Michael Falk: 'Retirement Planning Can Be Done More Simply'
Our guest on the podcast today is Michael Falk. Falk is a partner at the Focus Consulting Group, where he specializes in helping investment and wealth management firms with investment decision-making, strategic planning, and succession. Previously, he was a chief strategist at Global Macro LP and a chief investment officer in charge of manager due diligence and asset allocation for a multi-billion-dollar advisory practice. Falk has authored or coauthored several books, including Let's All Learn How to Fish To Sustain Long-Term Economic Growth, Get to Work on OUR Future, and Money, Meaning, and Mindsets. He is a frequent public speaker and is also a CFA charterholder.
Background
Bio
Let's All Learn How to Fish … To Sustain Long-Term Economic Growth, by Michael Falk
Get to Work … On OUR Future, by Michael Falk
Money, Meaning, and Mindsets: Radical Reform for the Investment Industry, by Michael Falk
"Jason Zweig: Temperament Is Everything for Most Investors," The Long View podca…
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Aug 17, 2021
Rick Bookstaber: Avoiding Complexity Is 'Risk 101'
Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor’s in economics at Brigham Young University and earned a doctorate in economics from MIT.
Background
Bio
Fabric
A Demon of Our Own Design: M…
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Aug 10, 2021
Sarah Newcomb: 'I Love Rules of Thumb'
Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her research into Morningstar financial management applications and tools. Before joining Morningstar in 2015, Sarah earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She's the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind. Sarah also holds a bachelor’s degree in mathematics from Salem State University, a master's degree in financial economics from the University of Maine, and a master’s certification in personal financial planning from Bentley University.
Background
Bio
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,…
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Aug 3, 2021
Martin Lau: Now Is a Better Time to Buy China
Our guest this week is Martin Lau. Martin is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He's been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including the FSSA Asian Equity Plus Fund, the FSSA China Growth Fund, and the FSSA Hong Kong Growth Fund. Martin has been in the investment business for nearly three decades and is based in Hong Kong. Morningstar's analysts have recognized Martin's achievements on a number of occasions, most recently in 2020, when they named the FSSA Hong Kong Growth Fund the winner of the Best Hong Kong Equity Fund Award. Martin earned a Bachelor of Arts degree from Cambridge University, as well as master’s degree in engineering from Cambridge. Martin is a CFA charterholder.
Background
BioFSSA Investment Managers
Morningstar Global Fund Report: FSSA Asian Equity Plus Fund Class I
FSSA China Growth Fund Class I
FSSA Hong Kong Growth Fund
Portfolio Management and Investing in China…
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Jul 27, 2021
Carl Richards: It Should Be OK to Relax Out Loud
Our guest on the podcast this week is Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new venture is called The Society of Advice, which he describes as a global gathering of real financial advisors. Carl created the Sketch Guy column in The New York Times. And he is also author of two books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money. In addition, he hosts the Behavior Gap Radio podcast and also cohosts a podcast with financial planning guru Michael Kitces, called Kitces & Carl.
Background
Bio
The Society of Advice videos
“Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’,” The Long View podcast, Morningstar.com, May 13, 2020.
Behavior Gap
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…
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Jul 20, 2021
Manisha Thakor: Beware of 'Junk Personal Finance'
Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. She's also the coauthor of two books with Sharon Kedar: _On My Own Two Feet_, published in 2007 and updated in 2013, and _Get Financially Naked_, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of financial well-being at Brighton Jones. Before that she was director of wealth strategies for women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor's degree in American Studies from Wellesley College and her MBA from Harvard Business School.
Background
Bio
MoneyZen
_On My Own Two Feet: A Modern Girl’s Guide to Personal Finance_, by Manisha Thakor and Sharon Kedar…
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Jul 13, 2021
David Herro: 'We Are Not at All Afraid to Vary From an Index'
Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.
Background
Bio
Oakmark Funds
Oakmark Global Investor
Oakmark Global Select Investor
Oakmark International Investor
Oakmark International Small Cap Investor
Macro
“Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound, cnbc.com, March 16, 2020.
“The Nex…
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Jul 6, 2021
Leif Dahleen: Finding Financial Independence
Our guest on the podcast today is Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist at age 43. Since that time, he has been blogging about his own financial independence, retire early journey, sharing early retirement and investing guidance with other professionals who might also wish to retire early. He attended the University of Minnesota for his undergraduate and medical school education, completed an internship at Gundersen Lutheran in La Crosse, Wisconsin, and finished his residency at the University of Florida.
Background
Bio
Physician on FIRE
Early Retirement Lifestyle and Financial Considerations
“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View Podcast, Morningstar.com, Nov. 10, 2020.
“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast, Morningstar.com, Oct. 14, 2020.
“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View…
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Jun 29, 2021
Jason Zweig: Temperament Is Everything for Most Investors
Our guest on the podcast this week is The Wall Street Journal columnist and author Jason Zweig. Jason became a personal finance columnist for The Wall Street Journal in 2008. His weekly column, “The Intelligent Investor,” is a must-read for people inside and outside of the investment industry. Jason is also the editor of the revised edition of Benjamin Graham's The Intelligent Investor. And he is the author of Your Money and Your Brain, which explores the neuroscience of investing. He also wrote the Devil's Financial Dictionary, which is a satirical glossary of Wall Street.
Background
Bio
Jason’s twitter handle: @jasonzweigwsj
Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich
The Devil’s Financial Dictionary
Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel
Life and Fate by Vasily Grossman
Palace Walk: The Cairo Trilogy by Naguib Mahfouz
The Psychology of Money: Timeless Lessons on Wealth, Gr…
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Jun 23, 2021
Jack Brennan: Price Pressure in the Advice Business Is 'Inevitable'
Our guest on the podcast today is former Vanguard CEO, Jack Brennan. Jack is the author of a new book, _More Straight Talk on Investing_, which he cowrote along with John Woerth. He is also author of _Straight Talk on Investing_, which was published in 2004. Jack served as the CEO of Vanguard from 1996 to 2008 and was chairman of the board from 1998 to 2009. He is now chairman emeritus and senior advisor at Vanguard. He also serves as the chairman of the board of trustees at Notre Dame University and has served on numerous corporate boards, including General Electric and American Express. He received his undergraduate degree from Dartmouth College and his MBA from Harvard Business School.
Background
Bio
_More Straight Talk on Investing: Lessons For a Lifetime_
_Straight Talk on Investing: What You Need to Know_
Current Environment
“Opinion: Former Vanguard CEO: 5 Hurdles Facing Investors Now and How to Overcome Them,” by Jack Brennan, marketwatch.com, May 1, 2021.
“Straigh…
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Jun 16, 2021
Sonal Desai: Navigating Historically Low Yields and Stretched Valuations
Our guest this week is Sonal Desai. Sonal is executive vice president and chief investment officer of the Franklin Templeton Fixed Income Group. In addition to her responsibilities overseeing many of Franklin’s fixed-income teams, Sonal also co-chairs the group’s fixed-income policy committee and is a member of Franklin Resources executive committee as well as the firm’s management and investment committees. Sonal is a listed portfolio manager at a number of strategies, including Core Plus, Strategic Income, and Global Fixed Income. Sonal joined Franklin in 2009 from Thames River Capital in London. Before that, Sonal worked at the International Monetary Fund and as director and senior economist at Dresdner Kleinwort Wasserstein. She earned her bachelor’s in economics from the University of Delhi and her doctorate in economics from Northwestern University.
Background
Bio
Franklin Strategic Income A
Franklin Total Return A
Franklin Low Duration Total Return A
Fiscal and Mon…
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Jun 9, 2021
Eduardo Repetto: ETFs Are Winning the Battle
Our guest this week is Eduardo Repetto. Eduardo is chief investment officer of Avantis Investors, where he is responsible for overseeing the research, design, and implementation of the firm's investment strategies. Prior to forming of Avantis in 2019, Eduardo was co-CEO, co-CIO, and a director at Dimensional Fund Advisors. Eduardo earned a Ph.D. in aeronautics from the California Institute of Technology, and an MSc degree in engineering from Brown University.
Background
Bio
“American Century Launches Systematic Active Manager Avantis Investors,” by Christine Williamson, Pensions & Investments, June 26, 2019.
Hal Hershfield
Suzanne Shu
Meir Statman
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…
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Jun 7, 2021
Market X-Ray: Wheels Up on Travel Stocks
In this bonus episode of “The Long View,” we hear from three Morningstar equity analysts who cover airlines, cruise lines, and Airbnb. Welcome to “Market X-Ray," our new podcast that looks at investment opportunities and risks that go beyond the market headlines.
Want to hear more? Let us know at 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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Jun 2, 2021
Alan Moore: What Millennial Investors Want
Our guest on the podcast today is Alan Moore. With Michael Kitces, Alan cofounded XY Planning Network, a support network for advisors looking to serve younger clients. He is also the CEO of AdvicePay, which is a compliant payment processor for financial advisors. Alan has been recognized by InvestmentNews as a top "40 Under 40" in financial planning, by Wealth Management as one of a "The 10 to Watch in 2015," and was the first recipient of the NAPFA Young Professional award in 2015. He is a certified financial planner, and he is also the host of XYPN Radio podcast.
Background
Bio
XY Planning Network
AdvicePay
XYPN Radio
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 Millen…
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May 26, 2021
Andrew Biggs: Create a Thrift Savings Plan for the Masses
We’ve been exploring the state of retirement in the United States on The Long View. Last week, we talked with progressive labor economist Teresa Ghilarducci. On this week’s episode, we chatted with Andrew Biggs, resident scholar at the American Enterprise Institute. He is more sanguine about the state of retirement in the U.S., though he is also in favor of some reforms. Andrew is an expert on Social Security reform, state and local government pensions, and public sector pay and benefits. Before joining AEI, Biggs was the principal deputy commissioner of the Social Security Administration, where he oversaw the agency's policy research efforts. In 2005, as an associate director of the White House National Economic Council, he worked on Social Security reform. In 2001, he joined the staff of then-President George W. Bush's Commission to Strengthen Social Security. He holds a bachelor's degree from Queen's University Belfast in Northern Ireland, master's degrees from Cambridge Univers…
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May 19, 2021
Teresa Ghilarducci: To Fix Retirement, Expand Social Security
Over the next two weeks, we'll be taking a closer look at the state of retirement security in the United States, and we'll be featuring two very different perspectives on the topic. We're kicking things off with labor economist and retirement expert Teresa Ghilarducci, who will offer a progressive perspective. Ghilarducci joined The New School for Social Research as a professor of economics in 2008 after teaching at Notre Dame for 25 years. At The New School, she also directs the Schwartz Center for Economic Policy Analysis, which focuses on economic policy research and outreach. Ghilarducci has frequently testified before U.S. Congress on matters of retirement planning. She has also published numerous research pieces in economics journals and has authored several books. Her most recent book, Rescuing Retirement, is co-authored by Tony James, executive vice chairman of the Blackstone Group. She received her bachelor's and doctorate degrees in economics from the University of California…
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May 12, 2021
Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'
Our guest this week is Patrick O’Shaughnessy. Patrick is the CEO of O’Shaughnessy Asset Management. He also is a portfolio manager at the firm. Prior to assuming his current role, Patrick served on O’Shaugnessy’s research and portfolio management teams. Patrick is the author of Millennial Money: How Young Investors Can Build a Fortune and was a contributing author to the fourth edition of What Works on Wall Street. Patrick is also the host of the popular Invest Like the Best podcast. He received his bachelor’s in philosophy from the University of Notre Dame and is a CFA charter holder.
Background
Bio
O’Shaughnessy Asset Management
Canvas
Millennial Money: How Young Investors Can Build a Fortune
What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time
Invest Like the Best Podcasts
ESG
“ESG the Right Way: Customization and Not Scale,” by Travis Fairchild, osam.com, October 2019.
