The Long View

Our guest this week is Dave Sekera. Dave is chief U.S. market strategist for Morningstar Research Services. In his role, Dave publishes research and commentary on the state of the markets and is a leading voice on Morningstar.com and other platforms. Before assuming his current role, Dave was a managing director for DBRS Morningstar. Prior to joining Morningstar in 2010, Dave worked in the alternative asset management field. Dave earned his bachelor’s degree in finance and decision sciences from Miami University and holds the Chartered Financial Analyst designation. You can follow him on Twitter at @MstarMarkets.BackgroundBioTwitter handle: @MstarMarketsStock Market and Market Concentration“The U.S. Stock Market Is Undervalued, but It Looks Like a Rough Road Ahead,” by Dave Sekera, Morningstar.com, March 3, 2023.“What to Expect From Stocks in 2023,” by Susan Dziubinski and Dave Sekera, Morningstar.com, Jan. 23, 2023.“How to Invest in 2023′s Uncertain Market,” by David Sekera, Morningstar.com, March 27, 2023.“Q3 Stock Market Update: Time to Batten Down the Hatches or Raise the Sail,” by Dave Sekera, Morningstar.com, June 30, 2023.“3 Cheap Stocks to Buy and Hold This Summer,” by Dave Sekera and Susan Dziubinski, Morningstar.com, July 10, 2023.“Markets Brief: The ‘Magnificent 7′ Stock Have Driven the Rally, but Are They Too Expensive Now?” by Caryl Anne Francia, Morningstar.com, June 23, 2023.“Despite Rally, Stock Market Remains Undervalued,” by Dave Sekera, Morningstar.com, May 8, 2023.Sector View“4 Stocks to Buy in Q3 2023,” by Dave Sekera and Susan Dziubinski, Morningstar.com, July 5, 2023.“33 Undervalued Stocks,” by Susan Dziubinski, Morningstar.com, July 3, 2023.“10 Top Small-Cap Stocks to Buy for the Long Term,” by Susan Dziubinski, Morningstar.com, June 20, 2023.“2 Big Tech Stocks to Buy,” by David Sekera, Ali Mogharabi, and Susan Dziubinski, Morningstar.com, May 8, 2023.Value and Quality“Markets Brief: Fading Recession Fears, Cheap Valuations Have Small-Cap Stocks Looking Attractive,” by Sandy Ward and Jakir Hossain, Morningstar.com, June 2, 2023.“4 Undervalued Wide-Moat Stocks With Defensive Traits,” by Susan Dziubinski and Dave Sekera, Morningstar.com, June 26, 2023.Macroeconomic EnvironmentPreston Caldwell“U.S. Leading Indicators,” The Conference Board, conference-board.org, June 22, 2023.Bonds and Credit and Risk“Markets Brief: There’s Good News for Investors in Rates Staying Higher for Longer,” by Tom Lauricella and Caryl Anne Francia, Morningstar.com, July 7, 2023.“5 Undervalued Stocks for a Sideways Market,” by David Sekera and Susan Dziubinski, Morningstar.com, May 22, 2023.“Where to Invest in Bonds in 2023,” by David Sekera, Morningstar.com, Dec. 14, 2022.Real Estate“5 Cheap Real Estate Stocks to Buy,” by David Sekera and Susan Dziubinski, Morningstar.com, March 6, 2023.“Markets Brief: 10th Straight Fed Rate Hike Rate on Tap,” by Sandy Ward and Jakir Hossain, Morningstar.com, April 28, 2023. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On today’s episode of The Long View podcast, we welcome back William Bernstein. This is Bill’s third appearance on the podcast. In fact, he was our very first guest back when we started The Long View in 2019. Bill is a neurologist turned investment advisor. He is also the author of several books, including The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and The Delusion of Crowds. Bill has just come out with a new edition of The Four Pillars of Investing. So, we wanted to have him on to discuss the new book and what’s changed since that book’s original publication more than 20 years ago.BackgroundBioThe Four Pillars of Investing, Second EditionThe Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize RiskIf You Can: How Millennials Can Get Rich SlowlyThe Delusion of Crowds: Why People Go Mad in Groups“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’” The Long View podcast, Morningstar.com, May 7, 2019.“Bill Bernstein: We’re Starting to See all of the Signs of a Bubble,” The Long View podcast, Morningstar.com, March 10, 2021.The Four Pillars of InvestingRobert KaplanWho Is Charlie Munger?Antti IlmanenExpected Returns: An Investor’s Guide to Harvesting Market Rewards, by Antti Ilmanen“Bernstein’s ‘4 Pillars of Investing’ & How They Work To Boost Returns,” by Anupam Nagar, economictimes.indiatimes.com, July 31, 2021.“Are You Leaving Money on the Table From Your Funds’ Returns?” by Amy Arnott, Morningstar.com, July 12, 2022.“William Bernstein on Deep Risk, Shallow Risk, and Investing for the Long-Term,” by Larry Frank, Sr., betterfinancialeducation.com, Aug. 24, 2022.Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street, by Fred SchwedRetirement“Playing Inflation Russian Roulette in Retirement,” by William Bernstein, advisorperspectives.com, Nov. 29, 2022.“Riskless at Age 104,” by William Bernstein, advisorperspectives.com, March 20, 2023.“William Bernstein on Holding Both Treasury Bonds and TIPS (or Savings I Bonds),” by Jonathan Ping, mymoneyblog.com, April 16, 2023. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hi everyone. We’re taking the week off for the 4th of July holiday, but we wanted to use this week’s episode to honor Nobel Prize-winning economist Harry Markowitz, who recently passed away at the age of 95. Professor Markowitz is a giant of finance, someone who put diversification and Modern Portfolio Theory on the map, with his research transforming the way we allocate and invest our assets. While we didn’t have the opportunity to interview Professor Markowitz for the podcast, we were able to chat recently with someone who had interviewed him: author and financial researcher Dr. Andrew Lo. Dr. Lo recently published a book titled “In Pursuit of the Perfect Portfolio,” in which he profiled some of the leading figures in academic research and finance. None stood taller than Professor Markowitz, whom Dr. Lo discusses at length in this interview we aired in February of 2022. We think you’ll enjoy it. Thanks so much for listening and see you in a week. Have a happy holiday.Our guest this week is Dr. Andrew Lo. Dr. Lo is the Charles E. & Susan T. Harris Professor, a professor of finance, and the director of the Laboratory for Financial Engineering at the MIT Sloan School of Management. His current research spans five areas, including evolutionary models of investor behavior and adaptive markets, systemic risk, and financial regulation, among others. Dr. Lo has published extensively in academic journals and authored a number of books including In Pursuit of the Perfect Portfolio, which he cowrote with Stephen Foerster. He has received numerous awards for his work and contributions to modern finance research throughout his career. He holds a bachelor’s in economics from Yale University and an AM and Ph.D. in economics from Harvard University.BackgroundIn Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest, by Andrew W. Lo and Stephen R. FoersterAdaptive Markets: Financial Evolution at the Speed of Thought, by Andrew W. LoHistory"Thirty Maidens of Geneva," the Tontine Coffee-House, thetch.blog.com, Aug. 5, 2019."Why 18th Century Swiss Bankers Bet on the Lives of Young Girls," by Stephen Foerster, sfoerster-5338.medium.com, Sept. 2, 2021.William F. Sharpe"Keynes the Stock Market Investor: A Quantitative Analysis," by David Chambers, Elroy Dimson, and Justin Foo, papers.ssrn.com, Sept. 26, 2013.Eugene F. Fama"Algorithmic Models of Investor Behavior," by Andrew Lo and Alexander Remorov, eqderivatives.com, 2021."In Pursuit of the Perfect Portfolio: Eugene Fama," Interview with Andrew Lo and Eugene Fama, youtube.com, Dec. 15, 2016."Why Artificial Intelligence May Not Be as Useful or as Challenging as Artificial Stupidity," by Andrew Lo, hdsr.mitpress.mit.edu, July 1, 2019.Charles D. Ellis"Charley Ellis: Why Active Investing Is Still a Loser's Game," The Long View podcast, Morningstar.com, May 27, 2020.Other"7 Principles to Help You Create Your Perfect Portfolio," by Robert Powell, marketwatch.com, Nov. 10, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests on the podcast today are Eric Weigel and Fritz Gilbert. Fritz is a repeat guest on The Long View. He writes the popular Retirement Manifesto blog, and he also wrote a book about retirement called Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years. Eric Weigel is the founder of a retirement coaching firm called Retire With Possibilities, and he is also the author of a book on retirement called Reimagining Retirement: 9 Keys to True Wealth. Together they collaborated on a recent survey of retirees and preretirees to gauge their attitudes about retirement and to help flag potential blind spots about retirement planning.Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify | Google Play | StitcherBackgroundEric Weigel BioFritz Gilbert BioRetirement Manifesto BlogKeys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years, by Fritz Gilbert“Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, morningstar.com, Oct. 26, 2021.Retire With PossibilitiesReimagining Retirement: 9 Keys to True Wealth, by Eric WeigelSurvey and Results“Retirement Perspectives and Attitudes Survey,” by Fritz Gilbert and Eric Weigel, retirewithpossibilities.com, May 2023.“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.“7 Secrets to a Great Retirement,” by Fritz Gilbert, theretirementmanifesto.com, Feb. 2, 2023.80th Birthday—FranklinCovey video“The End of History Illusion,” by Jordi Quoidbach, Daniel Gilbert, and Timothy Wilson, science.org, Jan. 4, 2013.Blind Spots“Shining the Light on Retirement Blind Spots,” by Fritz Gilbert, theretirementmanifesto.com, May 18, 2023.“Introducing the 90/10 Rule of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, Oct. 7, 2021.Chip ConleyHolmes-Rahe Scale“Longevity and the New Journey of Retirement,” EdwardJones study, agewave.com.Other“The Ten Commandments of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, March 6, 2018. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is New York Times economics reporter Talmon Smith. Before joining the Business desk, he was a staff editor for the Times Opinion section covering public policy, economics, and culture. He began his career as a researcher and visiting scholar at NYU’s Journalism Institute and was assistant to the editor in chief at GQ magazine. He graduated from Tufts University with a major in history.BackgroundBioTwitter handle: @talmonsmithEconomy, Inflation, and the Great Wealth Transfer“ ‘I’m in Hot Demand, Baby’: Nebraska Thrives (and Copes) With Low Unemployment,” By Talmon Joseph Smith, nytimes.com, April 1, 2022.“Job Openings Rose in April, Defying Cooling Trend,” by Talmon Joseph Smith, nytimes.com, May 31, 2023.“Companies Push Prices Higher, Protecting Profits but Adding to Inflation,” by Talmon Joseph Smith and Joe Rennison, nytimes.com, May 30, 2023.“Wages May Not Be Inflation’s Cause, but They’re the Focus of the Cure,” by Talmon Joseph Smith, seattletimes.com, April 7, 2023.“Even a Soft Landing for the Economy Might Be Uneven,” by Talmon Joseph Smith, buffalonews.com, Jan. 8, 2023.“As the Fed Raises Rates, Worries Grow About Corporate Bonds,” by Talmon Joseph Smith, nytimes.com, Nov. 11, 2022.“What Will Happen to Black Workers’ Gains if There’s a Recession?” by Talmon Joseph Smith, nytimes.com, Aug. 24, 2022.“Hiring Remains Strong Even as Fed Tries to Cool Economy,” by Talmon Joseph Smith, Lydia DePillis, and Jeanna Smialek, nytimes.com, June 3, 2022.“The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners,” by Talmon Joseph Smith, nytimes.com, May 14, 2023. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Jeremy Schwartz. Jeremy is global chief investment officer for WisdomTree Investments. In that role, Jeremy leads the firm’s investment team and is responsible for constructing its equity indexes, quantitative active strategies, and model portfolios. Jeremy joined WisdomTree in May 2005 and previously held several posts at the firm, including serving as its global head of research. Prior to joining WisdomTree, Jeremy served as a research assistant for Professor Jeremy Siegel and is credited as Siegel’s co-author of the sixth edition of the book, Stocks for the Long Run. Jeremy received his bachelor’s degree from the Wharton School and is a CFA charterholder.BackgroundBioStocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, Sixth Edition, by Jeremy Siegel, with Jeremy SchwartzThe Future for Investors: Why the Tried and True Triumphs Over the Bold and the New, by Jeremy SiegelDo-Nothing Strategies“What Beat the S&P 500 Over the Past Three Decades? Doing Nothing,” by Jeffrey Ptak, Morningstar.com, April 17, 2023.Creative Destruction: Why Companies That Are Built to Last Underperform the Market—and How to Successfully Transform Them, by Richard Foster and Sarah Kaplan“Wise Words in Warren’s Recent Letter,” by Jeremy Schwartz, wisdomtree.com, March 8, 2023.“Long-Term Returns on the Original S&P 500 Companies,” by Jeremy Siegel and Jeremy Schwartz, jstor.org, 2006.Market Outlook“The Most Important Charts for 2023,” by Jeremy Schwartz and Brian Manby, caia.org, May 8, 2023.Risk and Return“A Surprise Influence in S&P 500 Earnings? The Dollar,” by Jeremy Schwartz, wisdomtree.com, May 31, 2023.Fama and French Three Factor Model Definition: Formula and Interpretation, by Adam Hayes, www.investopedia.com, May 31, 2022.“A Deep Dive Into Growth & Momentum,” by Jeremy Schwartz, wisdomtree.com, July 12, 2021.“A Surprising Rebalance Season for S&P Style Indexes,” by Jeremy Schwartz, wisdomtree.com, Jan. 5, 2023.WisdomTree Index Performance AttributionInflation and Dividends“A New Regime for Commodities: An Update,” by Jeremy Schwartz, wisdomtree.com, May 31, 2022.“To Reveal Value, Start With Dividends,” Focus Points video series with Jeremy Schwartz, wisdomtree.com, Jan. 11, 2023.“Quality Dividend Growth Performance Viewed Through Venn by Two Sigma,” by Jeremy Schwartz and Christopher Carrano, wisdomtree.com, May 15, 2023.Foreign Stocks“Lowering Your China Risk,” by Jeremy Schwartz and Matt Wagner, wisdomtree.com, May 19, 2023.“Values Strong Run in Emerging Markets,” by Aneeka Gupta and Jeremy Schwartz, wisdomtree.com, May 5, 2023.“Don’t Layer Currency Risk on Top of Equity Exposure,” by Jeremy Schwartz and Christopher Gannatti, wisdomtree.com, 2019.ESG“Revisiting the WisdomTree ESG Model Portfolios,” by Scott Welch, wisdomtree.com, Oct. 14, 2022.“Aswath Damodaran: A Valuation Expert’s Take on Inflation, Stock Buybacks, ESG, and More,” The Long View podcast, Morningstar.com, May 16, 2023. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today we’re welcoming back Ramit Sethi. Ramit is a personal finance expert and author. And this year, he added a new line item to his resume: TV host. His series How to Get Rich debuted on Netflix in April. It features in-depth conversations with individuals about their financial lives. Ramit’s first book, I Will Teach You to Be Rich, published in 2009, was a bestseller; a second edition of the book came out in 2019. Ramit is the founder of iwillteachyoutoberich.com, and he’s also the host of a podcast called I Will Teach You To Be Rich, which features in-depth conversations with couples about money.BackgroundBioI Will Teach You To Be Rich, by Ramit SethiI Will Teach You To Be Rich podcastHow To Get Rich, Netflix seriesTwitter: @ramit“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View podcast, Morningstar.com, Nov. 10, 2020.