“Custom Indexing Lead…
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May 5, 2021
Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle
Our guest on the podcast today is Kerry Pechter. He is the editor and publisher of Retirement Income Journal, which he launched in 2009 to provide unconflicted news and analysis to the annuity and financial advice industries. RIJ recently celebrated its 500th issue. Kerry is also the author of Annuities for Dummies and two other nonfiction books. He has been an editor of Annuity Market News, a writer in Vanguard's individual annuity marketing department, a senior editor at Rodale Press, and a reporter for The Billings Montana Gazette.
Background
Bio
Annuities for Dummies
Retirement Income Journal
Advisor Landscape
“Out of Commission,” by Kerry Pechter, retirementincomejournal.com, Sept. 19, 2013.
“Seeking ‘Ambidextrous Advisers’,” by Kerry Pechter, retirementincomejournal.com, Jan. 9, 2020.
RetireOne
DPL Financial
Annuity Basics
“Will Fee-Only Advisors Warm to Annuities?” by Kerry Pechter, retirementincomejournal.com, Oct. 19, 2018.
“Two Client-Centric Inc…
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Apr 28, 2021
Mike Piper: Delaying Social Security Not Always a Good Deal
Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, including Social Security Made Simple, Taxes Made Simple, Accounting Made Simple, and Can I Retire? His blog, Oblivious Investor, covers Social Security, taxes, and investing. Piper has also developed a free tool for exploring Social Security-claiming decisions called Open Social Security. He is a certified public accountant.
Background
Bio
Mike Piper's Books
Oblivious Investor
Open Social Security
Social Security
"How Is Social Security Taxed?" by Mike Piper, Oblivious Investor, Jan. 1, 2019.
"Does Delaying Social Security Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020.
"Philosophy of Social Security Claiming Strategies," by Wade Pfau, Retirement Researcher.
Social Security Solutions
Maximize My Social Security
"Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments," The Long View podcast, Morningstar.com, Sept. 9, 2020.
"Boost…
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Apr 21, 2021
Jason Hsu: China Is 'the Last Great Remaining Alpha Reservoir'
Our guest this week is Jason Hsu. Jason is founder and chairman of Rayliant Global Advisors, a quantitative asset manager based in Hong Kong. Jason also cofounded Research Affiliates with Robert Arnott and has been at the forefront of the fundamental indexing movement. Jason is a member of the board of directors at the Anderson School of Management at the University of California at Los Angeles, as well as an adjunct professor in finance there. He has authored more than 40 peer-reviewed articles, is an associate editor of the Journal of Investment Management, and serves on the editorial board of numerous other financial journals, including the Financial Analysts Journal. Jason earned his bachelor's in physics from the California Institute of Technology, his master's in finance from Stanford, and his doctorate in finance from UCLA.
Background
Bio
Rayliant Global Advisors
Research Affiliates
Anderson School of Management at UCLA
Journal of Investment Management
The Fundamental Ind…
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Apr 14, 2021
Joe Davis: 'We Will See China-Like Growth for a Time in the United States'
Our guest on the podcast today is Joe Davis, global chief economist at Vanguard. Joe also heads up Vanguard's Investment Strategy Group, a team that conducts research on portfolio construction, develops the firm's economic and market outlook, and helps oversee Vanguard's asset-allocation strategies for both institutional and individual investors. He is also a member of the senior portfolio management team for Vanguard Fixed Income Group. He earned a doctorate in economics at Duke University.
Background
Bio
Asset Bubbles
“Bitcoin: Digital Gold or Fool’s Gold?” by Joe Davis, vanguard.com, March 13, 2018.
“Vanguard’s Joe Davis on the State of the Markets & the Global Economy,” cnbc.com, Jan. 28, 2020.
“Asset Bubbles and Where to Find Them,” by Joe Davis, vanguard.com, March 8, 2021.
“Value vs. Growth: Widest Performance Gap on Record,” by Katherine Lynch, Morningstar.com, Jan. 11, 2021.
The Pandemic and the Economy
“Vanguard Economic and Market Outlook for 2…
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Apr 7, 2021
John Rogers, Jr.: 'Be Willing to Talk About These Uncomfortable Issues'
Our guest this week is John Rogers, Jr. John is chairman, co-CEO, and chief investment officer of Ariel Investments, the firm he founded in 1983. John is the lead portfolio manager of the Ariel Fund and also comanages other Ariel strategies, including Ariel Small Cap Value, Small/Mid Cap Value, Mid Cap Value as well as Ariel Appreciation. John sits on several corporate boards, including the board of directors of McDonald's, Nike, and The New York Times and serves as vice chair of the University of Chicago's board of trustees. In 2008, John was given Princeton University's highest honor, the Woodrow Wilson Award, for his work in civic and philanthropic circles. John received his bachelor's degree from Princeton.
Background
Bio
DEI
“White House Advisor on Importance of Financial Education,” CNBC.com, April 14, 2014.
Ariel Community Academy
“Empowering the Next Generation of Investors Through Rapunzl,” Nasdaq.com, Nov. 12, 2020.
The University of Chicago Laboratory Schools…
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Mar 31, 2021
Paul Merriman: ‘This Is Not Just a Problem with Retail Amateur Investors’
Our guest on the podcast today is financial educator and author Paul Merriman. He founded Merriman, a fee-only investment advisory firm, in 1983. He retired from Merriman in 2011 and started The Merriman Financial Education Foundation, which is dedicated to providing comprehensive financial education to investors. Merriman has written several books on investing. His latest released in November 2020 and is called We're Talking Millions! 12 Simple Ways To Supercharge Your Retirement. He writes a weekly column on MarketWatch, and he also hosts the weekly Sound Investing podcast.
Background
Bio
Books
MarketWatch columns
Sound Investing podcasts
Financial Education
The Merriman Financial Education Foundation
Next Gen Personal Finance
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 Pa…
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Mar 24, 2021
Ted Seides: 'How Do You Learn to Listen?'
Our guest this week is Ted Seides. Ted hosts the popular “Capital Allocators” podcast, where each week he interviews leaders in the investing and finance fields, including hedge fund managers, endowment chiefs, and prominent academics. Prior to launching “Capital Allocators,” Ted was a founding partner at Protégé Partners, a firm that invested in and seeded hedge funds. Ted began his career at the Yale University Investment Office before doing stints at Stonebridge Partners and J.H. Whitney & Company. Ted recently published a book reflecting on his conversations with investment leaders and experts entitled Capital Allocators: How the World's Elite Money Managers Lead and Invest. Ted earned his bachelor's degree from Yale University and his MBA from Harvard Business School. He is also a CFA charterholder.
Background
Bio
“Capital Allocators”
Books
Outsourcing and Complexity
“Drew Dickson—Blending Behaviors and Fundamentals at Albert Bridge Capital (First Meeting,…
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Mar 17, 2021
Bill Schultheis: Long-Term Investors Are 'Silent Majority'
Our guest on the podcast today is financial advisor and author Bill Schultheis. His latest book is "The Coffeehouse Investor's Ground Rules: Save, Invest, and Plan for a Life of Wealth and Happiness." His first book, published in 1998 and updated several times thereafter, is "The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life." When he is not writing books, He is a financial advisor with Soundmark Wealth Management, a firm he co-founded in 2008. He received his bachelor's degree in business at Texas A&M University.
Background
Bio
The Coffeehouse Investor
Soundmark Wealth Management
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, by Burton Malkiel
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by William Danko
Investing and Retirementh2
“The Coffeehouse Portfolio: Caffeinate Your Investment Strategy,” by Candice Elliott, listenmoneymatter.com, Sept. 11, 2020.
“The Coffe…
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Mar 10, 2021
Bill Bernstein: We're Starting to See all of the Signs of a Bubble
Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique--a neurologist by training, Bill taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and his latest, The Delusions of Crowds.
Background
Bio
Books
“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,…
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Mar 3, 2021
Meg Bartelt: 'More Money Does Not Make You Happier'
Our guest on the podcast today is financial advisor Meg Bartelt. She started Flow Financial Planning, a fee-only practice, geared toward providing financial guidance for women in the technology sector in 2016. Prior to starting Flow Financial, Meg worked for a fee-only Registered Investment Advisor in Virginia and was a technical writer for 10 years in the San Francisco Bay Area. She received her master's degree in financial planning from Golden Gate University, and her Bachelor of Arts in economics from Wellesley College. She is also a certified financial planner.
Background
Bio
Flow Financial Planning
“How to Prepare for the Surprising Costs of Motherhood,” by Stacy Rapacon, money.usnews.com, Nov. 5, 2018.
Niche Marketing and Life Planning
“The Who, What, and Why of Hiring a Business Coach,” by Meg Bartelt, xyplanningnetwork.com, Dec. 15, 2016.
“The Efficiency Benefits of Niching From the Start to Launch an Advisory Firm,” by Michael Kitces, Kitces.com, July 23, 20…
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Feb 24, 2021
Hamish Douglass: On the Hunt for Super-Compounding Stocks
Our guest this week is Hamish Douglass. He is the co-founder, chairman, and chief investment officer of Magellan Financial Group, a roughly $80 billion asset-management firm with headquarters in Sydney. Among his duties, Douglass is lead manager of the Magellan Global Equity strategy, which is a concentrated portfolio of high-quality growth stocks. That strategy has been very successful since its July 2007 inception, handily beating its benchmark, the MSCI World Index, with significantly less risk. Before forming Magellan in 2006, Douglass was co-head of global banking for Deutsche Bank in Australia and New Zealand. He received his undergraduate degree from the University of New South Wales.
Background
Bio
Frontier MFG Global Equity
"The Essential Balance: Independent Thinker, Team Player," by Rebecca Thurlow, _The Wall Street Journal_, Dec. 11, 2006.
"Learn More About Magellan's Global Equity Strategy," Magellan, July 2019.
"Being a Successful Investor," by Hamish Douglass, MFG A…
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Feb 17, 2021
Russel Kinnel: 'Fear and Greed Are the Enemy of Good Investing'
Our guest today is Russ Kinnel. Russ is director of manager research for Morningstar Research Services and the longtime editor of the Morningstar FundInvestor newsletter. As part of his duties, Russ chairs the North America ratings committee that oversees and approves the Morningstar Analyst Ratings that Morningstar's manager research analysts assign to the funds they cover. A mainstay of our research efforts for years, Russ has authored a number of well-known and widely cited studies, including the annual “Mind the Gap” study of investor returns, and is frequently quoted in the financial media. Russ is a graduate of the University of Wisconsin-Madison, where he received his bachelor's degree in economics.
Background
Bio
Books
Author Page
Morningstar FundInvestor
Related Articles
“Environmental, Social, and Governance Investing,” Morningstar.com.
“What Helen Young Hayes’ Departure Means to Janus,” by Russ Kinnel, April 21, 2003.
“Lessons From the Bill Gross…
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Feb 10, 2021
NYT's Ron Lieber on What and How to Pay for College
Our guest on the podcast today is The New York Times financial columnist and author Ron Lieber. His latest book is called The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make. He is also the author of The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money and coauthor of Taking Time Off: Inspiring Stories of Students Who Enjoyed Successful Breaks From College and How You Can Plan Your Own. Ron has been the "Your Money" columnist for The New York Times since 2008. Before coming to The Times, he wrote the "Green Thumb" personal finance column for The Wall Street Journal and was part of the startup team at the paper's “Personal Journal” section. He attended Amherst College.
Background
Bio
Books
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 Rede…
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Feb 3, 2021
David Giroux: 'What Are the Market Inefficiencies We Can Exploit?'
Background
Bio
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…
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Jan 27, 2021
Gerard O’Reilly: Control for the Unexpected, Focus on the Expected
Our guest this week is Gerard O'Reilly. Gerard is co-CEO and chief investment officer of Dimensional Fund Advisors, an asset manager headquartered in Austin, Texas, that manages more than $600 billion using a systematic investing approach. In his role, Gerard works with his co-CEO, Dave Butler, to set the firm's vision and strategy while also overseeing its investment processes. Prior to assuming his current post, Gerard was Dimensional's head of research. In addition to serving as a Dimensional director, Gerard co-chairs the firm's Investment Research Committee and is a member of its Investment Committee. Gerard obtained his doctorate in aeronautics from the California Institute of Technology and his master's degree in high-performance computing from Trinity College, Dublin.
Background
Bio
“Dimensional Eyes the Fund Sector’s Trillion-Dollar Club,” by Owen Walker, thefinancialtimes, March 31, 2019.
ETF Launch
“Dimensional Fund Advisors Significantly Expands ETF Offering,…
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Jan 20, 2021
George Kinder: A Financial Plan Needs To Be a Life Plan
Our guest on the podcast today is George Kinder. He founded the Kinder Life Institute, which trains financial professionals in the field of what's called Life Planning after a 30-year career as a practicing financial planner and tax advisor. George is also the author of several books dedicated to teaching advisors about life planning: The Seven Stages of Money Maturity, Lighting the Torch, and Life Planning for You. He was the first winner of the Financial Planning Association's Heart of Financial Planning Award, which recognizes "individuals who demonstrate commitment and passion in doing extraordinary work to contribute or give back to the financial planning community and/or the public."
Background
Bio
The Kinder Institute of Life Planning
Books
The Genesis & Discovery Process of Life Planning
EVOKE:® A Life Planning Methodology
“Psychology and Life Planning,” by George Kinder and Susan Galvan, kinderinstitute.com.
“George Kinder: Three Questions About Life Planning,…
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Jan 13, 2021
Steve Chen: 'How Do You Deliver Lifetime Income?'
Our guest on the podcast today is Steve Chen. Steve is the founder and CEO of NewRetirement.com, which he describes as a TurboTax for financial planning. NewRetirement advisors also offer one-on-one financial advice and coaching with certified financial planners. Prior to founding NewRetirement, Steve founded venture-backed companies in education and financial services and worked as a consultant at firms including Charles Schwab, Fidelity, and Dimensional Fund Advisors. He also hosts the NewRetirement podcast and contributes to Forbes. Steve received his Bachelor of Science in systems engineering from Boston University.
Background
Bio
NewRetirement.com
Retirement Planning
“Podcast: Nobel Prize Winner Robert Merton on Fixing Retirement,” by Steve Chen, newretirement.com, July 5, 2018.
“The Future of Retirement Planning Is Already Here, It’s Just Not Evenly Distributed,” by Stephen Chen, soa.org, 2018.
“Why Retirement Decumulation Is the New Accumulation,” by Stephen…
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Jan 6, 2021
Liz Ann Sonders: 'We Could See Some Inflation Scares'
Our guest on the podcast is Liz Ann Sonders, who is senior vice president and chief investment strategist at Charles Schwab. In her role, Sonders is responsible for conducting market and economic analysis, which she and her team publish in a variety of forms. She also regularly appears in the financial media and was recently named to the Barron's "100 Most Influential Women in Finance" list. Sonders joined Schwab in 2000, when the firm acquired her prior employer, U.S. Trust. Before that, she was a managing director and senior portfolio manager at Avatar Associates. Sonders received her bachelor's degree from the University of Delaware and her Master of Business Administration from Fordham University's Gabelli School of Business.
Background
Liz Ann Sonders' bio
Market Outlook
"Schwab Market Perspective: Watching the Wheels," by Liz Ann Sonders, Jeffrey Kleintop, and Kathy Jones, Charles Schwab, Dec. 11, 2020.
"2021 U.S. Market Outlook: Better Days?" by Liz Ann Sonders, Charles Sch…
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Dec 30, 2020
Best of the Long View 2020: The Pandemic and Investing
Hear some of favorite clips from conversations we had in 2020 with portfolio managers and investors in this week's episode.
Here are the complete episodes that are referenced in this week’s episode.
Mohamed El-Erian: 'We Did Not Prepare for Something As Severe As What We’re Facing’
Rick Rieder: Nobody Has Ever Seen Anything Like This
Dan Fuss: It's Too Early to Relax
Mary Ellen Stanek: Hitting for Singles and Doubles in the Bond Market
Jon Stein: 'Free Trading Is Actually Going to Cost You'
Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'
Jim Dahle: 'Income Is Not Wealth'
Charley Ellis: Why Active Investing Is Still a Loser's Game
Will Danoff: Succeeding at Scale
Jerome Clark: 'We Tend to Become Myopic in a Bear Market'
Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields
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Dec 23, 2020
Best of the Long View 2020: Financial Planning and Retirement
On this week’s episode we’ll feature some of our favorite clips from interviews we’ve done on the topics of financial planning and retirement research.
Here are the complete episodes that are referenced in this week’s episode.
Michelle Singletary: ‘You Need Diversity’
Kerry Hannon: Remote Work Trend Benefits Older 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
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Dec 16, 2020
Jean Chatzky: 'Financial Stress Is a Big Topic in Need of More Oxygen'
Our guest on the podcast today is personal finance expert, Jean Chatzky. She is the CEO of HerMoney.com and host of the podcast "HerMoney with Jean Chatzky." Jean has served as the financial editor of NBC's TODAY show for the past 25 years and she is also the financial ambassador for AARP. She has written several best-selling personal finance books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. She holds a BA in English from the University of Pennsylvania.
Background
Bio
Books
HerMoney
HerMoney Podcasts
The Pandemic and Personal Finances
“Should You Save More Right Now (in the Pandemic) or Pay Down Debt?” by Jean Chatzky, savvymoney.com, Dec. 8, 2020.
“Four Secrets to Mastering Your Money (Even in a Pandemic),” by Jean Chatzky, hermoney.com, Nov. 6, 2020.
“The Hidden Costs of Unpaid Caregiving,” by Sarah Gammage, Naziha Sultana, and Manon Mouran, imf.org, March 2019.…
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Dec 9, 2020
Simon Hallett: What Football Can Teach Investors About Franchise Value and People Management
Our guest today is Simon Hallett. He is the co-chief investment officer at Harding Loevner, an investment boutique that manages more than $70 billion for individuals and institutions. Harding Loevner's specialty is global-equity investing, which it offers through its flagship International Equity and Emerging Markets strategies. In his role as co-CIO, Hallett oversees research and decision-making for the firm. Prior to joining Harding Loevner in 1991, Hallett was stationed in Hong Kong, where he did research and portfolio management stints at Kleinwort Benson and Jardine Fleming Investment Management. He's a graduate of Oxford University and a CFA charterholder. In addition to these duties, Hallett is also the chairman and majority owner of the Plymouth Argyle Football Club in Plymouth, England.
Background
Bio
Harding Loevner
Plymouth Argyle Football Club
Behavioral Finance and Decision-Making
"Taking the Emotion out of Investment Decisions," by Barry Ritholtz, Bloomberg, Aug. 4,…
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Dec 2, 2020
Michael Jantzi: Making 'Informed Choices' in Sustainable Investing
Our guest on the podcast is Michael Jantzi. Michael is the chief executive officer of Sustainalytics, a Morningstar affiliate that specializes in ESG and corporate governance research and ratings. Prior to forming Sustainalytics in 2009, Michael was the founder of Jantzi Research and has been active in the responsible investment field since 1990. Michael has been recognized with numerous awards for his leadership and work on sustainable investing, including the Responsible Investment Association's Lifetime Achievement Award, which he received in 2010. Michael is a director of the Tides Canada Foundation and sits on the Advisory Council of Ivy Business School's Institute for Long-Term Prosperity Through Business. He also serves as a director of the Principles for Responsible Investment, or PRI. Michael holds degrees from Western University and Dalhousie University.
Background
Bio
Sustainalytics
MakeWay (formerly Tides Canada Foundation)
Principles for Responsible Investment (PRI)…
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Nov 25, 2020
Adley Bowden: Key Trends and Developments in Private Markets
Our guest this week is Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley oversees PitchBook's voluminous research and editorial content on private markets, including private equity, private debt, venture capital, real estate, as well as the vehicles that invest in these areas. In addition, Adley is also a regular host at PitchBook's "In Visible Capital" podcast, which just kicked off its second season and is available on most popular podcast players. Adley first joined PitchBook in 2008 and has served in a number of roles prior to assuming this current post. He's a graduate of the University of Washington from which he earned his bachelor's degree in economics and international studies.
Background
Bio
Pitchbook
In Visible Capital Blog
Private Equity Investing
PitchBook Private Markets Guide
“What Are the Private Markets?” PitchBook Blog, PitchBook.com, July 8, 2020.
“Digging Into the Fine Print…
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Nov 18, 2020
Larry Swedroe: 'The Pool of Victims' Is Expanding
Our guest this week is noted author and researcher Larry Swedroe. Larry is chief research officer at financial advisory firm Buckingham Wealth Partners, which he joined in 1996. In his role, Larry is responsible for reviewing academic research on financial and investing matters and determining how that research should inform Buckingham's investment strategy. Larry is also a member of the firm's Investment Policy Committee. Larry has written numerous books on investing and finance, the most recent being the second edition of The Incredible Shrinking Alpha, which he coauthored with Andrew Berkin. His work has also been published in various academic journals, including the Journal of Investing. Larry began his career as a risk manager at Citicorp and later at Prudential Home Mortgage. He received his bachelor's in finance from Baruch College in New York and his MBA in finance and investment from New York University.
Background
Bio
Larry Swedroe’s books
Investment Strategies/Factor I…
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Nov 11, 2020
Ramit Sethi: 'What Is Your Rich Life?'
Our guest on the podcast today is personal finance expert and author Ramit Sethi. Ramit's first book I Will Teach You To Be Rich, published in 2009, was a best-seller. A new edition of the book came out last year. Ramit is the founder of Iwillteachyoutoberich.com and Earnable, an online course created to help entrepreneurs start and accelerate their businesses. He received his bachelor's and master's degrees from Stanford.
Ramit Sethi's Background
Bio
Ramit Sethi’s books
Iwillteachyoutoberich.com
Earnable
Financial Decision-Making and Wellness
“Self-Made Millionaire Ramit Sethi: This Is the Mindset you Need to Be Rich,” by Ali Montag, cnbc.com, Sept. 18, 2018.
“Money Dials: Why you Spend the Way you Do,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.
“How to Get out of Debt Fast (…Even if You’re Dead Broke),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 8, 2019.
“I’ve Been Writing About Money for 15 Years, and I Can Tell you too Many Couple…
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Nov 4, 2020
Tim Maurer: Personal Finance Is More Personal Than It Is Finance
Our guest on the podcast today is financial advisor and author Tim Maurer, the director of advisor development for Buckingham Wealth Partners. He coauthored The Ultimate Financial Plan: Balancing Your Money and Your Life with Jim Stovall, and he also wrote Simple Money: A No-Nonsense Guide to Personal Finance. He's a member of the CNBC Financial Advisor Council and is also a regular contributor to CNBC, Forbes, and Time/Money. Maurer is a certified financial planner and a graduate of Towson University.
Tim Maurer's Background
Bio
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.
"…
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Oct 28, 2020
Peter Hayes: Surveying the Municipal Bond Landscape
Our guest this week is Peter Hayes. Peter is a managing director at BlackRock where he heads the firm's municipal income group and sits on its global fixed-income Executive Committee. In his role, Peter oversees all aspects of municipal fund management, including portfolio management, research, strategy, and trading. Among his responsibilities, Peter is one of the managers of the BlackRock Strategic Opportunities Fund. In addition to these duties, Peter is also a member of BlackRock's Global Operating Committee. Before joining BlackRock in 2006, Peter was a portfolio manager at Merrill Lynch Investment Management, where he led the short-term tax-exempt trading desk and managed short-term municipal bond strategies. Peter earned a bachelor's in economics from the College of the Holy Cross.