“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.Rich Lives“10 Easy-to-Follow Money Rules to Improve Your Financial Health,” by Ramit Sethi, iwillteachyoutoberich.com, Nov. 23, 2020.“‘I Will Teach You to Be Rich’ Author: 3 Money Rules I Follow to Build Wealth and Enjoy Life—and How to Create Your Own,” by Kamaron McNair, cnbc.om, April 14, 2023.“How to Live a Rich Life (+Rules That Will Help You ACHIEVE It!),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“Ramit Sethi—How to Play Offense With Money, Plan Bucket Lists, Build a Rich Life With Your Partner, and Take a Powerful $100 Challenge (#524),” The Tim Ferriss Show podcast, tim.blog.com, July 26, 2021.Budgeting and Conscious SpendingRamit’s Conscious Spending Plan“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“How to Find all my Debts (& Pay Them Off),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 3, 2022.“4 Ways to Get Out of Debt Fast (+Mistakes to Avoid),” by Ramit Sethi, iwillteachyoutoberich.com, Aug. 10, 2021.Jobs and Income“Finding the Right Money-Making Ideas (That Anyone Can Do),” by Ramit Sethi, iwillteachyoutoberich.com, March 28, 2023.Homeownership“3 Practical Things Every First-Time Homebuyer Should Know, According to the Star of Netflix’s ‘How To Get Rich,’” by Lee Aquino, businessinsider.com, April 25, 2023.“Buying a House in Recession: Pros, Cons, and Expert Advice,” by Ramit Sethi, iwillteachyoutoberich.com, March 20, 2023.“Should I Buy a House Now? (5 Guidelines and Perfect Timing Tips),” by Ramit Sethi, iwillteachyoutoberich.com, Sept. 15, 2021.Investing“How to Trade Stocks (and Find Out if Trading Is Right for You),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“Here’s Our Take on Day Trading in 2023,” by Ramit Sethi, iwillteachyoutoberich.com, March 3, 2020.“How to Invest in Index Funds (Get Invested in 5 Min),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“Diversified Investment Portfolios: How to Build One (+ Examples),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 27, 2021.“High Risk vs. Low Risk Investing (The Reality),” by Ramit Sethi, iwillteachyoutoberich.com, Dec. 16, 2022.Couples/Relationships“Love and Money: Combining Finances After Marriage,” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“I’ve Been Writing About Money for 15 Years, and I Can Tell You Too Many Couples Talk About Money All Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019.“Episode 65. I Make $200k/Month. He Makes $2k. Who Pays for Dates? (Part 2),” I Will Teach You To Be Rich podcast, iwillteahyoutoberich.com, October 2022.Financial Advice“Do I Need a Financial Advisor? (The ONLY Guide You Need!),” by Ramit Sethi, iwillteachyoutoberich.com, July 7, 2021.(Please stay tuned for important disclosure information at the conclusion of this episode.) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Joel Tillinghast, portfolio manager at Fidelity. Joel manages a number of equity funds focused on intrinsic value and mostly small-cap stocks—perhaps most notably, the Low-Priced Stock Fund, which he has managed since 1989. Joel originally joined Fidelity as an equities analyst in 1986 after famously cold-calling Peter Lynch to secure a job interview. He earned his bachelor’s in economics from Wesleyan University and MBA from the Kellogg School of Management at Northwestern and is a CFA charter holder. Joel’s track record is simply impressive. Morningstar recognized him in 2021 as Outstanding Portfolio Manager and in 2002, as Domestic Stock Fund Manager of the Year. After more than 40 years in investing, Joel is slated to retire as a full-time portfolio manager at the end of 2023. We’re so excited to host him on the podcast today to discuss his career and his insights.BackgroundBioFidelity Low-Priced StockFidelity Global Growth and Value ClassFidelity Global Intrinsic Value ClassFidelity NorthStar® FundBig Money Thinks Small: Biases, Blind Spots, and Smarter Investing, by Joel TillinghastValue and Small-Cap Investing“Don’t Judge a Stock by Its Price! That’s one of Tillinghast’s Stock-Picking Secrets,” by Anupam Nagar, economictimes.indiantimes.com, April 17, 2021.“Happy Results Turned Up Everywhere You Looked,” by Tim Gray, nytimes.com, Jan. 17, 2020.“Peter Lynch Protégé Joel Tillinghast: How to Avoid Value Traps,” by Johnny Hopkins, aquirersmultiple.com, June 25, 2018.Investment Industry“Fidelity’s Joel Tillinghast Was Out of Favor. Then the Meme-Stock Craze Happened,” by Justin Baer, wsj.com, Aug. 4, 2021.“5 Traits of Successful Investors,” by Joel Tillinghast, oprah.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, the latest of which is called More Than Enough: A Brief Guide to the Questions That Arise After Realizing You Have More Than You Need. Other books include, After the Death of Your Spouse; Can I Retire?; Social Security Made Simple; Taxes Made Simple; and Investing Made Simple. Mike also writes a wonderful blog called Oblivious Investor, and he has developed a free tool for exploring Social Security-claiming decisions. It’s called Open Social Security. Mike is a certified public accountant.Background & BooksBioOblivious InvestorOpen Social Security“Mike Piper: Delaying Social Security Not Always a Good Deal,” The Long View podcast, Morningstar.com, April 27, 2021.More Than Enough: A Brief Guide to Questions That Arise After Realizing You Have More Than You NeedAfter the Death of Your Spouse: Next Financial Steps for Surviving SpousesCan I Retire?Social Security Made SimpleTaxes Made SimpleInvesting Made SimpleTax Strategies“How Much Can I Give Per Year Without Having to Pay Tax?” by Mike Piper, obliviousinvestor.com.“401(k) Rollover: Where, Why, and How,” by Mike Piper, obliviousinvestor.com.“Tax Planning Begins When Building Your Portfolio. Here’s What to Know,” by Kate Dore, cnbc.com, June 7, 2022.“Roth Conversion Planning: A Step-by-Step Approach,” by Mike Piper, obliviousinvestor.com, July 5, 2021.Social Security“Social Security Strategies for Married Couples,” by Mike Piper, obliviousinvestor.com, Jan. 1, 2020.“The Three Biggest Social Security Misconceptions,” by Mike Piper, obliviousinvestor.com, April 11, 2022.Charitable Giving“Deduction Bunching: Tax Planning Strategy for Charitable Giving,” by Mike Piper, obliviousinvestor.com, Jan. 1, 2022.“What’s the Point of a Donor-Advised Funds?” by Mike Piper, obliviousinvestor.com, Feb. 28, 2022.“Qualified Charitable Distributions (QCDs): How Do They Work, and Are They the Best Option for Charitable Giving?” by Mike Piper, obliviousinvestor.com, Nov. 22, 2021.Asset Allocation“Calculator for Backtesting a Portfolio or Asset Allocation (Also Monte Carlo Simulations),” by Mike Piper, obliviousinvestor.com, Sept. 12, 2022.“How Much Cash Should a Retirement Savings Portfolio Include?” by Mike Piper, obliviousinvestor.com, Aug. 16, 2021.“Simplifying a Retirement Bucket Portfolio,” by Mike Piper, obliviousinvestor.com, July 8, 2019.Other“Personal Representative vs. Trustee: What’s the Difference?” by Mike Piper, obliviousinvestor.com, May 22, 2023. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Our guest on the podcast today is Aswath Damodaran. Damodaran is a professor of finance at the Stern School of Business at New York University, and he has been called the dean of valuation. He has written several books on equity valuation, investment management, and corporate finance. This interview was recorded at the Morningstar Investment Conference in April 2023.BackgroundBioBooks by Aswath DamodaranInterest Rates and Inflation“Inflation and Investing: Is the Genie Out of the Bottle?” by Aswath Damodaran, NYU Stern School of Business.“In Search of a Steady State: Inflation, Interest Rates, and Value,” by Aswath Damodaran, Musings on Markets blog, May 6, 2022.“A Follow Up on Inflation: The Disparate Effects on Company Values!” by Aswath Damodaran, Musings on Markets blog, May 20, 2022.“Malaise in Market Will Last Longer if Investors Behave Like It’s the ‘70s: Aswath Damodaran,” by Nikhil Agarwal, The Economic Times, Sept. 27, 2022.Equity Risk Premium“Country Default Spreads and Risk Premiums,” by Aswath Damodaran, NYU Stern School of Business, Jan. 5, 2023.“Equity Risk Premiums (ERP): Determinants, Estimation, and Implications—The 2022 Edition,” by Aswath Damodaran, NYU Stern School of Business, March 23, 2022.“Equity Risk Premiums,” by Aswath Damodaran, NYU Stern School of Business.Buybacks“Data Update 7 for 2023: Dividends, Buybacks, and Cash Flows,” by Aswath Damodaran, Musings on Markets blog, March 8, 2023.“Aswath Damodaran: The History of Buybacks,” GuruFocus.com, Aug. 29, 2019.ESG“The ESG Movement: The ‘Goodness’ Gravy Train Rolls On,” by Aswath Damodaran, Musings on Markets blog, Sept. 14, 2021.“Valuing ESG: Doing Good or Sounding Good?” by Bradford Cornell and Aswath Damodaran, Portfolio Management Research, Fall 2020.“Professor Damodaran’s Latest ESG Takedown Overlooks One Important Group of Investors,” by Adam Fleck, Morningstar.com, April 1, 2022.Valuation and Capital Allocation“Closure in Valuation: Estimating Terminal Value,” by Aswath Damodaran, NYU Stern School of Business.“My Valuation Journey: Have Faith, You Must!” by Aswath Damodaran, NYU Stern School of Business, June 2020.“3 Fund Portfolio: How to Save for Retirement With Just Three Investments,” by Carla Fried, Forbes, July 15, 2022.Other“Michael Mauboussin: Finding Easy Games,” The Long View podcast, Morningstar.com, Jan. 25, 2022.Expectations Investing: Reading Stock Prices for Better Returns, by Michael Mauboussin and Alfred Rappaport. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on the podcast, we welcome back financial planning guru and Michael Kitces. I recently had the chance to catch up with Michael to get his take on asset allocation, specifically whether higher yields should have an impact on where investors hold their money. Today’s podcast is a recording of that conversation. Michael is the head of planning strategy for Buckingham Strategic Wealth, co-founder of XY Planning Network and AdvicePay and is the chief financial planning nerd—and yes, that’s his real title—for the advisor education platform Kitces.com and the Nerd’s Eye View blog. You can follow him via Twitter @MichaelKitces or on LinkedIn.BackgroundBioXY Planning NetworkAdvicePayBuckingham Strategic WealthKitces.com@MichaelKitcesInvesting Safe Assets“Where Should Investors Stash Their Safe Money Today?” Video interview with Michael Kitces and Christine Benz, Morningstar.com, April 19, 2023.“Kitces: Where to Park 3 Types of Client Cash,” by Dinah Wisenberg Brin, thinkadvisor.com, April 20, 2023.“Client Cash Management: Why It’s Important, and the Next Generation of Technology to Make It Better,” by Ben Henry-Moreland, kitces.com, Aug. 22, 2022.MaxMyInterestRising Yields, Asset Allocation, Retirement Withdrawals“How Rising Yields Should Affect Asset Allocation for Retirees, Preretirees,” Video interview with Michael Kitces and Christine Benz, Morningstar.com, May 3, 2023.“The ‘Yield-Split’ Method of Asset Allocation to Improve Tax Efficiency of Index Funds,” by Chris Murray, kitces.com, March 30, 2022.“Increasing Retirement Withdrawal Rates Through Asset Allocation,” by Michael Kitces and Wade Pfau, aaii.com.“8 Inflation Conversations for Financial Advisors to Have With Clients,” by Ben Henry-Moreland, kitces.com, April 27, 2022.“Is Private Debt Worth Considering as an (Alternative) Asset Class in Client Portfolios?” by Larry Swedroe, kitces.com, Jan. 18, 2023.“The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019.Other“Kitces: ‘The Model Has to Change Again,’” The Long View podcast, Morningstar.com, June 5, 2019.“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Liz Ann Sonders. Liz Ann is managing director and chief investment strategist at Charles Schwab. In her role, Liz Ann is responsible for conducting market and economic analysis, which she and her team publish in a variety of forms. She also regularly appears in the financial media and was recently named to Barron’s Magazine’s “100 Most Influential Women in Finance” list. Liz Ann joined Schwab in 2000 when the firm acquired her prior employer, U.S. Trust. Before that, she was a managing director and senior portfolio manager at Avatar Associates. Liz Ann received her bachelor’s from the University of Delaware and her MBA from Fordham University’s Gabelli School of Business.We recorded this interview live from the main stage of the annual Morningstar Investment Conference, which was recently held in Chicago, Illinois.BackgroundBio“Liz Ann Sonders: ‘We Could See Some Inflation Scares,’” The Long View podcast, Morningstar.com, Jan. 6, 2021.Secular and Cyclical Looks“What the End of the ‘Great Moderation Era’ Means for Investors: Morning Brief,” by Jared Blikre, news.yahoo.com, March 2, 2023.“Market Snapshot With Liz Ann Sonders,” video commentary, schwab.com, April 2023.“Helpless? Recession Risks Abound,” by Liz Ann Sonders and Kevin Gordon, schwab.com, Jan. 23, 2023.“Expect Volatility, Rolling Recession, but Watch for Contagion, Schwab’s Sonders Says,” by Tracey Longo, fa-mag.com, March 15, 2023.“Hurts So Good: Jobs Picture Stays Mixed,” by Liz Ann Sonders and Kevin Gordon, schwab.com, Jan. 9, 2023.“Schwab’s Sonders Says Bear Market Hasn’t Yet Hit Bottom,” by Tracey Longo, fa-mag.com, Feb. 7, 2023.Inflation and the Fed“U.S. Stock Market ‘Pretty Expensive’ as Investors Parse Inflation Report in Choppy Trade,” by Christine Idzelis, marketwatch.com, April 12, 2023.“Mixed (Inflation) Signals,” by Liz Ann Sonders and Kevin Gordon, schwab.com, April 17, 2023.“Market Perspective: Searching for Spring,” by Liz Ann Sonders, Kathy Jones, and Jeffrey Kleintop, advisorperspectives.com, Feb. 19, 2023.“Schwab Market Perspective: Top of the Rate Cycle,” by Liz Ann Sonder, Kathy Jones, and Jeffrey Kleintop, schwab.com, April 14, 2023.“Under Pressure: Fed Hikes in Face of Bank Turmoil,” by Liz Ann Sonders, schwab.com, March 22, 2023.Credit Risk and Real EstateSenior Loan Officer Opinion Survey on Bank Lending Practices“A Recession Seems ‘Somewhat Unavoidable’ as Tighter Credit Conditions Reveal More Zombies of the Easy-Money Era, Schwab Strategist Liz Ann Sonders Says,” by Phil Rosen, businessinsider.in, April 7, 2023.“The US Housing Market Is in Recession—and the Pandemic Has Created a Unique Economic Headache, Elite Strategist Liz Ann Sonders Says,” by Theron Mohamed, markets.businessinsider.com, March 8, 2023.Stocks and Earnings“The Price You Pay: A Look at Equity Valuations,” by Liz Ann Sonders and Kevin Gordon, schwab.com, Feb. 21, 2023.“This Indicator Clearly Shows Where Wall Street’s Top Money Managers Expect Stocks to Head Next,” by Sean Williams, Nasdaq.com, April 14, 2023.Growth vs. Value and Asset Allocation“Mysterious Ways: Growth vs. Value Debate,” by Liz Ann Sonders, schwab.com, May 1, 2023.“Elevation: Largest Stocks to Market’s Rescue?” by Liz Ann Sonders and Kevin Gordon, schwab.com, April 3, 2023. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On the podcast today, we welcome back Jonathan Clements, who was among our first guests when we launched this podcast back in 2019. Jonathan is the founder and editor of HumbleDollar, and he is also the editor of a new book called My Money Journey, which is a compilation of essays from 30 individuals about how they found financial freedom. Jonathan also sits on the advisory board of Creative Planning, one of the country’s largest independent financial advisors and is the author of nine personal finance books. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s U.S. Wealth Management arm.BackgroundBioHumbleDollarMy Money Journey, edited by Jonathan ClementsCurrent Conditions“What I Don’t Own,” by Jonathan Clements, humbledollar.com, March 4, 2023.“Happy Talk,” by Jonathan Clements, humbledollar.com, Nov. 19, 2022.“Behaving Badly,” by Jonathan Clements, humbledollar.com, Sept. 18, 2021.“Nine Roads to Ruin,” by Jonathan Clements, humbledollar.com, March 6, 2021.“New Rules for Success,” by Jonathan Clements, humbledollar.com, Nov. 26, 2022.“Pay It Down,” by Jonathan Clements, humbledollar.com, Aug. 17, 2019.Indexing, Retirement, and Real Estate“Four Questions,” by Jonathan Clements, humbledollar.com, Feb. 22, 2020.“Jonathan’s Portfolio,” by Jonathan Clements, humbledollar.com.“Mix and Match,” by Jonathan Clements, humbledollar.com, Dec. 4, 2021.“Risking My Life,” by Jonathan Clements, humbledollar.com, Aug. 8, 2020.“Jonathan’s Retirement,” by Jonathan Clements, humbledollar.com.“How to Overhaul Your Retirement Portfolio in Just 7 Days,” by Jonathan Clements, money.com, Jan. 3, 2019.“The Long Game,” by Jonathan Clements, humbledollar.com, Feb. 4, 2023.“Jonathan’s Homes,” by Jonathan Clements, humbledollar.com.Theory and Thrift“Helpful in Theory,” by Jonathan Clements, humbledollar.com, Feb. 11, 2023.“Don’t Overdo It,” by Jonathan Clements, humbledollar.com, Jan. 23, 2021.Other“Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’” The Long View podcast, Morningstar.com, July 31, 2019.“Credit Scores and Committed Relationships,” by Jane Dokko, Geng Li, and Jessica Hayes, federalreserve.gov, August 2015.Morningstar Investment Conference 2023If you’re looking for even more investing insights, data, and analysis, join us at this year’s Morningstar Investment Conference, April 25 through 27 in Chicago. We have a great agenda this year, featuring top financial minds from market gurus like Liz Ann Sonders to great investors like Steve Romick to retirement planning experts like Mary Beth Franklin and Dr. Laura Carstensen. There’s something for everyone looking to tackle the challenges and opportunities for investors in the current market. We’re in-person only this year. So, check out the link in our show notes to register. We’re looking forward to seeing you in Chicago. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Jill Schlesinger. She is the author of a new book called The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life. Jill is also a business analyst for CBS News and comments on the economy, investing, and personal finance for CBS television and radio programs. She also hosts the popular Jill on Money podcast and writes the nationally syndicated “Jill on Money” column for Tribune Media Services. Jill’s first book, The Dumb Things Smart People Do With Their Money, was published in 2019. She has received numerous awards over her career, including an Emmy Award for her work on CBS Sunday Morning. Jill is a certified financial planner and spent 14 years as the co-owner of and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York following her graduation from Brown University.BackgroundBioThe Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life, by Jill SchlesingerThe Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs, by Jill SchlesingerJill on Money podcastMaking Changes and Mindful Spending“How the Pandemic Changed the Rules of Personal Finance,” by Paddy Hirsch, npr.org, Jan. 31, 2023.“Year-End Money Moves 2022,” by Jill Schlesinger, jillonmoney.com, Dec. 2, 2022.“Use This Expert-Approved 5-Step Strategy to Assess Your Financial Health Today,” by Katie Couric Media, katiecouric.com, Feb. 15, 2023.Negotiating in the Workplace“How to Negotiate With Your Boss,” Jill on Money podcast, jillonmoney.com, Feb. 11, 2022.“The Great Resignation,” by Jill Schlesinger, linkedin.com, Aug. 9, 2021.Current Environment“Investor Panic Prevention Plan 2022,” by Jill Schlesinger, jillonmoney.com, May 13, 2022.“Scary Financial News: Actions to Take Now,” by Jill Schlesinger, jillonmoney.com.“Bank Failures Put Fed in Hot Seat,” by Jill Schlesinger, jillonmoney.com.“Silicon Valley Bank Fails: What Happened, What’s Next?” by Jill Schlesinger, jillonmoney.com.Other“Jill Schlesinger: ‘What Are You Going to Do With Your Life?’” The Long View podcast, Morningstar.com, Feb. 15, 2022.Morningstar Investment Conference 2023 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Micah Hauptman. Micah is the director of investor protection at the Consumer Federation of America, a nonprofit association of nearly 300 national, state, and local pro-consumer organizations. He leads CFA’s investor protection work through conducting research and engaging in advocacy on investor protection issues, focusing primarily on the regulation of investment advisors, investment companies, and broker/dealers, particularly as they relate to the provision of retail investment products and services. Prior to rejoining CFA in early 2022 Micah served as counsel to Securities and Exchange Commission commissioner Caroline Crenshaw, and before that he served as CFA’s financial services counsel for nearly seven years. He also worked at Public Citizen on a broad range of banking and tax issues and started his career as a prosecutor for the Los Angeles City Attorney’s office. Micah received his bachelor’s degree in political science from UCLA and his JD degree from the University of the Pacific McGeorge School of Law.BackgroundBioKey Challenges for Investors“New Offerings of Crypto in Retirement Plans Underscore Need for DOL Fiduciary,” by Micah Hauptman and Dylan Bruce, consumerfed.org, April 4, 2023.Department of Labor’s 2016 Fiduciary Rule: Background and Issues“Improving Investment Advice for Workers & Retirees,” U.S. Department of Labor, dol.gov, June 29, 2020.Regulation Best InterestRegulation Best Interest (Reg BI) Overview“What Regulation Best Interest Means for Brokers and Asset Managers,” by Aron Szapiro, Morningstar.com, Nov. 18, 2019.“Beyond the FINRA Suitability Comfort Zone,” by Matthew Radgowski and Jill Axline, Morningstar.com, March 9, 2020.Cryptocurrency“Crypto: Risks Abound,” by Micah Hauptman, consumerfed.org, Nov. 17, 2022.“With Crypto, Advisors Need to Tread Carefully,” by Jasmin Sethi, Morningstar.com, Aug. 15, 2022.“Bitcoin in Your 401(k)? Not so Fast,” by Madeline Hume, Morningstar.com, April 27, 2022.Social Media“Investors in the United States: The Changing Landscape,” A Report of the FINRA Foundation National Financial Capability Study, finrafoundation.org, December 2022.“Why You Should Stop Taking Investment Advice From Social Media,” by Sunniva Kolostyak, Morningstar.com, June 16, 2021.Environmental, Social, and Governance“CFA Strongly Supports SEC Proposals to Enhance ESG-Related Disclosures and Update Names Rule,” by Micah Hauptman and Dylan Bruce, consumerfed.org, Aug. 16, 2022.“Amid Charges of Greenwashing, Sustainable-Investment Industry Attempts to Reassure Investors,” by Leslie Norton, Morningstar.com, June 8, 2022.Other“Robert Powell: ‘How Do I Generate the Income?’” The Long View podcast, Morningstar.com, March 14, 2023.Morningstar Investment Conference 2023 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is James Choi. Dr. Choi is a professor of finance at the Yale School of Management, where he teaches and conducts research on behavioral finance and economics, household finance, and sociology, among other topics. He is a two-time recipient of the TIAA Paul A. Samuelson Award for outstanding scholarly writing on lifelong financial security, and his work on automatic enrollment into retirement plans has had a major influence on retirement plan policy and design. Dr. Choi is a co-director of the Retirement and Disability Research Center at the National Bureau of Economic Research and an associate editor of the Journal of Finance, among other professional and scholarly affiliations. He received both his bachelor’s degree and doctorate from Harvard University.BackgroundBioRetirement and Disability Research CenterAcademics vs. Bestsellers“Popular Personal Financial Advice Versus the Professors,” by James Choi, nber.com, October 2022.Choice Architecture and Retirement Plan Design“Nudge: Improving Decisions About Health, Wealth, and Happiness,” by Richard Thaler and Cass Sunstein, researchgate.net, June 2009.“Contributions to Defined Contribution Pension Plans,” by James Choi, nber.org, August 2015.“Small Cues Change Savings Choices,” by James Choi, Emily Haisley, Jennifer Kurkoski, Cade Massey, Journal of Economic Behavior & Organization, August 2017.“Plan Design and 401(k) Savings Outcomes,” by James Choi, David Laibson, and Brigitte Madrian, National Tax Journal, June 2004.“Saving for Retirement on the Path of Least Resistance,” by James Choi, David Laibson, Brigitte Madrian, and Andrew Metrick, scholar.harvard.edu., Dec. 1, 2005.“Which Early Withdrawal Penalty Attracts the Most Deposits to a Commitment Savings Account?” by James Choi, John Beshears, Christopher Harris, David Laibson, Brigitte Madrian, and Jung Sakong, Journal of Public Economics, Feb. 8, 2020.“Present Bias Causes and Then Dissipates Auto-Enrollment Savings Effects,” by John Beshears, James Choi, David Laibson, and Peter Maxted, hbs.edu, 2022.Retirement Readiness and Policy Response“Borrowing to Save? The Impact of Automatic Enrollment on Debt,” by John Beshears, James Choi, David Laibson, Brigitte Madrian, and William Skimmyhorn, nber.org, July 2019.“The Effect of Providing Peer Information on Retirement Savings Decisions,” by James Choi, John Beshears, David Laibson, Brigitte Madrian, and Katherine Milkman, The Journal of Finance, June 2015.Emergency Savings“Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts,” by John Beshears, James Choi, J. Mark Iwry, David John, David Laibson, and Brigitte Madrian, journals.uchicago.edu, 2020.Saving, Spending, Investor Behavior“Economists Confirm It’s Actually OK to not Save Money in Your 20s,” by Sarah Hansen, money.com, Sept. 2, 2022.“Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds,” by James Choi, Xavier Gabaix, David Laibson, and Brigitte Madrian, nber.org, December 2005.“Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?” by James Choi, James Beshears, David Laibson, and Brigitte Madrian, National Library of Medicine, Oct. 19, 2016.Other“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.Morningstar Investment Conference 2023 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Mark Berg. He is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Berg served as a client manager at a fee-only financial planning firm and has provided fee-only financial guidance since 1995. He holds a bachelor’s degree in economics from Wheaton College and is a certified financial planner practitioner and is registered with the National Association of Personal Financial Advisors. He served on the national board of directors for NAPFA from 2008 through 2011. Timothy Financial is the firm that Christine Benz and her husband use for financial planning, and a member of Jeff Ptak’s family is a Timothy Financial client as well.BackgroundBioTimothy Financial Counsel“Scaling Up to $1.4M of Revenue With (Only) Hourly Financial Planning Fees With Mark Berg,” by Michael Kitces, Financial Advisor Success podcast, March 20, 2018.InfluencesGarrett Planning Network“Voices: Sheryl Garrett, on the Evolution of a Planning Firm,” Thomas Coyle, The Wall Street Journal, Dec. 31, 2009.“Sheryl Garrett: ‘The Industry Thought I Was Nuts,’” The Long View podcast, Morningstar.com, July 17, 2019.Tax Planning/Direct Indexing“An Inside Look at Direct Indexing,” by Danny Noonan, Morningstar.com, March 23, 2023.“Could Direct Indexing Lower Your Taxes?” by John Rekenthaler, Morningstar.com, March 27, 2023.“4 Questions About Direct Indexing,” by Sheryl Rowling, Morningstar.com, Oct. 24, 2022.Retirement“What Is the ‘Retirement Spending Smile’?” by Wade Pfau, Retirement Researcher.ResourcesMichael KitcesFinancial Planning AssociationThe National Association of Personal Financial Advisors (NAPFA)OtherMorningstar Investment Conference 2023 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Brad Barrett. Brad is the co-founder of ChooseFI, which is a website focused on achieving financial independence. With Jonathan Mendonsa, Brad is co-host of a popular podcast also called ChooseFI. Brad received his bachelor’s degree in accounting from the University of Richmond and became a CPA. He practiced public accounting for years and eventually achieved financial independence by age 35. Brad is passionate about all aspects of personal finance, but especially the topic of scoring good deals on travel, which is a topic we discussed in depth on the podcast.BackgroundBioChooseFIResources and InspirationSmart Couples Finish Rich, by David Bach“The Shockingly Simple Math Behind Early Retirement,” Mr. Money Mustache blog, mrmoneymustache.com, Jan. 13, 2012.Jlcollinsnh.comThe Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by JL CollinsFinancial Independence and Real EstateKarsten Jeske: Early Retirement Now“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.Paula Pant: Afford Anything“Paula Pant: A Different Path to Financial Independence,” The Long View podcast, Morningstar.com, Jan. 18, 2022.Coach CarsonBiggerPocketsNick Maggiulli: Of Dollars and Data“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View podcast, Morningstar.com, April 12, 2022.“What to Do With $2.5 Million & Real Estate Update | Scott Trench | Ep 426,” ChooseFI podcast, choosefi.com, Feb. 26, 2023.Travel HacksChooseFi.com/travel“The Ultimate Guide to Credit Card Travel Rewards | Part 1,” by Jonathan Mendonsa, choosefi.com, April 3, 2022.The Points GuyView From the WingMillion Mile SecretsTravel Miles 101 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is financial journalist and certified financial planner, Robert Powell. His work appears regularly in MarketWatch.com, USA TODAY, TheStreet.com, The Wall Street Journal, and AARP. Bob also serves as the director of Retirement Education at Sensible Money and as editor in chief of the Investments and Wealth Institute’s Retirement Management Journal. He is also an instructor in Salem State University’s Online Elder Planning Specialist program. In addition, Bob hosts two podcasts himself: the Investments and Wealth Institute’s Exceptional Advisor podcast and the Callaway Climate Insights podcast. He received his bachelor’s degree from Marquette University and a master’s degree from Boston University.BackgroundBioTwitter handle: @RetirementpediaThe Exceptional Advisor podcastCallaway Climate InsightsCurrent Environment“60/40 Portfolio—Dead or Alive?” by Robert Powell, marketwatch.com, Jan. 11, 2023.Tony Davidow“Common Retirement Questions: Should I Be More Conservative With My Portfolio?” by Mer Brown, the street.com, Dec. 23, 2022.“Estimating the True Cost of Retirement,” by David Blanchett, Morningstar.com, Nov. 5, 2013.“The Bucket Approach to Building a Retirement Portfolio,” by Christine Benz, morningstar.com, Nov. 23, 2022.“Spending Trajectories After Age 65,” by Michael Hurd and Susann Rohwedder, rand.org, 2022.Decumulation“Why Target-Date Funds May Be Sabotaging Your Retirement,” by Robert Powell, marketwatch.com, Aug. 17, 2022.“What Is the Average Retirement Age?” by Emily Brandon, money.usnews.com, July 26, 2022.