Background
Peter Hayes Bio
The Big Picture
“Local Finances Are Troubled, but Fund Investors May Still Profit,” by Carla Fried, nytimes.com, July 10, 2020.
“Muni Investors Scale Back,” by P…
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Oct 21, 2020
Kerry Hannon: Remote Work Trend Benefits Older Workers
Our guest on the podcast is author and retirement expert Kerry Hannon. Hannon has written 14 books thus far. Her latest is called Great Pajama Jobs: Your Complete Guide to Working from Home. She is also a regular contributor to The New York Times, MarketWatch, and Forbes and is the personal finance and entrepreneurship expert on the PBS website NextAvenue.org. Hannon's work focuses on career, financial, and life guidance for midlife workers. She has also written extensively about how women can take charge of their own financial planning. Hannon is a former National Press Foundation Fellow and a former Fellow of the Columbia Journalism School and the Robert N. Butler Columbia Aging Center's Age Boom Academy. She is also a former MetLife Foundation and New America Media Fellow on Aging. She received a bachelor's degree from Duke University.
Background
Kerry Hannon bio
Kerry Hannon books
Remote Work
"10 Tips To Be a Successful Remote Worker," by Kerry Hannon, kerryhannon.com, Oct. 3…
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Oct 14, 2020
Karsten Jeske: Cracking the Code on Retirement Spending Rates
Our guest on the podcast today is Karsten Jeske, the founder of the website EarlyRetirementNow and a thoughtful and technically proficient member of the Financial Independence, Retire Early (FIRE) community. In 2018, Karsten retired in his early 40s, after a career in the financial world. He served as Director of Asset Allocation Research for Mellon Capital Management from 2008 through 2018, and before that, was a research economist at the Federal Reserve Bank of Atlanta for a decade. Karsten has his PhD in economics from the University of Minnesota and has taught undergraduate and PhD-level economics at Emory University. He's also a chartered financial analyst.
Background
Karsten Jeske Bio
Early Retirement Now
FIRE Definition
The Pandemic’s Impact on the FIRE Movement
“The Shortest Recession Ever? My Thoughts on the State of the Economy,” by Karsten Jenke, EarlyRetirementNow.com, Aug. 25, 2020.
“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” by C…
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Oct 7, 2020
Lazetta Rainey Braxton: Financial Planning for 'The Rest of Us'
Our guest on the podcast today is financial advisor Lazetta Rainey Braxton. Lazetta is the co-founder and co-CEO of 2050 Wealth Partners, a virtual financial planning and wealth management firm geared toward serving individuals who haven't traditionally been recruited by other financial advisors because of their income, age, race, or gender. She has frequently appeared on national television shows, and she's also a member of CNBC's Digital Financial Advisory Council and a contributor to The Wall Street Journal's Experts blog. Lazetta was the recipient of Investment News' inaugural Women to Watch and Excellence in Diversity and Inclusion Awards. She also received the Association of African American Financial Advisors' Leadership Legacy Award and the Heart of Financial Planning Award from the Financial Planning Association. Lazetta received her bachelor's degree at the University of Virginia and her MBA at Wake Forest University. She's also a certified financial planner.
Background
Laz…
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Sep 30, 2020
Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind
Our guest on the podcast today is author Brian Portnoy. Brian has written two books on the field of behavioral finance, The Investor's Paradox and The Geometry of Wealth. He's also the editor of a forthcoming book of essays about how financial experts invest their own money called How I Invest My Money.
Brian is the founder of Shaping Wealth, a financial-wellness platform that works with individuals and organizations to make better money decisions. For more than two decades, Brian has worked in the hedge fund and mutual fund industries as portfolio manager and educator. He was also our colleague at Morningstar in the early 2000s. He's a CFA charterholder and earned his doctorate at the University of Chicago.
Links
Brian Portnoy’s bio
Brian Portnoy’s books
Shaping Wealth
“How I Invest My Own Money,” by Joshua Brown, The Reformed Broker blog, July 16, 2019.
Robert Seawright blog
Dasarte Yarnway
Morgan Housel
Shirl Penney
Efficient frontier definition
Harry Markowitz…
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Sep 23, 2020
Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields
Our guests this week are Michael Reckmeyer and Matthew Hand. Mike and Matt are managing directors at Wellington Management, where they oversee a number of prominent values investing mandates, including the stock sleeve of Vanguard Wellesley Income Fund, as well as Wellington's portion of Vanguard Equity Income Fund, among other duties. Mike's investing career began in 1984 at the State of Michigan Pension Fund, followed by eight years at Kemper Financial Services, after which he joined Wellington in 1994. He received both his bachelor's degree and MBA from the University of Wisconsin-Madison and is a CFA charterholder. Matt joined Wellington in 2004 after graduating from the University of Pennsylvania. Like Mike, Matt is also a CFA charterholder.
Background
Michael Reckmeyer bio
Matthew Hand bio
Wellington Management
“Four Fantastic Income Funds,” by Russell Kinnel and Christine Benz, Morningstar.com, Aug. 11, 2020
Funds Mentioned
Vanguard Wellington
Vanguard Wellesley Inco…
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Sep 16, 2020
Karen Andersen: The Race for a COVID-19 Vaccine
Our guest this week is Karen Andersen, a healthcare strategist on Morningstar's equity research team. She has written a number of influential commentaries and analyses on the healthcare sector, with a focus on the pharmaceutical and biotechnology industries. Her most recent work has focused on the outlook for the COVID-19 pandemic, treatments for the disease, and the race for a vaccine. Before joining Morningstar in 2005, Andersen earned her bachelor's degree in biochemistry from Rice University and received her Master of Business Administration from Rice's Jones Graduate School of Business. She is a CFA charterholder.
Background
Karen Andersen's healthcare commentaries and analyses
Virus Containment and Diagnostics
"COVID World Map: Tracking the Global Outbreak," The New York Times, Sept. 15, 2020.
"Relaxing the Lockdown: Move Slowly, Stay Nimble," by Karen Andersen, Morningstar.com, May 12, 2020.
“Slow Burn Likely Until Coronavirus Vaccines Are Widely Available," by Karen And…
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Sep 9, 2020
Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments
Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar at the Stanford Center on Longevity, where he conducts and directs research on retirement planning and behavioral economics. He is also the author of several books on retirement planning, including his latest, Don't Go Broke in Retirement and Retirement Game-Changers. In addition, Vernon writes a regular column on retirement planning for Forbes. He previously helped large employers design and manage their retirement programs. Vernon retired as vice president and consulting actuary with the human resources consulting firm Watson Wyatt Worldwide and also consulted to Mercer. He graduated from the University of California at Irvine with a double major in mathematics and social science.
Background
Steve Vernon bio
Stanford Center on Longevity
Steve Vernon books
Forbes column
The Role of Work
"The Question Many Pre-Retirees and Retirees…
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Sep 2, 2020
Jim Dahle: 'Income Is Not Wealth'
Our guest on the podcast today is Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses on helping other healthcare professionals get smarter about managing their money. He founded the White Coat Investor website in 2011 and it rapidly grew into the most widely read physician-specific website in the world. Jim's first book, The White Coat Investor: A Doctor's Guide to Personal Finance and Investing came out in 2014. The White Coat Investor's Financial Boot Camp: A 12 Step High-Yield Guide to Bring Your Finances Up to Speed was released in February 2019. In addition, Jim has a podcast and videocast, online courses, and runs a live conference. Jim earned his Bachelor of Science degree in molecular biology from Brigham Young University and then attended the University of Utah School of Medicine. He trained at the University of Arizona Emergency Medicine Residency Program and then served four years with the Air Force and the Na…
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Aug 26, 2020
Steve Romick: 'We Think Defensively'
Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder.
Bio and Background
Steve Romick and FPA team bios
FPA Crescent Morningstar “Quicktake” report
FPA Crescent home page
FPA Crescent Q2 2020 commentary
FPA Crescent historical asset allocation
FPA Crescent historical performance attribution
References
Berkshire Hathaway letter from the chairman; 1996
“Active…
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Aug 19, 2020
Ed Slott: Act Now on Historically Low Tax Rates
Our guest on the podcast is retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and tax planning education to investment advisors and financial institutions. Ed has written several books including the recently published _Ed Slott's Retirement Decisions Guide: 2020 Edition_ and _Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s_. PBS viewers may know Ed from his frequent appearances on public television. He also hosts the popular website irahelp.com, where The Slott Report blog regularly dispenses wisdom about retirement, tax, and estate planning. He provides a monthly Q&A column to AARP and is also a contributing columnist and media resource to _Financial Planning_, _Financial Advisor_, and _InvestmentNews_ magazines. Ed is a certified public accountant.
Background
Ed Slott bio
The Slott Report blog
Books by Ed Slott
Ed Slott AARP articles
Ed Slott InvestmentNews articles
Ed Slott Financial Planning arti…
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Aug 11, 2020
Pramod Atluri: 'When This Storm Hit, It Hit Fast, and It Hit Hard'
Our guest on the podcast is Pramod Atluri. He is a fixed-income portfolio manager at Capital Group. Atluri began in the investment business more than two decades ago and has been at Capital Group since 2016. Before joining Capital Group, Atluri was a bond portfolio manager at Fidelity Investments, where he also worked as a fixed-income strategist and credit analyst. He began his career as a management consultant at McKinsey & Company. Atluri earned his bachelor's degree from the University of Chicago and his Master of Business Administration from Harvard Business School, and he is a CFA charterholder.
Background
Pramod Atluri bio
American Funds Bond Fund of America
American Funds Income Fund of America
American Funds American Balanced
Commentary
"Four Actions to Take in Bond Portfolios," by Pramod Atluri, Mike Gitlin, and Karl Zeile, Capital Group, June 17, 2020.
"Answers to Your 5 Biggest Fed Rate Cut and Bond Questions," by Mike Gitlin and Pramod Atluri, Capital Group, March…
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Aug 5, 2020
Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'
Our guest this week is Dr. Burton Malkiel. Dr. Malkiel is the Chemical Bank chairman's professor of economics at Princeton University. And he's also author of the widely influential investment book, "A Random Walk Down Wall Street." He's also the Chief Investment Officer at Wealthfront. He's a longtime professor in economics at Princeton, where he was also chairman of the economics department. Before that, he was the dean of the Yale School of Management, and William S. Beinecke Professor of Management Studies there from 1981 through 1988. Dr. Malkiel has served on boards of directors of several firms, including the Vanguard Group and on the investment committees of Active Investment Advisors, and the American Philosophical Society. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co. He holds a BA and MBA degrees from Harvard and a PhD from Princeton University.
Bio and Background
Dr. Malkiel's bio
Malkiel. B.G. 2020. “A Random Walk Down Wall St…
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Jul 29, 2020
Ben Inker: 'The Portfolio We're Running Today Is Abnormal Even for Us'
Our guest on the podcast is Ben Inker. Ben is GMO's head of asset allocation. In that capacity, he leads GMO's asset-allocation team and is a member of the firm's board of directors. He joined GMO in 1992 after obtaining his bachelor's in economics from Yale University. Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset-allocation teams, a portfolio manager of various equity and asset-allocation portfolios the firm offers, co-head of international quantitative equities, and CIO of quantitative developed equities. Ben is a CFA charterholder.
Background
Ben Inker bio
Ben Inker articles
GMO’s Research Library
GMO Global Asset Allocation
Asset Allocation
GMO 7-Year Asset-Class Return Forecast, 2Q 2020
“Uncertainty Has Rarely Been Higher; Oddly, Neither Has the Stock Market,” by Ben Inker and Jeremy Grantham, June 4, 2020.
“Stocks Are Too Risky. What GMO’s Inker Says to Buy Instead,” by Jack Otter, Barron’s, May 24, 2020.
Me…
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Jul 22, 2020
Jerome Clark: 'We Tend to Become Myopic in a Bear Market'
Our guest on the podcast is Jerome Clark. He is the portfolio manager of the asset-allocation target-date strategies and oversees the college savings plan portfolios in T. Rowe Price's multi-asset division. He's also a member of the firm's asset-allocation committee and serves on the multi-asset steering committee. Clark joined T. Rowe's fixed-income division in 1992 as a portfolio manager of the firm's U.S. Treasury Long Term Bond strategy. He began managing multi-asset portfolios in 2001. Before joining T. Rowe Price, Clark was a captain in the United States Marine Corps and a mathematics instructor at the U.S. Naval Academy. He earned his bachelor's degree in mathematics from the U.S. Naval Academy, his master's in operations research from the Naval Postgraduate School, and his Master of Business Administration from Johns Hopkins University. Clark is also a CFA charterholder.
For his accomplishments during his tenure, Morningstar analysts recently named Clark the winner of the Outs…
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Jul 15, 2020
Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning
Our guest on the podcast is retirement expert Jamie Hopkins, who is managing director of Carson Coaching and the director of retirement research at wealth management firm Carson Group. He's also a finance professor of practice at Creighton University's Heider College of Business. Hopkins wrote the book Rewirement: Rewiring the Way You Think About Retirement!, and he's a regular contributor to Forbes, InvestmentNews, and MarketWatch. Prior to joining Carson Group, he was with The American College of Financial Services, most recently serving as director of retirement research. He received his bachelor's degree from Davidson College, his law degree from Villanova University, and his Master of Laws from Temple University. He's also a certified financial planner, a chartered financial consultant and a chartered life underwriter. Hopkins cohosts a podcast that launched earlier this year. It's called Framework.
Disclosure: CWM, LLC, an affiliate of Carson Group, licenses and/or offers produc…
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Jul 8, 2020
Mary Beth Franklin: To Fix Social Security, 'Everybody Is Going to Have to Be Unhappy'
Our guest this week is Social Security and retirement planning expert Mary Beth Franklin. Mary Beth is president of RetirePro and a contributing editor to InvestmentNews. She's a frequent public speaker and she also has her own podcast, "Retirement Repair Shop." In addition to her deep knowledge about retirement planning, Mary Beth is a virtual encyclopedia on the ins and outs of Social Security, especially beneficial claiming strategies. Her most recent book is Maximizing Social Security Retirement Benefits: Everything You Need to Know to Get the Most Out of Complicated New Claiming Rules. Prior to joining InvestmentNews, Mary Beth was tax editor at Kiplinger’s Personal Finance and a Capitol Hill reporter at United Press International. She has also earned the Certified Financial Planner designation.
Background
Mary Beth Franklin bio
Mary Beth Franklin InvestmentNews article archive
Mary Beth Franklin on Twitter
Mary Beth Franklin Retirement Repair Shop podcast
Pandemic Impact…
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Jul 1, 2020
Michelle Singletary: 'You Need Diversity'
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
Michelle Singletary's website
Michelle Singletary's books
Financial Impact of Pandemic
"Michelle Singletary Answers Viewer Questions About Pandemic Finances," PBS NewsHour, April 30, 2020.…
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Jun 24, 2020
Mary Ellen Stanek: Hitting for Singles and Doubles in the Bond Market
Our guest this week is Mary Ellen Stanek. Mary Ellen is managing director and chief investment officer of Baird Advisors, which is the manager of the Baird family of mutual funds. Mary Ellen's career in the investment business began more than four decades ago. In her current role she oversees fixed-income strategy and portfolio management among other duties. In addition, Mary Ellen serves on the board of Baird Financial Group as president of the Baird Funds and as chair of the Baird Diversity Steering Committee. She obtained her undergraduate degree from Marquette University, her MBA from the University of Wisconsin Milwaukee, and she's a CFA charterholder. Mary Ellen was recently named one of the 100 Most Influential Women in U.S. Finance by Barron's, and Morningstar named her a finalist for Outstanding Portfolio Manager for the 2020 Morningstar Awards for Investing Excellence.
Bio
Mary Ellen Stanek and team bios
Pesce, N.L. 2020. “The 100 Most Influential Women in U.S. Finance…
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Jun 17, 2020
Jonathan Guyton: What the Crisis Means for Retirement Planning
Our guest on the podcast this week is Jonathan Guyton, principal at Cornerstone Wealth Advisors, a fee-only advisory firm in Minneapolis. In addition to his financial advice practice, Guyton has contributed valuable research in the retirement planning arena. Among his best-known pieces of research are "Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?" as well as "Decision Rules and Maximum Initial Withdrawal Rates," which he coauthored with computer scientist William Klinger. He currently serves as a retirement planning columnist for the Journal of Financial Planning, and he's also an expert panelist on retirement for The Wall Street Journal and an online columnist for Time and Money.
Background
Jonathan Guyton bio
Cornerstone Wealth Advisors
Cornerstone Wealth Advisors ADV
Cornerstone Wealth Advisors' investment approach
Jonathan Guyton articles for The Wall Street Journal
Retirement Planning Amid the Pandemic
Cornerstone We…
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Jun 10, 2020
Jon Stein: 'Free Trading Is Actually Going to Cost You'
Our guest this week is Jonathan Stein, the founder and chief executive of Betterment. Stein founded Betterment in 2008 as an automated, goals-based investing service, and it's currently the largest of the independent robo-advisors. Betterment offers two main services--Betterment Digital, which is a pure robo-advisor, and Betterment Premium, which offers clients ongoing financial planning guidance from a Certified Financial Planner. Stein began his career consulting with banks and brokerage firms on risk and products. He's a graduate of Harvard University and Columbia Business School and holds the Chartered Financial Analyst designation.
Background
Jonathan Stein bio
Betterment.com
"Betterment: Jon Stein," How I Built This with Guy Raz, Oct. 26, 2018.
"Jonathan Stein Built Betterment to Help Investors Make Better Decisions," by Bruce Rogers, Forbes.com, Jan. 18, 2018.
The Coronavirus and Investor Behavior
"Thoughts on the Volatile Market," by Jon Stein, Betterment.com, March 19,…
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Jun 3, 2020
Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement
Our guest this week is Tanja Hester, whom The New York Times referred to as the matriarch of the FIRE movement. For the uninitiated, FIRE stands for financial independence/retire early. Tanja is the author of the Our Next Life blog, and she is also author of the book Work Optional: Retire Early the Non-Penny-Pinching Way. Tanja and her husband Mark retired in 2017 at the ages of 38 and 41. Her blog is devoted to chronicling their journey and sharing guidance for others who might be considering an early retirement.
Background
Tanja Hester’s blog “Our Next Life”
Tanja Hester’s bio and backstory
Tanja Hester’s twitter handle @ournextlife
Tanja Hester’s author/speaker page
Tanja Hester’s book, “Work Optional: Retire Early the Non-Penny-Pinching Way”
“For These Women, a FIRE That Burns Too Male and Too White” by Charlotte Cowles; The New York Times; June 7, 2019
Early Retirement/Sequence-of-Return Risk
Tanja Hester’s writings on sequence-of-return risk
Kars…
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May 27, 2020
Charley Ellis: Why Active Investing Is Still a Loser's Game
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 contributi…
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May 20, 2020
Rick Rieder: Nobody Has Ever Seen Anything Like This
Our guest this week is Rick Rieder. Rieder is BlackRock's global chief investment officer of fixed income, and co-head of BlackRock's global fixed-income platform. In addition, Rieder serves as a member of BlackRock's global operating committee and is chairman of the BlackRock firm-wide Investment Council. As part of his responsibilities Rieder manages several prominent BlackRock strategies, including BlackRock Global Allocation, BlackRock Total Return, and BlackRock Strategic Income Opportunities. He's currently a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets. Before joining BlackRock in 2009, Rieder was president and CEO of R3 Capital Partners, and prior to that did a stint at Lehman Brothers. Rieder earned his Bachelor's degree in finance from Emory University and his MBA from the Wharton School of Business.
Background
Rick Rieder’s bio
Rick Rieder’s twitter account @rickrieder
BlackRock Total Return Fund
BlackRock Globa…
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May 13, 2020
Carl Richards: 'Let's Focus on Being a Little Less Wrong Tomorrow'
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 bio
Carl Richards' books
Carl Richards articles
Carl Richards “Sketch Guy” column in The New York Times
Behavior Gap Radio podcast
Kitces and Carl podcast
“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,…
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May 6, 2020
Moshe Milevsky: How to Lower Retirement Risk at a Turbulent Time
Our guest on the podcast today is renowned retirement researcher Moshe Milevsky, who has conducted research on a broad range of topics, including pensions, annuities, investment strategies for people approaching retirement, and asset allocation over the human lifecycle. A prolific writer and researcher, Milevsky is also the author of several books, including Are You a Stock or a Bond?, The 7 Most Important Equations for Your Retirement, and The Calculus of Retirement Income. His recent books include King William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past and The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672. He's served as a professor of finance at the Schulich School of Business at York University for the past 25 years. He received his bachelor's degree in physics at Yeshiva University, his master's degree in mathematics and statistics at York University, and his doctorate in finance at York University's Schulich Sch…
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Apr 29, 2020
Wade Pfau: The 4% Rule Is No Longer Safe
Our guest on the podcast is retirement researcher Dr. Wade Pfau. Wade is a professor of retirement income in the Ph.D. in Financial and Retirement Planning program at the American College of Financial Services. He is also co-director of the New York Life Center for Retirement Income. A prolific writer and researcher, Wade has authored papers and books on a wide spectrum of retirement-related topics, including in-retirement withdrawal rates, optimal asset allocations for retirement, and the role of annuities in retirement portfolios. He is a two-time winner of the Journal of Financial Planning's Montgomery-Warschauer Award, a two-time winner of the Academic Thought Leadership Award from the Retirement Income Industry Association, and a best paper award winner in the retirement category from the Academy of Financial Services. His latest book, part of the Retirement Researcher Guide Series, is called Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement.
He…
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Apr 22, 2020
Brigitte Madrian: 'Inertia Can Actually Be a Helpful Thing'
Our guest on the podcast is Dr. Brigitte Madrian, a leading light in the field of behavioral economics. She is the dean and Marriott Distinguished Professor in the Brigham Young University Marriott School of Business. Dr. Madrian has a joint appointment in the Department of Finance and the George W. Romney Institute of Public Service and Ethics.
Household savings and investment behavior have been key focuses of her research, and her work in these areas has influenced the design of 401(k) plans and pension reform legislation. She also uses the lens of behavioral economics to understand health behaviors and improve health outcomes.
Background
Brigitte Madrian bio and research archive
Emergency Funds/Decision-Making Under Financial Duress
Intertemporal choice
Beshears, J., Choi, J.J., Iwry, J.M., John, D.C., Laibson, D., & Madrian, B.C. 2020. “Building Emergency Savings Through Employer-Sponsored Rainy Day Accounts.” Tax Policy and the Economy, Vol. 34, National Bureau of Econom…
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Apr 15, 2020
Chris Davis: Banking on Boring, Reliable Franchises
Our guest this week is Chris Davis. Chris is a portfolio manager at Davis Advisors, where he runs a number of strategies, including the Davis New York Venture, Selected American, and Clipper Funds. Chris joined Davis in 1989 and has more than 28 years' experience in investment management and securities research. Among other accolades, Chris was the recipient of the Morningstar Domestic-Stock Fund Manager of the Year award in 2005. He received his M.A. from the University of St. Andrews in Scotland.