“2018 Retirement Confidence Survey,” Employee Benefit Research Institute, ebri.org, April 24, 2018.Retirement Income Style Awareness Profile (the RISA®)“Managing Post-Retirement Risks: A Guide to Retirement Planning,” Society of Actuaries, soa.org, 2011.“Saving for Retirement Is Easy Enough—Spending It Is More Complicated,” by Robert Powell, marketwatch.com, March 26, 2022.AnnuitiesMoshe Milevsky“Retirement Spending and Biological Age,” by M.A. Milevsky, H. Huang, and T.S. Salisbury, moshemilevsky.com, Sept. 20, 2017.“Retirement Income for Life: 4-Box Strategy,” by Robert Powell, marketwatch.com, Nov. 8, 2012.Social Security“How to Claim Social Security at the Right Time,” by Robert Powell, marketwatch.com, Aug. 28, 2021.“Do the Math. Here’s Why You Shouldn’t Claim Social Security at Age 62,” by Robert Powell, usatoday.com, Aug. 9, 2019.“Who Does Social Security Provide Benefits To? It’s Not Just the Elderly Who Qualify,” by Robert Powell, usatoday.com, Jan. 10, 2023.Long-Term Care“Planning for Unexpected Health Care Costs in Retirement,” by Sudipto Banerjee, troweprice.com, March 2022.“A New Way to Calculate Retirement Health Care Costs,” by Sudipto Banerjee, troweprice.com, February 2020.“Cumulative Out-of-Pocket Health Care Expenses After the Age of 70,” by Sudipto Banerjee, ebri.org, April 3, 2018.“Are Healthcare Costs in Retirement Overwhelming?” by Robert Powell, fa-mag.com, Nov. 1, 2022.“Planning for Health Care Costs in Retirement,” Vanguard Research and Mercer Health & Benefits, vanguard.com, June 2021.OtherElder Planning Specialist Program Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Lubos Pastor. He is the Charles P. McQuaid Professor of Finance at the University of Chicago Booth School of Business, where he’s taught since 1999. Pastor is a leading researcher on financial markets and asset management, publishing numerous award-winning papers that have been widely cited in academic finance literature. His research spans a number of areas, including liquidity risk, return predictability, active fund performance, and more. Pastor serves as a director of the Center for Research in Security Prices and is a member of the board of the Fama-Miller Center for Research in Finance. He also holds various positions outside of the Booth School, including serving as a member of the bank board of the National Bank of Slovakia. He received his doctorate in finance from the Wharton School at the University of Pennsylvania.BackgroundBioResearchResearch and StocksThe Journal of FinanceJournal of Financial EconomicsThe Review of Financial StudiesThe Journal of Portfolio ManagementJournal of Investment ManagementFinancial Analysts JournalSocial Science Research Network“Are Stocks Really Less Volatile in the Long Run?” by Lubos Pastor and Robert F. Stambaugh, National Bureau of Economic Research, December 2011.ESG“Dissecting Green Returns,” by Lubos Pastor, Robert F. Stambaugh, and Lucian A. Taylor, SSRN, June 15, 2022.“Sustainable Investing in Equilibrium,” by Lubos Pastor, Robert F. Stambaugh, and Lucian A. Taylor, SSRN, Aug. 12, 2020.Myth-Busting“Mutual Fund Performance and Flows During the COVID-19 Crisis,” by Lubos Pastor and Blair Vorsatz, SSRN, Aug. 14, 2020.“Mutual Fund Performance: An Empirical Decomposition Into Stock-Picking Talent, Style, Transaction Costs, and Expenses: Discussion,” by Tobias Moskowitz, The Journal of Finance, 2000.“Scale and Skill in Active Management,” by Lubos Pastor, Robert F. Stambaugh, and Lucian A. Taylor, SSRN, Aug. 11, 2020.Factors and Liquidity“Liquidity Risk and Expected Stock Returns,” by Lubos Pastor and Robert F. Stambaugh, SSRN, Aug. 17, 2001.“Liquidity Risk After 20 Years,” by Lubos Pastor and Robert F. Stambaugh, SSRN, May 10, 2019.“Steering a Ship in Illiquid Waters: Active Management of Passive Funds,” by Naz Koont, Yiming Ma, Lubos Pastor, and Yao Zeng, SSRN, Feb. 2, 2023.Manager Selection“Judging Fund Managers by the Company They Keep,” by Randolph B. Cohen, Joshua D. Coval, and Lubos Pastor, SSRN, July 30, 2022.“How Long Can a Good Fund Underperform?” by Maciej Kowara and Paul Kaplan, Morningstar.com, Aug. 17, 2018.“Diseconomies of Scale in Active Management: Robust Evidence,” by Lubos Pastor, Robert F. Stambaugh, Lucian A. Taylor, and Min Zhu, SSRN, July 16, 2021.Other“Political Cycles and Stock Returns,” by Lubos Pastor and Pietro Veronesi, SSRN, May 28, 2019.“Fifty Shades of QE: Comparing Findings of Central Bankers and Academics,” by Brian Fabo, Martina Jancokova, Elisabeth Kempf, and Lubos Pastor, SSRN, April 8, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Stacy Francis. She is president and chief executive officer of Francis Financial, a fee-only financial advisory firm that focuses on serving women, especially those who have experienced divorce or the loss of a loved one. Francis is a certified financial planner, and she’s also a certified divorce financial analyst, a divorce financial strategist, and a certified estate and trust specialist. She also founded Savvy Ladies, a nonprofit organization that aims to educate and empower women to take control of their finances. To date, Savvy Ladies has helped over 20,000 women through free one-on-one financial counseling, workshops, and retreats. Francis also hosts her own podcast; it’s called Financially Ever After. She earned her bachelor’s degree at Middlebury College.BackgroundBioFrancis FinancialSavvy LadiesFinancially Ever After podcastWoman and Money“How Do Women Really Invest?” by Christine Benz, Morningstar.com, March 2, 2021.“100 Must-Know Statistics About Women and Retirement,” by Christine Benz, Morningstar.com, March 3, 2021.“The Biggest Financial Mistake Women Make? Not Investing Enough,” by Arielle O’Shea, The Florida Times-Union, Feb. 15, 2019.“Are Women Better Investors?” by Farnoosh Torabi, farnoosh.tv.com.“Happy Women’s History Month—How Can Women Improve Their Financial Wellness,” by Natalie Colley, Francis Financial, March 8, 2022.“Stop Letting Your Man Make These Financial Decisions Without You,” by Dayana Yochim, HerMoney, Oct. 1, 2020.Divorce and Couples“Financial Abuse—The Most Common Type of Abuse That Far Too Many Ignore,” by Stacy Francis, Francis Financial, Sept. 16, 2020.“Financial Abuse Is on the Rise: What It Is and What to Do About It,” by Stacy Francis, Savvy Ladies, Feb. 19, 2023.“Why Financial Advice Is Key Before Beginning Your Divorce,” by Stacy Francis, Francis Financial, Aug. 6, 2020.“Farnoosh Torabi: ‘Money Is Meaningless Without Goals,’” The Long View podcast, Morningstar.com, Sept. 13, 2022.“Why Anyone Getting Married Should Consider a Prenuptial Agreement,” by Julia Rodgers, Savvy Ladies.Divorce Financial Advice for Women: A Free Divorce Resource Guide, Francis Financial.WidowsLastPass“What Do Widows Need to Know About Their Finances When Their Partner Dies,” by Stacy Francis, Francis Financial, Nov. 22, 2021.“Managing Your Finances Through Widow’s Fog,” by Stacy Francis, Francis Financial, June 17, 2022.Financial Help for Widows, Francis Financial. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is financial and retirement planning expert Derek Tharp. Derek is an assistant professor of finance at the University of Southern Maine, and he’s also lead researcher at Kitces.com where he writes about a broad range of financial and retirement planning matters. In addition, Derek is a senior advisor at Income Lab and he’s president of a private wealth management firm called Conscious Capital. Derek received his bachelor’s degree in finance from Iowa State University and his doctorate in personal financial planning from Kansas State University. He’s a certified financial planner, and he’s also a chartered life underwriter.BackgroundBioRetirement Withdrawal Rates“The Retirement Distribution ‘Hatchet’: Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021.“Using Probability-of-Success-Driven Guardrails to Manage Safe Retirement Spending,” by Derek Tharp, kitces.com, March 3, 2021.“With Retirement-Spending Plans, the Odds Are Stacked in the Investor’s Favor,” by John Rekenthaler, Morningstar.com, Jan. 13, 2023.“Justin Fitzpatrick: ‘Retirees Have a Superpower,’” The Long View podcast, Morningstar.com, July 12, 2022.“Retirement Income Guardrails Beyond Withdrawal Rates,” Webinar, incomelaboratory.com, Jan. 12, 2022.“Why 50% Probability of Success Is Actually a Viable Monte Carlo Retirement Projection,” by Derek Tharp, kitces.com, Jan. 6, 2021.“Christine Benz and John Rekenthaler: Revisiting What Is a Safe Retirement Spending Rate After a Tough Year,” The Long View podcast, Morningstar.com, Dec. 20, 2022.“What Is the ‘Retirement Spending Smile’?” by Wade Pfau, retirementresearcher.com.“The Ratcheting Safe Withdrawal Rate—A More Dominant Version of the 4% Rule?” by Michael Kitces, kitces.com, June 3, 2015.“Reframing Monte Carlo Results to Increase Trust in Dynamic Retirement Spending,” by Derek Tharp, kitces.com, June 29, 2022.“Simplifying Retirement Income Planning Visualization Using the ‘Spending Risk Curve,’” by Derek Tharp and Justin Fitzpatrick, kitces.com, April 13, 2022.“The Impact of Decreasing Retirement Spending on Safe Withdrawal Rates,” by Derek Tharp, kitces.com, Feb. 22, 2017.Portfolio Construction and Tax-Loss Harvesting“The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019.“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.“Tax Loss Harvesting+ Methodology,” by Boris Khentov, betterment.com, Sept. 7, 2021.“Tax-Loss Harvesting Best Practices (and How to Scale It Across a Client Base),” by Ben Henry-Moreland, kitces.com, Sept. 7, 2022.“Quantifying the Value of Tax Loss Harvesting,” by Derek Tharp, retirementprof.com, Jan. 10, 2023.ESG“The Tricky Ethics of Socially Responsible Investing,” by Derek Tharp, wsj.com, Sept. 4, 2017.Robo-Advice“The Value of Robo-Advisor Technology: A Practical Tax-Loss Harvesting Case Study,” by Derek Tharp, retirementprof.com, Jan. 9, 2023.“Why DIY Investors Should Still Use a Robo-Advisor,” by Derek Tharp, retirementprof.com, Dec. 7, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Cody Garrett. He is a certified financial planner and heads up Measure Twice Financial, an advice-only financial planning firm geared toward serving do-it-yourself investors. He also created measuretwicemoney.com, an educational website for DIY investors. Before starting up Measure Twice, Garrett was a financial planner at Legacy Asset Management. He was a professional musician before beginning his career as a financial planner. He received his bachelor’s degree in music and music theory at the University of Houston.BackgroundBioMeasure Twice FinancialMeasure Twice MoneyMeasure Twice PlannersMeasure Twice MentorsTwitter handle: @MeasureTwiceMNYAdvice-Only Planning“Does Being a Fiduciary Depend on the Fee Model?” by Tracey Longo, Financial Advisor, Sept. 23, 2022.“Advice-Only Financial Advisers Don’t Touch Your Money,” by Elaine Silvestrini, Kiplinger, Nov. 17, 2022.Influences and OtherDave RamseyFinancial Peace UniversityRadical Personal Finance podcastChooseFI podcastMichael KitcesDavid Allen’s Getting Things Done“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.“How to Use the 4 Ds of Effective Time Management,” by Bryan Collins, Forbes, June 14, 2018. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Kathy Jones, the managing director and chief fixed-income strategist for the Schwab Center for Financial Research. Prior to joining Schwab in 2011, Jones was a fixed-income strategist at Morgan Stanley. Before that, she served as executive vice president of the debt capital markets division of Prudential Securities. Jones received her bachelor’s degree in English literature from Northwestern University and her Master of Business Administration from Northwestern’s Kellogg Graduate School of Management.BackgroundBioTwitter handle: @KathyJonesPractical Matters“U.S. Treasurys at ‘Critical Point’: Stocks, Bonds Correlation Shifts as Fixed-Income Market Flashes Recession Warning,” by Christine Idzelis, MarketWatch, Jan. 23, 2023.“Don’t Give Up on the 60/40 Portfolio, Says Schwab’s Jones,” Bloomberg, Aug. 9, 2022.Interest Rates and Bonds“Bond Market Mess Is a Chance to Lock In Higher Yields for Longer,” by John Manganaro, Think Advisor, Sept. 29, 2022.“For Income Investors, Bond Yields Are Looking Attractive,” by Tom Lauricella, Morningstar.com, Sept. 15, 2022.“Has the U.S. Dollar Peaked?” by Kathy Jones, Charles Schwab, Jan. 12, 2023.“Fixed Income Outlook: Bonds Are Back,” by Kathy Jones, Charles Schwab, Dec. 6, 2022.Inflation“Fed Rate Hikes: Why Are Bond Yields Falling?” by Kathy Jones, Charles Schwab, July 6, 2022.“Inflation Is Real Enough to Take Seriously,” by Jeff Sommer, The New York Times, July 28, 2021.“Kathy Jones on Monitoring Inflation Risks,” TD Ameritrade Network.Rates and Recession“Is a Recession Coming Soon? This Bond Market Indicator Is Flashing Red,” by Mallika Mitra, Money, April 11, 2022.“Liftoff: Fed Hikes Rates, Signals More to Come,” by Kathy Jones, VettaFi, March 17, 2022.“Market Perspective: Slowdown or a Recession?” by Liz Ann Sonders, Kathy Jones, and Jeffrey Kleintop, Charles Schwab, Jan. 13, 2023.“The Fed’s Policy Tightening Plan: a One-Two Punch,” by Kathy Jones, Schwab Moneywise, Jan. 11, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Katie Gatti Tassin. She’s the creator of the Money with Katie blog, podcast, and newsletter, which was acquired by Business Insider’s Morning Brew in 2022. The Money with Katie Show podcast is consistently one of the best-performing finance-related podcasts. Katie started up Money with Katie after stints as a content designer and writer for other firms including Meta, Dell Technologies, and Southwest Airlines. She received her bachelor’s in Communication & Information Sciences from the University of Alabama where she was a presidential scholar.BackgroundBioMoney With KatieThe Money With Katie ShowResourcesMr. Money MustacheMad FientistWealth Planner“The Monetization of Self: Personal Brands and the Business of Influencing,” The Money With Katie Show, podcasts.apple.com, Jan. 19, 2023.“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.Key Financial Lessons and Investing“4 Simple Index Fund Portfolios That Would’ve Beaten the Total Stock Market Over the Last 25 Years,” by Katie Gatti Tassin, moneywithkatie.com, Nov. 8, 2021.“How to Navigate Your Options While Setting Up Your 401(k),” by Katie Gatti Tassin, moneywithkatie.com, Oct. 19, 2022.“Achieving Success With Target Date Funds,” by Chris Pedersen, paulmerriman.com.“Making Sense of Cryptocurrency,” by Katie Gatti Tassin, moneywithkatie.com, May 17, 2022.“How to Confidently Start Investing: A Beginner’s Guide,” by Katie Gatti Tassin, moneywithkatie.com, Aug. 29, 2022.Financial Independence“Why Hitting ‘Half FI’ Is More Likely 75%,” by Katie Gatti Tassin, moneywithkatie.com, July 28, 2021.“Why You Actually Need Less to Retire Early (Than in 30 Years From Now),” by Katie Gatti Tassin, moneywithkatie.com, Aug. 2, 2021.“Why I Want to Retire Early,” by Katie Gatti Tassin, moneywithkatie.com, April 14, 2021.Saving and Debt“A Tale of Two Budgets: An Honest Look at My Lifestyle Creep,” by Katie Gatti Tassin, moneywithkatie.com, Sept. 19, 2022.“Bonus Episode: Student Loan Forgiveness, Repayment, Taxes, and Inflation With a Certified Student Loan Professional®,” The Money with Katie Show, podcast.moneywithkatie.com, Sept. 1, 2022.“How to Cut Your High-Interest Debt’s Payoff Time and Interest Paid in Half,” by Katie Gatti Tassin, moneywithkatie.com, Sept. 16, 2020.Housing“Hot Takes on Home Ownership: Keep Renting,” by Katie Gatti Tassin, moneywithkatie.com, Dec. 9, 2022.“The #1 Way to Substantially Impact Your Financial Situation,” by Katie Gatti Tassin, moneywithkatie.com, June 23, 2022.“Are Homes Actually More Expensive in 2022?” by Katie Gatti Tassin, morningbrew.com, Sept. 28, 2022.“Does the Dream of Home Ownership Rest Upon Biased Beliefs? A Test Based on Predicted and Realized Life Satisfaction,” by Reto Odermatt and Alois Stutzer, Journal of Happiness Studies, Vol. 23, Sept. 14, 2022.Financial Anxiety“How to Cope With Financial Anxiety,” by Katie Gatti Tassin, moneywithkatie.com, Nov. 1, 2021.“How Your Money Anxiety Might Actually Help Build Wealth,” The Money with Katie Show, podcast.moneywithkatie.com, Sept. 21, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Ann Garcia. She is a certified financial planner and the author of the book How to Pay for College. Garcia is the managing partner of Independent Progressive Advisors, a fee-only Registered Investment Advisor in Portland, Oregon, and she’s also the author of The College Financial Lady blog. She received her bachelor’s degree from the University of California, Berkeley.BackgroundBioHow to Pay for College, by Ann GarciaThe College Financial Lady blogCollege/Rankings“The Big 6 for Well-Being in College and Beyond,” by Ann Garcia, howtopayforcollege.com, June 7, 2022.U.S. News & World Report RankingsCollegeDataCollege NavigatorFinancial Aid“Student Loan Options,” by Ann Garcia, howtopayforcollege.com.“FAFSA Resources,” by Ann Garcia, howtopayforcollege.com, Oct. 1, 2021.“The CSS Profile,” by Ann Garcia, howtopayforcollege.com, Oct. 12, 2021.Gallup-Purdue Index ReportFederal Student Aid Estimator“Student Loans: The Good, The Bad and The Ugly,” by Ann Garcia, howtopayforcollege.com, Dec. 17, 2020.College Costs/Savings“Prepaid Tuition Plans,” by Ann Garcia, howtopayforcollege.com, June 21, 2022.“Net Price Calculators,” by Ann Garcia, howtopayforcollege.com, Jan. 18, 2022.“Choosing a 529 Plan,” by Ann Garcia, howtopayforcollege.com, Dec. 15, 2021.“Budgeting for College Applications,” by Ann Garcia, howtopayforcollege.com, Sept. 30, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is tax and retirement planning expert, Jeffrey Levine. Jeff is the chief planning officer for Buckingham Strategic Wealth. He’s also the lead financial planning nerd at kitces.com, home of the popular Nerd’s Eye View blog. Jeff recently launched a podcast with Ed Slott called The Great Retirement Debate. He has authored several books, including The Baby Boomer’s Guide to IRA Planning, The Financial Advisor’s Guide to Savvy IRA Planning, and The Definitive Guide to Required Minimum Distributions for Baby Boomers. Jeff is a frequent public speaker and media commentator and maintains a high profile on social media and on the Nerd’s Eye View blog, where he readily shares tax and retirement planning insights. ThinkAdvisor recently named Jeff Thought Leader of the Year for 2022.BackgroundBioThe Great Retirement Debate podcastThe Baby Boomer’s Guide to IRA Planning and The Financial Advisor’s Guide to Savvy IRA Planning by Jeffrey LevineThe Definitive Guide to Required Minimum Distributions for Baby Boomers, by Jeffrey LevineNerd’s Eye View blogThe Great Retirement Debate podcast“Should I Take Social Security at Age 62?” Episode 1, greatretirementdebate.com, Nov. 10, 2022.Changes in 2023“Getting Clients Comfortable Delaying Social Security With Reversible Delays,” by Jeffrey Levine, financial-planning.com, March 14, 2022.“4 Ways Inflation Can Help Clients Cut Taxes in 2023,” by Ed Slott, thinkadvisor.com, Dec. 14, 2022.“Inflation and Rising Interest Rates Have Stressed the 60/40 Investment Portfolio Strategy—'But It’s Not Dead,’ Says Financial Advisor,” by Greg Iacurci, cnbc.com, June 24, 2022.“How the TCJA Tax Law Affects Your Personal Finances,” by Amy Fontinelle, Investopedia.com, Dec. 27, 2022.Secure Act. 2.0“The Impact of New IRS Proposed Regulations on the SECURE Act,” by Jeffrey Levine, financial-planning.com, May 17, 2022.“Secure 2.0 Act Needs a Fix: Jeff Levine,” by John Manganaro, thinkadvisor.com, Dec. 22, 2022.“Jeff Levine Answers Secure 2.0 Tax Questions From Advisors,” by John Manganaro, thinkadvisor.com, Jan. 6, 2023.“SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, and Other Tax Planning Opportunities,” by Jeffrey Levine, kitces.com, Dec. 28, 2022.Taxes in Retirement“How Advisors Can Help Clients Get Early Retirement Account Distributions—Without Paying a Penalty,” by Jeffrey Levine, financial-planning.com, May 4, 2022.“3 Reasons the New RMD Tables for 2022 (and Beyond) Are Overrated,” by Jeffrey Levine, forbes.com, Feb. 14, 2022.Other“Jeff Levine: Cracking the New Retirement Code,” The Long View podcast, Morningstar.com, Feb. 12, 2020.“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on the podcast we welcome back Mark Miller, who is an author, columnist, and a nationally recognized expert on trends in retirement and aging. His latest book is called Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track. Miller’s work considers retirement holistically, including healthcare and Medicare, Social Security, retirement investing, midlife careers, and housing. He is a regular contributor to Morningstar.com, and he also writes about retirement matters for Reuters, The New York Times, and WealthManagement.com. In addition to Retirement Reboot, Miller has written several other books, including The Hard Times Guide to Retirement Security and Jolt: Stories of Trauma and Transformation. Additionally, Miller has his own podcast and newsletter, both of which are called Retirement Revised.BackgroundBioRetirement Reboot: Commonsense Financial Strategies for Getting Back on Track, by Mark MillerThe Hard Times Guide to Retirement Security: Practical Strategies for Money, Work, and Living, by Mark MillerJolt: Stories of Trauma and Transformation, by Mark MillerThe State of Retirement“Toward a New Social Insurance Era,” by Mark Miller, WealthManagement.com, Dec. 23, 2022.“Retirement Planning Amidst Inflation,” by Mark Miller, WealthManagement.com, Oct. 13, 2021.“The Inflation Reduction Act’s Impact on Retirees,” by Mark Miller, Morningstar, Aug. 16, 2022.“How to Cope With Medicare’s Rising Costs,” by Mark Miller, The New York Times, Dec. 21, 2021.“Social Security Benefits’ 2023 COLA: Is It Enough?” by Mark Miller, Morningstar, Nov. 9, 2022.Delaying Retirement“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar, Oct. 21, 2020.“For Disabled Workers, a Tight Labor Market Opens New Doors,” by Ben Casselman, The New York Times, Oct. 25, 2022.“Returning to Work but Close to Retirement? Adjust Your Plan,” by Mark Miller, Reuters, April 21, 2022.“Why Working Till Whenever Is a Risky Retirement Strategy,” by Mark Miller, The New York Times, May 16, 2019.“How Have Older Workers Fared in the Pandemic-Induced Downturn?” by Mark Miller, Morningstar, June 2, 2021,CoGenerateMedicare, Healthcare, and Long-Term Care“Optimizing Social Security for Clients,” by Mark Miller, WealthManagement.com, Sept. 29, 2022.“Social Security’s Cost-of-Living Increase Largest in Four Decades, Estimate Says,” by Mark Miller, The Seattle Times, Sept. 14, 2022.“Social Security Doomsayers Are Wrong Again, but Reform Choices Loom,” by Mark Miller, Reuters, Sept. 16, 2021.“A Quiet Experiment Is Testing Broader Privatization of U.S. Medicare,” by Mark Miller, Reuters, Jan. 14, 2022.“Big Changes May Be Coming to Traditional Medicare,” by Mark Miller, Morningstar, April 22, 2022.“Medicare’s Private Option Is Gaining Popularity, and Critics,” by Mark Miller, The New York Times, Dec. 3, 2022.State Health Insurance Assistance Program“Medicare vs. Medicare Advantage,” by Mark Miller, WealthManagement.com, March 24, 2020.“How to Evaluate Medigap Plans,” by Mark Miller, Morningstar, March 2, 2022.“The Financial Health of Medicare and Social Security: A Closer Look,” by Mark Miller, Morningstar, June 29, 2022.“Long-Term-Care Coverage Is Trending in the Wrong Direction,” by Mark Miller, WealthManagement.com, June 13, 2022.Housing and Other Debt“Should You Pay Off Your Mortgage?” by Mark Miller, Morningstar, Oct. 8, 2021.“Waiting for the Reverse Mortgage Surge,” by Mark Miller, WealthMangement.com, Feb. 8, 2022.Retirement Complexity“‘The Cash Monster Was Insatiable’: How Insurers Exploited Medicare Advantage for Billions,” by Reed Abelson and Margot Sanger-Katz, The New York Times, Oct. 8, 2022.“U.S. Health Officials Seek New Curbs on Private Medicare Advantage Plans,” by Reed Abelson and Margot Sanger-Katz, The New York Times, Dec. 17, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Last week, we ran the “best of” our interviews with financial planners, advisors, and retirement researchers over the past year. On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with portfolio managers and investment specialists.“Jeremy Grantham: The U.S. Market Is in a Super Bubble,” The Long View podcast, Morningstar.com, Feb. 8, 2022.“Mary Childs: The Rise and Fall of the Bond King,” The Long View podcast, Morningstar.com, April 19, 2022.“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.“Andrew Lo: Finding the Perfect Portfolio—a ‘Never-Ending Journey,’” The Long View podcast, Morningstar.com, Feb. 1, 2022.“Eric Balchunas: Assessing Jack Bogle’s Monumental Legacy,” The Long View podcast, Morningstar.com, May 24, 2022.“Wesley Gray: Perspectives on Market Efficiency, Investor Behavior, and ETFs,” The Long View podcast, Morningstar.com, Nov. 29, 2022.“Sarah Ketterer: ‘Forget Value, Think Valuation,’” The Long View podcast, Morningstar.com, Sept. 6, 2022.“Michael Santoli: Navigating Through a Foggy Market Outlook,” The Long View podcast, Morningstar.com, Aug. 9, 2022.“Jim Grant: ‘Rising Interest Rates Are the Kryptonite of Financial Assets,’” The Long View podcast, Morningstar.com, May 3, 2022.“Morgan Housel: No One Hires a Luck Manager,” The Long View podcast, Morningstar.com, May 22, 2019.“Morgan Housel: ‘Little Rules About Big Things,’” The Long View podcast, Morningstar.com, Nov. 1, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. In next week’s episode, we’ll include some of our favorite excerpts from our interviews with portfolio managers and other investment specialists.“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View podcast, Morningstar.com, April 12, 2022.“Justin Fitzpatrick: ‘Retirees Have a Superpower,’” The Long View podcast, Morningstar.com, July 12, 2022.“Dana Anspach: How to Build an All-Weather Retirement Plan,” The Long View podcast, Morningstar.com, Oct. 18, 2022.“Jamie Hopkins: A Framework for Financial Freedom,” The Long View podcast, Morningstar.com, Dec. 6, 2022.“Wade Pfau: The Risks of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.“Jill Schlesinger: ‘What Are You Going to Do With Your Life?’” The Long View podcast, Morningstar.com, Feb. 15, 2022.“Roger Whitney: ‘Retirement Planning Is Not Financial Planning,’” The Long View podcast, Morningstar.com, Nov. 8, 2022.“Clark Howard: Financial Well-Being Starts With Being a Smart Consumer,” The Long View podcast, Morningstar.com, March 1, 2022.“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.“Ilyce Glink: The State of the U.S. Residential Real Estate Market,” The Long View podcast, Morningstar.com, June 28, 2022.“Farnoosh Torabi: ‘Money Is Meaningless Without Goals,’” The Long View podcast, Morningstar.com, Sept. 13, 2022.“Paula Pant: A Different Path to Financial Independence,” The Long View podcast, Morningstar.com, Jan. 18, 2022.“Julien and Kiersten Saunders: ‘How Much Is Enough?’” The Long View podcast, Morningstar.com, Oct. 25, 2022.“Joe Saul-Sehy: What Is Your Growing Season?” The Long View podcast, Morningstar.com, Aug. 16, 2022.“Jordan Grumet: A Hospice Doctor Shares Lessons About Work, Money, and Life,” The Long View podcast, Morningstar.com, July 26, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this week’s episode, we’ll be chatting about “The State of Retirement Income” study that Christine and I recently co-authored with our colleague John Rekenthaler, who joins us for this conversation. This is the second year we’ve conducted this study, which examines how much retirees can safely withdraw in retirement. Much has changed since last year as the stock and bond markets have sold off and inflation has risen sharply. This can create uncertainty about whether retirement assets will sustain spending over a multidecade horizon, an issue we explore in this study. In this episode, I’ll be asking Christine and John about “The State of Retirement Income” study and key takeaways. For reference, you can find a link to the study in the show notes to this episode.Safe Withdrawal Rates“Determining Withdrawal Rates Using Historical Data,” by William Bengen, Journal of Financial Planning, October 1994.“The State of Retirement Income,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, 2022.“What’s a Safe Withdrawal Rate Today?” by Christine Benz and John Rekenthaler, Morningstar.com, Dec. 13, 2022.“How Much Do You Know When It Comes to Preparing for Retirement? Fidelity’s Retirement IQ Survey Uncovers Significant Knowledge Gaps,” Fidelity.com, March 6, 2017.“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 16, 2020.“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.Inflation“How to Build a TIPS Ladder,” by John Rekenthaler, Morningstar.com, Dec. 8, 2022.“Is It Too Late to Inflation-Proof Your Portfolio?” Christine Benz and Susan Dziubinski, Morningstar.com, Nov. 14, 2022.The Retirement Spending Smile“What Is the ‘Retirement Spending Smile’?” by Wade Pfau, retirementresearcher.com.“Estimating the True Cost of Retirement,” by David Blanchett, Morningstar.com, Nov. 5, 2013.The Required Minimum Distribution Approach“Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, Journal of Financial Planning, March 1, 2006.“Yes, RMDs Can Improve Your Portfolio,” by Christine Benz, Morningstar.com, May 3, 2022.“ABCs of RMDs,” by Christine Benz, Morningstar.com, June 15, 2022.Sequence of Return“Sequence Risk During Retirement,” by John Rekenthaler, Morningstar.com, Aug. 25, 2022.“Don’t Panic on Sequence of Returns,” by Amy Arnott, Morningstar.com, May 16, 2022.“How Worried Should New Retirees Be About Market Losses and High Inflation?” by Jeff Ptak and Christine Benz, Morningstar.com, Dec. 15, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this week’s episode, we’re chatting to Joe Wiggins. Joe is the CIO of Fundhouse, a provider of manager research, model portfolios, and ESG services to clients ranging from charities, pension funds, wealth managers, and select financial advisors. Joe is here today because he has written a rather useful book about fund investing, but he is also a decision-maker in his own right at Fundhouse. We’re excited to get his view on the world of investing, too.BackgroundBioFundhouseThe Intelligent Fund Investor, by Joe WigginsBehavioural Investment BlogFinancial Decision-Making“Six Simple Steps to Improve Decision Making,” by Joe Wiggins, livewiremarkets.com, March 14, 2019.“Three Questions to Answer Before Investing in an Active Fund,” by Joe Wiggins, behaviouralinvestment.com, Dec. 6, 2022.“A Behavioural Finance Toolkit,” by Joe Wiggins, abrdn.com, March 5, 2019.“Betting Against Warren Buffet,” by Joe Wiggins, behaviouralinvestment.com, Nov. 23, 2021.“Learning How to Be a Good Investor Is Hard,” by Joe Wiggins, behaviouralinvestment.com, Sept. 20, 2022.