Background
Chris Davis bio
Davis Funds website
“Davis NY Venture Fund: Special PM Update” by Chris Davis and Danton Goei; March 2020
Davis NY Venture Fund: Update from Portfolio Managers Chris Davis and Danton Goei; Annual Review 2020
Davis NY Venture Fund
Davis NY Venture Fund portfolio data
Working From Home
“Management by Wandering Around”; Wikipedia
Behavioral Biases
Buffett Partnership Letters—Letter to Partners dated Jan. 18, 1965 (pg. 69)
Richard Feynman bio; Wik…
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Apr 8, 2020
Dan Fuss: It's Too Early to Relax
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
Dan Fuss bio
Morningstar analysis of Loomis Sayles Bond, March 2, 2020
Morningstar’s analysis of Loomis Sayles Strategic Income, March 12, 2020.
Morningstar’s analy…
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Apr 1, 2020
Fran Kinniry: Applying the Vanguard Approach to Private Equity
(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…
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Mar 25, 2020
A Conversation With the Sequoia Fund’s Managers
(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…
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Mar 23, 2020
Mohamed El-Erian: 'We Did Not Prepare for Something As Severe As What We’re Facing’
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 criticall…
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Mar 18, 2020
Chuck Bath: The Evolution of a Value Investor
_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
Chuck Bath bio
Diamond Hill Large Cap DHLAX
Diamond Hill Long-Short DIAMX
Diamond Hill blog
"Diamond H…
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Mar 11, 2020
Lawrence Hamtil: The Virtues of Sin (Stocks)
Our guest this week is Lawrence Hamtil. Lawrence is a principal at Fortune Financial Advisors, an independent Registered Investment Advisor firm he co-founded in 2008. He provides financial advice and investment management services to the firm’s high-net-worth clients. Lawrence came to our attention on social media, where he can be found on twitter at @lhamtil. A prolific researcher and excellent writer, Lawrence frequently publishes investments research and commentary on Fortune Financial’s blog. His research has covered a lot of ground, but a few topics have gained him a following, including his work on the role of sectors and industries in explaining stocks returns; the low-volatility phenomenon; sin stocks; equal-weighted portfolios; and more. Lawrence is a graduate of Rockhurst University..
Background and Influences
Lawrence Hamtil bio
Fortune Financial advisor blog
Lawrence Hamtil’s twitter account @lhamtil
“Contrarian Investment Ideas” by David Dreman; May 18, 199…
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Mar 4, 2020
Nicole Boyson: How to Spot Financial Advisor Conflicts of Interest
Our guest this week is Nicole Boyson. Boyson is the Patrick F. and Helen C. Walsh Research Professor at Northeastern University's D’Amore-McKim School of Business, where she teaches and conducts research in the areas of investments and corporate finance. Professor Boyson has authored numerous publications and referee journals, with a focus on regulatory arbitrage, hedge fund management, and hedge fund activism. She also recently published a provocative working paper on financial advisor conflicts of interest entitled, "The Worst of Both Worlds? Dual-Registered Investment Advisers." A certified public accountant, Professor Boyson serves on the Editorial Board of the Financial Analysts Journal. She received her bachelor's degree from Kent State University, her MBA from Case Western Reserve University, and her Ph.D. in Finance from Ohio State University. Professor Boyson is active on social media, where she can be found on Twitter at @nikir1.
Background and Influences
Nicole Boyson…
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Feb 26, 2020
Sallie Krawcheck: 'Companies Should Do Better'
Our guest on the podcast today been called one of the most powerful women in finance. Sallie Krawcheck started her career as an equity analyst at Sanford C. Bernstein, where her reputation for impartial advice and criticism of conflicts of advice in the financial-services sector prompted Fortune magazine to call her the last honest analyst. She later moved to Citigroup, where she served as CEO of the firm's Smith Barney unit, Citi's chief financial officer, and CEO of Citi's, Wealth Management Business. In the latter role, she was an early advocate of a fiduciary standard for the brokerage industry. She went on to Bank of America where she served as president of the firm's wealth management unit. Sallie is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. She is also owner and chair of Ellevate Network, a global network of women committed to promoting gender equality in the workplace.
In the spirit of full disclosure, Morningstar Inc…
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Feb 19, 2020
Annamaria Lusardi: 'Financial Education Works'
Our guest on the podcast is Annamaria Lusardi, an authority on financial literacy and financial education. Lusardi is the Denit Trust Distinguished Scholar and Professor of Economics and Accountancy at the George Washington University School of Business, where she also serves as the academic director of the Global Financial Literacy Excellence Center. Prior to joining George Washington University, she taught at Dartmouth College for 20 years. She has also taught at Princeton University, the University of Chicago Harris School of Public Policy, the University of Chicago Booth School of Business, and Columbia Business School. She received her doctorate from Princeton.
Background
Annamaria Lusardi bio
Annamaria Lusardi curriculum vitae
Annamaria Lusardi publications
Financial Literacy
"The Economic Importance of Financial Literacy: Theory and Evidence," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Economic Literature, 2014.
"A Financial Literacy Test That Works," by Anna…
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Feb 12, 2020
Jeff Levine: Cracking the New Retirement Code
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 bio
Kitces.com
Blueprint Wealth Alliance
Jeffrey Levine on Twitter: @CPAPlanner
SECURE Act: Stretch IRA
SECURE Act text
Stretch IRA definition
“SECURE Act And Tax Extenders Creates Retirement Planning Opportunit…
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Feb 5, 2020
Ben Carlson: How Not to Get Scammed
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
Ben Carlson bio
A Wealth of Common Sense blog
Michael Batnick bio
Animal Spirits podcast
Ritholtz Wealth Management
Don't Fall for It: A Short History of Financial Scams, by Ben Carlson
Scams: Victims and Perpetrators
Nigerian p…
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Jan 29, 2020
Will Danoff: Succeeding at Scale
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
Will Danoff bio
Fidelity Contrafund
Inspirations
“Letters”, Fidelity Investments TV c…
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Jan 22, 2020
Jon Hale: ESG Is a Paradigm Shift
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
Jon Hale bio
"Sustainability Matters" columns
Hale's "The ESG Advisor" blog
Morningstar's Ap…
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Jan 15, 2020
Chris Mamula: What Young Retirees Need to Know
Our guest on the podcast today is Chris Mamula. Chris blogs on the website, "Can I Retire Yet?" and he has also cowritten a book called _Choose FI: Your Blueprint to Financial Independence_, which was published in 2019. Chris is loosely part of the FIRE, or Financial Independence Retire Early, movement, but he brings a fresh perspective to the concept. He retired from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, do-it-yourself investing, financial planning, early retirement, and lifestyle design.
Background
Can I Retire Yet?
Choose FI: Your Blueprint to Financial Independence, by Chris Mamula, Brad Barrett, and Jonathan Mendonsa.
FIRE Movement
FIRE Movement
"Your Questions about FIRE, Answered," by Steven Kurutz_, The New York Times_, Sept. 11, 2018.
Lifestyle and Personal Consideration…
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Jan 8, 2020
John Rekenthaler: Fund Manager Financial Incentives Are Irrelevant
Our guest this week is John Rekenthaler. Rekenthaler is a director in Morningstar Research Services and a feature contributor to our platforms, including Morningstar.com. A lucid thinker and brilliant writer, his popular "Rekenthaler Report" column has become a must read among investors, financial advisors, fund industry participants, and beyond.
Rekenthaler began his career at Morningstar in 1988 and has worn a number of hats, including leadership roles in our research and investment management divisions. Among other achievements, Rekenthaler has been a key player in developing some of Morningstar's best-known tools, including the Morningstar Rating for funds and the Morningstar Style Box. He holds a bachelor's degree in English from the University of Pennsylvania and a master's degree in business administration from the University of Chicago Graduate School of Business.
Background
The Rekenthaler Report
Morningstar Rating for funds methodology
Morningstar Style Box methodology…
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Dec 30, 2019
The Best of The Long View Podcast: Conversations with Financial Advisors and Retirement Researchers
On this week’s episode of The Long View, we’ll recap some of our favorite moments from the podcast so far.
Since the podcast’s launch in May 2019, we’ve had the chance to talk to some of the best portfolio managers, retirement researchers, and financial planners and advisors in the business. It’s been a treat to spend an hour each week chatting with them, and we’ve learned a great deal from each of the interviews.
Last week’s episode included highlights from our interviews with portfolio managers. This week, we’ll feature some of our favorite clips from interviews with financial planners, advisors, and retirement researchers.
William Bernstein: 'If You've Won the Game, Quit Playing'
Jonathan Clements: 'It's in Wall Street's Interest to Make Everyday Investors Think That They Are Stupid'
Allan Roth: 'I Embrace Dumb Beta'
Josh Brown: 'Standardize the Process, Personalize the Advice'
Carolyn McClanahan: 'There's More to Money Than Just Numbers'
Sheryl Garrett: 'The…
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Dec 23, 2019
The Best of The Long View Podcast: Conversations with Portfolio Managers
On this week’s episode of The Long View, we recap some of our favorite moments from the podcast so far.
Since the podcast’s launch in May 2019, we’ve had the chance to talk to some of the best portfolio managers, retirement researchers, and financial planners and advisors in the business. It’s been a treat to spend an hour each week chatting with them, and we’ve learned a great deal from each of the interviews.
This week’s episode includes highlights from our interviews with portfolio managers and investment strategists. Next week, we’ll feature some of our favorite clips from interviews with financial planners, advisors, and retirement researchers.
Bill Nygren: 'A Stock That Doesn't Look Cheap on the Surface Might Be One of the Cheapest'
Rob Arnott: Don't Sleep on Value Investing (Especially Emerging-Markets Value)
Rupal Bhansali: FAANG Stocks Are 'Extremely Risky'
Dan Ivascyn: Building a Portfolio to Bend but Not Break
Ben Johnson: Index Funds Are Not 'Zombi…
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Dec 18, 2019
Moira Somers: How to Give Financial Advice That People Will Actually Take
Our guest on the podcast today is Dr. Moira Somers, a clinical neuropsychologist and professor. She’s also author of the book Advice That Sticks: How to Give Financial Advice That People Will Follow, published in 2018. Dr Somers’ expertise is in brain functioning, behavior change, and mental health, topics that she often discusses in the context of financial advice. She’s a frequent public speaker and also consults with advisors on improving their client outcomes.
Dr. Somers is a senior faculty member with the Sudden Money Institute, where she trains advisors and conducts research into the psychological factors at play during major life transitions.
Background
Moira Somers' biography
Moira Somers' website
Somers, M. 2018. Advice That Sticks: How to Give Financial Advice That People Will Follow (London: Practical Inspiration Publishing).
Improving Client Adherence
Behavioral finance definition
Martin, L., Williams, S.L., Haskard, K.B., et al. 2005. “The Challenge of Pati…
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Dec 11, 2019
John Lynch: Rethinking Financial Education
Background
John Lynch bio
John Lynch research
Center for Research on Consumer Financial Decision Making
Academic Research Council, Consumer Financial Protection Bureau
Financial Education
Fernandes, Lynch, J.G., & Netemeyer, R.G. 2013. “Financial Literacy, Financial Education, and Downstream Financial Behaviors.” forthcoming in Management Science.
“Examining Financial Education: How Literacy and Interventions Affect Financial Behaviors,” National Endowment for Financial Education, 2014.
“Financial Literacy: Just-in-Time Is the Ticket,” Christine Benz and John Lynch, Morningstar.com, March 12, 2016.
Thaler, R. 2013. “Financial Literacy: Beyond the Classroom.” The New York Times, Oct. 5, 2013.