“The Behavioural of Gilt Market Turmoil,” by Joe Wiggins, behaviouralinvestment.com, Sept. 30, 2022.“Why Can’t We Stop Making Short-Term Market Forecasts?” by Joe Wiggins, behaviouralinvestment.com, March 8, 2022.“Why Do Fund Investors Neglect Base Rates?” by Joe Wiggins, behaviouralinvestment.com, May 6, 2021.Star Fund Managers“Neil Woodford: The Inside Story of his Rise and Dramatic Fall,” by Owen Walker and Peter Smith, ft.com, Oct. 18, 2019.“What Is the Attraction of Star Fund Managers?” by Joe Wiggins, behaviouralinvestment.com, Oct. 27, 2020.Risks“How to Identify Behavioural Investment Opportunities and Risks,” by Joe Wiggins, behaviouralinvestment.com, July 19, 2022.“Investors Are Still Scare of Funds,” by Sunniva Kolostyak, Morningstar.co.uk, Nov. 29, 2022.Book RecommendationsAgainst the Gods: The Remarkable Story of Risk, by Peter BernsteinWar and Chance: Assessing Uncertainty in International Politics, by Jeffrey A. Friedman Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On the podcast today, we welcome back Jamie Hopkins. Jamie is managing partner of Wealth Solutions at Carson Wealth. He is also a Finance Professor of Practice at Creighton University’s Heider College of Business. Jamie and Ron Carson cowrote a new book called Find Your Freedom: Financial Planning for a Life on Purpose. Jamie also wrote the book Rewirement: Rewiring the Way You Think About Retirement! Prior to joining Carson Group, he was with the American College of Financial Services, most recently serving as director of retirement research. He received his bachelor’s degree from Davidson College, his JD from Villanova University, and his LLM degree from Temple University. He is also a certified financial planner, a chartered financial consultant, and a chartered life underwriter. Jamie co-hosts his own podcast called Framework, and he is also active on social media. His Twitter handle is @RetirementRisks.BackgroundBioFind Your Freedom: Financial Planning for a Life on Purpose, by Jamie Hopkins and Ron CarsonRewirement: Rewiring the Way You Think About Retirement! by Jamie Hopkins“Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning,” The Long View podcast, morningstar.com, July 15, 2020.Twitter handle: @RetirementRisksFinancial Freedom“Jamie Hopkins: Finding Your Financial Freedom,” Framework podcast, carsongroup.com, Nov. 21, 2022.“Framework: What It Takes to Find Financial Freedom,” Framework podcast, carsongroup.com, Nov. 25, 2022.Dennis Moseley-Williams“Maslow’s Hierarch of Needs,” by the CFI Team, corporatefinancialinstitute.com, Nov. 24, 2022.BucketingThe Bucket Plan, by Jason Smith“What Is the ‘Bucket’ Approach Strategy to Retirement Income Planning?” by Jamie Hopkins, forbes.com, April 25, 2019.“How to Include Home Equity in Your Retirement Plan With the Bucketing Approach,” by Jamie Hopkins, forbes.com, April 21, 2020.“Bucketing Asset Allocation Strategy Protects Against Investor Emotion, Sequence of Return Risk,” by The Carson Group, carsongroup.com, Jan. 23, 2020.“Is Housing Headed for a Fall? Advisors Beware,” by FA staff, fa-mag.com, Nov. 8, 2022.“Busting Three Half-Truths About Reverse Mortgages,” by Jamie Hopkins, forbes.com, June 24, 2019.“Jamie Hopkins on the Role of Emotions in Reverse Mortgage Decisions,” HousingWire Daily podcast, housingwire.com, Oct. 1, 2021.Retirement Planning“What You Need to Do 10, 5 and 1 Year Before Retirement,” by Jamie Hopkins, jamiehopkins.com, April 7, 2022.“Jamie Hopkins: Congress Will Fix Social Security—Eventually,” by Ginger Szala, thinkadvisor.com, March 29, 2022.“Thinking of Social Security as Our Biggest Asset,” by Jamie Hopkins, jamiehopkins.com, Aug. 25, 2021.“Spend Without Worry in Retirement,” by Sandra Block, Kiplinger.com, Aug. 30, 2021.“Markets and Policy Post-Midterm,” webinar, carsongroup.com, Nov. 21, 2022.“Senate Addresses Taxes, Deficit, Inflation, Health Care in Proposed Bill,” by Jamie Hopkins, Sonu Varghese, and Ryan Detrick, jamiehopkins.com, Aug. 2, 2022.“Jamie Hopkins: Why Debt Is ‘Powerful,’ Annuities Are ‘Underutilized’ and the 4% Rule Is Just a ‘Finding,’” by Jane Wollman Rusoff, thinkadvisor.com, Nov. 14, 2022.“Wade Pfau: The Risks of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.“Well, Hello, Sequence Risk! Where’ve Ya Been?” by Jennifer Lea Reed, fa-mag.com, Oct. 1, 2022.“Don’t Settle for Someone Else’s Vision: Rewire the Way You Define Retirement Income Planning,” by Jamie Hopkins, forbes.com, Nov. 29, 2022.“What Almost Everyone Gets Wrong About the Retirement Distribution 4% ‘Rule,’” by Jamie Hopkins, forbes.com, Dec. 6, 2021.OtherMichael FinkeDavid Blanchett“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.“Ronsense: How Ron Carson Uses the 6 Most & Vital One Method for Productivity,” Carson Group, youtube.com, June 6, 2019.reMarkableCalendly Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Wes Gray. Wes is the CEO, chief investment officer, and founder of Alpha Architect, a Registered Investment Advisor that offers ETFs and works with other RIAs to launch their own ETFs. An accomplished researcher and writer, Wes has authored numerous books on investing and financial topics, including Quantitative Value and Quantitative Momentum. Before founding Alpha Architect, Wes worked in academia and consulted for a family office. Wes’ path into finance began at the University of Chicago, where he earned his MBA and Ph.D. and studied under Nobel Prize winner Eugene Fama. Prior to that, Wes served as a captain in the United States Marine Corps. In addition to his MBA and Ph.D., Wes also earned a bachelor’s degree in economics from The Wharton School.BackgroundBioTwitter handle: @alphaarchitectAlpha ArchitectQuantitative Momentum: A Practitioner’s Guide to Building a Momentum-Based Stock Selection System, by Wesley Gray, Ph.D., and Jack Vogel, Ph.D.Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors, by Wesley Gray, Ph.D., and Tobias Carlisle, LLBActive Investing“Even God Would Get Fired as an Active Investor,” by Wesley Gray, alphaarchitect.com, Feb. 2, 2016.“Has the Stock Market Systematically Changed?” by Wesley Gray, alphaarchitect.com, Sept. 20, 2022.“The Cross Section of Stock Returns Pre-CRSP Data: Value and Momentum Are Confirmed as Robust Anomalies,” by Elisabetta Basilico, Ph.D., CFA, alphaarchitect.com, Nov. 7, 2022.Stock Market/Trend-Following“How I Invest My Own Money: Robust to Chaos,” by Wesley Gray, alphaarchitect.com, June 24, 2022.“Trend Following: The Epitome of No Pain, No Gain,” by Wesley Gray, alphaarchitect.com, June 26, 2019.“Trend-Following: A Deep Dive Into a Unique Risk Premium,” by Wesley Gray, alphaarchitect.com, Oct. 18, 2017.“Does Emerging Markets Investing Make Sense?” by Wesley Gray, alphaarchitect.com, June 17, 2022.Value Investing“Value Investing Live Recap: Wesley Gray,” by Graham Griffin, gurufocus.com, Aug. 25, 2021.“Value Investing: Headwinds, Tailwinds, and Variables,” by Ryan Kirlin, alphaarchitect.com, May 20, 2022.“Value Investing: What History Says About Five-Year Periods After Valuation Peaks,” by Jack Vogel, Ph.D., alphaarchitect.com, Dec. 21, 2021.Behavioral Investing“Terry Odean: Who’s on the Other Side of the Trade?” The Long View podcast, Morningstar.com, May 14, 2022.“Behavioral Finance Warning: Humans Love Complexity,” by Wesley Gray, alphaarchitect.com, Aug. 3, 2021.“Individual Investor Behavior: What Does the Research Say?” by Wesley Gray, alphaarchitect.com, July 22, 2022.“Momentum Investing, Like Value Investing, Is Simple, but Not Easy,” by Wesley Gray, alphaarchitect.com, Sept. 18, 2018.Bonds and ETF Investing“Treasury Bonds: Buy and Hold, or Trend Follow?” by Wesley Gray, alphaarchitect.com, Aug. 10, 2022.“Why Advisors (and Family Offices) Should Consider Creating Their Own ETFs,” by Pat Cleary, alphaarchitect.com, Nov. 4, 2022.“ETF Tax Efficiency Isn’t Always Efficient,” by Sean Hegarty, alpharchitect.com, Feb. 25, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A financial planner and financial planning professor on the value of mentors at every life stage, the evolution of financial advice, and what works in financial education. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Feraud Calixte. Feraud is the founder and lead financial planner of Vantage Pointe Planning, which is a fee-only financial planning firm based in Burlington, North Carolina. He started Vantage Pointe in order to serve clients who weren’t being served by the traditional models for financial advice, especially those who don’t meet an asset minimum and business owners with a lot of their net worth tied up in their firms. Before starting Vantage Pointe, Feraud worked as an advisor for several large wealth management firms. He currently serves as a national board member for the National Association of Personal Financial Advisors, and he also frequently teaches financial literacy courses. Investment News named Feraud to its 40 under 40 list of financial advisors under the age of 40. He earned his undergraduate degree from New York University and his law degree from Southern University Law Center. He is also a CFP certificant.BackgroundBioInvestment News 40 Under 40: Feraud Calixte“Business Spotlight #5—Feraud Calixte,” City of Burlington, Economic Development Department, burlingtonnc.gov.com, Jan. 6, 2022.Financial Education and AdviceNational Organization for the Professional Advancement of Black Chemists and Chemical Engineers (NOBCChE)“Financial Education to Stoke Wealth Creation for Diverse Groups,” by Bloomberg, investmentnews.com, Sept. 18, 2018.“Blue Ocean: The Future Is Bright for Financial Planners,” by Feraud Calixte, feraudcalixte.substack.com, Nov. 12, 2021.Current Environment“Bonds vs. Bond Funds: What’s the Difference?” by Kent Thune, thebalancemoney.com, April 26, 2022.“Should You Invest in Individual Bonds or Bond Funds Today?” by Christine Benz and Susan Dziubinski, Morningstar.com, April 20, 2022.OtherGarrett Planning NetworkNAPFA Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Roger Whitney. Roger hosts the popular Retirement Answer Man podcast, and he’s also the author of a book called Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future. He’s also senior financial planner at Agile Retirement Management and the creator of the Agile Retirement Management Process. Roger has a CFP certificate and has earned numerous other designations, including the accredited Investment Fiduciary, Certified Investment Management Analyst, and Retirement Management Advisor designations. Investopedia has named him to its list of 100 Top Financial Advisors in the U.S. on five occasions.BackgroundBioThe Retirement Answer Man podcastRock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future, by Roger WhitneyRock Retirement ClubCurrent Environment, Tax Matters, and In-Retirement Spending″#309: Crashes, Retirement, and Bears, Oh My! How to Protect Your Retirement Lifestyle,” The Retirement Answer Man podcast, rogerwhitney.com, Jan. 22, 2020.″#421: How Will Inflation Impact My Retirement?” The Retirement Answer Man podcast, rogerwhitney.com, Feb. 9. 2022.“#411—Overcoming Frugality,” The Retirement Answer Man podcast, rogerwhitney.com, Dec. 1, 2021.“#386: Retirement Withdrawal Strategies: The Safety-First Approach,” The Retirement Answer Man podcast, rogerwhitney.com, July 14, 2021.“#282: Is an Annuity Right for Retirement? The Pros and Cons of Fixed Annuities,” The Retirement Answer Man podcast, rogerwhitney.com, July 17, 2019.“The RISA Framework: A Systemized Approach to Personalizing Retirement Income Strategies for Clients,” by Alex Murguia and Wade Pfau, kitces.com, April 20, 2022.“#456: Should I Switch My Bond Portfolio to CDs?” The Retirement Answer Man podcast, rogerwhitney.com, Oct. 12, 2022.“#310: Crashes, Retirement, and Bears, Oh My! Investing in Retirement: The Pie Cake,” The Retirement Answer Man podcast, rogerwhitney.com, Jan. 29, 2020.“How to Simplify Your Decision Making Process for Retirement Planning,” by Roger Whitney, forbes.com, Oct. 13, 2020.“#455: Which Account Should I Begin Drawing From First In Retirement?” The Retirement Answer Man podcast, rogerwhitney.com, Oct. 5, 2022.Real Estate“#383—Listener Questions: Should I Pay Off the Mortgage or Keep the Cash if I’m About to Retire?” The Retirement Answer Man podcast, rogerwhitney.com, June 23, 2021.“#452—Should We Consider a Mortgage for Building Our Retirement House?” The Retirement Answer Man podcast, rogerwhitney.com, Sept. 14, 2022.Other“Dana Anspach: How to Build an All-Weather Retirement Plan,” The Long View podcast, Morningstar.com, Oct. 18, 2022.“#311: Will I Need Long-Term Care? Reviewing the Statistics With Christine Benz From Morningstar,” The Retirement Answer Man podcast, rogerwhitney.com, Feb. 5, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Morgan Housel. Morgan was one of our first guests on The Long View back in May 2019, and we’re happy to welcome him back. Morgan is a partner at The Collaborative Fund, a venture capital firm. He is also a successful author—his first book, The Psychology of Money, having sold more than 2 million copies and been translated to 49 languages. In addition to his book, Morgan frequently publishes content to The Collaborative Fund’s blog and is active on social media at @MorganHousel. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of The New York Times Sydney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He also serves on the board of directors at Markel.BackgroundBioThe Psychology of Money, by Morgan HouselCollab BlogStorytelling and Advice“What’s the Curse of Knowledge, and How Can You Break It?” by Loren Soelro, Ph.D., psychologytoday.com, April 28, 2021.Cancer: The Emperor of All Maladies, Ken Burns Presents a Film by Barak GoodmanRobert A. Weinberg“Best Story Wins,” by Morgan Housel, collabfund.com, Feb. 11, 2021.“Never Saw It Coming,” by Morgan Housel, collabfund.com, April 25, 2022.“Deep Roots,” by Morgan Housel, collabfund.com, March 31, 2022.Contradictions and EnoughThe Economist“Little Rules About Big Things,” by Morgan Housel, collabfund.com, Oct. 11, 2022.“Expectations (Five Short Stories),” by Morgan Housel, collabfund.com, Oct. 6, 2022.“Good Enough,” by Morgan Housel, collabfund.com, Sept. 7, 2022.“Surprise, Shock, and Uncertainty,” by Morgan Housel, collabfund.com, March 3, 2022.Randomness, Chance, and Happiness“Tails, You Win,” by Morgan Housel, collabfund.com, July 26, 2022.The Intelligent Investor: The Classic Text on Value Investing, by Benjamin Graham“Wealth vs. Getting Wealthier,” by Morgan Housel, collabfund.com, June 28, 2022.“Low Expectations,” by Morgan Housel, collabfund.com, March 9, 2022.Behavioral and HistoryThe Great Depression: A Diary, by Benjamin Roth“We’ll Get Through This,” by Morgan Housel, collabfunds.com, March 9, 2020.Daniel KahnemanJason Zweig“The Big Lessons of the Last Year,” by Morgan Housel, collabfunds.com, April 2, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests on the podcast today are Kiersten and Julien Saunders. Together they blog about finance and life at the website richandregular.com. And they’re also the authors of a new book called Cashing Out: Win the Wealth Game by Walking Away. In addition, they co-host the rich & REGULAR podcast. After discovering the Financial Independence, Retire Early movement in 2012, they proceeded to pay off $200,000 in debt and walked away from their corporate jobs before turning 40.BackgroundBiorich & REGULAR podcastMoney on the TableCashing Out: Win the Wealth Game By Walking Away, by Julien and Kiersten SaundersFinancial Independence, Retire Early and Financial Wellness“How My Experience as a Black Entrepreneur Shaped My Views on Building Financial Freedom,” by Julien Saunders, success.com, Oct. 17, 2022.“They’re on a Mission to Bring FIRE Back to the Black Community. ‘It Is Harder, But It Is Still Possible’,” by Kimanzi Constable, time.com, Sept. 16, 2022.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020.“Paula Pant: A Different Path to Financial Independence,” The Long View podcast, Morningstar.com, Jan. 18, 2022.Rich Dad Poor Dad, by Robert KiyosakiBooks by Dr. Dennis Kimbro“From Homeowner to Landlord (Park 1 of 2),” rich & REGULAR blog, richandregular.com, Feb. 27, 2020.“From Homeowner to Landlord (Part 2 of 2),” rich & REGULAR blog, richandregular.com, March 26, 2020.Erin LowryThe Racial Wealth Gap“The Racial Wealth Gap: How Did We Get Here?” richandregular.com, Feb. 6, 2019.“A Black Couple Who Retired Early Says There’s a ‘Black Tax’ on Common Wealth-Building Strategies,” by Leo Aquino, businessinsider.com, June 3, 2022.“Michelle Singletary: ‘You Need Diversity,’” The Long View podcast, Morningstar.com, July 1, 2020.“Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’” The Long View podcast, Morningstar.com, Sept. 27, 2021.Financial Advice and Education“New Ariel-Schwab Black Investor Survey Shows Black Americans Continue to Trail Their White Counterparts in Building Wealth,” aboutschwab.com.“4 Investing Rules Even ‘Regular’ People Can Use to Get Rich,” by Julien and Kiersten Saunders, money.com, June 14, 2022.Junior Achievement BizTown“Our Experiment With Cryptocurrency,” richandregular.com, Jan. 10, 2019.“How to Offset the Cost of Education With a 529 Plan,” rich & REGULAR podcast, July 11, 2021.Reading RainbowNeil deGrasse TysonOther“Talking to Mom About Money,” Money on the Table, youtube.com, Aug. 2, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Dana Anspach. She is the founder and CEO of the financial planning firm, Sensible Money, based in Scottsdale, Arizona, and she has been practicing as a financial planner since 1995. Dana is also the author of the lecture series How to Plan for the Perfect Retirement, available on The Great Courses, and the author of the books Control Your Retirement Destiny and Social Security Sense. She has been writing as an expert on retirement-related topics since 2008, including contributions to MarketWatch and U.S. News & World Report, About.com, and The Balance. Dana is actively involved in the industry, serving on the Strategic Retirement Advisory Council for the Investments & Wealth Institute, where she helps them expand the reach of the Retirement Management Analyst, RMA, designation. She earned her bachelor’s degree from the University of Florida.BackgroundBioSensible MoneyHow to Plan for the Perfect Retirement, by Dana Anspach, The Great CoursesControl Your Retirement Destiny: Achieving Financial Security Before the Big Transition, by Dana AnspachSocial Security Sense: A Guide to Claiming Benefits for Those Age 60-70, by Dana AnspachRetirement Spending and Current Environment“Sequence Risk’s Impact on Your Retirement Money,” by Dana Anspach, thebalancemoney.com, Oct. 20, 2021.“Well, Hello, Sequence Risk! Where’ve Ya Been?” by Jennifer Lea Reed, fa-mag.com, Oct. 1, 2022.“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.“3 Ways to Plan for Inflation in Retirement,” by Dana Anspach, thebalancemoney.com, April 6, 2022.“Don’t Cheat Your Retirement With the 4% Rule,” by Dana Anspach, sensiblemoney.com, Aug. 25, 2020.“The Three Phases of Retirement,” by Dana Anspach, sensiblemoney.com, June 22, 2022.Retirement Portfolio Planning“How to Build a Retirement Portfolio That Will Stand Up Over Time,” by Dana Anspach, sensiblemoney.com, July 28, 2020.“Time Segmentation, a Smart Way to Invest Retirement Money,” by Dana Anspach, thebalancemoney.com, Jan. 31, 2022.“5 Options for Retirement Income Portfolios,” by Dana Anspach, thebalancemoney.com, Nov. 24, 2021.“How to Use Bond Ladders for Retirement Income,” by Dana Anspach, the balancemoney.com, Oct. 31, 2021.“What Is an Inflation-Protected Bond?” by Dana Anspach, thebalancemoney.com, May 22, 2022.“Comparing I Bonds to Treasury Inflation-Protected Securities,” by Dana Anspach, thebalancemoney.com, May 4, 2022.Retirement Planning Lifestyle“3 Ways to Stress-Test Your Retirement Income Plan,” by Dana Anspach, sensiblemoney.com, Dec. 19, 2020.“Roth Conversions—When Is Enough Enough?,” by Robert Powell, thestreet.com, Dec. 22, 2021.“Delayed Retirement Credits Boost Social Security Benefits Up to 25%,” by Dana Anspach, thebalancemoney.com, March 15, 2022.“7 Smart Ways to Secure Guaranteed Retirement Income,” by Dana Anspach, thebalancemoney.com, July 30, 2022.“How to Add Annuities to Your Retirement Asset Allocation,” by Dana Anspach, thebalancemoney.com, April 25, 2022.“3 Reasons to Buy Long-Term Care Insurance,” by Dana Anspach, thebalancemoney.com, Nov. 27, 2021.“4 Alternatives to Buying Traditional Long-Term Care Insurance,” by Dana Anspach, thebalancemoney.com, June 30, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Bob Pisani. Bob is senior markets correspondent for CNBC, and he is also the author of a new book called Shut Up and Keep Talking. He got his start at CNBC covering the real estate market, then moved on to cover corporate management issues before becoming on-air stocks editor in 1997. In addition to covering the global stock market, he also covers initial public offerings, exchange-traded funds, and financial market structure for CNBC. Prior to joining CNBC, Bob co-authored Investing in Land: How to Be a Successful Developer. He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987 through 1992.BackgroundBioShut Up and Keep Talking: Lessons on Life and Investing From the Floor of the New York Stock Exchange, by Bob PisaniInvesting in Land: How to Be a Successful Developer, by Robert Pisani and Ralph Pisani“Confessions of a Deadhead: 40 Years With the Grateful Dead,” by Bob Pisani, cnbc.com, July 1, 2015.Helping Investors“Bob Pisani: Lessons I Learned Watching the Financial Crisis Unfold From a Front-Row Seat at NYSE,” by Bob Pisani, cnbc.com, Sept. 7, 2018.“15 Big Ideas in ‘Disruptive Innovation’ According to Cathie Wood, Ark Funds,” by Chris Katje, yahoo.com, Feb. 1, 2021.Behavioral Finance and MarketsWhat is Groupthink?John MulherenIrrational Exuberance, by Robert ShillerInfluencesArt CashinWalter CronkiteJack Welch“Jack Welch’s Approach to Leadership,” by Claudio Fernandez-Araoz, hbr.org, March 3, 2020.Other“U.S. Stock Market Is Taking Hits, But We’re Still Doing Better Than the Rest of the World,” by Bob Pisani, cbnc.com, Oct. 7, 2022.“Billionaire Warren Buffet Swears by This Inexpensive Investing Strategy That Anyone Can Try,” by Bob Pisani, cnbc.com, Oct. 3, 2022.“The Signs Traders Are Watching to Signal the Stock Market Has Bottomed,” by Bob Pisani, cnbc.com, Sept. 26, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Dave Nadig. Dave is Financial Futurist at VettaFi, a data and research firm that focuses on the ETF industry as well as nascent technologies like digital assets. Dave boasts decades of experience analyzing and writing about the investment management business both at VettaFi and before that at ETF.com. Dave is a sought-after speaker and frequently quoted in the media on matters pertaining to the ETF industry, market structure, and many other topics. He is also the author of a book on ETFs called A Comprehensive Guide To Exchange-Traded Funds. Dave received his bachelor's degree in Creative Writing from the University of Massachusetts Amherst and his MBA from Boston University.BackgroundBio@DaveNadigVettaFiA Comprehensive Guide to Exchange-Traded Funds, by Dave NadigFuturism and Innovation“Financial Futurist,” by Dave Nadig, etftrends.com.“Tokenize Absolutely Everything,” by Dave Nadig, etfdb.com, Nov. 19, 2021.Indexing “ETF Prime: Dave Nadig on the Ethics of Indexing,” by Dave Nadig, nasdaq.com, May 17, 2022.“Dimensional’s Conversion of Mutual Funds Into ETFs Pays Off,” by Beagan Wilcox Volz, ft.com, July 14, 2022.“Bloomberg: Dave Nadig on Single-Stock ETF Risks,” by Aaron Neuwirth, etfdb.com, Aug. 19, 2022.“ETF Edge: Dave Nadig Talks Direct Indexing,” by Aaron Neuwirth, etftrends.com, Sept. 13, 2021.“Commentary: Direct Indexing: A Point Solution for Global Crises,” by Dave Nadig, jii.pm-research.com, May 19, 2022.“Direct Indexing Is Like Customizing a Tesla, but With Your Portfolio, Investor Says,” by Lizzy Gurdus, cnbc.com, Sept. 16, 2021.“Are You in the Retirement ‘risk zone’? These Investments Might Be Able to Protect You,” by Robert Powell, MarketWatch, July 15, 2022.Governance and Regulation“Proposed Legislation Promises to Empower Investors. What to Know,” by Lauren Foster, barrons.com, June 14, 2022.“The INDEX Act: The Next ESG Battle Is for Your Vote,” by Dave Nadig, etftrends.com, Aug. 5, 2022.“VettaFi’s Mid-Year Research Update: Big Picture,” by Dave Nadig, etfdb.com, July 15, 2022.“The Inelastic Market Hypothesis: A Microstructural Interpretation,” by Jean-Philippe Bouchaud, arvix.org, January 2022.“Yahoo Finance: Dave Nadig Discusses Investing Amidst Rising Rates, Crypto, and ESG,” by Karrie Gordon, etftrends.com, April 14, 2022.“The Tricky Politics of Anti-ESG Investing,” by Liam Denning, washingtonpost.com, May 19, 2022.Asset Allocation“ETF Edge: Dave Nadig on Changes to the 60-40 Portfolio,” Nasdaq.com, April 19, 2021.“Don’t Kill the 60/40 Portfolio: Vanguard Consultant,” by Bernice Napach, thinkadvisor.com, Aug. 3, 2021.“TD Ameritrade: Dave Nadig on ESG and Bond Trends,” by Aaron Neuwirth, etftrends.com, May 3, 2021.“Yahoo Finance: Dave Nadig on Alternative Allocations,” by Aaron Neuwirth, yahoo.com, May 25, 2022.Advice Market “Yahoo Finance: Dave Nadig Putting Crypto in Focus,” by Aaron Neuwirth, etftrends.com, May 19, 2021.“Announcing the New Kitces AdvisorTech Directory and the State of the (Nerd’s Eye View) Blog,” by Michael Kitces, kitces.com, Jan. 31, 2022.KnudgeCrypto and ETFs“Nadig Appears on ETF Edge to Talk Emerging Markets, Value Investing, Crypto, and More,” by Evan Harp, etftrends.com, Aug. 29, 2022.“Bitcoin Futures ETF: Lucy & the Football?” by Dave Nadig, etftrends.com, Aug. 31, 2021.“How to Talk to your Client About NFTs,” by Dave Nadig, etftrends.com, March 30, 2021.“The Problem With a Bitcoin Futures ETF,” by Dave Nadig, etftrends.com, Oct. 12, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is David John. David is a senior strategic policy advisor at the AARP Public Policy Institute, where he works on pension and retirement savings issues. He also serves as deputy director of the Retirement Security Project at the Brookings Institution. RSP focuses on improving retirement savings in the United States, especially among moderate and low-income workers. Before joining AARP, David was a senior research fellow at the Heritage Foundation. He also has extensive public policy experience working for a money center bank, a law firm, a credit union trade association, and four members of the House of Representatives. David has written and spoken extensively about the importance of reforming the nation's retirement programs. He is co-author with J. Mark Iwry of the Automatic IRA, a small business retirement savings program for firms that do not sponsor any other form of retirement savings or pension plan. In addition, David is one of four co-editors of the 2009 book Automatic: Changing the Way America Saves. David holds an ABJ in journalism, an M.A. in economics, and an MBA in finance—all from the University of Georgia.BackgroundBioAutomatic: Changing the Way America Saves, by William G. Gale, J. Mark Iwry, David C. John, and Lina WalkerRetirement Landscape“How to Make Retirement Saving Easier for Millions of Americans,” by Renu Zaretsky, taxpolicycenter.org, Oct. 6, 2021.“Small Retirement Accounts: Issues and Options,” by David C. John, J. Mark Iwry, Christopher Pulliam, and William G. Gale, brookings.edu.com, September 2021.“Cashing Out: The Systemic Impact of Withdrawing Savings Before Retirement,” Savings Preservation Working Group, tsretirement.com, Oct. 29, 2019.“How Auto IRAs Could Soon Improve Retirement for Millions of Americans,” by David C. John and J. Mark Iwry, brookings.edu.com, Oct. 20, 2021. “The Current State of U.S. Workplace Retirement Plan Coverage,” by John Sabelhaus, repository.upenn.edu, March 2022.“How Can the Retirement System Help More People Afford Retirement?” by William G. Gale, David C. John, and J. Mark Iwry, brookings.edu, Aug. 3, 2021.“Nontraditional Workers Face Multiple Barriers to Saving for Retirement,” by Alison Shelton and John Scott, pewtrusts.org, Nov. 9, 2021.“How to Take Portfolio Withdrawals in a Market Downturn,” by Adam Shell, aarp.org, March 25, 2022.“State Auto-IRAs Continue to Complement Private Market for Retirement Plans,” by Theron Guzoto, Mark Hines, and Alison Shelton, pewtrusts.org, July 25, 2022.“The Automatic IRA at 15: Helping Americans Build Retirement Security,” by J. Mark Iwry and David C. John, brookings.edu, Feb. 12, 2021.Emergency Savings “Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.“Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts,” by John Beshears, James J. Choi, Mark Iwry, David C. John, David Laibson, and Brigitte C. Madrian, hbs.edu, 2020.“Saving at Work for a Rainy Day: Results From a National Survey of Employees,” aarp.org, Dec. 4, 2018.Retirement Decumulation“When Income Is the Outcome: Reducing Regulatory Obstacles to Annuities in 401(k) Plans,” by J. Mark Iwry, William Gale, David John, and Victoria Johnson, brookings.edu, July 2019.“The SECURE Act: A Good Start but Far More Is Needed,” by J. Mark Iwry, David C. John, and William G. Gale, brookings.edu, Jan. 8, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Tim Steffen, director of tax planning for Baird. In his role, Tim researches, writes, and speaks about various tax matters, including retirement planning, executive compensation, legislative changes, and overall best practices. Tim originally joined Baird in 1999, serving in a variety of planning-oriented roles, most recently as director of advanced planning. He left Baird in 2019 to join the Advisor Education team at Pimco, then returned to Baird in 2021. Prior to 1999, Tim worked in Arthur Andersen's Private Client Services group. He earned his bachelor's degree in accounting from the University of Illinois. He is a Certified Public Accountant/Personal Financial Specialist, a Certified Financial Planner professional, and a Certified Private Wealth Advisor professional.BackgroundBioStudent Loan Forgiveness and Inflation Reduction ActAmerican Rescue Plan“5 Questions About Student Loan Forgiveness,” by Lia Mitchell and Karen Wallace, Morningstar.com, Aug. 29, 2022.“What Student Loan Forgiveness Means for Your Finances,” by Amy C. Arnott, Morningstar.com, Sept. 2, 2022.“Fact Sheet: The Inflation and Reduction Act Supports Workers and Families,” whitehouse.gov, Aug. 19, 2022.“IRS Tax Return Audit Rates Plummet,” by Ashlea Ebeling, forbes.com, May 18, 2022.S CorporationsTax-Loss Selling in a Weak MarketWhat Is Tax Selling?“It’s Time for Tax-Loss Selling,” by Christine Benz, Morningstar.com, June 3, 2022.“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.IRA Conversions“IRAs: To Convert or Not To Convert?” bairdwealth.com, August 2022.“Surprising Upsides in a Down Market,” bairdwealth.com, June 22, 2022.