Kitces, M. 2016. “Financial Literacy Effectiveness and Providing Just-in-Time Training by Financial Advisors.” Nerd’s Eye View, Sept. 21, 2016.
Ward, A.F. & Lynch, J.G. 2019. “On a Need-to-Know Basis: How the Distribution of Responsibility Between Couples Shapes F…
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Dec 4, 2019
Gus Sauter: Efficient Markets Are a Good Thing
Background
Gus Sauter bio
Gus Sauter retirement announcement
Fast Facts About Vanguard
Council on University of Chicago Booth School of Business
Jack Bogle bio https://en.wikipedia.org/wiki/John_C._Bogle
Jack Brennan bio
Search for Alpha
“Alpha and the Paradox of Skill” by Michael J. Mauboussin and Dan Callahan. Credit Suisse, July 15, 2013.
Growth, and Limits, of Indexing
Charles Ellis bio
Charles Ellis books
Burton Malkiel bio
Burton Malkiel books
Indexing and Price Discovery
“Setting the Record Straight: Truths About Indexing” by James J. Rowley, Joshua M. Hirt, and Haifeng Wang. The Vanguard Group, January 2018.
Indexing and Corporate Governance
“Vanguard CEO Jack Brennan Makes His Demands Heard” by Aaron Lucchetti. The Wall Street Journal, February 2003.
Private Markets and Alternatives
David Swensen bio
David Swensen books
The Case for Indexing
William Sharpe bio
“The Arithmetic of Active Management” by William Sharpe; The Financial Analysts…
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Nov 27, 2019
Jeffrey Brown: Saving for Retirement 'Only Half the Puzzle'
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.
Backgroun…
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Nov 20, 2019
Charles de Vaulx: Why Value Investing Has Slumped but Will Rebound
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
Charles de Vaulx bio
Charles de Lardemelle bio
IVA Worldwide IVWIX
IVA International IVIOX
References
Mo…
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Nov 13, 2019
Barbara Roper: 'Protections Have Been Under Attack'
Our guest on the podcast today is Barbara Roper. She is director of investor protection for the Consumer Federation of America, where she has been employed since 1986. A leading consumer spokesperson on investor protection issues, Roper has conducted studies of abuses in the financial planning industry, state oversight of investment advisors, state and federal financial planning regulation, financial planning software, financial education needs of low-income older persons, the information preferences of mutual fund shareholders, systemic risk regulation, and securities law weaknesses as a cause of the financial crisis. She has testified frequently before Congress and has supported federal and state legislative and regulatory initiatives on a broad range of investor protection issues. Roper is a member of the SEC's Investor Advisory Committee, Finra's Investor Issues Group, and the CFP Board's Public Policy Council and Standards Commission.
Background
Barbara Roper bio
Micah Hauptman b…
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Nov 6, 2019
Dennis Lynch: 'Have a Growth Mindset and Be Willing to Learn New Things'
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
Dennis Lynch bio
Morgan Stanley Counterpoint Global
Morgan Stanley Institutional Growth Fund
Morgan Stanley Institutional Discovery Fund
“A Closer Look at a…
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Oct 30, 2019
Meir Statman: 'We Are All Normal'
Our guest in the podcast today is Meir Statman, the Glenn Klimek Professor of Finance at Santa Clara University and a specialist in behavioral finance. Meir's research focuses on how investors and managers make financial decisions and how these decisions are reflected in financial markets. His work has been published in The Journal of Finance, The Financial Analysts Journal, The Journal of Portfolio Management, and many other publications. Meir has also received numerous awards for his research, including three Graham and Dodd Awards and the Matthew R. McArthur Industry Pioneer Award. His latest book, Finance For Normal People, was just released in paperback.
Background
Meir Statman bio
Finance for Normal People by Meir Statman, Oxford University Press, 2017
What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions by Meir Statman,McGraw-Hill Education, 2010.
Investor Behavior
“The Expressive Nature of Socially Responsible Investors”…
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Oct 23, 2019
Dana Emery: You're Not Getting a Valuation Discount for Free
Our guest on this week’s podcast today is Dana Emery, chief executive officer, president, and co-director of fixed income at Dodge & Cox. Dodge & Cox is a privately held firm that was founded in 1930; it manages six mutual funds and separately managed accounts. The firm uses a value-oriented approach across asset classes.
Dana joined Dodge & Cox in 1983 and serves as comanager on Dodge & Cox Income DODIX, Dodge & Cox Balanced DODBX, and Dodge & Cox Global Bond DODLX; she became Dodge & Cox’s chief executive officer in 2013. She is also president and a trustee of the Dodge & Cox Funds.
Background
Dana Emery Bio
Dodge & Cox Overview
Morningstar Analyst Report for Dodge & Cox Income
Morningstar Analyst Report for Dodge & Cox Balanced
Morningstar Analyst Report for Dodge & Cox Global Bond
Stewardship
“Here’s What Warren Buffett’s Hero Jack Bogle Is Most Worried About in the Markets Right Now,” by John Melloy, CNBC.com, March 21, 2017.
“Dodge & Cox: Built to Last,” by…
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Oct 16, 2019
Ben Johnson: Index Funds Are Not 'Zombie Investors'
Our guest on this week’s episode of The Long View podcast is Ben Johnson. Ben is Morningstar's director of global passive research. In that role, Ben leads a team of analysts who conduct research on index mutual funds and exchange-traded funds and publish research on the global passive investing industry.
Before assuming his current role, Ben was director of ETF research for Europe and Asia and served as the editor of the _Morningstar ETFInvestor_ newsletter. Prior to that, Ben served as a senior equity analyst at Morningstar covering the agriculture and chemicals industry. Before joining Morningstar in 2006, Ben worked as a financial advisor for Morgan Stanley. He holds a bachelor's degree in economics from the University of Wisconsin, as well as the Chartered Financial Analyst designation. In 2015, Fund Directions and Fund Action named Ben among the 2015 Rising Stars of Mutual Funds.
Background
Ben Johnson articles and videos on Morningstar.com
Growth of Indexing
“Investors St…
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Oct 9, 2019
Alicia Munnell: Married Couples Are in the Retirement Danger Zone
Our guest on the podcast today is Alicia Munnell, the director of The Center for Retirement Research at Boston College. Alicia is a towering figure in the retirement research space. She and the team at the Center for Retirement Research produce articles and white papers on a wide variety of retirement-related topics, including Social Security, tax policy, retirement preparedness, and healthcare. Prior to joining Boston College in 1997, Alicia was a member of the president’s council of economic advisors and assistant secretary of the Treasury for economic policy. Previously, she spent 20 years at the Federal Reserve Bank of Boston, where she became senior vice president and director of research in 1984. Alicia has written scores of articles and authored and edited many books over the years; most recently, she co-authored _Falling Short: The Coming Retirement Crisis and What to Do About It._
Background
Alicia Munnell bio
Alicia Munnell research archive
Center for Retirement Research…
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Oct 2, 2019
Michael Finke: Here’s What Makes Retirees Happy
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 i…
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Sep 25, 2019
Judith Ward: Planning Well at Every Life Stage
Our guest today on the podcast is Judith Ward, senior financial planner and a vice president of T. Rowe Associates. In her role at T. Rowe, Ward provides guidance on personal finance and retirement-related issues and is responsible for developing a broad range of financial-planning products and services. Additionally, she provides T. Rowe Price perspectives to individuals, institutions, and the media and contributes to T. Rowe Price publications. She has been with T. Rowe Price since 1983 and is a CFP certificant.
Background
Judith Ward bio
Related Links
Paying for College
2019 Parents, Kids & Money Survey
How Much Cash Should You Have on Hand?
Are Your Retirement Savings on Track?
Retirement Savings Guidelines
Aiming for a 15% Savings Goal
Retirement Savings And Spending 4: Behaviors And Attitudes Toward Retirement
T. Rowe Price Retirement Target-Date Fund Series Report
Evaluating Roth and Pretax Retirement Savings Options
Roth or Traditional IRA: Which Should You Choose?
Five Ways…
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Sep 18, 2019
David Blanchett: If You're Retiring Now, You're in a Pretty Rough Spot
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…
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Sep 11, 2019
Dan Ivascyn: Building a Portfolio to Bend but Not Break
Our guest this week is Dan Ivascyn. Dan is group chief investment officer of PIMCO, where he leads the firm's income, credit hedge fund, and mortgage opportunistic strategies and sits on its executive and investment committees. Dan is perhaps best known as the longtime manager of the PIMCO Income Fund, where he's produced one of the best records of any bond manager since taking the helm in 2007. In 2013, Morningstar named Dan our Fixed Income Manager of the Year. Dan has been in the investment business for nearly three decades. He joined PIMCO in 1998, following stints at Bear Stearns, T. Rowe Price, and Fidelity Investments.
Related links:
Dan Ivascyn bio
PIMCO Income Fund
2013 Fund Manager of the Year Award
PIMCO Secular Outlook
Income Fund Update: “Positioning for the Long Term”
Income Fund Update: “Favoring a Responsible Approach Over Yield Chasing”
Bloomberg: “The Unstoppable Surge in Negative Yields Reaches $17 Trillion”
Residential Mortgage-backed Security…
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Sep 4, 2019
Allan Roth: 'I Embrace Dumb Beta'
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, ETF.com, 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 ETF.com
• Allan Roth's blog on AARP.org
Advice Business/Choosing an Advisor
•…
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Aug 28, 2019
Rupal Bhansali: FAANG Stocks Are 'Extremely Risky'
Our guest on the podcast this week is Rupal Bhansali, Ariel's chief investment officer of international and global equities. She manages Ariel International and Ariel Global and also oversees Ariel's global-equity research team. Bhansali has nearly three decades' worth of experience. Prior to joining Ariel, she managed international-equity portfolios and served in leadership positions at MacKay Shields and Oppenheimer Capital. She also has experience in the hedge fund world, including a stint at Soros Fund Management.
Background Information
* Rupal Bhansali bio
* Morningstar Analyst Report for Ariel International
* Morningstar Analyst Report for Ariel Global
* "10 Questions With Rupal Bhansali"
* Investment philosophy
* Approach to global markets
* Approach to risk management
* Non-Consensus Investing: Being Right When Everyone Else Is Wrong
Other Topics Referenced in This Episode
* "Banking Collapse of 2008: Three Weeks That Changed the World"
* Quantitative ea…
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Aug 21, 2019
Rob Arnott: Don't Sleep on Value Investing (Especially Emerging-Markets Value)
Our guest on the podcast today is Rob Arnott. Arnott is partner and chairman of the board of Research Affiliates, a firm he established in 2002, following stints at First Quadrant and Salomon Brothers. He also runs several prominent mutual funds, including PIMCO All Asset. In addition to these duties, Arnott is an accomplished thought leader, having published more than 100 articles in professional journals. Among other plaudits for his work, he has received seven Graham and Dodd Scrolls, awarded by the CFA Institute to the top financial analyst journal articles of the year. An innovator, Arnott popularized the concept of fundamental indexation, which some refer to as smart beta.
Background Information
* Rob Arnott bio
* Research Affiliates website
* Research Affiliates smart-beta interactive tool
* Research Affiliates asset-allocation interactive tool
* Financial Analysts Journal website
* PIMCO All Asset PAAIX
* "Fundamental Indexation," by Robert D. Arnott, Jason Hsu,…
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Aug 14, 2019
Mark Miller: Less Investment Choice = Better Retirement Outcomes
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
* Mark Miller bio
* RetirementRevised newsletter
* RetirementRevised podcast
* Books by Mark Miller
* RetirementRevised Guides
* Mark Miller archive on Morningstar.com
Related Links
State of Retirement Preparedness in U.S.