“Are IRA Conversions a Good Idea During Volatility?” Interview with Christine Benz and Tim Steffen, Morningstar.com, May 12, 2020. “Is the Backdoor Roth Still Legit?” by Christine Benz, Morningstar.com, Jan. 21, 2022. “Don’t Let Pro Rata Rules Trip Up Your Retirement Plan,” by Christine Benz, Morningstar.com, Feb. 27, 2018. Inherited IRAs“The Secure Act, RMDs, and Beneficiaries: Another Wrinkle,” by Natalie Choate, Morningstar.com, Dec. 8, 2021.“Why You Should Review Your Estate Plan This Year,” Interview with Christine Benz and Ed Slott, Morningstar.com, March 23, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is personal finance expert Farnoosh Torabi. Farnoosh is editor at large for CNET Money. She has also written several books, including When She Makes More and You're So Money. In addition, Farnoosh hosts the Webby-nominated So Money podcast, where she interviews leading experts and authors about their financial perspectives and answers listeners' questions. For several years, she has hosted the Webby-nominated web series Financially Fit on Yahoo. She has also served as a money coach on such shows as Remake America on Yahoo, Bank of Mom and Dad on SOAPnet, and TLC's Real Simple, Real Life. Farnoosh graduated with honors from Penn State University with a degree in finance and international business. She also holds a master's degree from the Columbia University Graduate School of Journalism.BackgroundBio CNET MoneySo Money podcastWhen She Makes More: The Truth About Navigating Love and Life for a New Generation of Women, by Farnoosh TorabiYou’re So Money: Live Rich, Even When You’re Not, by Farnoosh TorabiDavid BachJean Chatzky“Jean Chatzky: ‘Financial Stress Is a Big Topic in Need of More Oxygen,’” The Long View podcast, Morningstar.com, Dec. 15, 2020.Current Environment and Personal Finance“3 Money Questions to Ask Yourself in a Recession, According to Financial Expert Farnoosh Torabi,” by Nick Wolny, time.com, April 11, 2022.“Saving for Retirement at Every Age,” by Farnoosh Torabi, farnoosh.tv.com.“The Best Financial Apps and Tools to Help You Save, Spend, and Invest Better,” by Farnoosh Torabi, time.com, Jan. 4, 2022.Women and Money“Why the World Is Better Off When Women Make More—With Farnoosh Torabi,” Marriage, Kids, and Money interview, youtube.com, Oct. 22, 2018.“Americans See Men as the Financial Providers, Even as Women’s Contributions Grow,” by Kim Parker and Renee Stepler, pewresearch.org, Sept. 20, 2017.“Equal Pay Day: One Bright Spot,” by Farnoosh Torabi, farnoosh.tv.com.“Why Financial ‘Fairness’ Can Be a Losing Game in Your Marriage,” by Farnoosh Torabi, cnet.com, Oct. 13, 2021.“Ask Farnoosh: Investing in a Bear Market, Changing Jobs and Earning More,” So Money podcast, cnet.com, July 8, 2022.“How to Ask for a Raise in a Pandemic Recession,” by Farnoosh Torabi, washingtonpost.com, Aug. 31, 2020.So Money Podcast“Black Wealth Matters: Queen Latifah,” So Money with Farnoosh Torabi, June 10, 2020. “Adam Torabi (Dad!): A Layoff Comeback Story,” So Money with Farnoosh Torabi, July 11, 2018.“Ask Farnoosh: Your Biggest Student Loan Forgiveness Questions, Answered,” So Money with Farnoosh Torabi, Sept. 2, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Sarah Ketterer. She is CEO and fundamental portfolio manager at Causeway Capital Management, the firm she co-founded in 2001. In her role, she is responsible for overseeing investment research across all sectors and is a member of the firm's operating committee. As a part of her duties, Ketterer manages Causeway's flagship international value strategy, including the Causeway International Value fund, which she has run since its 2001 inception. Prior to founding Causeway, she was a senior leader and portfolio manager at Hotchkis & Wiley. She earned her bachelor's degree in economics and political science from Stanford University and an MBA from the Tuck School, Dartmouth College.Background BioCausewayGirls Who Invest100 Women in FinanceWomen in Institutional Investments NetworkCauseway International Value Fund Investment Team Named Morningstar’s 2017 International-Stock Fund Manager of the YearInvestment Approach“A Topnotch Foreign Large-Value Vehicle for the Long Haul,” by William Samuel Rocco, Morningstar.com, Nov. 8, 2021.“Growth and Value Equity Opportunities: Morningstar Investment Conference,” by Charles Paikert, familywealthreport.com, May 23, 2022.“Combining our Time-Tested Abilities in Developed and Emerging International Markets,” causewaycap.com.“Investors Should Be Ready to Buy When We Are Clearly in a Recession,” by Cristoph Gisiger, causewaycap.com, Dec. 6, 2022.“Where to Invest $10,000 Right Now,” by Suzanne Woolley, Bloomberg.com, May 18, 2022.The StarMine Analyst Revisions Model (ARM) Value Investing and Turnarounds“'We Started Jumping Out of Our Shoes': Auto Share Drop Revs Up Value Shop,” by Vicky Ge Huang, citywireusa.com, April 2, 2018.“Buy ‘Dull’ Cash-Flowing Stocks, Causeway’s Ketterer Says,” by John Gittelsohn, financialpost.com, June 5, 2022.“Top Global Value Manager Sarah Ketterer Identifies Some ‘Outstanding’ Bear Market Opportunities,” Wealthtrack podcast, wealthtrack.com, July 8, 2022.“Why This Top Manager Thinks Markets Are Less Risky Now,” by Katie Rushkewicz Reichart, Morningstar.com, May 17, 2022.“Where a Value Manager and a Growth Manager See Opportunities, Risks Now,” by Dinah Wisenberg Brin, thinkadvisor.com, May 23, 2022.“Activist Investors Descend on ‘Bargain Basement’ UK Companies,” by Harriet Agnew and Arash Massoudi, ft.com, Feb. 1, 2022.Portfolio Positioning “Sarah Ketterer’s 5 Favorite Energy Stocks,” by Sydnee Gatewood, gurufocus.com, June 20, 2022.“Sarah Ketterer’s 5 Favorite Tech Stocks,” by Sydnee Gatewood, gurufocus.com, June 15, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Background BioMom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, by Cameron HuddlestonCarefullTalking to Parents and Kids About Money“Why I Wrote ‘Mom and Dad, We Need to Talk,’” by Cameron Huddleston, cameronhuddleston.com, June 19, 2019.“What I Teach My Kids About Money,” by Cameron Huddleston, cameronhuddleston.com, July 10, 2019.“Why You Should Talk to Your Adult Children About Your Finances,” by Cameron Huddleston, getcarefull.com, July 29, 2022.“Protect Aging Parents by Auditing Their Wallets,” by Cameron Huddleston, getcarefull.com, Aug. 19, 2022.“Financial Signs of Alzheimer’s Disease and Dementia,” by Cameron Huddleston, getcarefull.com, July 6, 2022.“How Financial Advisors Are Becoming Financial Caregivers,” by Cameron Huddleston, thinkadvisor.com, June 18, 2021.“How to Help Your Parents Hire a Financial Advisor,” by Cameron Huddleston, getcarefull.com, June 9, 2022.Estate Planning“Estate Planning for Aging Parents: It’s Never Too Late,” by Peter Lauria, thebalance.com, Aug. 15, 2022.“Why You Need a Living Will Now More Than Ever,” by Cameron Huddleston, cameronhuddelston.com, April 23, 2020.“Why You Need a Will or Trust,” by Cameron Huddleston, getcarefull.com, Dec. 7, 2021.Cognitive Decline and Long-Term Care“6 Signs Your Parents Need Help With Their Finances,” by Cameron Huddleston, getcarefull.com, Nov. 8, 2021.“Your Parent Was Diagnosed With Alzheimer’s. Now What?” by Cameron Huddleston, getcarefull.com, June 9, 2022.“How Hybrid Life Insurance Pays for Long-Term Care,” by Cameron Huddleston, forbes.com, July 26, 2022.“How Your Risk of Financial Exploitation Increases As You Age,” by Cameron Huddleston, security.naifa.org, Feb. 3, 2022.“What to Know About the Different Types of Long-Term Care,” by Cameron Huddleston, getcarefull.com, June 9, 2022.“How to Talk to Your Parents About Long-Term Care,” by Cameron Huddleston, June 9, 2022.“Financial Risks That Make It Difficult to Age in Place,” by Cameron Huddleston, getcarefull.com, Aug. 26, 2022.“How Financial Care Is Part of Aging in Place,” by Cameron Huddleston, getcarefull.com, Aug. 15, 2022.Financial Fraud“How Your Risk of Financial Exploitation Increases as You Age,” by Cameron Huddleston, security.naifa.org, March 29, 2022.“How to Guard Against Elder Fraud,” by Cameron Huddleston, getcarefull.com, June 9, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We welcome back Michael Kitces, who was one of our first guests on The Long View. Michael is the head of planning strategy for Buckingham Wealth Partners. In addition, he is a co-founder of the XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and XY BeanCounters. Kitces also oversees the leading industry blog for financial advisors, Nerd's Eye View at kitces.com, which reaches more than 250,000 readers each month. He also has two podcasts, Financial Advisor Success and Kitces & Carl, the latter of which he produces with Carl Richards. He has received numerous financial planning designations, including the Certified Financial Planner, Chartered Financial Consultant, and Chartered Life Underwriter designations. He received his bachelor's degree in psychology from Bates College and subsequently earned master's degrees in taxation and financial planning.BackgroundBioXY Planning NetworkAdvicePayNew Planner RecruitingfpPathfinderXY BeanCountersNerd's Eye ViewFinancial Advisor Success podcastKitces & Carl podcastBuckingham Strategic WealthTime Management and Productivity"Resolving the Paradox—Is the Safe Withdrawal Rate Sometimes Too Safe?" by Michael Kitces, kitces.com, May 6, 2008."To Roth or Not To Roth," by Michael Kitces, kitces.com, May 2009.Jeffrey LevineInoreaderJoshua BrownBarry RitholtzTadas Viskanta"Maximizing Your Productivity by Leveraging Your Time Not Your Technology, With Patty Kreamer," Financial Advisor Success podcast, kitces.com, June 15, 2021."7 Big Rocks—The Productivity System," by Stephen Covey, youtube.com, Dec. 27, 2013.Advice Business"Financial Advisor Fee Trends and the Fee Compression Mirage," by Derek Tharp, kitces.com, Feb. 8, 2021."The 3 Domains of Financial Advisor Value: Why Human Advisors Continue to Thrive Amid Competition From Robos," by Adam Van Deusen, kitces.com, May 23, 2022.Direct Indexing and Taxes"The Four Types of Direct Indexing and Technology Solutions for Advisors," by Michael Kitces and Adam Van Deusen, kitces.com, Feb. 16, 2022."Why Tax-Loss Harvesting During Down Markets Isn't Always a Good Idea," by Ben Henry-Moreland, kitces.com, July 13, 2022."Financial Advisor Trends in Constructing Mutual Fund vs. ETF Investment Portfolios," by Michael Kitces, kitces.com, July 25, 2018.ParametricAperio"What This Week's Market Volatility Teaches About Making Customized Portfolios for Every Client," by Michael Kitces, kitces.com, Feb. 8, 2018."Kitces & Carl Ep 65: Handling Clients Who Bring Their Own 'Hot' Investment Ideas," Kitces & Carl podcast, kitces.com, July 29, 2021."10 Key Performance Indicators for Financial Advisory Firms to Compare With Industry Benchmarking Studies," by Ben Henry-Moreland, kitces.com, March 28, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Joe Saul-Sehy, the co-host of the popular Stacking Benjamins podcast. He is also the co-author of a new book called Stacked: Your Super-Serious Guide to Modern Money Management, which he co-wrote with Emily Guy Birken. Saul-Sehy was a financial advisor and represented American Express and Ameriprise in the media before embarking on his current career as a financial educator. He received his bachelor's degree in English from Michigan State University.BackgroundBioStacked: Your Super-Serious Guide to Modern Money Management, by Joe Saul-Sehy and Emily Guy BirkenStacking Benjamins podcastEmily Guy Birken's booksBasic Principles and Investing"Finding the Right Financial Advisor With Joe Saul Sehy," Micro Empires podcast, micro-empires.com, Oct. 20, 2020."Timeline Your Goals: Stacked With Joe Saul-Sehy," Choose FI podcast, choosefi.com, March 28, 2022."6 Financial Steps to Take Before You Retire," by Joe Saul-Sehy, stackingbenjamins.com, May 17, 2021."5 Simple and Effective Ways to Practice Financial Self-Care," by Joe Saul-Sehy, stackingbenjamins.com, June 24, 2022."Why Your Target-Date Funds Suck," Stacking Benjamins podcast, stackingbenjamins.com, June 5, 2017.Money Scripts"What's Your Money Script?" Clarity Wealth Development."Who Is Dave Ramsey?" Investopedia.TillerQube MoneyMarcus InsightsMintStacking Benjamins Podcast"Conquer Your 'Mount Everest',” with Colin O'Brady, Aug. 1, 2022."Lessons From Cirque du Soleil's Daniel Lamarre on Your Work and Career," Jan. 17, 2022."Learn to Steal Like an Artist (With Austin Kleon)," April 27, 2022."Creativity, Collaboration and Innovation—Don Hahn, Lion King Producer," April 9, 2014.Other"The Secret Financial Lives of Americans," Study by Nonfiction Research, nonfiction.co.The Retirement Answer Man podcastKitchen Confidential, by Anthony Bourdain Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Michael Santoli, who is senior markets commentator at CNBC, which he joined in 2015. Prior to that, he was a senior columnist at Yahoo Finance, where he wrote analysis and commentary on the market and economy. That followed a long stint at Barron's magazine, where Santoli was a columnist and feature writer for 15 years. Santoli began his career in the early 1990s as a reporter covering the securities industry for Dow Jones Newswires. He earned his bachelor's degree from Wesleyan University.BackgroundBioCorporate Earnings"Santoli: The S&P 500, Lifted by Earnings, Makes a Run at a Key Threshold and Tests Its Downtrend," by Michael Santoli, cnbc.com, July 19, 2022."Santoli: Earnings Beats Propel Some Major Bank Stocks, but They Still Have a lot to Prove," by Michael Santoli, cnbc.com, July 18, 2022."Santoli: The S&P 500 Nears a Level That Could Indicate Whether the Recent Rebound Is Sustainable," by Michael Santoli, cnbc.com, June 27, 2022."Santoli: Agreeable Economic Data and Earnings Releases Lift Stocks Into a Relief Rally," by Michael Santoli, cnbc.com, July 15, 2022.Inflation and Recession"Santoli: There's Little for the Market to Like in June's Hot Inflation Report," by Michael Santoli, cnbc.com, July 13, 2022."Santoli: Investors' Worries Migrate From Inflation Panic to Fears Over U.S. Growth Risk," by Michael Santoli, cnbc.com, June 22, 2022."Santoli: June's Jobs Reports Is Too Strong to Feed Recession Fears, but Key Inflation Data Looms," by Michael Santoli, cnbc.com, July 8, 2022."Santoli: Strengthening Case Against a Recession Pushing S&P 500 to Highest Levels Since Early June," by Michael Santoli, cnbc.com, Aug. 3, 2022.Risk and Rising RatesJeff deGraaf"Santoli: Investors Grapple With a Sense of Surrender After the Fed Raises Interest Rates," by Michael Santoli, cnbc.com, June 16, 2022."Santoli: Investors' Worries Around the Fed’s Rate Hikes Have Found a New Focal Point—Risks to Growth," by Michael Santoli, cnbc.com, May 25, 2022.Housing, Stocks, and Tech"The Spring Setup for a Resilient Market That Got Past a Tough First Quarter Without Much Damage," by Michael Santoli, cnbc.com, April 2, 2022."The 2022 Stock Market Doesn't Have to Repeat—It Only Has to Rhyme," by Michael Santoli, cnbc.com, Aug. 6, 2022."Santoli: Low Expectations Lift Netflix Shares, but the Stock Remains in Growth Purgatory," by Michael Santoli, cnbc.com, July 20, 2022."After Another Big Weekly Loss, Assessing Whether Weekly Stocks Are Cheap and a Buying Opportunity Is Near," by Michael Santoli, cnbc.com, June 18, 2022."Santoli: As a Reckoning Unfolds in Tech, Could Megacap Growth Names Be Poised for a Bounce?" cnbc.com, May 11, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.