* U.S. Retirement Savings: Statistics and Facts (Statista)
* "How Much Income Do Retirees Actually Have? Evaluating the Evidence from Five Na…
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Aug 7, 2019
Bill Nygren: 'A Stock That Doesn't Look Cheap on the Surface Might Be One of the Cheapest'
Our guest on this week's installment of The Long View is noted portfolio manager Bill Nygren. Nygren joined Chicago-based Harris Associates as an analyst in 1983 and later served as the firm's director of research. He has managed Oakmark Select OAKLX since 1996 and Oakmark Fund OAKMX since 2000 and has comanaged Oakmark Global Select OAKWX since 2006. In addition to these duties, Nygren serves as Harris' chief investment officer for U.S. equities. For his investing achievements, Morningstar recognized Nygren as its Domestic-Stock Manager of the Year in 2001, and his funds remain highly rated by Morningstar's manager research analysts. A frequent and insightful commentator on investing and markets, Nygren's shareholder letters are a must-read on the Street and beyond. In this far-ranging conversation, he discusses how his team's competitive edge has evolved, how traditional value metrics won't cut it in today's evolving economy, and the lasting lessons of the financial crisis.
Backgrou…
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Jul 31, 2019
Jonathan Clements: 'It's in Wall Street's Interest to Make Everyday Investors Think That They Are Stupid'
Our guest on today's podcast is Jonathan Clements, the founder and editor of the website HumbleDollar. Clements has been a prolific and influential writer over his several-decade career. Prior to starting HumbleDollar, he was the longtime money and investing columnist for The Wall Street Journal, where he wrote more than 1,000 columns. After he left The Journal, Clements spent six years heading up investor education at Citi Personal Wealth Management. He has also authored seven investment books and a novel, including the Jonathan Clements Money Guide, How to Think about Money, and From Here to Financial Happiness.
Background Information
* Jonathan Clements bio
* HumbleDollar
* Books by Jonathan Clements
Related Links
Frugality and Setting Financial Goals
* FIRE Movement Wikipedia entry
* HumbleDollar's Spending Guide
* HumbleDollar's Saving Guide
* "Can Money Buy Happiness?" by Andrew Blackman (Nov. 10, 2014, The Wall Street Journal)
The Role of Advisors in Improvin…
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Jul 24, 2019
Maria Bruno and Joel Dickson: 'Building a Better Retirement'
Our guests for the latest installment of "The Long View," Maria Bruno and Joel Dickson, are both veterans of investment behemoth Vanguard.
Bruno is the head of U.S. wealth planning research at Vanguard, leading a team responsible for conducting research and analysis on a wide range of retirement, wealth planning, and portfolio construction topics. She also contributes to the oversight of the investment philosophy, methodology, and wealth management strategies supporting Vanguard's advisory products and services. Bruno is a Certified Financial Planner, and she's a fount of wisdom on many subjects, but especially retirement planning.
Dickson has worn many hats at Vanguard during his long career there. In his current position as Vanguard's global head of advice methodology, he oversees all investment methodology development for Vanguard's advice programs whose end consumers are individual investors.
The transcript for this podcast can be found here.
Background Information
* Maria B…
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Jul 17, 2019
Sheryl Garrett: 'The Industry Thought I Was Nuts'
Our guest this week on "The Long View" is Sheryl Garrett. Garrett is a legendary figure in financial-planning circles, having pioneered the concept of offering hourly financial-planning guidance. She's founder of the Garrett Planning Network, a national network of hourly, fee-only financial planners that she started in 2000. Garrett has authored, co-authored, or served as technical editor on many books, including Garrett's Guide to Financial Planning, Just Give Me the Answer$, and the Personal Finance Workbook for Dummies. She has worked with the U.S. House Committee on Financial Services regarding predatory lending regulation, financial literacy, and Social Security reform. She has also received numerous awards in the realm of financial planning during her career. Most recently, InvestmentNews named Garrett as its 2019 Icon.
Background Information
* Sheryl Garrett bio
* Garrett Planning Network
* Books by Sheryl Garrett
* Garrett's Guide to Financial Planning: How to Capture…
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Jul 10, 2019
James Montier: 'How Do I Get Paid for Owning This Asset?'
Our guest on this week's installment of "The Long View" podcast is James Montier. Montier is a member of the asset-allocation team at Grantham, Mayo, Van Otterloo & Co. Before joining GMO in 2009, he was co-head of global strategy at Societe Generale. A prolific and incisive writer, Montier has authored several books, including Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance; Value Investing: Tools and Techniques for Intelligent Investment; and The Little Book of Behavioral Investing. He's also a regular contributor to GMO's library of white papers and research studies on topics ranging from productivity, strategic asset allocation, contrarianism, and more. In addition to his duties at GMO, Montier is also a visiting fellow at the University of Durham and a fellow of the Royal Society of Arts.
Background
Grantham, Mayo, Van Otterloo & Co.
Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance by James Montier
Value Investing: Too…
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Jul 3, 2019
Rick Ferri: 'There Are No Average Investors'
Our guest today on The Long View podcast is Rick Ferri. Ferri is an hourly fee-only investment consultant at Ferri Investment Solutions; he's also a CFA charterholder. Prior to starting his new firm in April 2019, he was the founder and head of investing at a $1.5 billion advisory firm that specialized in low-fee asset management using index funds and exchange-traded funds. Prior to that, he worked for a brokerage firm, where he was an early adopter of inexpensive index products for client portfolios. Ferri is a Marine Corps officer and retired fighter pilot.
Ferri has written several books on low-fee investing, including All About Asset Allocation, The ETF Book, All About Index Funds, and The Power of Passive Investing. He has also authored numerous investment-related articles and research papers, including a research paper on index investing that won S&P Dow Jones Indices' third-annual SPIVA Award.
Introduction and Background
* Rick Ferri's bio
* Ferri's philosophy
* Ferri…
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Jun 26, 2019
Josh Brown: 'Standardize the Process, Personalize the Advice'
Our guest on this week's episode of the Long View is none other than Josh Brown, CEO of Ritholtz Wealth Management. Brown's story is unique and inspiring. He began his career as a broker but grew disillusioned with the industry's skewed incentives and practices, eventually pursuing a career as an independent Registered Investment Advisor. Along the way, Brown managed to author an acclaimed book, Backstage Wall Street, and build an enormous following around his blog, "The Reformed Broker," as well as his twitter handle, @reformedbroker. Now he oversees Ritholtz's day-to-day operations in addition to his other duties, which include serving as a regular contributor on CNBC, as a member of fintech firm BrightScope's advisory board, and most recently as a technical advisor on the Showtime hedge fund drama Billions.
Introduction and Background
* Ritholtz Wealth Management
* Josh Brown bio
* The Reformed Broker
* Josh Brown @reformedbroker
* Backstage Wall Street: An Insider’s G…
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Jun 19, 2019
Harold Evensky: 'It's an Unmitigated Disaster'
This week's guest on The Long View is financial advisor Harold Evensky, who Morningstar managing director Don Phillips has often called the "dean of financial planning."
Evensky is chairman of Evensky & Katz/Foldes Financial, and he's a retired professor of personal financial planning at Texas Tech University. Evensky has been extremely active in the planning community during his career. He's the past chairman of the International CFP Council, the CFP Board of Directors, the CFP Council on Examinations, and the Board of Appeals. Evensky is a frequent public speaker and has authored several books, including The New Wealth Management. During the course of this conversation, he weighed in on the SEC's newly approved Regulation Best Interest, calling it an "unmitigated disaster." He also discussed asset allocation leading up to and in retirement, his firm's application of a core/satellite approach, and different business models for financial advice.
Show Notes and References
Background…
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Jun 12, 2019
Aron Szapiro: 'You Can't Fix What You Can't Measure'
Is there a retirement crisis in the United States, and what role does the government have in improving the system? What's the current status of a fiduciary standard for financial advice?
Aron Szapiro, Morningstar's director of policy research and our guest for The Long View podcast, obsesses over these topics. In his role, he and his team conduct research on various matters of public policy and formulate views on policy proposals under consideration by Congress and regulatory bodies. Szapiro has testified before Congress, and he has an inside view of how Washington works: Before venturing into the private sector, he was a senior analyst in the U.S. Government Accountability Office, and he also worked for the New Jersey state legislature.
In this wide-ranging interview, Szapiro defines Morningstar's approach to policy research and homes in on some of the policy matters dominating our discourse today: whether financial advisors should be held to a fiduciary standard, how the U.S. retir…
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Jun 5, 2019
Michael Kitces: The Model Has to Change Again
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
Michael’s formative years: “The only thing I really think I figured out by the end of college was … that I didn’t want to do psychology, theater,…
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May 29, 2019
Carolyn McClanahan: There's More to Money Than Just the Numbers
Our guest for this week's installment of The Long View podcast sits at the busy intersection of healthcare and financial planning. Carolyn McClanahan was a practicing physician for a number of years, but after a frustrating search for a financial planner for her and her husband, she decided to study financial planning and earned the CFP designation. In 2004, she founded financial planning firm Life Planning Partners, and serves as the firm's director of financial planning. She also co-founded Whealthcare, a software program that identifies and troubleshoots age-related financial risks.
Carolyn strongly believes that individuals and financial advisors should think proactively about the implications of aging for healthcare and financial planning. She is also sought-after as a public speaker and a media expert on matters of aging, healthcare, and personal finances.
Show Notes
The quest for real advice: How a "math nerd" found her way to medicine and eventually sought financial advice (…
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May 24, 2019
Tim Buckley: There’s No One Even Close to Us
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.
In this mini episode, which was recorded live at the 31st annual Morningstar Investment Conference in Chicago, we discuss the significance of Vanguard's recent Morningstar Award for Investing Excellence, which the firm received for exemplary stewardship. Tim also addressed how Vanguard attempts to balance growth with delivering good outcomes to clients, its capital allocation philosophy and key initiatives, the future of advice, the trend toward "free" funds, as well as the firm's recent forays into sustainable investi…
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May 22, 2019
Morgan Housel: No One Hires a Luck Manager
Our guest for this week's installment of The Long View podcast is Morgan Housel. Morgan is a partner at the Collaborative Fund, a venture capital firm that makes investments in firms that in its words are "at the intersection of for-profit and for-good." A former columnist at The Motley Fool and The Wall Street Journal, Morgan has become one of the most prolific and insightful writers on the investment decision-making process, as evidenced by his impressive body of work on the Collaborative Fund website's blog.
Morgan joined us in this live recording of The Long View from the 31st annual Morningstar Investment Conference in Chicago. Our interview covered a lot of ground, from how Morgan found his way into the finance world, to the role he plays at Collaborative Fund, to a host of other personal and behavioral finance topics that draw on his work.
Show Notes
The accidental writer: Morgan's background and how he came to write about financial topics (0:55-3:04)
"The ability to write…
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May 15, 2019
Don Phillips: We’re All in the Behavior Modification Business
Our guest for this week's installment of The Long View podcast is Morningstar managing director Don Phillips. Don was Morningstar's first mutual fund analyst and eventually became CEO of the firm; he established Morningstar's independent voice and mentored scores of analysts. He also helped develop many of the tools that investors today take for granted, such as the Morningstar Style Box and the Morningstar Rating for stocks (also known as the star rating). Throughout his career Don has worked to enact positive change in the fund industry, speaking out on issues such as misleading advertising and high-fee funds as well as the need for better shareholder disclosures.
In this broad-ranging interview, Don discusses his path from a paper boy investor in Templeton Growth Fund to a job analyzing mutual funds at Chicago startup Morningstar in the mid-1980s. He also opines on the industry's evolution from the opaque, sales-driven culture that he encountered 30-plus years ago to its current e…
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May 1, 2019
William Bernstein: If You've Won the Game, Stop Playing
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)
* “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)
• “I had to figure out how to save and invest on my own”: Bill’s cras…
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